XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS
 6 Months Ended
Jun. 30, 2018
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS [Abstract]  
ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS
NOTE 4        -        ADDITIONAL INFORMATION - RECONCILIATION OF US GAAP TO IFRS
 
A.
Introduction

The Company’s financial statements are prepared and presented in accordance with US GAAP.

As many of the Company’s investors and analysts are located in Israel and in Europe and are familiar with and use the International Financial Reporting Standards rules (“IFRS”), the Company is providing on a voluntary basis a reconciliation from US GAAP to IFRS as detailed below (condensed interim consolidated statements of balance sheet, condensed interim consolidated statements of operations and additional information). IFRS differs in certain significant aspects from US GAAP, however the primary differences between US GAAP and IFRS related to the Company are accounting for goodwill, financial instruments, pension plans and termination benefits. The main adjustments and differences between US GAAP and IFRS relating to the Company’s financial statements are described in detail in Note 21 to the Company’s financial statements for the year ended December 31, 2017. In addition, the Company is providing on a voluntary basis its condensed IFRS financial statements as of June 30, 2018 and a reconciliation from US GAAP to IFRS as detailed below.
 
B.
Condensed Interim Consolidated Balance Sheet in Accordance with IFRS:
 
   
As of June 30, 2018
  
   
US GAAP
    
Adjustments
    
IFRS
  
ASSETS
                  
  Current assets
  
$
960,539
    
$
5,311
    
$
965,850
  
  Property and equipment, net
    
648,413
      
--
      
648,413
  
  Long-term assets
    
153,671
      
(7,000
)
    
146,671
  
     Total assets
  
$
1,762,623
    
$
(1,689
)
  
$
1,760,934
  
LIABILITIES AND SHAREHOLDERS' EQUITY
                        
  Current liabilities
  
$
312,541
    
$
5,496
    
$
318,037
  
  Long-term liabilities
    
349,407
      
(1,715
)
    
347,692
  
     Total liabilities
    
661,948
      
3,781
      
665,729
  
TOTAL EQUITY
    
1,100,675
      
(5,470
)
    
1,095,205
  
     Total liabilities and shareholders' equity
  
$
1,762,623
    
$
(1,689
)
  
$
1,760,934
  
 
C.
Condensed Interim Consolidated Statement of Operations in Accordance with IFRS:
 
   
Six months ended June 30, 2018
  
   
US GAAP
    
Adjustments
    
IFRS
  
OPERATING PROFIT
  
$
76,145
    
$
(365
)
  
$
75,780
  
Financing expense, net
    
(10,822
)
    
52
      
(10,770
)
Other income, net
    
1,600
      
--
      
1,600
  
Profit before income tax
    
66,923
      
(313
)
    
66,610
  
Income tax expense
    
(3,733
)
    
--
      
(3,733
)
NET PROFIT
    
63,190
      
(313
)
    
62,877
  
Net income attributable to non-controlling interest
    
670
      
--
      
670
  
NET PROFIT ATTRIBUTABLE TO THE COMPANY
  
$
63,860
    
$
(313
)
  
$
63,547
  
 
D.
Reconciliation of Net Profit from US GAAP to IFRS:
 
   
Six months ended June 30,
  
   
2018
    
2017
  
Net profit in accordance with US GAAP
  
$
63,860
    
$
95,526
  
Financial Instruments
    
52
      
52
  
Pension plans
    
(743
)
    
(314
)
Termination Benefits
    
378
      
156
  
Net profit  in accordance with IFRS
  
$
63,547
    
$
95,420
  
 
E.
Reconciliation of Shareholders’ Equity from US GAAP to IFRS:
 
   
As of
June 30,
    
As of
December 31,
  
   
2018
    
2017
  
Shareholders’ equity in accordance with US GAAP
  
$
1,100,675
    
$
1,029,706
  
Financial Instruments
    
(185
)
    
(185
)
Termination Benefits
    
1,715
      
1,337
  
Goodwill
    
(7,000
)
    
(7,000
)
Shareholders’ equity in accordance with IFRS
  
$
1,095,205
    
$
1,023,858