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Internet Gold Reports Fourth Quarter 2010 Financial Results

Internet Gold (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the fourth quarter and full year ended December 31, 2010 together with its cash position and loan repayment status as of December 31, 2010.

Progress in Loan Repayment Plan

As of December 31, 2010, Internet Gold’s 76.78% owned subsidiary B Communications Ltd. exceeded its original plan for the repayment of the debt it incurred to fund its April 2010 acquisition of the controlling interest (approximately 30%) in Bezeq - The Israel Telecommunication Corp., Ltd. (“Bezeq”). From April 14, 2010 through December 31, 2010, B Communications repaid NIS 892 million (US$ 251 million) principal amount of debt.

Internet Gold’s Unconsolidated Cash Position

At December 31, 2010, Internet Gold’s cash and cash equivalents totaled NIS 256 million (US$ 72 million) and its total unconsolidated debt was NIS 901 million (US$ 254 million). This reflected the following events:
  • Successful placement of NIS 170 million in debentures: On September 28, 2010, Internet Gold issued NIS 170 million (US $48 million) of Series C debentures. These debentures carry a 4.45% fixed annual interest rate, are linked to the Israeli CPI, and are listed for trade on the Tel Aviv Stock Exchange.
  • Successful Exchange of Series B Debentures for Series C Debentures: On December 19, 2010, the Company issued an additional NIS 148 million (US $42 million) of Series C debentures, and exchanged them for approximately 19% of its outstanding Series B Debentures. The goal of this transaction was to improve the Company’s liquidity, the average duration of its debentures and its cash position after the Bezeq transaction.
  • Successful placement of NIS 134 million in Debentures in February 2011: On February 28, 2011, the Company raised an additional NIS 134 million (US $38 million) through the issuance of additional Series C debentures.

Internet Gold’s Unconsolidated Balance Sheet Data*

As of December 31, 2010 (NIS millions)

As of December 31, 2010 (US$ millions)
Short term liabilities 131 37
Long term liabilities 770 217
Total liabilities 901 254
Cash and cash equivalents 256 72
Other assets 5 2
Total net debt 640 180

* Does not include the balance sheet of B Communications.

Internet Gold’s Fourth Quarter Financial Results

Internet Gold’s revenues for the fourth quarter of 2010 were NIS 3.1 billion (US$ 866 million) compared with NIS 323 million reported in the fourth quarter of 2009. The Company’s revenues for the fourth quarter of 2010 consisted primarily of Bezeq’s revenues, together with the modest contribution of its media business, which totaled NIS 16 million (US$ 5 million) for the period. Internet Gold’s fourth quarter 2009 revenues consisted of sales generated by its legacy 012 Smile telecom business. Revenues for the full year 2010, which consolidate Bezeq's results from April 14, 2010, were NIS 8.7 billion (US$ 2.5 million) compared with NIS 1.2 billion for 2009.

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