B Communications Ltd. (NASDAQ Global Market and TASE: BCOM) today
reported its financial results for the third quarter ended September 30,
2013.
Bezeq’s Results: For the third quarter of 2013, the Bezeq Group
reported revenues of NIS 2.4 billion ($ 679 million) and operating
profit of NIS 721 million ($ 204 million). Bezeq’s EBITDA for the third
quarter totaled NIS 1.05 billion ($ 297 million), representing an EBITDA
margin of 44%. Net income for the period attributable to Bezeq’s
shareholders totaled NIS 449 million ($ 127 million). Bezeq's cash flow
from operating activities during the period totaled NIS 1.1 billion ($
323 million).
Cash Position: As of September 30, 2013, B Communications’
unconsolidated cash and cash equivalents totaled NIS 1.36 billion ($ 384
million), its unconsolidated total debt was NIS 4.07 billion ($ 1.15
billion), and its net debt totaled NIS 2.71 billion ($ 767 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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September 30,
2013
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September 30,
2013
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September 30,
2012
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December 31,
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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587
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166
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470
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587
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Long term liabilities
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3,482
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984
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3,705
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3,511
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Total liabilities
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4,069
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1,150
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4,175
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4,098
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Dividend receivable
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-
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-
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464
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-
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Cash and cash equivalents
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1,359
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384
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389
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694
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Total net debt
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2,710
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766
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3,322
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3,404
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* Does not include the balance sheet of Bezeq.
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Dividend from Bezeq: On September 15, 2013, B Communications
received two dividend payments from Bezeq which together totaled NIS 455
million ($ 129 million). These dividend payments included a current
dividend of NIS 300 million ($ 85 million), representing B
Communications’ share of Bezeq’s net profit for the first half of 2013,
and a special dividend of NIS 155 million ($ 44 million), representing B
Communications’ share of the sixth and last installment of the special
dividend declared by Bezeq and approved by its shareholders in 2011.
B Communications’ Third Quarter Financial Results
B Communications’ consolidated revenues for the third quarter of
2013 were NIS 2.4 billion ($ 679 million), a 3.8% decrease compared with
NIS 2.5 billion reported in the third quarter of 2012. For both the
current and the prior-year periods, B Communications’ consolidated
revenues consisted entirely of Bezeq’s revenues.
During the third quarter of 2013, B Communications recorded net
amortization expenses related to its Bezeq purchase price allocation
(“Bezeq PPA”) in its consolidated financial statements of NIS 198
million ($ 56 million). From April 14, 2010, the date of the
acquisition of its interest in Bezeq, until September 30, 2013, B
Communications has amortized approximately 57% 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 third quarter of 2013
totaled NIS 62 million ($ 18 million). These expenses consisted
primarily of NIS 62 million ($ 18 million) of interest and CPI linkage
expenses on the long-term loans incurred to finance the Bezeq
acquisition and expenses of NIS 14 million ($ 4 million) related to its
publicly-traded debentures. These expenses were offset in part by
financial income of NIS 11 million ($ 3 million) generated by short term
investments.
B Communications’ net income attributable to shareholders for the
third quarter of 2013 was NIS 15 million ($ 4 million), compared to a
net loss of NIS 55 million in the third 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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September 30,
2013
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September 30,
2013
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September 30,
2012
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December 31,
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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(62
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)
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(18
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)
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(65
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)
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(239
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)
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Other and income tax expenses
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(1
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)
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-
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(1
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(48
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)
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PPA amortization, net
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(61
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)
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(17
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)
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(95
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)
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(234
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)
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Interest in Bezeq's net income
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139
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39
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106
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567
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Net income (loss)
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15
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4
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(55
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)
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46
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Dividend
On November 7, 2013, the Company's board of directors declared a cash
dividend in the amount of NIS 3.41 per share, and in the aggregate
amount of approximately NIS 102 million (approximately $ 0.96 per share
and approximately $ 29 million in the aggregate, based on the
representative rate of exchange on September 30, 2013. The actual US$
amount for dividend paid in US$ will be converted from NIS based upon
the representative rate of exchange published by the Bank of Israel on
November 18, 2013). The dividend will be payable to all of the Company’s
shareholders of record at the end of the trading day on the NASDAQ
Global Market on November 18, 2013. The payment date will be December 3,
2013.
Comments of Management
Commenting on the results, Mr. Doron Turgeman, B Communications’ CEO,
stated, “We are very pleased with the quarter’s results, the fourth
consecutive quarter in which we have reported net income. Now, after
three successful years during which we decreased the Company’s debt from
NIS 5.3 billion when we acquired Bezeq (in April 2010) to just NIS 2.7
million as of the end of the third quarter, we are advancing to the next
phase. The financing agreement modification that we announced yesterday
will provide us with a more convenient loan repayment schedule and
increase our financial flexibility. This, together with the increase in
liquidity that we achieved as a result of our recent issuance of NIS 180
million of additional Series B debt, will bring a significant
improvement to our financial position and to our future cash flow.”
Mr. Turgeman continued, “As a concrete demonstration of our confidence,
the Board today decided to distribute a significant dividend for the
first time. We see dividends as one of the ways of creating shareholder
value over the long term.”
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 third quarter ended September 30, 2013. For a full
discussion of Bezeq’s results for the third quarter of 2013, please
refer to its website: http://ir.bezeq.co.il.
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Bezeq Group (consolidated)
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Q3 2013
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Q3 2012
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% change
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(NIS millions)
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Revenues
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2,398
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2,494
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-3.8
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%
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Operating profit
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721
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667
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8.1
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%
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EBITDA
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1,050
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1,026
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2.3
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%
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EBITDA margin
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43.8
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%
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41.1
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%
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Net profit attributable to Company shareholders
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449
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342
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31.3
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%
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Diluted EPS (NIS)
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0.16
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0.13
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23.1
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%
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Cash flow from operating activities
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1,143
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1,024
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11.6
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%
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Payments for investments, net
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267
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|
270
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-1.1
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%
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Free cash flow 1 |
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876
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754
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16.2
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%
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Net debt/EBITDA (end of period) 2 |
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1.97
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1.64
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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 third quarter of 2013 amounted
to NIS 2.40 billion ($ 679 million) compared with NIS 2.49 billion in
the corresponding quarter of 2012, a decrease of 3.8%. The reduction in
Bezeq Group revenues was primarily due to a decrease in cellular segment
revenues. Nevertheless, the Bezeq Group results reflect a moderation in
the quarter-over-quarter decrease in Pelephone's revenues, relative
stability in the revenues of Bezeq Fixed-line and an increase in the
revenues of Bezeq International.
The Bezeq Group's focused policy of initiating streamlining and
efficiency measures in all segments, contributed to the increase in
profitability metrics.
Operating profit of the Bezeq Group in the third quarter of 2013
amounted to NIS 721 million ($ 204 million) compared with NIS 667
million in the corresponding quarter of 2012, an increase of 8.1%.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) of the Bezeq Group in the third quarter of 2013 amounted to
NIS 1.05 billion ($ 297 million) (EBITDA margin of 43.8%) compared with
NIS 1.03 billion (EBITDA margin of 41.1%) in the corresponding quarter
of 2012, an increase of 2.3%.
Net profit attributable to Bezeq shareholders amounted to NIS 449
million ($ 127 million) compared with NIS 342 million in the
corresponding quarter of 2012, an increase of 31.3%.
The third quarter results again show record levels of operating cash
flow and the second highest free cash flow in the last few years. Cash
flow from operating activities of the Bezeq Group in the third
quarter of 2013 amounted to NIS 1.14 billion ($ 323 million) compared
with NIS 1.02 billion in the corresponding quarter of 2012, an increase
of 11.6%. Free cash flow of the Bezeq Group in the third quarter
of 2013 amounted to NIS 876 million ($ 248 million) compared with NIS
754 million in the corresponding quarter of 2012, an increase of 16.2%.
Net financial debt of the Bezeq Group was NIS 8.58 billion ($
2.43 billion) at September 30, 2013 compared with NIS 7.19 billion as of
September 30, 2012.
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 September 30,
2013 have been presented in millions of U.S. dollars, translated
at the representative rate of exchange as of September 30, 2013
(NIS 3.537 = 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: BEZQ). B Communications shares are traded on NASDAQ and the TASE
under the symbol BCOM For more information please visit the following
Internet sites:
www.bcommunications.co.il
www.ir.bezeq.co.il
www.eurocom.co.il
www.igld.com
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
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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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|
|
|
|
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|
September 30
2013
|
|
September 30
2013
|
|
September 30
2012
|
|
December 31
2012
|
|
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|
|
|
|
|
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|
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|
|
NIS
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|
US$
|
|
NIS
|
|
NIS
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
|
|
1,012
|
|
286
|
|
679
|
|
757
|
|
Investments, including derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
|
|
|
1,603
|
|
453
|
|
1,456
|
|
1,484
|
|
Trade receivables, net
|
|
|
|
2,791
|
|
789
|
|
3,044
|
|
2,927
|
|
Other receivables
|
|
|
|
345
|
|
98
|
|
261
|
|
330
|
|
Inventory
|
|
|
|
122
|
|
34
|
|
149
|
|
123
|
|
Assets classified as held-for-sale
|
|
|
|
221
|
|
63
|
|
164
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
6,094
|
|
1,723
|
|
5,753
|
|
5,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, including derivative financial
|
|
|
|
|
|
|
|
|
|
|
|
instruments
|
|
|
|
90
|
|
25
|
|
94
|
|
90
|
|
Long-term trade and other receivables
|
|
|
|
701
|
|
198
|
|
1,193
|
|
1,074
|
|
Property, plant and equipment
|
|
|
|
6,584
|
|
1,862
|
|
6,811
|
|
6,911
|
|
Intangible assets
|
|
|
|
6,778
|
|
1,918
|
|
7,189
|
|
7,252
|
|
Deferred and other expenses
|
|
|
|
389
|
|
110
|
|
406
|
|
384
|
|
Investment in equity-accounted investee
|
|
|
|
|
|
|
|
|
|
|
|
(mainly loans)
|
|
|
|
1,000
|
|
283
|
|
984
|
|
1,005
|
|
Deferred tax assets
|
|
|
|
93
|
|
26
|
|
144
|
|
*128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
|
15,635
|
|
4,420
|
|
16,821
|
|
16,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
21,729
|
|
6,143
|
|
22,574
|
|
22,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Restated following the retrospective application of the
amendment to IAS 19, Employee Benefits.
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B Communications Ltd.
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Condensed Consolidated Statements of Financial Position as at
(cont’d)
|
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(In millions)
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|
|
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|
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Convenience
|
|
|
|
|
|
|
|
|
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|
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translation into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
|
|
(Note A)
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|
|
|
|
|
|
|
|
|
September 30
|
|
September 30
|
|
September 30
|
|
December 31
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Short-term bank credit, current maturities
|
|
|
|
|
|
|
|
|
|
|
|
of long-term liabilities and debentures
|
|
|
|
1,484
|
|
419
|
|
934
|
|
1,582
|
|
Trade payables
|
|
|
|
629
|
|
178
|
|
772
|
|
792
|
|
Other payables, including derivative
|
|
|
|
|
|
|
|
|
|
|
|
financial instruments
|
|
|
|
849
|
|
240
|
|
801
|
|
734
|
|
Dividend payable
|
|
|
|
-
|
|
-
|
|
1,366
|
|
669
|
|
Current tax liabilities
|
|
|
|
774
|
|
219
|
|
564
|
|
588
|
|
Provisions
|
|
|
|
124
|
|
35
|
|
172
|
|
145
|
|
Employee benefits
|
|
|
|
248
|
|
70
|
|
288
|
|
* 251
|
|
Total current liabilities
|
|
|
|
4,108
|
|
1,161
|
|
4,897
|
|
4,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures
|
|
|
|
5,555
|
|
1,571
|
|
5,043
|
|
5,018
|
|
Bank loans
|
|
|
|
6,184
|
|
1,748
|
|
6,524
|
|
6,422
|
|
Loans from institutions and others
|
|
|
|
549
|
|
155
|
|
546
|
|
540
|
|
Dividend payable
|
|
|
|
-
|
|
-
|
|
326
|
|
-
|
|
Employee benefits
|
|
|
|
258
|
|
73
|
|
228
|
|
*260
|
|
Other liabilities
|
|
|
|
81
|
|
23
|
|
86
|
|
67
|
|
Provisions
|
|
|
|
67
|
|
19
|
|
71
|
|
66
|
|
Deferred tax liabilities
|
|
|
|
1,082
|
|
306
|
|
1,107
|
|
1,159
|
|
Total non-current liabilities
|
|
|
|
13,776
|
|
3,895
|
|
13,931
|
|
13,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
|
17,884
|
|
5,056
|
|
18,828
|
|
18,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Total equity attributable to equity holders
|
|
|
|
|
|
|
|
|
|
|
|
of the Company
|
|
|
|
1,075
|
|
304
|
|
833
|
|
*960
|
|
Non-controlling interests
|
|
|
|
2,770
|
|
783
|
|
2,913
|
|
*3,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
|
|
3,845
|
|
1,087
|
|
3,746
|
|
4,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
21,729
|
|
6,143
|
|
22,574
|
|
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)
|
|
|
|
|
|
|
|
Nine months period ended
|
|
Three months period ended
|
|
Year ended
|
|
|
|
|
|
September 30
|
|
September 30
|
|
December 31
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
|
|
translation
|
|
|
|
|
|
translation
|
|
|
|
|
|
|
|
|
|
|
|
into
|
|
|
|
|
|
into
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
2013
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
US$
|
|
NIS
|
|
NIS
|
|
Revenues
|
|
|
|
7,154
|
|
|
2,023
|
|
|
7,829
|
|
|
2,398
|
|
|
678
|
|
2,494
|
|
|
10,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
1,508
|
|
|
426
|
|
|
2,267
|
|
|
527
|
|
|
149
|
|
757
|
|
|
2,367
|
|
|
Salaries
|
|
|
|
1,435
|
|
|
406
|
|
|
1,528
|
|
|
465
|
|
|
132
|
|
511
|
|
|
*1,978
|
|
General and operating expenses
|
|
|
|
2,610
|
|
|
738
|
|
|
3,015
|
|
|
890
|
|
|
252
|
|
963
|
|
|
3,995
|
|
|
Other operating (income)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses, net
|
|
|
|
(30
|
)
|
|
(8
|
)
|
|
52
|
|
|
(1
|
)
|
|
-
|
|
19
|
|
|
(11
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,523
|
|
|
1,562
|
|
|
6,862
|
|
|
1,881
|
|
|
533
|
|
2,250
|
|
|
8,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
1,631
|
|
|
461
|
|
|
967
|
|
|
517
|
|
|
145
|
|
244
|
|
|
1,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net
|
|
|
|
241
|
|
|
68
|
|
|
287
|
|
|
97
|
|
|
27
|
|
107
|
|
|
*355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income after financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
expenses, net
|
|
|
|
1,390
|
|
|
393
|
|
|
680
|
|
|
420
|
|
|
118
|
|
137
|
|
|
1,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share in losses of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity-accounted investee
|
|
|
|
195
|
|
|
55
|
|
|
233
|
|
|
88
|
|
|
25
|
|
93
|
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
|
|
|
|
1,195
|
|
|
338
|
|
|
447
|
|
|
332
|
|
|
93
|
|
44
|
|
|
1,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
|
|
428
|
|
|
121
|
|
|
279
|
|
|
143
|
|
|
40
|
|
75
|
|
|
*556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for the period
|
|
|
|
767
|
|
|
217
|
|
|
168
|
|
|
189
|
|
|
53
|
|
(31
|
)
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owners of the Company
|
|
|
|
116
|
|
|
33
|
|
|
(105
|
)
|
|
15
|
|
|
4
|
|
(55
|
)
|
|
*46
|
|
Non-controlling interests
|
|
|
|
651
|
|
|
184
|
|
|
273
|
|
|
174
|
|
|
49
|
|
24
|
|
|
*747
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for the period
|
|
|
|
767
|
|
|
217
|
|
|
168
|
|
|
189
|
|
|
53
|
|
(31
|
)
|
|
793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), basic
|
|
|
|
3.87
|
|
|
1.09
|
|
|
(3.53
|
)
|
|
0.50
|
|
|
0.14
|
|
(1.84
|
)
|
|
1.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), diluted
|
|
|
|
3.83
|
|
|
1.08
|
|
|
(3.55
|
)
|
|
0.48
|
|
|
0.14
|
|
(1.84
|
)
|
|
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’s operating
income to EBITDA:
|
|
In millions
|
|
|
|
|
|
|
|
Three months period ended
|
|
|
|
|
|
September 30
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
translation
|
|
|
|
|
|
|
|
|
|
into
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
(Note A)
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
721
|
|
204
|
|
667
|
|
Depreciation and amortization
|
|
|
|
329
|
|
93
|
|
359
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
1,050
|
|
297
|
|
1,026
|
|
|
|
Free Cash Flow
|
|
The following table shows the calculation of the Bezeq Group’s
free cash flow:
|
|
In millions
|
|
|
|
|
|
|
|
Three months period ended
|
|
|
|
|
|
September 30
|
|
|
|
|
|
|
|
Convenience
|
|
|
|
|
|
|
|
|
|
translation
|
|
|
|
|
|
|
|
|
|
into
|
|
|
|
|
|
|
|
|
|
U.S. dollars
|
|
|
|
|
|
|
|
|
|
(Note A)
|
|
|
|
|
|
|
|
2013
|
|
2013
|
|
2012
|
|
|
|
|
|
NIS
|
|
US$
|
|
NIS
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
|
1,143
|
|
|
323
|
|
|
1,024
|
|
|
Purchase of property, plant and equipment
|
|
|
|
(270
|
)
|
|
(76
|
)
|
|
(309
|
)
|
|
Investment in intangible assets and deferred expenses
|
|
|
|
(50
|
)
|
|
(14
|
)
|
|
(58
|
)
|
|
Proceeds from the sale of property, plant and equipment
|
|
|
|
53
|
|
|
15
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
|
|
|
876
|
|
|
248
|
|
|
754
|
|
Copyright Business Wire 2013