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Internet Gold Reports its Financial Results for the First Quarter of 2016
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PR Newswire
RAMAT GAN, Israel, May 26, 2016
RAMAT GAN, Israel, May 26, 2016 /PRNewswire/ -- Internet Gold – Golden Lines Ltd. (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the quarter ended March 31, 2016. Internet Gold holds the controlling interest in B Communications Ltd. (TASE and Nasdaq: BCOM), which in turn holds the controlling interest in Bezeq, The Israel Telecommunication Corp., Israel's largest telecommunications provider (TASE: BEZQ).
Commenting on the results, Doron Turgeman, CEO of Internet Gold said, "Today's decision by
B Communications' board of directors to declare a cash dividend of NIS 11.88 per share is great news for us. Upon receipt of the NIS 230 million dividend on June 29, 2016 our leverage level will decline significantly. We are very pleased with the results of our B Communications subsidiary and with Bezeq, which continues to generate a steady return that enhances our overall financial position and capabilities."
Dividend from B Communications: On May 25, 2016, B Communications' board of directors declared a cash dividend of NIS 355 million ($94 million), or NIS 11.88 ($3.15) per share. Internet Gold expects to receive its distributive share of approximately NIS 230 million ($61 million) on June 29, 2016.
Bezeq's Results: For the first quarter of 2016, the Bezeq Group reported revenues of NIS 2.56 billion ($680 million) and operating profit of NIS 574 million ($152 million). Bezeq's EBITDA for the first quarter totaled NIS 1.0 billion ($272 million), representing an EBITDA margin of 40%. Net profit for the period attributable to Bezeq's shareholders totaled NIS 288 million ($76 million). Bezeq's cash flow from operating activities during the period totaled NIS 922 million ($245 million).
Cash and Debt Position: As of March 31, 2016, Internet Gold's unconsolidated cash and cash equivalents and short term investments totaled NIS 169 million ($45 million), its unconsolidated gross debt was NIS 933 million ($248 million) and its unconsolidated net debt was NIS 764 million ($203 million).
Internet Gold's Unconsolidated Balance Sheet Data (1)
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| In millions | | | Convenience | | | | |
| | | | translation into | | | | |
| | | | U.S. dollars | | | | |
| | | | (Note A) | | | | |
| | March 31, | | March 31, | | March 31, | | December 31, |
| | 2016 | | 2016 | | 2015 | | 2015 |
| | NIS | | US$ | | NIS | | NIS |
| Short term liabilities | 140 | | 37 | | 198 | | 153 |
| Long term liabilities | 793 | | 211 | | 923 | | 926 |
| Total liabilities | 933 | | 248 | | 1,121 | | 1,079 |
| Cash and cash equivalents | 169 | | 45 | | 295 | | 277 |
| Net debt | 764 | | 203 | | 826 | | 802 |
| | | | | | | | |
(1) Does not include the consolidated balance sheet of B Communications and its subsidiaries.
Sale of B Communications Shares: On January 14, 2016, the Company sold 575,000 ordinary shares of B Communications, representing approximately 1.92% of B Communications' issued and outstanding shares. The total proceeds from the sale amounted to approximately NIS 56 million ($15 million). As a result of the sale, the Company now holds approximately 65% of the outstanding shares of B Communications.
Equity Attributable to Shareholders: As of March 31, 2016 the total equity attributable to shareholders totaled NIS 364 million ($97 million). The significant increase in the equity attributable to shareholders resulted mainly from the sale of 4.2% of Bezeq's outstanding shares by B Communications in February 2016, which generated a positive difference between the change in the carrying amount of non-controlling interests and the net consideration received by B Communications from the sale. In compliance with IFRS10 the difference was recognized directly in the equity of B Communications. Internet Gold's equity was increased by its share in B Communications' equity.
Internet Gold's Cash Management: Internet Gold manages its cash balances according to an investment policy that was approved by its board of directors. The investment policy seeks to preserve principal and maintain adequate liquidity while maximizing the income received from investments without significantly increasing the risk of loss. According to Internet Gold's investment policy approximately 80% of its funds must be invested in investment-grade securities.
Internet Gold's First Quarter Consolidated Financial Results:
Internet Gold's consolidated revenues for the first quarter of 2016 totaled NIS 2.6 billion ($680 million), a 17.7% increase compared to the NIS 2.2 billion reported in the first quarter of 2015. The increase resulted from the full consolidation of DBS Satellite Services (1998) Ltd. (referred to herein by its trade name YES) as of the second quarter of 2015. 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 income for the first quarter of 2016 totaled NIS 472 million ($125 million), a 6.5% decrease compared to NIS 505 million reported in the first quarter of 2015.
Internet Gold's consolidated net income for the first quarter of 2016 totaled NIS 143 million ($38 million), a 52.6% decrease compared with NIS 302 million reported in the first quarter of 2015.
Internet Gold's First Quarter Unconsolidated Financial Results:
As of March 31, 2016 Internet Gold held approximately 65% of the outstanding shares of B Communications. Internet Gold's interest in B Communications' net loss for the first quarter of 2016 totaled NIS 15 million ($4 million), compared with its share in B Communications' net income of NIS 32 million in the first quarter of 2015.
Internet Gold's unconsolidated net financial expenses for the first quarter of 2016 totaled NIS 15 million ($4 million) compared with NIS 3 million in the first quarter of 2015. These expenses consist of interest and CPI linkage expenses related to its publicly-traded debentures.
Internet Gold's loss attributable to shareholders for the first quarter of 2016 totaled NIS 32 million ($8 million) compared with net income attributable to its shareholders of NIS 28 million in the first quarter of 2015.
| In millions | | | | | | | |
| | | | Convenience | | | | |
| | | | translation | | | | |
| | Three-month | | into | | Three-month | | |
| | period ended | | U.S. dollars | | period ended | | Year ended |
| | March 31, | | (Note A) | | March 31, | | December 31, |
| | 2016 | | 2016 | | 2015 | | 2015 |
| | NIS | | US$ | | NIS | | NIS |
| Revenues | - | | - | | - | | - |
| Financial expenses, net | (15) | | (4) | | (3) | | (60) |
| Income tax benefit | - | | - | | - Werbung Mehr Nachrichten zur Intnt Gold Golden Lines Aktie kostenlos abonnieren
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