Internet Gold - Golden Lines Ltd. (“the Company”) (NASDAQ Global
Select Market and TASE: IGLD), a holding company with the
controlling interest in B Communications Ltd. (NASDAQ and TASE:
BCOM), which in turn holds the controlling interest in Bezeq, The
Israel Telecommunication Corporation Ltd. (TASE: BEZQ), today
reported its financial results for the second quarter of 2018.
Doron Turgeman, CEO of Internet Gold comment
today: “The second quarter of 2018 was another stable period for
Bezeq, which generated a net profit of NIS 195 million. After our
successful NIS 99 million issuance of shares and options in June
2018, we have sufficient resources to service our debt until March
2020 and we will continue our efforts to strengthen our financial
condition and liquidity with the goal of improving our debt and
equity positions”.
Private Placement of Ordinary Shares and
Warrants in Israel
On June 11, 2018, the Company conducted a
private placement of 8,800,000 of its ordinary shares, NIS 0.01 par
value, to certain institutional, “qualified” and private investors
in Israel. The Company’s gross proceeds from the offering was NIS
99 million, based on a price of NIS 11.25 per share. The Company
also issued warrants to purchase 4,400,000 additional ordinary
shares of the Company (the “Warrants”) to the investors. The
Warrants, which terminate on June 30, 2019, have an exercise price
of NIS 11.00 per share. Of the 8,800,000 ordinary shares and
4,400,000 Warrants sold in the private placement, Eurocom
Communications (our controlling shareholder) purchased a total of
4,800,000 ordinary shares and 2,400,000 Warrants.
Internet Gold’s Unconsolidated Financial
Liabilities and Liquidity
As of June 30, 2018, Internet Gold’s
unconsolidated liquidity balances comprised of cash and cash
equivalents and short-term investments totaled NIS 243 million ($67
million), its unconsolidated financial liabilities totaled NIS 817
million ($224 million) and its unconsolidated net debt totaled NIS
574 million ($157 million).
(In
millions) |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C
debentures |
|
|
22 |
|
|
|
6 |
|
|
|
261 |
|
|
|
43 |
|
Series D
debentures |
|
|
*795 |
|
|
|
*218 |
|
|
|
550 |
|
|
|
780 |
|
Total
financial liabilities |
|
|
817 |
|
|
|
224 |
|
|
|
811 |
|
|
|
823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
111 |
|
|
|
30 |
|
|
|
10 |
|
|
|
21 |
|
Short-term investments |
|
|
132 |
|
|
|
37 |
|
|
|
206 |
|
|
|
174 |
|
Total
liquidity |
|
|
243 |
|
|
|
67 |
|
|
|
216 |
|
|
|
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
debt |
|
|
574 |
|
|
|
157 |
|
|
|
595 |
|
|
|
628 |
|
|
* |
The
Series D debentures balance as of June 30, 2018 includes NIS 15
million ($4 million) arising from the initial implementation of
IFRS9. It should be noted that the increase in the Series D
debentures balance will not increase the Company’s future debt
repayments and will decrease the Company’s finance expenses over
the term of the debentures. |
Internet Gold’s Second
Quarter Consolidated Financial Results
Internet Gold’s consolidated revenues for the
second quarter of 2018 totaled NIS 2.33 billion ($639 million), a
5.3% decrease from the NIS 2.46 billion reported in the second
quarter of 2017. 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 loss for
the second quarter of 2018 totaled NIS 17 million ($5 million)
compared with operating profit of NIS 466 million reported in the
second quarter of 2017. The decrease of consolidated operating
profit is mainly due to a non-cash goodwill impairment of NIS 333
million ($91 million) recorded by B Communications with respect its
purchase price allocation relating to Bezeq’s cellular
communications segment.
Internet Gold’s consolidated loss for the second
quarter of 2018 totaled NIS 210 million ($58 million), compared
with net profit of NIS 236 million reported in the second quarter
of 2017. The consolidated loss for the second quarter of 2018 is
mainly a result of the goodwill impairment at B Communications as
described above.
Internet Gold’s loss attributable to
shareholders for the second quarter of 2018 was NIS 217 million
($60 million) compared with net profit of NIS 14 million reported
in the second quarter of 2017. The loss attributable to
shareholders for the second quarter of 2018 is mainly a result of
the goodwill impairment at B Communications.
Internet Gold’s Second Quarter
Unconsolidated Financial Results
(In
millions) |
|
Three months ended June 30, |
|
|
Year ended
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net |
|
|
(10 |
) |
|
|
(3 |
) |
|
|
(14 |
) |
|
|
(60 |
) |
Operating expenses |
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(6 |
) |
Interest
in BCOM’s net profit (loss) |
|
|
(204 |
) |
|
|
(56 |
) |
|
|
29 |
|
|
|
51 |
|
Net
profit (loss) |
|
|
(217 |
) |
|
|
(60 |
) |
|
|
14 |
|
|
|
(15 |
) |
As of June 30, 2018, Internet Gold held
approximately 65% of B Communications’ outstanding shares.
Accordingly, Internet Gold’s interest in B Communications’ loss for
the second quarter of 2018 totaled NIS 204 million ($56 million)
compared with net profit of NIS 29 million reported in the second
quarter of 2017. B Communications loss in the second quarter of
2018 was mainly due to the non-cash goodwill impairment of NIS 333
million ($91 million) with respect its purchase price allocation
relating to Bezeq’s cellular communications segment, which resulted
from the continued fierce competition in the Israeli cellular
telephony market.
Internet Gold’s unconsolidated net financial
expenses in the second quarter of 2018 totaled NIS 10 million ($3
million) compared with NIS 14 million in the second quarter of
2017. Net financial expenses in 2018 included NIS 13 million ($4
million) of interest and CPI linkage expenses related to its
publicly-traded debentures. These expenses were partially offset by
financial income of NIS 3 million ($1 million) generated by short
term investments.
Internet Gold’s unconsolidated loss for the
second quarter of 2018 was NIS 217 million ($60 million) compared
with net profit of NIS 14 million reported in the second quarter of
2017. The unconsolidated loss for the second quarter of 2018 is
mainly a result of the goodwill impairment at B
Communications.
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 quarter ended June 30,
2018. For a full discussion of Bezeq’s results for the quarter
ended June 30, 2018, please refer to its website:
http://ir.bezeq.co.il.
Bezeq
Group (consolidated) |
|
Q2-2018 |
|
|
Q2-2017 |
|
|
% change |
|
|
|
(NIS millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
2,333 |
|
|
|
2,463 |
|
|
|
(5.3 |
)% |
Operating profit |
|
|
371 |
|
|
|
573 |
|
|
|
(35.3 |
)% |
Operating margin |
|
|
15.9 |
% |
|
|
23.3 |
% |
|
|
|
|
Net
profit |
|
|
195 |
|
|
|
358 |
|
|
|
(45.5 |
)% |
EBITDA |
|
|
908 |
|
|
|
997 |
|
|
|
(8.9 |
)% |
EBITDA
margin |
|
|
38.9 |
% |
|
|
40.5 |
% |
|
|
|
|
Diluted
EPS (NIS) |
|
|
0.07 |
|
|
|
0.13 |
|
|
|
(46.2 |
)% |
Cash
flow from operating activities |
|
|
806 |
|
|
|
875 |
|
|
|
(7.9 |
)% |
Payments
for investments 1 |
|
|
611 |
|
|
|
406 |
|
|
|
50.5 |
% |
Free
cash flow 2 |
|
|
123 |
|
|
|
487 |
|
|
|
(74.7 |
)% |
Total
debt |
|
|
12,000 |
|
|
|
11,519 |
|
|
|
4.2 |
% |
Net
debt |
|
|
9,401 |
|
|
|
9,646 |
|
|
|
(2.5 |
)% |
EBITDA
(trailing twelve months) |
|
|
3,729 |
|
|
|
3,972 |
|
|
|
(6.1 |
)% |
Net
debt/EBITDA (end of period) 3 |
|
|
2.52 |
|
|
|
2.43 |
|
|
|
3.8 |
% |
* As of January 1,
2018, the Bezeq Group has early adopted accounting standard IFRS 16
“Leases”. The impact of the implementation of IFRS16 on EBITDA and
cash flow from operating activities in the second quarter of 2018
and 2017 was an increase of NIS 102 million and NIS 89 million,
respectively.1 Includes
payments of NIS 192 million for permit fees and taxes relating to
the pending “sale” of
Sakia.2 Free cash flow is
defined as cash flow from operating activities less net payments
for investments.3 EBITDA
in this calculation refers to the trailing twelve months.
Revenues of the Bezeq Group in the second
quarter of 2018 were NIS 2.33 billion ($639 million) compared to
NIS 2.46 billion in the corresponding quarter of 2017, a decrease
of 5.3%. The decrease in revenues was due to lower revenues
recorded by Bezeq International (due to a large transaction in the
ICT field recorded in the corresponding quarter), Yes and Pelephone
(mainly equipment), partially offset by an increase in revenues in
Bezeq Fixed-Line.
Salary expenses of the Bezeq Group in the second
quarter of 2018 were NIS 503 million ($138 million) compared to NIS
494 million in the corresponding quarter of 2017, an increase of
1.8%. The increase in salary expenses was due to higher expenses
incurred by Bezeq Fixed-Line.
Operating expenses of the Bezeq Group in the
second quarter of 2018 were NIS 838 million ($230 million) compared
to NIS 973 million in the corresponding quarter of 2017, a decrease
of 13.9%. The decrease was primarily due to the early adoption of
accounting standard IFRS 16 whereby rental expenses relating to
assets rented through operating leases are capitalized.
Other operating expenses, net of the Bezeq Group
in the second quarter of 2018 amounted to NIS 84 million ($23
million) compared to other operating income, net of NIS 1 million
in the corresponding quarter of 2017. Other operating expenses, net
in the second quarter of 2018 was impacted by a provision of NIS 80
million ($22 million) for costs associated with the early
retirement of Bezeq Fixed-line employees.
Depreciation and amortization expenses of the
Bezeq Group in the second quarter of 2018 were NIS 537 million
($147 million) compared to NIS 424 million in the corresponding
quarter of 2017, an increase of 26.7%. The increase was due to the
amortization of right-of-use assets resulting from the early
adoption of accounting standard IFRS 16 beginning January 1,
2018.
Operating profit of the Bezeq Group in the
second quarter of 2018 was NIS 371 million ($102 million) compared
to NIS 573 million in the corresponding quarter of 2017, a decrease
of 35.3%.
Financing expenses, net of the Bezeq Group in
the second quarter of 2018 amounted to NIS 110 million ($30
million) compared to NIS 102 million in the corresponding quarter
of 2017, an increase of 7.8%.
Income tax expenses of the Bezeq Group in the
second quarter of 2018 were NIS 65 million ($18 million) compared
to NIS 111 million in the corresponding quarter of 2017, a decrease
of 41.4%. The decrease in tax expenses was due to a reduction in
profitability as well as a decrease in the corporate tax rate from
24% to 23% in 2018.
Net profit of the Bezeq Group in the second
quarter of 2018 was NIS 195 million ($53 million) compared to NIS
358 million in the corresponding quarter of 2017, a decrease of
45.5%. The decrease in net profit was primarily due to the decrease
in revenues and the provision for early retirement.
EBITDA of the Bezeq Group in the second quarter
of 2018 was NIS 908 million ($249 million) (EBITDA margin of 38.9%)
compared to NIS 997 billion (EBITDA margin of 40.5%) in the
corresponding quarter of 2017, a decrease of 8.9%.
Cash flow from operating activities of the Bezeq
Group in the second quarter of 2018 was NIS 806 million ($221
million) compared to NIS 875 million in the corresponding quarter
of 2017, a decrease of 7.9%. The decrease in cash flow from
operating activities was primarily due to the decrease in
profitability and changes in working capital.
Payments for investments (Capex) of the Bezeq
Group in the second quarter of 2018 was NIS 611 million ($167
million) compared to NIS 406 million in the corresponding quarter
of 2017, an increase of 50.5%. The increase in investments was
primarily due to payments of NIS 192 million for permit fees and an
improvement levy relating to the pending sale of “Sakia”.
Free cash flow of the Bezeq Group in the second
quarter of 2018 was NIS 123 million ($34 million) compared to NIS
487 million in the corresponding quarter of 2017, a decrease of
74.7%. The decrease in free cash flow was primarily due to timing
differences resulting from the payments in relation to the sale of
“Sakia” while the proceeds from the sale have not yet been
recorded.
Total debt of the Bezeq Group as of June 30,
2018 was NIS 12.0 billion ($3.3 billion) compared to NIS 11.5
billion as of June 30, 2017.
Net debt of the Bezeq Group was NIS 9.40 billion
($2.58 billion) as of June 30, 2018 compared to NIS 9.64 billion as
of June 30, 2017.
Net debt to EBITDA (trailing twelve months)
ratio of the Bezeq Group as of June 30, 2018, was 2.52, compared to
2.43 as of June 30, 2017.
Notes:
Convenience translation to U.S
Dollars
Unless noted specifically otherwise, the dollar
denominated figures were converted to US$ using a convenience
translation based on the New Israeli Shekel (NIS)/US$ exchange rate
of NIS 3.65 = US$ 1 as published by the Bank of Israel for June 30,
2018.
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 are useful for investors and
financial institutions to analyze and compare companies on the
basis of operating performance:
● EBITDA -
defined as net profit plus net interest expense, provision for
income taxes, depreciation and
amortization;● EBITDA
trailing twelve months - defined as net profit plus net interest
expense, provision for income taxes, depreciation and amortization
during last twelve
months;● Net debt -
defined as long and short-term liabilities 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 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 the net debt and 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.
IFRS16
Effective January 1, 2018 (“the Initial
Application Date”), the Bezeq Group early adopted IFRS 16, Leases
(“IFRS16” or “the Standard “). The main effect of early adoption of
IFRS16 is reflected in the cancellation of the existing requirement
that lessees classify leases as operating (off-balance sheet) or
financing leases. The new Standard presents a uniform model for the
accounting treatment of all leases, pursuant to which the lessee is
to recognize the asset and the liability in respect of the lease in
its financial statements. The Standard also sets out new disclosure
requirements that are more extensive than the existing
requirements. Accordingly, until the date of initial application,
the Bezeq Group classified most of the leases in which it is the
lessee as operating leases, since it did not substantially bear all
the risks and rewards from the assets.
In accordance with IFRS16, for agreements in
which the Bezeq Group is the lessee, the Bezeq Group applies a
unified accounting model, by which it recognizes a right-of-use
asset and a lease liability at the inception of the lease contract
for all the leases in which the Bezeq Group has a right to control
identified assets for a specified period of time. Accordingly, the
Bezeq Group recognizes depreciation and amortization expenses in
respect of a right-of-use asset, tests a right-of-use asset for
impairment in accordance with IAS 36, Impairment of Assets
(hereinafter: “IAS 36”) and recognizes financing expenses on a
lease liability. Therefore, as from the date of initial
application, lease expenses relating to assets leased under an
operating lease, which were presented as part of general and
administrative expenses in the income statement, are recognized as
assets and written down as depreciation and amortization
expenses.
The Bezeq Group applies the standard using the
cumulative effect approach without a restatement of comparative
information.
In respect of all the leases, the Bezeq Group
has elected to apply the transitional provision of recognizing a
lease liability at the initial application date according to the
present value of the future lease payments discounted at the
incremental interest rate of the lessee at that date and
concurrently recognizing a right-of-use asset at the same amount of
the liability, adjusted for any prepaid or accrued lease payments
that were recognized as an asset or liability before the date of
initial application. Therefore, application of the standard did not
have an effect on the balance of the Bezeq Group’s retained
earnings at the date of initial application.
Upon initial application, the Bezeq Group also
elected to apply the following expedients, as permitted by the
standard:
a. Relying on a previous
assessment of whether an arrangement is a lease or contains a lease
at the application date of the standard. Accordingly, the
agreements that were previously classified as operating leases are
accounted for in accordance with the new Standard, and the
agreements that were previously classified as service contracts
continue to be accounted for as such without
change.b. Applying a
single discount rate to a portfolio of leases with similar
characteristics.c. Not
separating non-lease components from the lease components and
accounting for all the components as a single lease
component.d. Relying on a
previous assessment of whether a contract is onerous in accordance
with IAS 37 at the transition date, as an alternative to assessing
the impairment of right-of-use
assets.e. Excluding
initial direct costs from the measurement of the right-of-use asset
at the date of initial
application.f. Using
hindsight in determining the lease period if the contract includes
options to extend or cancel the lease.
Presented below are the principal accounting
policies for leases in which the Bezeq Group is the lessee, which
were applied as from January 1, 2018 following the application of
the Standard:
(1) Determining
whether an arrangement contains a lease
At the inception of the arrangement, the Bezeq
Group determines whether the arrangement is or contains a lease and
examines whether the arrangement transfers the right to control the
use of an identifiable asset for a period of time in return for
payment. When assessing whether the arrangement transfers control
over the use of an identifiable asset, the Bezeq Group estimates,
over the lease term, whether it has both rights set out below:
(A) The right to essentially obtain all the
economic rewards associated with the use of the identifiable
asset
(B) The right to direct the use of the
identifiable asset
For lease contracts that include non-lease
components, such as services or maintenance, which are related to a
lease component, the Bezeq Group elected to account for the
contract as a single lease component without separating the
components.
(2) Leased
assets and lease liability
Contracts that award the Bezeq Group the right
to control the use of an identifiable asset over a period of time
for a consideration are accounted for as leases. At initial
recognition, the Bezeq Group recognizes a liability at the present
value of the future minimum lease payments (these payments do not
include variable lease payments that are not linked to the CPI, or
to any change in the rate of interest, or any change in the
exchange rate), and concurrently, the Bezeq Group recognizes a
right-of-use asset at the amount of the liability, adjusted for
lease payments paid in advance or accrued, plus direct costs
incurred in the lease.
Since the interest rate implicit in the lease is
not readily determinable, the incremental borrowing rate of the
Bezeq Group is used (the borrowing rate that the Bezeq Group would
be required to pay to borrow the amounts required to obtain an
asset at a similar value to the right-of-use asset in a similar
economic environment, in a similar period and with similar
collateral).
Subsequent to initial recognition, the asset is
accounted for using the cost model and it is amortized over the
lease term or the useful life of the asset (whichever is
earlier).
(3) The
lease term
The lease term is the non-cancellable period of
the lease plus periods covered by an extension or termination
option if it is reasonably certain that the Bezeq Group will
exercise or not exercise the option.
(4) Depreciation
of right-of-use asset
After lease commencement, a right-of-use asset
is measured on a cost basis less accumulated depreciation and
accumulated impairment losses and is adjusted for re-measurements
of the lease liability. Depreciation is calculated on a
straight-line basis over the useful life or contractual lease
period, whichever earlier, as follows:
|
Type of asset |
|
Weighted average depreciation period as of
January 1, 2018 (In years) |
|
Cellular communications sites |
|
6.5 |
|
Buildings |
|
7 |
|
Vehicles |
|
2 |
At the date of initial application of IFRS 16,
the Bezeq Group recognized right-of-use assets and lease
liabilities in the amount of NIS 1.5 billion.
In measurement of the lease liabilities, the
Bezeq Group discounted lease payments using the nominal incremental
borrowing rate at January 1, 2018. The discount rates used to
measure lease liabilities range between 1.3% and 3.5% (weighted
average of 1.5%). This range is affected by differences in the
lease term.
The difference between the Bezeq Group’s
agreements for the minimum contractual lease payments in the amount
of NIS 1,020 million, as reported in Note 21A to the Annual
Statements, and the lease liabilities recognized at the initial
application date of IFRS 16, amounting to NIS 1.5 billion, is
mainly due to the options for extending the lease, which will most
likely be exercised, which were not included in Note 21A to the
Annual Statements.
About Internet Gold
Internet Gold is a telecommunications-oriented
holding company which is a controlled subsidiary of Eurocom
Communications Ltd. Internet Gold holds the controlling interest in
B Communications, which in turn holds the controlling interest in
Bezeq. For more information, please visit the following Internet
sites:
www.igld.comwww.bcommunications.co.il
www.ir.bezeq.co.ilwww.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 Internet Gold’s 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.
For further information, please
contact:
Yaniv Salomon – IR
Manageryaniv@igld.com / Tel:
+972-3-924-0000
Hadas Friedman – Investor
RelationsHadas@km-ir.co.il / Tel:
+972-3-516-7620
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Interim Statements
of Financial Position as at
(In millions)
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
1,209 |
|
|
|
331 |
|
|
|
1,958 |
|
|
|
2,408 |
|
Investments |
|
|
2,198 |
|
|
|
602 |
|
|
|
503 |
|
|
|
769 |
|
Trade
receivables |
|
|
1,821 |
|
|
|
499 |
|
|
|
1,991 |
|
|
|
1,915 |
|
Other
receivables |
|
|
289 |
|
|
|
79 |
|
|
|
349 |
|
|
|
270 |
|
Related
party |
|
|
25 |
|
|
|
7 |
|
|
|
56 |
|
|
|
43 |
|
Inventory |
|
|
96 |
|
|
|
26 |
|
|
|
105 |
|
|
|
125 |
|
Total
current assets |
|
|
5,638 |
|
|
|
1,544 |
|
|
|
4,962 |
|
|
|
5,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables |
|
|
447 |
|
|
|
122 |
|
|
|
507 |
|
|
|
493 |
|
Property, plant and equipment |
|
|
6,949 |
|
|
|
1,904 |
|
|
|
7,049 |
|
|
|
6,940 |
|
Intangible assets |
|
|
5,353 |
|
|
|
1,467 |
|
|
|
6,314 |
|
|
|
5,840 |
|
Deferred
expenses and investments |
|
|
585 |
|
|
|
160 |
|
|
|
460 |
|
|
|
558 |
|
Broadcasting rights |
|
|
467 |
|
|
|
128 |
|
|
|
456 |
|
|
|
454 |
|
Rights
of use assets |
|
|
1,424 |
|
|
|
390 |
|
|
|
- |
|
|
|
- |
|
Deferred
tax assets |
|
|
1,035 |
|
|
|
284 |
|
|
|
1,015 |
|
|
|
1,019 |
|
Investment Property |
|
|
130 |
|
|
|
36 |
|
|
|
- |
|
|
|
- |
|
Total
non-current assets |
|
|
16,390 |
|
|
|
4,491 |
|
|
|
15,801 |
|
|
|
15,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
22,028 |
|
|
|
6,035 |
|
|
|
20,763 |
|
|
|
20,834 |
|
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Interim Statements
of Financial Position as at
(In millions)
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
loans and credit and debentures |
|
|
2,120 |
|
|
|
581 |
|
|
|
1,314 |
|
|
|
1,955 |
|
Leases
liabilities |
|
|
417 |
|
|
|
114 |
|
|
|
- |
|
|
|
- |
|
Trade
and other payables |
|
|
1,607 |
|
|
|
440 |
|
|
|
1,634 |
|
|
|
1,735 |
|
Current
tax liabilities |
|
|
8 |
|
|
|
2 |
|
|
|
119 |
|
|
|
160 |
|
Provisions |
|
|
110 |
|
|
|
30 |
|
|
|
79 |
|
|
|
94 |
|
Employee
benefits |
|
|
369 |
|
|
|
101 |
|
|
|
318 |
|
|
|
280 |
|
Total
current liabilities |
|
|
4,631 |
|
|
|
1,268 |
|
|
|
3,464 |
|
|
|
4,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
loans and debentures |
|
|
13,140 |
|
|
|
3,600 |
|
|
|
13,437 |
|
|
|
13,149 |
|
Leases
liabilities |
|
|
1,034 |
|
|
|
283 |
|
|
|
- |
|
|
|
- |
|
Employee
benefits |
|
|
267 |
|
|
|
73 |
|
|
|
259 |
|
|
|
272 |
|
Other
liabilities |
|
|
210 |
|
|
|
58 |
|
|
|
251 |
|
|
|
234 |
|
Provisions |
|
|
40 |
|
|
|
11 |
|
|
|
48 |
|
|
|
40 |
|
Deferred
tax liabilities |
|
|
440 |
|
|
|
121 |
|
|
|
541 |
|
|
|
459 |
|
Total
non-current liabilities |
|
|
15,131 |
|
|
|
4,146 |
|
|
|
14,536 |
|
|
|
14,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
19,762 |
|
|
|
5,414 |
|
|
|
18,000 |
|
|
|
18,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders of the Company |
|
|
51 |
|
|
|
14 |
|
|
|
216 |
|
|
|
177 |
|
Non-controlling interests |
|
|
2,215 |
|
|
|
607 |
|
|
|
2,547 |
|
|
|
2,279 |
|
Total
equity |
|
|
2,266 |
|
|
|
621 |
|
|
|
2,763 |
|
|
|
2,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
22,028 |
|
|
|
6,035 |
|
|
|
20,763 |
|
|
|
20,834 |
|
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Interim Statements
of Income for the
(In millions except per share
data)
|
|
|
|
|
|
|
|
Year ended |
|
|
|
Six months period ended June 30, |
|
|
Three months period ended June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
4,694 |
|
|
|
1,286 |
|
|
|
4,916 |
|
|
|
2,333 |
|
|
|
639 |
|
|
|
2,463 |
|
|
|
9,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,150 |
|
|
|
314 |
|
|
|
1,053 |
|
|
|
581 |
|
|
|
160 |
|
|
|
525 |
|
|
|
2,117 |
|
Salaries |
|
|
1,014 |
|
|
|
278 |
|
|
|
998 |
|
|
|
504 |
|
|
|
138 |
|
|
|
494 |
|
|
|
2,008 |
|
General
and operating expenses |
|
|
1,693 |
|
|
|
464 |
|
|
|
1,938 |
|
|
|
848 |
|
|
|
232 |
|
|
|
976 |
|
|
|
3,911 |
|
Other
operating expenses(income), net |
|
|
440 |
|
|
|
121 |
|
|
|
1 |
|
|
|
417 |
|
|
|
114 |
|
|
|
2 |
|
|
|
149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,297 |
|
|
|
1,177 |
|
|
|
3,990 |
|
|
|
2,350 |
|
|
|
644 |
|
|
|
1,997 |
|
|
|
8,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit (loss) |
|
|
397 |
|
|
|
109 |
|
|
|
926 |
|
|
|
(17 |
) |
|
|
(5 |
) |
|
|
466 |
|
|
|
1,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net |
|
|
283 |
|
|
|
77 |
|
|
|
288 |
|
|
|
137 |
|
|
|
38 |
|
|
|
143 |
|
|
|
577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) after financing expenses, net |
|
|
114 |
|
|
|
32 |
|
|
|
638 |
|
|
|
(154 |
) |
|
|
(43 |
) |
|
|
323 |
|
|
|
1,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of
loss in equity-accounted investee |
|
|
2 |
|
|
|
1 |
|
|
|
4 |
|
|
|
1 |
|
|
|
- |
|
|
|
2 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) before income tax |
|
|
112 |
|
|
|
31 |
|
|
|
634 |
|
|
|
(155 |
) |
|
|
(43 |
) |
|
|
321 |
|
|
|
1,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expenses |
|
|
138 |
|
|
|
38 |
|
|
|
174 |
|
|
|
55 |
|
|
|
15 |
|
|
|
85 |
|
|
|
347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
profit (loss) for the period |
|
|
(26 |
) |
|
|
(7 |
) |
|
|
460 |
|
|
|
(210 |
) |
|
|
(58 |
) |
|
|
236 |
|
|
|
675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
|
(210 |
) |
|
|
(57 |
) |
|
|
24 |
|
|
|
(217 |
) |
|
|
(60 |
) |
|
|
14 |
|
|
|
(15 |
) |
Non-controlling interests |
|
|
184 |
|
|
|
50 |
|
|
|
436 |
|
|
|
7 |
|
|
|
2 |
|
|
|
222 |
|
|
|
690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit (loss) for the period |
|
|
(26 |
) |
|
|
(7 |
) |
|
|
460 |
|
|
|
(210 |
) |
|
|
(58 |
) |
|
|
236 |
|
|
|
675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(7.77 |
) |
|
|
(2.13 |
) |
|
|
1.26 |
|
|
|
(8.76 |
) |
|
|
(2.40 |
) |
|
|
0.71 |
|
|
|
(0.82 |
) |
Diluted |
|
|
(7.77 |
) |
|
|
(2.13 |
) |
|
|
1.26 |
|
|
|
(8.76 |
) |
|
|
(2.40 |
) |
|
|
0.71 |
|
|
|
(0.82 |
) |
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 June 30, |
|
|
Trailing twelve months ended June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
profit |
|
|
195 |
|
|
|
53 |
|
|
|
358 |
|
|
|
982 |
|
|
|
269 |
|
|
|
1,287 |
|
Income
tax |
|
|
65 |
|
|
|
18 |
|
|
|
111 |
|
|
|
387 |
|
|
|
106 |
|
|
|
533 |
|
Share of
loss in equity-accounted investee |
|
|
1 |
|
|
|
- |
|
|
|
2 |
|
|
|
3 |
|
|
|
1 |
|
|
|
7 |
|
Financing expenses, net |
|
|
110 |
|
|
|
30 |
|
|
|
102 |
|
|
|
432 |
|
|
|
118 |
|
|
|
443 |
|
Depreciation and amortization |
|
|
537 |
|
|
|
147 |
|
|
|
424 |
|
|
|
1,925 |
|
|
|
527 |
|
|
|
1,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
908 |
|
|
|
248 |
|
|
|
997 |
|
|
|
3,729 |
|
|
|
1,021 |
|
|
|
3,972 |
|
Net Debt
The following table shows the calculation of the
Bezeq Group’s net debt:
(In
millions) |
|
As at June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Short
term bank loans and credit and debentures |
|
|
1,796 |
|
|
|
492 |
|
|
|
958 |
|
Non-current bank loans and debentures |
|
|
10,204 |
|
|
|
2,796 |
|
|
|
10,561 |
|
Cash and
cash equivalents |
|
|
(923 |
) |
|
|
(253 |
) |
|
|
(1,854 |
) |
Investments |
|
|
(1,676 |
) |
|
|
(459 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
debt |
|
|
9,401 |
|
|
|
2,576 |
|
|
|
9,646 |
|
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 June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Net
debt |
|
|
9,401 |
|
|
|
2,576 |
|
|
|
9,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
twelve months EBITDA |
|
|
3,729 |
|
|
|
1,021 |
|
|
|
3,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt
to EBITDA ratio |
|
|
2.52 |
|
|
|
2.52 |
|
|
|
2.43 |
|
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 June 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Cash
flow from operating activities |
|
|
806 |
|
|
|
221 |
|
|
|
875 |
|
Purchase
of property, plant and equipment |
|
|
(308 |
) |
|
|
(84 |
) |
|
|
(303 |
) |
Investment in intangible assets and deferred expenses |
|
|
(111 |
) |
|
|
(31 |
) |
|
|
(103 |
) |
Lease
payments |
|
|
(95 |
) |
|
|
(26 |
) |
|
|
- |
|
Permit
fee |
|
|
(112 |
) |
|
|
(30 |
) |
|
|
- |
|
Betterment tax |
|
|
(80 |
) |
|
|
(22 |
) |
|
|
- |
|
Proceeds
from the sale of property, plant and equipment |
|
|
23 |
|
|
|
6 |
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
cash flow |
|
|
123 |
|
|
|
34 |
|
|
|
487 |
|
Effect of Early Adoption of
IFRS16
The tables below summarize the effects on the
condensed consolidated interim statement of financial position as
at June 30, 2018 and on the condensed consolidated interim
statements of income for the three months then ended, assuming the
Bezeq Group’s previous policy regarding leases continued during
that period.
Effect on the condensed consolidated interim
statement of financial position as at June 30, 2018:
|
|
In accordance with the
previous policy |
|
|
Change |
|
|
In accordance with IFRS
16 |
|
(In
millions) |
|
NIS |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Other
receivables |
|
|
232 |
|
|
|
(57 |
) |
|
|
289 |
|
Right-of-use assets |
|
|
- |
|
|
|
1,424 |
|
|
|
1,424 |
|
Trade
and other payables |
|
|
1,690 |
|
|
|
(83 |
) |
|
|
1,607 |
|
Short-term lease liabilities |
|
|
- |
|
|
|
417 |
|
|
|
417 |
|
Long-term lease liabilities |
|
|
- |
|
|
|
1,034 |
|
|
|
1,034 |
|
Equity
attributable to shareholders |
|
|
51 |
|
|
|
- |
|
|
|
51 |
|
Non-controlling interests |
|
|
2,215 |
|
|
|
- |
|
|
|
2,215 |
|
Effect on the consolidated interim statement of
income for the three months ended June 30, 2018:
|
|
In accordance with the
previous policy |
|
|
Change |
|
|
In accordance with IFRS
16 |
|
(In
millions) |
|
NIS |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
General
and operating expenses |
|
|
950 |
|
|
|
(102 |
) |
|
|
848 |
|
Depreciation and amortization |
|
|
483 |
|
|
|
98 |
|
|
|
581 |
|
Operating profit (loss) |
|
|
(21 |
) |
|
|
4 |
|
|
|
(17 |
) |
Financing expenses, net |
|
|
132 |
|
|
|
5 |
|
|
|
137 |
|
Profit
(loss) after financing expenses |
|
|
(153 |
) |
|
|
(1 |
) |
|
|
(154 |
) |
Net
Profit (loss) for the period |
|
|
(210 |
) |
|
|
- |
|
|
|
(210 |
) |
Profit
(loss) attributable to shareholders of the Company |
|
|
(217 |
) |
|
|
- |
|
|
|
(217 |
) |
Profit
attributable to non-controlling interests |
|
|
7 |
|
|
|
- |
|
|
|
7 |
|
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 June 30, 2018, our board of directors noted that our
unconsolidated unaudited cash flow statement for the quarter ended
June 30, 2018 reflect that we had, as expected, a continuing
negative cash flow from operating activities of NIS 3 million.
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 3 million generated during the second quarter of
2018 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 second quarter of 2018.
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.
Internet Gold’s Unconsolidated Balance
Sheet
(In
millions) |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
Current
assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
111 |
|
|
|
30 |
|
|
|
10 |
|
|
|
21 |
|
Short-term investments |
|
|
132 |
|
|
|
36 |
|
|
|
206 |
|
|
|
174 |
|
Total
current assets |
|
|
243 |
|
|
|
66 |
|
|
|
216 |
|
|
|
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in an investee (*) |
|
|
625 |
|
|
|
172 |
|
|
|
811 |
|
|
|
807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
868 |
|
|
|
238 |
|
|
|
1,027 |
|
|
|
1,002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of debentures |
|
|
98 |
|
|
|
27 |
|
|
|
130 |
|
|
|
97 |
|
Other
payables |
|
|
13 |
|
|
|
3 |
|
|
|
13 |
|
|
|
16 |
|
Total
current liabilities |
|
|
111 |
|
|
|
30 |
|
|
|
143 |
|
|
|
113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures |
|
|
706 |
|
|
|
194 |
|
|
|
668 |
|
|
|
712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
817 |
|
|
|
224 |
|
|
|
811 |
|
|
|
825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity |
|
|
51 |
|
|
|
14 |
|
|
|
216 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
868 |
|
|
|
238 |
|
|
|
1,027 |
|
|
|
1,002 |
|
(*) Investment in B Communications.
Unconsolidated figures as of June 30,
2018:
● Unconsolidated total equity represents
5.9% of unconsolidated total balance
sheet. ●
Unconsolidated LTV ratio is 88.5%.
● Internet Gold’s NAV is NIS 75
million.
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