Internet Gold Reports Fourth Quarter 2011 Financial Results

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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