A: I agree with you."
- The examples given by Prof. Eden regarding other companies in his opinion are also insufficient. The same applies to Energix's financial statements as of December 31, 2024 (clause 6.10 of the Eden 2025 Opinion), according to which it recognized the costs it spent in the amount of approximately ILS 296 million in an electricity generation project that is in the process of first competition as an asset on the balance sheet. However, in the continuation of this commentary, it was noted regarding this project that (P/10, pp. 1155-1156):
"The project is being promoted as a national infrastructure project by virtue of a quota for a guaranteed tariff that the company won, as part of the first competitive procedure published by the Electricity Authority for High Voltage. In July 2023, an agreement was signed to receive financing for the construction of the project in a total initial amount of up to ILS 215 million. For more details, see Note 15 to the Consolidated Financial Statements. As of the date of the report, the company recognized assets in the amount of approximately ILS 296 million in respect of this project, which were registered under the Construction and Initiation Systems section."
- In other words, in the case of Energix, there is also a guaranteed rate for the company for this project, and an agreement was also signed to receive the financing (which presumably required Energix to show signed agreements regarding the guaranteed tariff). These details were not mentioned in the Eden opinion. Moreover, Eden agreed in his interrogation that the cases were not similar (transcript, p. 737, questions 1-8 and questions 22-26; p. 738, questions 1-3):
"Q: The construction of the Julis project, with a capacity of about 87 m. The project is being promoted as a national infrastructure project by virtue of a quota for a guaranteed tariff, which the company won as part of the first competitive procedure published by the Electricity Authority for Higher Voltage. And then it is also written that an agreement has been signed to finance the receipt of the project already, with an initial value of up to ILS 215 million, etc. So you have to admit that this is not an example of anything, because here there is a contract. These 300 million were not registered with any expectation of winning the tender, but they registered them after they won the tender, that's all.