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Shikun & Binui Announces Financial Results for the Second Quarter & First Half of 2014

AIRPORT CITY, Israel, Aug. 21, 2014 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the second quarter and first six months ended June 30, 2014.

Main events:

  • Win in Colombia: On July 23, 2014, the Company announced that it had been selected, as part of a consortium, by the Colombian government, to build a road on a BOT basis. The value of the overall project is estimated at USD 550 million. This is the Company's first win in Colombia, and SBI (the Company's subsidiary), will be part of the project's EPC (executing contractor).
  • Cancellation of commitment to list Shikun & Binui Real Estate: On June 3, 2014, the Company announced that it had signed an agreement cancelling its commitment to institutional investors to list the shares of Shikun & Binui Real Estate for public trading. Under the terms of the agreement, the Company allocated 1.2% (before allocation) of Shikun & Binui Real Estate's shares at face value (approximately NIS 4 million) to these shareholders and paid NIS 7 million in cash. In the Company's financial reports, the transaction was recorded as a NIS 38 million expense before tax.
  • "Pumped Storage" transaction ("Ma'aleh Gilboa"): On January 2 and June 16, 2014, the Company completed the transactions to purchase the rights in the Pumped Storage Project. In the Company's financial reports, the transaction was recorded as an investment totaling NIS 91 million.
  • Infrastructure segment order backlog: As of June 30, 2014, the order backlog of the Company's Infrastructure segment totaled NIS 9.7 billion, a decline of approximately NIS 0.8 billion compared with that of December 31, 2013. Of this backlog, NIS 6.8 billion is from international activities.
  • Financing activities: on April 3 and June 2, 2014 the Company issued Series 7 debentures totaling NIS 274 million and NIS 53 million, respectively. On May 8, 2014, the Company carried out an exchange offer, replacing its short-term Series 4 debentures with a par value of NIS 587 million with long-term Series 6 debentures with a par value of NIS 698 million.
  • Sale and delivery of apartments:











6 months ended June 30


3 months ended June 30



2014

2013


2014

2013

Number of apartments sold (Company's share, consolidated)


292

403


83

208

Sales (NIS millions, before VAT)


379

538


109

272

Average apartment price

(NIS thousands, before VAT)


1,298

1,335


1,316

1,306








Number of apartments delivered (Company's share, consolidated)


294

402


118

232

Sales (NIS millions, before VAT)


327

618


134

367

Average apartment price

(NIS thousands, before VAT)


1,113

1,537


1,134

1,583

  • On August 21, 2014, the Company's Board of Directors declared a dividend totaling NIS 25 million.

Financial Highlights for the First Half of 2014

Revenues: The Group's revenues for the first half of 2014 totaled NIS 2,870 million, a 14.2% decrease compared with the NIS 3,376 million recorded in the first half of 2013.

The NIS 479 million decline was primarily due to:

  1. A NIS 155 million decrease in the sales of the International Construction and Infrastructure segment, reflecting erosion due to exchange rates (amounting to NIS 74 million), the completion of projects in Uganda and Tanzania and a slower rate of activity for the Company's projects in Guatemala and Azerbaijan. This was countered partially by the receipt of initial revenues from the Company's first project in Togo;
  2. Reduced apartment deliveries in the Israel Real Estate Development segment, resulting in a NIS 426 million decline in revenues;
  3. A NIS 116 million decline in the revenues of the Renewable Energy sector due to a reduced number of photovoltaic installations completed; and
  4. A NIS 55 million decline in revenues of the Concessions segment due to the North Road Project's transition to the operational phase after completion of its construction phase. The decline was countered partially by a NIS 172 million revenue increase from the Israel Construction and Infrastructure segment, NIS 70 million of which was attributable to execution of the BIG project in Ashdod and NIS 30 million to increased activities of the cement and road work divisions.

Gross profit: The Group's gross profit for the first half of 2014 totaled NIS 446 million (15.4% of revenues) compared with NIS 622 million in the first six months of 2013 (18.4% of revenues). The decline derived primarily from the decreased gross profit of the Israel Real Estate Development segment, as detailed below.

General and administrative expenses: The Group's general and administrative expenses in the first half totaled NIS 183 million, an increase of NIS 15 million compared with the parallel period last year. The increase derived primarily from a NIS 5 million increase in executive compensation (due to the grant of restricted shares).

Other expenses, net: The Group's other expenses, net, totaled NIS 8 million in the reporting period, compared with NIS 56 million of other income, net, in the first half of 2013. The other income in the first half of 2013 reflected a one-time payment of NIS 55 million received in respect of the cancellation of a land purchase transaction by the municipality of Ramat Gan in Israel. In the second quarter of 2014, income of NIS 20 million was recorded to reflect the retirement of a debt and an associated provision after the completion of an arbitration process regarding a project in the Republic of Benin. This was countered partially by a one-time NIS 36 million expense due to the cancellation of the Company's commitment to publicly list Shikun & Binui Real Estate's shares and the agreement that the Company had signed with institutional investors.

Operating profit: The Group's operating profit for the first half of 2014 totaled NIS 242 million compared with NIS 493 million in the first half of 2013, a decrease of NIS 251 million. The decline was primarily due to a NIS 229 million decrease in the Real Estate Development segment's operating profit, including a NIS 147 million decrease in the segment's gross profit. It should be noted that the comparison with the first half of 2013 is compounded due to a one-time income of NIS 55 million in that period, as mentioned above, from the cancellation of the land purchase transaction with the municipality of Ramat Gan.

Net financing expenses: The Group's net financing expenses for the first half of 2014 totaled NIS 83 million compared with NIS 95 million for the first half of 2013.

The decrease was driven mainly by:

  1. A 0.2% decrease in the Consumer Price Index (CPI) in Israel during the period, compared with a 0.7% increase in the parallel period of 2013, which reduced the cost of CPI-linked credit by NIS 32 million; and
  2. A reduction in the Prime Rate, which reduced the cost of the Company's unlinked long-term loans. This was countered by a NIS 20 million reduction in financing income from loans that were granted to minority interest companies ("Derech Eretz"), that was sold last year.

Taxes on income: The Group's taxes on income for the reporting period totaled NIS 50 million compared with NIS 117 million in the first half of 2013. The decline derived primarily from a NIS 60 million reduction in taxes paid by the Israel Real Estate Development sector due to its reduced profit during the period.

Minority interests: During the first half of 2014, the Company's minority interest companies reported net profit of NIS 3 million, reflecting a NIS 5 million reduction in a provision taken for impairment of the value of Gilatz. This compared with net losses of approximately NIS 28 million recorded during the first half of 2013, which included the NIS 18 million loss of a company in the international real estate segment and a NIS 10 million loss of companies in the Israel Concessions segment.

Net profit: Net profit for the first half of 2014 totaled NIS 112 million compared with NIS 253 million in the first half of 2013, the changes reflecting the factors described above.

Segment Revenue Analysis












6 months ended June 30,


3 months ended June 30,



2014

2013


2014

2013

Segment


NIS millions


NIS millions

International infrastructure

and construction


1,346

1,501


681

718

Israel infrastructure and construction


1,107

935


543

487

Israel real estate development


414

840


173

518

International real estate development


5

7


3

3

Renewable energy


67

183


43

85

Water


24

19


12

11

Concessions


27

82


14

13

Other


(93)

(191)


(39)

(80)

Total


2,897

3,376


1,430

1,755

International infrastructure and construction:

  • Revenues: First half 2014 revenues of the International Infrastructure and Construction segment totaled NIS 1,346 million compared with NIS 1,501 million in the first half of 2013. The NIS 155 decrease reflected the erosion in the shekel-dollar exchange rate, which declined by 5.2% in the period compared to its average value in the first half of 2013, reducing the segment's revenues by NIS 74 million, as well as by the completion of projects in Uganda and Tanzania and the slowing of the project in Guatemala. This was countered partially by revenues from the $80 million roadwork project in Togo, awarded last year.
  • Gross profit: The segment's gross profit for the period totaled NIS 291 million compared with NIS 292 million in the first six months of 2013, with the gross margin rising from 19.5% to 21.6% due primarily to the projects in Uganda and Tanzania. Currency effects on the segment's gross profit totaled NIS 19 million.
  • Operating profit: The segment's operating profit totaled 243 million (18% of sales) compared with NIS 217 million (14.5% of sales) in the first half of 2013. During the second quarter, the segment recorded NIS 20 million in income related to the cancellation of a provision after the conclusion of the arbitration process for a project in the Republic of Benin.
  • Project wins: During the reporting period, the segment was awarded two new hydraulic projects in Guatemala.

Israel Infrastructure and Construction:

  • Revenues: First half 2014 revenues in the Israel Infrastructure and Construction segment totaled NIS 1,107 million compared with NIS 935 million in the first half of 2013, an increase of NIS 172 million. The increase was primarily due to an expansion of project execution activities, especially due to execution of the BIG project in Ashdod, which accounted for approximately NIS 70 million of the increase. An additional NIS 30 million in revenues was due to the increased activity of the segment's road and cement divisions.
  • Gross profit: The segment's gross profit for the reporting period totaled NIS 55 million compared with NIS 58 million in the first half of 2013.
  • Operating profit: The segment's operating profit totaled NIS 18 million (1.6% of revenues) compared with NIS 30 million in the first half of 2013 (3.2% of revenues).
  • Project wins: During the reporting period, the segment, together with its partners, was awarded a NIS 270 million project (company's part) for building three railroad segments, and a NIS 300 million project for building the Operations & Maintenance Depot for the light rail's Red Line, which is expected to be carried out over the next few years.

Israel Real Estate Development:

  • Revenues: First half 2014 revenues of the Israel Real Estate Development segment totaled NIS 414 million compared with NIS 840 million in the first half of 2013. The decrease derived primarily from the decline in the sale and delivery of apartments, which numbered 294 units in the first half of 2014 compared with 402 units in the first half of 2013. In addition, a change in the mix of units delivered during the reporting period reduced the average apartment sale price to approximately NIS 1.1 million (pre-VAT) from NIS 1.5 million (pre-VAT) in the first half of 2013. In addition, revenues were impacted by: 1) a NIS 37 million decline reflecting the transition of the BOT student dormitory project from the building phase to the operational phase; 2) a NIS 110 million decline in revenues from the sale of non-residential projects as compared to the first half of 2013, when the segment recorded one-time revenues from the sale of 50% of its rights in the 7th Avenue shopping center in Beer-Sheva and a rights sale for a shopping center in Ramat-Gan.
  • Gross profit: The segment's gross profit for the reporting period totaled NIS 79 million (17% of sales) compared with NIS 226 million (29% of sales) in the first half of 2013. The segment's H1 2013 results included the sale of units built on historical lands that had been recorded on the balance sheet at a relatively low cost.
  • Operating profit: The segment's operating profit for the reporting period, during which the segment recorded NIS 36 million in operating expenses related to the cancellation of its commitment to list the shares of Shikun & Binui Real Estate, totaled NIS 4 million, compared with NIS 233 million in the first six months of 2013, a period during which the Company recorded NIS 55 million of one-time income related to the cancellation of its land sale agreement with the municipality of Ramat Gan.

Renewable energy:

  • Revenues: First half 2014 revenues of the Renewable Energy segment totaled NIS 67 million compared with NIS 183 million in the first half of 2013. The decline was primarily due to a reduction in the number of photovoltaic (PV) facilities built, which are accounted for as financial assets whose construction expenses are recorded as revenues. During the parallel period in 2013, the Company built PV installations at a relatively faster rate.
  • Gross profit: The segment's gross profit for the reporting period totaled NIS 22 million compared with NIS 37 million in the first half of 2013.
  • Operating profit: The segment's first half operating profit totaled NIS 10 million compared with NIS 21 million for the first half of 2013.

Concessions:

  • Revenues: First half revenues for the Concessions segment totaled NIS 27 million compared with NIS 82 million in the first half of 2013. The NIS 55 million decline was primarily due to the completion of the BOT North Road Upgrade and Maintenance Project's construction phase and its transition to the operational phase.
  • Gross profit: The segment's gross profit for the reporting period totaled NIS 7 million, unchanged from the first half of 2013.
  • Operating profit: The segment's operating profit for the first half of 2014 totaled NIS 2 million compared with NIS 1 million in the first half of 2013.

Conference Call:

The Company will host an interactive conference call on Thursday, August 21, at 10:30am Eastern Time. Tal Raz, Chief Financial Officer, will host the call and will be available to answer questions after discussing the results.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, try the international dial-in number.

US: 1-888-668-9141
UK: 0-800-917-5108
Israel: 03-918-0610
International: +972-3-918-0610

At: 10:30am Eastern Time, 7:30am Pacific Time, 3:30pm UK Time, 5:30pm Israel Time

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; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; 6) concessions; and 7) water. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.

IR Contacts:




Company

External IR

Inbal Uliansky

Ehud Helft/Kenny Green

+972 (3) 6301058

GK Investor Relations

[email protected]

+1 617 418 3096


[email protected]

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 Statement of Financial Position as at









June 30

June 30

December 31



2014

2013

2013



(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands

Assets





Cash and cash equivalents


1,118,425

808,772

1,781,369

Bank deposits


472,808

232,788

413,526

Short-term loans and investments


51,829

69,650

47,106

Short-term loans to investee companies


17,896

26,172

17,507

Trade receivables – accrued income


1,557,390

1,605,288

1,202,928

Inventory of buildings held for sale


1,769,936

1,534,520

1,600,924

Receivables and debit balances


292,485

368,019

326,352

Other investments, including derivatives


32,390

12,561

27,679

Current tax assets


109,218

25,064

33,202

Inventory


266,596

263,262

272,865

Assets classified as held for sale


85,109

617,039

10,854

Total current assets


5,774,082

5,563,135

5,734,312






Receivables in respect of concession arrangements


1,042,116

726,389

801,204

Non-current inventory of land (freehold)


439,136

371,721

430,913

Non-current inventory of land (leasehold)


229,028

385,278

269,226

Investment property, net


612,846

542,587

637,226

Land rights


15,054

15,474

15,836

Receivables, loans, deposits and derivatives


482,456

673,930

637,421

Investments in equity-accounted investees


429,426

279,831

286,641

Loans to investee companies


518,463

518,727

473,653

Deferred tax assets


99,047

77,526

92,256

Property, plant and equipment, net


1,027,634

989,997

1,013,904

Intangible assets, net


134,824

125,186

130,314

Total non-current assets


5,030,030

4,706,646

4,788,594






Total assets


10,804,112

10,269,781

10,522,906




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









June 30

June 30

December 31



2014

2013

2013



(Unaudited)

(Audited)



NIS thousands

NIS thousands

NIS thousands

Liabilities





Short-term credit from banks and others


951,627

841,323

741,008

Subcontractors and trade payables


1,044,631

1,048,681

984,568

Short-term employee benefits


123,753

136,584

138,093

Payables and credit balances including derivatives


421,101

415,023

399,475

Current tax liabilities


74,844

92,404

88,768

Provisions


427,207

397,820

455,274

Payables - customer work orders


317,123

527,992

545,538

Advances received from customers


1,015,820

884,645

900,435

Dividend payable


-

59,038

78,718

Total current liabilities


4,376,106

4,403,510

4,331,877






Liabilities to banks and others


1,620,178

1,848,212

1,621,573

Debentures


3,346,387

2,504,362

3,103,117

Employee benefits


72,610

81,987

73,209

Deferred tax liabilities


57,520

56,568

56,821

Provisions


171,239

133,015

159,941

Excess of accumulated losses over cost of investment





and deferred credit balance in investee companies


31,667

25,661

30,279

Total non-current liabilities


5,299,601

4,649,805

5,044,940






Total liabilities


9,675,707

9,053,315

9,376,817






Equity





Total equity attributable to owners





of the Company


929,484

1,042,987

964,208

Non-controlling interests


198,921

173,479

181,881

Total equity


1,128,405

1,216,466

1,146,089
















Total liabilities and equity


10,804,112

10,269,781

10,522,906








 

Condensed Consolidated Interim Statement of Income












For the


For the six-month period ended

For the three-month period ended

year ended


June 30

June 30

June 30

June 30

December 31


2014

2013

2014

2013

2013


(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Revenues from work






performed and sales

2,896,996

3,376,168

1,430,230

1,754,703

6,369,793







Cost of work performed






and sales

2,451,407

2,754,385

1,214,206

1,449,141

5,274,537







Gross profit

445,589

621,783

216,024

305,562

1,095,256







Gain on sale of






investment property

2,641

-

2,641

-

12,144

Selling and marketing






expenses

(16,047)

(16,744)

(8,134)

(9,827)

(39,996)

Administrative and general






expenses

(182,382)

(168,115)

(92,081)

(92,152)

(349,177)

Other operating income

29,934

81,837

26,259

24,728

177,241

Other operating expenses

(37,398)

(26,187)

(37,767)

(26,041)

(54,954)







Operating profit

242,337

492,574

106,942

202,270

840,514







Financing income

75,104

100,537

41,057

50,875

199,779

Financing expenses

(157,847)

(195,272)

(93,058)

(99,449)

(362,638)







Net financing expenses

(82,743)

(94,735)

(52,001)

(48,574)

(162,859)







Share of profits (losses) of






equity accounted investees

2,324

(27,816)

1,452

(2,891)

(86,002)







Profit before taxes on income

161,918

370,023

56,393

150,805

591,653

Taxes on income

(50,204)

(117,467)

(18,706)

(54,616)

(198,227)







Profit for the period

111,714

252,556

37,687

96,189

393,426







Attributable to:






Owners of the Company

111,787

228,573

39,278

85,797

363,149

Non-controlling interests

(73)

23,983

(1,591)

10,392

30,277








111,714

252,556

37,687

96,189

393,426

Basic earnings per share






(in NIS)

0.28

0.57

0.10

0.21

0.91







Diluted earnings per share






(in NIS)

0.28

0.57

0.10

0.21

0.9







Number of shares used in the






computation of basic earnings






per share (in thousands)

398,417

400,497

397,515

400,718

400,924







Number of shares used in the






computation of diluted






earnings per share






(in thousands)

398,689

401,024

397,771

401,169

401,465

 

 

Operating Segments




For the six-month period ended June 30, 2014 (unaudited)


Infrastructures












and

Infrastructures


Real estate









construction

and

Real estate

development









outside of

construction

development

outside of


Renewable







Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

Consolidated



NIS thousands


Total external revenues

1,346,263

1,012,944

414,086

4,585

26,971

67,454

23,795

898

-

2,896,996


Inter-segment revenues

-

93,505

38

-

-

-

-

-

(93,543)

-














Total revenues

1,346,263

1,106,449

414,124

4,585

26,971

67,454

23,795

898

(93,543)

2,896,996














Segment profit (loss) before












income tax

232,882

25,149

2,170

(7,258)

8,952

10,497

(7,246)

(309)

(102,919)

161,918


 


For the six-month period ended June 30, 2013 (unaudited)


Infrastructures











and

Infrastructures


Real estate








construction

and

Real estate

development








outside of

construction

development

outside of


Renewable






Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands

Total external revenues

1,501,309

744,224

840,337

7,011

81,636

182,741

18,910

-

-

3,376,168

Inter-segment revenues

-

(*) 191,005

19

-

-

-

174

-

(*) (191,198)

-












Total revenues

1,501,309

935,229

840,356

7,011

81,636

182,741

19,084

-

(191,198)

3,376,168












Segment profit (loss) before











income tax

218,134

37,233

229,660

(29,251)

23,545

8,280

(21,055)

3,255

(99,778)

370,023












(*) Reclassified.











 

Operating Segments (cont'd)




For the three-month period ended June 30, 2014 (unaudited)


Infrastructures











and

Infrastructures


Real estate








construction

and

Real estate

development








outside of

construction

development

outside of


Renewable






Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands

Total external revenues

681,254

502,732

173,169

2,540

13,753

43,845

12,484

453

-

1,430,230

Inter-segment revenues

-

39,974

19

-

-

-

-

-

(39,993)

-












Total revenues

681,254

542,706

173,188

2,540

13,753

43,845

12,484

453

(39,993)

1,420,230












Segment profit (loss) before











income tax

118,977

12,994

(18,727)

(9,490)

12,492

12,450

(6,188)

(133)

(65,982)

56,393

 


For the three-month period ended June 30, 2013 (unaudited)


Infrastructures











and

Infrastructures


Real estate








construction

and

Real estate

development








outside of

construction

development

outside of


Renewable






Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands

Total external revenues

717,715

407,195

518,579

3,262

12,184

85,069

10,699

-

-

1,754,703

Inter-segment revenues

-

(*) 80,880

-

-

-

-

174

-

(*)(81,054)

-












Total revenues

717,715

488,075

518,579

3,262

12,184

85,069

10,873

-

(81,054)

1,754,703












Segment profit (loss) before











income tax

94,259

11,816

85,482

(5,281)

19,435

5,799

(14,576)

3,414

(49,543)

150,805












(*) Reclassified.











 

Operating Segments (cont'd)




For the year ended December 31, 2013 (audited)


Infrastructures











and

Infrastructures


Real estate








construction

and

Real estate

development








outside of

construction

development

outside of


Renewable






Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands












Total external revenues

2,880,323

1,636,476

1,462,060

13,614

106,280

231,420

38,728

892

-

6,369,793

Inter-segment revenues

-

(*) 317,936

76

-

-

-

174

-

(*)(318,186)

-












Total revenues

2,880,323

1,954,412

1,462,136

13,614

106,280

231,420

38,902

892

(318,186)

6,369,793












Segment profit (loss) before











income tax

470,577

66,426

307,489

(56,518)

20,700

(40,616)

(37,158)

6,021

(145,268)

591,653












(*) Reclassified.











 

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