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Internet Gold Ltd. (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the fourth quarter ended December 31, 2011.
The financial results presented in this press release are preliminary un-audited financial results. The final and complete results for the fourth quarter and for the year ended December 31, 2011 will be published when the Company publishes its audited financial reports for 2011 and its annual report on Form 20-F for 2011.
Bezeq - On-Track Performance: The Bezeq Group reported another stable quarter, delivering revenues of NIS 2.7 billion (US$ 694 million) and operating profit of NIS 698 million (US$ 183 million) for the period. Bezeq’s EBITDA for the fourth quarter totaled NIS 1.1 billion (US$ 276 million), representing an EBITDA margin of 39.7%. Net income for the period totaled NIS 521 million (US$ 136 million).
Dividend from Bezeq: On October 5, 2011, IGLD’s subsidiary B Communications Ltd. ("BCOM") received a dividend from Bezeq totaling NIS 464 million (US$ 121 million). BCOM used this dividend for two purposes: (1) payment of NIS 238 million (US$ 62 million) of its current loan repayment commitment; and (2) pre-payment of an additional NIS 226 million (US$ 59 million) of debt to banks, thereby reducing the size of the final “bullet” repayment due in November 2016 and saving related future interest expenses.
BCOM's successful Placement of NIS 126 Million in Debentures: During January 2012, BCOM completed a private placement of additional Series B debentures with a total par value of NIS 126 million (US $33 million) to a number of Israeli institutional investors. The placement increased the total outstanding balance of the Series B debentures, which were first issued in September 2010, to par value of NIS 526 million (US $138 million).
Successful Placement of NIS 79 Million in Debentures: During December 2011 and January 2012, Internet Gold completed the private placement of additional Series C debentures with a total par value of NIS 79 million (US $21 million) to a number of Israeli institutional investors. The placement increased the total outstanding balance of the Series C debentures, which were first issued in October 2010, to par value of NIS 649 million (US $170 million).
Cash Position: As of December 31, 2011,
Internet Gold's unconsolidated cash and cash equivalents totaled NIS 343 million (US$ 90 million) and its unconsolidated gross debt was NIS 1.1 billion (US$ 294 million).
Internet Gold's Unconsolidated Balance Sheet Data*