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Cellcom Israel Announces Second Quarter 2012 Results

Cellcom Israel Ltd.

(An Israeli Corporation)

Condensed Consolidated Interim Statements of Financial position
                                                         Convenience
                                                         translation
                                                            Into
                                                         U.S. dollar
                                                                     December
                                  June 30,    June 30,    June 30,      31,
                                    2011        2012        2012       2011
                                     NIS         NIS         US$        NIS
                                  millions    millions    millions   millions
                                 (Unaudited) (Unaudited) (Unaudited) (Audited)
    Assets
    Cash and cash equivalents          1,527         736         188       920
    Current investments,
    including derivatives                390         974         248       290
    Trade receivables                  1,571       1,922         490     1,859
    Other receivables                     70          93          24        93
    Inventory                            138         129          33       170
    Total current assets               3,696       3,854         983     3,332
 
    Trade and other receivables          858       1,355         345     1,337
    Property, plant and
    equipment, net                     1,961       2,120         541     2,168
    Intangible assets, net               672       1,597         407     1,680
    Deferred tax assets                    -          56          14        40
    Total non-current assets           3,491       5,128       1,307     5,225
 
    Total assets                       7,187       8,982       2,290     8,557
 
    Liabilities
    Short-term credit and
    current maturities of
    long-term loans and
    debentures                           594         758         193       674
    Trade payables and accrued
    expenses                             767         835         213     1,026
    Current tax liabilities               82         108          28        69
    Provisions                           101         157          40       148
    Other payables, including
    derivatives                          397         528         135       547
    Dividend declared                    292         130          33       189
    Total current liabilities          2,233       2,516         642     2,653
 
    Long-term loans from banks             -          15           4        19
    Debentures                         4,575       5,929       1,512     5,452
    Provisions                            18          21           5        21
    Other long-term liabilities            2          44          11        41
    Liability for employee
    rights upon retirement, net            -          15           4        10
    Deferred tax liabilities              61         162          41       174
    Total non- current
    liabilities                        4,656       6,186       1,577     5,717
 
    Total liabilities                  6,889       8,702       2,219     8,370
 
    Equity attributable to
    owners of the Company
    Share capital                          1           1           -         1
    Cash flow hedge reserve             (20)           8           2         7
    Retained earnings                    317         270          69       175
 
    Non-controlling interest               -           1           -         4
 
    Total equity                         298         280          71       187
 
    Total liabilities and equity       7,187       8,982       2,290     8,557

Cellcom Israel Ltd.

(An Israeli Corporation)

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