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Shikun & Binui Announces Third Quarter and Nine Month 2009 Results
- Operating Income Increases 14.2% to
Shikun & Binui Ltd. (TASE: SKBN.TA) ("Shikun & Binui" or the "Company"),
a member of the Arison Group and
As of
"The Company is currently well positioned to continue to tender for, and
win, mega projects in both
Main Events of the Third Quarter and Subsequent to it:
- The Group, through its wholly owned subsidiary SBI Infrastructure,
signed a $230 million contract in Guatemala for the planning,
paving and maintenance of the new 300 km northern highway - Franja
Traversal Del Norte - one of the key access ways connecting the countries
in Central America. The planning and paving stage will take 3.5 years and
subsequently the company will maintain the road for the following 10
years. The project is being financed by means of loans from the
Guatemalan government as well as a Central American bank;
- The Group, through a consolidated company, gained the highest rating in
a tender issued by Israel's National Highway Company (Maatz) for the
rehabilitation, operation and maintenance of roads throughout the
northern part of Israel under the PFI method, for the next 20 years.
Total expected future considerations are estimated at NIS 1.3 billion.
The company signed an agreement with Maatz on September 14, 2009
finalizing the terms of the win.;
- The Company opened section 18 of the Cross Israel Highway,
eight months ahead of schedule;
- Shikun & Binui Real Estate sold 285 apartments throughout the country
in the third quarter, and 721 apartments during the first nine months;
- The Company raised NIS 200 million through a new series of
fixed interest bearing debentures
Third Quarter 2009 Results
Revenues for the third quarter of 2009 totaled
Revenues from the Real Estate Development in
Gross profit for the third quarter totaled
Sales and marketing expenses, for the third quarter, totaled
Operating income for the third quarter of 2009 totaled
Finance expenses, net, for the third quarter decreased to
Company's share in the equity gains\losses of affiliated companies,
recorded under the equity method, totaled a loss of
During the third quarter the Company recorded a net loss to the amount of
Cash flow generated from operating activities during the third quarter of
2009 increased substantially from the third quarter last year, reaching
First Nine Months 2009 Results
Revenues for the first nine months of 2009 totaled
Gross profit totaled
Sales and marketing expenses for the first nine months of 2009
represented 5.6% of revenues totaling
Operating income for the first nine months rose 38.2% reaching
Finance expenses, net, for the first nine months totaled
Company's share in the equity gains\losses of affiliated companies,
recorded under the equity method, totaled a loss of
Net income for the first nine months of 2009 totaled
Cash flow generated from operating activities during the first nine
months of 2009 totaled
The group does not re-evaluate its real estate assets and records them based on their historic cost in the balance sheet.
Shareholders' equity as at
Credit. During the first nine months the Company repaid
Working capital totaled
Total assets, as at
About Shikun & Binui
Shikun & Binui, a member of the Arison Group, is the leading
infrastructure and real estate company in
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
In Thousand NIS September 30 September 30 December 31
2009 2008 2008
(Unaudited) (Audited)
Assets
Cash and cash equivalents 1,317,905 929,811 1,348,846
Bank deposits 238,412 32,007 44,001
Short-term loans and investments 62,184 25,911 34,974
Short-term loans to investee
companies 328,929 242875 318,598
Trade receivables - accrued
income 957,265 920,125 822,029
Receivables and debit balances 161,368 229,052 200,954
Other investments, including
derivatives 732 18,262 11
Current tax assets 51,139 80,471 90,631
Inventory 197,171 195,173 192,364
Inventory of buildings held for
sale 993,642 1,012,674 926,311
Assets classified as held for
sale 6,248 0 -
Total current assets 4,314,995 3,686,361 3,978,719
Non-current inventory of land
(freehold) 495,614 496,014 497,466
Non-current inventory of land
(leasehold) 208,378 199,384 197,506
Investment property, net 298,498 302,474 300,071
Land rights 16,508 17,424 16,478
Long-term prepaid expenses 43,566 44,104 45,118
Receivables, loans and deposits 299,890 467,739 513,694
Investments in equity-accounted
investees 137,795 156,858 151,746
Loans to investee companies 615,210 552,074 561,368
Deferred tax assets 124,339 118,347 119,115
Receivables - financial asset 47,588 0 6,861
Property, plant and equipment,
net 808,041 708,084 769,896
Intangible assets, net 98,300 77,225 90,794
Total non-current assets 3,193,727 3,139,727 3,270,113
Total assets 7,508,722 6,826,088 7,248,832
Shikun & Binui Ltd.
Condensed Consolidated Interim Statement of Financial Position as at
(cont.)
In Thousand NIS September 30 September 30 Dec-31
2009 2008 2008
(Unaudited) (Audited)
Liabilities
Short-term credit from banks
and others 1,123,180 1,318,845 1,116,352
Subcontractors and trade
payables 630,331 617,673 608,611
Short-term employee benefits 30,313 24,406 45,390
Payables and credit balances
including derivatives 294,800 271,054 260,436
Current tax liabilities 99,405 58,530 72,732
Provisions 291,908 310,571 315,129
Payables - customer work orders 673,969 543,274 727,490
Advances received from
customers 534,808 568,995 453,295
Held-to-sale commitments - 0 -
Total current liabilities 3,678,714 3,713,348 3,599,435
Liabilities to banks and others 1,327,269 740,682 1,385,385
Debentures 2,074,142 2,045,283 1,852,308
Employee benefits 129,832 155,454 139,323
Deferred tax liabilities 19,276 17,404 16,906
Provisions 25,698 25,413 26,625
Excess of accumulated losses
over cost of investment and
deferred credit balance in
affiliated companies 39,246 35,849 36,653
Total non-current liabilities 3,615,463 3,020,085 3,457,200
Total liabilities 7,294,177 6,733,433 7,056,635
Equity
Total equity attributable to
equity holders of the Company 210,400 83,061 183,252
Minority interest 4,145 9,594 8,945
Total equity 214,545 92,655 192,197
Total equity and liabilities 7,508,722 6,826,088 7,248,832
Shikun & Binui Ltd.
Condensed Consolidated Interim Statements of Income
For the nine months For the three months
In thousands NIS ended September 30 ended September 30
2009 2008 2009 2008
(Unaudited) (Unaudited)
Revenues from work
performed and sales 3,359,861 3,321,084 1,021,355 1,212,268
Cost of work performed and
sales 2,686,670 2,791,276 831,052 1,006,752
Gross profit 673,191 529,808 190,303 205,516
Gain on sale of investment
property 7,810 22,168 -297 7,994
Selling and marketing
expenses -17,767 -17,903 -6,198 -6,041
Administrative and general
expenses -188,362 -182,256 -64,430 -59,328
Other operating income 3,956 64,198 1,333 13,019
Other operating expenses -4,980 -73,239 -1,400 -56,705(*)
Operating income 473,848 342,776 119,311 104,455
Financing income 109,686 117,203(*) 47,098 24,138(*)
Financing expenses -333,224 -352,057(*) -143,819 -142,815(*)
Net financing expenses -223,538 -234,854 -96,721 -118,677
Company's share in income
of equity accounted
investees -46,606 42,120 -23,592 6,995
Income before taxes on
income 203,704 150,042 -1,002 -7,227
Taxes on income -104,855 -71,516 -28,305 -26,337
Net income for the period 98,849 78,526 -29,307 -33,564
Attributable to:
Equity holders of the
Company 101,852 78,770 -28,029 -34,200
Minority interest -3,003 -244 -1,278 636
98,849 78,526 -29,307 -33,564
Basic and diluted earnings
per share (in NIS) 0.26 0.2 -0.07 -0.09
Number of shares used in the
computation of earnings
per share (in thousands) 394,545 394,545 394,545 394,545
* Reclassified
(continued...)
for the twelve months
In thousands NIS ended December 31
2008
(Audited)
Revenues from work performed and sales 4,446,828
Cost of work performed and sales 3,778,464
Gross profit 668,364
Gain on sale of investment property 20,895
Selling and marketing expenses -23,598
Administrative and general expenses -253,765
Other operating income 72,114
Other operating expenses -85,211
Operating income 398,799
Financing income 156,074
Financing expenses -405,306
Net financing expenses -249,232
Company's share in income of equity
accounted investees 20,677
Income before taxes on income 170,244
Taxes on income -80,554
Net income for the period 89,690
Attributable to:
Equity holders of the Company 91,762
Minority interest -2,072
89,690
Basic and diluted earnings per share (in NIS) 0.23
Number of shares used in the computation
of earnings per share (in thousands) 394,545
* Reclassified
Shikun & Binui Ltd.
Business Operating Segments
In thousands NIS nine month period ended September 30, 2009
Infrastructure Infrastructure Real Estate Real Estate
and Building, and Building, Development, Development,
Oversees Israel Israel Oversees
(Unaudited)
Revenues from
external 1,700,402 1,003,207 565,329 4,304
Revenues between
sectors 0 85,434 6,287 0
Total revenues 1,700,402 1,088,641 571,616 4,304
Net sector
income (loss)
before tax 278,253 26,569 124,042 -35,184
In thousands NIS nine month period ended September 30, 2009
(continued...)
Concessions Environment Others Adjust. Consolidated
(Unaudited)
Revenues from
external 0 86,784 -165 0 3,359,861
Revenues between
sectors 0 0 0 -91,721 0
Total revenues 0 86,784 -165 -91,721 3,359,861
Net sector
income (loss)
before tax -39,300 -3,202 -7,802 -139,672 203,704
nine month period ended September 30, 2008
Infrastructure Infrastructure Real Estate Real Estate
and Building, and Building, Development, Development,
Oversees Israel Israel Oversees
(Unaudited)
Revenues from
external 1,492,960 1,025,245 586,526 13,760
Revenues between
sectors 0 82,063 5,906 0
Total revenues 1,492,960 1,107,308 592,432 13,760
Net sector
income (loss)
before tax 262,097 18,623 91,865 -33,027
nine month period ended September 30, 2008
Concessions Environment Others Adjust. Consolidated
(Unaudited)
Revenues from
external 0 99,157 103,436 0 3,321,084
Revenues between
sectors 0 0 1,800 -89,769 0
Total revenues 0 99,157 105,236 -89,769 3,321,084
Net sector
income (loss)
before tax 14,608 -1,316 39,033 -163,775 150,042
Shikun & Binui Ltd.
three month period ended September 30, 2009
Infrastructure Infrastructure Real Estate Real Estate
and Building, and Building, Development, Development,
Oversees Israel Israel Oversees
(Unaudited)
Revenues from
external 492,017 351,296 143,729 378
Revenues between
sectors 0 39,585 2,133 0
Total revenues 492,017 390,881 145,862 378
Net sector
income (loss)
before tax 58,701 16,425 34,472 -7,313
Concessions Environment Others Adjust. Consolidated
(Unaudited)
Revenues from
external 0 35,114 -1,179 0 1,021,355
Revenues between
sectors 0 0 0 -41,718 0
Total revenues 0 35,114 -1,179 -41,718 1,021,355
Net sector
income (loss)
before tax -23,117 -609 -4,793 -74,768 -1,002
three month period ended September 30, 2008
Infrastructure Infrastructure Real Estate Real Estate
and Building, and Building, Development, Development,
Oversees Israel Israel Oversees
Revenues from
external 445,111 370,627 348,556 4,862
Revenues between
sectors 0 16,739 2,355 0
Total revenues 445,111 387,366 350,911 4,862
Net sector
income (loss)
before tax 73,164 9,236 49,010 -15,678
* Reclassified
Concessions Environment Others Adjust. Consolidated
(Unaudited)
Revenues from
external 0 42,046 1,066 0 1,212,268
Revenues between
sectors 0 0 49 -19,143 0
Total revenues 0 42,046 1,115 -19,143 1,212,268
Net sector
income (loss)
before tax 6,560 -3,259 -31,215 -95,045 -7,227
Company Contact: Investor Relations Contacts:
Doron Blachar, CFO Ehud Helft / Fiona Darmon
Shikun & Binui GK Investor Relations
Tel: +972-3-630-1518 Tel: +1-646-797-2868 / +97-52-695-4400
email: info@gkir.com
SOURCE Shikun & Binui Ltd.
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