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Cellcom Israel Announces First Quarter 2012 Results

Financial Tables Follow

Cellcom Israel Ltd.

(An Israeli Corporation)

Condensed Consolidated Interim Statements of Financial position

                                                           Convenience
                                                           translation
                                                              Into
                                                           U.S. dollar
                                                    March               December
                                        March 31,    31,     March 31,    31,
                                          2011       2012      2012       2011
                                           NIS       NIS        US$       NIS
                                        millions   millions  millions   millions
    Assets
    Cash and cash equivalents              1,644      588         158      920
    Current investments, including
    derivatives                              400      902         243      290
    Trade receivables                      1,495    1,868         503    1,859
    Other receivables                         65      110          29       93
    Inventory                                123      163          44      170
 
    Total current assets                   3,727    3,631         977    3,332
 
    Trade and other receivables              710    1,419         382    1,337
    Property, plant and equipment,
    net                                    2,017    2,155         580    2,168
    Intangible assets, net                   704    1,643         442    1,680
    Deferred tax assets                        -       37          10       40
 
    Total non-current assets               3,431    5,254       1,414    5,225
 
    Total assets                           7,158    8,885       2,391    8,557
 
    Liabilities
    Short-term credit and current
    maturities of long-term loans
    and debentures                           590      752         202      674
    Trade payables and accrued
    expenses                                 790      930         250    1,026
    Current tax liabilities                   89       84          23       69
    Provisions                                87      149          40      148
    Other payables, including
    derivatives                              339      471         127      547
    Dividend declared                        303       72          19      189
 
    Total current liabilities              2,198    2,458         661    2,653
 
    Long-term loans from banks                 -       19           5       19
    Debentures                             4,536    5,879       1,583    5,452
    Provisions                                16       21           6       21
    Other long-term liabilities                2       46          12       41
    Liability for employee rights
    upon retirement, net                       -       15           4       10
    Deferred tax liabilities                  62      165          44      174
 
    Total non- current liabilities         4,616    6,145       1,654    5,717
 
    Total liabilities                      6,814    8,603       2,315    8,370
 
    Equity attributable to owners of
    the Company
    Share capital                              1        1           -        1
    Cash flow hedge reserve                 (21)        -           -        7
    Retained earnings                        364      277          75      175
 
    Non-controlling interest                   -        4           1        4
 
    Total equity                             344      282          76      187
 
    Total liabilities and
    shareholders' equity                   7,158    8,885       2,391    8,557

Cellcom Israel Ltd.

(An Israeli Corporation)

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