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Cellcom Israel Announces Third Quarter 2012 Results

Stocks in this article: CEL

1. Please see "Use of Non-IFRS financial measures" section in this press release.

2. Based on a comparison of third quarter 2012 expenses to fourth quarter 2011 expenses.

3. The Company consolidated financial results for the third quarter 2012 include the results of Netvision Ltd., or Netvision, for the full quarter, while the consolidated financial results for the third quarter 2011 include Netvision's results for September 2011 only (due to the completion of Netvision's acquisition by the Company on August 31, 2011).

Cellcom Israel Ltd. (NYSE: CEL TASE: CEL) ("Cellcom Israel", the "Company"), announced today its financial results for the third quarter of 2012. Revenues for the third quarter 2012 totaled NIS 1,448 million ( $370 million); EBITDA for the third quarter 2012 totaled NIS 430 million ( $110 million), or 29.7% of total revenues; and net income for the third quarter 2012 totaled NIS 124 million ( $32 million). Basic earnings per share for the third quarter 2012 totaled NIS 1.25 ($0.32).

Commenting on  the results ,  Nir Sztern ,  Chief Executive Officer ,  said , "We are pleased with the implementation of the Company's strategy: the merger of Netvision, operational excellence, and our strengthening as a communications group.  

The Company has taken aggressive efficiency measures, which led, so far, to an annual savings run rate of approximately NIS 480 million [2], while focusing on operational excellence. It is our intention to continue the efficiency measures in the fourth quarter this year, as well as in 2013.

We continue to leverage and expand the comprehensive services we provide as a communications group, addressing all customer segments, and seeing great success with our "Cellcom Total" marketing plan, which was launched in July of this year, followed by "Cellcom Total for Businesses", a beneficial, comprehensive communications package for small and medium businesses. At the same time, we witness Netvision's contribution to the Company's success, presenting a third quarter EBITDA of NIS 75 million, through leveraging Cellcom-Netvision synergies, and reducing cost redundancies between the companies".

Regarding market competition, Nir Sztern noted: "In the third quarter, the Company recruited approximately 5,000 net new subscribers. This is an impressive achievement in light of the intense competition. The positive net adds is a result of the "Cellcom Total" success as well as the beginning of IDF subscribers' transfer to our network, whereas the majority of the IDF subscribers will be joining in the following quarters. This quarter, the Company also presented a record growth of private landline telephony subscribers.

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