For more information, please visit the following Internet sites:

http://ir.bezeq.co.il http://www.eurocom.co.il http://www.bcommunications.co.il

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, changes in the regulatory and legal compliance environments, the failure to manage growth and other risks detailed from time to time in B Communications’s filings with the Securities Exchange Commission. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

Consolidated Statements of Financial Position as a
   

December 31
 

Convenience translation into U.S. dollars $1 = NIS 3.549

 

2009
 

2010

December 31 2010

NIS Millions

$ millions

 

Assets
Cash and cash equivalents 1,350 398 112
Marketable securities 99 1,021 288
Investments including derivatives - 7 2
Trade receivables 13 2,701 761
Parent company receivables 2 - -
Related parties receivables 4 1 -
Other receivables 8 228 65
Inventory - 178 50
Assets classified as held-for-sale 1,360 58 16
Deferred tax assets - 3 1
 
Total current assets 2,836 4,595 1,295
 
Long-term trade receivables and other receivables - 1,114 314
Investment, including derivatives - 129 36
Property and equipment 1 7,471 2,105
Intangible assets 8 9,890 2,787
Deferred and other expenses - 660 186
Investments in equity-accounted investees (mainly loans) - 1,084 305
Deferred tax assets 1 254 72
 
Total non-current assets 10 20,602 5,805
 
 
Total assets 2,846 25,197 7,100
 

Consolidated Statements of Financial Position as at (cont’d)
   

December 31
 

Convenience translation into U.S. dollars $1 = NIS 3.549

2009
 

2010

December 312010

NIS Millions

$ millions
Liabilities
Short-term bank credit, current maturities of long-term
liabilities and debentures 697 1,422 400
Trade payables 7 1,066 300
Other payables including derivatives 9 817 230
Current tax liabilities 25 347 98
Deferred income 1 33 10
Provisions - 251 71
Employee benefits - 269 76
Liabilities classified as held-for-sale 270 18 5
Total current liabilities 1,009 4,223 1,190
 
Debentures 1,044 3,419 963
Convertible debentures 100 5 2
Bank loans - 6,138 1,730
Loans from institutions and others - 541 152
Deferred income and others - 150 42
Employee benefits - 305 86
Deferred tax liabilities - 1,510 426
Provisions - 69 19
Total non-current liabilities 1,144 12,137 3,420
 
Total liabilities 2,153 16,360 4,610
 
Equity
Total equity attributable to equity holders of the Company 460 284 80
Non-controlling interest 233 8,553 2,410
Equity 693 8,837 2,490
 
Total liabilities and equity 2,846 25,197 7,100
 

 

Consolidated Statements of Income for the Year ended December 31
 
   

December 31
 

Convenience translation into U.S. dollars $1 = NIS 3.549

2009
 

2010

December 312010

NIS millions

$ millions
 
Revenues 1,243 8,732 2,461
 
Cost and expenses
Depreciation and amortization 99 2,628 740
Salaries 171 1,477 416
General and operating expenses 811 3,710 1,046
Other operating expenses (income) 2 (182) (51)
 
1,083 7,633 2,151
 
Operating income 160 1,099 310
 
Finance expense, net 2 498 140
 
Income after financing expenses 158 601 170
 
Share in losses of equity-accounted investees - 235 66
 
Income before income tax 158 366 104
Income tax 58 305 86
 
Net income for the year 100 61 18
 
 
Income (loss) attributable to:
Owners of the Company 62 (241) (68)
Non-controlling interest 38 302 86
Income for the year 100 61 18
 
 
Income (loss) per share basic
Net income (loss) per share 3.39 (12.67) (3.57)
Weighted average number of shares
outstanding (in thousands) 18,346 19,026 19,026
 
 
Income (loss) per share diluted
Net income (loss) per share 3.39 (12.98) (3.66)
Weighted average number of shares
outstanding (in thousands) 18,346 19,026 19,026

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