Shikun & Binui Presents Full Year 2013 Financial Results

AIRPORT CITY, Israel, March 25, 2014 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure Company operating within and outside Israel, reported its financial results for the full year of 2013.

Ofer Kotler, Chief Executive Officer commented, "Today, we have completed another positive year in terms of our operational and financial performance. The sale of our holdings in the Derech Eretz Project represents our entrepreneurial spirit.  We are working to leverage our know-how and experience amassed over decades, in order to expand into new territories.  We successfully took several important financial actions during the year, which combined with our financial strength, will enable us to continue to execute on our expansion strategy."

Tal Raz, Chief Financial Officer, commented on the financial results, "This year we completed several important financial steps, including the successful issuance of debentures Series 6 and 7, as well as the exchange of some of the short duration debenture into longer duration debentures.  The upgrading of the credit ratings by Ma'alot and Midroog, the Israeli arms of international rating agencies Moody's and S&P, is a further testimony to the Group's financial strength.  The cash and cash equivalents balance of NIS 2.2 billion as at the end of 2013, and the strong cash flow we have generated, will enable us to operate in a financial optimal way in the coming years while expanding our operations in Israel and globally."

2013 Highlights

  • Sale of "Derech Eretz": In July 2013, the Company closed the sale of its investments in Derech Eretz for NIS 683 million (approximately $196 million) – generating a capital gain of NIS 63 million (approximately $18 million).  This sale reflects the Company's business strategy in the concessions segment of financing, construction and operation of BOT projects, while utilizing the operational know-how, experience and project finance capabilities, until subsequently – their sale at a profit.  With the closing of this sale, the agreement for the NIS 470 million (approximately $135 million) paving project to be performed by "Solel Boneh" takes effect.
     
  • Winning the Shagamu – Ibadan Tender in Nigeria: In June 2013, SBI was awarded the tender to build the Shagamu – Ibadan Highway in Nigeria.  The duration of the project is expected to be 4 years with estimated proceeds of $580 million.
     
  • Winning the Ashalim Tender: In June 2013, the Company announced that it had been awarded a BOT tender (in equal stakes with the Spanish company, Abengoa) to build a thermo-solar power plant with a 110 megawatt capacity near Ashalim in Israel.  The project will include financing, construction and operation for 25 years, following a 3-year construction period.  The project cost is estimated at $1.1 billion.
     
  • Stenham acquisition: A transaction closed in October 2013, in which A.D.O (a subsidiary of the Company) acquired shares of Stenham, the owner of 48 rental properties in Berlin, Germany, as well as additional properties, in consideration for cash and an allotment of shares in A.D.O.  Following the closing of this acquisition The Company recognized a capital gain of NIS 23 million (approximately $6.6 million) as a results of these transactions.
     
  • Residential units sold: In 2013, the Company sold 1,121 residential units, compared with 918 units in 2012.  In 2013, the Company handed over 913 residential units (807 units was the Company's share), compared with 901 residential units in 2012 (628 units was the Company's share).
     
  • Key financial activities: In September 2013, the Company issued debentures Series 6 and 7 totaling NIS 412 million, net.  In November 2013, the Company exchanged NIS 900 million par value of debentures Series 2, 3 and 4, with a short average duration to maturity, for debentures Series 6 and 7 with a longer average duration to maturity.
     
  • Upgrade: In August 2013, the Company announced that Midroog, the Israeli affiliate of Moody's rating agency, upgraded the Company's debentures to A1 with a stable outlook.  In January 2014, the Company announced that Ma'alot, the Israeli affiliate of S&P, upgraded the Company's debentures from A to A+ with a stable outlook.
     
  • Cash Balance: As of December 31, 2013, the Company had cash and cash equivalents balances of NIS 1.8 billion.
     
  • Record order backlog in the infrastructure segment: As of December 31, 2013 order backlog totaled NIS 10.4 billion, of which NIS 7.5 billion was from activities outside of Israel.
  • Dividend: On March 23, 2014, the Company's board of directors declared a dividend of NIS 60 million.

Summary of the Results

Group revenues from project work performed and sales totaled NIS 6,370 million in 2013, compared with NIS 6,063 million in 2012, representing 5% growth.

Gross profit in 2013 totaled NIS 1,095 million, compared with NIS 1,183 million in 2012. Most of the decrease was due to the decline in the gross profit of the real estate in Israel and real estate outside of Israel segments, as will be detailed below.

Group operating profit for the year totaled NIS 840.5 million, compared with NIS 786.4 million in 2012. 

Net financing expenses in 2013 totaled NIS 163 million, compared with NIS 133 million in 2012.  The increase was driven mainly by the rise in the Consumer Price Index in 2013 of 1.9%, compared with 1.44% in 2012, which impacted long-term credit costs.  The increase in the amount of credit (issuance of Series 6 and 7 debentures) and the receipt of bank loans also contributed to an increase of NIS 15 million in financing expenses.

Net profit totaled NIS 393 million, compared with NIS 448 million in 2012, a decrease driven by the factors discussed previously.

The Company reported positive cash flows from operating activities totaling NIS 719 million, compared with NIS 558 million last year, due mainly to the increase in the volume of collections, compared with last year.

Cash and cash equivalents balance as of December 31, 2012 totaled NIS 1.8 billion.

Segment Analysis

Revenues from the infrastructure and construction outside of Israel segment were NIS 2,880 in 2013, a decrease of NIS 241 million (7.7%) from NIS 3,121 million in 2012.  The decrease was due mainly to the 6% decrease in the average dollar exchange rate in 2013 (a total effect of NIS 187 million) and from the slowdown in projects in Ghana and Guatemala, the halt in work in the Republic of Benin and the lower volume of work performed in an Azerbaijan project.  In contrast, there was revenue growth in the activities in Nigeria. Gross profit in the infrastructure and construction outside of Israel segment totaled NIS 602 million, compared with NIS 599 million in 2012. The gross margin increased from 19% to 21%, driven mainly by the projects in Uganda and Tanzania.  Contrarily, the Company posted a loss in the project in the Benin Republic.  Pre-tax profit in the infrastructures and construction outside of Israel segment in 2013 amounted to NIS 471 million (16.3% of sales), compared with NIS 451 million (14.4% of sales) in 2012. The company reported a 5.6% growth in order backlog in this segment to NIS 7.5 billion as of 2013-end.

In the infrastructure contracting in Israel segment, revenues totaled NIS 1,991 million in 2013 compared with NIS 1,725 million in 2012, a 15.4% growth, driven mainly by the increase in the volume of work performed in the road works and concrete plants division.  Gross profit increased from NIS 105 million in 2012 to NIS 112 million in 2013, a growth of 6.7%.  Operating profit grew from NIS 29 million to NIS 50 million, and the margin increased from 1.6% to 2.5%.  Pre-tax income in the infrastructure constructing in Israel segment totaled NIS 66.4 million (3.3% of the segment's revenues), compared with NIS 49.7 million (2.9% of segment's revenues) in 2012.

Revenues of the real estate development in Israel segment total NIS 1,462 million, compared with NIS 1,203 million in 2012, an increase of 21.5%, driven mainly by the
NIS 111 million increase in revenues from sales of non-residential projects, an increase of NIS 87 million in revenue from work performed on the student dormitories in Tel Aviv and a contribution of NIS 71 million in revenues from the sale of residential units.  In 2013, the Company handed over 807 units, compared with 628 residential units in 2012.  It should be noted that revenues are recognized when units are handed over to the customer (and not when the sales contract is signed).

Gross profit in this segment totaled NIS 343 million, compared with NIS 478 million in 2012.  The decrease is due to the change in the mix of the units that were populated, compared with 2012.  In 2012, the residential units populated were mainly located in exclusive areas and on historical-cost accounted plots of land, recorded at low cost, thereby generating relatively high gross margins for the Company.  It should be noted that the Company has an extensive inventory of historical-cost accounted plots of land that are not re-valued, and are recorded on the Company's books at their historical cost. During the period, the Company reported a gain of NIS 55 million, derived from insurance on a sales agreement signed with the Ramat Gan Municipality.  The pre-tax profit of this segment amounted to NIS 307.5 million, compared with NIS 370.8 million in 2012.  The decrease was driven mainly by the different mix of residential units between the periods, as noted.

In the real estate development outside of Israel segment, revenues totaled NIS 14 million in 2013, compared with NIS 17 million in 2012.  This segment's operating loss increased from NIS 19 million in 2012 to NIS 49 million in 2013. This NIS 30 million increase was due mainly to a NIS 27 million provision for a reduction in the value of land in Hungary.

In the renewable energy segment, revenues totaled NIS 231 million, compared with
NIS 126 million in 2012.  The increase was driven mainly by the construction of photovoltaic installations on land and roofs.  Gross profit in this segment totaled NIS 50 million in 2013, compared with NIS 18 million in 2012.  The increase was driven by the growth in the volume of activity.  Pre-tax loss in this segment totaled NIS 40 million, due mainly to the write-down of NIS 35 million, due to the effect of the change in regulation in Spain on the subsidiary ("Giltz").

Revenues in the water segment totaled NIS 39 million in 2013, compared with NIS 38 million in 2012.  The segment's loss in 2013 was NIS 37 million, compared with a loss of NIS 17 million in 2012, due mainly to the impairment provision on the concession to operate, maintain and develop the Pardess Hana – Carcour Water Corporation.

In the concessions segment, revenues in 2013 totaled NIS 106 million, compared with NIS 144 million in 2012 – the decrease is due mainly to the end of the construction period of a BOT project for overhauling roads in the North of Israel and a transition to the operating period of the project.  Pre-tax profit in this segment amounted to NIS 20.7 million, compared with NIS 44.8 million in 2012.  The decrease was due mainly to the financing income attributed to this segment of NIS 36.4 million in 2013, compared with NIS 82.6 million in 2012 – driven by the sale of the Group's holdings in Derech Eretz.

Key Financial Results for Year 2013

NIS millions

Year Ended December 31

Difference

% change

2013

2012


 

Revenues

6,370

6,063

307

5%

Profit for the period

393

448

(55)

-12%

Equity

1,146

1,139

7

0.6%

Total assets

10,523

10,597

(74)

-

Working capital

1,402

916

486

53%

Cash flow from operating activities

719

558

161

29%

Orders backlog

10,417

9,692

725

7%

 

Key Financial Results for Fourth Quarter of 2013

NIS millions

Year Ended December 31

Difference

% change

2013

2012


 

Revenues

1,705

1,363

342

25%

Profit for the period

82

81

1

-

Cash flows from operating activities

360

536

(176)

-32%

 

Conference Call

The Company will host a conference today starting at 12pm Eastern Time or 6pm Israel time. Ofer Kotler, Chief Executive Officer and Tal Raz, Chief Financial Officer, will host the call and will be available to answer questions after presenting the results.

To participate, please call one of the following teleconferencing numbers.
US: 1-888-668-9141
UK: 0-800-917-5108
Israel: 03-918-0609
International: +972-3-918-0609

A presentation to accompany the conference call will be available from Shikun & Binui's website at http://en.shikunbinui.co.il/files/investores/250314/SB_Q4_2013.pdf under the investor relations section. 

IR Contacts


 

 

Company       


 

External IR                           

Inbal Uliansky   


 

Ehud Helft/Kenny Green      

+972 (3) 6301058


 

GK Investor Relations

inbal_u@shikunbinui.com    


 

+1 617 418 3096


 

 

ehud@gkir.com

                                     

About Shikun & Binui

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

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

This press release has been prepared by Shikun & Binui Ltd. (the "Company") as a general press release of the Company and its financial results. The information included in the press release and any other information conveyed orally by the Company or on its behalf (all such information as aforesaid or any part thereof - the "Information") is provided for convenience purposes only. The Information does not constitute a basis for investment decision or replace the need for carrying out independent collection of information and analysis of the Information, nor does the Information purport to make or give any recommendation and/or opinion and/or to substitute for the independent judgment of any potential investor. Each potential investor is urged to consult with its own advisors.

This press release does not constitute an offer or invitation to sell or issue, or any solicitation of an offer to subscribe for or acquire any of the Company's securities or to participate in any investment in the Company.

The Company does not warrant the completeness or accuracy of the Information, and it disclaims any responsibility for any damages and/or losses whatsoever resulting from the use of the Information. You must make your own investigation and assessment of the matters contained herein. In particular, no representation or warranty is given, and the Company has no responsibility, as to the achievement or reasonableness of any forecasts, estimates, or statements as to prospects.

In case of contradiction or inconsistency between the Information and information recorded in the Company's ledgers and/or appearing in official publications, such recorded information will prevail.

Statements in this press release that are not historical facts (including statements containing "believes," "anticipates," "plans," "expects," "may," "will," "would," "intends," "estimates" and similar expressions) are forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement s , including the risk factors referred to and discussed in the Company's financial statements and Management Discussion and Analysis published by the Company. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction of actual results. All forward-looking statements included in this press release are made only as of the date of this presentation.

The Company assumes no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors. The Company assumes no obligation to update any written or oral forward-looking statement made by it or on its behalf or any other part of the Information as a result of new information, future events or other factors.

The information included in this press release relating to third parties (excluding the company) is based on information, documents and/or data delivered to the Company from third parties and this information may be subject to non-disclosure obligations, and is included in this press release subject to such obligations. The company is not responsible to the readiness, accuracy and/or completeness of this information.

This press release is supplied to you for your own information and may not be distributed, published, reproduced or otherwise made available to any other person, in whole or in part, for any purpose. In particular, this press release should not be distributed to or otherwise made available to persons where such distribution or availability may lead to a breach of any law or regulatory requirements.

 

 

Shikun & Binui Ltd.


 

Consolidated Statements of Financial Position as at


 

 

 

 

December 31

December 31


 

 

 

2013

2012


 

 

Note

NIS thousands

NIS thousands

Assets


 

 

 

 

Cash and cash equivalents


 

4

1,781,369

1,478,637

Bank deposits


 

5

413,526

393,647

Short-term loans and investments


 

6

47,106

77,763

Short-term loans to investee companies


 

18

17,507

9,770

Trade receivables – accrued income


 

7

1,202,928

1,325,313

Inventory of buildings held for sale


 

8

1,600,924

1,739,430

Receivables and debit balances


 

9

326,352

(*) 332,323 

Other investments, including derivatives


 

10

27,679

32,524

Current tax assets


 

29H

33,202

33,950

Inventory


 

12

272,865

309,248


 

 

 

10,854

-

Total current assets


 

 

5,734,312

5,732,605


 

 

 

 

 

Receivables in respect of concession arrangements


 

13

801,204

(*) 592,627 

Non-current inventory of land (freehold)


 

14

430,913

449,650

Non-current inventory of land (leasehold)


 

14

269,226

351,485

Investment property, net


 

15

637,226

397,154

Land rights


 

16

15,836

15,850

Receivables, loans and deposits


 

17

637,421

(*) 351,663 

Investments in equity-accounted investees


 

18

286,641

487,395

Loans to investee companies


 

18

473,653

953,487

Deferred tax assets


 

29E

92,256

88,892

Property, plant and equipment, net


 

19

1,013,904

1,033,513

Intangible assets, net


 

20

130,314

143,066

Total non-current assets


 

 

4,788,594

4,864,782


 

 

 

 

 

Total assets


 

 

10,522,906

10,597,387


 

(*) Reclassified

 

Shikun & Binui Ltd.


 

Consolidated Statements of Financial Position as at (cont'd)


 

 

 

 

December 31

December 31


 

 

 

2013

2012


 

 

Note

NIS thousands

NIS thousands

Liabilities


 

 

 

 

Short-term credit from banks and others


 

21

741,008

1,192,471

Subcontractors and trade payables


 

22

984,568

(*) 892,761 

Short-term employee benefits


 

23

138,093

(*) 145,348 

Payables and credit balances including derivatives


 

24

399,475

(*) 484,853 

Current tax liabilities


 

29H

88,768

75,697

Provisions


 

30

455,274

(*) 393,747 

Payables - customer work orders


 

25

545,538

744,996

Advances received from customers


 

8

900,435

887,220

Dividend payable


 

 

78,718

-

Total current liabilities


 

 

4,331,877

4,817,093


 

 

 

 

 

Liabilities to banks and others


 

26

1,621,573

1,636,252

Debentures


 

27

3,103,117

2,698,171

Employee benefits


 

28

73,209

(*) 82,142 

Deferred tax liabilities


 

29E

56,821

60,723

Provisions


 

30

159,941

(*) 126,230 

Excess of accumulated losses over cost of investment


 

 

 

 

 and deferred credit balance in investee companies


 

18

30,279

37,489

Total non-current liabilities


 

 

5,044,940

4,641,007


 

 

 

 

 

Total liabilities


 

 

9,376,817

9,458,100


 

 

 

 

 

Equity


 

 

 

 

 

 

 

 

 

Total equity attributable to owners


 

37

964,208

977,376

Non-controlling interests


 

 

181,881

161,911

Total equity


 

 

1,146,089

1,139,287


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity


 

 

10,522,906

10,597,387


 

(*) Reclassified

 

Shikun & Binui Ltd.


 

Consolidated Statements of Income for the Year Ended


 

 

 

December 31

December 31

December 31


 

 

2013

2012

2011


 

Note

NIS thousands

NIS thousands

NIS thousands


 

 

 

 

 

Revenues from work performed and sales

32A

6,369,793

6,062,875

5,335,126


 

 

 

 

 

Cost of work performed and sales

32B

5,274,537

(1) 4,880,017

(*) 4,293,777 


 

 

 

 

 

Gross profit


 

1,095,256

1,182,858

1,041,349


 

 

 

 

 

Gain on sale of investment property


 

12,144

7,253

50,819

Selling and marketing expenses

32C

(39,996)

(35,038)

(33,542)

Administrative and general expenses

32D

(349,177)

(1) (338,857)

(1) (342,365)

Other operating income

32F

177,241

16,393

88,604

Other operating expenses

32F

(54,954)

(46,175)

(7,195)


 

 

 

 

 

Operating profit


 

840,514

786,474

797,670


 

 

 

 

 

Financing income

32E

199,779

201,101

179,588

Financing expenses

32E

(362,638)

(1) (334,261)

(1) (346,403)


 

 

 

 

 

Net financing expenses


 

(162,859)

(133,160)

(166,815)


 

 

 

 

 

Share of losses of equity


 

 

 

 

 accounted investees (net of tax)


 

(86,002)

(34,063)

(44,593)


 

 

 

 

 

Profit before taxes on income


 

591,653

619,211

586,262

Taxes on income

29A

(198,227)

(1) (171,347)

(1) (144,001)


 

 

 

 

 

Profit for the period


 

393,426

447,864

442,261


 

 

 

 

 

Attributable to:


 

 

 

 

Owners of the Company


 

363,144

(1) (412,209)

(1)410,708

Non-controlling interests


 

30,277

35,655

31,553


 

 

 

 

 

 

 

393,426

447,864

442,261


 

 

 

 

 

Basic earnings per share (in NIS)

37I

0.91

1.03

1.33


 

 

 

 

 

Diluted earnings per share (in NIS)

37I

0.90

1.03

1.32


 

(1) Retrospective application of amended IAS 19, Employee Benefits

 

Operating Segments


 

 

For the year ended December 31, 2013


 

Infrastructures


 

 

 

 

 

 

 

 

 

 

 

and

Infrastructures


 

Real estate


 

 

 

 

 

 

 

 

construction

and

Real estate

development


 

 

 

 

 

 

 

 

outside of

construction

development

outside of


 

Renewable


 

 

 

Unallocated


 

 

Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

amounts

Consolidated


 

(Unaudited)


 

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

-

354,234

76

-

-

-

174

-

(354,484)

-

-


 

 

 

 

 

 

 

 

 

 

 

Total revenues

2,880,323

1,990,710

1,462,136

13,614

106,280

231,420

38,902

892

(354,484)

-

6,369,793


 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss) before 


 

 

 

 

 

 

 

 

 

 

 income tax

448,347

49,714

370,629

(29,773)

44,820

(35,018)

(16,740)

(2,521)

74,133

(287,696)

615,895


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2012


 

Infrastructures


 

 

 

 

 

 

 

 

 

 

 

and

Infrastructures


 

Real estate


 

 

 

 

 

 

 

 

construction

and

Real estate

development


 

 

 

 

 

 

 

 

outside of

construction

development

outside of


 

Renewable


 

 

 

Unallocated


 

 

Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

amounts

Consolidated


 

(Unaudited)


 

NIS thousands


 

 

Total external revenues

3,120,931

1,413,117

1,203,243

17,305

143,857

126,104

38,318

-

-

-

6,062,875

Inter-segment revenues

-

311,309

76

-

-

-

-

-

(311,385)

-

-


 

 

 

 

 

 

 

 

 

 

 

Total revenues

3,120,931

1,724,426

1,203,319

17,305

143,857

126,104

38,318

-

(311,385)

-

6,062,875


 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss) before 


 

 

 

 

 

 

 

 

 

 

 income tax

(1) 451,393

(1) 49,756

(1) 370,857

(29,773)

44,820

(35,018)

(16,740)

(2,521)

74,133

(287,696)

619,211


 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 2011


 

Infrastructures


 

 

 

 

 

 

 

 

 

 

 

and

Infrastructures


 

Real estate


 

 

 

 

 

 

 

 

construction

and

Real estate

development


 

 

 

 

 

 

 

 

outside of

construction

development

outside of


 

Renewable


 

 

 

Unallocated


 

 

Israel

in Israel

in Israel

Israel

Concessions

energy

Water

Other

Adjustments

amounts

Consolidated


 

(Unaudited)


 

NIS thousands


 

 

Total external revenues

2,726,917

1,238,429

935,907

4,858

277,361

112,947

38,707

-

-

-

5,335,126

Inter-segment revenues

-

376,161

3,834

-

-

-

-

-

(379,995)

-

-


 

 

 

 

 

 

 

 

 

 

 

Total revenues

2,726,917

1,614,590

939,741

4,858

277,361

112,947

38,707

-

(379,995)

-

5,335,126


 

 

 

 

 

 

 

 

 

 

 

Segment profit (loss) before 


 

 

 

 

 

 

 

 

 

 

 income tax

(1) 440,913

(1) 48,410

(1) 303,009

314

78,017

(29,719)

(12,233)

(10,308)

34,333

(266,474)

586,262


 

 

 

 

 

 

(1) Retrospective application of amended IAS 19, Employee Benefits


 

 

 

SOURCE Shikun & Binui Ltd.



RELATED LINKS
http://en.shikunbinui.co.il

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