Shikun & Binui Announces First Quarter 2018 Financial Results
Shikun & Binui Announces First Quarter 2018 Financial Results
AIRPORT CITY, Israel, May 28, 2018 /PRNewswire/ --
Highlights
-- Q1 2018 revenues totaled NIS 1.4 billion, a decline of 28% compared with
Q1 2017
-- Q1 2018 net profit totaled NIS 27 million compared with NIS 88 million
for Q1 2017
-- The backlog of orders increased to NIS 13.7 billion;
-- The backlog does not include an additional NIS 3.2 billion of projects
that the Company has won
-- The Company will hold an investor conference call on May 29 at 10am ET,
5pm Israel Time
Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, reported its financial results for the first quarter ended March 31, 2018.
Main Financial Results for the First Quarter of 2018:
Revenues totaled NIS 1.4 billion, a decrease of 28% compared with the first quarter of 2017. The decline was primarily due to the pace of progress in Solel Boneh Israel compared with the previous year, mainly the Ashalim and Mesilot (Railroad Tracks) projects, together with a decline in revenues from the International Construction (excluding the US) segment due to the slowdown of its activities in Nigeria and the completion of its projects in the previous year in Ghana, Togo and Uganda.
Gross margin was 12% compared with 11% in the first quarter of 2017. The gross profit for the quarter totaled NIS 156 million compared with NIS 206 million for the first quarter of 2017.
Net profit for the quarter totaled NIS 27 million compared with NIS 88 million for the first quarter of 2017. It is emphasized that the net profit in the first quarter of 2017, as published in the financial statements of last year, was before the effect of adopting accounting standard IFRS 15.
The Company's cash flow for the quarter, excluding investments in land inventories and concessions arrangements, totaled NIS (381) million. Cash flow including those investments totaled NIS (728) million.
1. CONSTRUCTION
Solel Boneh
-- Continued significant activity and broadening of construction offering:
total revenue for the quarter was NIS 740 million.
-- During February 2018, Solel Boneh completed the acquisition of Menora
Izo Aharon, a private company that engages in the execution,
construction and maintenance of complex electrical systems for lighting,
railroad crossings, intersection traffic control and other applications.
The company employs 235 workers. The acquisition is a pillar of the
strategy to broaden construction offerings and is expected to be
complementary and synergistic with other activities.
-- Primary mega projects in process during the first quarter of 2018:
Gilboa Pumped Storage, Ashalim thermo solar, Tel Aviv Light Rail (Red
Line of the Western Section), Tze'elim, the Southern Barrier (on the
Gaza border) and others.
International Infrastructure & Construction (excluding the United States)
-- Total revenues for the first quarter of 2018 were NIS 320 million.
-- In February 2018, the Company signed an agreement to build a new airport
in Uganda for USD 309 million.
-- The Company continues to buy significant quantities of dollars in
Nigeria at the NIFEX exchange rate, given the ability to receive dollar
allocations at the current rate of exchange and the Company is
translating its financial reports based on the NIFEX exchange rate (339
naira/dollar as of March 31, 2018).
-- Segment 1 of the Colombia Toll Roads Project is in the handover process;
work on segments 2 and 3 is expected to be completed after the
originally scheduled time period and negotiations are currently underway
to extend the work period. Significant changes in the route of Segments
4 and 5 may be required due to the discovery of water springs. As a
result, the project's funders have halted further fund withdrawals until
a new plan has been approved for expediting the construction.
-- Subsequent to the balance sheet date, the Company decided to examine the
realization of its indirect holdings in its subsidiary, SBI
International Holdings AG, either by way of a share transaction or by
the sale of activities and / or assets (in whole or in part); this
includes seeking appropriate proposals and examining the implications of
such proposals. It should be clarified that no decision to sell this
activity has been made and there is no certainty at this stage regarding
the results of the above-mentioned examination and/or the feasibility of
such a transaction, its scope and terms. At this stage there is no
impact of the above on the company's financial results
US Infrastructure & Construction
-- Total revenues for the first quarter of 2018: NIS 106 million from the
Texas SH-288 project.
-- As of the beginning of the first quarter of 2018, the Company is
reporting the results of the US Infrastructure & Construction segment
separately in order to better track its progress in accordance with
Shikun & Binui's strategic objectives.
Development of the Backlog* (in NIS millions)
*Backlog as of March 31, 18, does not include contracting projects in both Israel and internationally, totaling NIS 3.2 billion, which the Company has won as of that date of the financial report and thereafter, including projects in the roads sector in Nigeria for $300 million, $120 million in Ethiopia and $120 million in Guatemala, and including a project for the construction of a sorting and recycling facility at the Dan Region Sewage complex in Rishon LeZion for NIS 750 million (Shikun & Binui's portion of which is 50%); the establishment of this project is conditional upon completion of the financial closing. These do not include the execution of those projects carried out during the period up to the date of this report. In addition, the relative decrease in the backlog as of December 31, 2017 and thereafter is attributed, amongst others factors, on the effects of the early adoption of accounting standard IFRS 15.
2. RESIDENTIAL REAL ESTATE DEVELOPMENT
Apartment Sales
-- During the first quarter of 2018, the Company sold 354 apartments (at a
100% share) totaling NIS 354 million, including 82 units in Israel and
272 units in Europe.
-- In Europe, most of the apartment sales were in Poland, where 123 units
were sold; Serbia, where 73 units were sold; the Czech Republic, where
52 units were sold; and Romania, where 24 units were sold.
-- In Israel, the Company began planning for the construction of 657
apartments and commercial space in Or Yam, in Or Akiva. In addition, it
initiated marketing efforts for new projects in Givat Shmuel, Ashkelon,
Kfar Yona and Harish, and building began for projects in Rishon Letzion
and Givat Shmuel.
The following table represents additional data regarding the Company's sale of apartments (signed contracts) during the first quarter 2018:
Apartment Units Under Company
Management Including Partner
Share Consolidated Companies Companies Under Joint Control
------------------------------ ---------------------- -----------------------------
Israel
------
Sales (NIS
millions) 158 138 -
---------- --- --- ---
Number of apartment
sale contracts
signed 82 71 -
------------------- --- --- ---
Average price of
apartments sold
(NIS thousands) 1,923 1,938 -
---------------- ----- ----- ---
Europe
------
Sales (NIS
millions) 196 143 12
---------- --- --- ---
Number of apartment
sale contracts
signed 272 210 15
------------------- --- --- ---
Average price of
apartments sold
(NIS thousands) 722 682 781
---------------- --- --- ---
The following is data regarding the Company's delivery of apartments to customers during the first quarter of 2018:
Consolidated Companies Companies Under Joint Control
---------------------- -----------------------------
Europe
------
Revenues
from
apartments
delivered
(NIS
millions) 0.19 11
----------- ---- ---
Number of
units
delivered 1 14
---------- --- ---
Average
price of
apartments
delivered
(NIS
thousands) 290 780
----------- --- ---
-- Adoption of Standard IFRS 15 - based on this accounting standard, the
Company recognizes revenues from Israeli apartment sales gradually based
on the rate of construction. Revenues from the sale of apartments
outside of Israel are recognized at the time of delivery, unchanged from
the previous policy.
3. PROJECTS & IGAs (INCOME GENERATING ASSETS)
-- Awarded a project to plan, finance, construct and operate a municipal
waste recycling facility: in April 2018, the Tender Committee awarded
this project to Shikun & Binui and its partner G.E.S. (in equal shares).
The cost of the project's construction phase is expected to total NIS
750 million. The Company's subsidiary, Solel Boneh holds 50% of the
rights in the project's construction contract and will build the
facility together with G.E.S. Initiation of the project is contingent
upon successful completion of the project's financing. The total
concession period is 29.5 years.
-- The Company continues to carry out its strategy for generating value
from projects and freeing up resources for new projects:o The Company
has entered into a process for selling 45% of its rights in the Carmel
Tunnels project and 40% of its rights in the North Roads project.
Purchase offers were received from a group of investors (including
institutional investors) under the framework of a special-purpose
limited partnership designated for the purchase, whose investors will be
the limited partners and an entity controlled by the Company that will
serve as General Partner. If the transaction is completed, the Company
expects to recognize a profit of NIS 250-300 million and a cash flow of
NIS 580 million is expected.o The Company has entered into a process
for selling its 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 post-tax profit and expects NIS 70 million in cash flow. The
transaction is expected to be completed in January 2019.
-- Significant progress with the Company's portfolio of Renewable Energy
projects:o Initiation of the construction of the approximate 120MW
Tze'elim photovoltaic (PV) project.o Received a conditional license to
convert the Etgal power plant to natural gas and to expand its
generation capacity from 26MW to 186MW.o Began construction of 6 high
voltage PV projects totaling up to 60MW.o eAdvancement in the
financial closing process of the construction of high voltage PV
projects totaling up to 25MW.
Changes in the Company's Credit Ratings:
-- Ma'alot: In March 2018, Ma'alot S&P notified the Company that it has
added the Company's securities (ilA) to its watch-list with a negative
outlook.
-- Midroog: In February 2018, Midroog notified the Company that it had
placed the Company's ilA1 debentures on its watch-list with a negative
outlook. In March 2018, Midroog lowered the rating of the Company's
debenture series 4, 5, 6, 7 and 8 from A1.il to A2.il with a negative
outlook and removed the Company from its watch-list with a negative
outlook.
Suspicions Related to the Activities of SBI:
-- In July 2017, a former employee of SBI International Holdings AG, a
Swiss company that is a granddaughter subsidiary of the Company
(hereinafter: "SBI AG"), filed a claim with the Labor Court in Israel
against the Company, SBI AG, its parent company (SBI Infrastructures
Ltd.), its associated subsidiary (SBI - E&M Ltd.) and a manager of the
Kenyan branch of SBI AG. Amongst others, in the claim the employee
alleged entitlement to various payments related to the termination of
his employment with the Kenyan branch of SBI AG and that a mediation
proceeding (that was subsequently suspended and not completed) had been
held between the parties on those allegations. Furthermore, the employee
raised allegations of improper conduct at SBI AG, tantamount to
allegations of bribery of foreign officials.
-- Upon receipt of the claim, SBI AG launched an investigation regarding
the allegations of improper conduct, through means of external and
independent bodies: a Swiss law firm which hired the services of an
international accounting firm specializing in investigative auditing, to
assist in the investigation. As a result of the launch of an
investigation by the Israeli police, the internal investigation was not
complete, there were no findings, and their efforts were directed to
collecting material for the World Bank (see below).
-- Furthermore, in September 2017, SBI AG, at its own initiative, contacted
the general prosecution authorities in Bern, Switzerland, through its
Swiss legal advisors, and notified them of the allegations that were
raised by the former employee and of the steps SBI AG plans to take to
examine the allegations, the main one being an independent investigation
as mentioned above. Since then the prosecution authorities in
Switzerland have received updates regarding the investigation of the
Israeli police (under which employees of the foreign sub-subsidiary were
questioned and/or investigated). SBI AG does not know if the Swiss
authorities will take investigative steps and what the outcome maybe.
-- In February 2018, the Company became aware that SBI AG had been notified
by the INT department of the World Bank (the department that examines
allegations concerning integrity) that the World Bank plans to conduct
an audit in connection with several projects of SBI AG in Kenya. The
audit has commenced and includes the collection of evidence by the World
Bank. SBI AG is cooperating with the investigative actions and is acting
to provide the materials requested by the World Bank.
-- It is further noted that during the years 2014-2015, requests had been
received from the INT department of the World Bank to provide materials
and cooperate with an audit, and in January 2016 a letter was received
that informed of the World Bank's intention to conduct an audit in
connection with projects of SBI AG in Guatemala. SBI AG cooperated at
that time with the request and provided materials. As of the date of
this report, no further request has been received from the World Bank on
the matter of Guatemala.
-- The Company is unable at this time to assess the results of the World
Bank's audits and the exposures in respect thereto. If as a result of
the audits of the World Bank, it is found that the conduct of SBI AG was
improper, it is possible that the World Bank will impose sanctions, the
main one being suspension for a certain period of time from
participating in future tenders of projects financed by the World Bank,
along with other possible sanctions including refunding money that was
received by SBI AG from loans provided by the World Bank or correcting
damages. It is noted that even before the audits of the World Bank are
completed, it is possible that unilateral or agreed restrictions will be
imposed (the in-principle possibility of adopting a self-suspension
restriction was raised by the Bank and at this time SBI AG has notified
the World Bank that it any case, it has no intention of participating in
any tenders for projects financed by the World Bank that are expected in
the next six months).
-- On February 20, 2018, the Israeli police began an open investigation.
Since that date, present and past employees and officers of the Company,
SBI AG, and the subsidiary that holds shares of SBI AG (SBI
Infrastructures Ltd.), including employees who have had completed their
employment with such companies a few years ago were detained for
questioning and/or called to testify by the Israeli police. Some of the
people that were questioned were at the time placed under arrest for
various periods of time and/or released to house arrest and/or released
under restrictions. According to minutes of hearings that were held with
respect to some of those employees at the Rishon LeZion Magistrates'
Court, the investigation probably concerns suspicions of bribing foreign
officials, conspiring to commit a crime, false entry in business records
and disruption of the judicial process. In addition, bank accounts and
current assets of the Company and other Group companies were frozen (and
were released after a short time pursuant to an agreed arrangement as
described below) and the offices of the Company and other Group
companies in Israel and abroad were searched and documents were seized.
-- On February 21, 2018, SBI AG reached an interim arrangement with the
Israeli police to deposit an amount in dollars equivalent to NIS 250
million in a forfeiture fund managed by the Administrator General in the
Ministry of Justice, as seized money. Proximate to that date, SBI AG
deposited the aforesaid amount against a release of the freeze on the
bank accounts and current assets of the companies that were seized as
aforesaid, pursuant to the aforesaid interim arrangement that was
approved by the Rishon LeZion Magistrates' Court. In the arrangement,
it was stated that it does not constitute any kind of admission to a
debt or liability on the part of the companies.
-- The money was transferred directly from the account of SBI AG to an
account managed under the Administrator General in the Israeli Ministry
of Justice.
-- Pursuant to the terms of the arrangement and the provisions of law, if
another court decision is not rendered, and if and to the extent a
statement of charges is not filed by the end of six months from the
issuance date of the Court's decision regarding this matter (that would
be August 24, 2018 at the latest), the seized amount will be returned to
SBI AG. The Magistrate's Court has the authority to extend the period on
terms that will be determined and both parties are permitted to file a
request with the Court at the end of the said period.
-- In the event of an indictment being filed, the court has the authority
to decide that in addition to any punishment, property shall be
forfeited that has the same value of the property involved in the crime
as well as property that was used to commit the crime, made it possible
to commit it or was designated for that purpose and also in the same
value of the property that was received, directly or indirectly, as
payment for the crime or as a result of committing the crime, or was
designated for that purpose.
-- A motion to certify a class action was filed against the Company and
officers and three motions to disclose documents were filed in the
framework of preliminary proceedings of a derivative claim (one of them
also against the subsidiary and against SBI AG, which was struck out on
May 14, 2018). See Note 4.B to the financial statements for 2017 for
details.
-- Consolidated subsidiaries of the Group that operate in foreign countries
have not received receipts or documents (hereinafter: "supporting
documents") in respect of certain expenses paid in cash in connection
with work performed by them as mentioned in Note 32.B to the financial
statements for 2017. Furthermore, provisions were created in the books
without such supporting documents. Those expenses and provisions were
approved by the managers of the branches and subsidiaries as applicable.
-- In view of the police investigation, the audit of the World Bank and the
events that followed as described above, the Company is unable to assess
whether the expenses paid as aforesaid included any illegal payments as
well as the effects that arise from the payment of all those expenses.
Conference Call
Company management will host a conference call on May 29, 2018 starting at 10am Eastern Time, 7am Pacific Time, 3pm UK Time or 5pm Israel Time. To participate, please call one of the following teleconferencing numbers:
US: +1-866-229-7198
UK: 0-800-4048-418
Israel: 03-918-0692
International: +972-3-918-0692
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 (excluding the United States); 2) US infrastructure and construction contracting; 3) infrastructure and construction contracting within Israel; 4) real estate development within Israel; 5) real estate development outside of Israel; 6) renewable energy; and 7) 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.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statement of Financial Position as at
Mar-31 Mar-31 Dec-31
2018 2017 2017
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and cash
equivalents 1,635,240 1,985,246 2,029,574
Bank deposits 547,568 660,940 657,668
Short-term loans
and investments 73,193 70,532 63,050
Short-term loans
to investee
companies 4,959 4,606 31,854
Trade receivables -
accrued income 2,759,388 2,969,245 2,454,935
Inventory of
buildings held for
sale 1,541,471 1,262,046 1,395,986
Receivables and
debit balances 489,128 598,557 498,838
Other investments,
including
derivatives 322,507 153,976 241,641
Current tax assets 22,571 15,243 19,692
Inventory 196,427 215,842 176,145
Assets classified
as held for sale 654,472 9,071 105,352
------- ----- -------
Total current
assets 8,246,924 7,945,304 7,674,735
Receivables and
contract assets
in respect of
concession
arrangements 657,291 881,753 923,267
Non-current
inventory of land
(freehold) 807,212 568,667 789,699
Non-current
inventory of land
(leasehold) 664,846 353,779 426,609
Investment
property, net 865,211 918,496 842,943
Land rights 13,248 13,041 13,179
Receivables, loans
and deposits 507,036 543,949 522,795
Investments in
equity-accounted
investees 634,538 688,029 598,512
Loans to investee
companies 501,524 635,925 612,054
Deferred tax assets 202,716 77,023 162,932
Property, plant and
equipment, net 942,471 986,296 875,593
Intangible assets,
net 292,392 234,182 150,238
------- ------- -------
Total non-current
assets 6,088,485 5,901,140 5,917,821
Total assets 14,335,409 13,846,444 13,592,556
========== ========== ==========
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statement of Financial Position as at
Mar-31 Mar-31 Dec-31
2018 2017 2017
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Liabilities
Short-term credit from banks
and others 1,164,185 1,087,932 1,036,026
Subcontractors and trade
payables 1,331,316 1,373,188 1,460,075
Short-term employee benefits 138,608 144,850 136,860
Payables and credit balances
including derivatives 555,752 674,371 616,135
Current tax liabilities 104,330 115,280 105,653
Provisions 259,963 246,445 246,019
Payables -customer work
orders 1,471,982 1,567,656 1,376,856
Advances received from
customers 408,484 420,006 336,685
Dividend payable - 73,789 -
Liabilities classified as held
for sale 381,290 - -
Total current liabilities 5,815,910 5,703,517 5,314,309
--------- --------- ---------
Liabilities to banks and
others 2,629,407 2,237,430 2,477,801
Debentures 3,434,637 3,620,980 3,402,211
Employee benefits 50,907 51,406 49,843
Deferred tax liabilities 115,939 121,354 105,719
Provisions 104,003 105,930 102,795
Excess of accumulated losses
over cost of investment and
deferred credit balance in
investee companies 54,704 30,860 48,130
------ ------ ------
Total non-current liabilities 6,389,597 6,167,960 6,186,499
--------- --------- ---------
Total liabilities 12,205,507 11,871,477 11,500,808
---------- ---------- ----------
Equity
Total equity attributable to
owners of the Company 1,861,274 1,767,891 1,849,025
Non-controlling interests 268,628 207,076 242,723
------- ------- -------
Total equity 2,129,902 1,974,967 2,091,748
--------- --------- ---------
Total liabilities and equity 14,335,409 13,846,444 13,592,556
========== ========== ==========
Condensed Consolidated Interim Statement of Income
For the three-month
period ended For the year ended
------------------- ------------------
Mar-31 Mar-31 Dec-31
2018 2017 2017
---- ---- ----
(Unaudited) (Audited)
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Revenues from work performed and sales 1,355,418 1,886,705 6,437,307
Cost of work performed and sales (1,199,428) (1,680,449) (5,586,065)
---------- ---------- ----------
Gross profit 155,990 206,256 851,242
Gain on sale of investment property 2,971 640 3,217
Selling and marketing expenses (10,204) (8,677) (40,049)
Administrative and general expenses (97,583) (90,320) (380,824)
Share of profits (losses) of equity accounted
investees (net of tax) (976) 24,011 59,816
Other operating income 6,484 76,215 219,622
Other operating expenses (11,462) (6,456) (130,028)
------- ------ --------
Operating profit 45,220 201,669 582,996
------ ------- -------
Financing income 100,609 62,644 199,436
Financing expenses (94,480) (138,743) (422,471)
------- -------- --------
Net financing expenses 6,129 (76,099) (223,035)
----- ------- --------
Profit before taxes on income 51,349 125,570 359,961
Taxes on income (24,117) (37,440) (61,655)
------- ------- -------
Profit for the period 27,232 88,130 298,306
====== ====== =======
Attributable to:
Owners of the Company 17,099 77,336 230,927
Non-controlling interests 10,133 10,794 67,379
------ ------ ------
27,232 88,130 298,306
====== ====== =======
Basic earnings per share (in NIS) 0.04 0.19 0.58
==== ==== ====
Diluted earnings per share (in NIS) 0.04 0.19 0.57
==== ==== ====
Consolidated Financial Statements
Operating Segments
For the three month period ended March 31, 2018 (unaudited)
----------------------------------------------------------
Infrastructures and construction (Israel) Infrastructures and construction Infrastructures and construction (USA) Real estate development (Israel) Real estate development
(international) (excluding USA) (international) Concessions Renewable energy Other Adjustments Consolidated
----------------------------------------- --------------------------------- ------------------------------------- ------------------------------- ------------------------ ----------- ---------------- ----- ----------- ------------
NIS thousands
-------------
Total
external
revenues 666,513 322,158 106,343 273,998 18,276 10,764 60,465 9,261 (112,360) 1,355,418
Inter-
segment
revenues 72,510 - - 19 - - - - (92,529) -
------ --- --- --- --- --- --- --- ------- ---
Total
revenues 739,023 322,158 106,343 274,017 18,276 10,764 60,465 9,261 (184,889) 1,355,418
======= ======= ======= ======= ====== ====== ====== ===== ======== =========
Segment
profit
(loss)
before
income
tax 28,497 11,807 14,793 59,796 (9,155) 23,666 (10,850) (7,764) (59,441) 51,349
====== ====== ====== ====== ====== ====== ======= ====== ======= ======
For the three month period ended March 31, 2017 (unaudited)
----------------------------------------------------------
Infrastructures and construction (Israel) Infrastructures and construction Infrastructures and construction (USA) Real estate development (Israel) Real estate development
(international) (excluding USA) (international) Concessions Renewable energy Other Adjustments Consolidated
----------------------------------------- --------------------------------- ------------------------------------- ------------------------------- ------------------------ ----------- ---------------- ----- ----------- ------------
NIS thousands
-------------
Total
external
revenues 962,392 460,456 70,581 364,915 19,992 73,765 9,082 11,435 (85,913) 1,886,705
Inter-
segment
revenues 97,211 - - 19 - - - - (97,230) -
--- --- --- --- --- --- --- ------- ---
Total
revenues 1,059,603 460,456 70,581 364,934 19,992 73,765 9,082 11,435 (183,143) 1,886,705
======= ====== ======= ====== ====== ===== ====== ======== =========
Segment
profit
(loss)
before 27,740 44,871 9,602 50,189 (10,010) 75,834 (6,432) (16,129) (50,095) 125,570
====== ===== ====== ======= ====== ====== ======= ======= =======
Consolidated Financial Statements
Operating Segments
For the three month period ended December 31, 2017 (audited)
-----------------------------------------------------------
Infrastructures and construction (Israel) Infrastructures and construction Infrastructures and construction (USA) Real estate development (Israel) Real estate development
(international) (excluding USA) (international) Concessions Renewable energy Other Adjustments Consolidated
----------------------------------------- --------------------------------- ------------------------------------- ------------------------------- ------------------------ ----------- ---------------- ----- ----------- ------------
NIS thousands
-------------
Total
external
revenues 3,229,094 1,508,804 345,405 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 3,520,864 1,508,804 345,405 1,382,675 247,775 145,359 36,689 37,939 (788,203 6) 437,307
========= ========= ======= ========= ======= ======= ====== ====== ======== ===================
Segment
profit
(loss)
before
income
tax 114,603 85,111 44,933 274,692 47,711 120,431 6,977 (109,465) (225,032) 359,961
======= ====== ====== ======= ====== ======= ===== ======== ======== =======
IR Contacts:
Company External Investor Relations
Inbal Uliansky Ehud Helft
+972(3)6301058 GK Investor Relations
inbal_u@shikunbinui.com +1-617-418-3096
shikunbinuni@gkir.com
View original content:http://www.prnewswire.com/news-releases/shikun--binui-announces-first-quarter-2018-financial-results-300655399.html
SOURCE Shikun & Binui Ltd.
