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Internet Gold Reports Fourth Quarter 2011 Financial Results

Stocks in this article: BCOMIGLD

www.eurocom.co.il www.igld.com www.bcommunications.co.il www.ir.bezeq.co.il

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in the regulatory and legal compliance environments, the failure to manage growth and other risks detailed from time to time in B Communications’s filings with the Securities Exchange Commission. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

Internet Gold - Golden Lines Ltd.
 
Consolidated Statements of Financial Position as at
   
      Convenience
translation into
U.S. dollars
$1 = NIS 3.821
December 31 December 31
2010   2011 2011
NIS millions $ millions
Assets  
Cash and cash equivalents 404 1,447 379
Investments including derivatives 1,029 1,548 405
Trade receivables 2,701 3,059 801
Other receivables 231 294 77
Inventory 177 204 53
Assets classified as held-for-sale 219 133 35
 
Total current assets 4,761 6,685 1,750
 
 
Investments including derivatives 129 119 31
Long-term trade and other receivables 1,114 1,499 392
Property, plant and equipment 7,392 7,308 1,913
Intangible assets 9,163 8,099 2,120
Deferred and other expenses 423 394 103
Investment in equity - accounted investees (mainly loans) 1,084 1,059 277
Deferred tax assets 254 223 58
 
Total non-current assets 19,559 18,701 4,894
 
Total assets 24,320 25,386 6,644
 
Internet Gold - Golden Lines Ltd.
 
Consolidated Statements of Financial Position as at
 
              Convenience
translation into
U.S. dollars
$1 = NIS 3.821
December 31 December 31
2010 2011 2011
NIS millions $ millions
Liabilities

Short term bank credit, current maturities of long-term liabilities and debentures

1,501 1,306 342
Trade payables 1,066 892 233
Other payables including derivatives 817 840 220
Dividend payable - 669 175
Current tax liabilities 346 486 127
Deferred income 34 56 15
Provisions 251 186 49
Employee benefits 269 389 102
Liabilities classified as held-for-sale 21 -   -  
 
Total current liabilities 4,305 4,824   1,263  
 
Debentures 3,546 6,388 1,672
Bank loans 6,138 6,753 1,767
Loans from institutions and others 541 544 142
Dividend payable - 636 166
Employee benefits 305 229 60
Other liabilities 150 186 49
Provisions 69 69 18
Deferred tax liabilities 1,555 1,459   382  
 
Total non-current liabilities 12,304 16,264   4,256  
 
Total liabilities 16,609 21,088   5,519  
 
Equity (Deficit)

Total equity (deficit) attributable to Company's shareholders

295 (111 ) (29 )
Non controlling interest 7,416 4,409   1,154  
Total equity 7,711 4,298   1,125  
 
Total liabilities and equity 24,320 25,386   6,644  
 
Internet Gold - Golden Lines Ltd.
 
Consolidated Statements of income for the year ended December 31
 
              Convenience
translation into
U.S. dollars
$1 = NIS 3.821
2010 2011 2011
NIS millions $ millions
 
Revenues 8,732   11,376   2,978  
 
Cost and expenses
Depreciation and amortization 2,295 2,794 731
Salaries 1,500 2,122 555
General and operating expenses 3,711 4,505 1,180
Other operating expenses (income), net (3 ) 382   100  
 
7,503   9,803   2,566  
 
Operating income 1,229 1,573 412
 
Finance expenses, net 389   593   155  
 
Income after financing expenses, net 840 980 257
 
Share in losses of equity - accounted investees 235   216   57  
 
Income before income tax 605 764 200
 
Income tax 385   673   176  
 
Net income for the year 220   91   24  
 
Income (loss) attributable to:
Owners of the Company (209 ) (247 ) (64 )
Non-controlling interest 429   338   88  
 
Net income for the year 220   91   24  
 
Loss per share, basic (11.11 ) (12.85 ) (3.36 )
 
Loss per share, diluted (11.23 ) (12.91 ) (3.38 )




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