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Internet Gold Reports Its Financial Results For The Second Quarter Of 2014

Internet Gold – Golden Lines Ltd. (NASDAQ Global Market and TASE: IGLD) today reported its financial results for the second quarter ended June 30, 2014.

Bezeq’s Results: For the second quarter of 2014, the Bezeq Group reported revenues of NIS 2.3 billion ($654 million) and operating profit of NIS 1.2 billion ($359 million). Bezeq’s EBITDA for the second quarter totaled NIS 1.6 billion ($452 million), representing an EBITDA margin of 69.0%. Net income for the period attributable to Bezeq’s shareholders totaled NIS 810 million ($236 million). Bezeq's cash flow from operating activities during the period totaled NIS 1.1 billion ($312 million).

Yad2 Transaction: On May 20, 2014, Bezeq concluded the sale of Coral-Tel Ltd. ("Yad2"), a company fully controlled by Bezeq through its ownership of Walla! Communications Ltd., that is engaged in the operation of a second-hand sales web site, for a total consideration of approximately NIS 805 million ($234 million). As a result, Bezeq recorded a one-time capital gain of NIS 582 million ($169 million) before tax that was reported under other operating income.

Cash Position: As of June 30, 2014, Internet Gold’s unconsolidated cash and cash equivalents and short term investments totaled NIS 418 million ($122 million), its unconsolidated gross debt was NIS 1.2 billion ($348 million) and its unconsolidated net debt was NIS 779 million ($226 million).

Internet Gold's Unconsolidated Balance Sheet Data (1)

In millions             Convenience    
translation into
U.S. dollars
(Note A)
June 30, June 30, December 31,
2013 2014 2014 2013
NIS NIS US$ NIS
Short term liabilities 147 72 21 129
Long term liabilities 906 1,125 327 931
Total liabilities 1,053 1,197 348 1,060
Cash and cash equivalents 291 418 122 329
Total net debt 762 779 226 731

(1) Does not include the balance sheet of B Communications and its subsidiaries.

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