Shikun & Binui Announces Financial Results For the First Quarter of 2017
AIRPORT CITY, Israel, May 29, 2017 /PRNewswire/ --
First Quarter 2017 Summary
-- Strong revenues: NIS 1.8 billion compared to NIS 1.1 billion in Q1 2016;
-- Completion of the sale of 40% of the company's share rights in the North
Roads project for pre-tax profit of NIS 64 million
-- Won 2 new concession projects in Israel: Government campus in Nazareth &
court building in Hadera;
-- Significant progress in renewable energy: won IEC tender for 65MW PV
projects; tariff guarantees & building permit received for Tze'elim
project*;
-- Continued international construction activities: Besides work on
mega-projects in the US & Colombia, projects won in 2 new African
markets: Tanzania & Mozambique;
-- High level of apartment sales: 461 units sold, including 291 in Europe;
-- Board of Directors announced NIS 18 million dividend
* April, 2017
Shikun & Binui Ltd. (TASE: SKBN), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the first quarter ended March 31, 2017.
Business Highlights
During and after the reporting period:
-- Agreement signed to sell holdings in the Concessionaire of the North
Roads project:
-- In February 2017, the Company signed an agreement for the sale of
40% of its holdings in the North Roads Concessionaire. If the sale
is executed, the Company expects its net profit to total ~NIS 55
million.
-- Significant progress in renewable energy activities:
-- Won the Israel Electricity Authority's tender for a 65MW PV
projects.
-- Tze'elim 120MW PV Project: In April 2017, the Company received
tariff guarantees and a building permit for the Tze'elim 120MW PV
Project. The financial closing process is underway.
-- Won 2 new Concession projects in Israel that will be executed by Solel
Bonei:
-- Regional government campus in Nazareth: total project value - ~NIS
400 million
-- Court in Hadera: total project value - ~NIS 150 million
-- Nigeria - significant work completed during the quarter:
-- Work completed during Q1: ~USD 60 million (NIS 230 million)
-- Q1 collections: ~USD 54 million (NIS 200 million)
-- Local currency: the Nigerian currency markets continue to be
volatile. Should an additionaldevaluation in the Nigerian Naira
materialize, it is likely to have a material negative effect on the
Company's results.
-- SBI: won roads projects in Tanzania & Mozambique, new activity areas for
the Company:
-- Tanzania: - total value of ~USD 50 million (SBI has worked in
Tanzania in the past)
-- Mozambique: - total value of ~USD 10 million
-- Financing activities and processes:
-- Offering of debentures: in January 2017, the Company expanded its
long-term Series 8 CPI-linked bonds, raising ~NIS 345 million.
-- Credit rating: in March 2017, S&P Ma'alot approved the Company's
credit rating A and raised the credit rating outlook to Positive.
-- Residential Real Estate:
-- Q1 apartment sales were strong, with 460 apartments sold during the
quarter (including 290 in Europe).
The following is additional information regarding apartment sales (signed contracts) during the first quarter:
Apartment sales (signed contracts) in Q1 2017:
Companies Consolidated Apartment Units
Under Joint Companies Under Company
Control Management
Including
Partner Share
-------------
Israel
------
Sales (NIS
millions) 309 261 -
---------- --- --- ---
Number of
apartment
sale
contracts
signed 170 145 -
---------- --- --- ---
Average
price of
apartments
sold (NIS
thousands) 1,818 1,798 -
----------- ----- ----- ---
Europe
------
Sales (NIS
millions) 136 89 20
---------- --- --- ---
Number of
apartment
sale
contracts
signed 291 224 32
---------- --- --- ---
Average
price of
apartments
sold (NIS
thousands) 467 398 625
----------- --- --- ---
Note: recognition of revenues from apartment sales occurs at the time of delivery to the customer, not at the time of sale
Apartments delivered in Q1 2017:
Consolidated Companies
Companies Under Joint
Control
-------
Israel
------
Revenues from apartments delivered
(NIS millions) 267 -
---------------------------------- --- ---
Number of units delivered 186 -
------------------------- --- ---
Average price of apartments
delivered (NIS thousands) 1,433 -
--------------------------- ----- ---
Europe
------
Revenues from apartments delivered
(NIS millions) 10 3
---------------------------------- --- ---
Number of units delivered 22 3
------------------------- --- ---
Average price of apartments
delivered (NIS thousands) 341 1,133
--------------------------- --- -----
Additional Financial Data
International Contracting & Infrastructure
The Company recorded a ~NIS 18 million loss due to advances paid and currency fluctuations in the naira/dollar exchange rate in Nigeria (reflecting a devaluation of ~0.5%)
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 524.4 384.2 140
36.5%
----
Increase:
· Nigeria - resumption
of work on the projects that
had been previously frozen by
the Company due to the
political and economic changes
in that country (up ~NIS 31
million compared with Q1 2016)
· Texas - increase of
~USD 19 million due to progress
of work on the toll road
project
· Colombia - increase of
~USD 11 million due to the
initiation of work on the
Cundinamarca project
Decline:
· Kenya - decline of
~USD 7 million due to a
Company-initiated work
slowdown until the payment of
past-due receivables
(following March 31, 2017,
payments totaling ~USD 5
million were received)
· Guatemala: ~USD 11
million.
Effect of volatility in the
value of the US dollar versus
the Israeli shekel: caused an
additional decline of ~NIS 25
million
GROSS PROFIT 79.5 74.9 5
---- ---- ---
Increase:
· Nigeria -~USD 3 million
due to the increased rate of
project execution
· Improved results from
Togo & Ghana: ~USD 5 million
· Texas - ~USD 3 million
due to progress in construction
of the express lanes project
Decline:
· Slowdown of work on
projects in Kenya, Guatemala &
Uganda -~USD 9 million
· Effect of changes in the
shekel/US Dollar exchange rate
- decline of ~NIS 3 million
Gross margin - declined from
~19% to ~15% due to changes in
the effective exchange rate
prevailing in Q1 2017 as
compared to Q1 2016, together
with the abovementioned
slowdown in project execution
in Uganda and Kenya
OPERATING PROFIT 52.1 54.2 (2)
---- ---- ---
Decrease primarily due to
reduced Other Income as a
result of the realization of
value in fixed assets last year
--------------------------------
SEGMENT PRE-TAX
PROFIT 44.4 55.7 (11.3)
--------------- ---- ---- -----
Israel Contracting & Infrastructure
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 1,060.5 551.6 509
92.3%
----
Increase:
· Work performed - ~NIS 441
million, primarily related to
increased work by the EPC
Division, particularly on the
Ashalim project, as well as to
the consolidation of the
results of the contracting
partnership that is
constructing the project.
· Construction Division: ~NIS
97 million, related primarily
to the Government Offices
building projects in progress.
Decrease:
· Roads Division -~NIS 26
million
· Decline in the rate of
execution of the North Railroad
project and of the Cementcal
Division - ~NIS 20 million
--------------------------------
GROSS PROFIT 63.1 36.5 27
---- ---- ---
Increase due primarily to the
increase in work performed. The
segment's gross margin was ~6%,
virtually unchanged from Q1
2016.
--------------------------------
OPERATING PROFIT 32.1 18.4 14
---- ---- ---
Increase due primarily to the
rise in the segment's revenues
and gross profit.
------------------------------
SEGMENT PRE-TAX
PROFIT 28.7 20.8 7.9
--------------- ---- ---- ---
Israel Real Estate Development
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 288.7 215.0 74
34.3%
----
Increase:
· Revenues from apartment
sales - ~NIS 82 million:
during Q1 2017, 186 apartments
were delivered at an average
price of ~NIS 1.43 million
(net of VAT) (including, among
others, apartments in Yokneam,
Hod Hasharon, Netanya and
Tirat Hacarmel) compared with
137 units in Q1 2016 at an
average price of ~NIS 1.34
million (net of VAT)
(including, among others,
apartments in Hadera, Tirat
Hacarmel and Hod Hasharon)
Decrease:
· Revenues from sales of
land - ~NIS 3 million
· Work performed - ~NIS 6
million
-------------------------------
GROSS PROFIT 52.9 41.7 11.2
---- ---- ----
Increase due primarily to the
increase in the number of
apartments delivered compared
with Q1 2016. The segment's
gross margin was 18% in Q1
2017 compared with 19% in Q1
2016.
------------------------------
OPERATING PROFIT 34.1 17.1 17
---- ---- ---
Increase due primarily to the
increase in the segment's
gross profit.
------------------------------
SEGMENT PRE-TAX
PROFIT 35.6 17.7 17.9
--------------- ---- ---- ----
International Real Estate Development
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 20.0 31.7 (11.7)
---- ---- -----
Decrease:
· Revenues from apartment
deliveries - ~NIS 13 million
from the delivery of 35
apartments from a project in
Poland, compared with Q1 2016,
when ~NIS 23 million in
revenues were recorded from
the delivery of 41 apartments
in the Czech Republic, Romania
and Serbia.
· Sales of property and land
parcels - no sales of property
and land parcels were recorded
during Q1 2017. In Q1 2016,
revenues of ~NIS 2 million
were recorded from the sale of
property and land parcels
· Rental revenues and
management fees - ~NIS 6
million in Q1 2017, primarily
from an office building in
Poland, unchanged from Q1
2016.
------------------------------
GROSS PROFIT 3.4 9.8 (6.4)
--- --- ----
Decrease due primarily to a
decline in the number of
apartments delivered in
jointly-owned projects
----------------------------
OPERATING PROFIT 0.2 4.9 (4.7)
--- --- ----
Decrease due primarily to the
decrease in revenues and gross
profit of the segment
------------------------------
SEGMENT PRE-TAX
PROFIT (10) (0.6) (9.4)
--------------- --- ---- ----
Renewable Energy
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 9.1 9.9 (0.8)
--- --- ----
The segment's revenues derive
primarily from the operations
of the Etgal power station and
the Company's PV projects
------------------------------
GROSS PROFIT 1.7 4.0 (2.3)
--- --- ----
Decrease due primarily to the
completion of the building
phase of the Nevatim photo-
electric project during the
past year
------------------------------
OPERATING PROFIT 9.0 (8.1) 17.1
---------------- --- ---- ----
SEGMENT PRE-TAX
PROFIT (6.4) (5.1) (1.3)
--------------- ---- ---- ----
Concessions
Q1 2017 Q1 2016 Change
------- ------- ------
REVENUES 73.8 46.4 27.4
---- ---- ----
Increase:
· Continued operation
of PFI project and North Roads
project, together with the
continued construction of the
government building complex in
Jerusalem. In Q1 2016,
revenues of this segment
included the Colombia roads
project.
------------------------------
GROSS PROFIT 2.7 3.6 (0.9)
--- --- ----
The quarter's gross profit
derived primarily from the
North Roads upgrade and
maintenance project.
---------------------------
OPERATING PROFIT 67.3 83.6 (16.3)
---- ---- -----
Decrease
· ~NIS 16 million decrease
due primarily to the NIS 87
million capital gain recorded
during Q1 2016 as a result of
the sale of the Company's
holding in the Operator of the
Hadera desalination plant,
compared with the ~NIS 64
million capital gain recorded
during the reporting period
from the sale of 40% of the
Company's holdings in the
Concessionaire of the North
Roads project.
------------------------------
SEGMENT PRE-TAX PROFIT 75.8 85.3 (9.5)
---------------------- ---- ---- ----
Balance Sheet Highlights:
Cash and Cash Equivalents: totaled ~NIS 1,985 as of March 31, 2017, a decline of ~NIS 1,008 million compared with December 31, 2016. The decrease was primarily due to advances received from the Ashalim Project, countered by the use of cash for advancing the projects in Nigeria and Ghana, as well as the transfer of cash into short-term deposits and financial assets.
Assets Held for Sale: declined by ~NIS 509 million compared with the end of 2016. For the reporting period, this item included an investment property in Hadera valued at ~NIS 9 million, while for the report ended December 31, 2016, this item also included the assets of a consolidated company (the Company's share of which were sold in 2017), together with a company consolidated within the Renewable Energy segment (sold in March 2017).
Accounts Receivable: totaled ~NIS 2,521 million, up ~NIS 460 million compared with the end of 2016, including a ~NIS 362 increase from international activities. Because the Company has renewed its work on projects in Nigeria, accounts receivable from Nigeria increased to ~NIS 268 million as of the end of Q1 2017. After the end of the quarter, the International Building and Infrastructure segment collected ~USD 74 million. An additional ~NIS 98 million increase in Accounts Receivable, was derived from operations within Israel.
Building Inventory Held for Sale: increased by ~NIS 261 million compared with the end of 2016, primarily due to activities in Israel, together with an additional ~NIS 67 million rise in international activities. The rise in Israel primarily reflected the Company's investment in projects in Pardes Hanna, Hod Hasharon, the Tzukei Hashmura project in Netanya, Yokneam, Ashkelon and Rosh Ha'ayin, as well as from properties categorized as building inventory held for sale and an increase in combination deals. This was balanced by the delivery of apartments in Yokneam, Hod Hasharon, Tirat Hacarmel and Netanya. The increase in the international building inventory held for sale was primarily due from the management of properties totaling ~NIS 47 million (primarily in Poland) and from a ~NIS 26 million investment in those projects.
Land Inventory: declined by ~NIS 206 million compared with its level at the end of 2016, due primarily to the reclassification of lands totaling NIS 164 million in Rishon Letzion and Givat Shmuel as Building Inventory (due to the initiation of construction).
Obligations Related to Concessions Agreements: increased by ~NIS 60 million compared with its level at the end of 2016, due primarily a ~NIS 63 million investment in the BOT Jerusalem Government Office Buildings project.
Debts, Loans and Deposits: increased by ~NIS 158 million compared with its level at the end of 2016, due primarily a ~NIS 170 million investment for the Tze'elim project.
Investments and Loans to Subsidiaries: increased by ~NIS 127 million compared with the end of 2016, including ~NIS 52 million for changes in loans made to subsidiary companies (principal and interest) and ~NIS 24 million due to the recording of part of the Company's results in the net profits of those companies. An additional increase of ~NIS 86 million was due to the recording of an investment in the Concessionaire of the North Roads upgrade and maintenance project, as a result of the Company's sale of 40% of its holdings in the Concessionaire (and the recording of the remaining holdings according to the equity method). This was balanced by a ~NIS 41 million decrease associated with the recording of part of the Company in funds for cash flow bridging transactions and translation funds.
Fixed Assets: a decrease of ~NIS 55 million compared with their value at the end of 2016.
Short Term Credit from Banks and Other Institutions: up NIS 43 million compared with the end of 2016, due primarily to a rise in current maturities of long-term dated bonds (totaling ~NIS 50 million).
Advances Received on Contract Work: down ~NIS 183 million compared with the end of 2016. In Israel, advances declined by ~NIS 318 million, due primarily to the deployment of advances paid on the Ashalim project. This was countered by a ~NIS 135 million increase in advances paid on international projects, primarily in Nigeria.
Advances Received from Apartment Sales, net: up ~NIS 67 million compared with the end of 2016 (including NIS 58 million from Israel), after exclusion of ~NIS 266 million in advances from apartment sales in Israel that had been credited to the income statement.
Long-term Debt: up ~NIS 266 million compared with the end of 2016. The Company's outstanding bonds and bank debt totaled ~NIS 5,858 as of March 31, 2017, compared with NIS 5,577 million at the end of 2016, an increase of ~NIS 281 million. The change derived primarily from the expansion of the Series 8 Debentures, raising ~NIS 345 million, and from the taking of a new ~NIS 148 million long-term loan. This was balanced by the retirement of ~NIS 53 million in long term loans and bond repayments of ~NIS 118 million. In addition, a decrease of ~NIS 50 million was recorded due to a rise in current maturities of long-term debt and a ~NIS 21 million decline as a result of currency translation adjustments. The total of Other Debt, Employee Benefits, Delayed Taxes, Provisions and Accumulated Losses of Subsidiaries totaled ~NIS 302 million.
Shareholders' Equity: the Company's Shareholders' Equity as of March 31, 2017 totaled ~NIS 1,868 million compared with ~NIS 2,071 million as at December 31, 2016. The ~NIS 203 million decline was primarily due to the translation of the financial reports of the Company's international subsidiaries (~NIS 183 million), which are denominated primarily in US Dollars and Euros; from a ~NIS 74 million dividend payment; and from cash flow bridging transactions totaling ~NIS 16 million. This decline was countered partially by the Company's first quarter net profit of ~NIS 68 million.
Operating Cash Flow: the Company's cash flow generated by operating activities during the first quarter of 2017 totaled ~NIS 698 million compared with ~NIS 364 million in the first quarter of 2016. The increase derived primarily from the increase in Accounts Receivable net of advances received by the Israel Building and Infrastructure segments totaling ~NIS 270 million, mainly for the Ashalim project, the Tel Aviv Light Rail project, and a number of roads and building projects, together with ~NIS 129 million from the International Building and Infrastructure segment, representing primarily funds owed at the end of the quarter by projects in Nigeria, most of have now been paid. This was countered by the recording of a ~NIS 6 million investment in land inventory during the quarter, compared with ~NIS 163 million in land inventory investments during the first quarter of 2016.
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in six 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; and 6) concessions;. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
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.
Shikun & Binui Ltd.
Condensed Consolidated Interim Statement of Financial Position as at
--------------------------------------------------------------------
March 31 March 31 December 31
2017 2016 2016
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and cash equivalents 1,985,246 1,608,789 2,993,490
Bank deposits 660,940 244,850 290,154
Short-term loans and
investments 70,532 163,722 92,028
Short-term loans to
investee companies 4,606 10,265 349
Trade receivables - accrued
income 2,520,606 3,024,945 2,060,621
Inventory of buildings held
for sale 2,729,230 2,254,060 2,468,749
Receivables and debit
balances 598,557 436,167 501,090
Other investments,
including derivatives 153,976 11,242 93,138
Current tax assets 15,303 51,246 37,217
Inventory 215,842 219,075 225,461
Assets classified as held
for sale 9,071 437,431 518,106
----- ------- -------
Total current assets 8,963,909 8,461,792 9,280,403
--------- --------- ---------
Receivables in respect of
concession arrangements 881,753 883,173 822,103
Non-current inventory of
land (freehold) 568,667 682,683 789,294
Non-current inventory of
land (leasehold) 353,779 330,461 338,941
Investment property, net 918,496 827,227 924,557
Land rights 13,041 15,151 13,021
Receivables, loans and
deposits 543,949 621,991 386,252
Investments in equity-
accounted investees 688,029 651,795 640,993
Loans to investee companies 635,925 481,116 562,767
Deferred tax assets 123,985 97,634 135,600
Property, plant and
equipment, net 986,296 1,082,804 1,041,533
Intangible assets, net 234,182 217,238 242,586
------- ------- -------
Total non-current assets 5,948,102 5,891,273 5,897,647
--------- --------- ---------
Total assets 14,912,011 14,353,065 15,178,050
========== ========== ==========
Shikun & Binui Ltd.
Condensed Consolidated Interim Statement of Financial Position as at (cont'd)
----------------------------------------------------------------------------
March 31 March 31 December 31
2017 2016 2016
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Liabilities
Short-term credit from banks and others 1,087,932 989,996 1,045,048
Subcontractors and trade payables 1,419,800 1,196,346 1,280,799
Short-term employee benefits 144,850 147,779 135,529
Payables and credit balances including derivatives 687,002 654,510 690,275
Current tax liabilities 111,332 130,733 122,889
Provisions 280,019 361,937 310,003
Payables - customer work orders 1,567,637 1,339,369 1,751,025
Advances received from customers 1,510,974 1,383,516 1,443,812
Dividend payable 73,789 24,599 16,940
Liabilities classified as held for sale - 62,493 415,676
--- ------ -------
Total current liabilities 6,883,335 6,291,278 7,211,996
--------- --------- ---------
Liabilities to banks and others 2,237,430 2,461,446 2,262,410
Debentures 3,620,980 3,499,250 3,314,628
Employee benefits 51,406 58,427 54,056
Deferred tax liabilities 114,045 67,822 123,849
Provisions 105,930 140,927 109,530
Excess of accumulated losses over cost of investment
and deferred credit balance in investee companies 30,860 45,757 30,440
------ ------ ------
Total non-current liabilities 6,160,651 6,273,629 5,894,913
--------- --------- ---------
Total liabilities 13,043,986 12,564,907 13,106,909
---------- ---------- ----------
Equity
Total equity attributable to owners
of the Company 1,685,388 1,623,476 1,892,058
Non-controlling interests 182,637 164,682 179,083
------- ------- -------
Total equity 1,868,025 1,788,158 2,071,141
--------- --------- ---------
Total liabilities and equity 14,912,011 14,353,065 15,178,050
========== ========== ==========
Shikun & Binui Ltd.
Condensed Consolidated Interim Statement of Income
--------------------------------------------------
For the
For the three-month period ended year ended
-------------------------------- ----------
March 31 March 31 December 31
-------- -------- -----------
2017 2016 2016
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Revenues from work performed and sales 1,804,815 1,113,956 5,378,963
Cost of work performed and sales (1,625,332) (960,492) (4,541,744)
---------- -------- ----------
Gross profit 179,483 153,464 837,219
Gain on sale of investment property 640 - 70,543
Selling and marketing expenses (8,677) (6,858) (32,318)
Administrative and general expenses (90,320) (83,749) (366,479)
Share of profits of equity accounted
investees (net of tax) 24,011 1,605 81,172
Other operating income 76,215 100,001 451,797
Other operating expenses (6,456) (2,831) (41,762)
------ ------ -------
Operating profit 174,896 161,632 1,000,172
------- ------- ---------
Financing income 56,038 32,520 182,715
Financing expenses (129,960) (77,995) (566,483)
-------- ------- --------
Net financing expenses (73,922) (45,475) (383,768)
------- ------- --------
Profit before taxes on income 100,974 116,157 616,404
Taxes on income (33,421) (23,518) (136,455)
------- ------- --------
Profit for the period 67,553 92,639 479,949
====== ====== =======
Attributable to:
Owners of the Company 58,249 93,455 445,771
Non-controlling interests 9,304 (816) 34,178
----- ---- ------
Operating Segments
For the three month period ended March 31, 2017 (unaudited)
----------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 524,423 963,392 288,639 19,992 73,765 9,082 11,435 (85,913) 1,804,815
Inter-segment revenues - 97,211 19 - - - - (97,230) -
--- ------ --- --- --- --- --- ------- ---
Total revenues 524,423 1,060,603 288,658 19,992 73,765 9,082 11,435 (183,143) 1,804,815
======= ========= ======= ====== ====== ===== ====== ======== =========
Segment profit (loss) before
income tax 44,397 28,740 35,623 (10,010) 75,834 (6,432) (16,129) (51,049) 100,974
====== ====== ====== ======= ====== ====== ======= ======= =======
For the three month period ended March 31, 2016 (unaudited)
----------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 356,448 493,233 214,964 31,749 46,418 9,911 11,350 (50,117) 1,113,956
Inter-segment revenues 27,784 58,363 19 - - - - (86,166) -
------ ------ --- --- --- --- --- ------- ---
Total revenues 384,232 551,596 214,983 31,749 46,418 9,911 11,350 (136,283) 1,113,956
======= ======= ======= ====== ====== ===== ====== ======== =========
Segment profit (loss) before
income tax 55,706 20,836 17,700 (569) 85,305 (5,139) (1,820) (55,862) 116,157
====== ====== ====== ==== ====== ====== ====== =======
Operating Segments (cont'd)
For the year ended December 31, 2016 (audited)
---------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
Total external revenues 1,489,712 2,324,394 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 1,632,286 2,768,653 1,278,886 146,254 427,383 44,679 40,259 (959,437) 5,378,963
========= ========= ========= ======= ======= ====== ====== ======== =========
Segment profit (loss) before
income tax 157,330 82,607 297,152 (2,131) 355,193 22,192 (46,712) (249,227) 616,404
======= ====== ======= ====== ======= ====== ======= ======== =======
IR Contacts:
------------
Company External IR
Inbal Uliansky Ehud Helft
+972 (3) 6301058 GK Investor Relations
inbal_u@shikunbinui.com +1 617 418 3096
shikunbinuni@gkir.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shikun--binui-announces-financial-results-for-the-first-quarter-of-2017-300464998.html
SOURCE Shikun & Binui Ltd.
