Shikun & Binui Ltd.

  Shikun & Binui is active in the development of real estate and infrastructure, concessions (mega projects), environmental projects and residential neighborhoods, as well as income generating property. The company balances business and responsibility in order to successfully create a sustainable environment. As part of its commitment, the Group has adopted sustainable construction standards and is fully committed to honesty, transparency, innovation, and excellence.
  Real Estate Development
  Israel
  Shikun & Binui Real Estate Ltd. is Israel's largest real estate developer, with over 50 years of experience combining innovative technologies, advanced architectural design, uncompromising international standards and “green” planning and construction methods. The company has built major residential projects such as Kiryat Ono Dreams, Karkur Dreams, Ir Yamim (Sea City) in Netanya, Zichron Yaakov Dreams and Tel Aviv Gimmel Prestige. Shikun & Binui Real Estate is also a leader in non-residential real estate projects, including the Mini-Israel park, the Givatayim mall, the 7th Avenue mall in Beersheva, renovation of the dormitories at Tel Aviv University and building of a new 1,500 bed dormitory, the Ir Yamim (Sea City) mall in Netanya and the Ikea project (Kiryat Ata).
  Overseas
  Shikun & Binui Real Estate Development B.V. is the international development arm of the Shikun & Binui group. The company has been active in the European market for 12 years in residential, office and commercial real estate. The company is currently active in five countries in Central and Eastern Europe: Hungary, The Czech Republic, Poland, Romania and Germany.

  In April 2012, Shikun & Binui announced that it is participating in a number of large infrastructure tenders in the US for the construction of highways and large scale BOT (Build, Operate, Transfer) projects. This marks the company’s official entrance into the North American market.
  Infrastructure
  Shikun & Binui Solel Boneh (Building & Infrastructure) Ltd. has been Israel's leading contractor for construction, infrastructure and earthwork projects for more than eight decades. The company focuses on civil engineering projects, large-scale construction projects, industrial and high-tech buildings, road infrastructure, bridges and public buildings, as well as national transportation, infrastructure and environmental projects.
  Shikun & Binui – Solel Boneh Infrastructure (SBI) Ltd., founded in the 1950s, is the international arm of the Group. Its core competencies include public works, roads, highways and bridges; building and construction; civil engineering; waterworks and sewage; telecommunications; hydroelectric and thermal power plants; quarries and aggregates processing plants; turnkey projects and project management. SBI is based in Switzerland, with subsidiaries in Africa, Latin America, and Central and Eastern Europe. 
  Concessions
  Shikun & Binui Concession focuses on developing and implementing large projects in Israel and abroad. Some of its global BOT projects include the electronic toll road (Highway 6) in Israel, the Carmel Tunnels - an urban toll tunnels project, and the 130 million cubic meters Hadera desalination plant. In addition, the company has other projects which include: road upgrading, operation and maintenance; the Israel Police training center; and the Tel Aviv district court house.  
  Renewable Energy
  Shikun & Binui Renewable Energy operates power generation plants in Israel and abroad, including photovoltaic solar power plants in Spain, that generate clean electricity using solar energy. It also initiates, develops, plans and builds power plants for electricity generation based on solar energy (both thermal solar and photovoltaic) and conventional energy (natural gas), in Israel.
  Water
  Shikun & Binui – Water is an industry leader in implementing solutions for the toughest water problems. SB Water offers engineering, procurement, construction and management services for all water and wastewater projects including dams, tunnels, reservoirs, boreholes, elevated water tanks, main and distribution pipelines and sewage disposal systems, as well as water and sewage treatment plants.
 

	Three Months Ended December 31
Income Statement Data ($m)	2011	2010
Total Revenues	368.4	325.9
Gross Profit	54.7	74.1
Gross Margins  %	15%	23%
Operating Income	41.1	108.9
Interest, Net	-13.0	-11.6
Pretax Income	24.7	87.7
Net Income	18.1	77.2
Data translated at the NIS/$ exchange rate of 12/31/11

	Year Ended December 31
Income Statement Data ($m)	2011	2010	2009
Total Revenues	1,396.3	1,274.8	1,165.6
Gross Profit	274.7	263.4	231.1
Gross Margins %	20%	21%	20%
Operating Income	209.3	235.7	185.0
Interest, Net	-43.7	-44.1	-68.2
Pretax Income	153.9	180.4	99.3
Net Income	116.3	142.7	60.8
Diluted Earnings Per Share ($)	0.27	0.35	0.16
Data translated at the NIS/$ exchange rate of 12/31/11

Balance Sheet Data ($m)	12/31/11	12/31/10
Cash & Equivalents	328.6	355.3
Current Assets	1,315.4	1,278.7
Total Assets	2,514.4	2,238.7
Current Liabilities	1,192.2	1,029.2
Total Equity	253.7	229.1
Data translated at the NIS/$ exchange rate of 9/30/11

Key Financial Ratios	12/31/11	12/31/10
Current Ratio	1.1x	1.2x
L-T Debt/Equity	396.9	396.9%

Dividend Policy

Company will distribute up to 70% of its distributable annual income.