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Add to BriefcaseCellcom Israel Announces Third Quarter 2012 Results
NETANYA,
------------------------
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Third Quarter 2012 Highlights[3] (compared with the third quarter 2011):
- Free cash flow[1] totaled
NIS 414 million ($106 million ), a 58% increase - Total Revenues totaled
NIS 1,448 million ($370 million ), a 13% decrease - Service revenues totaled
NIS 1,148 million ($293 million ), a 3.8% decrease - EBITDA[1] totaled
NIS 430 million ($110 million ), a 19.9% decrease - EBITDA margin 29.7%, down from 32.3%
- Operating profit totaled
NIS 239 million ($61 million ), a 31.5% decrease - Net income totaled
NIS 124 million ($32 million ), a 37.7% decrease - Cellular Subscriber base totaled approx. 3.338 million at the end of
September 2012
--------------------------------------------------
1. Please see "Use of Non-IFRS financial measures" section in this press release.
2. Based on a comparison of third quarter 2012 expenses to fourth quarter 2011 expenses.
3. The Company consolidated financial results for the third quarter 2012 include the results of
Commenting on the results, Nir Sztern, Chief Executive Officer, said, "We are pleased with the implementation of the Company's strategy: the merger of
The Company has taken aggressive efficiency measures, which led, so far, to an annual savings run rate of approximately
We continue to leverage and expand the comprehensive services we provide as a communications group, addressing all customer segments, and seeing great success with our "Cellcom Total" marketing plan, which was launched in July of this year, followed by "Cellcom Total for Businesses", a beneficial, comprehensive communications package for small and medium businesses. At the same time, we witness
Regarding market competition, Nir Sztern noted: "In the third quarter, the Company recruited approximately 5,000 net new subscribers. This is an impressive achievement in light of the intense competition. The positive net adds is a result of the "Cellcom Total" success as well as the beginning of IDF subscribers' transfer to our network, whereas the majority of the IDF subscribers will be joining in the following quarters. This quarter, the Company also presented a record growth of private landline telephony subscribers.
We will continue to strengthen
The focus on cost reduction and the reduction in inventory levels and handset sales, have led to an improvement in our free cash flow for the third quarter of 2012, which totaled
The Company's Board of Directors decided not to distribute a dividend for the third quarter of 2012, in order to strengthen the Company's balance sheet at this time of market uncertainty. The Board of directors will re-evaluate its decision in the coming quarters as market conditions develop, and taking into consideration the Company's needs".
Main Consolidated Financial Results (financial data for Q3/2011, includes
Q3/2012 Q3/2011 (*) % Change Q3/2012 Q3/2011
million US$
(convenience
million NIS translation)
Total revenues 1,448 1,665 (13.0%) 370.1 425.6
Operating profit 239 349 (31.5%) 61.1 89.2
Net income 124 199 (37.7%) 31.7 50.9
Free cash flow 414 262 58.0% 105.8 67.0
EBITDA 430 537 (19.9%) 109.9 137.3
EBITDA, as percent of
total revenues 29.7% 32.3% (8.0%)
(*) Since the merger transaction with
Main Financial Data by Companies:
Cellcom Israel without Consolidation
adjustments Consolidated
Netvision Netvision (*) results
Change
Q3/2012 Q3/2011 (%) Q3/2012 Q3/2012
Total
revenues 1,187 1,567 (24.3%) 291 (30) 1,448
Total
service
revenues
[4] 902 1,101 (18.1%) 276 (30) 1,148
Equipment
revenues 285 466 (38.8%) 15 - 300
Operating
profit 220 350 (37.1%) 45 (26) 239
EBITDA 355 517 (31.3%) 75 - 430
EBITDA, as
percent of
total
revenues 29.9% 33.0% (9.4%) 25.8% - 29.7%
(*)Include elimination of inter-company revenues between
--------------------------------------------------
4. Including revenues from content, SMS and value added services. The Company has ceased to detail separately the revenues from content, SMS and value added services, since most of the marketing plans which are sold nowadays include service packages which include unlimited air time minutes and SMS as well as cellular surfing.
Main Performance Indicators (data refers to cellular subscribers only):
Change
Q3/2012 Q3/2011 (%)
Cellular subscribers at
the end of period (in
thousands) 3,338 3,391 (1.6%)
Churn Rate for cellular
subscribers (in %) 8.6% 5.7% 50.9%
Monthly cellular ARPU[5]
(in NIS) 86.7 105.1 (17.5%)
Average Monthly cellular
MOU (in minutes) 399 357 11.7%
Financial Review (financial data for Q3/2011, includes
Revenues for the third quarter of 2012 totaled
The decrease in service revenues is primarily attributed to the ongoing erosion in the price of cellular services, resulting from the intensified competition in the market. Most of this decrease was offset by an increase in
--------------------------------------------------
5. Including revenues from national roaming services and hosting services to operators on the Company's communications networks.
Equipment revenues decreased 36.4%, from
Cost of revenues for the third quarter of 2012 decreased 3.1% to
Gross profit for the third quarter of 2012 decreased 24.2% to
Selling, Marketing, General and Administrative Expenses ("SG&A expenses") for the third quarter of 2012 decreased 18.2% to
Operating profit for the third quarter of 2012 totaled
EBITDA for the third quarter of 2012 decreased 19.9% to
Financing expenses, net for the third quarter of 2012 totaled
Net Income for the third quarter of 2012 totaled
Basic earnings per share for the third quarter of 2012 totaled
Operating Review (data refers to cellular subscribers only)
New Cellular Subscribers - at the end of
In the third quarter of 2012, the Company added approximately 19,000 net new 3G cellular subscribers to its 3G subscriber base, reaching approximately 1.449 million 3G subscribers at the end of
The Churn Rate of cellular subscribers in the third quarter 2012 was 8.6%, compared to 5.7% in the third quarter last year. The increase in the churn rate mainly resulted from the increased competition in the market following the entrance of the new operators during the second quarter 2012.
Average monthly cellular Minutes of Use per subscriber ("MOU") in the third quarter 2012 totaled 399 minutes, compared to 357 minutes in the third quarter 2011, an increase of 11.7%.
The monthly cellular Average Revenue per User (ARPU) for the third quarter of 2012 decreased 17.5% and totaled
Financing and Investment Review (financial data for Q3/2011, includes
Free cash flow for the third quarter of 2012 increased by 58% and totaled
Total Equity
Total Equity as of
Capital expenditure
The Company's accrual capital expenditure for the third quarter of 2012, totaled
Dividend
On
Debentures
For information regarding the Company's summary of financial undertakings and details regarding the Company's outstanding debentures as of
Other developments during the third quarter of 2012 and subsequent to the end of the reporting period
Regulation
In
For additional details see the Company's most recent annual report on Form 20-F for the year ended
Changes in Senior Management
Mr.
Conference Call Details
The Company will be hosting a conference call on
US Dial-in Number: 1-888-668-9141 UK Dial-in Number: 0-800-917-5108
Israel Dial-in Number: 03-918-0610 International Dial-in Number: +972-3-918-0610
at:
To access the live webcast of the conference call, please access the investor relations section of
About
Forward-Looking Statements
The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial results, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of
activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: changes to the terms of our license, new legislation or decisions by the regulator affecting our operations, new competition and changes in the competitive environment, the outcome of legal proceedings to which we are a party, particularly class action lawsuits, our ability to maintain or obtain permits to construct and operate cell sites, and other risks and uncertainties detailed from time to time in our filings with the
Although we believe the expectations reflected in the forward-looking statements contained herein are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We assume no duty to update any of these forward-looking statements after the date hereof to conform our prior statements to actual results or revised expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the
Use of non-IFRS financial measures
EBITDA is a non-IFRS measure and is defined as income before financing income (expenses), net; other income (expenses), net; income tax; depreciation and amortization and share based payments. This is an accepted measure in the communications industry. The Company presents this measure as an additional performance measure as the Company believes that it enables us to compare operating performance between periods and companies, net of any potential differences which may result from differences in capital structure, taxes, age of fixed assets and related depreciation expenses. EBITDA should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with Generally Accepted Accounting Principles as measures of profitability or liquidity. EBITDA does not take into account debt service requirements, or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, EBITDA may not be comparable to similarly titled measures reported by other companies, due to differences in the way these measures are calculated. See the reconciliation between the net income and the EBITDA presented at the end of this Press Release.
Free cash flow is a non-IFRS measure and is defined as the net cash provided by operating activities minus the net cash used in investing activities excluding short-term investment in tradable debentures and deposits and proceeds from sales of such debentures (including interest received in relation to such debentures) and deposits. See the reconciliation note in this Press Release.
Financial tables follow
(
Condensed Consolidated Interim Statements of Financial position
Convenience
translation
Into
U.S. dollar
September September September December
30, 30, 30, 31,
2011 2012 2012 2011
NIS NIS US$ NIS
millions millions millions millions
(Unaudited) (Unaudited) (Unaudited) (Audited)
Assets
Cash and cash equivalents 869 1,139 291 920
Current investments,
including derivatives 479 493 126 290
Trade receivables 1,862 1,912 489 1,859
Other receivables 87 87 22 93
Inventory 135 125 32 170
Total current assets 3,432 3,756 960 3,332
Trade and other receivables 1,282 1,291 330 1,337
Property, plant and
equipment, net 2,141 2,084 533 2,168
Intangible assets, net 1,720 1,552 397 1,680
Deferred tax assets 37 60 15 40
Total non-current assets 5,180 4,987 1,275 5,225
Total assets 8,612 8,743 2,235 8,557
Liabilities
Short-term credit and
current maturities of
long-term loans and
debentures 681 1,142 292 674
Trade payables and accrued
expenses 1,016 859 220 1,026
Current tax liabilities 58 114 29 69
Provisions 112 169 43 148
Other payables, including
derivatives 478 424 109 547
Dividend declared 232 - - 189
Total current liabilities 2,577 2,708 693 2,653
Long-term loans from banks 23 10 3 19
Debentures 5,464 5,399 1,380 5,452
Provisions 21 21 5 21
Other long-term liabilities 84 35 9 41
Liability for employee
rights upon retirement, net - 13 3 10
Deferred tax liabilities 151 157 40 174
Total non- current
liabilities 5,743 5,635 1,440 5,717
Total liabilities 8,320 8,343 2,133 8,370
Equity attributable to
owners of the Company
Share capital 1 1 - 1
Cash flow hedge reserve - 3 1 7
Retained earnings 287 395 101 175
Non-controlling interest 4 1 - 4
Total equity 292 400 102 187
Total liabilities and equity 8,612 8,743 2,235 8,557
(
Condensed Consolidated Interim Statements of Income
Year
Three-month period ended
Nine-month period ended ended December
September 30, September 30, 31,
Convenience Convenience
translation translation
into US into US
dollar dollar
2011 2012 2012 2011 2012 2012 2011
US$ US$ NIS
NIS millions millions NIS millions millions millions
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Revenues 4,481 4,531 1,158 1,665 1,448 370 6,506
Cost of
revenues (2,434) (2,590) (662) (880) (853) (218) (3,408)
Gross profit 2,407 1,941 496 785 595 152 3,098
Selling and
marketing
expenses (700) (671) (172) (259) (215) (55) (990)
General and
administrative
expenses (489) (474) (121) (176) (141) (36) (685)
Other expenses,
net (1) - - (1) - - (1)
Operating
profit 1,217 796 203 349 239 61 1,422
Financing
income 87 149 39 35 66 17 116
Financing
expenses (319) (366) (94) (125) (130) (33) (409)
Financing
expenses, net (232) (217) (55) (90) (64) (16) (293)
Profit before
taxes on income 985 579 148 259 175 45 1,129
Taxes on income (236) (161) (41) (60) (51) (13) (304)
Profit for the
period 749 418 107 199 124 32 825
Profit for the
period
attributable
to:
Owners of the
Company 749 418 107 199 124 32 824
Non-controlling
interests - - - - - - 1
Profit for the
period 749 418 107 199 124 32 825
Earnings per
share
Basic earnings
per share in
NIS 7.53 4.20 1.07 2.00 1.25 0.32 8.28
Diluted
earnings per
share in NIS 7.53 4.20 1.07 2.00 1.25 0.32 8.28
(
Condensed Consolidated Interim Statements of Cash Flows
Year
ended
Nine-month period ended Three-month period ended December
September 30, September 30, 31,
Convenience Convenience
translation translation
into into
US dollar US dollar
2011 2012 2012 2011 2012 2012 2011
US$ US$ NIS
NIS millions millions NIS millions millions millions
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Cash flows
from
operating
activities
Profit for
the period 749 418 107 199 124 32 825
Adjustments
for:
Depreciation
and
amortization 519 579 148 183 190 48 738
Share based
payment 4 4 1 3 1 - 6
Loss (gain)
on sale of
property,
plant and
equipment 1 - - 1 (1) - -
Income tax
expense 236 161 41 60 51 13 304
Financing
expenses,
net 232 217 55 90 64 16 293
Other
expenses
(income) - - - - (1) - 2
Changes in
operating
assets and
liabilities:
Change in
inventory (31) 41 11 7 3 1 (67)
Change in
trade
receivables
(including
long-term
amounts) (515) 64 16 (189) 98 25 (585)
Change in
other
receivables
(including
long-term
amounts) 43 (42) (11) 49 - - 61
Change in
trade
payables,
accrued
expenses and
provisions 166 (30) (8) 48 59 15 146
Change in
other
liabilities
(including
long-term
amounts) 13 (13) (3) 1 (29) (7) (52)
Proceeds
from
(payments
for)
derivative
hedging
contracts,
net (15) 17 4 (6) 9 2 (14)
Income tax
paid (292) (165) (42) (86) (48) (12) (325)
Income tax
received - 15 4 - - - -
Net cash
from
operating
activities 1,110 1,266 323 360 520 133 1,332
(
Condensed Consolidated Interim Statements of Cash Flows (cont'd)
Year
ended
Nine-month period ended Three-month period ended December
September 30, September 30, 31,
Convenience Convenience
translation translation
into into
US dollar US dollar
2011 2012 2012 2011 2012 2012 2011
US$ US$ NIS
NIS millions millions NIS millions millions millions
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Cash flows
from
investing
activities
Acquisition
of property,
plant, and
equipment (219) (376) (96) (84) (92) (24) (333)
Acquisition
of
intangible
assets (75) (82) (21) (23) (30) (8) (99)
Acquisition
of
subsidiary,
net of cash
acquired (1,458) - - (1,458) - - (1,458)
Change in
current
investments,
net 3 (204) (52) (4) 468 120 197
Proceeds
from
(payments
for) other
derivative
contracts,
net (7) 11 3 2 8 2 1
Proceeds
from sale of
property,
plant and
equipment 2 3 1 - 2 1 3
Interest
received 27 24 6 7 16 4 33
Loan to
equity
accounted
investee - - - - 1 - -
Proceeds
from sale of
shares in a
consolidated
company - 7 2 - - - -
Net cash
from (used
in)
investing
activities (1,727) (617) (157) (1,560) 373 95 (1,656)
Cash flows
from
financing
activities
Proceeds
from
(payments
for)
derivative
contracts,
net 11 (11) (3) 1 (5) (1) 11
Repayment of
long-term
loans from
banks - (9) (2) - (5) (1) (4)
Repayment of
debentures (354) (661) (169) (179) (182) (47) (354)
Proceeds
from
issuance of
debentures,
net of
issuance
costs 2,165 992 253 1,132 - - 2,165
Dividend
paid (626) (391) (100) (292) (130) (33) (858)
Interest
paid (243) (350) (89) (120) (168) (43) (245)
Net cash
from (used
in)
financing
activities 953 (430) (110) 542 (490) (125) 715
Cash balance
presented
under assets
held for
sales/ Cash
outflow due
to sale of
assets held
for sale - - - - - - (4)
Changes in
cash and
cash
equivalents 336 219 56 (658) 403 103 387
Cash and
cash
equivalents
at beginning
of the
period 533 920 235 1,527 736 188 533
Cash and
cash
equivalents
at end of
the period 869 1,139 291 869 1,139 291 920
(
Reconciliation for Non-IFRS Measures
EBITDA
The following is a reconciliation of net income to EBITDA:
Year
ended
Three-month period ended December
September 30, 31,
Convenience
translation
into US
dollar
2011 2012 2012 2011
NIS NIS US$ NIS
millions millions millions millions
Profit for the period 199 124 32 825
Taxes on income 60 51 13 304
Financing income (35) (66) (17) (116)
Financing expenses 125 130 33 409
Other expenses 2 - - 1
Depreciation and amortization 183 190 48 738
Share based payments 3 1 - 6
EBITDA 537 430 110 2,167
Free
The following table shows the calculation of free cash flow:
Year
ended
Three-month period ended
December
September 30, 31,
Convenience
translation
into US
dollar
2011 2012 2012 2011
NIS NIS US$ NIS
millions millions millions millions
Cash flows from operating
activities 360 520 133 1,332
Cash flows from investing
activities (*) (102) 373 95 (*)(198)
Short-term Investment in
(sale of) tradable debentures
and deposits (**) 4 (479) (122) (197)
Free cash flow 262 414 106 937
(*) After elimination of the net cash flows used for the acquisition of
(**) Including interest received in relation to such debentures.
Disclosure for debenture holders as of September 30,2012
Aggregation of the information regarding the debenture series issued by the company(1), in million NIS
Principal
Original on the
Issuance Date of
Series Date Issuance As of 30.09.2012
Principal Debenture
Linked Interest Balance
Balance Principal Accumulated Value in Market
on Trade Balance in Books Books(2) Value
22/12/05
10/01/06*
A(4) 31/05/06* 1,065 0 0 0 0 0
22/12/05
02/01/06*
05/01/06*
10/01/06*
B(4)
** 31/05/06* 925.102 925.102 1,101.919 42.924 1,144.844 1,202.910
07/10/07
C 03/02/08* 326 36.222 42.096 0.155 42.251 43.104
07/10/07
03/02/08*
06/04/09*
30/03/11*
D ** 18/08/11* 2,423.075 2,423.075 2,816.017 36.438 2,852.455 3,011.882
06/04/09
30/03/11*
E ** 18/08/11* 1,798.962 1,499.135 1,499.135 68.796 1,567.931 1,593.731
F(4)
(5) **
20/03/12 714.802 714.802 729.923 1.496 731.419 719.663
G(4)
(5) 20/03/12 285.198 285.198 285.198 0.906 286.104 284.171
Total 7,538.139 5,883.534 6,474.289 150.714 6,625.004 6,855.461
Trustee
Principal Interest
As of 13.11.2012 Interest Repayment Dates Repayment Contact
Series Rate(fixed) (3) Dates Linkage Details
Principal Linked
Balance Principal
on Trade Balance From To
Reznik,
Paz, Nevo
Trusts Ltd.
Accountant
Yossi
Reznik. 14
Yad Haruzim
St., Tel
January 5 Aviv.
and July Linked Tel:
A(4) 0 0 5.00% 05.07.08 05.07.12 5 to CPI 03-6393311.
Hermetic
Trust
(1975) Ltd.
Meirav Ofer
Oren. 113
Hayarkon
St.,
Tel Aviv.
B(4) Linked Tel:
** 925.102 1,101.919 5.30% 05.01.13 05.01.17 January 5 to CPI 03-5274867.
Reznik,
Paz, Nevo
Trusts Ltd.
Accountant
Yossi
Reznik. 14
Yad Haruzim
St., Tel
March 1 Aviv.
and
September Linked Tel:
C 36.222 42.096 4.60% 01.03.09 01.03.13 1 to CPI 03-6393311.
Hermetic
Trust
(1975) Ltd.
Meirav Ofer
Oren. 113
Hayarkon
St.,
Tel Aviv.
Linked Tel:
D ** 2,423.075 2,816.017 5.19% 01.07.13 01.07.17 July 1 to CPI 03-5274867.
Hermetic
Trust
(1975) Ltd.
Meirav Ofer
Oren. 113
Hayarkon
St., Tel
Not Aviv. Tel:
E ** 1,499.135 1,499.135 6.25% 05.01.12 05.01.17 January 5 linked 03-5274867.
Strauss
Lazar Trust
Company
(1992) Ltd
17 Yizhak
January 5 Sadeh St.,
F(4) Tel Aviv.
(5) ** and July Linked Tel: 03-
714.802 729.923 4.35% 05.01.17 05.01.20 5 to CPI 6237777
Strauss
Lazar Trust
Company
(1992) Ltd
17 Yizhak
January 5 Sadeh St.,
Tel Aviv.
G(4) and July Not Tel: 03-
(5) 285.198 285.198 6.74% 05.01.17 05.01.19 5 linked 6237777
Total 5,883.534 6,474.289
Comments:
(1) In the reported period, the company fulfilled all terms of the debentures. The company also fulfilled all terms of the Indentures. Debentures F and G financial covenants - as of September 30, 2012 the net leverage (net debt to EBITDA ratio- see definition in the Company's annual report for the year ended
(*) On these dates additional debentures of the series were issued, the information in the table refers to the full series.
(**) Series B, D, E and F are material, which represent 5% or more of the total liabilities of the Company, as presented in the financial statements.
Disclosure for debenture holders as of
Debentures rating details*
Additional
ratings
between
original
issuance
and the
Rating recent
assigned Recent date of
Rating as upon date of rating as
of Rating as issuance rating as of
Rating 30.9.2012 of of the of 13.11.2012
Series Company (1) 13.11.2012 Series 13.11.2012 (2)
Date Rating
5/2006,
9/2007,
1/2008,
10/2008,
3/2009,
9/2010,
8/2011,
1/2012,
3/2012,
S&P 5/2012, AA-,
B Ma'alot AA- AA- AA- Nov-12 11/2012 AA,AA- (2)
1/2008,
10/2008,
3/2009 ,
9/2010,
8/2011,
1/2012,
3/2012,
S&P 5/2012, AA-,
C Ma'alot AA- AA- AA- Nov-12 11/2012 AA,AA- (2)
1/2008,
10/2008,
3/2009 ,
9/2010,
8/2011,
1/2012,
3/2012,
S&P 5/2012, AA-,
D Ma'alot AA- AA- AA- Nov-12 11/2012 AA,AA- (2)
9/2010,
8/2011,
1/2012,
3/2012,
S&P 5/2012,
E Ma'alot AA- AA- AA Nov-12 11/2012 AA,AA- (2)
S&P 5/2012,
F Ma'alot AA- AA- AA Nov-12 11/2012 AA,AA- (2)
S&P 5/2012,
G Ma'alot AA- AA- AA Nov-12 11/2012 AA,AA- (2)
- In
May 2012 , S&P Ma'alot updated the Company's rating from an "ilAA/negative" to an "ilAA-/negative". - In
September 2007 , S&P Ma'alot issued a notice that the AA- rating for debentures issued by the Company was in the process of recheck with positive implications (Credit Watch Positive). InOctober 2008 , S&P Ma'alot issued a notice that the AA- rating for debentures issued by the Company is in the process of recheck with stable implications (Credit Watch Stable). This process was withdrawn upon assignment of AA rating inMarch 2009 . InAugust 2011 , S&P Ma'alot issued a notice that the AA rating for debentures issued by the Company is in the process of recheck with negative implications (Credit Watch Negative). InMay 2012 , S&P Ma'alot updated the Company's rating from an "ilAA/negative" to an "ilAA-/negative". InNovember 2012 , S&P Ma'alot affirmed the Company's rating of "ilAA-/negative". For details regarding the rating of the debentures see S&P Ma'alot's report datedNovember 4, 2012 .
* A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to suspension, revision or withdrawal at any time, and each rating should be evaluated independently of any other rating.
Summary of Financial Undertakings (according to repayment dates) as of
a. Debentures issued to the public by the Company and held by the public, excluding such debentures held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "solo" financial data (in thousand NIS).
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked to Euro
to CPI CPI Dollar Other
First year 783,950 290,927 - - - 336,536
Second year 744,678 290,927 - - - 278,571
Third year 744,678 290,927 - - - 221,509
Fourth year 744,678 290,927 - - - 164,585
More than five
years 1,467,130 571,295 - - - 159,785
Total 4,485,114 1,735,004 - - - 1,160,985
b. Private debentures and other non-bank credit, excluding such debentures held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "solo" financial data (in thousand NIS) - None
c. Credit from banks in
d. Credit from banks abroad based on the Company's "solo" financial data (in thousand NIS) - None
e. Total of sections a - d above, total credit from banks, non-bank credit and debentures based on the Company's "solo" financial data (in thousand NIS).
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked to Euro
to CPI CPI Dollar Other
First year 783,950 290,927 - - - 336,536
Second year 744,678 290,927 - - - 278,571
Third year 744,678 290,927 - - - 221,509
Fourth year 744,678 290,927 - - - 164,585
More than five
years 1,467,130 571,295 - - - 159,785
Total 4,485,114 1,735,004 - - - 1,160,985
f. Out of the balance sheet Credit exposure based on the Company's "solo" financial data - None
g. Out of the balance sheet Credit exposure of all the Company's consolidated companies, excluding companies that are reporting corporations and excluding the Company's data presented in section f above (in thousand NIS) - None
Summary of Financial Undertakings (according to repayment dates) as of
h. Total balances of the credit from banks, non-bank credit and debentures of all the consolidated companies, excluding companies that are reporting corporations and excluding Company's data presented in sections a - d above (in thousand NIS).
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked Euro
to CPI to CPI Dollar Other
First year - 16,367 - - - 1,333
Second year - 5,041 - - - 603
Third year - 5,041 - - - 303
Fourth year - 26 - - - -
More than five
years - - - - - -
Total - 26,475 - - - 2,239
- Total balances of credit granted to the Company by the parent company or a controlling shareholder and balances of debentures offered by the Company held by the parent company or the controlling shareholder (in thousand NIS).
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked Euro
to CPI to CPI Dollar Other
First year - 12 - - - 4
Second year - 12 - - - 3
Third year - 12 - - - 2
Fourth year - 12 - - - 1
More than five
years - 12 - - - 1
Total - 58 - - - 11
j. Total balances of credit granted to the Company by companies held by the parent company or the controlling shareholder, which are not controlled by the Company, and balances of debentures offered by the Company held by companies held by the parent company or the controlling shareholder, which are not controlled by the Company (in thousand NIS).
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked Euro
to CPI to CPI Dollar Other
First year 41,734 8,888 - - - 13,652
Second year 38,909 8,888 - - - 11,000
Third year 38,909 8,888 - - - 8,412
Fourth year 38,909 8,888 - - - 5,826
More than five
years 46,380 13,719 - - - 3,858
Total 204,842 49,721 - - - 42,749
Summary of Financial Undertakings (according to repayment dates) as of
k. Total balances of credit granted to the Company by consolidated companies and balances of debentures offered by the Company held by the consolidated companies (in thousand NIS)
Gross
interest
payments
(without
deduction
Principal payments of tax)
ILS not
ILS linked linked Euro
to CPI to CPI Dollar Other
First year - - - - - 1,234
Second year - 26,371 - - - 1,234
Third year - - - - - -
Fourth year - - - - - -
More than five
years - - - - - -
Total - 26,371 - - - 2,468
Company Contact
Chief Financial Officer
investors@cellcom.co.il
Tel: +972-52-998-9755
IR Contacts
CCG Investor Relations Israel & US
cellcom@ccgisrael.com
Tel: +1-646-233-2161
SOURCE
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