SYS-CON MEDIA Authors: Liz McMillan, Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel

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Shikun & Binui Reports Third Quarter 2012 Results

AIRPORT CITY, Israel, November 25, 2012 /PRNewswire/ --


 

  • 9% Revenue Growth compared with Q3 last year - to NIS 1.4 billion
  • Cash Flows from Operating Activities totaled NIS 132 million, compared with NIS 49 million in Q3 last year

Ofer Kotler, CEO of Shikun & Binui: "The Group continues to develop its diverse growth engines. The results of these processes will bear fruit in the coming quarters and will support the creation of value for our shareholders."

Shikun & Binui Ltd. (TASE: SKBN.TA) ("Shikun & Binui" or the "Company"), a member of the Arison Group and Israel's leading infrastructure and real estate company,  announced today its results for the third  quarter ended September 30th, 2012.

Noteworthy events during and subsequent to the third quarter and key results:

  • The Group's orders backlog in the construction and infrastructure segments totaled NIS 10.5 billion at the end of the third quarter, of which NIS 7.7 billion ($2 billion) originates in the backlog of projects outside of Israel.
  • Shikun&Binui Solel Boneh Infrastructures further strengthened its leadership position in the infrastructures segment, and was awarded the tender for construction of the State Controller's Building in Jerusalem.  The project scope is NIS 126 million and is to be built in 33 months.
  • Shikun&Binui Solel Boneh SBI was awarded a roadwork project by the Nigerian Government, totaling $390 million with a construction period of approx. 3 years.
  • Shikun&Binui Real Estate sold 237 housing units in the third quarter of 2012 for a total of NIS 343 million.  In the first nine months of the year, 543 residential units were sold for a total of NIS 782 million.  
  • Shikun&Binui Renewable Energy began construction of three solar projects in the Negev, for production of 17 megawatts of electricity.  Furthermore, the acquisition of "Paz Solar", was completed.
  • In the termo-solar Ashalim Project, Abengoa a Spanish company is expected to replace Siemens as the partner in the project.
  • Concurrent with the approval of the financial statements for the third quarter, the Group's board of directors approved the distribution of a dividend to its shareholders of NIS 80 million. During 2012, the Group distributed dividends totaling NIS 250 million.
  • The Company submitted a bid in the concession tender for construction and operation of the State Archives.
  • The Group's bid as part of an international consortium in a tender in Texas, US, was not accepted.

Revenues from projects and sales totaled NIS 1.37 billion this quarter, growth of 8.7% compared with the third quarter of last year.

Most of the growth was driven by the revenues of the infrastructure and construction outside of Israel segment, with a growth of 21% compared with Q3 of 2011, reaching NIS 729 million.  The infrastructure and construction outside of Israel revenues were impacted by the shekel-dollar exchange rate which, in the third quarter of 2012, added NIS 80 million to revenues compared to the third quarter of last year.

The real estate development in Israel segment posted growth of 14.6% compared with the third quarter of last year, reaching NIS 228 million, driven mainly by the increase in the average price of an apartment that was delivered to customers.

The revenues of the concessions segment decreased to NIS 23 million (from NIS 85 million in Q3 of last year), due to completion of the BOT tender to rehabilitate roads in Northern Israel.

Gross profit totaled NIS 243 million (17.7% of revenues) this quarter, growth of 2.5% compared with the third quarter of 2011 (18.8% of revenues).  Growth of NIS 37 million in the gross profit of the real estate development in Israel segment was offset by a decrease in the gross profit of the real estate development outside of Israel segment (total of NIS 13 million), due to the impairment provision of NIS 14 million on land in Hungary and the decrease in the infrastructure and construction outside of Israel segment (totaling NIS 13 million).

Administrative and general expenses contracted in the quarter by 12% compared with Q3 of last year, to a total of NIS 80 million (5.8% of revenues).  The decrease was mainly due to the decline in expenses for the mega-tenders in which the Group participated, mainly in view of the deferral of the timetables by the procurers.

Other operating expenses totaled NIS 14 million, compared with NIS 1 million posted in the third quarter of 2011. The expenses derived from a NIS 6 million loss from the issuance of capital in ADO (an affiliate) to an institutional investor and from a NIS 7.2 million provision for balances whose realization is doubtful.

Operating profit totaled NIS 143 million (10.4% of revenues), growth of 4.5% compared with Q3 of 2011 (10.8% of revenues).  After neutralizing the other operating expenses posted by the Group during the quarter, operating profit totaled NIS 157 million (11.4% of revenues), growth of 13.8% compared with the third quarter of last year.

Net financing costs totaled NIS 43 million, compared with NIS 28 million in Q3 of last year, and were attributable mainly to long-term credit.

Group equity in losses of investees totaled NIS 10 million, compared with profit of NIS 4 million in the second quarter of 2011 that included a reversal of a provision in Gilatz Spanish PV project.

Net profit totaled NIS 71 million, compared with NIS 82 million in the third quarter of last year, which included income of NIS 18 million from the reversal of a provision for losses in Spain.  After neutralizing this income, net profit in Q3 of 2011 totaled NIS 64 million, and net profit in the reporting period posted growth of 11%.

Cash flows from operating activities totaled NIS 132 million.

Equity totaled NIS 1.2 billion on 30.9.12, compared with NIS 969 million at the end of 2011.

The Group does not revalue its investment property, which is presented in the financial statements at historical cost.

The Company has cash and cash equivalents balances totaling NIS 1 billion and an unutilized credit facility totaling NIS 791 million.

Total assets in the balance sheet amounted to NIS 10.3 billion.

Doron Balchar, Group's CFO: "The Group has strong financial resources, from operations and from the capital market.  We continue to benefit fromthe faith of investors and the capital market - our partners who enable us to propel the Group forward.

Condensed Results for the First Nine Months of 2012 (NIS millions):

                                          1-9/2012     1-9/2011
    Revenues                               4,700        3,927
                                            927          836
 
    Gross profit                           19.7%        21.3%
                           Gross margin
    Administrative and general expenses     247          256
    Other operating income (expenses)       (9)           77
                                            651          643
 
    Operating profit                       13.9%        16.4%
                Operating profit margin
    Taxes on income                        (135)        (119)
    Net profit                              367          375


About Shikun & Binui

Shikun & Binui, a member of the Arison Group, is the leading infrastructure and real estate company in Israel. The Group's subsidiaries have been operating since 1924. The Group's companies have gained extensive experience in complex construction and infrastructure projects in Israel and abroad. Shikun & Binui Group has proven achievements in building, residential neighborhoods, commercial and industrial buildings, as well as large-scale transportation, infrastructure and ecological projects, water purification and desalination and development of international projects. In addition, Shikun & Binui also operates in the initiating, planning, construction and operation of projects in renewable energy. Shikun & Binui is a leading, multi-faceted and socially responsible international group that produces balance between the business, social and environmental accomplishment. The group places emphasis on honesty, transparency, innovation, and excellence. The group has accepted upon itself a leadership role in creation of a sustainable and progressive life environment.

The above noted in this release includes forward-looking statements based on Company data, as well as Company plans and estimations based on this data. The activity, results and other data may be substantially different in reality given uncertainty and various risks, including those discussed under risk factors in the Company's financial statements and Director's reports.

 

Shikun & Binui Ltd.

Condensed Consolidated Interim Statement of Financial Position as at

    
                                                September September  December
                                                       30        30        31
                                                     2012      2011      2011
                                                       (Unaudited)   (Audited)
                                                      NIS       NIS       NIS
                                                thousands thousands thousands
    
    Assets
    Cash and cash equivalents                   1,059,749   999,868 1,255,476
    Bank deposits                                 152,866   205,692   148,320
    Short-term loans and investments              193,304    71,295   107,061
    Short-term loans to investee
    companies                                      14,649   259,413   139,266
    Trade receivables - accrued income          1,617,952 1,164,852 1,210,838
    Inventory of buildings held for
    sale                                        1,645,078 1,518,346 1,529,088
    Receivables and debit balances                298,189   342,537   261,329
    Other investments, including
    derivatives                                     2,797       916     1,375
    Current tax assets                             32,723    63,224    78,360
    Inventory                                     310,026   277,991   292,549
    Assets classified as held for sale              2,326     2,326     2,326
    Total current assets                        5,329,659 4,906,460 5,025,988
 
    Receivables in respect of
    concession
    arrangements                                  601,616   453,564   516,598
    Non-current inventory of land
    (freehold)                                    438,828   411,204   406,788
    Non-current inventory of land
    (leasehold)                                   386,932   317,989   334,090
    Investment property, net                      373,179   315,754   310,291
    Land rights                                    16,246    17,202    16,096
    Long-term prepaid expenses                      4,072     4,965     5,884
    Receivables, loans and deposits               323,538   173,570   284,353
    Investments in equity-accounted
    investees                                     526,456   585,876   562,240
    Loans to investee companies                   949,052   780,872   806,207
    Deferred tax assets                            91,261    88,545    93,518
    Property, plant and equipment, net          1,109,224 1,140,713 1,138,974
    Intangible assets, net                        125,618    95,235   106,419
    Total non-current assets                    4,946,022 4,385,489 4,581,458
 
    Total assets                               10,275,681 9,291,949 9,607,446


 


Condensed Consolidated Interim Statement of Financial Position as at (cont'd)

    
                                                 September September  December
                                                        30        30        31
                                                      2012      2011      2011
                                                        (Unaudited)   (Audited)
                                                       NIS       NIS       NIS
                                                 thousands thousands thousands
    
    Liabilities
    Short-term credit from banks and others      1,100,548   851,012   895,863
    Subcontractors and trade payables              977,971   981,298 1,009,226
    Short-term employee benefits                    45,825    54,198    63,952
    Payables and credit balances including
    derivatives                                    571,368   503,874   499,030
    Current tax liabilities                         96,890   123,337   107,204
    Provisions                                     379,187   227,132   271,701
    Payables - customer work orders                561,285   637,179   794,325
    Advances received from customers               963,548   918,680   901,049
    Dividend payable                                48,415         -    12,947
    Total current liabilities                    4,745,037 4,296,710 4,555,297
 
    Liabilities to banks and others              1,874,121 1,449,168 1,600,494
    Debentures                                   2,189,960 2,248,805 2,247,226
    Employee benefits                               93,878   135,650   112,005
    Deferred tax liabilities                        53,915    28,436    43,896
    Provisions                                      50,442    41,550    43,756
    Excess of accumulated losses over cost of
    investment
    and deferred credit balance in investee
    companies                                       38,460    31,277    35,388
    Total non-current liabilities                4,300,776 3,934,886 4,082,765
 
    Total liabilities                            9,045,813 8,231,596 8,638,062
 
    Equity
    Total equity attributable to owners
    of the Company                               1,077,703   950,288   864,593
    Non-controlling interests                      152,165   110,065   104,791
    Total equity                                 1,229,868 1,060,353   969,384
 
    Total liabilities and equity                10,275,681 9,291,949 9,607,446


 

 

Condensed Consolidated Interim Statement of Income

    
                                                                         For the
                       For the nine-month      For the three-month          year
                          period ended            period ended             ended
                                   September   September  September     December
                     September 30         30          30         30           31
                             2012       2011        2012       2011         2011
                           (Unaudited)             (Unaudited)         (Audited)
                              NIS        NIS         NIS        NIS          NIS
                        thousands  thousands   thousands  thousands    thousands
    
    Revenues from
    work
    performed and
    sales            4,700,152     3,927,283 1,371,302    1,261,672     5,335,126
 
    Cost of work
    performed                                                  
    and sales        3,773,106 (*) 3,091,016 1,128,733 (*)1,024,879 (*) 4,291,386
 
    Gross profit       927,046       836,267   242,569      236,793     1,043,740
 
    Gain on sale of
    investment
    property             4,902        10,403         -          869        50,819
    Selling and
    marketing                                                
    expenses           (24,965)  (*) (24,439)   (6,356)  (*)(10,644)   (*)(33,542)
    Administrative
    and general
    expenses          (246,848)     (256,297)  (80,079)     (91,223)     (342,880)
    Other operating
    income              16,152        88,486       763        2,932        89,760
    Other operating
    expenses           (25,415)      (11,866)  (14,329)      (2,273)       (8,351)
 
    Operating profit   650,872       642,554   142,568      136,454       799,546
 
    Financing income   160,579       168,630    62,918       55,875       179,588
    Financing
    expenses          (285,897)     (285,727) (106,089)     (83,481)     (346,407)
 
    Net financing
    expenses          (125,318)     (117,097)  (43,171)     (27,606)     (166,819)
 
    Share of profits
    (losses) of
    equity accounted
    investees
    (net of tax)       (23,036)      (31,541)   (9,806)       3,835       (44,593)
 
    Profit before
    taxes on income    502,518       493,916    89,591      112,683       588,134
    Taxes on income   (135,381)     (118,687)  (19,045)     (30,253)     (143,913)
 
    Profit for the
    period             367,137       375,229    70,546       82,430       444,221
 
    Attributable to:
    Owners of the
    Company            341,723       351,246    63,162       76,491       412,668
    Non-controlling
    interests           25,414        23,983     7,384        5,939        31,553
 
                       367,137       375,229    70,546       82,430       444,221
 
    Basic earnings
    per share
    (in NIS)              0.86          0.89      0.16         0.19          1.04
 
    Diluted earnings
    per share
    (in NIS)              0.86          0.88      0.16         0.19          1.03
 
    Number of shares
    used in the
    computation of
    basic earnings
    per share (in
    thousands)         397,986       396,460   398,033      397,896       396,882
 
    Number of shares
    used in the
    computation of
    diluted earnings
    per share (in
    thousands)         398,390       399,599   398,343      398,918       399,495



(*)    Reclassified

Operating Segments


   
                                  For the nine month period ended September 30, 2012
    
 
            Infrastructures
                        and   Infrastructures                 Real estate
               construction               and   Real estate   development
                 outside of      construction   development    outside of
                     Israel         in Israel     in Israel        Israel   Concessions
                                                 (Unaudited)
                                               NIS thousands
 
    Total
    external
    revenues      2,477,084         1,118,130       870,344        12,124       106,077
    Inter-segment
    revenues              -           232,868            57             -             -
 
    Total
    revenues      2,477,084         1,350,998       870,401        12,124       106,077
 
    Segment
    profit (loss)
    before
    income tax      380,082            43,134       272,006       (12,303)       41,729
 


(Table continued)


   
                              For the nine month period ended September 30, 2012
    
 
                    Renewable
                       energy     Water     Other   Adjustments   Consolidated
                                          (Unaudited)
                                         NIS thousands
    Total
    external
    revenues           87,573    28,820        -             -       4,700,152
    Inter-segment
    revenues                -         -        -      (232,925)              -
 
    Total
    revenues           87,573    28,820        -      (232,925)      4,700,152
 
    Segment
    profit (loss)
    before
    income tax        (21,520)  (11,249)  (2,234)     (187,127)        502,518



   
                                  For the nine month period ended September 30, 2011
    
 
            Infrastructures
                        and   Infrastructures                 Real estate
               construction               and   Real estate   development
                 outside of      construction   development    outside of
                     Israel         in Israel     in Israel        Israel   Concessions
                                                 (Unaudited)
                                               NIS thousands
     
    Total
    external
    revenues      2,042,419           850,829        698,533        3,681       229,520
    Inter-segment
    revenues              -           299,349          3,812            -             -
 
    Total
    revenues      2,042,419         1,150,178        702,345        3,681       229,520
 
    Segment
    profit (loss)
    before
    income tax      378,370            34,173        228,507       30,497        50,574
 


(Table continued)

   
   
                              For the nine month period ended September 30, 2011
    
 
                    Renewable
                       energy     Water     Other   Adjustments   Consolidated
                                          (Unaudited)
                                         NIS thousands
 
    Total
    external
    revenues           73,189    29,112         -             -      3,927,283
    Inter-segment
    revenues                -         -         -      (303,161)             -
 
    Total
    revenues           73,189    29,112         -      (303,161)     3,927,283
 
    Segment
    profit (loss)
    before
    income tax        (18,886)  (13,110)   (6,160)     (190,049)       493,916
 


 

Operating Segments (cont'd)


   
                                  For the three month period ended September 30, 2012
    
 
            Infrastructures
                        and   Infrastructures                 Real estate
               construction               and   Real estate   development
                 outside of      construction   development    outside of
                     Israel         in Israel     in Israel        Israel   Concessions
                                                 (Unaudited)
                                               NIS thousands
 
    Total
    external
    revenues        729,439           345,091       228,235         7,185        23,017
    Inter-segment
    revenues              -            89,051            19             -             -
 
    Total
    revenues        729,439           434,142       228,254         7,185        23,017
 
    Segment
    profit (loss)
    before
    income tax       90,936            10,381        76,572       (17,663)       15,690
 


(Table continued)


   
                              For the three month period ended September 30, 2012
    
 
                    Renewable
                       energy     Water     Other   Adjustments   Consolidated
                                          (Unaudited)
                                         NIS thousands
    
    Total
    external
    revenues           26,609    11,726         -             -      1,371,302
    Inter-segment
    revenues                -         -         -       (89,070)             -
 
    Total
    revenues           26,609    11,726         -       (89,070)     1,371,302
 
    Segment
    profit (loss)
    before
    income tax         (8,396)   (3,536)     (841)      (73,552)        89,591
 



   
                              For the three month period ended September 30, 2011
    
 
            Infrastructures
                        and   Infrastructures                 Real estate
               construction               and   Real estate   development
                 outside of      construction   development    outside of
                     Israel         in Israel     in Israel        Israel   Concessions
                                                 (Unaudited)
                                               NIS thousands
 
    Total
    external
    revenues        603,296           331,039        199,434         1,549       84,299
    Inter-segment
    revenues              -           109,448             22             -            -
 
    Total
    revenues        603,296           440,487        199,456         1,549       84,299
 
    Segment
    profit (loss)
    before
    income tax      103,553            11,155         51,338       (18,729)      11,899
 



(Table continued)


   
                             For the three month period ended September 30, 2011
    
 
                    Renewable
                       energy     Water     Other   Adjustments   Consolidated
                                          (Unaudited)
                                         NIS thousands
 
    Total
    external
    revenues           31,048    11,007         -             -      1,261,672
    Inter-segment
    revenues                -         -         -      (109,470)             -
 
    Total
    revenues           31,048    11,007         -      (109,470)     1,261,672
 
    Segment
    profit (loss)
    before
    income tax         10,900    (5,478)     (391)      (51,564)       112,683
 



Operating Segments (cont'd)

   
                               For the year ended December 31, 2011
    
 
            Infrastructures
                        and   Infrastructures                 Real estate
               construction               and   Real estate   development
                 outside of      construction   development    outside of
                     Israel         in Israel     in Israel        Israel   Concessions
                                                 (Audited)
                                               NIS thousands
 
    Total
    external
    revenues      2,726,917         1,238,429       935,907         4,858       227,361
    Inter-segment
    revenues              -           376,161         3,834             -             -
 
    Total
    revenues      2,726,917         1,614,590       939,741         4,858       277,361
 
    Segment
    profit (loss)
    before
    income tax      443,923            47,640       302,641           314        78,017
 


(Table continued)


    
                             For the year ended December 31, 2011    
 
                    Renewable
                       energy     Water     Other   Adjustments   Consolidated
                                          (Unaudited)
                                         NIS thousands
 
    Total
    external
    revenues          112,947    38,707         -             -      5,335,126
    Inter-segment
    revenues                -         -         -      (379,995)             -
 
    Total
    revenues          112,947    38,707         -      (379,995)     5,335,126
 
    Segment
    profit (loss)
    before
    income tax        (29,719)  (12,233)  (10,308)     (232,141)       588,134
 



 

 


    
    Company Contact:
    Doron Blachar, CFO
    Shikun & Binui 
    Tel: +972-3-630-1518 
    email: [email protected] 

    Investor Relations Contacts:
    Nava Ladin
    GK Investor Relations
    Tel: +972-3-6074717
    email: [email protected]


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SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
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Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...