- Net income attributable to shareholders for the first quarter of
2013 totaled NIS 45 million ($12 million) -
B Communications Ltd. (NASDAQ Global Market and TASE: BCOM) today
reported its financial results for the first quarter ended March 31,
2013.
Bezeq’s Results: For the first quarter of 2013, the Bezeq Group
reported revenues of NIS 2.4 billion ($ 659 million) and operating
profit of NIS 761 million ($ 209 million). Bezeq’s EBITDA for the first
quarter totaled NIS 1.1 billion ($ 299 million), representing an EBITDA
margin of 45%. Net income for the period attributable to the
shareholders of Bezeq totaled NIS 497 million ($ 136 million). Bezeq's
cash flow from operating activities totaled NIS 972 million ($ 266
million) during the first quarter of 2013.
Cash Position: As of March 31, 2013, B Communications’
unconsolidated cash and cash equivalents (including dividend receivable)
totaled NIS 1 billion ($ 276 million), its unconsolidated total debt was
NIS 4 billion ($ 1.1 billion), and its net debt totaled NIS 3 billion ($
831 million).
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B Communications’ Unconsolidated Balance Sheet Data*
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In millions
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Convenience
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translation into
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U.S. dollars
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(Note A)
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March 31,
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March 31,
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March 31,
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December 31,
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2013
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2013
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2012
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2012
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NIS
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US$
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NIS
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NIS
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Short term liabilities
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583
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160
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565
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587
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Long term liabilities
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3,455
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947
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3,934
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3,511
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Total liabilities
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4,038
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1,107
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4,499
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4,098
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Cash and cash equivalents
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585
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161
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393
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694
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Dividend receivable
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421
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115
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489
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-
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Total net debt
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3,032
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831
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3,617
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3,404
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* Does not include the balance sheet of Bezeq.
Dividend from Bezeq: On May 13, 2013, B Communications is
expected to receive two dividend payments from Bezeq which together
total NIS 421 million ($ 115 million). These dividend payments include a
current dividend of NIS 266 million ($ 73 million), representing B
Communications’ share of Bezeq’s net profit for the second half of 2012,
and a special dividend of NIS 155 million ($ 42 million), representing B
Communications’ share of the fifth installment of six special dividend
payments declared by Bezeq and approved by its shareholders in 2011.
B Communications’ First Quarter Financial Results
B Communications’ consolidated revenues for the first quarter of
2013 were NIS 2.4 billion ($ 659 million), a 12% decrease compared with
NIS 2.7 billion reported in the first quarter of 2012. For both the
current and the prior-year periods, B Communications’ consolidated
revenues consisted entirely of Bezeq’s revenues.
During the first quarter of 2013, B Communications recorded net
amortization expenses related to its Bezeq purchase price allocation
(“Bezeq PPA”) of NIS 186 million ($ 51 million) in its consolidated
financial statements. From April 14, 2010, the date of the
acquisition of its interest in Bezeq, until March 31, 2013, B
Communications has amortized approximately 53% of the total Bezeq PPA.
The Bezeq PPA amortization expense is a non-cash expense that is subject
to adjustment. If, for any reason, B Communications finds it necessary
or appropriate to make adjustments to amounts already expensed, it may
result in significant changes to its audited financial reports, as well
as to future financial statements.
B Communications’ financial expenses, net: B Communications’
unconsolidated net financial expenses for the first quarter of 2013
totaled NIS 48 million ($ 13 million). These expenses consisted
primarily of NIS 45 million ($ 12 million) of interest and CPI linkage
expenses on the long-term loans incurred to finance the Bezeq
acquisition and expenses of NIS 13 million ($ 4 million) related to its
publicly traded debentures. These expenses were offset in part by
financial income of NIS 7 million ($ 2 million) generated by short term
investments.
Our unconsolidated net financial expenses in the first quarter of 2013
decreased by 17.2% compared with the first quarter of 2012. The decrease
is primarily attributable to lower interest and CPI linkage expenses due
to the reduction in the amount of the outstanding bank loans that we
initially incurred to purchase our controlling interest in Bezeq.
B Communications’ net income attributable to shareholders for the
first quarter of 2013 totaled NIS 45 million ($ 12 million), compared to
NIS 16 million reported in the first quarter of 2012.
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B Communications’ Unconsolidated Financial Results
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In millions
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Convenience
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translation into
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U.S. dollars
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(Note A)
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Three-month
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Three-month
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Three-month
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period ended
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period ended
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period ended
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Year ended
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March 31,
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March 31,
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March 31,
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December 31,
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2013
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2013
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2012
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2012
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NIS
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US$
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NIS
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NIS
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Revenues
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-
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-
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-
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-
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Financing expenses, net
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(48)
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(13)
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(58)
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(239)
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Other and income tax expenses
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(1)
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-
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(2)
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(48)
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PPA amortization, net
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(58)
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(16)
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(93)
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(234)
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Interest in Bezeq's net income
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152
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41
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169
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567
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Net income
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45
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12
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16
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46
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Comments of Management
Commenting on the results, Doron Turgeman, CEO of B Communications'
said, “The first quarter was another stable period for Bezeq,
demonstrating the cash flow-generating power of its formidable position
in Israel’s telecommunications market. Due to Bezeq’s continued
uninterrupted payment of both regular and special dividends, we have
succeeded in building our cash reserves to their current strong level.
We are extremely proud of the net income that we reported this quarter.
We are currently examining a number of available alternatives to
restructure our outstanding loans as a key to improving our financial
position and operating metrics.”
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, 2013. For a full discussion
of Bezeq’s results for the first quarter of 2013, please refer to its
website: http://ir.bezeq.co.il.
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Bezeq Group (consolidated)
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Q1 2013
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Q1 2012
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% change
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(NIS millions)
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Revenues
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2,405
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2,740
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-12.2%
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Operating profit
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761
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850
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-10.5%
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EBITDA
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1,089
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1,208
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-9.9%
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EBITDA margin
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45.3%
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44.1%
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Net profit attributable to Bezeq shareholders
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497
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582
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-14.6%
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Diluted EPS (NIS)
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0.18
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0.21
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-14.3%
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Cash flow from operating activities
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972
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998
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-2.6%
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Payments for investments, net
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246
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413
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-40.4%
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Free cash flow 1 |
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726
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585
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24.1%
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Net debt/EBITDA (end of period) 2 |
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1.68
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1.37
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Net debt/shareholders' equity (end of period)
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2.46
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2.05
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1 Free cash flow is defined as cash flow from operating
activities less net payments for investments.
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2 EBITDA in this calculation refers to the trailing
twelve months.
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Revenues of the Bezeq Group in the first quarter of 2013 amounted
to NIS 2.41 billion ($ 659 million) compared with NIS 2.74 billion in
the corresponding quarter of 2012, a decrease of 12.2%. The reduction in
the Bezeq Group revenues was primarily due to a decrease in revenues
from the cellular segment, specifically due to a reduction in revenues
from handset sales (decrease of NIS 160 million) together with a
decrease in revenues from cellular services (decrease of NIS 120
million). In addition, revenues from the fixed-line segment decreased
NIS 70 million.
Operating profit of the Bezeq Group in the first quarter of 2013
amounted to NIS 761 million ($ 209 million) compared with NIS 850
million in the corresponding quarter of 2012, a decrease of 10.5%. Earnings
before interest, taxes, depreciation and amortization (EBITDA) of
the Bezeq Group in the first quarter of 2013 amounted to NIS 1.09
billion ($ 299 million) (EBITDA margin of 45.3%) compared with NIS 1.21
billion (EBITDA margin of 44.1%) in the corresponding quarter of 2012, a
decrease of 9.9%. Net profit attributable to Bezeq shareholders
amounted to NIS 497 million ($ 136 million) compared with NIS 582
million in the corresponding quarter of 2012, a decrease of 14.6%. The
decline in profitability metrics was primarily due to a decrease in
profitability in the cellular segment as a result of increased
competition in the sector.
Cash flow from operating activities of the Bezeq Group in the
first quarter of 2013 amounted to NIS 972 million ($ 266 million)
compared with NIS 998 million in the corresponding quarter of 2012, a
decrease of 2.6%. Free cash flow of the Bezeq Group in the first
quarter of 2013 amounted to NIS 726 million ($ 199 million) compared
with NIS 585 million in the corresponding quarter of 2012, an increase
of 24.1%. The increase in free cash flow was due the completion of major
infrastructure projects initiated in prior years, specifically the NGN
and submarine cable.
Net financial debt of the Bezeq Group was NIS 7.30 billion ($ 2.0
billion) at March 31, 2013 compared with NIS 6.65 billion as at March
31, 2012.
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Notes:
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A.
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Convenience Translation to Dollars: For the convenience of
the reader, certain of the reported NIS figures of March 31, 2013
have been presented in millions of U.S. dollars, translated at the
representative rate of exchange as of March 31, 2013 (NIS 3.648 =
U.S. Dollar 1.00). The U.S. dollar ($) amounts presented should
not be construed as representing amounts receivable or payable in
U.S. dollars or convertible into U.S. dollars, unless otherwise
indicated.
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B.
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Use of non-IFRS Measurements: We and the Bezeq Group’s
management regularly use supplemental non-IFRS financial measures
internally to understand, manage and evaluate our business and
make operating decisions. We believe these non-IFRS financial
measures provide consistent and comparable measures to help
investors understand the Bezeq Group’s current and future
operating cash flow performance.
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These non-IFRS financial measures may differ materially from the
non-IFRS financial measures used by other companies.
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EBITDA is a non-IFRS financial measure generally defined as earnings
before interest, taxes, depreciation and amortization. The Bezeq
Group defines EBITDA as net income before financial income
(expenses), net, impairment and other charges, expenses recorded for
stock compensation in accordance with IFRS 2, income tax expenses
and depreciation and amortization. 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).
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EBITDA should not be considered in isolation or as a substitute for
net income 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.
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Reconciliation between the Bezeq Group’s results on an IFRS and
non-IFRS basis is provided in a table immediately following the
Company's consolidated results. Non-IFRS financial measures consist
of IFRS financial measures adjusted to exclude amortization of
acquired intangible assets, as well as certain business combination
accounting entries. The purpose of such adjustments is to give an
indication of the Bezeq Group’s performance exclusive of non-cash
charges and other items that are considered by management to be
outside of its core operating results. The Bezeq Group’s 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.
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About B Communications Ltd.
B Communications is a telecommunications-oriented holding company and
its primary holding is its controlling interest in Bezeq, The Israel
Telecommunication Corp., Israel’s largest telecommunications provider
(TASE: BZEQ). B Communications shares are traded on NASDAQ and the TASE
under the symbol BCOM For more information please visit the following
Internet sites:
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www.bcommunications.co.il
www.ir.bezeq.co.il
www.eurocom.co.il
www.igld.com
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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.
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B Communications Ltd.
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Condensed Consolidated Statements of Financial Position as at
(In millions)
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Convenience
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|
|
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translation into
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|
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U.S. dollars
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(Note A)
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March 31
|
|
March 31
|
|
March 31
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
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|
|
|
|
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|
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|
|
|
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Assets
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
|
641
|
|
176
|
|
1,509
|
|
757
|
|
|
Investments, including derivative financial instruments
|
|
|
2,029
|
|
556
|
|
1,654
|
|
1,484
|
|
|
Trade receivables, net
|
|
|
2,875
|
|
788
|
|
3,130
|
|
2,927
|
|
|
Other receivables
|
|
|
408
|
|
111
|
|
358
|
|
330
|
|
|
Inventory
|
|
|
148
|
|
41
|
|
225
|
|
123
|
|
|
Assets classified as held-for-sale
|
|
|
251
|
|
69
|
|
160
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total current assets
|
|
|
6,352
|
|
1,741
|
|
7,036
|
|
5,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Investments, including derivative financial instruments
|
|
|
93
|
|
25
|
|
101
|
|
90
|
|
|
Long-term trade and other receivables
|
|
|
950
|
|
261
|
|
1,442
|
|
1,074
|
|
|
Property, plant and equipment
|
|
|
6,676
|
|
1,830
|
|
7,076
|
|
6,911
|
|
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Intangible assets
|
|
|
7,037
|
|
1,929
|
|
7,824
|
|
7,252
|
|
|
Deferred and other expenses
|
|
|
391
|
|
107
|
|
410
|
|
384
|
|
|
Investment in equity-accounted investee (mainly loans)
|
|
|
1,024
|
|
281
|
|
1,041
|
|
1,005
|
|
|
Deferred tax assets
|
|
|
62
|
|
17
|
|
*191
|
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*128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total non-current assets
|
|
|
16,233
|
|
4,450
|
|
*18,085
|
|
16,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total assets
|
|
|
22,585
|
|
6,191
|
|
25,121
|
|
22,629
|
|
|
|
|
|
|
|
|
|
|
|
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|
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* Restated following the retrospective application of the
amendment to IAS 19, Employee Benefits.
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|
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|
|
|
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B Communications Ltd.
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Condensed Consolidated Statements of Financial Position as at
(cont’d)
(In millions)
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|
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|
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|
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|
|
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Convenience
|
|
|
|
|
|
|
|
|
|
|
|
translation into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
(Note A)
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|
|
|
|
|
|
|
|
|
March 31
|
|
March 31
|
|
March 31
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank credit, current maturities of long-term
liabilities and debentures
|
|
|
1,476
|
|
405
|
|
1,095
|
|
1,582
|
|
|
Trade payables
|
|
|
652
|
|
179
|
|
896
|
|
792
|
|
|
Other payables, including derivative financial instruments
|
|
|
863
|
|
236
|
|
1,038
|
|
734
|
|
|
Dividend payable
|
|
|
677
|
|
186
|
|
677
|
|
669
|
|
|
Current tax liabilities
|
|
|
626
|
|
172
|
|
570
|
|
588
|
|
|
Provisions
|
|
|
126
|
|
34
|
|
181
|
|
145
|
|
|
Employee benefits
|
|
|
230
|
|
63
|
|
*351
|
|
* 251
|
|
|
Total current liabilities
|
|
|
4,650
|
|
1,275
|
|
4,808
|
|
4,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures
|
|
|
4,876
|
|
1,337
|
|
5,376
|
|
5,018
|
|
|
Bank loans
|
|
|
6,416
|
|
1,759
|
|
6,835
|
|
6,422
|
|
|
Loans from institutions and others
|
|
|
538
|
|
147
|
|
541
|
|
540
|
|
|
Dividend payable
|
|
|
-
|
|
-
|
|
645
|
|
-
|
|
|
Employee benefits
|
|
|
259
|
|
71
|
|
*247
|
|
*260
|
|
|
Other liabilities
|
|
|
80
|
|
22
|
|
77
|
|
67
|
|
|
Provisions
|
|
|
67
|
|
18
|
|
69
|
|
66
|
|
|
Deferred tax liabilities
|
|
|
1,092
|
|
299
|
|
1,319
|
|
1,159
|
|
|
Total non-current liabilities
|
|
|
13,328
|
|
3,653
|
|
15,109
|
|
13,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
17,978
|
|
4,928
|
|
19,917
|
|
18,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Total equity attributable to equity holders of the Company
|
|
|
1,005
|
|
276
|
|
*953
|
|
*960
|
|
|
Non-controlling interests
|
|
|
3,602
|
|
987
|
|
*4,251
|
|
*3,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
4,607
|
|
1,263
|
|
5,204
|
|
4,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
22,585
|
|
6,191
|
|
25,121
|
|
22,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Restated following the retrospective application of the
amendment to IAS 19, Employee Benefits.
|
|
|
|
|
|
|
|
|
B Communications Ltd.
|
|
|
|
|
|
Condensed Consolidated Statements of Income for the
(In millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
|
|
translation into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
(Note A)
|
|
|
|
|
|
|
|
|
|
Three-month
|
|
Three-month
|
|
Three-month
|
|
|
|
|
|
|
|
period ended
|
|
period ended
|
|
period ended
|
|
Year ended
|
|
|
|
|
|
March 31
|
|
March 31
|
|
March 31
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
2,405
|
|
659
|
|
2,740
|
|
10,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
563
|
|
154
|
|
755
|
|
2,367
|
|
|
Salaries
|
|
|
500
|
|
137
|
|
512
|
|
*1,978
|
|
|
General and operating expenses
|
|
|
889
|
|
244
|
|
1,082
|
|
3,995
|
|
|
Other operating expenses (income), net
|
|
|
(41)
|
|
(11)
|
|
-
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,911
|
|
524
|
|
2,349
|
|
8,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
494
|
|
135
|
|
391
|
|
1,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net
|
|
|
64
|
|
17
|
|
10
|
|
*355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after financing expenses, net
|
|
|
430
|
|
118
|
|
381
|
|
1,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of losses in equity-accounted investee
|
|
|
40
|
|
11
|
|
58
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
|
|
|
390
|
|
107
|
|
323
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
|
136
|
|
37
|
|
131
|
|
*556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
254
|
|
70
|
|
192
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the company
|
|
|
45
|
|
12
|
|
16
|
|
*46
|
|
|
Non-controlling interests
|
|
|
209
|
|
28
|
|
176
|
|
*747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
254
|
|
70
|
|
192
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share
|
|
|
1.50
|
|
0.41
|
|
0.55
|
|
1.52
|
|
|
Diluted income per share
|
|
|
1.50
|
|
0.41
|
|
0.54
|
|
1.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Restated following the retrospective application of the
amendment to IAS 19, Employee Benefits.
|
|
|
|
|
|
|
|
|
B Communications Ltd.
|
|
|
Reconciliation for NON-IFRS Measures
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
The following is a reconciliation of the Bezeq Group operating
income to EBITDA:
|
|
|
|
|
|
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
|
|
translation into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
(Note A)
|
|
|
|
|
|
|
|
|
|
Three-month
|
|
Three-month
|
|
Three-month
|
|
|
|
|
|
|
|
period ended
|
|
period ended
|
|
period ended
|
|
Year ended
|
|
|
|
|
|
March 31
|
|
March 31
|
|
March 31
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
761
|
|
209
|
|
850
|
|
*3,041
|
|
|
Depreciation and amortization
|
|
|
328
|
|
90
|
|
358
|
|
1,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
1,089
|
|
299
|
|
1,208
|
|
4,471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Restated following the retrospective application of the
amendment to IAS 19, Employee Benefits.
|
|
|
|
|
|
|
|
|
Free Cash Flow
The following table shows the calculation of the Bezeq Group free
cash flow:
In millions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
|
|
translation into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
(Note A)
|
|
|
|
|
|
|
|
|
|
Three-month
|
|
Three-month
|
|
Three-month
|
|
|
|
|
|
|
|
period ended
|
|
period ended
|
|
period ended
|
|
Year ended
|
|
|
|
|
|
March 31
|
|
March 31
|
|
March 31
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
972
|
|
266
|
|
998
|
|
4,014
|
|
|
Purchase of property, plant and equipment
|
|
|
(245)
|
|
(67)
|
|
(385)
|
|
(1,271)
|
|
|
Investment in intangible assets and deferred expenses
|
|
|
(44)
|
|
(12)
|
|
(75)
|
|
(269)
|
|
|
Proceeds from the sale of property, plant and equipment
|
|
|
43
|
|
12
|
|
47
|
|
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
726
|
|
199
|
|
585
|
|
2,779
|
|
|
|
|
|
|
|
|
|
|
|
|
|
<div class="copyright">
Copyright Business Wire 2013
</div>