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Delek Group Announces Consolidated Results for the Third Quarter of 2016
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PR Newswire
TEL AVIV, Israel, Nov. 29, 2016
TEL AVIV, Israel, Nov. 29, 2016 /PRNewswire/ -- Delek Group Ltd. (TASE: DLEKG, US ADR: DGRLY) (hereinafter: "Delek Group" or "The Group") announced today its results for the three month period ending September 30, 2016. The full financial statements are available in English on Delek Group's website at: www.delek-group.com.
Third Quarter of 2016 Highlights
- Third quarter net income of NIS 85 million, a solid increase compared with NIS 22 million in the same period of last year;
- Delek Group leverages its strong balance sheet to win a new international license in Newfoundland, Canada;
- Financing finalized for Leviathan's development with a limited recourse loan of up to $1.75bn, making solid progress towards sanctioning the Leviathan project and reaching the Financial Investment Decision (FID);
- Important milestone agreement worth an estimated $10bn signed with Jordan's National Electric Power Company (NEPCO);
- Additional agreement signed for the sale of natural gas from Leviathan to a local off taker;
- Tamar produced a third quarter record of ~2.6 BCM with peak production reaching ~1.0Bcf/d;
- Declared a dividend of NIS 200 million.
Group revenues for the third quarter of 2016 were approximately NIS 1.6 billion, compared to NIS 1.7 billion in the same period last year. The decrease was primarily due to lower revenues from Delek Israel due to lower distillate prices, partially balanced by an increase in revenues from the E&P sector.
Operating profit in the third quarter of 2016 totaled NIS 354 million compared with NIS 341 million as reported in the same period last year, mainly due to an increase from the E&P sector which was slightly offset by a decrease in the other non-core segment.
Net Income for the third quarter of 2016 totaled NIS 85 million, compared with a loss of NIS 261 million in the third quarter of 2015. The main contributing factor to the improvement in the net income was the increased contribution of the E&P segment, due to increased sales of natural gas and condensate from the Tamar field.
Cash balance at the Delek Group as of September 30, 2016, stood at NIS 2.6 billion (including unutilized credit lines), and as of November 28, 2016, at NIS 2.8 billion (including unutilized credit lines).
On July 28, 2016, Delek Group completed a successful convertible debenture offering which was oversubscribed. Two series of (series B32 and B33) added NIS 1.1 billion in cash to the balance sheet.
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Following on from Delek Group's Board of Directors approval in December last year to continue with the share buyback plan of up to NIS 100 million until December 22, 2016, to date, the Company has purchased Delek Group shares in the amount of NIS 85 million. In total, as of November 28, 2016, Delek Group has purchased 637,045 of its shares which represent approximately 5% of the Company's free float.
Commented Mr. Bartfeld, President and CEO of Delek Group; "Delek Group concludes a successful third quarter from a financial and strategic standpoint. The third quarter results demonstrate financial strength of the Group, which enables us to build upon the Group's existing activities in the energy sector, whilst growing the Group in the international energy sector."
Continued Mr. Bartfeld, "Following the signing of our agreements with the Jordanian Electric Company as well as a number of other players in the domestic market, combined with the signing of the financing for the development of Leviathan, we see ourselves closer to the final investment decision to develop the Leviathan reservoir, based on our strategic plan."
| Main Business Highlights | |||||||||
| Contribution of Principal Operations to Net Income (NIS millions) | |||||||||
| | | | | | | | | | |
| | Q3 2016 | Q2 2016 | Q1 2016 | 9M 2016 | Q3 2015 | Q2 2015 | Q1 2015 | 9M 2015 | FY 2015 |
| Oil and Gas Exploration, and Gas Production Operations | 111 | 72 | 111 | 294 | 87 | 60 | 67 | 214 | 272 |
| Fuel Operations in Israel | 37 | 4 | 4 | 45 | 21 | 40 | 15 | 76 | 87 |
| Automotive Operations2 | 14 | - | 36 | 50 | 10 | 40 | 78 | 128 | 138 |
| Contribution to continuing operations before sold-off operations, discontinued operations and capital and other gains | 162 | 76 | 151 | 389 | 118 | 140 | 160 | 418 | 497 |
| Finance expenses & Others1 | (77) | 4 | (66) | (139) | (379) | (118) | 50 | (447) | (472) |
| Net profit attributable to equity holders of the parent | 85 | 80 | 85 | 250 | (261) | 22 | 210 | (29) | 25 |
1It is noted that the Group's share in the earnings of the Avner Partnership are affected by the write-down of excess acquisition costs, as the investment in the Avner Partnership was previously revalued. For more information, see Section 6A below. Furthermore, data for the reporting period includes the Company's share in the results of Ithaca Energy ("Ithaca"), consisting of a loss of NIS 13 million (a loss of NIS 9 million in the third quarter).
2In the third quarter of 2016, the Company recognized net gains of NIS 12 million on its marketable securities portfolio (in the reporting period, the marketable securities portfolio did not materially affect the Company's results). On the other hand, in the reporting period the Company included NIS 65 million in tax income following a reduction in the tax rate in Israel (see also Notes 4 and 9 to the financial statements). In the reporting period, the item also includes gains of NIS 16 million on the disposal of the investment in Republic. The item also includes the results of other operations, unattributed finance expenses, other expenses, expenses from discontinued operations, and tax expenses.
3Retrospectively adjusted, see Note 3C to the financial statements.
Please review the full report available on the Group's website www.delek-group.com to view the notes for each of the items above.
Oil and Gas Exploration & Production
East Mediterranean
Tamar Project, 11 TCF natural gas discoveries (Tamar and Tamar South-West). Tamar produced approx. 2.6 BCM of natural gas in the third quarter of 2016 which is a third quarter record (~1.0Bcf/d), compared with 2.5 BCM in the same period last year. In addition, Tamar sold 126 thousand barrels of condensate in the third quarter of 2016, compared with 117 thousand in the same period last year.
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