RAMAT GAN, Israel, May 18,
2017 /PRNewswire/ -- Internet Gold - Golden Lines Ltd.
(NasdaqGM: IGLD; TASE: IGLD) today reported its financial
results for the first quarter of 2017. Internet Gold holds the
controlling interest in B Communications Ltd. (Nasdaq: BCOM; TASE:
BCOM), which in turn holds the controlling interest in Bezeq, The
Israel Telecommunication Corporation Ltd. (TASE: BEZQ).
"We are very pleased with the results of both B Communications
and Bezeq, which continues to generate a steady return that
enhances our overall financial position and capabilities," said
Doron Turgeman, CEO of Internet
Gold.
Debt and Liquidity Balances: As of March 31, 2017, Internet Gold's
unconsolidated liquidity balances comprised of cash and cash
equivalents and short term investments totaled NIS 219 million ($60
million), its unconsolidated total debt was NIS 798 million ($220
million) and its unconsolidated net debt was NIS 579 million ($160
million).
Internet Gold's Unconsolidated Debt and Liquidity Balances
(1)
(In
millions)
|
March
31,
|
March
31,
|
March
31,
|
December
31,
|
|
2017
|
2017
|
2016
|
2016
|
|
NIS
|
US$
|
NIS
|
NIS
|
Short term
liabilities
|
133
|
37
|
140
|
151
|
Long term
liabilities
|
665
|
183
|
793
|
795
|
Total debt
|
798
|
220
|
933
|
946
|
Liquidity
balances
|
219
|
60
|
169
|
382
|
Net debt
|
579
|
160
|
764
|
564
|
|
|
|
|
|
(1) Does not include the debt or
liquidity balances of B Communications and its subsidiaries.
Internet Gold's First Quarter Consolidated Financial
Results
Internet Gold's consolidated revenues for the first quarter of
2017 totaled NIS 2.5 billion
($675 million), a 4.1% decrease
compared to the NIS 2.6 billion
reported in the first quarter of 2016. For both the current and the
prior-year periods, Internet Gold's consolidated revenues consisted
entirely of Bezeq's revenues.
Internet Gold's consolidated operating profit for the first
quarter of 2016 totaled NIS 460
million ($127 million), a 2.5%
decrease compared with NIS 472
million reported in the first quarter of 2016.
Internet Gold's consolidated net profit for the first quarter of
2017 totaled NIS 224 million
($62 million), a 56.6% increase
compared with NIS 143 million
reported in the first quarter of 2016. The increase in net profit
in the first quarter of 2017 was mainly due to B Communications'
lower net financial expenses resulted from the refinance of its
debt in the third quarter of 2016.
Internet Gold's First Quarter Unconsolidated
Financial Results
As of March 31, 2017, Internet
Gold held approximately 65% of B Communications' outstanding
shares. Accordingly, Internet Gold's interest in B Communications'
net profit for the first quarter of 2017 totaled NIS 25 million ($7
million) compared with a net loss of NIS 15 million in the first quarter of 2016.
Internet Gold's unconsolidated net financial expenses for the
first quarter of 2017 totaled NIS 14
million ($4 million) compared
with NIS 15 million in the first
quarter of 2016. These expenses consist of NIS 12 million ($3
million) of interest and CPI linkage expenses related to
Internet Gold's publicly-traded debentures and of NIS 2 million ($1
million) of financial expenses generated by short term
investments.
Internet Gold's net profit attributable to shareholders for the
first quarter of 2017 totaled NIS 10
million ($3 million) compared
with a loss attributable to shareholders of NIS 32 million in the first quarter of 2016. The
net profit in the first quarter of 2017 was mainly due to B
Communications' lower net financial expenses resulting from the
refinance of its debt in the third quarter of 2016.
(In
millions)
|
Three months ended
March 31,
|
Year ended
December 31,
|
|
2017
|
2017
|
2016
|
2016
|
|
NIS
|
US$
|
NIS
|
NIS
|
|
|
|
|
|
Financial expenses,
net
|
(14)
|
(4)
|
(15)
|
(44)
|
Operating
expenses
|
(1)
|
-
|
(2)
|
(5)
|
Interest in BCOM's
net profit (loss)
|
25
|
7
|
(15)
|
(155)
|
Net profit
(loss)
|
10
|
3
|
(32)
|
(204)
|
Bezeq Group Results (Consolidated)
To provide further insight into its results, the Company is
providing the following summary of the consolidated financial
report of the Bezeq Group for the first quarter ended March 31, 2017. For a full discussion of Bezeq's
results for the first quarter ended March
31, 2017, please refer to its website:
http://ir.bezeq.co.il.
Bezeq Group
(consolidated)
|
Q1 2017
|
Q1 2016
|
%
change
|
|
(NIS
millions)
|
|
|
|
|
|
Revenues
|
2,453
|
2,559
|
(4.1%)
|
Operating
profit
|
566
|
574
|
(1.4%)
|
Operating
margin
|
23.1%
|
22.4%
|
|
Net
profit
|
350
|
288
|
21.5%
|
EBITDA
|
994
|
1,023
|
(2.8%)
|
EBITDA
margin
|
40.5%
|
40.0%
|
|
Diluted EPS
(NIS)
|
0.13
|
0.10
|
30.0%
|
Cash flow from
operating activities
|
826
|
922
|
(10.4%)
|
Payments for
investments
|
380
|
345
|
10.1%
|
Free cash flow
1
|
456
|
619
|
(26.3%)
|
Total debt
|
10,703
|
10,605
|
0.9%
|
Net debt
|
9,333
|
8,828
|
5.7%
|
EBITDA (trailing
twelve months)
|
4,031
|
4,324
|
(6.8%)
|
Net debt/EBITDA (end
of period) 2
|
2.32
|
2.04
|
|
|
|
|
|
1Free cash
flow is defined as cash flow from operating activities less net
payments for investments.
|
2EBITDA in
this calculation refers to the trailing twelve months.
|
Revenues of the Bezeq Group in the first quarter of 2017 were
NIS 2.45 billion ($675 million) compared to NIS 2.56 billion in the corresponding quarter of
2016, a decrease of 4.1%. The decrease was due to lower revenues in
all of the Bezeq Group segments.
Salary expenses of the Bezeq Group in the first quarter of 2017
were NIS 504 million ($139 million) compared to NIS 513 million in the corresponding quarter of
2016, a decrease of 1.8%.
Operating expenses of the Bezeq Group in the first quarter of
2017 were NIS 959 million
($264 million) compared to
NIS 1.02 billion in the corresponding
quarter of 2016, a decrease of 5.8%. The decrease was primarily due
to a reduction in expenses in all of the Bezeq Group segments,
primarily at Pelephone and was impacted by the early adoption of
accounting standard IFRS 15 whereby dealer commissions are
capitalized.
Other operating income, net of the Bezeq Group in the first
quarter of 2017 amounted to NIS 4
million ($1 million) compared
to other operating expenses, net of NIS 5
million in the corresponding quarter of 2016. Other
operating income, net was impacted by the collective labor
agreement at Bezeq International in the corresponding quarter of
2016 as well as the reduction in capital gains from the sale of
fixed assets at Bezeq Fixed-Line in the first quarter of 2017.
Depreciation and amortization expenses of the Bezeq Group in the
first quarter of 2017 were NIS 428
million ($118 million)
compared to NIS 449 million in the
corresponding quarter of 2016, a decrease of 4.7%. The decrease was
due to a reduction in depreciation and amortization expenses at
Pelephone due to the termination of depreciation of the CDMA
network as well as other assets.
Operating profit of the Bezeq Group in the first quarter of 2017
was NIS 566 million ($156 million) compared to NIS 574 million in the corresponding quarter of
2016, a decrease of 1.4%.
Financing expenses, net of the Bezeq Group in the first quarter
of 2017 amounted to NIS 101 million
($28 million) compared to
NIS 102 million in the corresponding
quarter of 2016, a decrease of 1.0%.
Tax expenses of the Bezeq Group in the first quarter of 2017
were NIS 113 million ($31 million) compared to NIS 183 million in the corresponding quarter of
2016, a decrease of 38.3%. The decrease in tax expenses was due to
a reduction in the tax asset and the recognition of deferred tax
expenses in the corresponding quarter of 2016 in the amount of
NIS 64 million resulting from a
decrease in corporate tax rates in Israel from 26.5% to 25%.
Net profit of the Bezeq Group in the first quarter of 2017 was
NIS 350 million ($96 million) compared to NIS 288 million in the corresponding quarter of
2016, an increase of 21.5%. The increase in net profit was
primarily due to the aforementioned decrease in tax expenses.
EBITDA of the Bezeq Group in the first quarter of 2017 was
NIS 994 million ($274 million) (EBITDA margin of 40.5%) compared
to NIS 1.023 billion (EBITDA margin
of 40.0%) in the corresponding quarter of 2015, a decrease of
2.8%.
Cash flow from operating activities of the Bezeq Group in the
first quarter of 2017 was NIS 826
million ($227 million)
compared to NIS 922 million in the
corresponding quarter of 2016, a decrease of 10.4%. The decrease
was primarily due to changes in working capital.
Payments for investments (Capex) of the Bezeq Group in the first
quarter of 2017 was NIS 380 million
($105 million) compared to
NIS 345 million in the corresponding
quarter of 2016, an increase of 10.1%.
Free cash flow of the Bezeq Group in the first quarter of 2017
was NIS 456 million ($126 million) compared to NIS 619 million in the corresponding quarter of
2016, a decrease of 26.3%.
Total debt of the Bezeq Group as of March
31, 2017 was NIS 10.7 billion
($2.9 billion) compared to
NIS 10.6 billion as of March 31, 2016.
Net debt of the Bezeq Group was NIS 9.33
billion ($2.57 billion) as of
March 31, 2017 compared to
NIS 8.83 billion as of March 31, 2016.
Net debt to EBITDA (trailing twelve months) ratio of the Bezeq
Group as of March 31, 2017, was 2.32,
compared to 2.04 as of March 31,
2016.
Notes:
Convenience translation to U.S Dollars
Unless noted specifically otherwise, the dollar denominated
figures were converted to US$ using a convenience translation based
on the New Israeli Shekel (NIS)/US$ exchange rate of NIS 3.632 = US$ 1
as published by the Bank of Israel
for March 31, 2017.
Use of non-IFRS financial measures
We and the Bezeq Group's management regularly use supplemental
non-IFRS financial measures internally to understand, manage and
evaluate its business and make operating decisions. The following
non-IFRS measures are provided in the press release and
accompanying supplemental information because management believes
these measurements provide consistent and comparable measures to
help investors understand the Bezeq Group's current and future
operating cash flow performance and are useful for investors and
financial institutions to analyze and compare companies on the
basis of operating performance:
- EBITDA - defined as net profit plus income tax expenses, share
of loss in equity accounted investee, net financing expenses and
depreciation and amortization;
- EBITDA trailing twelve months - defined as net profit plus
income tax expenses, share of loss in equity accounted investee,
net financing expenses and depreciation and amortization
during last twelve months;
- Net debt - defined as long and short term bank loans and
debentures minus cash and cash equivalents and short term
investments; and
- Net debt to EBITDA ratio - defined as net debt divided by the
trailing twelve months EBITDA.
- Free Cash Flow (FCF) - defined as cash from operating
activities less cash used for the purchase/sale of property, plant
and equipment, and intangible assets, net;
These non-IFRS financial measures may differ materially from the
non-IFRS financial measures used by other companies.
We present the Bezeq Group's EBITDA as a supplemental
performance measure because we believe that it facilitates
operating performance comparisons from period to period and company
to company by backing out potential differences caused by
variations in capital structure, tax positions (such as the impact
of changes in effective tax rates or net operating losses) and the
age of, and depreciation expenses associated with, fixed assets
(affecting relative depreciation expense).
EBITDA should not be considered in isolation or as a substitute
for net profit or other statement of operations or cash flow data
prepared in accordance with IFRS as a measure of profitability or
liquidity. EBITDA does not take into account our debt service
requirements and other commitments, including capital expenditures,
and, accordingly, is not necessarily indicative of amounts that may
be available for discretionary uses. In addition, EBITDA, as
presented in this press release, may not be comparable to similarly
titled measures reported by other companies due to differences in
the way that these measures are calculated.
Management of Bezeq believes that free cash flow is an important
measure of its liquidity as well as its ability to service
long-term debt, fund future growth and to provide a return to
shareholders. We also believe this free cash flow definition does
not have any material limitations. Free cash flow is a financial
index which is not based on IFRS. Free cash flow is defined as cash
from operating activities less cash for the purchase/sale of
property, plant and equipment, and intangible assets, net.
Bezeq also uses net debt and the net debt to EBITDA trailing
twelve months ratio to analyze its financial capacity for further
leverage and in analyzing the company's business and financial
condition. Net debt reflects long and short term liabilities minus
cash and cash equivalents and investments.
Reconciliations between the Bezeq Group's results on an IFRS and
non-IFRS basis with respect to these non-IFRS measurements are
provided in tables immediately following the Company's consolidated
results. The non-IFRS financial measures are not meant to be
considered in isolation or as a substitute for comparable IFRS
measures, and should be read only in conjunction with its
consolidated financial statements prepared in accordance with
IFRS.
About Internet Gold
Internet Gold is a telecommunications-oriented holding company
which is a controlled subsidiary of Eurocom Communications Ltd.
Internet Gold's primary holding is its controlling interest in B
Communications Ltd. (TASE and Nasdaq: BCOM), which in turn holds
the controlling interest in Bezeq, The Israel Telecommunication
Corp., Israel's largest
telecommunications provider (TASE: BEZQ). Internet Gold's shares
are traded on NASDAQ and the TASE under the symbol IGLD. For more
information, please visit the following Internet sites:
www.igld.com
www.bcommunications.co.il
http://ir.bezeq.co.il
www.eurocom.co.il
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. Factors that could cause
actual results to differ materially from these forward-looking
statements include, but are not limited to, general business
conditions in the industry, changes in the regulatory and legal
compliance environments, the failure to manage growth and other
risks detailed from time to time in B Communications' filings with
the Securities Exchange Commission. These documents contain
and identify other important factors that could cause actual
results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on
which they are made. We undertake no obligation to update publicly
or revise any forward-looking statement.
Internet Gold -
Golden Lines Ltd.
|
Consolidated
Statements of Financial Position as at
|
(In
millions)
|
|
|
|
March
31,
|
March
31,
|
March
31,
|
December
31,
|
|
|
2017
|
2017
|
2016
|
2016
|
|
|
NIS
|
US$
|
NIS
|
NIS
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
810
|
223
|
1,233
|
810
|
Restricted
cash
|
|
-
|
-
|
715
|
-
|
Investments
|
|
1,076
|
296
|
1,524
|
1,240
|
Trade receivables,
net
|
|
1,976
|
544
|
2,042
|
2,000
|
Other
receivables
|
|
334
|
92
|
299
|
217
|
Inventory
|
|
114
|
31
|
123
|
106
|
Total current
assets
|
|
4,310
|
1,186
|
5,936
|
4,373
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Trade and other
receivables
|
|
595
|
163
|
662
|
644
|
Property, plant and
equipment
|
|
7,078
|
1,949
|
7,189
|
7,072
|
Intangible
assets
|
|
6,408
|
1,764
|
6,986
|
6,534
|
Deferred expenses and
investments
|
|
460
|
127
|
568
|
447
|
Broadcasting
rights
|
|
438
|
121
|
456
|
432
|
Investment in
equity-accounted investee
|
|
14
|
4
|
23
|
18
|
Deferred tax
assets
|
|
1,008
|
278
|
1,104
|
1,007
|
Total non-current
assets
|
|
16,001
|
4,406
|
16,988
|
16,154
|
|
|
|
|
|
|
Total
assets
|
|
20,311
|
5,592
|
22,924
|
20,527
|
|
|
|
|
|
|
Internet Gold -
Golden Lines Ltd.
|
Consolidated
Statements of Financial Position as at
|
(In
millions)
|
|
|
|
March
31,
|
March
31,
|
March
31,
|
December
31,
|
|
|
2017
|
2017
|
2016
|
2016
|
|
|
NIS
|
US$
|
NIS
|
NIS
|
Current
liabilities
|
|
|
|
|
|
Bank loans and credit
and debentures
|
|
1,950
|
537
|
2,380
|
2,181
|
Trade and other
payables
|
|
1,746
|
481
|
1,921
|
1,661
|
Related
party
|
|
6
|
2
|
206
|
32
|
Current tax
liabilities
|
|
143
|
39
|
711
|
138
|
Provisions
|
|
81
|
22
|
88
|
80
|
Employee
benefits
|
|
308
|
85
|
380
|
315
|
Total current
liabilities
|
|
4,234
|
1,166
|
5,686
|
4,407
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Bank loans and
debentures
|
|
11,983
|
3,299
|
12,396
|
12,241
|
Employee
benefits
|
|
260
|
72
|
238
|
258
|
Other
liabilities
|
|
250
|
69
|
262
|
244
|
Provisions
|
|
47
|
13
|
46
|
47
|
Deferred tax
liabilities
|
|
570
|
157
|
665
|
593
|
Total non-current
liabilities
|
|
13,110
|
3,610
|
13,607
|
13,383
|
|
|
|
|
|
|
Total
liabilities
|
|
17,344
|
4,776
|
19,293
|
17,790
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Attributable to
shareholders of the Company
|
|
205
|
56
|
364
|
194
|
Non-controlling
interests
|
|
2,762
|
760
|
3,267
|
2,543
|
Total
equity
|
|
2,967
|
816
|
3,631
|
2,737
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
20,311
|
5,592
|
22,924
|
20,527
|
Internet Gold -
Golden Lines Ltd.
|
Consolidated
Statements of Income for the
|
(In millions,
except per share data)
|
|
|
|
|
|
Year
ended
|
|
Three months ended
March 31,
|
December
31,
|
|
2017
|
2017
|
2016
|
2016
|
|
NIS
|
US$
|
NIS
|
NIS
|
Revenues
|
2,453
|
675
|
2,559
|
10,084
|
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
Depreciation and
amortization
|
528
|
145
|
545
|
2,161
|
Salaries
|
504
|
139
|
514
|
2,017
|
General and operating
expenses
|
962
|
264
|
1,023
|
4,024
|
Other operating
expense (income), net
|
(1)
|
-
|
5
|
21
|
|
|
|
|
|
|
1,993
|
548
|
2,087
|
8,223
|
|
|
|
|
|
Operating
profit
|
460
|
127
|
472
|
1,861
|
|
|
|
|
|
Financing expenses,
net
|
145
|
40
|
207
|
975
|
|
|
|
|
|
Profit after
financing expenses, net
|
315
|
87
|
265
|
886
|
|
|
|
|
|
Share of loss in
equity-accounted investee
|
2
|
1
|
1
|
5
|
|
|
|
|
|
Profit before
income tax
|
313
|
86
|
264
|
881
|
|
|
|
|
|
Income tax
expenses
|
89
|
24
|
121
|
442
|
|
|
|
|
|
Net profit for the
period
|
224
|
62
|
143
|
439
|
|
|
|
|
|
Profit (loss)
attributable to:
|
|
|
|
|
shareholders of the
Company
|
10
|
3
|
(32)
|
(202)
|
Non-controlling
interests
|
214
|
59
|
175
|
641
|
|
|
|
|
|
Net profit for the
period
|
224
|
62
|
143
|
439
|
|
|
|
|
|
Earnings (loss)
per share
|
|
|
|
|
Basic
|
0.55
|
0.15
|
(1.67)
|
(10.52)
|
Diluted
|
0.55
|
0.15
|
(1.67)
|
(10.52)
|
Bezeq, The Israel
Telecommunication Corporation Ltd.
|
Reconciliation for
NON-IFRS Measures
|
EBITDA
|
The following is a
reconciliation of the Bezeq Group's net profit to
EBITDA:
|
|
(In
millions)
|
Three month period
ended March 31,
|
Trailing twelve
months ended March 31,
|
|
2016
|
2017
|
2017
|
2016
|
2017
|
2017
|
|
NIS
|
NIS
|
US$
|
NIS
|
NIS
|
US$
|
|
|
|
|
|
|
|
Net profit
|
288
|
350
|
96
|
1,546
|
1,306
|
359
|
Income tax
|
183
|
113
|
31
|
629
|
555
|
153
|
Share of loss in
equity- accounted investee
|
1
|
2
|
1
|
5
|
6
|
2
|
Financing expenses,
net
|
102
|
101
|
28
|
328
|
446
|
123
|
Depreciation and
amortization
|
449
|
428
|
118
|
1,816
|
1,718
|
473
|
|
|
|
|
|
|
|
EBITDA
|
1,023
|
994
|
274
|
4,324
|
4,031
|
1,110
|
Net
Debt
|
The following table
shows the calculation of the Bezeq Group's net debt:
|
|
(In
millions)
|
As at March
31,
|
|
2016
|
2017
|
2017
|
|
NIS
|
NIS
|
US$
|
|
|
|
|
Short term bank loans
and credit and debentures
|
2,073
|
1,594
|
439
|
Non-current bank
loans and debentures
|
8,532
|
9,109
|
2,508
|
Cash and cash
equivalents
|
(1,221)
|
(792)
|
(218)
|
Investments
|
(556)
|
(578)
|
(159)
|
|
|
|
|
Net debt
|
8,828
|
9,333
|
2,570
|
|
|
|
|
Net Debt to
Trailing Twelve Months EBITDA Ratio
|
The following table
shows the calculation of the Bezeq Group's net debt to EBITDA
trailing twelve months ratio:
|
|
(In
millions)
|
As at March
31,
|
|
2016
|
2017
|
2017
|
|
NIS
|
NIS
|
US$
|
|
|
|
|
Net debt
|
8,828
|
9,333
|
2,570
|
|
|
|
|
Trailing twelve
months EBITDA
|
4,324
|
4,031
|
1,110
|
|
|
|
|
Net debt to EBITDA
ratio
|
2.04
|
2.32
|
2.32
|
Bezeq, The Israel
Telecommunication Corporation Ltd.
|
Reconciliation for
NON-IFRS Measures
|
Free Cash
Flow
|
The following table
shows the calculation of the Bezeq Group's free cash
flow:
|
|
(In
millions)
|
Three month period
ended March 31,
|
|
2016
|
2017
|
2017
|
|
NIS
|
NIS
|
US$
|
|
|
|
|
Cash flow from
operating activities
|
922
|
826
|
227
|
Purchase of property,
plant and equipment
|
(294)
|
(277)
|
(76)
|
Investment in
intangible assets and deferred expenses
|
(51)
|
(103)
|
(28)
|
Proceeds from the
sale of property, plant and equipment
|
42
|
10
|
3
|
|
|
|
|
Free cash
flow
|
619
|
456
|
126
|
Designated Disclosure with Respect to the Company's Projected
Cash Flows
In connection with the issuance of the Series D Debentures in
2014, we undertook to comply with the "hybrid model disclosure
requirements" as determined by the Israeli Securities Authority and
as described in the prospectus governing our Series D
Debentures.
This model provides that in the event certain financial "warning
signs" exist, and for as long as they exist, we will be subject to
certain disclosure obligations towards the holders of our Series D
Debentures.
In examining the existence of warning signs as of March 31 2017, our board of directors noted that
our consolidated financial statements (unaudited) as well as our
separate internal (unpublished) unaudited financial information as
of and for the quarter ended March 31,
2017 reflect that we had a continuing negative cash flow
from operating activities of NIS 1
million for the first quarter of 2017.
The Israeli regulations provide that the existence of a
continuing negative cash flow from operating activities could be
deemed to be a "warning sign" unless our board of directors
determines that the possible "warning sign" does not reflect a
liquidity problem.
Such continuing negative cash flow from operating activities
results from the general operating expenses of the Company of
NIS 1 million for the first quarter
of 2017 and due to the fact that the Company, as a holding company,
does not have any cash inflows from operating activities. Our main
source of cash inflows is generated from dividends (classified as
cash flow from investing activities) or debt issuances (classified
as cash flow from financing activities). We did not have any such
inflows in the first quarter of 2017.
Such continuing negative cash flow from operating activities
does not effect our liquidity in any manner. Our board of directors
reviewed our financial position, outstanding debt obligations and
our existing and anticipated cash resources and uses and determined
that the existence of the continuing negative cash flow from
operating activities, as mentioned above, does not reflect a
liquidity problem.
For further information, please contact:
Idit Cohen - IR
Manager
idit@igld.com / Tel: +972-3-924-0000
Investor relations contacts:
Hadas Friedman - Investor
Relations
Hadas@km-ir.co.il / Tel: +972-3-516-7620
Internet Gold - Golden Lines Ltd.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/internet-gold-reports-its-financial-results-for-the-first-quarter-2017-300459931.html
SOURCE Internet Gold - Golden Lines Ltd.