Avner Oil - Annual Report 2011 - Delek Energy Systems

Total current assets 73,045 1,421 4,145 4,502 83,113Oil and gas assets 226,612 226,612Long-term bank deposits 9,537 9,537Other long-term assets and fixed assets 89 89Total assets 82,582 1,421 4,145 231,203 319,351LiabilitiesCurrent liabilitiesCurrent maturities of debentures 13,703 13,703Liabilities to banks 40,182 40,182Financial derivatives 1,690 1,690Other payables 59,116 477 59,593Total current liabilities 114,691 477 115,168Long-term liabilitiesDebentures 14,678 14,678Financial derivatives 2,562 2,562Other long-term liabilities 5,337 5,337Total liabilities 137,268 477 137,745Total net equity balance (54,686) 1,421 3,668 231,203 181,606Part III – Corporate Governance1. The Partnership's policy on charitable donationsThe Partnership has no defined policy regarding charitable donations and made no donations in theReporting Year.2. Directors with accounting and financial expertiseThe General Partner determined that it must have at least one director with accounting and financialexpertise. The General Partner believes that, considering the nature of the Company's activity as theGeneral Partner in the Limited Partnership engaged mainly in investments for oil and gas exploration,and the directors' rich experience (even those who do not meet the definition of "with accounting andfinancial expertise"), the minimum number mentioned above allows the board of directors to meet theobligations applicable to it by law and in accordance with the Company's documents of incorporationwith respect to reviewing the Partnership's financial situation and the preparation and approval of thefinancial statements.In addition to all the aforementioned, the fact that according to the Company's work procedures theexternal auditor is invited to all board of directors' meetings that discuss the financial statements mustalso be considered. The external auditor is available to provide any necessary explanations pertainingto the financial statements and the Partnership's financial situation both during the meetings that heattends and at other times.Likewise, by law, any director who so wishes is entitled, in circumstances that justify this and under theconditions prescribed by law, to receive professional advice at the expense of the General Partner forperforming his duties, including accounting and financial advice.The directors with accounting and financial expertise are:A. Mr. Asi Bartfeld – has a degree in economics. Served as CFO of the Delek Group and companiesin the Group for many years. Since July 2001, he has been CEO of Delek Investments andProperties Ltd., and since September 2003 he has been CEO of Delek Group Ltd.B. CPA Barak Mashraki – has academic qualifications in accounting and economics. Formerly theController in Delek Group, he has been its CFO and a director in its subsidiaries since 2008. Hewas appointed to the board of directors of the General Partner on December 29, 2011.C. Dr. David Cohen – has a Ph.D. in economics. He has served for many years as the joint CEOand CFO of Cohen Development and Industrial Buildings Ltd.B-13