Internet Gold Reports its Financial Results for the Fourth Quarter and Full Year 2016

RAMAT GAN, Israel, March 30, 2017

Doron Turgeman, CEO of Internet Gold said: "2016 was a great year for Internet Gold, as the Company improved in all of its important debt parameters. With full confidence in B Communications' dividend generating power and Bezeq's 2017 guidance, which was released this morning, we intend to continue our efforts to improve both our debt and equity positions."  

Debt and Liquidity Balances: As of December 31, 2016, Internet Gold's unconsolidated liquidity balances comprised of cash and cash equivalents and short term investments totaled NIS 382 million ($99 million), its unconsolidated total debt was NIS 946 million ($246 million) and its unconsolidated net debt was NIS 564 million ($147 million).

Internet Gold's Unconsolidated Debt and Liquidity Balances ⁽¹⁾

(In millions)	December 31, ARIVA.DE Börsen-Geflüster Kurse B COMMUNICATIONS LTD. 3,21 $ -13,2% BEZEQ ISRAEL TELCM UN/ADR 6,385 $ +1,83% Intnt Gold Golden Lines -   0,00%	December 31,	December 31,
	2015	2016	2016
	NIS	NIS	US$
Short term liabilities	153	151	39
Long term liabilities	926	795	207
Total debt	1,079	946	246
Liquidity balances	277	382	99
Net debt	802	564	147

(1)     Does not include the debt or liquidity balances of B Communications and its subsidiaries.

Internet Gold Unconsolidated Sources and Uses

Internet Gold's Fourth Quarter and Full Year Consolidated Financial Results

Internet Gold's consolidated revenues for the fourth quarter of 2016 totaled NIS 2.5 billion ($651 million), a 3.9% decrease compared to the NIS 2.6 billion reported in the fourth quarter of 2015. For the full year 2016, Internet Gold's revenues totaled NIS 10.1 billion ($2.6 billion), a 1.0% increase compared to NIS 10.0 billion reported in 2015. The increase in 2016 was due to the consolidation of Yes beginning in the second quarter of 2015, partially offset by a decrease in revenues in all of the Bezeq Group's segments and primarily at Pelephone. 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 fourth quarter of 2016 totaled NIS 368 million ($96 million), a 1.1% decrease compared with NIS 372 million reported in the fourth quarter of 2015. For the full year 2016, Internet Gold's consolidated operating profit totaled NIS 1.84 billion ($479 million), an 8.4% decrease compared with NIS 2.01 billion reported in 2015.

Internet Gold's consolidated net profit for the fourth quarter of 2016 totaled NIS 72 million ($19 million), a 76.4% decrease compared with NIS 306 million reported in the fourth quarter of 2015. For the full year 2016, Internet Gold's consolidated net profit totaled NIS 426 million ($111 million), a 60.7% decrease compared with NIS 1.08 billion reported in 2015. The decrease was due to Bezeq's lower net profit in 2016 compared with 2015 and due to one-time refinancing expenses recorded by B Communications related to its early redemption of its 7⅜% Senior Secured Notes ("Notes").

Internet Gold's Fourth Quarter and Full Year Unconsolidated Financial Results

As of December 31, 2016, Internet Gold held approximately 65% of B Communications' outstanding shares. Accordingly, Internet Gold's interest in B Communications' net profit for the fourth quarter of 2016 totaled NIS 2 million ($1 million) compared with NIS 69 million in the fourth quarter of 2015. For the full year 2016, Internet Gold's interest in B Communications' net loss totaled NIS 153 million ($40 million) compared with its interest in B Communications' net profit of NIS 140 million in 2015.

Internet Gold's unconsolidated net financial expenses for the fourth quarter of 2016 totaled NIS 5 million ($2 million) compared with NIS 9 million in the fourth quarter of 2015. These expenses consist of NIS 11 million ($4 million) of interest and CPI linkage expenses related to Internet Gold's publicly-traded debentures, which were partially offset by NIS 6 million ($2 million) of financial income generated by short term investments. For the full year 2016, Internet Gold's unconsolidated net financial expenses totaled NIS 44 million ($11 million) compared with NIS 60 million in 2015. These expenses consisted of NIS 51 million ($13 million) of interest and CPI linkage expenses related to Internet Gold's publicly-traded debentures, which were partially offset by NIS 7 million ($2 million) of financial income generated by short term investments.

Internet Gold's loss attributable to shareholders for the fourth quarter of 2016 totaled NIS 4 million ($1 million) compared with net profit attributable to shareholders of NIS 70 million in the fourth quarter of 2015. For the full year 2016, Internet Gold's loss attributable to shareholders totaled NIS 202 million ($53 million) compared with net profit of NIS 87 million in 2015. The loss in 2016 was due to Bezeq's lower net profit in 2016 compared with 2015 and due to one-time refinancing expenses recorded by B Communications related to its early redemption of the Notes.

)In millions(	Three months ended December 31,			Year ended December 31,
	2015	2016	2016	2015	2016	2016
	NIS	NIS	US$	NIS	NIS	US$
Financial expenses, net	(9)	(5)	(2)	(60)	(44)	(11)
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