Shikun & Binui Ends 2019 With a NIS 344M Net Income
The Company reaches the coronavirus crisis with liquid balances and available credit facilities totaling NIS 3.5 billion, convenient debt rescheduling, operations across diverse sectors and geographies, record order backlog in the field of construction and infrastructure defined in Israel as vital on the back of the Israeli Ministry of Finance's decision to "speed up growth infrastructure for the economy." However, the crisis is a global, developing and dynamic one; therefore, the Company is currently unable to estimate the scope of the impact and implications on its business activity.
- Revenues of NIS 6.5 billion
- Gross profit of NIS 891 million
- EBITDA of NIS 1.1 billion
- Net income of NIS 344 million
- Gross profit margin reaches 13.7%
- Cash flows from operating activities total NIS 367 million
- Cash, cash-equivalent and deposits of NIS 3.2 billion
- Increase in order backlog to NIS 13.7 billion
AIRPORT CITY, Israel, March 29, 2020 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for 2019.
FINANCIAL HIGHLIGHTS FOR 2019
Total income reached NIS 6.5 billion, a 2.5% year-on-year increase.
Gross profit for the period totaled approx. NIS 891 million (gross profit margin was 13.7%), compared with approximately NIS 960 million last year.
In 2019, EBITDA totaled NIS 1.1 billion, similarly to 2018.
Net income reached NIS 344 million, compared to NIS 559 million in 2018.
Cashflow from operating activities (net of investment in land) was NIS 367 million, compared with NIS 84 million in 2018. The positive cashflow stems mainly from residential real estate development in Israel.
The NIS 13.7 billion order backlog as at December 31 2019 does not include additional contracting projects in Israel and abroad totaling NIS 1.2 billion.
REAL ESTATE DEVELOPMENT
In 2019, apartment sales totaled 1,823 apartments (in 100% terms), amounting to NIS 1.9 billion
Deliveries totaled 1,796 units (in 100% terms)
More Information on Company's Housing Unit Sale Transactions (signed contracts) in 2019:
Company's share |
|
In Israel |
|
Total transactions in NIS million |
1,267 |
No. of housing unit sales contracts signed |
862 |
Average price per housing unit (in NIS thousands) |
1,470 |
In Europe |
|
Total transactions in NIS million |
399 |
No. of housing unit sales contracts signed |
718 |
Average price per housing unit (in NIS thousands) |
556 |
Real estate development Israel:
Significant increase in the volume of transactions signed in the Or Yam project
- During 2019, transactions for the sale of 929 housing units (in 100% terms) were signed, amounting to NIS 1.4 billion, following the success of the Or Yam project.
- In December 2019, the Company won a tender of the Israel Land Authority for the acquisition of land in the Savyon Intersection for NIS 206 million (50% - Shikun & Binui and 50% Shikun & Binui Real Estate). The land plot has approved building rights for approx. 146,000 m² (gross) of office space. It is estimated that the building rights can be extended by an additional 100,000 m².
- In December 2019, the Company won a tender of the Israel Land Authority for the acquisition of land plots on which 504 housing units will be built in the Ramat Pinkas neighborhood, close to the Ramat Efal project in Or Yehuda, and 530 housing units in the Ben Shemen neighborhood in Lod. Total consideration: NIS 472 million.
- In addition, following are the main developments in the planning and development of the Group's land plots:
- Old Central Station - urban building plan has been approved
- Ramat Efal - approval for submission to the district committee
- Science Park, Netanya - recommendation for submission to the local committee
- Yoseftal Ramla (urban renewal project) - recommendation for submission to local committee
SBE real estate development abroad: Sale of 894 housing units and delivery of 1,100 housing units
- Revenues totaled NIS 457 million, compared to NIS 599 million in 2018. Gross profit totaled NIS 103 million compared with NIS 130 million in 2018.
- In November, a transaction for the acquisition of land in Warsaw - with building rights for 1,965 housing units - was completed (the company's share - 75%).
Sale of the Company's shares in ADO
The Company has completed the sale of its entire holdings in ADO Group for a total of NIS 900 million, recording a pre-tax net income (in the capital gain and revaluation gain) of NIS 610 million in its financial statements.
REAL ESTATE CONTRACTING IN ISRAEL
Solel Boneh: Net income of NIS 119 million in 2019 and a record backlog of NIS 7 billion as at the end of February
- Gross profit of NIS 228 million
- EBITDA of NIS 194 million
- Solel Boneh reached a record backlog of NIS 7 billion as at the end of February 2020 - including a backlog of projects under construction and new projects for which contracts have been signed, as well as projects in which the Company was declared a winner but for which formal agreements have yet to be signed ("backlog not included in the backlog").
SBI Infrastructure and Construction Abroad (excluding USA): Significant Improvement in Net Income
- Steady gross profitability of 16.4% in 2019 over 2018. Net income in this segment reached NIS 46 million, compared to a NIS 120 million loss in 2018.
- Toll Road Project in Colombia: On February 1 2019, a delivery document for Section 1 was signed; on October 17 2019, a delivery document of Section 2 was signed; and on November 7 2019, a delivery document for Section 3 was signed. Following the delivery, the operating period began, during which the franchisee started receiving revenues from availability charges and tolls, and 180-day rectification period of the segments began.
- Project win in Nigeria: In October 2019, the Nigerian government announced that SBI had won a tender for the construction of a road in southeastern Nigeria; the project involves the paving of roads approx.18 km-long, as well as construction of several bridges and intersections. Work is scheduled to begin in the second half of 2020 and expected to last approx. 48 months. Total expected proceeds from the project: approx. USD 310 million. It should be clarified that as of this date, a binding contract for the execution of the work in the project has yet to be signed between the foreign company and the Nigerian government and there is no certainty as to the date on which a binding contract shall be signed, if any.
SBA Infrastructure and Construction Contracting Company, USA: Activity Increases and US Expansion Strategy is Realized
- Acquisition of US-based infrastructure and construction contracting company is completed: On April 16 2019, the transaction for the acquisition of I+ICON was completed as part of the company's US expansion strategy. The company is engaged in civil infrastructure contracting with emphasis on bridges, transport infrastructure and marine works. This constitutes a significant step towards entering into mega infrastructure projects in the US, as well as for achieving significant synergies with SBA's operations.
- Project SH-288: Delay of project for the construction of toll roads in Texas, following which the completion date was revised, led to a NIS 205 million loss for the contracting company.
PROJECTS AND INCOME-GENERATING ASSETS Activation of the Ashalim Mega-Project
In April 2019, all required approvals for the activation of the Ashalim thermo-solar power plant project were received. The 121 MW project has an operation period ending in 2043. The Company's share in the franchisee and operator is 50%.
It is estimated that in a representative year in which the power plant will operate at full capacity, it will generate proceeds of approx. NIS 350 million per annum.[1]
Activation of the Tze'elim Mega-Project
In October 2019, all required approvals for the activation of the Tze'elim project were received. Tze'elim is a photovoltaic power plant with an installed capacity of 120 MW.
Following are projected results for the entire year - proceeds: NIS 80 million; NOI: NIS 65 million; FFO: NIS 40 million.1
Financial closing of the Etgal Project
On December 17 2019, the Electricity Authority approved the financial closing of the Etgal project by (financial closing by equity). The Etgal project is a project for the construction of an open cycle, readily available natural gas-fired power plant, with a 186 MW capacity in the Ashdod industrial area. The company is close to securing financing for the project from financing entities.
Following are projected results for the entire year - proceeds: NIS 120-130 million; NOI: NIS 37-47 million; FFO: NIS 30-40 million.1
Completion of the increasing holding in the Operating Companies - Derech Eretz Transaction
In May 2019, Keystone REIT (Ltd.) entered into an agreement to acquire Road 6 operating company Derech Eretz from third parties, with a portion of the holdings to be transferred to Shikun & Binui. In February 2020, the transaction was completed, with the Company holding 46% of the equity of the operating companies and 51% of the voting rights thereof. As a result, the Company is expected to consolidate the operating companies' financial statements and to record a gain of NIS 90-100 million in Q1 2020 following reclassification from an associate to a consolidated company (the gain was recorded as a result of adjusting the carrying amount to the transaction price).
Sale of Generi 2 Project
In June 2019, the sale of the Generi 2 project was completed; Generi 2 is a BOT project with a construction cost of NIS 515 million for the planning, construction, maintenance and financing of the new Jerusalem Government Campus. Net proceeds from the transaction amounted to NIS 79 million and a post-tax profit of NIS 34 million was recorded.
Improving Efficiency
The Company continues to take measures to reduce costs across the entire Group.
ABOUT THE SHIKUN & BINUI GROUP
Shikun & Binui is Israel's leading infrastructure and real estate company – a global corporation that operates through its subsidiaries in Israel and across the world. Active in more than 20 countries on four continents, Shikun & Binui is involved in various fields, including infrastructure, real estate development, water, energy, and concessions.
SAFE HARBOR STATEMENT
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.
[1] The expected results for Ashalim and Tze'elim constitute forward-looking information which is based on the Group's data, assessments and estimates close to the publication date. These data, assessments and estimates may not materialize or may change during the execution of the projects due to a range of circumstances, including existing or potential delays in schedule, demand and availability, change in operating costs, existing or potential delays by authorities as well as extensions of projects underway, wages or other factors which do not depend on the Group and there is no certainty they will materialize if the projections and assessments on which the plans are based do not materialize.
Consolidated Financial Statements |
||
Consolidated Statements of Financial Position as at |
||
As of December 31 |
||
2019 |
2018 |
|
Thousands of NIS |
Thousands of NIS |
|
Assets |
||
Cash and cash equivalents |
2,163,959 |
2,491,867 |
Deposits in banking corporations |
730,207 |
781,879 |
Short-term loans and investments |
200,576 |
129,150 |
Short-term loans to investees |
21,626 |
25,001 |
Customers – income receivable |
2,698,876 |
2,830,251 |
Inventory of buildings for sale |
1,425,855 |
1,587,147 |
Receivables and others |
497,822 |
497,394 |
Other investments including derivatives |
136,690 |
376,642 |
Current tax assets |
51,488 |
39,287 |
Inventory |
179,460 |
160,518 |
Assets held for sale |
1,000 |
716,062 |
Total Current Assets |
8,107,559 |
9,635,198 |
Receivables and contract assets due to concession arrangements |
1,359,972 |
1,065,753 |
Non-current inventory of owned land |
982,649 |
938,127 |
Non-current inventory of leased land |
700,184 |
705,172 |
Investment property, net |
1,540,212 |
862,282 |
Land rights |
13,435 |
13,422 |
Receivables, loans and deposits |
160,833 |
211,766 |
Investments in investees accounted for |
||
using the equity method |
506,802 |
403,773 |
Loans to investees |
1,033,465 |
1,099,937 |
Deferred tax assets |
200,153 |
299,144 |
Fixed assets and right-of-use assets |
1,373,559 |
1,076,317 |
Intangible assets, net |
471,773 |
364,911 |
Total non-current assets |
8,343,037 |
7,040,604 |
Total Assets |
16,450,596 |
16,675,802 |
Consolidated Financial Statements |
||
Consolidated Statements of Financial Position as at |
||
As of December 31 |
||
2019 |
2018 |
|
Thousands of NIS |
Thousands of NIS |
|
Liabilities |
||
Short-term credit from banking corporations and others |
2,143,536 |
1,529,542 |
Subcontractors, suppliers and service providers |
1,487,203 |
1,657,591 |
Short-term employee benefits |
170,427 |
160,792 |
Accounts payable and credit balances including derivatives |
583,300 |
638,652 |
Current tax liabilities |
112,181 |
84,623 |
Provisions |
175,892 |
172,364 |
Liabilities to customers |
1,278,889 |
1,483,675 |
Advance payments from customers |
430,135 |
323,684 |
Liabilities held for sale |
1,455 |
360,954 |
Total Current Liabilities |
6,383,018 |
6,411,877 |
Liabilities to banking corporations and others |
3,182,451 |
3,200,074 |
Bonds |
3,440,059 |
3,680,283 |
Employee benefits |
43,084 |
46,130 |
Deferred tax liabilities |
82,715 |
119,665 |
Provisions |
150,409 |
260,418 |
Excess of losses accumulated over the cost of the investment |
||
and deferred credit balance in investees |
259,369 |
97,408 |
Total Non-Current Liabilities |
7,158,087 |
7,403,978 |
Total Liabilities |
13,541,105 |
13,815,855 |
Capital |
||
Total equity attributable to company shareholders |
2,600,103 |
2,531,765 |
Non-controlling interests |
309,388 |
328,182 |
Total Equity |
2,909,491 |
2,859,947 |
Total Liabilities and Equity |
||
Liabilities |
16,450,596 |
16,675,802 |
Consolidated Statement of Income |
|||
For the Year Ending December 31 |
|||
2019 |
2018 |
2017 |
|
Thousands of NIS |
Thousands of NIS |
Thousands of NIS |
|
Revenues from work performed and sales |
6,490,567 |
6,331,518 |
6,437,307 |
Cost of work performed and sales |
(5,599,292) |
(5,371,928) |
(5,586,065) |
Gross Profits |
891,275 |
959,590 |
851,242 |
Profit from the sale of investment property |
(440) |
125,949 |
3,217 |
Sales and marketing expenses |
(43,887) |
(40,089) |
(40,049) |
Administrative and general expenses |
(471,230) |
(415,472) |
(380,824) |
Share of the profits (losses) of associates treated according to the |
(262,397) |
19,141 |
59,816 |
equity method (net of tax) |
|||
Other operating income |
757,891 |
389,504 |
219,622 |
Other operating expenses |
(50,550) |
(135,578) |
(130,028) |
Operating Profit |
820,662 |
903,045 |
582,996 |
Financing revenues |
353,963 |
261,136 |
199,436 |
Financing expenses |
(517,507) |
(530,652) |
(422,471) |
Financing costs, net |
(163,544) |
(269,516) |
(223,035) |
Profit before taxes on income |
657,118 |
633,529 |
359,961 |
Taxes on income |
(313,177) |
(74,233) |
(61,655) |
Profit for the year |
343,941 |
559,296 |
298,306 |
Attributed to: |
|||
Company shareholders |
314,029 |
494,995 |
230,927 |
Non-controlling interests |
29,912 |
64,301 |
67,379 |
343,941 |
559,296 |
298,306 |
|
Basic profit per share– in NIS |
0.78 |
1.24 |
0.58 |
Diluted profit per share– in NIS |
0.77 |
1.22 |
0.57 |
Consolidated Financial Statements |
||||||||||
Operating Segments |
||||||||||
For the Year Ending December 31 2019 |
||||||||||
Infrastructures |
Infrastructures and Construction |
Infrastructures and Construction (International) (U.S.) |
Real Estate Development (Israel) |
Real Estate Development (International) |
Concessions |
Energy |
Others |
Adjustments |
Total |
|
Thousands of NIS |
||||||||||
Revenues from outside customers |
1,287,676 |
2,713,942 |
776,990 |
1,151,472 |
456,729 |
30,939 |
181,982 |
42,777 |
(151,940) |
6,490,567 |
Inter-segment revenues |
405,715 |
76 |
(405,791) |
- |
||||||
Total Revenues from Works Performed and Sales |
1,287,676 |
3,119,657 |
776,990 |
1,151,548 |
456,729 |
30,939 |
181,982 |
42,777 |
(557,731) |
6,490,567 |
Segment costs, net |
1,173,540 |
2,988,228 |
1,028,536 |
948,069 |
387,398 |
-88,751 |
221,623 |
(505,271) |
(700,500) |
5,452,872 |
Segment Results |
114,136 |
131,429 |
-251,546 |
203,479 |
69,331 |
119,690 |
-39,641 |
548,048 |
142,769 |
1,037,695 |
Operating expenses, net, for all segments |
(217,033) |
|||||||||
Operating Income |
820,662 |
|||||||||
Finance revenues (expenses), net assigned to segments |
49,230 |
(22,911) |
(4,689) |
(50,404) |
451 |
28,763 |
2,376 |
19,412 |
(384) |
21,844 |
Net financing expenses not assigned to segments |
(185,388) |
|||||||||
Segment Profit (Loss) Before Tax |
163,366 |
108,518 |
(256,235) |
153,075 |
69,782 |
148,453 |
(37,265) |
567,460 |
(260,036) |
657,118 |
Additional information: |
||||||||||
Segment assets |
3,799,912 |
2,899,989 |
471,183 |
4,563,584 |
1,547,351 |
384,033 |
1,350,907 |
193,584 |
(1,073,236) |
14,137,307 |
Investments and loans to associates |
9 |
16,937 |
7,258 |
63,042 |
171,643 |
938,042 |
350,289 |
2,532 |
12,141 |
1,561,893 |
Assets not allocated to segments |
751,396 |
|||||||||
Total Assets in the Consolidated Report |
16,450,596 |
|||||||||
Segment liabilities |
1,351,296 |
2,282,916 |
461,659 |
2,877,722 |
1,295,363 |
701,813 |
1,565,037 |
338,132 |
(1,906,830) |
8,967,108 |
Excess of losses over investment in investees |
24,114 |
- |
217,330 |
294 |
- |
10,411 |
7,220 |
- |
- |
259,369 |
Liabilities not allocated to segments |
4,314,628 |
|||||||||
Total Liabilities in Consolidated Report |
13,541,105 |
|||||||||
Long-term investments in assets |
29,287 |
158,014 |
1,443 |
239,330 |
- |
180,954 |
35,213 |
16,905 |
- |
661,146 |
General long-term investments in assets |
10,930 |
|||||||||
Total Investments in Consolidated Long-Term Assets |
672,076 |
|||||||||
Depreciation and amortization |
114,277 |
61,551 |
13,461 |
17,684 |
1,331 |
(3,792) |
15,867 |
28,218 |
(358) |
248,239 |
General Depreciation |
20,952 |
|||||||||
Total Depreciation in the Consolidated Report |
269,191 |
|||||||||
Consolidated Financial Statements |
||||||||||
Operating Segments |
||||||||||
Infrastructures and Construction (International) |
Infrastructures and Construction Contracting in Israel |
Infrastructures and Construction (International) (U.S.) |
Real Estate Development (Israel) |
Real Estate Development (International) |
Concessions |
Energy |
Others |
Adjustments |
Total |
|
Thousands of NIS |
||||||||||
Revenues from outside customers |
1,355,063 |
2,850,687 |
485,278 |
987,301 |
499,354 |
55,910 |
503,563 |
45,184 |
(450,822) |
6,331,518 |
Inter-segment revenues |
- |
433,445 |
- |
76 |
- |
- |
- |
- |
(433,521) |
- |
Total Revenues from Works Performed and Sales |
1,355,063 |
3,284,132 |
485,278 |
987,377 |
499,354 |
55,910 |
503,563 |
45,184 |
(884,343) |
6,331,518 |
Segment costs, net |
1,326,005 |
3,190,853 |
470,342 |
630,585 |
409,067 |
(299,584) |
471,490 |
68,221 |
(988,097) |
5,278,882 |
Segment Results |
29,058 |
93,279 |
14,936 |
356,792 |
90,287 |
355,494 |
32,073 |
(23,037) |
103,754 |
1,052,636 |
Operating expenses, net, for all segments |
(149,591) |
|||||||||
Operating Income |
903,045 |
|||||||||
Finance revenues (expenses), net assigned to segments |
(70,437) |
(6,114) |
316 |
(41,659) |
(1,856) |
24,839 |
7,988 |
(7,674) |
21,408 |
(73,189) |
Net financing expenses not assigned to segments |
(196,327) |
|||||||||
Segment Profit (Loss) Before Tax |
(41,379) |
87,165 |
15,252 |
315,133 |
88,431 |
380,333 |
40,061 |
(30,711) |
(220,756) |
633,529 |
Additional information: |
||||||||||
Segment assets |
4,180,720 |
2,956,046 |
124,160 |
4,096,704 |
1,559,434 |
620,612 |
1,083,260 |
496,265 |
(811,183) |
14,306,018 |
Investments and loans to associates |
9 |
28,267 |
- |
74,013 |
182,906 |
800,141 |
430,284 |
1,759 |
11,332 |
1,528,711 |
Assets not allocated to segments |
841,073 |
|||||||||
Total Assets in the Consolidated Report |
16,675,802 |
|||||||||
Segment liabilities |
1,506,032 |
2,429,300 |
26,738 |
2,644,396 |
1,327,415 |
792,653 |
1,330,134 |
307,380 |
(1,353,497) |
9,010,551 |
Excess of losses over investment in investees |
22,428 |
- |
48,001 |
10,900 |
- |
- |
16,079 |
- |
- |
97,408 |
Liabilities not allocated to segments |
4,707,896 |
|||||||||
Total Liabilities in Consolidated Report |
13,815,855 |
|||||||||
Long-term investments in assets |
107,215 |
62,552 |
- |
52,774 |
4 |
103,784 |
171,157 |
12,366 |
- |
509,852 |
General long-term investments in assets |
12,735 |
|||||||||
Total Investments in Consolidated Long-Term Assets |
522,587 |
|||||||||
Depreciation and amortization |
121,029 |
50,697 |
1,568 |
20,192 |
1,097 |
3,221 |
16,285 |
12,447 |
(2,031) |
224,505 |
General Depreciation |
12,474 |
|||||||||
Total Depreciation in the Consolidated Report |
236,979 |
Consolidated Financial Statements |
||||||||||
Operating Segments |
||||||||||
For the Year Ending December 31 2018 |
||||||||||
Infrastructures and Construction (International) (Without the U.S.) |
Infrastructures and Construction Contracting in Israel |
Infrastructures and Construction (International) (U.S.) |
Real Estate Development (Israel) |
Real Estate Development (International) |
Concessions |
Energy |
Others |
Adjustments |
Total |
|
Thousands of NIS |
||||||||||
Revenues from outside customers |
1,355,063 |
2,850,687 |
485,278 |
987,301 |
499,354 |
55,910 |
503,563 |
45,184 |
(450,822) |
6,331,518 |
Inter-segment revenues |
- |
433,445 |
- |
76 |
- |
- |
- |
- |
(433,521) |
- |
Total Revenues from Works Performed and Sales |
1,355,063 |
3,284,132 |
485,278 |
987,377 |
499,354 |
55,910 |
503,563 |
45,184 |
(884,343) |
6,331,518 |
Segment costs, net |
1,326,005 |
3,190,853 |
470,342 |
630,585 |
409,067 |
(299,584) |
471,490 |
68,221 |
(988,097) |
5,278,882 |
Segment Results |
29,058 |
93,279 |
14,936 |
356,792 |
90,287 |
355,494 |
32,073 |
(23,037) |
103,754 |
1,052,636 |
Operating expenses, net, for all segments |
(149,591) |
|||||||||
Operating Income |
903,045 |
|||||||||
Finance revenues (expenses), net assigned to segments |
(70,437) |
(6,114) |
316 |
(41,659) |
(1,856) |
24,839 |
7,988 |
(7,674) |
21,408 |
(73,189) |
Net financing expenses not assigned to segments |
(196,327) |
|||||||||
Segment Profit (Loss) Before Tax |
(41,379) |
87,165 |
15,252 |
315,133 |
88,431 |
380,333 |
40,061 |
(30,711) |
(220,756) |
633,529 |
Additional information: |
||||||||||
Segment assets |
4,180,720 |
2,956,046 |
124,160 |
4,096,704 |
1,559,434 |
620,612 |
1,083,260 |
496,265 |
(811,183) |
14,306,018 |
Investments and loans to associates |
9 |
28,267 |
- |
74,013 |
182,906 |
800,141 |
430,284 |
1,759 |
11,332 |
1,528,711 |
Assets not allocated to segments |
841,073 |
|||||||||
Total Assets in the Consolidated Report |
16,675,802 |
|||||||||
Segment liabilities |
1,506,032 |
2,429,300 |
26,738 |
2,644,396 |
1,327,415 |
792,653 |
1,330,134 |
307,380 |
(1,353,497) |
9,010,551 |
Excess of losses over investment in investees |
22,428 |
- |
48,001 |
10,900 |
- |
- |
16,079 |
- |
- |
97,408 |
Liabilities not allocated to segments |
4,707,896 |
|||||||||
Total Liabilities in Consolidated Report |
13,815,855 |
|||||||||
Long-term investments in assets |
107,215 |
62,552 |
- |
52,774 |
4 |
103,784 |
171,157 |
12,366 |
- |
509,852 |
General long-term investments in assets |
12,735 |
|||||||||
Total Investments in Consolidated Long-Term Assets |
522,587 |
|||||||||
Depreciation and amortization |
121,029 |
50,697 |
1,568 |
20,192 |
1,097 |
3,221 |
16,285 |
12,447 |
(2,031) |
224,505 |
General Depreciation |
12,474 |
|||||||||
Total Depreciation in the Consolidated Report |
236,979 |
CONTACTS
Shikun & Binui
Leon Vasilnitzky
+972 (3) 630 5894
[email protected]
SOURCE Shikun & Binui Ltd.
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