Shikun & Binui Ends 2018 With a Marked Improvement in Profitability Metrics
Increase of 87% in net profit to NIS 559 million
Improvement in gross profit to NIS 960 million (15.2% of revenues)
Increase of 58% in operating profit to NIS 903 million (14.3% of revenues)
AIRPORT CITY, Israel, March 27, 2019 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the fourth quarter and full year, ended December 31, 2018.
FINANCIAL HIGHLIGHTS OF 2018
- Total revenues of NIS 6.3 billion, a decrease of 1.6% compared to those of 2017. The decrease is due, amongst others, to a decrease in the execution compared with the previous year at Solel Boneh Israel, mainly due to the approaching completion of the Ashalim project. There was also a decline in the real estate development sector in Israel due to a decrease in revenue from the sale of apartments and land.
- Gross profit margin was 15% compared to 13% in the same period last year. Gross profit for the period amounted to NIS 960 million, compared with NIS 851 million in 2017.
- Net profit totaled NIS 559 million, compared with NIS 298 million in 2017. The increase was mainly due to a capital gain after tax of NIS 277 million from the sale of the Portfolio of assets (45% of the holdings in Carmelton Project and 40% of the holdings in the Northern Roads Project). It is noted that SBI was impacted by a number of events of a one-time nature, which brought the subsidiary to a loss of US$ 37 million.
- Cash flow from operations, excluding investments in land amounted to NIS 84 million, and the cash flow from operating activities without neutralizing land investments was NIS 345 million.
1. CONSTRUCTION
Solel Boneh: continued significant execution and expansion of contractor offerings
- The scope of execution during 2018 was NIS 3.3 billion.
- The scope of project wins was approximately NIS 3 billion in 2018, including the Tikshoov Project, the Spiral Tower, the Waste Recycling Project, Project BIG Yehud and more.
- Completion of the acquisition of Menorah Izu Aharon Group and implementation of the assimilation process: a privately-held company engaged in the construction, establishment and maintenance of lighting systems, railway barriers, traffic lights at junctions, electricity and other. The company has 235 employees. The acquisition is in accordance with Shikun & Binui's strategy to expand its construction offerings and is expected to be complementary and synergistic to its other activities.
International Building and Infrastructure Contracting Activities (excluding the US): the receipt of new projects led to an improvement in revenues in the fourth quarter
- The scope of execution in 2018 was NIS 1.4 billion.
- New projects received in 2018:
o The expansion of the Road Projects in Nigeria, totaling US$ 326 million;
o The construction of a 2.45 km bridge in Nigeria over the Medinawia River for US$ 150 million;
o Paving a road in Ethiopia for US$ 120 million;
o The receipt of a US$ 104 million highway project in Guatemala;
o The construction of a road in Kenya for US$ 30 million; - Segment 1 of the Colombia Toll Roads Project was transferred to the customer and the period of operation as stipulated in the Concession Agreement began; The works in sections 2 and 3 are expected to be delayed beyond the determined remedy period. Regarding Segments 4 and 5, a force majeure agreement was signed with the customer, which may result in significant changes to the scope of the project due to the discovery of water springs along the original route. As a result of the delays, the project's financers have decided to stop the continued further draw-down of funds until a new plan has been approved to move the construction work forward. In 2017, a provision for an expected loss of US$ 5 million was included in respect of the project. In 2018, an additional provision of US$ 20.5 million was recorded and a provision for impairment was recorded.
- On November 20, 2018, the Company's Board of Directors resolved to discontinue its examination of its indirect holdings in SBI International Holdings AG.
- The Company decided to translate its financial results based on the NAFEX exchange rate beginning in the second quarter of 2018. This is in light of Nigeria's announcement that it will cease publishing the NIFEX exchange rate beginning in January 2019. In addition, the gap between the NIFEX and NAFEX exchange rates has narrowed, and there has been a reduction in the flow of foreign currency into the Nigerian Central Bank. As a result, the Company recorded a US$ 5 million loss related to exchange rate fluctuations.
US Building and Infrastructure Contracting Activities: Progress in project execution led to an increase in revenues
- The total execution in 2018 amounted to NIS 485 million, an increase of 140 million over the same period as last year, as a result of progress in the Texas Toll Road project.
- An agreement to acquire an infrastructure and construction contracting company in the United States – this is part of the Company's strategy to expand its operations in the United States. The target company engages in the field of civil infrastructure contracting, with an emphasis on bridges, transportation infrastructure and ongoing work. The transaction completion is subject to certain precedent conditions.
Development of the Backlog* (in NIS millions)
*The backlog as of December 31, 2018 does not include additional construction projects which total NIS 1.3 billion that the Company won, up to or after the reporting date. These include an USD 120 million in Roads Project in Ethiopia, two segments of the Southern Michshal Project amounting to NIS 300 million, the Spiral Tower in the amount of NIS 163 million, Halumot Ohr Project amounting to NIS 160 million, Project BIG in Yehud amounting to NIS 133 million, etc., excluding the execution of those projects carried out during the period. The decline in the backlog as compared with its level at December 31, 2017, was due partially from the effect of the early adoption of the IFRS 15 reporting standard.
2. RESIDENTIAL REAL ESTATE DEVELOPMENT
Apartment Sales
- During 2018, the Company sold 1,325 apartments (at 100% share) totaling ~NIS 1,290 million, including 386 units in Israel and 939 units in Europe.
Additional data regarding the Company's sale of apartments (signed contracts) during 2018:
Apartment Units Under |
Consolidated |
Companies |
|
Israel |
|||
Sales (NIS millions) |
674 |
562 |
- |
Number of apartment sale contracts signed |
386 |
321 |
- |
Average price of apartments sold (NIS thousands) |
1,745 |
1,751 |
- |
Europe |
|||
Sales (NIS millions) |
616 |
414 |
57 |
Number of apartment sale contracts signed |
939 |
692 |
60 |
Average price of apartments sold (NIS thousands) |
656 |
599 |
949 |
Data regarding delivery of apartments to customers during 2018:
Consolidated |
Projects Under |
|
Europe |
||
Revenues from apartments delivered (NIS millions) |
329 |
29 |
Number of units delivered |
688 |
39 |
Average price of apartments delivered (NIS thousands) |
477 |
723 |
- Real Estate Activities Internationally: a significant increase in revenues following the occupancy of projects in Warsaw, Belgrade, Prague and Bucharest following the continued initiation of projects such as:
o Occupancy of the G-85 project in Warsaw - the occupancy of 473 housing units and the sale of 97 housing units (at 100% share).
o The launch of the Wellport project in Belgrade, Serbia - with a total of 570 housing units (at 100% share), out of which 95 are in execution (phase 1)
o Launch of the RPM project in Prague, Czech Republic - totaling 790 housing units (at 100% share) of which 240 are in execution (phase 1) - In Israel, significant progress in the municipality planning phase of projects - the filing of the Central Bus Station plan, the approval of the local committee for the Ramat Efal program, the approval of the Bikel program in Ra'anana, Bikur Holim in Jerusalem and the Park neighborhood in Be'er Sheva.
o Realization of the company's share in the IKEA store at a profit of NIS 97 million (before tax);
o A significant increase in the city urban renewal stock of apartments
o Massive acquisition of future lands in the northern Sharon region (Hadera, Kfar Yona, Or Akiva and more)
o The opening of the expansion at the Ir Yamim mall and its refinancing of NIS 140 million
o A transaction to the security forces membership club, Chever, for the sale of over 500 residential units in Or Yam - Implementation of the IFRS Standard: According to the IFRS Standard, the Company reports its revenues from apartment sales in Israel over time according to the progress made in the each project's building and sales processes. The policy for revenue recognition from apartment sales in other countries remains unchanged with respect to the previous policy.
3. PROJECTS & IGAs (INCOME GENERATING ASSETS)
The Company continues to implement the strategy of increasing value and freeing up cash flow for new projects:
- The company has completed the sale of the Portfolio (45% of its rights in the Carmel Tunnels project and 40% of its rights in the Northern Roads project). The sale generated a profit of NIS 277 million and cash flow of NIS 580 million.
- Management is in the process for the sales of rights in the Generi 2 Government Campus project. If and when the sale is completed, the company expects to recognize NIS 25-30 million in profit and NIS 70 million in cash flow.
- Completed the sale of the rights in an IKEA store - the company recorded pre-tax profit of NIS 97 million.
- Subsequent to the date of this report, agreements were signed between the ADO Group shareholders - four transactions for the sale of ADO Group were completed after the date of the report by the Company, such that in total, the Company sold 30% of the issued and paid-up capital of ADO Group, for a total of NIS 720 million. The Company will record in its financial statements for the first quarter of 2019, a pre-tax profit of NIS 480 million.
- Following completion of the above transactions, the Company holds 7.5% of the issued and paid-up capital of ADO. These shares are subject to a call option whereby the holder of the option is entitled to purchase the aforementioned shares at a price of NIS 88 per share up until March 10, 2020. These shares (7.5%) are also subject to a right of refusal.
The Company announced the win of a number of new significant projects:
- Won a tender for an urban waste sorting and treatment plant: In April 2018, Israel's Tendering Committee awarded Shikun & Binui and G.E.S. (as equal partners) a project to plan, finance, construct and operate an urban waste sorting and treatment plant. The project costs during the construction phase are projected to total NIS 750 million. Solel Boneh holds 50% of the rights of the Construction Contractor and will build the project together with G.E.S. Launch of construction is contingent upon the completion of Financial Closing. The length of the concession period is 29.5 years.
- Won a Concessions tender for a ICT center campus in Be'er Sheva: In June 2018, the Tendering Committee of the State of Israel announced that with regard to its tender to plan, finance, construct, operate and maintain a 170,000 m2 ICT (information and communications technology) campus in Be'er Sheva under a 25-year framework, it had selected a project company established in equal partnership by the Company and Africa Israel Properties Ltd. as the preferred candidate as part of the defined process in the Concessions agreement. The final approval is conditional upon fulfillment of milestones and conditions set out in the tender.
Energy: at the stage of completion of construction and preparation for operations of about 600 MW in 2019. There is a plan in Israel to reduce the volume of electricity generated from coal from 50% to a few percent in 2030 are expected to lead to the publication of tenders of about 15 GW by 2030 (through privatization of gas power plants, construction of gas, solar and wind power plants).
INVESTORS CONFERENCE CALL
Shikun & Binui will host a conference call on March 27, 2019 starting at 11am Eastern Time to discuss the financial results. Management will also be available to answer investor's questions, after presenting the results.
To participate, please call one of the following teleconferencing numbers:
US: 1-888-281-1167
UK: 0-800-917-9141
Israel: 03-918-0650
International: +972-3-918-0650
At: 11am Eastern Time, 8am Pacific Time, 3pm UK Time, 5pm Israel Time
For those unable to participate, the teleconference will be available for replay on the company's website at http://en.shikunbinui.co.il/ beginning 24 hours after the call.
ABOUT THE SHIKUN & BINUI GROUP
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; 6) concessions; and 7) water. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
SAFE HARBOR STATEMENT
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter – "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.
Consolidated Financial Statements
Consolidated Statements of Financial Position as at |
||||
December 31 |
December 31 |
|||
2018 |
2017 |
|||
NIS thousands |
NIS thousands |
|||
Assets |
||||
Cash and cash equivalents |
2,491,867 |
2,029,574 |
||
Bank deposits |
781,879 |
657,668 |
||
Short-term loans and investments |
129,150 |
63,050 |
||
Short-term loans to investee companies |
25,001 |
31,854 |
||
Trade receivables – accrued income |
2,830,251 |
2,326,935 |
||
Inventory of buildings held for sale |
1,587,147 |
1,395,986 |
||
Receivables and debit balances |
497,394 |
498,838 |
||
Other investments, including derivatives |
376,642 |
241,641 |
||
Current tax assets |
39,287 |
19,692 |
||
Inventory |
160,518 |
176,145 |
||
Assets classified as held for sale |
716,062 |
105,352 |
||
Total current assets |
9,635,198 |
7,546,735 |
||
Receivables and contract assets |
||||
in respect of concession arrangements |
1,065,753 |
923,267 |
||
Non-current inventory of land (freehold) |
938,127 |
789,699 |
||
Non-current inventory of land (leasehold) |
705,172 |
426,609 |
||
Investment property, net |
862,282 |
842,943 |
||
Land rights |
13,422 |
13,179 |
||
Receivables, loans and deposits |
211,766 |
522,795 |
||
Investments in equity-accounted investees |
403,773 |
598,512 |
||
Loans to investee companies |
1,099,937 |
612,054 |
||
Deferred tax assets |
299,144 |
162,932 |
||
Property, plant and equipment, net |
1,076,317 |
875,593 |
||
Intangible assets, net |
364,911 |
150,238 |
||
Total non-current assets |
7,040,604 |
5,917,821 |
||
Total assets |
16,675,802 |
13,464,556 |
Consolidated Financial Statements
Consolidated Statements of Financial Position as at |
||||
December 31 |
December 31 |
|||
2018 |
2017 |
|||
NIS thousands |
NIS thousands |
|||
Liabilities |
||||
Short-term credit from banks and others |
1,529,542 |
1,036,026 |
||
Subcontractors and trade payables |
1,657,591 |
1,460,075 |
||
Short-term employee benefits |
160,792 |
136,860 |
||
Payables and credit balances including derivatives |
638,652 |
616,135 |
||
Current tax liabilities |
84,623 |
105,653 |
||
Provisions |
172,364 |
246,019 |
||
Payables - customer work orders |
1,483,675 |
1,376,856 |
||
Advances received from customers |
323,684 |
208,685 |
||
Liabilities classified as held for sale |
360,954 |
- |
||
Total current liabilities |
6,411,877 |
5,186,309 |
||
Liabilities to banks and others |
3,200,074 |
2,477,801 |
||
Debentures |
3,680,283 |
3,402,211 |
||
Employee benefits |
46,130 |
49,843 |
||
Deferred tax liabilities |
119,665 |
105,719 |
||
Provisions |
260,418 |
102,795 |
||
Excess of accumulated losses over cost of investment |
||||
and deferred credit balance in investee companies |
97,408 |
48,130 |
||
Total non-current liabilities |
7,403,978 |
6,186,499 |
||
Total liabilities |
13,815,855 |
11,372,808 |
||
Equity |
||||
Total equity attributable to owners |
||||
of the Company |
2,531,765 |
1,849,025 |
||
Non-controlling interests |
328,182 |
242,723 |
||
Total equity |
2,859,947 |
2,091,748 |
||
Total liabilities and equity |
16,675,802 |
13,464,556 |
Consolidated Statement of Income |
|||||
December 31 |
December 31 |
December 31 |
|||
2018 |
2017 |
2016 |
|||
NIS thousands |
NIS thousands |
NIS thousands |
|||
Revenues from work |
|||||
performed and sales |
6,331,518 |
6,437,307 |
5,378,963 |
||
Cost of work performed |
|||||
and sales |
(5,371,928) |
(5,586,065) |
(4,541,744) |
||
Gross profit |
959,590 |
851,242 |
837,219 |
||
Gain (loss) on sale of |
|||||
investment property |
125,949 |
3,217 |
70,543 |
||
Selling and marketing expenses |
(40,089) |
(40,049) |
(32,318) |
||
Administrative and general expenses |
(415,472) |
(380,824) |
(366,479) |
||
Share of profits of equity accounted |
|||||
investees (net of tax) |
19,141 |
59,816 |
81,172 |
||
Other operating income |
389,504 |
219,622 |
451,797 |
||
Other operating expenses |
(135,578) |
(130,028) |
(41,762) |
||
Operating profit |
903,045 |
582,996 |
1,000,172 |
||
Financing income |
261,136 |
199,436 |
182,715 |
||
Financing expenses |
(530,652) |
(422,471) |
(566,483) |
||
Net financing expenses |
(269,516) |
(223,035) |
(383,768) |
||
Profit before taxes |
|||||
on income |
633,529 |
359,961 |
616,404 |
||
Taxes on income |
(74,233) |
(61,655) |
(136,455) |
||
Profit for the period |
559,296 |
298,306 |
479,949 |
||
Attributable to: |
|||||
Owners of the Company |
494,995 |
230,927 |
445,771 |
||
Non-controlling interests |
64,301 |
67,379 |
34,178 |
||
559,296 |
298,306 |
479,949 |
|||
Basic earnings per |
|||||
share (in NIS) |
1.24 |
0.58 |
1.12 |
||
Diluted earnings per |
|||||
share (in NIS) |
1.22 |
0.57 |
1.12 |
Consolidated Financial Statements
Operating Segments |
|||||||||||||||||||
Year ended December 31, 2018 |
|||||||||||||||||||
Infrastructures |
Infrastructures |
Infrastructures |
Real estate |
Real estate |
Concessions |
Energy |
Other |
Adjustments |
Consolidated |
||||||||||
NIS thousands |
|||||||||||||||||||
External revenues |
1,355,063 |
2,850,687 |
485,278 |
987,301 |
499,354 |
55,910 |
503,563 |
45,184 |
(450,822) |
6,331,518 |
|||||||||
Inter-segment revenues |
- |
433,445 |
- |
76 |
- |
- |
- |
- |
(433,521) |
- |
|||||||||
Total revenues from work performed and sales |
1,355,063 |
3,284,132 |
485,278 |
987,377 |
499,354 |
55,910 |
503,563 |
45,184 |
(884,343) |
6,331,518 |
|||||||||
Segment costs |
1,326,005 |
3,190,853 |
470,342 |
630,585 |
409,067 |
(299,584) |
471,490 |
68,221 |
(988,097) |
5,278,882 |
|||||||||
Segment results |
|||||||||||||||||||
Net operating expenses for all segments |
29,058 |
93,279 |
14,936 |
356,792 |
90,287 |
355,494 |
32,073 |
(23,037) |
103,754 |
1,052,636 |
|||||||||
(149,591) |
|||||||||||||||||||
Operating profit |
903,045 |
||||||||||||||||||
Net financing income (expenses) allocated |
|||||||||||||||||||
to segments |
(70,437) |
(6,114) |
316 |
(41,659) |
(1,856) |
24,839 |
7,988 |
(7,674) |
21,408 |
(73,189) |
|||||||||
Net financing expenses not allocated to |
|||||||||||||||||||
segments |
(196,327) |
||||||||||||||||||
Segment profit (loss) before income tax |
(41,379) |
87,165 |
15,252 |
315,133 |
88,431 |
380,333 |
40,061 |
(30,711) |
(220,756) |
633,529 |
|||||||||
Additional information: |
|||||||||||||||||||
Segment assets |
4,180,720 |
2,956,046 |
124,160 |
4,096,704 |
1,559,434 |
620,612 |
1,083,260 |
496,265 |
(811,183) |
14,306,018 |
|||||||||
Investment and loans to associates |
9 |
28,267 |
- |
74,013 |
182,906 |
800,141 |
430,284 |
1,759 |
11,332 |
1,528,711 |
|||||||||
Assets not allocated to segments |
841,073 |
||||||||||||||||||
Total consolidated assets |
16,675,802 |
||||||||||||||||||
Segment liabilities |
1,506,032 |
2,429,300 |
26,738 |
2,644,396 |
1,327,415 |
792,653 |
1,330,134 |
307,380 |
(1,353,497) |
9,010,551 |
|||||||||
Excess of losses over investment in investees |
22,428 |
- |
48,001 |
10,900 |
- |
- |
16,079 |
- |
- |
97,408 |
|||||||||
Liabilities not allocated to segments |
4,707,896 |
||||||||||||||||||
Total consolidated liabilities |
13,815,855 |
||||||||||||||||||
Long-term investments in assets |
107,215 |
62,552 |
- |
52,774 |
4 |
103,784 |
171,157 |
12,366 |
- |
509,852 |
|||||||||
General investments in assets for the long-term |
12,735 |
||||||||||||||||||
Total investments in assets for the |
|||||||||||||||||||
long-term – consolidated |
522,587 |
||||||||||||||||||
Depreciation and amortization |
121,029 |
50,697 |
1,568 |
20,192 |
1,097 |
3,221 |
16,285 |
12,447 |
(2,031) |
224,505 |
|||||||||
General depreciation |
12,474 |
||||||||||||||||||
Total depreciation - consolidated |
236,979 |
Consolidated Financial Statements
Operating Segments |
|||||||||||||||||||
Year ended December 31, 2017 |
|||||||||||||||||||
Infrastructures |
Infrastructures |
Infrastructures |
Real estate |
Real estate |
Concessions |
Energy |
Other |
Adjustments |
Consolidated |
||||||||||
NIS thousands |
|||||||||||||||||||
External revenues |
1,508,804 |
3,229,094 |
345,405 |
1,382,599 |
247,775 |
145,359 |
36,689 |
37,939 |
(496,357) |
6,437,307 |
|||||||||
Inter-segment revenues |
- |
291,770 |
- |
76 |
- |
- |
- |
- |
(291,846) |
- |
|||||||||
Total revenues from work performed and sales |
1,508,804 |
3,520,864 |
345,405 |
1,382,675 |
247,775 |
145,359 |
36,689 |
37,939 |
(788,203) |
6,437,307 |
|||||||||
Segment costs |
1,418,035 |
3,397,633 |
300,022 |
1,080,708 |
171,682 |
66,398 |
37,789 |
138,995 |
(930,985) |
5,680,277 |
|||||||||
Segment results |
|||||||||||||||||||
Net operating expenses for all segments |
90,769 |
123,231 |
45,383 |
301,967 |
76,093 |
78,961 |
(1,100) |
(101,056) |
142,782 |
757,030 |
|||||||||
Operating profit |
(174,034) |
||||||||||||||||||
Net financing income (expenses) allocated |
582,996 |
||||||||||||||||||
to segments |
(5,658) |
(8,628) |
(450) |
(27,275) |
(28,382) |
41,470 |
8,077 |
(8,409) |
(35,176) |
(64,431) |
|||||||||
Net financing expenses not allocated to |
|||||||||||||||||||
segments |
(158,604) |
||||||||||||||||||
Segment profit (loss) before income tax |
85,111 |
114,603 |
44,933 |
274,692 |
47,711 |
120,431 |
6,977 |
(109,465) |
(225,032) |
359,961 |
|||||||||
Additional information: |
|||||||||||||||||||
Segment assets |
3,885,086 |
2,586,918 |
34,722 |
3,678,622 |
1,164,247 |
527,631 |
521,311 |
202,121 |
(764,322) |
11,836,336 |
|||||||||
Investment and loans to associates |
9 |
22,364 |
- |
115,367 |
249,980 |
700,895 |
4,043 |
281,857 |
- |
1,374,515 |
|||||||||
Assets not allocated to segments |
253,705 |
||||||||||||||||||
Total consolidated assets |
13,464,556 |
||||||||||||||||||
Segment liabilities |
1,258,243 |
2,128,444 |
12,526 |
2,492,016 |
1,077,656 |
694,223 |
397,521 |
270,530 |
(1,083,551) |
7,247,608 |
|||||||||
Excess of losses over investment in investees |
18,122 |
- |
10,169 |
10,231 |
- |
- |
4,968 |
- |
- |
43,490 |
|||||||||
Liabilities not allocated to segments |
4,081,710 |
||||||||||||||||||
Total consolidated liabilities |
11,372,808 |
||||||||||||||||||
Long-term investments in assets |
32,247 |
48,510 |
- |
68,696 |
1,950 |
607 |
6,263 |
23,133 |
- |
181,406 |
|||||||||
General investments in assets for the long-term |
10,451 |
||||||||||||||||||
Total investments in assets for the |
|||||||||||||||||||
long-term – consolidated |
191,857 |
||||||||||||||||||
Depreciation and amortization |
134,144 |
49,897 |
1,264 |
18,881 |
5,118 |
- |
15,037 |
95,622 |
(438) |
319,525 |
|||||||||
General depreciation |
11,788 |
||||||||||||||||||
Total depreciation - consolidated |
331,313 |
Consolidated Financial Statements
Operating Segments |
|||||||||||||||||||
Year ended December 31, 2016 |
|||||||||||||||||||
Infrastructures |
Infrastructures |
Infrastructures |
Real estate |
Real estate |
Concessions |
Energy |
Other |
Adjustments |
Consolidated |
||||||||||
NIS thousands |
|||||||||||||||||||
External revenues |
1,336,215 |
2,324,394 |
153,497 |
1,278,810 |
146,254 |
427,383 |
44,679 |
40,259 |
(372,528) |
5,378,963 |
|||||||||
Inter-segment revenues |
142,574 |
444,259 |
- |
76 |
- |
- |
- |
- |
(586,909) |
- |
|||||||||
Total revenues from work performed and sales |
1,478,789 |
2,768,653 |
153,497 |
1,278,886 |
146,254 |
427,383 |
44,679 |
40,259 |
(959,437) |
5,378,963 |
|||||||||
Segment costs |
1,163,973 |
2,685,902 |
148,904 |
978,106 |
126,888 |
91,155 |
4,492 |
80,205 |
(1,074,171) |
4,205,454 |
|||||||||
Segment results |
314,816 |
82,751 |
4,593 |
300,780 |
19,366 |
336,228 |
40,187 |
(39,946) |
114,734 |
1,173,509 |
|||||||||
Net operating expenses for all segments |
(173,337) |
||||||||||||||||||
Operating profit |
1,000,172 |
||||||||||||||||||
Net financing income (expenses) allocated |
(162,075) |
(144) |
(4) |
(3,628) |
(21,498) |
18,965 |
(17,995) |
(6,766) |
(26,019) |
(219,164) |
|||||||||
to segments |
|||||||||||||||||||
Net financing expenses not allocated to |
|||||||||||||||||||
segments |
(164,604) |
||||||||||||||||||
Segment profit (loss) before income tax |
152,741 |
82,607 |
4,589 |
297,152 |
(2,132) |
355,193 |
22,192 |
(46,712) |
(249,226) |
616,404 |
|||||||||
Additional information: |
|||||||||||||||||||
Segment assets |
4,329,653 |
2,829,745 |
9,862 |
4,842,449 |
877,053 |
1,057,995 |
313,365 |
301,671 |
(727,944) |
13,833,849 |
|||||||||
Investment and loans to associates |
9 |
49,257 |
23,820 |
112,294 |
153,323 |
599,010 |
8,775 |
307,741 |
- |
1,254,229 |
|||||||||
Assets not allocated to segments |
89,972 |
||||||||||||||||||
Total consolidated assets |
15,178,050 |
||||||||||||||||||
Segment liabilities |
1,441,179 |
2,316,586 |
58 |
3,887,424 |
769,551 |
1,115,350 |
196,740 |
384,871 |
(1,041,509) |
9,070,250 |
|||||||||
Excess of losses over investment in investees |
17,572 |
- |
- |
9,689 |
- |
2,059 |
1,120 |
- |
- |
30,440 |
|||||||||
Liabilities not allocated to segments |
4,006,219 |
||||||||||||||||||
Total consolidated liabilities |
13,106,909 |
||||||||||||||||||
Long-term investments in assets |
39,389 |
48,488 |
- |
50,279 |
1,298 |
82,132 |
3,302 |
69,043 |
- |
293,931 |
|||||||||
General investments in assets for the long-term |
9,644 |
||||||||||||||||||
Total investments in assets for the |
|||||||||||||||||||
long-term – consolidated |
303,575 |
||||||||||||||||||
Depreciation and amortization |
160,642 |
42,233 |
205 |
18,877 |
5,060 |
- |
10,661 |
24,924 |
(472) |
262,130 |
|||||||||
General depreciation |
10,467 |
||||||||||||||||||
Total depreciation - consolidated |
272,597 |
CONTACTS
Shikun & Binui
Inbal Uliansky
+972(3)630-1058
inbal_u@shikunbinui.com
External Investor Relations
Ehud Helft
GK Investor Relations
+1-617-418-3096
shikunbinuni@gkir.com
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