AIRPORT CITY, Israel, April 1, 2018 /PRNewswire/ — Shikun & Binui Ltd. (TASE: SKBN.TA), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the fourth quarter and full year, ended December 31, 2017.
Financial Highlights for 2017
2. RESIDENTIAL REAL ESTATE DEVELOPMENT
The table below shows additional data regarding the company’s sale of apartments (signed contracts) during 2017:
The table following shows data regarding the Company’s delivery of apartments to customers during 2017:
Land in Israel
3. PROJECTS & IGAs (INCOME GENERATING ASSETS)
The company continues to implement its strategy aimed at realizing value and freeing cash for investment in new projects:
New Concessions projects in Israel (to be executed by Solel Bonei):
Progress with portfolio of existing Renewable Energy projects:
ADO GROUP Shareholders’ Agreement: If and when the deal is completed, the company expects to consolidate the financial results of the ADO GROUP. As a result, it expects to record a profit of ~NIS 400 million due to the revaluation of the company’s investment in ADO GROUP.
Provision for a decline in value of Elcon: The decline in the value of Elcon has led the company to make the following adjustments:
Changes in the company’s credit ratings:
Ma’alot: In March 2017, the company’s rating and bonds from series 4 to 8 were rated (ilA) and with positive outlook. After the date of the report, Ma’alot put this rating onto the watchlist with negative outlook.
Midroog: In October 2017, Midroog left the rating unchanged at A1 with a negative outlook. After the date of the report, Midroog reduced these bonds to a rating of A2 with a negative outlook.
Early adoption of IFRS 15 Standard as of the December 31 2017 results
Claims Related to the Activities of SBI:
At this stage, the Company is unable to assess its exposure regarding the police investigation or to the investigation by the World Bank, should it be renewed.
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; The Group’s activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
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.
SOURCE Shikun & Binui Ltd.
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