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Internet Gold Reports Financial Results For The Third Quarter Of 2012

Stocks in this article: BCOM IGLD

Internet Gold Ltd. (NASDAQ Global Market and TASE: IGLD) today reported its financial results for the third quarter ended September 30, 2012.

Bezeq’s results: For the third quarter of 2012, the Bezeq Group reported revenues of NIS 2.5 billion ($ 638 million) and operating profit of NIS 667 million ($ 171 million). Bezeq’s EBITDA for the third quarter totaled NIS 1 billion ($ 262 million), representing an EBITDA margin of 41%. Net income for the period attributed to the shareholders of Bezeq totaled NIS 342 million ($ 87 million). Bezeq's cash flow from operating activities totaled NIS 1 billion ($ 262 million) during the third quarter of 2012.

Dividend from Bezeq: On October 10, 2012, Internet Gold's subsidiary, B Communications received two dividend payments from Bezeq which together totaled NIS 464 million ($ 119 million). These dividend payments included a current dividend of NIS 309 million ($ 79 million), representing B Communications’ share of Bezeq’s net profit for the first half of 2012, and a special dividend of NIS 155 million ($ 40 million), representing B Communications’ share of the fourth installment of six special dividend payments declared by Bezeq and approved by its shareholders last year.

Cash Position: As of September 30, 2012, Internet Gold’s unconsolidated cash and cash equivalents totaled NIS 312 million ($ 80 million), its unconsolidated gross debt was NIS 1.17 billion ($ 299 million), and its unconsolidated net debt totaled NIS 858 million ($ 219 million).

Internet Gold's Unconsolidated Balance Sheet Data*

    September 30,     December 31,     September 30,     December 31,
2012 2011 2012 2011
(NIS millions) (US$ millions)
Short term liabilities 147 135 38 34
Long term liabilities 1,023 985 261 252
Total liabilities 1,170 1,120 299 286
Cash and cash equivalents 312 343 80 87
Total net debt 858 777 219 199

* Does not include the balance sheet of B Communications.

Internet Gold’s Third Quarter Consolidated Financial Results

Internet Gold's revenues for the third quarter of 2012 were NIS 2,494 million ($ 638 million), a 15% decrease compared with NIS 2,917 million ($ 746 million) reported in the third quarter of 2011. For both the current and the prior-year periods, Internet Gold's revenues consisted entirely of its share of Bezeq’s revenues.

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