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Kardan IsraelJune 2009
Corporate Overview
Kardan NV - Highlights
Emerging Markets Player
DiversificationGeographical & Segmental
No Oversized Projects
Far Maturities ofHigh Liquidity
Far Maturities of Bonds Low Leverage
Attractive Market Attractive O t iti
Proven Value Value OpportunitiesCreation
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Kardan Israel - A Subsidiary of Kardan NV
9.5%
Kardan NV
InfrastructureFinancial ServicesReal Estate
Kardan Israel
74%
Tahal
100%
KFS
96%
GTC Holdings
100%
100%
Tahal Assets Tahal Projects
100%90%
TBIF TBIH
40%46%
GTC SA (Poland) GTC China
100%
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Major Holdings
Kardan N.V.9 5%
74%
Communications &Real Estate
9.5%Kardan Israel
Automotive &
70%/50%Kardan Real
Estate100%
TechnologiesReal Estate
UMI41%
62%Kardan
Communications
100%Consumer Goods
Kardan Technologies
70%/50%
Nichsei Emed
Estate
60%
50%32% RRSat
24%
Unicell
Formula Vision Holdings
Emed Real estate
54% Dan Vehicle (Avis)
6%50%
18%
Teledata38%
Sintec Media
54%
TikshoovGlobal
50%
D.B.S Israel3%
Mekdan40%
SFDI100% IVP
Aviv Fund
54%
30% Baby First TV
14%
OzVision 13%
Logray 20%
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Aviv Fund
Automotive & Consumer Goods
UMI - Company Overview
Leading car importer and distributer in Israel
Exclusive distributor for GM Group BrandExclusive distributor for GM Group. Brandnames: “Chevrolet”, “Buick”, “Cadillac”,“Chevy Trucks”, “Opel” and “Isuzu”
GM holds a direct stake of 10% in UMI
Strong distribution chain and maintenancenetwork: 18 selling points and 60 service pointsnetwork: 18 selling points and 60 service points& garages
Ownership of its: Headquarters offices, CentralP D li I ti t 4garage, Pre Delivery Inspection center, 4
showrooms, Logistic center and 14 selling points
Total equity as of 31.3.09 - ILS 501mn UMI-Headquarters & Central Garage q y
Equity/ Total Assets as of 31.3.09 - 47%
Stabilization of GM status in June 2009Stabilization of GM status in June 2009
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UMI – Chevrolet Cruze
Chevy's new entry into the compact segment with the new fuel y y p g fefficient family car
Design - Developed by a global design and engineering teamteam
Comfort - Luxury interior space and large cargo capacity
Safety - Designed to meet the highest standards and quality
Power 1 6 liter with 112 horsepowerPower - 1.6-liter with 112 horsepower 1.8 liter with 140 horsepower2 liter Diesel with 150 horsepower
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UMI – Sales Per Segments
(Units) 2006 2007 2008 Increase from 2006 to 2008
2008 Market Share2006 to 2008 Share
Mini (Aveo, Corsa) 3,288 4,277 5,262 60% 13%
Compact (Optra, Astra) 1,960 3,105 4,354 122% 5%
Medium (Malibu, Epica, Vectra) 1,119 1,101 1,836 64% 9%
Premium (La-Crosse, Impala) 434 590 472 9% 15%
Large (Lucerne, Cadillac,Saab, LeSabre) 380 354 339 -11% 14%
SUV (Captiva, Hummer,Trailblazer) 385 815 706 83% 5%
Pi k U (D MAX Sil d ) 1 630 2 035 2 227 37% 43%Pick-Ups (D-MAX, Silverado) 1,630 2,035 2,227 37% 43%
Vans 1,704 1,829 1,839 8% 14%
Total 10 900 14 106 17 035 56%Total 10,900 14,106 17,035 56%
Market Share 7.3% 7.4% 8.8% 20.5%
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UMI’s Financial Results
Revenues Net Income & DividendILS mnILS mn
951081,767
2,107 2,299
40 292540 40
20453
2006 2007 2008 Q1-09
Net Income Dividend
2006 2007 2008 Q1-09
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Dan Vehicle & Transportation (AVIS Israel)
Kardan Israel is active, through a 22%holding in AVIS Israel in:
R t
RevenuesILS mn
861 988 1,077
- Rent a car- Leasing activities
Li d h T l A i S k E h259
2006 2007 2008 Q1-09
Listed on the Tel-Aviv Stock Exchange
Market value as of 3.6.09 - Approx. ILS342342mn
AVIS Israel and TBIF established a jointventure that will engage in acquiring
Net Income ILS mn
70 71
venture that will engage in acquiringleasing and short term rental activities inCEE. In May 2007, the joint venturepurchased AVIS Ukraine, which is one of
ILS mn
70 71 51 10
2006 2007 2008 Q1-09
the most active operational lease companiesin the Ukraine, with around 160 clients and1,700 leased cars. Avis Ukraine wasprofitable in 2008profitable in 2008
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SFDI
Kardan is active through SFDI Group as theexclusive distributor in Israel of the Whirlpool,pBauknecht, Sanyo and Bellers brand names ofhousehold appliances, such as washingmachines, dryers, dishwashers, refrigerators,freezers and ovensfreezers and ovens.
SFDI is the only distributor worldwide thatholds and distributes both Whirlpool andholds and distributes both Whirlpool andBauknecht brands in one country,simultaneously.
SFDI’s annual revenues are estimated at ILS100mn.
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Real Estate
Real Estate
Initiation and D l t
Engineering and C t ti Property ManagementDevelopment Construction Property Management
- Kardan Real EstateEmed El-Har Mekdan- Emed
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Kardan Real Estate
Involved in several real estate projects inIsrael including:- Residential- Office
Purchased 50% in El-Har Engineering andConstruction companyConstruction company
Equity (including Shareholders loans)amounted at March 31, 2009 to ILS 254mn
Kardan shareTotal unitsLocationName
50%897RehovotAchuzot Hanassi
Residential Projects
30%966JerusalemHoliland Park
100%72Beit ShemeshSun Hills
50%380Beit ShemeshNofei Hashemesh
50%92H liN t 50%92HerzeliaNotan
50%170Tel-AvivAndromeda
70%352LodRamat Elyashiv*
100%365Bear YaakovBear Yaakov*
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3,294Total * Subject to suspending conditions
Kardan Real Estate – Commercial Projects
Kardan Building (Tel Aviv)
NRA of Phase 1 (SQM) 2 700NRA of Phase 1 (SQM) 2,700
NRA of Phase 2 (SQM) 16,000
Occupancy of Phase 1 100%
Expected completion of Phase 2 at beginning of 2010
50% of Phases 1&2 have been sold to Migdal
Achtman Plot
NRA (SQM ) 40,000
M1 (Rishon Le Zion)NRA (SQM ) 5,400
Kardan Real Estate share 71%
Current occupancy 98%
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Current occupancy 98%
Emed Real Estate
Owns commercial projects (including lands in high demand areas in several cities)
Holds 54 25% of AVIS IsraelHolds 54.25% of AVIS Israel
Value at last transaction: ILS 644mn
Commercial Projects:Co e c a ojects:
SectorSQM for RentLocationName
Offices7,358Ramat GanBeit S.A.P
Future Projects:
Offices3,655Bnei BrakBeit Sela
SQMLocationName
7,915Tel AvivArlozorov
6,181Tel AvivShikun Dan
19,204Bat YamLand
19 362Holon AzurLand
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19,362Holon - AzurLand
El-Har Engineering and Construction Ltd.
Owned by Kardan Real Estate (50%)
Specializes in complicated engineeringprojects as well as offices and residential
Familiar projects: Azrieli Building (Square),Discount Building and Kardan Building
Revenues in 2008: ILS 154mnRevenues in 2008: ILS 154mn
Backlog as of 31.3.09: ILS 171mn
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Mekdan Management and Maintenance
Specializing in managing, counseling, and maintaining office buildings, industrial parks, commercecenters, residential structures, shopping centers and industrial structures
63 projects throughout Israel
A i i i i R i H d B l iActivities in Romania, Hungary and Bulgaria
Revenues of approx. ILS 154mn in 2008 (ILS 133mn in 2007)
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Communications & Technologies
RRSat (24%)
Leading provider of end-to-end content RevenuesUSDmanagement and distribution network
Operating in a USD 15bn fast growing TV59
79
USD mn
and radio broadcasting market
Coverage of 95% of populated regions
43 5922
2006 2007 2008 Q1-09worldwide
As of June 1, 2009 RR Sat was traded at aNet IncomeUSD mn
9 12 13
value of USD 183mn
3
2006 2007 2008 Q1-09
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Unicell (32%)
A leading Mobile Application Service andContent Provider delivering cutting edgeand simple mobile solutions for the
Revenues ILS mnand simple mobile solutions for the
business, media, publicity andentertainment worlds
89
Market leader for large projects such as:
- Voting for the show “Born Star” (Israeli version of “American Idol”)
4053
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(Israeli version of American Idol )
- Creating on-line information services for Israeli “Yellow Pages”, “El – AL” and “Eged” (Bus
2006 2007 2008 Q1-09
El – AL and Eged (Bus company)
Approx 1 000 clients and business partnersApprox. 1,000 clients and business partners and over 1 million private clients
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Kardan Communications – Other Investments
ProfileEquity ShareCompany
Designs and implements innovative management systemsf th b d t bl d t llit i d t i
18.4%Sintec Mediafor the broadcast, cable, and satellite industries.
A leading global provider of innovative Access Networksolutions and products for telecom service providers.
37.5%Teledata Networks
A television networks dedicated to providing educationalprograms for babies and toddlers, 6 months to 3 years. Thefirst cable and satellite channel in the U.S.
30.1%Baby First TV
s cab e a d sa e e c a e e U.S.
A premium Israeli television channel broadcasting the best of Israeli television worldwide.
53.6%I.V.P
Satellite television broadcasts in Israel.2.3%DBS Satellite Services
Venture capital fund.14.3%Aviv Venture I
Provides call center services in Eastern Europe50 0%Tikshoov Provides call center services in Eastern Europe.50.0%Tikshoov
Video solutions for the security monitoring market.13.4%Oz Vision Global
Creator and operator of Web portals for kids.19.7%Logray and Tweegee
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p pg y g
Kardan Technologies - Major Investments
ProfileEquity ShareCompany
V t it l f d6 6%C d V t I Venture capital fund.6.6%Concord Ventures I
Formula Vision Portfolio Holdings (70% / 50%)o u V s o o o o o d gs (70% / 50%)
A global provider of complete package-based software solutions for life and pension organizations
27.3%F.I.S. Software
A global provider of enterprise software solutions for the58 1%IDIT Technologies A global provider of enterprise software solutions for the insurance & financial markets
58.1%IDIT Technologies
Provides infrastructure software solutions that deliver dynamic scalability for high volume transactional
16.8%Giga Spaces Technologies dynamic scalability for high-volume transactional
applications.Technologies
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Financials
Kardan Israel Balance Sheet - March 31, 2009
Company only ILS mn
Current Assets 25Current Assets 25 Investments in companies 604 Investment in Kardan NV 109 Other 5
Total Assets 743
Credit from Banks and Others 113Credit from Banks and Others 113 Convertible Debentures 155 Other Long Term Liabilities 20 T t l Li biliti 288Total Liabilities 288
Shareholders Equity 455
Total Equity and Liabilities 743 Total Equity and Liabilities
Equity/Total assets 61%
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Kardan NV - Value Indication
Segment Value(USD mn)
Source Holding in KNV
Value to KNV(USD mn)
Real EstateGTC SA 1,538 Market1 46% 710
GTC Investments 52 Books 2 46% 24
GTC China 194 Books 100% 194GTC China 194 Books 100% 194
Financial Services
KFS 451 Last transaction 96% 433
Infrastructure
Tahal Group B.V 147 Books 100% 147
K d I l 140 M k 74% 103Kardan Israel 140 Market 74% 103
Total assets 1,6113Net liabilities (706)
Net Asset Value 905
Notes:1) Market values as of 3.6.092) B k l 31 3 09
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2) Book values as 31.3.093) Net liabilities as of 31.3.09. Includes net liabilities in GTC RE Holding.
Thank YouThank You
Disclaimer:This presentation has been prepared on behalf of Kardan Israel solely for information purposes. It is not an investmentadvice or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has beentaken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Kardang p ,Israel makes no representation that it is accurate or complete. The information contained herein is subject to changewithout notice. Neither Kardan Israel nor any of its officers or employees accepts any liability for any direct orconsequential loss arising from any use of this presentation or its contents. Copyright and database rights protectionexist in this presentation and it may not be reproduced, distributed or published by any person for any purpose without
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p y p , p y y p y p pthe prior express consent of Kardan Israel. All rights are reserved.
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