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Cellcom Israel Announces Third Quarter 2012 Results

Cellcom Israel Ltd.

(An Israeli Corporation)

Condensed Consolidated Interim Statements of Financial position
                                                         Convenience
                                                         translation
                                                            Into
                                                         U.S. dollar
                                  September   September   September  December
                                     30,         30,         30,        31,
                                    2011        2012        2012       2011
                                     NIS         NIS         US$        NIS
                                  millions    millions    millions   millions
                                 (Unaudited) (Unaudited) (Unaudited) (Audited)
    Assets
    Cash and cash equivalents            869       1,139         291       920
    Current investments,
    including derivatives                479         493         126       290
    Trade receivables                  1,862       1,912         489     1,859
    Other receivables                     87          87          22        93
    Inventory                            135         125          32       170
    Total current assets               3,432       3,756         960     3,332
 
    Trade and other receivables        1,282       1,291         330     1,337
    Property, plant and
    equipment, net                     2,141       2,084         533     2,168
    Intangible assets, net             1,720       1,552         397     1,680
    Deferred tax assets                   37          60          15        40
    Total non-current assets           5,180       4,987       1,275     5,225
 
    Total assets                       8,612       8,743       2,235     8,557
 
    Liabilities
    Short-term credit and
    current maturities of
    long-term loans and
    debentures                           681       1,142         292       674
    Trade payables and accrued
    expenses                           1,016         859         220     1,026
    Current tax liabilities               58         114          29        69
    Provisions                           112         169          43       148
    Other payables, including
    derivatives                          478         424         109       547
    Dividend declared                    232           -           -       189
    Total current liabilities          2,577       2,708         693     2,653
 
    Long-term loans from banks            23          10           3        19
    Debentures                         5,464       5,399       1,380     5,452
    Provisions                            21          21           5        21
    Other long-term liabilities           84          35           9        41
    Liability for employee
    rights upon retirement, net            -          13           3        10
    Deferred tax liabilities             151         157          40       174
    Total non- current
    liabilities                        5,743       5,635       1,440     5,717
 
    Total liabilities                  8,320       8,343       2,133     8,370
 
    Equity attributable to
    owners of the Company
    Share capital                          1           1           -         1
    Cash flow hedge reserve                -           3           1         7
    Retained earnings                    287         395         101       175
 
    Non-controlling interest               4           1           -         4
 
    Total equity                         292         400         102       187
 
    Total liabilities and equity       8,612       8,743       2,235     8,557

Cellcom Israel Ltd.

(An Israeli Corporation)

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