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Partner Communications Reports Second Quarter 2013 Results1

PARTNER COMMUNICATIONS COMPANY LTD.

(An Israeli Corporation)

SEGMENT INFORMATION

   

 

New Israeli Shekels

New Israeli Shekels

 

Three months ended June 30, 2013

Three months ended June 30, 2012

 

In millions (Unaudited)

In millions (Unaudited)

Cellular segment   Fixed line segment   Reconciliation

for

consolidation

  Consolidated   Cellular segment   Fixed line segment   Reconciliation

for

consolidation

  Consolidated
Segment revenue - Services 718 232

950

942

271

1,213

Inter-segment revenue - Services 8 45 (53)

7

29

(36)

Segment revenue - Equipment 171 9   180

207

8

 

215

Total revenues 897 286 (53) 1,130

1,156

308

(36)

1,428

Segment cost of revenues – Services 514 193 707

595

223

818

Inter-segment cost of revenues- Services 43 10 (53)

29

7

(36)

Segment cost of revenues - Equipment 162 9   171

176

6

 

182

Cost of revenues 719 212 (53) 878

800

236

(36)

1,000

Gross profit 178 74 252

356

72

428

Operating expenses 139 32 171

155

58

213

Other income, net 20 1 21

30

 

30

Operating profit 59 43 102

231

14

245

Adjustments to presentation of Adjusted EBITDA
–Depreciation and amortization 137 39 176

134

42

176

–Other (1) 2   2

2

 

2

Adjusted EBITDA 198 82 280

367

56

423

Reconciliation of Adjusted EBITDA to

profit before tax

- Depreciation and amortization 176

176

- Finance costs, net 71

73

- Other (1) 2

2

Profit before income tax 31

172

 

(1) Mainly employee share based compensation expenses.

PARTNER COMMUNICATIONS COMPANY LTD.

(An Israeli Corporation)

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

   
New Israeli shekels

Convenience translation into U.S.

dollars

6 month period ended June 30   3 month period ended June 30 6 month period ended June 30,   3 month period ended June 30,
2013   2012 2013   2012 2013 2013
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
In millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash generated from operations (Appendix A) 745 870 423 469 207 117
Income tax received (paid) 6 (103) (8) (52) 2 (2)
Net cash provided by operating activities 751 767 415 417 209 115

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition of property and equipment (180) (188) (82) (84) (50) (23)
Acquisition of intangible assets (76) (62) (41) (30) (21) (11)
Interest received 5 4 3 2 1 1
Proceeds from (payments for) derivative financial instruments, net (10) 15 (8) 8 (3) (2)
Net cash used in investing activities (261) (231) (128) (104) (73) (35)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividend paid (6)
Repayment of finance lease (1) (2) *
Interest paid (105) (67) (94) (43) (29) (26)
Repayment of non-current bank borrowings (419) (74) (419) (25) (116) (116)
Repayment of notes payables   (393)   (196)    
Net cash used in financing activities (525) (542) (513) (264) (145) (142)

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(35) (6) (226) 49 (9) (62)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

548 532 739 477 151 204

CASH AND CASH EQUIVALENTS AT END OF PERIOD

513 526 513 526 142 142
 

* Representing an amount of less than 1 million

PARTNER COMMUNICATIONS COMPANY LTD.

(An Israeli Corporation)

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

Appendix A - Cash generated from operations and supplemental information

   
New Israeli shekels

Convenience translation into U.S.

dollars

6 month period ended June 30   3 month period ended June 30 6 month period ended June 30,   3 month period ended June 30,
2013   2012 2013   2012 2013 2013
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
In millions
Cash generated from operations:
Profit for the period 51 266 20 120 14 6
Adjustments for:
Depreciation and amortization 333 349 169 169 92 47
Amortization of deferred expenses - Right of use 15 12 8 6 4 2
Employee share based compensation expenses 4 7 2 3 1 1
Liability for employee rights upon retirement, net (3) (3) (1) 1 (1) (*)
Finance costs, net 18 30 15 29 5 4

Gain (loss) from change in fair value of derivative financial instruments

13 (13) 14 (22) 4 4
Interest paid 105 67 94 43 29 26
Interest received (5) (4) (3) (2) (1) (1)
Deferred income taxes 5 (13) 2 (9) 1 *
Income tax paid (received) (6) 103 8 52 (2) 2
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable:
Trade 300 165 153 121 83 43
Other (8) (13) 2 (2) (2) *
Increase (decrease) in accounts payable and accruals:
Parent group- trade (25) (5)
Trade (69) (61) (59) (32) (19) (16)
Other payables (23) 22 (49) 8 (6) (14)
Provisions 5 (3) 2 (2) 2 *
Deferred revenue (8) 2 (7) *
Increase in deferred expenses - Right of use (9) (16) (5) (8) (2) (1)
Current income tax liability 27 (3) 2 (1) 7 1
Decrease (increase) in inventories (8) 11 47 7 (2) 13
Cash generated from operations 745 870 423 469 207 117
 

At June 30, 2013 and 2012, trade and other payables include NIS 173 million ($48 million) and NIS 184 million, respectively, in respect of acquisition of intangible assets and property and equipment.

PARTNER COMMUNICATIONS COMPANY LTD.

(An Israeli Corporation)

RECONCILIATION BETWEEN OPERATING CASH FLOWS AND ADJUSTED EBITDA

   

New Israeli shekels

Convenience translation into U.S.

dollars**

6 monthperiod endedJune 30

 

3 monthperiod endedJune 30

6 monthperiod endedJune 30,

 

3 monthperiod endedJune 30,

2013

 

2012

2013

 

2012

2013

2013

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

In millions

 
Net cash provided by operating activities

751

767

415 417 209 115
 
Liability for employee rights upon retirement 3

3

1 (1) 1 *
Accrued interest and exchange and linkage differences on

long-term liabilities

(115) (91) (105) (71) (32) (29)
Increase (decrease) in accounts receivable:
Trade (300) (165) (153) (121) (83) (43)
Other, including derivative financial instruments 3 43 (13) 33 1 (3)
Decrease (increase) in accounts payable and accruals:
Trade 69 61 59 32 19 16
Shareholder – current account 25 5
Other

19

1 48

12

5

13
Income tax paid (received) (6)

103

8

52

(2) 2
Increase (decrease) in inventories

8

(11) (47) (7)

2

(13)
Increase (decrease) in assets retirement obligation (1) (1)

(*)

(*)
Financial expenses*** 117   125   68   72   31   19
Adjusted EBITDA 548   861   280   423   151   77
 

* Representing an amount of less than 1 million** The convenience translation of the New Israeli Shekel (NIS) figures into US dollars was made at the exchange prevailing at June 30, 2013: US $1.00 equals 3.618 NIS.*** Financial expenses excluding any charge for the amortization of pre-launch financial costs

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