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2015 2016 2017 2018 2019 2020
2021 and
thereafter Total
Long term loans from banks (1) 283,342 359,018 271,356 142,704 87,925 131,849 259,414 1,535,609
Non Convertible Debentures issued by the Company
(2) 45,123 45,123 45,123 45,123 45,123 45,123 90,245 360,983
Non-Convertible Debentures issued by BSRE (3) 175,325 175,325 277,007 306,049 216,507 216,507 300,099 1,666,819
Convertible Debentures issued by BSRE (3) 29,686 30,738 - - - - - 60,424
Non-Convertible Debentures issued by Dor Alon (4) 213,238 141,272 31,216 11,151 56,357 4,840 - 458,074
Loan from related party - - - - - 2,870 2,870
Loan from others - - - 31,944 31,944 31,944 63,638 159,470
Short term credit from banks (5) 663,428 - - - - - - 663,428
Commercial paper (6) 111,198 - - - - - - 111,198
Purchase Obligations 1,795 - - - - - 1,795
Non-cancelable Long term leases (7) 392,164 347,005 318,572 265,271 203,835 139,412 481,263 2,147,521
Total contractual cash obligations 1,915,296 1,098,480 943,275 802,244 641,691 569,677 1,197,529 7,168,192
(1) The table above does not include payments of interest on our long-term loans because the actual interest payments on most of the loans are dependent on variable parameters, such as changes in the Israeli CPI, or variable interest rates which cannot be predicted at the date of this report. Without taking into account any changes in the Israeli CPI or changes in foreign currency rates and assuming the relevant variable interest rate will remain at its level as it was as of December 31, 2014 (3.65% per annum), interst payments on the long term loans (in thousands) would be, NIS 55,985 in 2015, NIS 46,188 in 2016, NIS 34,050 in 2017, NIS 24,808 in 2018, NIS 19,159 in 2019, NIS 15,401 in 2020 and NIS 10,409 in 2021 and beyond.
(2) These debentures bear interest at an annual rate of 2.5% and are linked (principal and interest) to the Israeli CPI but in the event the Israeli CPI is less than the base index (index known at the date of issuance), the amount of debentures will not be adjusted below the base index. Without taking into account any changes to the Israeli CPI, interest payments on the Non-Convertible Debentures (in thousands) would be NIS 9,025 in 2015, NIS 7,896 in 2016, NIS 6,768 in 2017, NIS 5,640 in 2018, NIS 4,512 in 2019, NIS 3,384 in 2020 and NIS 6,768 in 2021 and beyond. The table above does not include payments of interest on our debentures because the actual interest payments on these debentures will depend on changes in the Israeli CPI, which cannot be predicted at the time of this report. The principal is repayable in twelve equal annual installments on November 4 of each of the years 2011 to 2022 (inclusive
(3) The Non-Convertible Debentures and the Convertible Debentures (Series A, Series B Series C, Series D and E) bear interest at an annual rate of 6.25%, 4.7%, 4.2%, 4.5 % and 3.3%, respectively, and are linked (principal and interest) to the Israeli CPI, but in the event the Israeli CPI is less than the base index (index known at date of issuance), the amount of debentures will not be adjusted below the base index. Without taking into account any changes to the Israeli CPI, interest payments on the Non- Convertible Debentures (in thousands) would be NIS 70,280 in 2015, NIS 62,162 in 2016, NIS 54,044 in 2017, NIS 41,847 in 2018, NIS 28,692 in 2019, NIS 19,298 in 2020 and NIS 9,903 in 2021 and beyond.
Without taking into account any changes to the Israeli CPI, based on the principal amount of the Convertible Debentures as of December 31, 2014 and assuming no additional conversion of debentures, interest payments on the Convertible Debentures (in thousands) would be NIS 3,777 in 2015, and NIS 1,921 in 2016. The table above does not include payments of interest on our debentures because the actual interest payments on these debentures will depend on changes in the Israeli CPI, which cannot be predicted at the time of this report.
(4) The Non-Convertible Debentures and the Convertible Debentures (Series B, Series C, Series D, DorGas and Dor Debentures) bear interest at an annual rate of 5%, 2.5%, 6.65%, 4.95% and 6.45%, respectively, and Series B linked (principal and interest) to the Israeli CPI, but in the event the Israeli CPI is less than the base index (index known at date of issuance), the amount of debentures will not be adjusted below the base index and Series C bears interest of government bonds+2.25%. Without taking into account any changes to the Israeli CPI and interest of government bonds, interest payments on the Non-Convertible Debentures (in thousands) would be NIS 25,836 in 2015, NIS 13,840 in 2016, NIS 5,438 in 2017, NIS 4,352 in 2018, NIS 3,754 in 2019, NIS 240 in 2020 and NIS 0 in 2020 beyond.
(5) The table above does not include interest on our short term credit from banks (2014: 3.5%- per year).
(6) On June 30, 2009, the Company issued commercial paper to institutional investors in an amount of NIS 40 million for a period of four years.
The commercial paper bears annual interest at a variable rate equal to the Bank of Israel Interest Rate plus 1.5%, payable semi-annually beginning on December 30, 2009. The commercial paper was redeemed in full in July, 2013. In August 2012 the Company issued commercial paper to institutional investors in an amount of NIS 71 million for a period of five years. The commercial paper bears annual interest at a variable rate equal to the Bank of Israel Interest Rate plus 1.85%, payable quarter-annually beginning on November 2012. The average annual interest rate for the three months ended December 31, 2014 was 2.4%. Therefore, the table above does not include the amount of interest on commercial paper. The principal of the commercial paper is redeemable every three months at the demand of one of the parties, but in any event, the last redemption date of the principal was July 2012. In addition, in June 2013 the Company issued commercial paper to institutional investors in an amount of NIS 45 million for a period of five years. The commercial paper bears annual interest at a variable rate equal to the Bank of Israel Interest Rate plus 1.80%, payable quarter-annually beginning on November 2012. The average annual interest rate for the three months ended December 31, 2014 was 2.4%. Therefore, the table above does not include the amount of interest on commercial paper. The principal of the commercial paper is redeemable every three months at the demand of one of the parties, but in any event, the last redemption date of the principal will be July 2017.
(7) Includes mainly apartment lease arrangements.
* The table above does not include severance payment obligations because the actual severance payments will depend on the dates of payment, which cannot be predicted at the time of this report. As of December 31, 2014, the Company had severance payment obligations in an amount of NIS 517 million and a severance payment fund in an amount of NIS 458 million.
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The following table lists the name, age and position of the directors and senior management of Alon Blue Square and four officers of our subsidiaries as of March 31, 2015.
(1) Member of the Compensation Committee.Audit Committee and Compliance Committee.
(2) External director.
(3) Member of the Corporate Governance Committee.
Amit Ben Itzhak has served as our Chairman of the Board since December 2014. He currently serves as Acting Chairman of the Granot Corporation and as Chairman of Hamashbir Agriculture Ltd. ("Hamashbir"), an Israeli agricultural supply company. From 2008 -2013, Mr. Ben Itzhak served as Chief Executive Officer of Hamashbir. From 2005 – 2008, Mr. Ben Itzhak served as Chief Financial Officer of Tnuva Corporation, a leading food group in Israel, and from 2002 to 2005, Mr. Mr. Ben Itzhak served as Chief Executive Officer of Granot. Mr. Ben Itzhak was also Co – Founder, Chief Executive Officer, and Chairman of Zap Computing Ltd. from 2001 to 2005. Mr. Ben Itzhak has a B.A in Economics and Business Administration from the Ruppin Academic Center and an M.B.A (with honors) from the Hebrew University of Jerusalem.
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES