Shikun & Binui Ends 2019 With a NIS 344M Net Income

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         Infrastructures and Construction         Infrastructures and Construction   Real Estate Development (Israel)    Real Estate Development
                                                                                                                                              (International) (U.S.)                                                (International)       
     
     Concessions       Energy       Others   
        
     Adjustments    
         
           Total
                                                   and Construction (International)          Contracting in
                                                          (Without the U.S.)                     Israel

                                                                                                                                                                                                                                                                                                                             ---

                                                                                          
         
                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   Infrastructures and Construction  Infrastructures and Construction
                                                                               (International)                 Contracting in Israel             (International) (U.S.)       Real Estate Development (Israel)    Real Estate Development (International)    
     
     Concessions       Energy       Others   
        
     Adjustments    
         
           Total
                                                                  (Without the U.S.)


                                                                                                       
     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            Infrastructures and Construction  Infrastructures and Construction   Real Estate Development (Israel)    Real Estate Development
                                                                       (International) (Without the U.S.)                 Contracting in Israel             (International) (U.S.)                                                (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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SOURCE Shikun & Binui Ltd.