Internet Gold – Golden Lines Ltd. (NASDAQ Global Market and TASE: IGLD) today reported its financial results for the first quarter ended March 31, 2014.
Bezeq’s Results: For the first quarter of 2014, the Bezeq Group reported revenues of NIS 2.3 billion ($663 million) and operating profit of NIS 688 million ($197 million). Bezeq’s EBITDA for the first quarter totaled NIS 1.0 billion ($287 million), representing an EBITDA margin of 43.36%. Net income for the period attributable to Bezeq’s shareholders totaled NIS 457 million ($131 million). Bezeq's cash flow from operating activities during the period totaled NIS 1.0 billion ($299 million).
Cash Position: As of March 31, 2014, Internet Gold’s unconsolidated cash and cash equivalents and short term investments totaled NIS 432 million ($124 million), its unconsolidated gross debt was NIS 1.17 billion ($337 million) and its unconsolidated net debt was NIS 744 million ($213 million).
Internet Gold's Unconsolidated Balance Sheet Data (1)
|March 31,||March 31,||December 31,|
|Short term liabilities||134||123||37||129|
|Long term liabilities||897||1,053||300||931|
|Cash and cash equivalents||166||432||124||329|
|Total net debt||865||744||213||731|
|(1)||Does not include the balance sheet of B Communications.|
Internet Gold’s Series D Debentures: On March 3, 2014, the Company raised NIS 126 million ($36 million) from the issuance of NIS 117.5 million ($34 million) par value of Series D Debentures, a new series of debentures. Both principal and interest are linked to the Israeli CPI of January 2014. The Series D Debentures, which are listed on the Tel Aviv Stock Exchange (TASE), received a local Baa1 stable rating from Midroog Ltd., an Israeli rating company affiliated with Moody’s.Dividend from Bezeq: On March 5, 2014, the Board of Directors of Bezeq resolved to recommend to the general meeting of shareholders the distribution of a cash dividend of NIS 802 million ($230 million). On March 27, 2014, Bezeq's shareholders approved the dividend distribution and on April 23, 2014 B Communications’ received its share of the dividend distribution of approximately NIS 248 million ($71 million). Internet Gold’s First Quarter Financial Results Internet Gold's consolidated revenues for the first quarter of 2014 were NIS 2,311 million ($663 million), a 3.9% decrease compared with NIS 2,405 million reported in the first quarter of 2013. For both the current and the prior-year periods, Internet Gold’s consolidated revenues consisted entirely of Bezeq’s revenues.