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18.05.2017 12:55
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Internet Gold Reports Its Financial Results for the First Quarter 2017
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PR Newswire
RAMAT GAN, Israel, May 18, 2017
RAMAT GAN, Israel, May 18, 2017 /PRNewswire/ -- Internet Gold - Golden Lines Ltd. (NasdaqGM: IGLD; TASE: IGLD) today reported its financial results for the first quarter of 2017. Internet Gold holds the controlling interest in B Communications Ltd. (Nasdaq: BCOM; TASE: BCOM), which in turn holds the controlling interest in Bezeq, The Israel Telecommunication Corporation Ltd. (TASE: BEZQ).
"We are very pleased with the results of both B Communications and Bezeq, which continues to generate a steady return that enhances our overall financial position and capabilities," said Doron Turgeman, CEO of Internet Gold.
Debt and Liquidity Balances: As of March 31, 2017, Internet Gold's unconsolidated liquidity balances comprised of cash and cash equivalents and short term investments totaled NIS 219 million ($60 million), its unconsolidated total debt was NIS 798 million ($220 million) and its unconsolidated net debt was NIS 579 million ($160 million).
Internet Gold's Unconsolidated Debt and Liquidity Balances (1)
| (In millions) | March 31, | March 31, ARIVA.DE Börsen-GeflüsterKurse
| March 31, | December 31, | |||
| | 2017 | 2017 | 2016 | 2016 | |||
| | NIS | US$ | NIS | NIS | |||
| Short term liabilities | 133 | 37 | 140 | 151 | |||
| Long term liabilities | 665 | 183 | 793 | 795 | |||
| Total debt | 798 | 220 | 933 | 946 | |||
| Liquidity balances | 219 | 60 | 169 | 382 | |||
| Net debt | 579 | 160 | 764 | 564 | |||
| | | | | |
(1) Does not include the debt or liquidity balances of B Communications and its subsidiaries.
Internet Gold's First Quarter Consolidated Financial Results
Internet Gold's consolidated revenues for the first quarter of 2017 totaled NIS 2.5 billion ($675 million), a 4.1% decrease compared to the NIS 2.6 billion reported in the first quarter of 2016. For both the current and the prior-year periods, Internet Gold's consolidated revenues consisted entirely of Bezeq's revenues.
Internet Gold's consolidated operating profit for the first quarter of 2016 totaled NIS 460 million ($127 million), a 2.5% decrease compared with NIS 472 million reported in the first quarter of 2016.
Internet Gold's consolidated net profit for the first quarter of 2017 totaled NIS 224 million ($62 million), a 56.6% increase compared with NIS 143 million reported in the first quarter of 2016. The increase in net profit in the first quarter of 2017 was mainly due to B Communications' lower net financial expenses resulted from the refinance of its debt in the third quarter of 2016.
Internet Gold's First Quarter Unconsolidated Financial Results
As of March 31, 2017, Internet Gold held approximately 65% of B Communications' outstanding shares. Accordingly, Internet Gold's interest in B Communications' net profit for the first quarter of 2017 totaled NIS 25 million ($7 million) compared with a net loss of NIS 15 million in the first quarter of 2016.
Internet Gold's unconsolidated net financial expenses for the first quarter of 2017 totaled NIS 14 million ($4 million) compared with NIS 15 million in the first quarter of 2016. These expenses consist of NIS 12 million ($3 million) of interest and CPI linkage expenses related to Internet Gold's publicly-traded debentures and of NIS 2 million ($1 million) of financial expenses generated by short term investments.
Internet Gold's net profit attributable to shareholders for the first quarter of 2017 totaled NIS 10 million ($3 million) compared with a loss attributable to shareholders of NIS 32 million in the first quarter of 2016. The net profit in the first quarter of 2017 was mainly due to B Communications' lower net financial expenses resulting from the refinance of its debt in the third quarter of 2016.
| (In millions) | Three months ended March 31, | Year ended | ||
| | 2017 | 2017 | 2016 | 2016 |
| | NIS | US$ | NIS | NIS |
| | | | | |
| Financial expenses, net | (14) | (4) | (15) | (44) |
| Operating expenses | (1) | - | (2) | (5) |
| Interest in BCOM's net profit (loss) | 25 | 7 | (15) | (155) |
| Net profit (loss) | 10 | 3 | (32) | (204) |
Bezeq Group Results (Consolidated)
To provide further insight into its results, the Company is providing the following summary of the consolidated financial report of the Bezeq Group for the first quarter ended March 31, 2017. For a full discussion of Bezeq's results for the first quarter ended March 31, 2017, please refer to its website: http://ir.bezeq.co.il.
| Bezeq Group (consolidated) | Q1 2017 | Q1 2016 | % change |
| | (NIS millions) | | |
| | | | |
| Revenues | 2,453 | 2,559 | (4.1%) |
| Operating profit | 566 | 574 Werbung Mehr Nachrichten zur Intnt Gold Golden Lines Aktie kostenlos abonnieren
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