FORMULA SYSTEMS (1985) LTD | CIK:0001045986 | 3

  • Filed: 5/15/2018
  • Entity registrant name: FORMULA SYSTEMS (1985) LTD (CIK: 0001045986)
  • Generator: Ez-XBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1045986/000121390018006332/0001213900-18-006332-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1045986/000121390018006332/forty-20171231.xml
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  • ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory

    NOTE 9:-PROPERTY, PLANTS AND EQUIPMENT, NET

     

    Composition:

     

       December 31, 
       2016  2017 
     Cost:      
     Computers, equipment and software $60,074  $80,888 
     Motor vehicles  1,552   1,659 
     Buildings  1,833   1,833 
     Leasehold improvements  20,991   22,080 
        84,450   106,460 
     Accumulated depreciation:        
     Computers, equipment and software $46,659  $64,604 
     Motor vehicles  531   636 
     Buildings  23   70 
     Leasehold improvements  11,107   11,343 
        58,320   76,653 
              
     Depreciated cost $26,130  $29,807 

     

    In December 2016, Matrix sold its full rights in a land property for a total consideration of approximately $4,473. The group recognized a capital gain from the aforementioned sale in an amount of approximately $3,147. Simultaneously to the sale, Matrix had leased the land for its operations. The lease is treated as an operating lease in accordance with IAS 17.

     

    Depreciation expenses totaled $7,092, $7,880, and $9,598 for the years ended December 31, 2015, 2016 and 2017, respectively.