AIRPORT CITY, Israel,
March 29, 2020 /PRNewswire/ --
Shikun & Binui Ltd. (TASE: SKBN.TA), a global
construction and infrastructure company headquartered in
Israel, today reported its
financial results for 2019.
FINANCIAL HIGHLIGHTS FOR 2019
Total income reached NIS 6.5
billion, a 2.5% year-on-year increase.
Gross profit for the period totaled approx. NIS 891 million (gross profit margin was 13.7%),
compared with approximately NIS 960
million last year.
In 2019, EBITDA totaled NIS 1.1
billion, similarly to 2018.
Net income reached NIS 344
million, compared to NIS 559
million in 2018.
Cashflow from operating activities (net of
investment in land) was NIS 367
million, compared with NIS 84
million in 2018. The positive cashflow stems mainly from
residential real estate development in Israel.
The NIS 13.7 billion order
backlog as at December 31 2019 does
not include additional contracting projects in Israel and abroad totaling NIS 1.2 billion.
REAL ESTATE DEVELOPMENT
In 2019, apartment sales totaled 1,823 apartments (in 100%
terms), amounting to NIS 1.9
billion
Deliveries totaled 1,796 units (in 100% terms)
More Information on Company's Housing Unit Sale Transactions
(signed contracts) in 2019:
|
Company's
share
|
In
Israel
|
Total transactions in
NIS million
|
1,267
|
No. of housing unit
sales contracts signed
|
862
|
Average price per
housing unit (in NIS thousands)
|
1,470
|
In
Europe
|
Total transactions in
NIS million
|
399
|
No. of housing unit
sales contracts signed
|
718
|
Average price per
housing unit (in NIS thousands)
|
556
|
Real estate development Israel:
Significant increase in the volume of transactions signed in
the Or Yam project
- During 2019, transactions for the sale of 929 housing units (in
100% terms) were signed, amounting to NIS
1.4 billion, following the success of the Or Yam
project.
- In December 2019, the Company won
a tender of the Israel Land Authority for the acquisition of land
in the Savyon Intersection for NIS 206
million (50% - Shikun & Binui and 50% Shikun & Binui
Real Estate). The land plot has approved building rights for
approx. 146,000 m² (gross) of office space. It is estimated that
the building rights can be extended by an additional 100,000
m².
- In December 2019, the Company won
a tender of the Israel Land Authority for the acquisition of land
plots on which 504 housing units will be built in the Ramat Pinkas
neighborhood, close to the Ramat Efal project in Or Yehuda, and 530
housing units in the Ben Shemen neighborhood in Lod. Total
consideration: NIS 472 million.
- In addition, following are the main developments in the
planning and development of the Group's land plots:
- Old Central Station - urban building plan has been approved
- Ramat Efal - approval for submission to the district
committee
- Science Park, Netanya - recommendation for submission to the
local committee
- Yoseftal Ramla (urban renewal project) - recommendation for
submission to local committee
SBE real estate development abroad: Sale of 894 housing units
and delivery of 1,100 housing units
- Revenues totaled NIS 457 million,
compared to NIS 599 million in 2018.
Gross profit totaled NIS 103 million
compared with NIS 130 million in
2018.
- In November, a transaction for the acquisition of land in
Warsaw - with building rights for
1,965 housing units - was completed (the company's share -
75%).
Sale of the Company's shares in ADO
The Company has completed the sale of its entire holdings in ADO
Group for a total of NIS 900 million,
recording a pre-tax net income (in the capital gain and revaluation
gain) of NIS 610 million in its
financial statements.
REAL ESTATE CONTRACTING IN ISRAEL
Solel Boneh: Net income of NIS 119
million in 2019 and a record backlog of NIS 7 billion as at the end of February
- Gross profit of NIS 228
million
- EBITDA of NIS 194 million
- Solel Boneh reached a record backlog of NIS 7 billion as at the end of February 2020 - including a backlog of projects
under construction and new projects for which contracts have been
signed, as well as projects in which the Company was declared a
winner but for which formal agreements have yet to be signed
("backlog not included in the backlog").
SBI Infrastructure and Construction Abroad (excluding
USA): Significant Improvement in
Net Income
- Steady gross profitability of 16.4% in 2019
over 2018. Net income in this segment reached NIS 46 million, compared to a NIS 120 million loss in 2018.
- Toll Road Project in Colombia: On February 1 2019, a delivery document for Section
1 was signed; on October 17 2019, a
delivery document of Section 2 was signed; and on November 7 2019, a delivery document for Section
3 was signed. Following the delivery, the operating period began,
during which the franchisee started receiving revenues from
availability charges and tolls, and 180-day rectification period of
the segments began.
- Project win in Nigeria: In October 2019, the Nigerian government announced
that SBI had won a tender for the construction of a road in
southeastern Nigeria; the project
involves the paving of roads approx.18 km-long, as well as
construction of several bridges and intersections. Work is
scheduled to begin in the second half of 2020 and expected to last
approx. 48 months. Total expected proceeds from the project:
approx. USD 310 million. It should be
clarified that as of this date, a binding contract for the
execution of the work in the project has yet to be signed between
the foreign company and the Nigerian government and there is no
certainty as to the date on which a binding contract shall be
signed, if any.
SBA Infrastructure and Construction Contracting Company,
USA: Activity Increases and US
Expansion Strategy is Realized
- Acquisition of US-based infrastructure and construction
contracting company is completed: On April 16 2019, the transaction for the
acquisition of I+ICON was completed as part of the company's US
expansion strategy. The company is engaged in civil infrastructure
contracting with emphasis on bridges, transport infrastructure and
marine works. This constitutes a significant step towards entering
into mega infrastructure projects in the US, as well as for
achieving significant synergies with SBA's operations.
- Project SH-288: Delay of project for the
construction of toll roads in Texas, following which the completion date was
revised, led to a NIS 205 million
loss for the contracting company.
PROJECTS AND INCOME-GENERATING ASSETS Activation of
the Ashalim Mega-Project
In April 2019, all required
approvals for the activation of the Ashalim thermo-solar power
plant project were received. The 121 MW project has an operation
period ending in 2043. The Company's share in the franchisee and
operator is 50%.
It is estimated that in a representative year in which the power
plant will operate at full capacity, it will generate proceeds of
approx. NIS 350 million per
annum.[1]
Activation of the Tze'elim Mega-Project
In October 2019, all required
approvals for the activation of the Tze'elim project were
received. Tze'elim is a photovoltaic power plant with an installed
capacity of 120 MW.
Following are projected results for the entire year -
proceeds: NIS 80 million; NOI:
NIS 65 million; FFO: NIS 40 million.1
Financial closing of the Etgal Project
On December 17 2019, the
Electricity Authority approved the financial closing of the Etgal
project by (financial closing by equity). The Etgal project is a
project for the construction of an open cycle, readily available
natural gas-fired power plant, with a 186 MW capacity in the Ashdod
industrial area. The company is close to securing financing for the
project from financing entities.
Following are projected results for the entire year -
proceeds: NIS 120-130 million; NOI:
NIS 37-47 million; FFO: NIS 30-40 million.1
Completion of the increasing holding in
the Operating Companies - Derech Eretz
Transaction
In May 2019, Keystone REIT (Ltd.)
entered into an agreement to acquire Road 6 operating company
Derech Eretz from third parties, with a portion of the holdings to
be transferred to Shikun & Binui. In February 2020, the transaction was completed,
with the Company holding 46% of the equity of the operating
companies and 51% of the voting rights thereof. As a result, the
Company is expected to consolidate the operating companies'
financial statements and to record a gain of NIS 90-100 million in Q1 2020 following
reclassification from an associate to a consolidated company (the
gain was recorded as a result of adjusting the carrying amount to
the transaction price).
Sale of Generi 2 Project
In June 2019, the sale of the
Generi 2 project was completed; Generi 2 is a BOT project with a
construction cost of NIS 515 million
for the planning, construction, maintenance and financing of the
new Jerusalem Government Campus. Net proceeds from the transaction
amounted to NIS 79 million and a
post-tax profit of NIS 34 million was
recorded.
Improving Efficiency
The Company continues to take measures to reduce costs across
the entire Group.
ABOUT THE SHIKUN & BINUI GROUP
Shikun & Binui is Israel's
leading infrastructure and real estate company – a global
corporation that operates through its subsidiaries in Israel and across the world. Active in more
than 20 countries on four continents, Shikun & Binui is
involved in various fields, including infrastructure, real estate
development, water, energy, and concessions.
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.
[1] The expected results for Ashalim and Tze'elim
constitute forward-looking information which is based on the
Group's data, assessments and estimates close to the publication
date. These data, assessments and estimates may not materialize or
may change during the execution of the projects due to a range of
circumstances, including existing or potential delays in schedule,
demand and availability, change in operating costs, existing or
potential delays by authorities as well as extensions of projects
underway, wages or other factors which do not depend on the Group
and there is no certainty they will materialize if the projections
and assessments on which the plans are based do not
materialize.
Consolidated
Financial Statements
|
|
|
Consolidated
Statements of Financial Position as at
|
|
|
As of December
31
|
|
2019
|
2018
|
|
Thousands of
NIS
|
Thousands of
NIS
|
|
|
|
Assets
|
|
|
Cash and cash
equivalents
|
2,163,959
|
2,491,867
|
Deposits in banking
corporations
|
730,207
|
781,879
|
Short-term loans and
investments
|
200,576
|
129,150
|
Short-term loans to
investees
|
21,626
|
25,001
|
Customers – income
receivable
|
2,698,876
|
2,830,251
|
Inventory of
buildings for sale
|
1,425,855
|
1,587,147
|
Receivables and
others
|
497,822
|
497,394
|
Other investments
including derivatives
|
136,690
|
376,642
|
Current tax
assets
|
51,488
|
39,287
|
Inventory
|
179,460
|
160,518
|
Assets held for
sale
|
1,000
|
716,062
|
Total Current
Assets
|
8,107,559
|
9,635,198
|
|
|
|
Receivables and
contract assets due to concession arrangements
|
1,359,972
|
1,065,753
|
Non-current inventory
of owned land
|
982,649
|
938,127
|
Non-current inventory
of leased land
|
700,184
|
705,172
|
Investment property,
net
|
1,540,212
|
862,282
|
Land
rights
|
13,435
|
13,422
|
Receivables, loans
and deposits
|
160,833
|
211,766
|
Investments in
investees accounted for
|
|
|
using
the equity method
|
506,802
|
403,773
|
Loans to
investees
|
1,033,465
|
1,099,937
|
Deferred tax
assets
|
200,153
|
299,144
|
Fixed assets and
right-of-use assets
|
1,373,559
|
1,076,317
|
Intangible assets,
net
|
471,773
|
364,911
|
Total non-current
assets
|
8,343,037
|
7,040,604
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
16,450,596
|
16,675,802
|
Consolidated
Financial Statements
|
|
|
Consolidated
Statements of Financial Position as at
|
|
|
As of December
31
|
|
2019
|
2018
|
|
Thousands of
NIS
|
Thousands of
NIS
|
|
|
|
Liabilities
|
|
|
Short-term credit
from banking corporations and others
|
2,143,536
|
1,529,542
|
Subcontractors,
suppliers and service providers
|
1,487,203
|
1,657,591
|
Short-term employee
benefits
|
170,427
|
160,792
|
Accounts payable and
credit balances including derivatives
|
583,300
|
638,652
|
Current tax
liabilities
|
112,181
|
84,623
|
Provisions
|
175,892
|
172,364
|
Liabilities to
customers
|
1,278,889
|
1,483,675
|
Advance payments from
customers
|
430,135
|
323,684
|
Liabilities held for
sale
|
1,455
|
360,954
|
Total Current
Liabilities
|
6,383,018
|
6,411,877
|
|
|
|
|
|
|
|
|
|
Liabilities to
banking corporations and others
|
3,182,451
|
3,200,074
|
Bonds
|
3,440,059
|
3,680,283
|
Employee
benefits
|
43,084
|
46,130
|
Deferred tax
liabilities
|
82,715
|
119,665
|
Provisions
|
150,409
|
260,418
|
Excess of losses
accumulated over the cost of the investment
|
|
|
and
deferred credit balance in investees
|
259,369
|
97,408
|
Total Non-Current
Liabilities
|
7,158,087
|
7,403,978
|
|
|
|
Total
Liabilities
|
13,541,105
|
13,815,855
|
|
|
|
Capital
|
|
|
Total equity
attributable to company shareholders
|
2,600,103
|
2,531,765
|
Non-controlling
interests
|
309,388
|
328,182
|
Total
Equity
|
2,909,491
|
2,859,947
|
|
|
|
Total Liabilities
and Equity
|
|
|
Liabilities
|
16,450,596
|
16,675,802
|
Consolidated
Statement of Income
|
|
|
For the Year
Ending December 31
|
|
2019
|
2018
|
2017
|
|
Thousands of
NIS
|
Thousands of
NIS
|
Thousands of
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from work
performed and sales
|
6,490,567
|
6,331,518
|
6,437,307
|
Cost of work
performed and sales
|
(5,599,292)
|
(5,371,928)
|
(5,586,065)
|
Gross
Profits
|
891,275
|
959,590
|
851,242
|
Profit from the sale
of investment property
|
(440)
|
125,949
|
3,217
|
Sales and marketing
expenses
|
(43,887)
|
(40,089)
|
(40,049)
|
Administrative and
general expenses
|
(471,230)
|
(415,472)
|
(380,824)
|
Share of the profits
(losses) of associates treated according to the
|
(262,397)
|
19,141
|
59,816
|
equity method (net of
tax)
|
Other operating
income
|
757,891
|
389,504
|
219,622
|
Other operating
expenses
|
(50,550)
|
(135,578)
|
(130,028)
|
Operating
Profit
|
820,662
|
903,045
|
582,996
|
|
|
|
|
Financing
revenues
|
353,963
|
261,136
|
199,436
|
Financing
expenses
|
(517,507)
|
(530,652)
|
(422,471)
|
Financing costs,
net
|
(163,544)
|
(269,516)
|
(223,035)
|
|
|
|
|
Profit before
taxes on income
|
657,118
|
633,529
|
359,961
|
Taxes on
income
|
(313,177)
|
(74,233)
|
(61,655)
|
Profit for the
year
|
343,941
|
559,296
|
298,306
|
|
|
|
|
Attributed
to:
|
|
|
|
Company
shareholders
|
314,029
|
494,995
|
230,927
|
Non-controlling
interests
|
29,912
|
64,301
|
67,379
|
|
343,941
|
559,296
|
298,306
|
|
|
|
|
Basic profit per
share– in NIS
|
0.78
|
1.24
|
0.58
|
|
|
|
|
Diluted profit per
share– in NIS
|
0.77
|
1.22
|
0.57
|
Consolidated
Financial Statements
|
|
Operating
Segments
|
|
For the Year
Ending December 31 2019
|
|
Infrastructures
and Construction (International)
(Without the U.S.)
|
Infrastructures
and Construction
Contracting in
Israel
|
Infrastructures
and Construction (International) (U.S.)
|
Real Estate
Development (Israel)
|
Real Estate
Development (International)
|
Concessions
|
Energy
|
Others
|
Adjustments
|
Total
|
|
Thousands of
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from outside
customers
|
1,287,676
|
2,713,942
|
776,990
|
1,151,472
|
456,729
|
30,939
|
181,982
|
42,777
|
(151,940)
|
6,490,567
|
Inter-segment
revenues
|
|
405,715
|
|
76
|
|
|
|
|
(405,791)
|
-
|
Total Revenues
from Works Performed and Sales
|
1,287,676
|
3,119,657
|
776,990
|
1,151,548
|
456,729
|
30,939
|
181,982
|
42,777
|
(557,731)
|
6,490,567
|
Segment costs,
net
|
1,173,540
|
2,988,228
|
1,028,536
|
948,069
|
387,398
|
-88,751
|
221,623
|
(505,271)
|
(700,500)
|
5,452,872
|
Segment
Results
|
114,136
|
131,429
|
-251,546
|
203,479
|
69,331
|
119,690
|
-39,641
|
548,048
|
142,769
|
1,037,695
|
Operating expenses,
net, for all segments
|
|
|
|
|
|
|
|
|
|
(217,033)
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
820,662
|
Finance revenues
(expenses), net assigned to segments
|
49,230
|
(22,911)
|
(4,689)
|
(50,404)
|
451
|
28,763
|
2,376
|
19,412
|
(384)
|
21,844
|
Net financing
expenses not assigned to segments
|
|
|
|
|
|
|
|
|
|
(185,388)
|
Segment Profit
(Loss) Before Tax
|
163,366
|
108,518
|
(256,235)
|
153,075
|
69,782
|
148,453
|
(37,265)
|
567,460
|
(260,036)
|
657,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
information:
|
|
|
|
|
|
|
|
|
|
|
Segment
assets
|
3,799,912
|
2,899,989
|
471,183
|
4,563,584
|
1,547,351
|
384,033
|
1,350,907
|
193,584
|
(1,073,236)
|
14,137,307
|
Investments and loans
to associates
|
9
|
16,937
|
7,258
|
63,042
|
171,643
|
938,042
|
350,289
|
2,532
|
12,141
|
1,561,893
|
Assets not allocated
to segments
|
|
|
|
|
|
|
|
|
|
751,396
|
Total Assets in
the Consolidated Report
|
|
|
|
|
|
|
|
|
|
16,450,596
|
|
|
|
|
|
|
|
|
|
|
|
Segment
liabilities
|
1,351,296
|
2,282,916
|
461,659
|
2,877,722
|
1,295,363
|
701,813
|
1,565,037
|
338,132
|
(1,906,830)
|
8,967,108
|
Excess of losses over
investment in investees
|
24,114
|
-
|
217,330
|
294
|
-
|
10,411
|
7,220
|
-
|
-
|
259,369
|
Liabilities not
allocated to segments
|
|
|
|
|
|
|
|
|
|
4,314,628
|
Total Liabilities
in Consolidated Report
|
|
|
|
|
|
|
|
|
|
13,541,105
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments
in assets
|
29,287
|
158,014
|
1,443
|
239,330
|
-
|
180,954
|
35,213
|
16,905
|
-
|
661,146
|
General long-term
investments in assets
|
|
|
|
|
|
|
|
|
|
10,930
|
Total Investments
in Consolidated Long-Term Assets
|
|
|
|
|
|
|
|
|
|
672,076
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
114,277
|
61,551
|
13,461
|
17,684
|
1,331
|
(3,792)
|
15,867
|
28,218
|
(358)
|
248,239
|
General
Depreciation
|
|
|
|
|
|
|
|
|
|
20,952
|
Total Depreciation
in the Consolidated Report
|
|
|
|
|
|
|
|
|
|
269,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Financial Statements
|
|
Operating
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
Infrastructures
and Construction (International)
(Without the U.S.)
|
Infrastructures
and Construction Contracting in Israel
|
Infrastructures
and Construction (International) (U.S.)
|
Real Estate
Development (Israel)
|
Real Estate
Development (International)
|
Concessions
|
Energy
|
Others
|
Adjustments
|
Total
|
|
Thousands of
NIS
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from outside
customers
|
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 Works 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,
net
|
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
|
29,058
|
93,279
|
14,936
|
356,792
|
90,287
|
355,494
|
32,073
|
(23,037)
|
103,754
|
1,052,636
|
Operating expenses,
net, for all segments
|
|
|
|
|
|
|
|
|
|
(149,591)
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
903,045
|
Finance revenues
(expenses), net assigned 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 assigned to segments
|
|
|
|
|
|
|
|
|
|
(196,327)
|
Segment Profit
(Loss) Before 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
|
Investments 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 Assets in
the Consolidated Report
|
|
|
|
|
|
|
|
|
|
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 Liabilities
in Consolidated Report
|
|
|
|
|
|
|
|
|
|
13,815,855
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments
in assets
|
107,215
|
62,552
|
-
|
52,774
|
4
|
103,784
|
171,157
|
12,366
|
-
|
509,852
|
General long-term
investments in assets
|
|
|
|
|
|
|
|
|
|
12,735
|
Total Investments
in Consolidated Long-Term Assets
|
|
|
|
|
|
|
|
|
|
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
in the Consolidated Report
|
|
|
|
|
|
|
|
|
|
236,979
|
Consolidated
Financial Statements
|
|
Operating
Segments
|
|
|
For the Year
Ending December 31 2018
|
|
Infrastructures
and Construction (International) (Without the U.S.)
|
Infrastructures
and Construction Contracting in Israel
|
Infrastructures
and Construction (International) (U.S.)
|
Real Estate
Development (Israel)
|
Real Estate
Development (International)
|
Concessions
|
Energy
|
Others
|
Adjustments
|
Total
|
|
Thousands of
NIS
|
Revenues from outside
customers
|
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 Works 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,
net
|
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
|
29,058
|
93,279
|
14,936
|
356,792
|
90,287
|
355,494
|
32,073
|
(23,037)
|
103,754
|
1,052,636
|
Operating expenses,
net, for all segments
|
|
|
|
|
|
|
|
|
|
(149,591)
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
903,045
|
Finance revenues
(expenses), net assigned 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 assigned to segments
|
|
|
|
|
|
|
|
|
|
(196,327)
|
Segment Profit
(Loss) Before 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
|
Investments 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 Assets in
the Consolidated Report
|
|
|
|
|
|
|
|
|
|
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 Liabilities
in Consolidated Report
|
|
|
|
|
|
|
|
|
|
13,815,855
|
|
|
|
|
|
|
|
|
|
|
|
Long-term investments
in assets
|
107,215
|
62,552
|
-
|
52,774
|
4
|
103,784
|
171,157
|
12,366
|
-
|
509,852
|
General long-term
investments in assets
|
|
|
|
|
|
|
|
|
|
12,735
|
Total Investments
in Consolidated Long-Term Assets
|
|
|
|
|
|
|
|
|
|
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
in the Consolidated Report
|
|
|
|
|
|
|
|
|
|
236,979
|
CONTACTS
Shikun &
Binui
Leon
Vasilnitzky
+972 (3) 630
5894
leon_v@shikunbinui.com
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content:http://www.prnewswire.com/news-releases/shikun--binui-ends-2019-with-a-nis-344m-net-income-301031354.html
SOURCE Shikun & Binui Ltd.