Shikun & Binui Announces Financial Results for the Second Quarter and First Half of 2015

Aug 27, 2015, 12:16 ET from Shikun & Binui Ltd.

AIRPORT CITY, Israel, Aug. 27, 2015 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the first half and second quarter ended June 30, 2015.

Management will host a conference call to discuss the results on August 31 at 10am ET, 3pm UK time and 5pm Israel time. To listen to the call, please call one of the following numbers: US: 1-888-281-1167 UK: 0-800-404-8418 Israel: 03-918-0692.

Main events during and subsequent to the reporting period:

Renewable Energy – Financial Closing of the Ashalim Project: On July 16, 2015, the Company signed a series of agreements for the financing of the Ashalim Project totaling approximately NIS 4 billion. The Shikun & Binui Group holds equal shares  with a 3rd Party in the Concessionaire, the projects Construction Contractor and its Operational Contractor 

SBI – Shikun & Binui Infrastructure Contracting in Israel Awarded project to build tunnels for the Tel Aviv Light Rail: On May 19, 2015, the Company reported that an international consortium in which it owns a 49% share had been awarded a NIS 3.1 billion project to build tunnels and subway stations for the Tel Aviv Light Rail, a tender that had been offered by NTA. The construction is expected to be carried out over a period of six years.

Shikun & Binui International Real Estate – ADO completed its acquisition of properties in Berlin: On March 31, 2015, ADO completed the purchase of residential properties in Berlin for a total consideration of €400 million, thereby expanding its portfolio to approximately 14,000 residential units.

Listing of ADO Properties shares on the Frankfurt Stock Exchange - After the reporting date, on July 22, 2015, ADO completed the process of listing ADO Properties (a company that is consolidated in ADO results) shares on the Frankfurt Stock Exchange, raising a total of €415 million, €200 million of which is at the consolidated company. Shikun & Binui expects the transaction to add NIS 130 million to its net income in the third quarter results.

Financial Transactions – Issuance of Series 8 Bonds: On July 22, 2015, the Company issued CPI-linked debentures with an average maturity of 7.3 years, raising a net total of NIS 348 million at an interest rate of 3.65%.

Order backlog - as of June 30, 2015, the company's order backlog grew to NIS 13 billion, a NIS 1.8 million increase compared with December 31, 2014. This backlog does not include the Ashalim Project which achieved financial closure in July 2015, which will increase the Company's backlog as of the end of the third quarter by a further NIS 1.5 billion.

Sale and delivery of apartments: 

Sales of residential apartments in Israel by Shikun & Binui Israeli Real Estate (Company share)


6 months ended June 30,


3 months ended June 30,


2015

2014


2015

2014

Sales (NIS millions)


632

379


337

110

Number of apartment sales contracts signed (Company's share, consolidated)


468

291


249

82

Average price of apartments sold (NIS thousands, before VAT)


1,350

1,304


1,352

1,337

Revenues from apartments delivered (NIS millions)


338

327


117

134

Number of units delivered


255

294


69

118

Average price of apartments delivered (NIS thousands)


1,327

1,113


1,696

1,134

 

Dividend: on August 27, 2015, the Company's Board of Directors declared a dividend distribution totaling NIS 20 million.  

Financial Results for the First Half of 2015:

Revenues: the Group's revenues for the first half of 2015 totaled NIS 2,507 million compared with NIS 2,897 million for the first half of 2014, a NIS 390 (13.5%) decline. The decrease was primarily due to reduced revenues from the Group's building activities in Nigeria and Azerbaijan and from the completion of the Israel Construction and Infrastructure segment's Police Department Training Center and Tel Aviv Court Building projects.

Gross profit: the Group's gross profit for the first half of 2015 totaled NIS 467.2 million (18.6% of revenues) compared with NIS 445.6 million (15.4% of revenues) for the first half of 2014. The increase reflected primarily the increased gross profit of the International Construction and Infrastructure segment.

Other income, net: the Group's Other Income, net, for the first half of 2015 totaled NIS 43.9 million compared with Other Expenses, net of NIS 7.5 million recorded during the same period of 2014. The increase reflects NIS 23 million in before-tax profit recognized during the period from the sale of photo-voltaic installations, and the cancellation of a NIS 9 million provision after the completion of the Group's concession agreement for operating the Pardes Hanna-Karkur Water Authority. This is compared with the NIS 38 million charge recorded during the first half of 2014 for the cancellation of the Group's commitment to publicly list Shikun & Binui Real Estate's shares for trade.

Operating income, net: the Group's operating profit for the first half of 2015 totaled NIS 359.5 million (14.3% of sales) compared with NIS 242.3 million (8.4% of sales) in the same period of 2014. The increase was due primarily to a NIS 92 million rise in the operating profit of the Israel Real Estate segment (due to the NIS 41 million sale of two real estate assets compared with the aforementioned NIS 38 million of expense in the first half of 2014), a NIS 19 million rise in operating profit of the Renewable Energy segment (due to the capital gain sale from the sale of photo-voltaic installations), and a NIS 20 million rise in the operating profit of the Water segment (due to the effect of the aforementioned completion of the agreement for the operation of the Pardes Hanna-Karkur Water Authority and the cancellation of the provision). This was countered by the NIS 29 million decrease in operating income recorded by the International Building and Infrastructure segment related primarily to a NIS 12 million decrease in its gross profit.

Net financing expenses: the Group's net financing expenses in the first half of 2015 totaled NIS 110 million compared with NIS 83 million in the first half of 2014. Despite the relatively stable level of the long-term interest expense over the period (which stood at approximately NIS 118 million), the six month's total expense reflects both a NIS 24 million rise in financing expense related to changes in currency exchange rates (because of the decline of the Euro/dollar exchange rate and currency devaluations in Nigeria and Ghana), together with NIS 14 million in financing expense from index transactions made to bridge cash flow needs, compared with a NIS 7 million expense from these activities during the first half of 2014. This was countered by NIS 2 million in financing income from changes (net) in the fair value of financial instruments.

Losses of consolidated companies, net: for the first half of 2015, the Group recorded a NIS 54 million loss from its consolidated companies, compared with a net profit of NIS 2 million for the parallel period of 2014, primarily reflecting a NIS 48 million loss in the Company's share of the results of ADO (most of which was due to the decline of the Euro/shekel exchange rate) and a NIS 16 million loss from the Group's industrial water treatment service company.

Net profit: the Group's net profit for the first half of 2015 totaled NIS 153 million compared with NIS 112 million for the first half of 2014.

Accounts receivable: the Group's accounts receivable as of June 30, 2015 increased by NIS 265 million compared with its level at June 30, 2014. This primarily reflected a slowdown in the rate of payment for work in Nigeria due to the re-organization of relevant local institutions following the local elections which took place during the year.

Inventory of buildings for sale: the Group's inventory of buildings for sale as at June 30, 2015 increased by NIS 195 million compared with its level at June 30, 2014. NIS 171 million of the increase derived from activities within Israel, reflecting primarily the Group's investment in ongoing projects in Rosh Ha'ayin, Hadera, Yokneam, Ramat Gan, Hod Hasharon and others, and NIS 60 million investment in land. In addition, NIS 24 million of the increase was due to the Group's activities outside of Israel, including, in particular, the purchase of land in Poland.

Debt, Loans and Deposits as of June 30, 2015 increased by NIS 240 million compared with that of December 31, 2014, primarily reflecting the Group's additional NIS 106 million investment in photo-voltaic installations in Nevatim and additional investments in Colombia (amounting to NIS 92 million).

The balance of advances received from apartment sales agreements, net, as of June 30, 2015 increased by NIS 145 million, compared with that of December 31, 2014, even after a NIS 337 million decline related to the completion of significant projects during the second quarter. The sharp increase reflects a significant rise in the number of sales agreements signed during the second quarter compared with the parallel period of 2014 (which was 249 sale agreements in the second quarter of 2015 compared with 82 sale agreements in the parallel period last year).

Long-term debt as of June 30, 2015, totaled NIS 5,506 million, a NIS 268 million increase compared with its level at December 31, 2014. The increase was primarily due to a NIS 287 increase in debentures and loans from financial institutions, raising their total from NIS 4,931 million to NIS 5,219 million. During the reporting period, the Company issued NIS 349 million of long-term debt and carried out an offering of Series 8 debentures raising NIS 348 million. This was offset partially by the Company's retirement of long-term loans and debentures totaling NIS 189 million.

Shareholders' Equity as of June 30, 2015 totaled NIS 1,531 million compared with NIS 1,627 million as at December 31, 2014. The NIS 96 million reduction between the periods was due to changes in the Euro/NIS and USD/NIS exchange rates, which reduced the value of the international companies held by the Group by NIS 98 million. It was also impacted by the NIS 123 million dividend that was distributed to Company shareholders and by the distribution of NIS 32 million in dividend that the consolidated company distributed to non-controlling rights owners. This reduction was partially countered by the NIS 153 million in net profit recorded by the Company during the first half of the year.

Cash flow: the Group's cash flow from ongoing activities during the first half of 2015 totaled NIS 314 million compared with NIS 453 million during the first six months of 2014, primarily reflecting NIS 33 million of tax rebates during the reporting period compared with NIS 146 in tax payments recorded during the first half of 2014.

Cash and cash equivalents: as of June 30, 2015, the Group's cash and cash equivalents totaled NIS 1,567 million, while its unused bank credit lines totaled NIS 1,011 million.

Order backlog: as of June 30, 2015, the company's order backlog totaled NIS 13 billion, a NIS 1.8 million increase compared with December 31, 2014. Of this backlog, NIS 8.4 billion is in respect of international activities, compared with NIS 8.1 billion in respect of international activities as of December 31, 2014. The backlog does not include projects that have not yet reached financial closure as of the report date, including the Ashalim Project for the building of thermo-solar installations in the Negev, which achieved financial closure after the report date, and the projects to construct toll roads in Colombia and Texas. The completion of the financial closure of the Ashalim project during July 2015 will increase the Company's backlog as of the end of the third quarter by NIS 1.5 billion.

Financial Highlights By Segment (NIS millions)


Int'l Building & Infrastructure

Israel Building & Infrastructure

Israel Real Estate

Concessions

Renewable Energy


H1 2015

H1 2014

H1 2015

H1 2014

H1 2015

H1 2014

H1 2015

H1 2014

H1 2015

H1 2014

Revenues

1,104

1,346

857

1,106

424

414

77

27

129

68

Gross profit

279

291

57

55

94

79

8

7

21

22

Gross margin

25%

22%

7%

5%

22%

19%

10%

26%

16%

33%

Operating profit

213

243

23

18

95

4

(1.5)

2

30

10

Operating margin

19%

18%

2%

2%

22%

1%

(2%)

7%

23%

15%

Pre-tax profit

193

223

20

25

95

2

23

9

25

10


Int'l Building & Infrastructure

Israel Building & Infrastructure

Israel Real Estate

Concessions

Renewable Energy


Q2 2015

Q2 2014

Q2 2015

Q2 2014

Q2 2015

Q2 2014

Q2 2015

Q2 2014

Q2 2015

Q2 2014

Revenues

451

681

437

543

162

173

51

14

75

44

Gross profit

89

138

25

28

48

38

5

4

12

14

Gross margin

20%

20%

6%

5%

30%

22%

10%

29%

16%

32%

Operating profit

56

121

10

10

28

(16.5)

0.5

2.5

2

9

Operating margin

12%

18%

2%

2%

17%

(10%)

1%

18%

3%

21%

Pre-tax profit

73

119

11

13

30

(19)

6

12

1

12

International Construction and Infrastructure segment:

Revenues for the first half of 2015 for the International Construction and Infrastructure segment totaled NIS 1,103.6 million compared with NIS 1,346.3 million for the first six months of 2014. The NIS 243 million decrease reflected the completion of work in Uganda and Tanzania, a slowdown in the rate of work in Nigeria due primarily to uncertainty in the government's investment plans following their elections that took place earlier this year, and a slowdown in Azerbijan due to contractor work delays. This was countered by an increase in revenues from Togo due to the winning of a roads project. Additionally, the effect of changes in the average dollar exchange rate versus local currencies during the reporting period increased the period's revenues by NIS 123 million. It is important to note that the average dollar exchange rate during the period rose by 12.5%, compared with its level during the first half of 2014.

Revenues for the second quarter of 2015 for the International Construction and Infrastructure segment declined by NIS 213 million compared with the second quarter of 2014, primarily due to the aforementioned slowdown of work in Nigeria and Azerbaijan and the completion of work in Uganda. The contribution of changes in the average dollar exchange rate during the quarter totaled NIS 48 million (the average dollar exchange rate during the period rose by 11.8%, compared with its average level during the second quarter of 2014).

The segment's gross profit for the first half of 2015 totaled NIS 278.5 million (25% of the segment's revenues) compared with NIS 290.9 million (22% of the segment's revenues) for the first half of 2014, a NIS 12 million decrease. Excluding the effect of the change in the dollar exchange rate, the decline in the segment's gross profit would have been NIS 49 million. The decrease in the gross profit derived primarily from projects in Uganda: last year, a number of projects in Uganda were completed, resulting in the recording of a relatively high level of revenues whereas during the reporting period, work was only initiated on two new projects with a relatively low work component to date.  

The segment's operating profit for the first half of 2015 totaled NIS 213.2 million (19.3% of segment revenues) compared with NIS 242.5 million (18% of segment revenues) for the first half of 2014.

Israel Real Estate Segment:

Segment revenues for the first half of 2015 totaled NIS 423.7 million compared with NIS 414.1 for the first half of 2014, a NIS 10 million increase that reflected primarily a rise in revenues from the sale of apartments during the period (approximately NIS 11 million). Although the total of apartments delivered during the reporting period declined compared with the parallel period of 2014 (255 compared with 294 in the first half of 2014, based on the Company's share), the average price rose (NIS 1.3 million before VAT in the first half of 2015, compared with NIS 1.1 million before VAT for the first half of last year). In addition, revenues from the first half of 2014 included NIS 10 million from the sale of land in Zichron Yaakov, while revenues from the reporting period reflected a NIS 3 million decline due to the completion of work on the Tel Aviv Student Dormitories and NIS 6 million in revenues from property rental and management.

Revenues for the second quarter of 2015 declined by NIS 11 million due primarily to a decline in revenues from the sale of apartments during the period (approximately NIS 17 million). The company delivered 69 apartments during the quarter compared with 118 during the parallel period of 2014, while the average price rose to NIS 1.7 million before VAT, compared with NIS 1.1 million before VAT for the second quarter of 2014, due to different mix of the apartments sold.

The segment's gross profit for the first half of 2015 totaled NIS 93.6 million (22% of segment sales) compared with NIS 79.3 million (19% of segment sales) for the first half of 2014, with the increase derived primarily from the segment's residential projects. The segment's operating profit for the first half of 2015 totaled NIS 95.2 million compared to NIS 3.6 million, a NIS 92 million increase that derived primarily from the sale of two assets during the period compared with a NIS 38 million expense recorded during the parallel period of 2014 due to the cancellation of the segment's listing on the Tel Aviv Stock Exchange, as previously reported.

Israel Construction and Infrastructure segment:

Revenues for the first half of 2015 for the Israel Construction and Infrastructure segment totaled NIS 856 million compared with NIS 1,106 million in the first quarter of 2014, a NIS 250 million decrease that derives from 3 factors: (1) a NIS 130 million decrease in building activities, due to the completion of the Police Department Training Center and the Tel Aviv Court Building; (2) a NIS 30 million decrease in the activities of the segment's Roads Division; and (3) a NIS 90 million decrease in revenues from the Concrete & Prefabricated Building Division.

Revenues for the second quarter of 2015 for the Israel Construction and Infrastructure segment decreased by NIS 106 million to NIS 436.7 million compared from NIS 542.7 million in the second quarter of 2014 due primarily to a decrease in building activities and a decrease in revenues from the Concrete & Prefabricated Building Division.

The segment's gross profit for the first half of 2015 totaled NIS 57.4 million compared (6.7% of revenues) compared with NIS 55.2 million (5% of revenues) in the first six months of 2014.

The segment's operating profit for the first half of 2015 totaled NIS 21.3 million (2.5% of segment sales) compared with NIS 18.4 million (1.7% of segment sales) for the first half of 2014.  

Renewable Energy segment:

Revenues of the Renewable Energy segment for the first half of 2015 totaled NIS 128.5 million compared with NIS 67.5 million in the first half of 2014, a NIS 61 million increase that was due primarily to a rise in the number of land-based and rooftop photo-voltaic installations built (primarily for the installation of the 18 megawatt Nevatim project). Revenues for the second quarter of 2015 increased by NIS 31 million compared with the second quarter of 2014, from NIS 43.8 million to NIS 74.5 million

The segment's gross profit for the first half of 2015 remained unchanged at NIS 21 million, while the operating profit for the period increased to NIS 29.7 million from NIS 10.3 million for the parallel period in 2014. The increase reflected primarily a NIS 23 million capital gain from the sale of photo-voltaic installations in Israel.

Concessions segment:

For the Concessions segment, first-half 2015 revenues of NIS 77 million were generated primarily by the North Roads Upgrade and Maintenance Project and from the Government Office Building Project, compared to NIS 27 million recorded during the first half of 2014. The NIS 50 million increase derived from the construction of the Government Office Project in Jerusalem.

The segment's gross profit for the first half of 2015 totaled NIS 7.9 million compared with NIS 6.9 million in the first half of 2014. The segment generated an operating loss of NIS 1.5 million for the first half of 2015 compared with a NIS 1.8 million operating profit in the first half of 2014.

International Real Estate segment:

Revenues of the International Real Estate Segment for the first half of 2015 totaled NIS 14.7 million compared with NIS 4.5 million in the first half of 2014, an NIS 10 million increase that derived primarily from the delivery of 31 apartments in the project in Poland, for which sales began in the fourth quarter of 2014.

The segment's gross profit for the first half of 2015 totaled NIS 2.8 million compared to NIS 0.5 million in the first half of 2014, an improvement due primarily to the sale of apartments from the project in Poland, as mentioned above. The segment's operating loss for the first half of 2015 totaled NIS 2.5 million compared to NIS 5.0 million in the first half of 2014.

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 & Public Relations

inbal_u@shikunbinui.com                                          

+1 617 418 3096


shikunbinuni@gkir.com

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.

 

 

 



Shikun & Binui Ltd.

Condensed Consolidated Interim Statement of Financial Position as at






June 30

June 30

December 31


2015

2014

2014


(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

Assets




Cash and cash equivalents

1,566,778

1,118,425

1,902,480

Bank deposits

571,633

472,808

430,411

Short-term loans and investments

96,461

51,829

65,600

Short-term loans to investee companies

14,368

17,896

13,305

Trade receivables – accrued income

1,710,766

1,557,390

1,445,398

Inventory of buildings held for sale

1,930,714

1,769,936

1,735,412

Receivables and debit balances

386,678

292,485

350,938

Other investments, including derivatives

23,568

32,390

16,814

Current tax assets

80,449

109,218

130,092

Inventory

240,727

266,596

272,933

Assets classified as held for sale

-

85,109

128,867

Total current assets

6,622,142

5,774,082

6,492,250





Receivables in respect of concession arrangements

889,607

1,042,116

859,593

Non-current inventory of land (freehold)

297,633

439,136

336,362

Non-current inventory of land (leasehold)

213,575

229,028

242,246

Investment property, net

738,650

612,846

753,086

Land rights

15,054

15,054

15,054

Receivables, loans, deposits and derivatives

657,995

482,456

417,490

Investments in equity-accounted investees

627,238

429,426

489,162

Loans to investee companies

460,696

518,463

467,395

Deferred tax assets

87,855

99,047

75,955

Property, plant and equipment, net

946,926

1,027,634

1,047,439

Intangible assets, net

139,781

134,824

136,389

Total non-current assets

5,075,010

5,030,030

4,840,171





Total assets

11,697,152

10,804,112

11,332,421

 

 



Shikun & Binui Ltd.

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






June 30

June 30

December 31


2015

2014

2014


(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

Liabilities




Short-term credit from banks and others

972,834

951,627

789,187

Subcontractors and trade payables

978,564

1,044,631

1,018,839

Short-term employee benefits

118,053

123,753

146,276

Payables and credit balances including derivatives

518,929

421,101

570,877

Current tax liabilities

129,760

74,844

83,609

Provisions

479,032

427,207

502,664

Payables - customer work orders

369,371

317,123

412,174

Advances received from customers

1,044,359

1,015,820

899,191

Dividend payable

49,194

-

-

Liabilities classified as held for sale

-

-

44,731

Total current liabilities

4,660,096

4,376,106

4,467,548





Liabilities to banks and others

1,686,883

1,620,178

1,591,604

Debentures

3,531,793

3,346,387

3,339,691

Employee benefits

61,647

72,610

68,298

Deferred tax liabilities

60,579

57,520

73,018

Provisions

138,112

171,239

135,663

Excess of accumulated losses over cost of investment




 and deferred credit balance in investee companies

27,259

31,667

29,541

Total non-current liabilities

5,506,273

5,299,601

5,237,815





Total liabilities

10,166,369

9,675,707

9,705,363





Equity




Total equity attributable to owners




 of the Company

1,341,287

929,484

1,414,161

Non-controlling interests

189,496

198,921

212,897

Total equity

1,530,783

1,128,405

1,627,058













Total liabilities and equity

11,697,152

10,804,112

11,332,421

 

 






Shikun & Binui Ltd.

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


2015

2014

2015

2014

2014


(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)


NIS thousands

NIS thousands

NIS thousands

NIS thousands

NIS thousands

Revenues from work






 performed and sales

2,506,973

2,896,996

1,112,716

1,430,230

6,168,660

Cost of work performed






 and sales

(2,039,778)

(2,451,407)

(930,546)

(1,214,206)

(5,105,188)







Gross profit

467,195

445,589

182,170

216,024

1,063,472







Gain on sale of investment






 property

39,745

2,641

(1,035)

2,641

36,067

Selling and marketing expenses

(15,395)

(16,047)

(8,468)

(8,134)

(30,480)

Administrative and general






 expenses

(175,906)

(182,382)

(87,928)

(92,081)

(383,603)

Other operating income

57,061

29,934

14,902

26,259

118,256

Other operating expenses

(13,163)

(37,398)

(9,781)

(37,767)

(49,765)







Operating profit

359,537

242,337

89,860

106,942

753,947







Financing income

85,456

75,104

75,156

41,057

161,879

Financing expenses

(194,982)

(157,847)

(92,847)

(93,058)

(318,818)







Net financing expenses

(109,526)

(82,743)

(17,691)

(52,001)

(156,939)







Share of profits (losses) of






 equity accounted investees

(53,613)

2,324

(24,442)

1,452

14,628







Profit before taxes on income

196,398

161,918

47,727

56,393

611,636

Taxes on income

(43,541)

(50,204)

(10,574)

(18,706)

(154,648)







Profit for the period

152,857

111,714

37,153

37,687

456,988







Attributable to:






Owners of the Company

143,878

111,787

34,198

39,278

427,737

Non-controlling interests

8,979

(73)

2,955

(1,591)

29,251








152,857

111,714

37,153

37,687

456,988







Basic earnings per share






 (in NIS)

0.36

0.28

0.09

0.10

1.08







Diluted earnings per share






 (in NIS)

0.36

0.28

0.09

0.10

1.08







Number of shares used in the






 computation of basic earnings






 per share (in thousands)

396,958

398,417

397,214

397,515

397,491







Number of shares used in the






 computation of diluted earnings






 per share (in thousands)

397,097

398,689

397,352

397,771

397,838

 

 

Operating Segments




For the six month period ended June 30, 2015 (unaudited)


Infrastructures

Infrastructures










and

and

Real estate

Real estate








construction

construction

development

development


Renewable






(international)

(Israel)

(Israel)

(international)

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands

Total external revenues

1,103,626

742,121

423,704

14,682

76,063

128,458

17,413

906


2,506,973

Inter-segment revenues

-

114,362

41

-

-

-

-

-

(114,403)

-












Total revenues

1,103,626

856,483

423,745

14,682

76,063

128,458

17,413

906

(114,403)

2,506,973












Segment profit (loss) before











 income tax

192,648

20,044

95,467

(57,649)

22,869

24,626

15,089

147

(116,843)

196,398















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


Infrastructures

Infrastructures










and

and

Real estate

Real estate








construction

construction

development

development


Renewable






(international)

(Israel)

(Israel)

(international)

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

 

 

Operating Segments (cont'd)




For the three month period ended June 30, 2015 (unaudited)


Infrastructures

Infrastructures










and

and

Real estate

Real estate








construction

construction

development

development


Renewable






(international)

(Israel)

(Israel)

(international)

Concessions

energy

Water

Other

Adjustments

Consolidated


NIS thousands

Total external revenues

450,614

362,965

161,647

4,333

50,326

74,489

7,899

443

-

1,112,716

Inter-segment revenues

-

73,710

19

-

-

-

-

-

(73,729)

-












Total revenues

450,614

436,675

161,666

4,333

50,326

74,489

7,899

443

(73,729)

1,112,716












Segment profit (loss) before











 income tax

73,127

11,425

29,916

(11,931)

6,232

1,489

2,680

69

(65,280)

47,727













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


Infrastructures

Infrastructures










and

and

Real estate

Real estate








construction

construction

development

development


Renewable






(international)

(Israel)

(Israel)

(international)

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)

1,430,230












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

 

 

SOURCE Shikun & Binui Ltd.