RETALIX LTD.

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NOTE 10 – TAXES ON INCOME (continued) : RETALIX LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 3) Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular tax rate applicable to companies in Israel (2005-34%, 2004-35% and 2003-36%) and the actual tax expense: F-41 Year ended December 31 2005 2004 2003 U.S. $ in thousands Income before taxes on income, as reported in the income statements 20,474 6,280 10,721 Theoretical tax expense 6,961 2,198 3,860 L e s s - tax benefits arising from approved enterprise status 2,518 355 1,147 4,443 1,843 2,713 Increase (decrease) in taxes resulting from permanent differences: Disallowable deductions 697 421 249 Tax exempt income (28) (74) (448) Increase (decrease) in taxes resulting from different tax rates for non - Israeli subsidiaries (16) (12) 128 Changes in valuation allowance (903) 1,118 509 Differences between the basis of measurement of income reported for tax purposes and the basis of measurement of income for financial reporting purposes - see c. above 1,361 (1,650) (594) Other 358 (93) 82 Taxes on income for the reported years 5,912 1,553 2,639 i. Tax assessments The Company has received final tax assessments through the year ended December 31, 2001. Tamar Industries M.R Electronics 1985 Ltd. received a final assessment through the year ended December 31, 2002. Kochav Orion Advertising and Information Ltd, Orlan Orion Systems Ltd and PRS received final assessments through the year ended December 31, 1999. Retalix Italia received final assessments through the year ended December 31, 1999. Retalix Holdings, Inc. received a final tax assessments for the year ended December 31, 2002. The other subsidiaries have not been assessed since incorporation.
RETALIX LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) NOTE 11 – MONETARY BALANCES IN NON-DOLLAR CURRENCIES: F-42 Israeli currency December 31, 2005 Linked to Other the Israeli non-dollar CPI Unlinked currencies U.S. $ in thousands Assets 1,868 15,780 14,503 Liabilities (6,649) (12,473) (5,909) NOTE 12 – SUPPLEMENTARY BALANCE SHEET INFORMATION: a. Accounts receivable: 1) Trade: 2) other: December 31 2005 2004 U.S. $ in thousands Open accounts 43,240 29,178 Less - allowance for doubtful accounts 4,404 3,154 38,836 26,024 Israeli Government departments and agencies 1,217 973 Employees 272 342 Prepaid expenses 2,539 1,356 other 474 744 4,502 3,415
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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
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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 140 and 141: 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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