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Internet Gold Reports Financial Results For The Second Quarter Of 2012

Stocks in this article: BCOM IGLD

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' 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
               
Convenience
translation into
U.S. dollars
June 30 June 30 June 30 December 31
2012 2012 2011 2011
(Unaudited) (Unaudited) (Unaudited) (Audited)
NIS millions US$ millions NIS millions NIS millions
Assets
Cash and cash equivalents 639 163 548 1,447
Investments including derivatives 1,312 334 675 1,548
Trade receivables 3,116 794 2,855 3,059
Other receivables 345 88 239 294
Inventory 206 53 277 204
Assets classified as held-for-sale 172 44 151 167
 
Total current assets 5,790 1,476 4,745 6,719
 
Investments including derivatives 95 24 112 119
Long-term trade receivables 1,324 337 1,474 1,499
Property, plant and equipment 6,966 1,776 7,487 7,143
Intangible assets 7,487 1,909 8,643 8,085
Deferred and other expenses 409 104 396 412

Investments in equity-accounted investee (mainly loans)

1,019 260 1,050 1,059
Deferred tax assets 169 43 259 223
 
Total non-current assets 17,469 4,453 19,421 18,540
 
Total assets 23,259 5,929 24,166 25,259
 

Internet Gold - Golden Lines Ltd.

Consolidated Statements of Financial Position
               
Convenience
translation into
U.S. dollars
June 30 June 30 June 30 December 31
2012 2012 2011 2011
(Unaudited) (Unaudited) (Unaudited) (Audited)
NIS millions US$ millions NIS millions NIS millions
Liabilities

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

1,185 302 1,789 1,306
Trade payables 901 230 1,005 892
Other payables including derivatives 684 174 996 790
Dividend payable 669 171 668 669
Current tax liabilities 572 146 309 499
Deferred income 59 15 39 56
Provisions 174 44 253 186
Employee benefits 325 83 488 389
Liabilities classified as held-for-sale -   -   4 -  
Total current liabilities 4,569   1,165   5,551 4,787  
 
Debentures 6,117 1,559 3,692 6,388
Bank loans 6,515 1,661 6,651 6,753
Loans from institutions and others 545 139 546 544
Dividend payable 322 82 941 636
Employee benefits 228 58 267 229
Other liabilities 83 21 155 186
Provisions 70 18 70 69
Deferred tax liabilities 1,210   308   1,361 1,426  
Total non-current liabilities 15,090   3,846   13,683 16,231  
 
Total liabilities 19,659   5,011   19,234 21,018  
 
Equity
 

Total equity attributable to equity holders of the Company

(123 ) (31 ) 38 (27 )
Non-controlling interest 3,723   949   4,894 4,268  
Total equity 3,600   918   4,932 4,241  
 
Total liabilities and equity 23,259   5,929   24,166 25,259  
 

Internet Gold - Golden Lines Ltd.

Consolidated Statements of Operations
(In millions, except per share data)
       
Six months period ended Three months period ended Year ended
June 30, June 30, December 31,
  Convenience     Convenience  
translation translation
into into
U.S. dollars U.S. dollars
2012 2012 2011 2012 2012 2011 2011
NIS millions US$ millions NIS millions NIS millions US$ millions NIS millions NIS millions
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
 
Revenues 5,335 1,360 5,809 2,595 661 2,895 11,376
 
Cost and expenses
Depreciation and amortization 1,510 385 1,399 755 192 699 2,984
Salaries 1,018 260 1,075 506 129 540 2,122

General and operating expenses

2,052 523 2,268 969 247 1,135 4,468
Other operating expenses, net 33   8   276   33   8   29   323  
 
4,613   1,176   5,018   2,263   576   2,403   9,897  
 
Operating income 722 184 791 332 85 492 1,479
 
Financing expenses, net 220   56   287   201   51   153   580  
 

Income after financing expense, net

502 128 504 131 34 339 899
 

 

Share in losses of equity-accounted investee

141   36   137   83   21   72   216  
 
Income before income tax 361 92 367 48 13 267 683
 
Income tax 204   52   204   73   19   116   653  
 
Net income (loss) 157   40   163   (25 ) (6 ) 151   30  
 
Attributable to:
Owners of the Company (82 ) (21 ) (97 ) (85 ) (21 ) (33 ) (266 )
Non-controlling interest 239   61   260   60   15   184   296  
Net income (loss) 157   40   163   (25 ) (6 ) 151   30  
 
Net loss per share, basic (4.61 ) (1.18 ) (5.10 ) (4.78 ) (1.22 ) (1.68 ) (13.56 )
 
Net loss per share, diluted (4.62 ) (1.18 ) (5.15 ) (4.78 ) (1.22 ) (1.72 ) (13.60 )




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