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Blue Square - Israel Ltd. Announces Financial Results for the Third Quarter and First Nine Months of 2009
Completion of Deploying the Company's Branches in an Accurate Chain Structure and Adjusted to the Market Condition
ROSH HA'AYIN, Israel, November 25 /PRNewswire-FirstCall/ --
- Expansion of the Private Brand "Mega ", Reaching 6% of the Sales,
Starting to Yield Fruits
Blue Square Reports stability in the Operating Profit Despite the Increased Competition and One-Time Expenses
The Successful Launch of the Loyalty Club Resulted in the Enrollment of 350,000 New Club Members in the Third Quarter and in the Aggregate the Club has 500,000 Members.
The Company Announces the Commencement of the Second Stage in the
Development of "Eden Teva Market" Chain Planning to Open "Eden" Branches in
the Company Stores Under the Concept of "Store Within a Store" Blue
Square-Israel Ltd. (NYSE and TASE: BSI) today announced its financial results
for the third quarter and nine months ended
Results for the third quarter of 2009
Revenues for the third quarter of 2009 were
Gross Profit of the third quarter of 2009 amounted to
Selling, General, and Administrative Expenses for the third quarter of
2009 amounted to
Operating Income (before changes in fair value of investment property and
other gains and losses) in the third quarter of 2009 amounted to
Changes in fair value of Investment Property: In the third quarter of
2009, the Company recorded gain from appreciation of investment property in
the amount of
Other Gains and Losses, Net: In the third quarter of 2009, the Company
recorded other expenses, net of
Operating Income before financing in the third quarter of 2009 was
Financial Expenses (net) for the third quarter of 2009 were
Taxes on Income for the third quarter 2009, tax benefit amounted to
The implication of the change in the tax rates were reflected in the
results of the third quarter of 2009 by a decrease in deferred tax liability
and a recognition in income from taxes in the amount of
Net Income for the third quarter of 2009 was
Cash Flows in the third quarter of 2009
Cash Flows from Operating Activities: Net cash flows deriving from
operating activities in the third quarter of 2009 amounted to
Cash Flows from Investing Activities: Net Cash flows proceeds from
investing activities in the third quarter of 2009 amounted to
Cash Flows from Financing Activities: Net Cash flows used in financing
activities in the third quarter of 2009 amounted to
Comments of Management
Commenting on the financial results, Mr.
In "Teva Eden Market" we completed Stage A of opening 9-10 branches. In Stage B, we intend to open approximately 6 Eden branches during the next two years inside the Mega branches, as a store within a store. In BEE retail group, during the next two quarters the synergy process of the headquarters will be finalized and the new logistic center will commence its operations during the second half of 2010. "Mega Bool" brand positions itself as a strong and leading brand in the HD segment in shorter time than expected. In conclusion, we began to see the fruits of the strategy, which was first implemented a year ago and we expect that the new actions will continue to impact the results of the company in the coming quarters".
Additional Information
1. As of September 30, 2009, the Company operated 203
supermarkets in the following formats: Mega In Town -119;
Mega Bool - 47; Mega - 11; Shefa Shuk - 17; Eden Teva Market - 9.
2. EBITDA (Earnings before Interest, Taxes, Depreciation, and
Amortization)
In the first nine months of 2009, the EBITDA was NIS 311.7
million (U.S. $ 83 million) (5.6 % of revenues) compared to NIS 344.0
million (6.1% of revenues) in the corresponding period of last year.
In the third quarter of 2009, amounted to NIS 106.5 million
(U.S. $ 28.4 million) (5.5 % of revenues) compared to NIS 104.3
million (5.4% of revenues) in the corresponding quater of last year.
As of September 30, 2009, the ratio of its net financial
obligations to EBITDA was 3.6 and the ratio of its unpledged
property and equipment to the net financial obligations was 1.7.
Use of financial measures that are not in accordance with Generally Accepted Accounting Principles
EBITDA is a measure that is not in accordance with Generally Accepted Accounting Principles (Non- GAAP) and is defined as income before financial income (expenses) net, other gain (losses) net, changes in fair value of investment property, taxes, depreciation and amortization. It is presented because it is a measure commonly used in the retail industry and is presented as an additional performance measure, since it enables comparisons of operating performances between periods and companies while neutralizing potential differences resulting from changes in capital structures, taxes, age of property and equipment and its related depreciation expenses. EBITDA, however, should not be considered as an alternative to operating income or income for the year as an indicator of our operating performance. Similarly, EBITDA should not be considered as an alternative to cash flow from operating activities as a measure of liquidity. EBITDA is not a measure of financial performance under Generally Accepted Accounting Principles (GAAP) and may not be comparable to other similarly titled measures for other companies. EBITDA may not be indicative of our historic operating results nor is it meant to be predictive of potential future results. Reconciliation between our income for the period and EBITDA is presented in the attached condensed financial reports.
3. On October 1, 2009, Standard & Poors Maalot ratified the
rating of ilA+ for the debentures Series A and B of the company
and updated the rating forecast from stable to negative.
Data in NIS (millions)
Data Q3 2009 Q3 2008 1-9 2009 1-9 2008
Sales 1,925.5 1,936.2 5,534.2 5,675.8
Gross profit 533.2 538.8 1,538.0 1,569.9
% Gross profit 27.7% 27.8% 27.8% 27.7%
Operating profit
(before
increase in fair
value of real estate) 58.7 60.0 179.6 221.0
% Operating profit
(before
increase in fair
value of real
estate) 3.1% 3.1% 3.2% 3.9%
Financial expenses 44.7 50.1 92.0 98.6
Net income 29.6 12.0 79.4 114.3
Events During the third Quarter of 2009
Reorganization of real estate activity - transfer of real estate properties to the subsidiary Blue Square Real Estate Ltd.
In
Within the approval of the property transfer transaction the following were approved as well:
1. Lease agreement to lease the transferred properties that are not leased to third parties to Mega Retail for ten years from the closing date of the purchase agreement and an option to the lessee to extend the lease agreement for five additional years, and,
2. An agreement to extend the term of the existing lease agreements between Mega Retail and BSRE to an identical period (ten years from the closing date of the purchase agreement and an option to the lessee to extend the lease agreement for five additional years).
The completion of the transaction was performed as a of split pursuant to Section 105 to the Income Tax Ordinance which confers upon Mega Retail an exemption from the payment of land appreciation tax at this stage and its deferment under the split agreement with BSRE until the realization of the properties (as far as realized) or by the depreciation rate of the depreciable properties by BSRE. In addition, the payment of purchase tax for the transaction will be at a reduced tax rate of 0.5%.
The company and the subsidiaries, Mega Retail and BSRE will be subject to the restrictions prescribed by the provisions regarding the split pursuant to Section 105 to the Ordinance.
BSRE pledged certain of the transferred properties as collateral for a loan taken in order to finance the transaction. Transaction costs including purchase tax were recorded as expense in the statement of operations.
Results for the first nine months of 2009
Revenues for the first nine months of 2009 were
Gross Profit in the first nine months of 2009 amounted to
Selling, General, and Administrative Expenses in the first nine months of
2009 amounted to
Operating Income (before changes in fair value of investment property and
other gains and losses) in the first nine months of 2009 amounted to
Changes in fair value of Investment Property in the first nine months of
2009, the Company recorded gain from appreciation of investment property of
Other Gains and Losses, Net in the first nine months of 2009, the Company
recorded other expenses, net of
Operating Income before financing in the first nine months of 2009, was
Financial Expenses (net) in the first nine months of 2009 were
Taxes on Income in the first nine months of 2009 were
Net Income for the first nine months of 2009 was
Cash Flows in the first nine months of 2009
Cash Flows from Operating Activities: Net cash flows deriving from
operating activities in the first nine months of 2009 amounted to
Cash Flows from Investing Activities: Net Cash flows used in investing
activities in the first nine months of 2009 amounted to
Cash Flows from Financing Activities: Net Cash flows deriving from
financing activities in the first nine months of 2009 amounted to
NOTE A: Convenience Translation to Dollars
The convenience translation of New Israeli Shekel (NIS) into U.S. dollars
was made at the exchange rate prevailing at
Blue Square is a leading retailer in
This press release contains forward-looking statements within the meaning
of safe harbor provisions of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements may include, but are not limited to,
plans or projections about our business and our future revenues, expenses and
profitability. Forward-looking statements may be, but are not necessarily,
identified by the use of forward-looking terminology such as "may,"
"anticipates," "estimates," "expects," "intends," "plans," "believes," and
words and terms of similar substance. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause
actual events, results, performance, circumstance and achievements to be
materially different from any future events, results, performance,
circumstance and achievements expressed or implied by such forward-looking
statements. These risks, uncertainties and other factors include, but are not
limited to, the following: the effect of the recession in
BLUE SQUARE - ISRAEL LTD.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
translation(a)
December September 30, September
31, 2008 2008 2009 30, 2009
__________ _________ __________ __________
Audited Unaudited
__________ _________________________________
NIS U.S.dollars
___________________________________ ___________
A s s e t s In thousands
_______________________________________________
CURRENT ASSETS:
Cash and cash
equivalents 95,325 313,738 445,085 118,437
Marketable securities 171,849 176,964 188,909 50,268
Bank deposits 206 650 864 230
Trade receivables 729,970 896,191 798,286 212,423
Other accounts
receivable 87,624 408,558 292,066 77,718
Derivative financial
instruments - - 1,513 403
Income taxes receivable 74,446 67,339 84,520 22,491
Inventories 497,080 511,755 534,628 142,264
__________ _________ __________ __________
1,656,500 2,375,195 2,345,871 624,234
__________ _________ __________ __________
NON-CURRENT ASSETS:
Investment in
associates 4,915 4,930 4,787 1,274
Derivative financial
instruments 5,248 850 21,106 5,616
Prepaid expenses in
respect of operating
lease 192,426 195,186 189,526 50,433
Other long term
receivables 1,554 4,158 1,394 371
Property and equipment,
net 1,701,222 1,673,245 1,765,853 469,892
Investment property 434,232 409,297 437,354 116,379
Intangible assets and
deferred charges 404,422 345,116 402,775 107,178
Deferred taxes 44,508 36,695 43,647 11,614
__________ _________ __________ __________
2,788,527 2,669,477 2,866,442 762,757
__________ _________ __________ __________
Total assets 4,445,027 5,044,672 5,212,313 1,386,991
__________ _________ __________ __________
BLUE SQUARE - ISRAEL LTD.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEET
AS OF SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
transla
tion(a)
December September 30, September
31, 2008 2008 2009 30, 2009
__________ ________ _________ __________
Audited Unaudited U.S.
dollars
__________________________________________
In thousands
__________________________________________
Liabilities and shareholders'
equity
CURRENT LIABILITIES:
Credit and loans from banks
and others 210,901 213,739 309,643 82,396
Current maturities of
debentures and convertible
debentures 25,999 21,501 75,811 20,173
Trade payables 1,006,386 1,197,281 1,199,366 319,150
Other accounts payable *426,217 613,380 617,291 164,261
Income taxes payable 6,933 5,846 4,061 1,081
Dividend payable - 150,000 - -
Provisions for other
liabilities 43,397 36,756 42,920 11,421
__________ ________ _________ __________
1,719,833 2,238,503 2,249,092 598,482
__________ ________ _________ __________
LONG-TERM LIABILITIES:
Loans from banks, net of
current maturities 341,586 339,672 542,400 144,332
Convertible debentures, net
of current maturities 130,525 134,320 141,004 37,521
Debentures, net of current
maturities 985,844 1,009,180 953,256 253,660
Other liabilities 39,925 35,160 23,503 6,254
Derivatives financial
instruments *21,074 6,316 8,361 2,225
Liabilities in respect of
employee benefits, net 49,911 39,125 48,757 12,974
Deferred taxes 60,327 54,864 43,063 11,459
__________ ________ _________ __________
1,629,192 1,618,637 1,760,344 468,425
__________ ________ _________ __________
Total liabilities 3,349,025 3,857,140 4,009,436 1,066,907
__________ ________ _________ __________
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 1 par
value 57,094 57,094 57,438 15,284
Additional paid-in capital 1,018,405 1,018,405 1,030,259 274,151
Other reserves (261) 1,176 10,904 2,902
Accumulated deficit (154,719) (161,407) (81,089) (21,578)
__________ ________ _________ __________
920,519 915,268 1,017,512 270,759
Minority interest 175,483 272,264 185,365 49,325
__________ ________ _________ __________
Total equity 1,096,002 1,187,532 1,202,877 320,084
__________ ________ _________ __________
Total liabilities and
shareholders' equity 4,445,027 5,044,672 5,212,313 1,386,991
========== ======== ========= ==========
(*) Reclassified, under the application of
IAS1(R). The company classified financial liabilities at fair value
through the statements of operations from current liabilities to long
term liabilities.
BLUE SQUARE - ISRAEL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE NINE AND THREE MONTHS PERIODS ENDED SEPTEMBER 30, 2009
For the
Year ended Three months
December Ended September 30,
31, 2008 2008 2009
__________ _________ _________
Audited Unaudited
__________ ____________________
NIS
________________________________
In thousands (except share
and per share data)
________________________________
Revenues from
sales, net 7,429,121 1,936,236 1,925,473
Cost of sales 5,369,149 1,397,451 1,392,320
__________ _________ _________
Gross profit 2,059,972 538,785 533,153
Selling,
general and
administrative
expenses 1,794,720 478,815 474,420
__________ _________ _________
Operating
profit before
changes in
fair value of
investment
property and
other gains
and losses 265,252 59,970 58,733
Other gains 12,233 11,841 -
Other losses 14,716 734 4,927
Changes in
fair value of
investment
property, net 19,06 - 6,650
__________ _________ _________
Operating
profit 281,836 71,078 60,456
Finance income 60,700 10,738 18,405
Finance
expenses (166,295) (60,874) (63,138)
Share in
losses of
associates (33) (1) (40)
__________ _________ _________
Income before
taxes on
income 176,208 20,940 15,683
Taxes on
income (tax
benefit) 43,806 8,941 (13,887)
__________ _________ _________
Income for the
period 132,402 11,999 29,570
========== ========= =========
Attributable
to:
Equity holders
of the parent 104,586 6,536 25,114
__________ _________ _________
Minority
interests 27,816 5,463 4,456
__________ _________ _________
Net income per
Ordinary share
attributed to
Company
shareholders
or ADS:
Basic 2.41 0.15 0.57
__________ _________ _________
Fully diluted 1.62 0.15 0.49
__________ _________ _________
Weighted
average number
of shares or
ADS used for
computation of
income per
share:
Basic 43,372,819 43,372,819 43,717,058
__________ _________ _________
Fully diluted 45,037,692 43,372,819 44,597,479
__________ _________ _________
For the Convenience
Nine months translation(a)
Ended September 30, for the
2008 2009 nine months ended
September 30, 2009
_________ _________ ____________
Unaudited Unaudited
____________________________________________
NIS U.S. dollars
____________________________________________
In thousands (except share
and per share data)
Revenues from sales, net 5,675,797 5,534,212 1,472,648
Cost of sales 4,105,935 3,996,225 1,063,391
_________ _________ ____________
Gross profit 1,569,862 1,537,987 409,257
Selling, general and
administrative expenses 1,348,865 1,358,401 361,469
_________ _________ ____________
Operating profit before
changes in fair value of
investment property and
other gains and losses 220,997 179,586 47,788
Other gains 12,458 4,464 1,188
Other losses 3,160 10,029 2,669
Changes in fair value of
investment property, net 17,970 8,390 2,233
_________ _________ ____________
Operating profit 248,265 182,411 48,540
Finance income 41,651 46,689 12,424
Finance expenses (140,214) (138,649) (36,894)
Share in losses of
associates (18) (128) (34)
_________ _________ ____________
Income before taxes on
income 149,684 90,323 24,036
Taxes on income (tax
benefit) 35,415 10,893 2,899
____________
Income for the period 114,269 79,430 21,137
========= ========= ============
Attributable to:
Equity holders of the
parent 94,149 64,720 17,223
_________ _________ ____________
Minority interests 20,120 14,710 3,914
_________ _________ ____________
Net income per Ordinary
share attributed to
Company shareholders or
ADS:
Basic 2.17 1.49 0.40
_________ _________ ____________
Fully diluted 1.85 1.49 0.40
_________ _________ ____________
Weighted average number of
shares or ADS used for
computation of income per
share:
Basic 43,372,819 43,505,219 43,505,219
____________
Fully diluted 45,037,693 43,505,219 43,505,219
_________ _________ ____________
(UNAUDITED)
BLUE SQUARE - ISRAEL LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR
FOR THE NINE AND THREE MONTHS PERIODS ENDED SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
transla
tion(a)
for the
Year For the For the ended nine
ended Nine months Three months months
December ended September 30, ended September 30 September
31, 2008 2008 2009 2008 2009 30, 2009
________ ________ _______ _______ ______ ________
Audited Unaudited Unaudited
________ ___________________________________ ________
NIS U.S. dollars
___________________________________________________________
In thousands
___________________________________________________________
CASH FLOWS
FROM
OPERATING
ACTIVITIES:
Income
before taxes
on income 176,208 149,684 90,323 20,940 15,683 24,036
Income tax
paid, net (94,212) (81,773) (36,610) (33,729) (1,835) (9,742)
Adjustments
required to
reflect the
cash flows
from
operating
activities
(a) 327,777 269,794 277,937 72,265 159,837 74,196
________ ________ _______ _______ ______ ________
Net cash
provided by
operating
activities 409,773 337,705 331,650 59,476 173,685 88,490
________ ________ _______ _______ ______ ________
CASH FLOWS
FROM
INVESTING
ACTIVITIES:
Purchase of
property,
plant and
equipment (211,646)(163,022)(155,653) (52,227) (63,214) (41,419)
Purchase of
investment
property (69,749) (36,380) (8,039) (48) (4,732) (2,139)
Purchase of
minority
shares in
subsidiaries (186,403) (35,400) (8,020) (35,400) - (2,134)
Purchase of
intangible
assets (30,372) (8,618) (13,717) - (4,525) (3,650)
Proceeds
from
collection
of
short-term
bank
deposits,
net 102,531 101,015 (657) 589 389,343 (175)
Proceeds
from sale of
property,
plant and
equipment 1,559 7,249 1,965 305 428 523
Proceeds
from
investment
property 6,567 - 5,700 - - 1,517
Proceeds
from sale of
marketable
securities 185,104 142,634 64,564 36,397 7,385 17,181
Investment
in
marketable
securities (169,747)(131,544) (73,917) (30,904) (19,578) (19,669)
Proceeds
from sale of
investment
in
subsidiary - - 10,074 - - 2,681
Interest
received 17,778 12,261 8,464 8,019 2,135 2,252
________ ________ _______ _______ ______ ________
Net cash
provided by
(used in)
investing
activities (354,378)(111,805)(169,236) (73,269) 307,242 (45,032)
________ ________ _______ _______ ______ ________
CASH FLOWS
FROM
FINANCING
ACTIVITIES:
Dividend
paid to
shareholders (150,000) - - - - -
Issuance of
debentures 121,259 - - - - -
Dividend
paid to
minority
shareholders
of
subsidiaries (22,077) (22,077) (13,523)(10,960) (7,342) (3,598)
Receipt of
long-term
loans 231,398 186,221 307,500 172,512 301,000 81,826
Repayment of
long-term
loans (130,571)(102,564) (98,225)(56,490) (31,864) (26,137)
Repayment of
long term
credit from
trade
payables (1,740) (1,305) (1,305) (435) (435) (347)
Repayment of
convertible
debentures - - (13,297) - (13,269) (3,538)
Short-term
credit from
banks and
others, net 15,689 41,603 96,214 24,958 (380,346) 25,603
Proceeds
from
exercise of
options in a
subsidiary - - 2,306 - - 614
Interest
paid (89,244) (70,450)(81,049) (30,808) (35,170) (21,567)
________ ________ _______ _______ ______ ________
Net cash
provided by
(used in)
financing
activities (25,286) 31,428 198,621 98,777 (167,426) 52,826
________ ________ _______ _______ ______ ________
INCREASE IN
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT 30,109 257,328 361,035 84,984 313,501 96,314
BALANCE OF
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT AT
BEGINNING OF
PERIOD 53,029 56,410 83,138 228,754 130,672 22,123
________ ________ _______ _______ ______ ________
BALANCE OF
CASH AND
CASH
EQUIVALENTS
AND BANK
OVERDRAFT AT
END OF
PERIOD 83,138 313,738 444,173 313,738 444,173 118,437
======== ======== ======= ======= ====== ========
BLUE SQUARE - ISRAEL LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE NINE AND THREE MONTHS PERIODS ENDED SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
translation(a)
Year For the For the for the
ended Nine months Three months nine months
December ended ended ended
31, September 30, September 30 September 30,
2008 2008 2009 2008 2009 2009
_________ ______ _______ ______ ______ _______
Audited Unaudited Unaudited
_________ __________________________________ _________
NIS U.S. dollars
_______________________________________________________
In thousands
_______________________________________________________
(a) Adjustments
required to
reflect the
cash flows
from
operating
activities:
Income and
expenses not
involving
cash flows:
Depreciation
and
amortization 153,882 117,804 123,814 41,744 45,048 32,947
Increase in
fair value
of
investment
property
net (19,067) (17,970) (8,390) - (6,650) (2,233)
Share in
losses of
associated
Companies,
net 33 18 128 1 40 34
Benefit
component in
grant of
employee
options 8,175 5,253 8,472 2,587 2,853 2,254
Loss (gain)
from sale
and disposal
of property,
plant and
equipment
and
provision
for
impairment
of property,
plant and
equipment,
net 5,989 (121) 3,983 104 1,787 1,060
Loss (gain)
from changes
in fair
value of
derivative
financial
instruments (19,247) (8,278) (24,965) 6,350 (7,013) (6,643)
Linkage
differences
on
debentures,
loans and
other long
term
liabilities 59,669 61,198 48,189 25,941 31,832 12,823
Capital loss
(gain) from
realization
of
investments
in
subsidiaries (9,801) (10,055) 393 (11,658) - 105
Accrued
severance
pay, net 263 (278) (1,154) (1,498) (862) (307)
Decrease in
value of
marketable
securities
deposit and
long-term
receivables,
net 11,169 13,004 7,931 9,601 868 2,111
Interest
paid, net 71,466 58,189 72,585 22,789 33,036 19,315
Changes in
operating
assets and
liabilities:
Decrease
(increase)
in trade
receivables
and other
accounts
receivable 59,967 (309,146) (276,601) (248,613)(221,189)(73,603)
Decreased
(increase)
in
inventories (43,136) (57,811) (36,985) (20,164) 155 (9,842)
Increase
(decrease)
in trade
payables and
other
accounts
payable 48,415 417,987 360,537 245,081 279,932 96,175
_________ ______ _______ ______ ______ _______
327,777 269,794 277,937 72,265 159,837 74,196
========= ====== ======= ====== ====== =======
BLUE SQUARE - ISRAEL LTD.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE NINE AND THREE MONTHS PERIODS ENDED SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
translation(a)
For the For the for the
Year Nine months Three months nine months
ended
December ended ended ended
31, September 30, September 30 September 30,
2008 2008 2009 2008 2009 2009
_________ _____ ______ ______ _____ _____
Audited Unaudited Unaudited
_________ ________________________________ _________
NIS U.S. $
______________________________________________________
In thousands
______________________________________________________
(b) Supplementary
information on
investing and
financing
activities
not involving
cash flows:
Conversion of
convertible
debentures into
shares of
subsidiaries 6,655 6,387 - 2,224 - -
======== ======= ====== ======= ====== =======
Conversion of
convertible
debentures
into
shares of
the company - - 12,198 - 12,198 3,113
======== ======= ====== ======= ====== =======
Purchasing
property,
plant and
equipment
on credit 14,797 10,169 10,201 10,169 10,201 2,714
======== ======= ====== ======= ====== =======
BLUE SQUARE - ISRAEL LTD.
SELECTED OPERATING DATA
FOR THE NINE MONTH AND THREE MONTH PERIOD
ENDED SEPTEMBER 30, 2009
(UNAUDITED)
Convenience
translation(a)
For the nine For the three for the three
months ended months ended months ended
September 30 September 30 September 30
________________ ______________
2008 2009 2008 2009 2009
NIS NIS NIS NIS U.S.$
______ ______ _____ _____ _______
(Unaudited)
______________________________________________
Sales (in millions) 5,676 5,534 1,936 1,925 512
Operating profit
before changes in fair
value of investment
property and other
gains and losses 221 180 60 59 15.7
EBITDA (in millions) 344 312 104 107 28.4
EBITDA margin 6.1% 5.6% 5.4% 5.5% N.A
Increase (decrease) in
same store sales 3.1% (5.5%) 0.6% (2.5%) N.A
Number of stores at
end of period 194 203 194 203 N.A
Stores opened during
the period 9 10 4 3 N.A
Stores closed during
the period - 1 - - N.A
Total square meters at
end of period 356,300 364,300 356,300 364,300 N.A
Square meters added
during the period, net 12,900 9,900 5,400 2,000 N.A
Sales per square meter 15,234 14,568 5,015 4,896 1,303
Sales per employee (in 724 759 235 259 69
thousands)
BLUE SQUARE - ISRAEL LTD.
RECONCILIATION BETWEEN INCOME FOR THE PERIOD TO EBITDA
FOR THE NINE AND THREE MONTHS PERIODS ENDED SEPTEMBER 30, 2009
(UNAUDITED)
Conven
ience
transla
tion(a)
for the
For the For the nine
Year Nine months Three months months
ended ended ended ended
December September 30, September 30 September
31, 2008 2008 2009 2008 2009 30, 2009
_________ _______ ________ _______ _______ ________
Unaudited
_____________________________________________________
NIS U.S. $
____________________________________________ ________
In thousands
_____________________________________________________
Income for the
period 132,402 114,269 79,430 11,999 29,569 21,137
Taxes on income
(tax benefit) 43,806 35,415 10,893 8,941 (13,885) 2,899
Finance income (60,700)(41,651) (46,689) (10,738) (18,405) (12,424)
Finance expenses 166,295 140,214 138,649 60,874 63,138 36,894
Other losses
(gains) 2,483 (9,298) 5,565 (11,107) 4,927 1,481
Change in fair
value of investment
property (19,067) 17,970) (8,390) - (6,650) (2,233)
Depreciation and
amortization 153,882 117,804 123,814 41,744 45,048 32,947
Benefit component
in grant of
employee options 8,175 5,253 8,472 2,587 2,853 2,254
_________ _______ ________ _______ _______ ________
EBITDA 427,276 344,036 311,744 104,300 106,595 82,955
========= ======= ======== ======= ======= ========
Contact:
Blue Square-Israel Ltd.
Dror Moran, CFO
Toll-free telephone from U.S. and Canada: +1-888-572-4698
Telephone from rest of world: +972-3-928-2220
Fax: +972-3-928-2299
Email: cfo@bsi.co.il
SOURCE Blue Square Israel Ltd
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