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2016 Financial Report

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2016 Financial Report 2016 FINANCIAL REPORT CONTENTS Auditors’ Report 5 Consolidated Balance Sheets 6 Consolidated Statements of Operations 9 Statement of Changes in Net Assets 10 Consolidated Statements of Cash Flows 12 Notes to the Consolidated Financial Statements 14 Auditors’ Report to the Board of Governors of The Jewish Agency for Israel We have audited the accompanying consolidated balance sheets of the Jewish Agency for Israel (hereafter - The Agency), as at December 31, 2016 and 2015, and the consolidated statements of operations, changes in net assets and cash flows, for each of the years ended on such dates. These financial statements are the responsibility of The Agency’s Board of Governors and Management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We did not audit the financial statements of certain consolidated subsidiaries whose assets constitute approximately 17.87% and 16.01% of the total consolidated assets as at December 31, 2016 and 2015, respectively, and whose revenues included in consolidation constitute approximately 17.41% and 14.14% of the total consolidated revenues for the years ended on such dates, respectively. Furthermore, we did not audit the financial statements of associated companies in which the investment was approximately $8 million and $7 million as at December 31, 2016 and 2015, respectively. The financial statements of the above entities were audited by other auditors, whose reports have been furnished to us. Our opinion, insofar as it relates to amounts included for those entities, is based on the reports of the other auditors. We conducted our audit in accordance with generally accepted auditing standards in Israel, including standards prescribed by the Auditors Regulations (Manner of Auditor’s Performance) - 1973. Such standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by The Agency’s Management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion. In our opinion, based on our audit and on the reports of the abovementioned other auditors, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of The Agency as at December 31, 2016 and 2015 and its consolidated results of operations, changes in net assets and cash flows, for each of the years ended on such dates, in accordance with generally accepted accounting principles in Israel (Israeli GAAP). Somekh Chaikin Certified Public Accountants (Isr.) June 6, 2017 THE JEWISH AGENCY FOR ISRAEL 2016 FINANCIAL REPORT 5 CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, Amounts in US$ thousands Assets Note 2016 2015 Current assets Cash and cash equivalents 3 156,422 158,528 Short-term deposits in banks 4 1,171 5,800 Investment in marketable securities 2g 6,583 5,756 Accounts receivable 5 60,012 59,864 Current maturities of long-term loan 6f 5,000 5,000 Total current assets 229,188 234,948 Investments and other assets 6 131,010 132,637 Fixed assets 7 182,103 176,518 Total assets 542,301 544,103 June 6, 2017 David Breakstone David Silvers Moshe Ashirie Date of approval Deputy Chair, Executive Chair, Budget & Finance Committee Chief Financial Officer of Financial Statements 6 The accompanying notes are an integral part of the financial statements. CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, Amounts in US$ thousands Liabilities and net assets Note 2016 2015 Current liabilities Accounts payable 8 92,661 96,149 Short-term deposits and other payables 27c 5,775 4,820 Liability to Pension Fund - current maturity 10c 4,000 4,000 Current maturities of long-term bank loans 9 353 233 Total current liabilities 102,789 105,202 Long-term liabilities Bank loans 9 2,890 2,946 Liabilities for employee rights upon retirement, net 10 192,373 239,773 Other liabilities 11 45,231 25,735 Total long-term liabilities 240,494 268,454 Minority interest 1,819 1,458 Commitments and contingent liabilities 12 Net assets Surplus in unrestricted net assets 44,930 3,685 Temporarily restricted net assets 13 150,924 164,640 Permanently restricted net assets 1,345 664 Total net assets 197,199 168,989 Total liabilities and net assets 542,301 544,103 The accompanying notes are an integral part of the financial statements. THE JEWISH AGENCY FOR ISRAEL 2016 FINANCIAL REPORT 7 CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, Amounts in US$ thousands Revenues Note 2016 2015 Unrestricted donations and contributions: United Israel Appeal, Inc. 86,295 87,677 Keren Hayesod - United Israel Appeal 32,649 33,376 Direct donations & Spirit of Israel 410 * 9,704 Net assets released from restrictions: United Israel Appeal, Inc. 89,115 104,629 U.S. Government grant 9,394 12,516 Keren Hayesod - United Israel Appeal 8,070 5,848 Direct donations & Spirit of Israel 36,042 22,917 Other income: Israel Experience programs (operated by subsidiaries) 62,671 58,362 Rental income 31,386 32,173 Program participations and service fees 68,395 * 66,830 Collection of doubtful debts 2h 1,705 2,102 Other - mostly subsidiaries’ income 23,042 29,380 Total revenues 449,174 465,514 Cost of activities and other expenses Israel Experiences 14 72,002 69,355 Aliyah, absorption and special operations 15 54,798 58,732 Social activism 16 39,814 * 36,367 Activities with Russian speaking Jews 17 22,829 24,975 Partnerships 18 18,823 20,335 Shlichim and Israel Fellows 19 22,408 20,786 Community services (not including FSU) 20 19,523 22,663 Allocations and social programs 21 69,540 72,487 Agency-wide projects and organizational activities 22 96,433 * 103,185 Support units and executive offices 23 23,711 26,839 FRD, marketing and communications 24 9,134 9,939 Cost of activities 449,015 465,663 Income (deficit) from ordinary operations 159 (149) Financial income, net 25 203 383 Income from activities 362 234 Non-operational income Property related costs, net of income from asset realization 26 (15,770) 866 Income (loss) arising from Board designated endowment, net 6b 4,217 (298) Decrease in Pension Fund liability, net 10d 47,344 33,178 Early retirement program expenses (1,268) (1,082) Non-operational income, net 34,523 32,664 Net income for the year 34,885 32,898 * Reclassified The accompanying notes are an integral part of the financial statements. THE JEWISH AGENCY FOR ISRAEL 2016 FINANCIAL REPORT 9 STATEMENT OF CHANGES IN NET ASSETS Unrestricted in use Amounts in US$ thousands Board designated For operations endowment Total Balance at December 31, 2014 (128,909) 93,547 (35,362) Changes during 2015 Temporarily restricted donations and contributions received: United Israel Appeal, Inc. - - - U.S. Government grant - - - Keren Hayesod - United Israel Appeal - - - Direct donations & Spirit of Israel - - - Total received - - - Released from restriction - - - Net income for the year 32,898 - 32,898 Changes in endowments, net - note 6(b) 3,442 (3,442) - Release of fixed assets and restricted assets depreciation expense - see note 2(a)2 6,149 - 6,149 Net change during 2015 42,489 (3,442) 39,047 Balance at December 31, 2015 (86,420) 90,105 3,685 Changes during 2016 Temporarily restricted donations and contributions received: United Israel Appeal, Inc. - - - U.S. Government grant - - - Keren Hayesod - United Israel Appeal - - - Direct donations & Spirit of Israel - - - Total received - - - Released from restriction - - - Net income for the year 34,885 - 34,885 Changes in endowments, net - note 6(b) (1,524) 1,524 - Release of fixed assets and restricted assets depreciation expense - see note 2(a)2 6,360 - 6,360 Net change during 2016 39,721 1,524 41,245 Balance at December 31, 2016 (46,699) 91,629 44,930 10 The accompanying notes are an integral part of the financial statements. Permanently Temporarily restricted restricted For projects For allocations Total Endowment Total 154,015 8,562 162,577 653 127,868 33,036 63,342 96,378 - 96,378 12,516 - 12,516 - 12,516 7,248 310 7,558 - 7,558 26,594 11,076 37,670 - 37,670 79,394 74,728 154,122 - 154,122 (73,423) (72,487) (145,910) - (145,910) - - - - 32,898 - - - 11 11 (6,149) - (6,149) - - (178) 2,241 2,063 11 41,121 153,837 10,803 164,640 664 168,989 30,818 57,699 88,517 - 88,517 9,394 - 9,394 - 9,394 7,968 712 8,680 - 8,680 19,945 8,729 28,674 - 28,674 68,125 67,140 135,265 - 135,265 (73,081) (69,540) (142,621) - (142,621) - - - - 34,885 - - - 681 681 (6,360) - (6,360) - - (11,316) (2,400) (13,716) 681 28,210 142,521 8,403 150,924 1,345 197,199 THE JEWISH AGENCY FOR ISRAEL 2016 FINANCIAL REPORT 11 CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, Amounts in US$ thousands 2016 2015 Cash flows from operating activities: Net income for the year 34,885 32,898 Adjustments required to reflect the cash flows from operating activities (see Appendix) (19,575) (34,977) Net cash provided by (used in) operating activities 15,310 (2,079) Cash flows from investing activities: Purchase of fixed assets (20,497) (18,649) Redemption of short-term deposits in banks and other investments 3,802 37,110 Decrease in long-term investments and other assets 7,202 10,636 Net cash provided by (used in) investing activities (9,493)
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