Delek Group Ltd. (TASE: DLEKG) lost NIS 349 million in 2014. This compares with a net profit of NIS 1.33 billion in 2013.
The loss attributable to shareholders totaled NIS 765 million in 2014, compared with a profit of NIS 740 million in 2013. The loss for the fourth quarter of 2014 was NIS 120 million, compared with a profit of NIS 125 million in the corresponding quarter of 2013.
Delek says in its report that it has decided to delay its planned offering on the London Stock Exchange "in the light of the volatility in recent months on international energy markets, and of the fact that there are several regulatory issues awaiting general resolution and settlement, among them the anti-trust question in the Leviathan project."
Delek has been working on an overseas offering for a year, as part of its strategy to focus its activity on energy, chiefly gas and oil, and exit activities that are not part of its core business. The decision by anti-trust commissioner David Gilo to revisit the question of Delek and Noble Energy's control of both of Israel's largest gas fields, Tamar and Leviathan, has however meant a halt to the process of listing Delek in London.
The report also states that, with cash of NIS 3.6 billion, the group is examining the possibility of carrying out a strategic acquisition in the international energy business in the next few months, one that will be synergetic with its current activity. The focus is on identifying opportunities in operations. Delek says that it is being advised by several international banks.
The group also says that in the next few months it intends to proceed with the development plan for the Aphrodite gas field in Cyprus, in which it holds, through subsidiaries Delek Drilling and Avner, 30% of the rights. The Aphrodite discovery is estimated at 127 BCM.
Delek Group announced a NIS 150 million dividend.
Delek Group CEO Asaf Bartfeld said, "2015 will be a year of focus on energy, taking advantage of the group's exceptional financial power to identify and execute a new strategic investment in the international energy market that will be synergetic with and complementary to the group's current activity, and will contribute to its continued growth and enable it to establish a stable and strong international energy business alongside the group's activity in Israel."
Published by Globes [online], Israel business news - www.globes-online.com - on March 31, 2015
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