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Cellcom Israel Announces Second Quarter 2012 Results

Condensed Consolidated Interim Statements of Income

                                                                            Year
                                                   Three-month period       ended
                      Six-month period ended              ended
                                                                          December
                             June 30,                   June 30,             31,
                                    Convenience               Convenience
                                    translation               translation
                                      into US                   into US
                                      dollar                    dollar
                     2011    2012      2012      2011   2012     2012       2011
                                        US$                       US$        NIS
                     NIS millions    millions   NIS millions   millions   millions
                      (Unaudited)   (Unaudited)  (Unaudited)  (Unaudited) (Audited)
 
    Revenues          3,176   3,083         786  1,589  1,498         382     6,506
    Cost of
    revenues        (1,554) (1,737)       (443)  (804)  (838)       (214)   (3,408)
 
    Gross profit      1,622   1,346         343    785    660         168     3,098
 
    Selling and
    marketing
    expenses          (441)   (456)       (116)  (232)  (220)        (56)     (990)
    General and
    administrative
    expenses          (313)   (333)        (85)  (156)  (161)        (41)     (685)
    Other income
    (expenses), net       -       -           -      -      3           1       (1)
 
    Operating
    profit              868     557         142    397    282          72     1,422
 
    Financing
    income               61      83          21     45     45          11       116
    Financing
    expenses          (203)   (236)        (60)  (120)  (162)        (41)     (409)
    Financing
    expenses, net     (142)   (153)        (39)   (75)  (117)        (30)     (293)
 
    Profit before
    taxes on income     726     404         103    322    165          42     1,129
    Taxes on income   (176)   (110)        (28)   (78)   (44)        (11)     (304)
 
    Profit for the
    period              550     294          75    244    121          31       825
 
    Profit for the
    period
    attributable
    to:
    Owners of the
    Company             550     294          75    244    121          31       824
    Non-controlling
    interests             -       -           -      -      -           -         1
    Profit for the
    period              550     294          75    244    121          31       825
 
    Earnings per
    share
    Basic earnings
    per share in
    NIS                5.53    2.96        0.75   2.45   1.22        0.31      8.28
 
    Diluted
    earnings per
    share in NIS       5.53    2.96        0.75   2.45   1.22        0.31      8.28
 

Cellcom Israel Ltd.

(An Israeli Corporation)

Condensed Consolidated Interim Statements of Cash Flows

                                                                           Year
                                                                           ended
                  Six-month period ended     Three-month period ended
                                                                         December
                         June 30,                    June 30,               31,
                               Convenience               Convenience
                               translation               translation
                                  into                       into
 
                                US dollar                 US dollar
                  2011   2012     2012     2011  2012        2012          2011
                                   US$                           US$        NIS
                 NIS millions   millions     NIS millions     millions   millions
                  (Unaudited)  (Unaudited)    (Unaudited)    (Unaudited) (Audited)
    Cash flows
    from
    operating
    activities
 
    Profit for
    the period      550    294          75   244  121                 31       825
 
    Adjustments
    for:
    Depreciation
    and
    Amortization    336    389          99   168  193                 49       738
    Share based
    payment           1      3           1     1    2                  1         6
    Loss on sale
    of property,
    plant and
    equipment         -      1           -     -    -                  -         -
    Income tax
    expense         176    110          28    78   44                 11       304
    Financing
    expenses,
    net             142    153          39    75  117                 30       293
    Other
    expenses          -      1           -     -    -                  -         2
 
    Changes in
    operating
    assets and
    liabilities:
    Change in
    inventory      (38)     38          10  (19)   31                  8      (67)
    Change in
    trade
    receivables
    (including
    long-term
    amounts)      (326)   (34)         (8) (209)   24                  6     (585)
    Change in
    other
    receivables
    (including
    long-term
    amounts)        (6)   (42)        (11)   (2) (24)                (6)        61
    Change in
    trade
    payables,
    accrued
    expenses and
    provisions      117   (89)        (23)   (5) (20)                (5)       146
    Change in
    other
    liabilities
    (including
    long-term
    amounts)         12     16           4   (6)  (3)                (1)      (52)
    Proceeds
    from
    (payments
    for)
    derivative
    hedging
    contracts,
    net             (9)      8           2   (6)    5                  1      (14)
    Income tax
    paid          (206)  (117)        (30)  (86) (55)               (14)     (325)
    Income tax
    received          -     15           4     -    8                  2         -
    Net cash
    from
    operating
    activities      749    746         190   233  443                113     1,332
 

Cellcom Israel Ltd.

(An Israeli Corporation)

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