Alon Blue Square Israel Ltd. (NYSE:BSI) Announces The Financial Results For The First Quarter Of 2015

YAKUM, Israel, May 27, 2015 /PRNewswire/ --

• The Company's revenues, net of government fess, in the first quarter of 2015 amounted to NIS 2.5 billion compared to NIS 2.7 billion in the first quarter of 2014. The decrease in revenues between periods mainly derived from a decrease in fuel prices in the Fueling and Commercial sites segment.
• Operating profit in the first quarter of 2015 amounted to NIS 1.4 million compared to a loss of NIS 74.9 million in the fourth quarter of 2014 and a profit of NIS 10.5 million in the first quarter of 2014.
• Cash flow from operating activities amounted to NIS 171.1 million compared to NIS 140.9 million in the corresponding quarter last year and NIS 27.5 million in the fourth quarter of 2014. The main increase in cash flows derived from changes in the working capital in the amount of NIS 33.7 million.
• Adjusted EBITDA amounted to NIS 81.3 million in the first quarter of 2015 compared to NIS 84.8 million in the first quarter of 2014 and NIS 68.8 million in the fourth quarter of 2014.
• In the Fueling and Commercial sites segment- in the first quarter of 2015, the results of this segment amounted to NIS 22.9 million compared to NIS 27.1 million in the first quarter of 2014. This quarter included higher inventory losses by more than NIS 9 million following the decrease in fuel prices compared to the corresponding quarter last year.
• In the Supermarkets segment- in the first quarter of 2015, the results of this segment amounted to a loss of NIS 24.6 million compared to a loss of NIS 29.4 million (including a profit from asset realization of NIS 10 million) in the fourth quarter of 2014, the decrease in loss derived from an increase in sales of YOU chain. In the corresponding quarter last year, the results of the segment amounted to a loss of NIS 6.5 million. The increase in the loss compared to the corresponding quarter derived from a decrease in the gross profit margin following the completion of YOU chain deployment.
• In the Real Estate segment – in the first quarter of 2015, the results of this segment amounted to NIS 26.1 million compared to NIS 44.0 million in the fourth quarter of 2014 and NIS 24.0 million in the first quarter of 2014. The fourth quarter of 2014 included higher revaluation profits due to lowering the discounting interest.
• In the Houseware and textile segment – in the first quarter of 2015, results amounted to NIS 7.3 million compared to NIS 5.8 million in the first quarter of 2014. The increase in the results mainly derived from the Passover holiday timing.
• Others segment
  • Diners – the Company's share in the net income of Diners amounts to NIS 4.4 million in the first quarter of 2015 compared to NIS 5.9 million in the corresponding quarter last year.
  • You Phone – a decrease in operating loss in the period at the rate of 62% compared to the corresponding period last year.
• The net aggregate loss of the Company in the first quarter of 2015 amounted to NIS 30.5 million compared to a net loss of NIS 339.1 million in the fourth quarter of 2014 (which included amortization of tax asset in amount of NIS 141 million) and a loss of NIS 21.8 million in the first quarter of 2014.  

Consolidated profit and loss

Segment results:

Results for the first quarter of 2015¹

Gross revenues

Revenues (including government levies) in the first quarter of 2015 amounted to NIS 3,230.2 million (U.S. $811.6 million) as compared to revenues of NIS 3,448.3 million in the comparable quarter last year, a decrease of 6.3% which mainly derives from a decrease in fuel prices between periods resulting in a decline in Dor Alon sales.

Revenues from sales, net

Revenues of the Fueling and Commercial sites segment – amounted in this quarter to NIS 967.3 million (U.S. $243.0 million) as compared to NIS 1,194.2 million in the corresponding quarter last year, a decrease of 19.0%. The main decrease was due to decrease in fuel prices and was partly offset by the increase in fuel quantities sold.

Revenues of the Supermarkets segment ²– amounted in this quarter to NIS 1,369.3 million (U.S. $344.0 million) as compared to NIS 1,314.1 million in the corresponding quarter last year, an increase of 4.2%. The increase derives mainly from increase in YOU stores and the Passover holiday timing that occurred this year at the beginning of April while last year it occurred in the middle of April, increase in the sales of SSS stores in this quarter compared to the corresponding quarter last year which amounted to 3.2%.

Revenues of the Houseware and textile segment – amounted in this quarter to NIS 89.8 million (U.S. $22.6 million) compared to NIS 80.4 million in the corresponding quarter last year, an increase of 11.7%. The increase in revenues derives from the Passover holiday timing that occurred this year at the beginning of April while last year it occurred in the middle of April.   

Revenues of the Real Estate segment – increase in rental fees of 75.7% in the first quarter of 2014 from NIS 10.3 million to NIS 18.1 million (U.S. $4.5 million) in this quarter. The increase in revenues in this quarter mainly derives from increase in rented spaces to external parties compared to the corresponding period last year.

Gross profit in the first quarter of 2015 amounted to NIS 591.9 million (U.S. $148.7 million) (23.8% of revenues) as compared to gross profit of NIS 601.8 million (22.2% of revenues) in the comparable quarter last year, a decrease of 1.6%. The decrease in the gross profit compared to the corresponding quarter last year was mainly due to the decrease in gross profit in the Fueling and Commercial sites segment.

In the Fueling and Commercial sites segment, gross profit amounted to NIS 186.4 million (U.S. $46.8 million), (19.3% of revenues) compared to NIS 190.2 million in the comparable quarter last year (15.9% of revenues), a decrease of 2%. The main decrease in the gross profit mainly derived from higher inventory losses in this quarter compared to the corresponding quarter last year of NIS 9 million. Said decrease was partly offset by an increase in fuel quantities sold and sales of convenience stores.

In the Supermarkets segment, gross profit amounted to NIS 335.6 million (U.S. $84.3 million), (24.5% of revenues) compared to NIS 338.3 million in the first quarter of 2014 (25.7% of revenues), a decrease of 0.8% deriving from an increase in sales of the YOU discount format and from price reduction.

In the Houseware and textile segment, gross profit amounted to NIS 48.9 million (U.S. $12.3 million), (59.4% of revenues) compared to NIS 44.2 million in the first quarter of 2014 (62.3% of revenues), an increase of 10.6% which was derived from the increase in gross profit rate in the houseware segment and was partly offset from a decrease in gross profit rate in the textile segment.  

Selling, general and administrative expenses in the first quarter of 2015 amounted to NIS 598.7 million (U.S. $150.4 million) (24.1% of revenues), compared to expenses of NIS 602.4 million (22.2% of revenues) in the comparable quarter last year. 

In the Fueling and Commercial sites segment, these expenses amounted to NIS 165.7 million (U.S. $41.6 million) compared to NIS 163.4 million in the first quarter of 2014, an increase of 1.4% deriving from opening new sites.

In the Supermarkets segment, selling, general and administrative expenses amounted to NIS 356.1 million (U.S. $89.5 million) compared to expenses of NIS 334.5 million in the first quarter of 2014, an increase of 6.5% deriving mainly from launching YOU chain and increase in real expenses.

In the Houseware and textile segment, these expenses amounted to NIS 41.4 million (U.S. $10.4 million) compared to NIS 38.4 million in the first quarter of 2014, an increase  of 7.8% in expenses deriving mainly from expanding both areas of activity and the effect of the holiday timing.

In the Real Estate segment, these expenses amounted to NIS 6.3 million (U.S. $1.6 million) compared to NIS 5.2 million in the first quarter of 2014.

Increase in fair value of investment property in this quarter, the Company recorded a profit in the amount of NIS 14.8 million (U.S. $3.7 million) compared to a profit of NIS 10.5 million in the corresponding period last year. 

Other expenses, net other expenses in this quarter amounted to NIS 10.8 million (U.S. $2.7 million) compared to other expenses of NIS 8.7 million in the first quarter of 2014.

Share in gains of associates in this quarter amounted to NIS 4.2 million (U.S. $1.1 million) compared to NIS 9.3 million in the corresponding quarter last year.

Operating loss before financing amounted to NIS 1.4 million (U.S. $0.4 million) (0.1% of revenues) in this quarter as compared to operating profit of NIS 10.5 million (0.4% of revenues) in the first quarter of 2014. The decrease derived mainly from the Supermarkets segment.  

In the Fueling and Commercial sites segment, operating profit in this quarter amounted to NIS 22.9 million (U.S. $5.8 million) (2.4% of revenues) as compared to operating profit of NIS 27.1 million in the first quarter of 2014, a decrease of 15.5%. The main decrease in operating profit derived mainly from decrease in revenues.

In the Supermarkets segment, operating loss in this quarter amounted to NIS 25.0 million (U.S. $6.3 million) (1.8% of revenues) as compared to operating loss of NIS 6.5 million in the first quarter of 2014. The increase in operating loss derived from erosion of gross profit and increase in selling, administrative and general expenses.

In the Houseware and textile segment, operating profit in this quarter amounted to NIS 7.3 million (U.S. $1.8 million) (8.9% of revenues) as compared to operating profit of NIS 5.8 million in the first quarter of 2014. The increase in operating profit derives from increase in sales, gross profit and was partly offset from an increase in selling, general and administrative expenses.

In the Real Estate segment, operating profit in this quarter amounted to NIS 26.1 million (U.S. $6.6 million) (144.4% of revenues) as compared to operating profit of NIS 24.0 million in the first quarter of 2014, an increase of 8.8%, which mainly derives from an increase in rental income.

Finance costs, net in this quarter amounted to NIS 5.9 million (U.S. $1.5 million) as compared to net finance costs of NIS 32.7 million in the first quarter of 2014. The decrease in finance costs, net derives mainly from decrease in CPI between the periods.

Taxes on income tax expenses in this quarter amounted to NIS 26.0 million (U.S. $6.5 million) as compared to a tax benefit of NIS 3.4 million in the first quarter of 2014.

Net loss in this quarter amounted to NIS 30.5 million (U.S. $7.7 million) compared to a net loss of NIS 21.9 million in the corresponding quarter last year (which includes loss from continued operations of NIS 18.8 million and a loss from discontinued operations of NIS 3.1 million) in the first quarter of 2014. The loss of this quarter attributed to the Company's shareholders amounted to NIS 50.7 million (U.S. $12.7 million) or NIS 0.77 per share (U.S. $0.19) and the income attributed to non-controlling interests amounted to NIS 20.1 million (U.S. $5.1 million).

Cash flows for the first quarter of 2015

Cash flows from operating activities: Net cash flow provided by operating activities amounted to NIS 171.1 million (U.S. $43.0 million) in the first quarter of 2015 compared to net cash flow provided by operating activities of NIS 140.9 million in the comparable quarter last year. The main increase in cash flow provided by operating activities in this quarter compared to the corresponding quarter last year derives from changes in working capital in the amount of NIS 33.7 million (U.S. $8.5 million), which was offset from an increase in operating loss of NIS 7.4 million (U.S. $ 1.9 million) and from taxes paid in the amount of NIS 11.3 million (U.S. $2.3 million).

Cash flows used in investing activities: Net cash flows provided by investing activities amounted to NIS 131.7 million (U.S. $33.1 million) in this quarter as compared to net cash flows used in investing activities of NIS 113.7 million in the comparable quarter last year. Cash flows provided by investing activities in this quarter mainly included the proceeds from realization of property of NIS 85.2 million (U.S. $21.4 million), repayment of loans granted to interested parties and others of NIS 49.1 million (U.S. $ 12.3 million) and proceeds from realization of marketable securities, net, in the amount of NIS 67.9 million (U.S. $ 17.1 million)  offset by the purchase of investment property, property and equipment and intangible assets of total NIS 52.2 million (U.S. $13.1 million). In the first quarter of 2014 the cash flows used in investing activities mainly included the purchase of investment property, property and equipment, and intangible assets of NIS 81.6 million, grant of long term loans of NIS 46.5 million, net of proceeds from marketable securities in the amount of NIS 12.0 million, and interest received of NIS 5.4 million.

Cash flows used in financing activities: Net cash flows used in financing activities amounted to NIS 44.6 million (U.S. $11.2 million) in this quarter as compared to net cash flows used in financing activities of NIS 2.7 million in the corresponding quarter last year. The cash flows used in financing activities this quarter mainly included repayment of long term loans of NIS 67.9 million (U.S. $17.1 million), repayment of commercial papers of NIS 17.2 million (U.S. $4.4 million), decrease in short term credit of NIS 106.8 million (U.S. $26.8 million) and interest payments of NIS 33.3 million (U.S. $8.4 million),  and were offset by receiving long term loans of NIS 95.0 million (U.S. $23.9 million), purchase of shares in subsidiaries by non- controlling interest in the amount of NIS 88 million (U.S. $22.1 million). The net cash flows used in financing activities in the first quarter of 2014 included mainly repayment of long term loans of NIS 39.1 million, interest payments of NIS 41.8 million and a payment of dividend to non-controlling interest of NIS 40.3 million, and was offset by receipt of long term loan of NIS 100.0 million and increase in short term bank credit of NIS 20.8 million, net.

Additional Information

Adjusted EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization)³
In the first quarter of 2015 adjusted EBITDA was NIS 81.3 million (U.S. $20.4 million) (3.3% of revenues) compared to NIS 84.8 million (3.1% of revenues) in the first quarter of 2014.

Events during the reporting period

Fueling and Commercial sites segment

As of March 31, 2015, Dor Alon operated 212 fueling stations and 219 convenience stores in various formats.

Supermarkets segment

a.         As of March 31, 2015, Mega operated 192 supermarkets under different formats.

b.         As of March 31, 2015, the Company operated branches in a total area of 292,000 sq.m. In the first quarter of 2015, 5 branches with a total area of 6,000 sq.m were closed and commercial spaces in branches at a total area of 5,000 sq.m were reduced.

Sales per square meter in the Supermarkets segment in the first quarter of 2015 amounted to NIS 4,746 (U.S. $1,192) compared to NIS 4,312 in the corresponding quarter last year.

Houseware and textile segment

As of March 31, 2015, the Company operates 113 stores (of which 11 franchised) according to the following breakdown: Na'aman – 65 stores, Vardinon – 48 stores.

Real Estate segment

a.         On March 16, 2015, BSRE declared a dividend distribution of NIS 30 million that was paid on April 15, 2015. The Company's share was NIS 19.1 million (U.S. $ 4.9 million). 

b.         Wholesale market complex

Sale agreements with apartment purchasers

On or about the date of issuing the report, the residence company entered into commitment for 699 sale agreements with a scope of NIS 1,760 million (including VAT) and received advances of NIS 1,210 million (including VAT). In addition, with respect to 15 additional units, purchase requests were signed which are in various stages of commercial and/or legal negotiations where some of them may develop into signing sales agreements.  

Commercial spaces in the mall

As of March 31, 2015, lease agreements were signed or are to be signed for 61% of the commercial spaces.

c.         Givon Parking Lot – Tel Aviv

The parking lot was established by BSRE and a third party via a jointly controlled company and it includes 1,000 parking spaces. The parking lot was opened to the public in April 2015. The development of the square is scheduled to be completed in the second quarter of 2015.

General

1 .Sale of BSRE shares

a.       On February 8, 2015, the Company sold 5% of BSRE shares for NIS 72.3 million. After the sale the Company held 64.71% of BSRE share capital.

b.      On February 26, 2015, the Company sold 1% of BSRE shares for NIS 15.4 million. After the sale the Company holds 63.71% of BSRE share capital. The sale was carried out so as to increase the public holding in the share as defined in the stock exchange directive, over 35% on the next examination date effective February 28, 2015 and by that increase the weight of BSRE share according to indicators calculated by the stock exchange.

2. On March 10, 2015, Midroog ratified the A3 rating with negative outlook of series C bonds and lowered to P2 the rating of the Company's commercial papers.

3. In addition to the measures included in the Plan, the Company has committed to provide additional funding to support Mega in an aggregate amount not to exceed NIS 240 million to assist Mega Retail if peak temporary liquidity needs arise and if the disposal of the operations of stores is not effectuated in accordance with the schedule provided in the Plan.

Subsequent events  

a.         On April 1, 2015, Midroog lowered the rating of the Company's series C bonds from A3 to Baa1 and put the rating under review with negative –neutral implications. In addition, the rating of the Company's commercial papers remained P2 under review.

b.         On May 20, 2015, Midroog lowered the rating from Baa1 to Baa2 and left the rating under review with uncertain implications.

c.         In May 2015, the Company completed the repayment of the commercial papers.

d.         On May 20, 2015, BSRE declared a dividend distribution of NIS 30 million that will be paid on June 11, 2015.

e.         On May 27, 2015, Dor Alon completed the sale of a part of its treasury shares in amount of NIS 50.4 million. As a result, the Company's share in Dor Alon decreased to 71.17%.

NOTE A: Convenience Translation to Dollars

The convenience translation of New Israeli Shekel (NIS) into U.S. dollars was made at the exchange rate prevailing at March 31, 2015: U.S. $1.00 equals NIS 3.98. The translation was made solely for the convenience of the reader.

Alon Blue Square Israel Ltd. (hereinafter: "Alon Blue Square") operates in four reportable operating segments and is the largest retail company in the State of Israel. In the Fueling and Commercial Sites segment, Alon Blue Square through its 71.17% subsidiary, which is listed on the Tel Aviv stock exchange ("TASE"), Dor Alon Energy in Israel (1988) Ltd is one of the four largest fuel retail companies in Israel based on the number of petrol stations and a leader in the field of convenience stores operating a chain of 212 petrol stations and 219 convenience stores in different formats in Israel. In its supermarket segment, Alon Blue Square, as a pioneer in the modern food retail, through its 100% subsidiary, Mega Retail Ltd., currently operates 192 supermarkets under different formats, each offering a wide range of food products, "Near Food" products and "Non-Food" products at varying levels of service and pricing. In its "Houseware and textile" segment, Alon Blue Square, through its TASE traded 77.51% subsidiary, Na'aman Group (NV) Ltd. operates specialist outlets in self-operation and franchises and offers a wide range of "Non-Food" products as retailer and wholesaler. In the Real Estate segment, Alon Blue Square, through its TASE traded 63.71% subsidiary Blue Square Real Estate Ltd., owns, leases and develops income producing commercial properties and projects. In addition, Alon Blue Square through its 100% subsidiary, Alon Cellular Ltd, operates an MVNO network in Israel, through Diners Club Israel Ltd., an associate held at 49%, which operates in the sector of issuance and clearance of YOU credit cards to the customer club members of the group and through Dr. Baby Marketing and Distribution 888 Ltd.  100 % held subsidiary as a retailer and wholesaler in the baby products sector. 

Forward-looking statements

This press release contains forward-looking statements within the meaning of safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements may include, but are not limited to, plans or projections about our business, our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as "may," "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance.  Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events, results, performance, circumstance and achievements to be materially different from any future events, results, performance, circumstance and achievements expressed or implied by such forward-looking statements.  These risks, uncertainties and other factors include, but are not limited to, the following: the effect of the economic conditions in Israel on the sales in our stores and of our products and on our profitability; our ability to compete effectively against low-priced supermarkets, large fuel companies and our other competitors; enactment of new laws and regulations, including the enactment of recommendations of governmental appointed committees and regulations with respect to the procurement of petroleum products by fuel companies and the price of petroleum products that are subject to regulation; quarterly fluctuations in our operating results that may cause volatility of our ADS and share price; fluctuations in the price of petroleum products and increases in excise tax rates imposed on the sale of petroleum products in Israel; risks associated with our dependence on a limited number of key suppliers for products that we sell in our stores; the effect of an increase in the minimum wage in Israel on our operating results; the effect of any actions taken by the Israeli Antitrust Authority on our ability to execute our business strategy and on our profitability; the effect of increases in oil, raw material and product prices in recent years; the effects of damage to our reputation or to the reputation of our store brands due to reports in the media or otherwise; government policies with respect to residential building may have a negative impact on our operations in residential building, and other risks, uncertainties and factors disclosed in our filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, risks, uncertainties and factors identified under the heading "Risk Factors" in our annual report on Form 20-F for the year ended December 31, 2014.  You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.  Except for our ongoing obligations to disclose material information under the applicable securities laws, we undertake no obligation to update the forward-looking information contained in this press release.

ALON BLUE SQUARE ISRAEL LTD.
FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2015
(UNAUDITED)

Note 1 - Segment reporting
The Company includes segment information according to IFRS 8. The reporting is based on the Company's organizational structure, the internal reporting, the allocation of resources and the decision-making process. The Company presents four reporting segments: Supermarkets – food retail, Fueling and Commercial sites, Houseware and textile, Real Estate in addition to other segment which includes mainly Cellular activity, the Company's share in the issuance and clearance activity of credit cards, the baby products sector and the logistic center in Beer Tuvia. The segments' results, as reviewed by the Chief Operating Decision Maker (CODM) include the operating profit before financial expenses from continuing operations, including the company's share in gains of associates and excluding impairment of excess costs. The segments' results for prior periods were adjusted in order to reflect the segment's results and the adjustment to the results in the consolidated report for those periods from continuing operations.

The Company's operating segments consist of the following:

(1)      Fueling and commercial sites – Through its subsidiary Dor-Alon the Company is engaged in the development, construction and operation of vehicle fueling stations, adjacent commercial centers and independent convenience stores, marketing of fuel products and other products through the fueling stations and convenience stores and direct marketing of distillates to customers. The fueling and commercial sites segment is presented according to the published financial statements of Dor-Alon, with reclassification of credit card fees and with the amortization of the excess of costs arising at the time of acquisition allocated to the reconciliation between the operating profit of the segment and the consolidated operating profit.

(2)      Supermarkets – The Company operates the second largest food retail chain in Israel. Through its subsidiary, Mega Retail Ltd. ("Mega Retail"), which operates Supermarket branches, the Company offers a wide range of food and beverage products and "Non-food" items, such as houseware, toys, small electrical appliances, computers and computer accessories, entertainment and leisure products and textile products and "Near-Food" products, such as health and beauty aids, products for infants, cosmetics and hygiene products. As of March 31, 2015, Mega Retail operated 192 supermarkets including branches which were resolved to cease their operation. This segment also includes properties owned through Blue Square Real Estate ("BSRE"), in connection with the supermarket operation of Mega Retail's stores (including warehouses and offices). The results of branches which were resolved to cease their operation including comparative figures that were restated are included in the adjustments of segment results to consolidated profit or loss since the CODM reviews the Supermarkets segment without these branches. The allocation of costs attributed to the branches which were resolved to cease their operation was made based on direct costs and joint expenses that will be saved.

(3)      Houseware and textile –through its subsidiary, Na'aman Group (NV) Ltd. ("Na'aman"), the Company is engaged as retailer and wholesaler in houseware and textile activities. As of March 31, 2015, Na'aman operated 113 stores, some through franchisees. Effective from this quarter, the Company presents in Houseware and textile segment Na'aman Group's houseware and textile activity. Other activities which were included in this segment are presented in others. Comparative figures were classified accordingly. The segment's resultsare presented according to the published financial statements of Na'aman Group. Amortization of excess costs and impairment of goodwill included in the reconciliation between the operating profit of the segment and the consolidated operating profit.

(4)      Real Estate – Through its subsidiary BSRE the Company is engaged in generating yield from commercial centers, logistics centers and offices, land for the purpose of capital appreciation and deriving long-term yield as well as in the development of the "Wholesale Market" residency project.

(5)      Others – Alon Blue Square through its 100% subsidiary, Alon Cellular Ltd, operates an MVNO network in Israel and through Diners Club Israel Ltd., an associate held at 49%, which operates in the sector of issuance and clearance of YOU credit cards to the customer club members of the group, by Dr. Baby Marketing and Distribution 888 Ltd.  100 % held subsidiary as a retailer and wholesaler in the baby products sector and by Bee Group Ltd.100% held subsidiary which operates the logistic center in Beer Tuvia.

Contact:
Alon Blue Square Israel Ltd.
Yehuda van der Walde, CFO
Toll-free telephone from U.S. and Canada:  888-572-4698
Telephone from rest of world: 972-9-961-8504
Fax: 972-9-961-8636
Email: [email protected]

SOURCE Alon Holdings Blue Square - Israel Ltd.

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