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Internet Gold Reports Fourth Quarter 2010 Financial Results

“With the goal of focusing fully on Bezeq and our communications business, we have recently sold three of our Goldmind.Media assets and intend to divest our remaining media holdings during the next several months. Taken as a whole, we are very pleased with the development of our business, and continue to seek out additional ways to create value for our shareholders.”

Bezeq Group’s Q4 Financial Results

To provide further insight into its results, the Company has provided the following summary of the Bezeq Group’s quarter and year ended December 31, 2010 consolidated financial reports. For a full discussion of Bezeq’s results for the quarter, please refer to http://ir.bezeq.co.il.

Bezeq Group’s Consolidated Results

               

Bezeq Group (Consolidated) 1

Q4 2010 2

Q4 2009

Change

2010 2

2009

Change

( NIS millions)

( NIS millions)

Revenues

3,058

2,932

4.3%

11,987

11,519

4.1%

Operating Profit

901

480

87.7%

3,744

2,972

26.0%

EBITDA

1,269

856

48.2%

5,153

4,457

15.6%

EBITDA Margin

41.5%

29.2%

 

43.0%

38.7%

 

Net profit attributable to Company Shareholders

575

366

57.1%

2,443

3,603

-32.2%

Diluted EPS (NIS)

   

0.21

 

0.12

 

75.0%

   

0.90

 

1.34

 

-32.9%

Cash flow from operating activities

748

785

-4.7%

3,696

3,655

1.1%

Capex payments, net 3

439

352

24.6%

1,491

1,445

3.2%

Free cash flow 4

   

309

 

433

 

-28.6%

   

2,205

 

2,210

 

-0.2%

Net debt/EBITDA (end of period) 5

1.04

0.76

 

1.04

0.76

Net debt/shareholders' equity (end of period)

1.00

0.52

1.00

0.52

 

1As of August 21, 2009, the Company ceased consolidating yes' financial statements and started accounting for its investment in yes according to the equity method. In this table all figures reflect the de-consolidation of yes as of December 31, 2007.

2Bezeq Group results reflect the consolidation of Walla! as of April 25, 2010.

3 Capex data reflects payments related to capex and are based on the cash flow statements.

4Free cash flow is defined as cash flows from operating activities less net capex payments.

5EBITDA in this calculation refers to the trailing twelve months.

 

Bezeq Group revenues for 2010 totaled a record NIS 12.0 billion, up 4.1% from NIS 11.5 billion in 2009. Revenue growth was driven by higher revenues at Pelephone, Bezeq International and the initial consolidation of the Walla! results, and was partially offset by a 0.8% decline in Bezeq Fixed-Line’s revenues. Fourth quarter 2010 Bezeq group revenues totaled NIS 3.1 billion, an increase of 4.3% versus the year ago quarter.

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