RETALIX LTD.

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NOTE 10 – TAXES ON INCOME (continued): g. Deferred income taxes: RETALIX LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The deferred tax asset in respect of the balances of temporary differences (mostly in respect of carryforward losses) and the related valuation allowance, are as follows: F-39 December 31 2005 2004 U.S. $ in thousands 1) Provided in respect of the following: Provisions for employee rights 830 564 Share issuance expenses 362 648 Carryforward tax losses 5,181 3,918 Doubtful accounts 1,289 837 Research and development 4,186 2,559 Other 677 710 12,525 9,236 L e s s- valuation allowance (2,052) (2,955) Depreciable fixed assets (226) (333) Intangible assets (2,937) (530) 2) The deferred taxes are presented in the balance sheets as follows: 7,310 5,418 December 31 2005 2004 U.S. $ in thousands As a current asset 8,098 3,650 As a non-current asset 2,064 1,768 10,162 5,418 As a non-current liability (2,852) - 7,310 5,418 3) Realization of the deferred tax assets is conditional upon earning a sufficient amount of taxable income in the coming years. The value of the deferred tax assets, however, could decrease in future years if estimates of future taxable income are reduced. 4) The deferred taxes are computed at the tax rates of 24%- 40%. 5) As stated in b. above, part of the income of the Company’s and a certain Israeli subsidiary’s income is tax exempt due to the approved enterprise status granted to most of their production facilities. The Company has decided to permanently reinvest the amount of such tax exempt income, and not to distribute it as dividends (see note 9c). Accordingly, no deferred taxes have been provided in respect of such income in these financial statements.
NOTE 10 – TAXES ON INCOME (continued): RETALIX LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) The amount of income taxes that would have been payable had such tax exempt income, earned through December 31, 2005, been distributed as dividends is approximately $3,700,000. h. Income (loss) before taxes on income and income taxes included in the income statements: 1) Income before taxes on income: F-40 Year ended December 31 2005 2004 2003 U.S. $ in thousands Israeli 21,874 5,094 8,829 Non-Israeli (1,400) 1,186 1,892 2) Income taxes included in the income statements: 20,474 6,280 10,721 Current: Israeli 7,019 1,251 3,957 Non-Israeli 354 13 1,040 7,373 1,264 4,997 Deferred: Israeli (1,348) (20) (2,320) Non-Israeli (113) 309 (38) (1,461) 289 (2,358) 5,912 1,553 2,639
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UNITED STATES SECURITIES AND EXCHAN
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PART I TABLE OF CONTENTS Item 1. ID
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PART II PART III G. Statement by Ex
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ITEM 3 - KEY INFORMATION A. Selecte
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the uncertainty regarding the adopt
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changing customer needs; and frequ
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If we are unsuccessful in establish
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Antitrust scrutiny of e-marketplace
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The dollar cost of our operations i
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It could be difficult to enforce a
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ITEM 4 - INFORMATION ON THE COMPANY
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Our Market Opportunity The customer
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Our solutions provide for both reta
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Leverage our integrated suite of pr
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Enterprise Headquarters Solutions:
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Retalix HQC - Retalix HQ for C-Stor
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• Ordering, receiving • Load ba
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StoreLine.net StoreLine.net is a th
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create and sustain customer interes
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The Retalix InSync Solution Portfol
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Customers Our software has been dep
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Direct Sales Our direct sales force
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ITEM 5 - OPERATING AND FINANCIAL RE
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The following table shows the impac
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Revenues from on-line application,
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Product Sales Product sales primari
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Gain Arising from Issuance of Share
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The increase in cost of product sal
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SFAS No. 154. In May 2005, the FASB
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The following table presents inform
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D. Trend Information Trends we iden
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Yoni Stutzen has served as our Exec
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The Companies Law and Nasdaq listin
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D. Employees Set forth are tables p
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Options granted under our Second 19
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ITEM 7 - MAJOR SHAREHOLDERS AND REL
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PalmPoint In December 2002, a legal
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The following table sets forth, for
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The oversight of the management of
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A quorum in a general meeting consi
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In addition, provisions of the Comp
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The amount of a distribution with r
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Backup Withholding A U.S. holder ma
Page 90 and 91: The benefits available to an approv
Page 92 and 93: Generally, up until the 2006 tax ye
Page 94 and 95: The table below presents principal
Page 96 and 97: ITEM 15 - CONTROLS AND PROCEDURES P
Page 98 and 99: Our audit committee has adopted a p
Page 100 and 101: SIGNATURES The registrant hereby ce
Page 102 and 103: REPORT OF INDEPENDENT REGISTERED PU
Page 104 and 105: RETALIX LTD. CONSOLIDATED BALANCE S
Page 106 and 107: RETALIX LTD. STATEMENTS OF CHANGES
Page 108 and 109: RETALIX LTD. CONSOLIDATED STATEMENT
Page 110 and 111: RETALIX LTD. CONSOLIDATED STATEMENT
Page 112 and 113: NOTE 1 - SIGNIFICANT ACCOUNTING POL
Page 114 and 115: RETALIX LTD NOTES TO CONSOLIDATED F
Page 116 and 117: RETALIX LTD. NOTES TO CONSOLIDATED
Page 122 and 123: NOTE 2 - ACQUISITIONS (continued):
Page 124 and 125: NOTE 2 - ACQUISITIONS (continued):
Page 126 and 127: NOTE 4 - GOODWILL AND OTHER INTANGI
Page 128 and 129: NOTE 6 - OTHER LIABILITIES: RETALIX
Page 134 and 135: NOTE 9 - SHAREHOLDERS’ EQUITY (co
Page 136 and 137: NOTE 9 - SHAREHOLDERS’ EQUITY (co
Page 138 and 139: NOTE 10 - TAXES ON INCOME (continue
Page 142 and 143: NOTE 10 - TAXES ON INCOME (continue
Page 148 and 149: NOTE 15 - SELECTED INCOME STATEMENT
Page 150 and 151: RETALIX LTD. REPORT OF INDEPENDENT
Page 152 and 153: Report of Independent Registered Pu
Page 154 and 155: I, Barry Shaked, certify that: File
Page 156 and 157: I, Danny Moshaioff, certify that: F
Page 158 and 159: Certification Pursuant to Section 9
Page 160 and 161: Consent of Independent Registered P
Page 162: Retalix Holdings, Inc. Plano, Texas
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RETALIX LTD.

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