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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cellcom Israel Ltd | NYSE:CEL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.77 | 0 | 01:00:00 |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable
§ |
Total Revenues
totaled NIS 3,871 million ($1,117 million) compared to NIS 4,027 million ($1,161 million) last year, a decrease of 3.9%
|
§ |
Service revenues
totaled NIS 2,919 million ($842 million) compared to NIS 3,033 million ($875 million) last year, a decrease of 3.8%
|
§ |
Operating income
totaled NIS 297 million ($86 million) compared to NIS 310 million ($89 million) last year, a decrease of 4.2%
|
§ |
Net income
totaled NIS 113 million ($33 million) compared to NIS 150 million ($43 million) last year, a decrease of 24.7%
|
§ |
Net income margin
2.9%, a decrease from 3.7% last year
|
§ |
EBITDA
1
totaled NIS 853 million ($246 million) compared to NIS 858 million ($247 million) last year, a decrease of 0.6%
|
§ |
EBITDA margin
22.0%, an increase from 21.3% last year
|
§ |
Net cash from operating activities
totaled NIS 774 million ($223 million)
compared to NIS 781 million ($225 million) last year, a decrease
of 0.9%
|
§ |
Free cash flow
1
totaled NIS 325 million ($94 million)
compared to NIS 416 million ($120 million) last year, a decrease
of 21.9%
|
§ |
Cellular subscriber base
totaled approximately 2.817 million subscribers (at the end of December 2017)
|
§ |
Total Revenues
totaled NIS 975 million ($281 million) compared to NIS 984 million ($284 million) in the fourth quarter last year, a decrease of 0.9%
|
§ |
Service revenues
totaled NIS 712 million ($205 million) compared to NIS 719 million ($207 million) in the fourth quarter last year, a decrease of 1.0%
|
§ |
Operating income
totaled NIS 45 million ($13 million) compared to NIS 32 million ($9 million) in the fourth quarter last year, an increase of 40.6%
|
§ |
Net income
totaled NIS 10 million ($3 million) compared to NIS 14 million ($4 million) in the fourth quarter last year, a decrease of 28.6%
|
§ |
Net income margin
1.0%, a decrease from 1.4% in the fourth quarter last year
|
§ |
EBITDA
1
totaled NIS 189 million ($55 million) compared to NIS 173 million ($50 million) in the fourth quarter last year, an increase of 9.2%
|
§ |
EBITDA margin
19.4%, an increase from 17.6% in the fourth quarter last year
|
§ |
Net cash from operating activities
totaled NIS 214 million ($62 million)
compared to NIS 178 million ($51 million) last year, an increase
of 20.2%
|
§ |
Free cash flow
1
totaled NIS 77 million ($22 million)
compared to NIS 83 million ($24 million) in the fourth quarter
last year, a decrease
of 7.2%
|
NIS millions
|
% of Revenues
|
% Change
|
US$ millions
(convenience translation)
|
||||
|
2017
|
2016
|
2017
|
2016
|
2017
|
2016
|
|
Revenues - services
|
2,919
|
3,033
|
75.4%
|
75.3%
|
(3.8)%
|
842
|
875
|
Revenues - equipment
|
952
|
994
|
24.6%
|
24.7%
|
(4.2)%
|
275
|
286
|
Total revenues
|
3,871
|
4,027
|
100.0%
|
100.0%
|
(3.9)%
|
1,117
|
1,161
|
Cost of revenues - services
|
(2,035)
|
(2,028)
|
(52.5)%
|
(50.4)%
|
0.3%
|
(587)
|
(585)
|
Cost of revenues - equipment
|
(645)
|
(674)
|
(16.7)%
|
(16.7)%
|
(4.3)%
|
(186)
|
(194)
|
Total cost of revenues
|
(2,680)
|
(2,702)
|
(69.2)%
|
(67.1)%
|
(0.8)%
|
(773)
|
(779)
|
Gross profit
|
1,191
|
1,325
|
30.8%
|
32.9%
|
(10.1)%
|
344
|
382
|
Selling and marketing expenses
|
(479)
|
(574)
|
(12.4)%
|
(14.3)%
|
(16.6)%
|
(138
)
|
(166)
|
General and administrative expenses
|
(426)
|
(420)
|
(11.0)%
|
(10.4)%
|
1.4%
|
(123)
|
(121
)
|
Other income (expenses), net
|
11
|
(21)
|
0.2%
|
(0.5)%
|
(152.4)%
|
3
|
(6)
|
Operating income
|
297
|
310
|
7.6%
|
7.7%
|
(4.2)%
|
86
|
89
|
Financing expenses, net
|
(144)
|
(150)
|
(3.7)%
|
(3.7)%
|
(4.0)%
|
(42)
|
(43)
|
Profit before taxes on income
|
153
|
160
|
3.9%
|
4.0%
|
(4.4)%
|
44
|
46
|
Taxes on income
|
(40)
|
(10)
|
(1.0)%
|
(0.3)%
|
300.0%
|
(11)
|
(3)
|
Net income
|
113
|
150
|
2.9%
|
3.7%
|
(24.7)%
|
33
|
43
|
Free cash flow
|
325
|
416
|
8.4%
|
10.3%
|
(21.9)%
|
94
|
120
|
EBITDA
|
853
|
858
|
22.0%
|
21.3%
|
(0.6)%
|
246
|
247
|
Q4/2017
|
Q4/2016
|
Change%
|
Q4/2017
|
Q4/2016
|
|
NIS million
|
US$
million
(convenience translation) |
||||
Total revenues
|
975
|
984
|
(0.9)%
|
281
|
284
|
Operating Income
|
45
|
32
|
(40.6)%
|
13
|
9
|
Net Income
|
10
|
14
|
(28.6)%
|
3
|
4
|
Free cash flow
|
77
|
83
|
(7.2)%
|
22
|
24
|
EBITDA
|
189
|
173
|
9.2%
|
55
|
50
|
EBITDA, as percent of total revenues
|
19.4%
|
17.6%
|
10.2%
|
Cellular (*)
|
Fixed-line (**)
|
Inter-segment adjustments
(***)
|
Consolidated results
|
||||||||
NIS million
|
2017
|
2016
|
Change
%
|
2017
|
2016
|
Change
%
|
2017
|
2016
|
2017
|
2016
|
Change
%
|
Total revenues
|
2,699
|
2,998
|
(10.0)%
|
1,348
|
1,229
|
9.7%
|
(176)
|
(200)
|
3,871
|
4,027
|
(3.9)%
|
Service revenues
|
1,929
|
2,162
|
(10.8)%
|
1,166
|
1,071
|
8.9%
|
(176)
|
(200)
|
2,919
|
3,033
|
(3.8)%
|
Equipment revenues
|
770
|
836
|
(7.9)%
|
182
|
158
|
15.2%
|
-
|
-
|
952
|
994
|
(4.2)%
|
EBITDA
|
595
|
625
|
(4.8)%
|
258
|
233
|
10.7%
|
-
|
-
|
853
|
858
|
(0.6)%
|
EBITDA, as percent of total revenues
|
22.0%
|
20.8%
|
5.8%
|
19.1%
|
19.0%
|
0.5%
|
22.0%
|
21.3%
|
3.3%
|
2017
|
2016
|
Change (%)
|
|
Cellular subscribers at the end of period (in thousands)
|
2,817
|
2,801
|
0.6%
|
Churn Rate for cellular subscribers (in %)
|
45.8%
|
42.4%
|
8.0%
|
Monthly cellular ARPU (in NIS)
|
57.1
|
63.3
|
(9.8)%
|
Q4/2017
|
Q4/2016
|
Change (%)
|
|
Churn Rate for cellular subscribers (in %)
|
11.5%
|
10.4%
|
10.6%
|
Monthly cellular ARPU (in NIS)
|
53.6
|
59.3
|
(9.6)%
|
2017
|
2016
|
Change (%)
|
|
Internet infrastructure field subscribers-
(households) at the end of period (in thousands)
|
222
|
156
|
42.3%
|
TV field subscribers-
(households) at the end of period (in thousands)
|
170
|
111
|
53.2%
|
Company Contact
Shlomi Fruhling
Chief Financial Officer
investors@cellcom.co.il
Tel: +972 52 998 9735
|
Investor Relations Contact
Ehud Helft
GK Investor & Public Relations
cellcom@GKIR.com
Tel: +1 617 418 3096
|
Convenience
|
||||||||||||
translation into
|
||||||||||||
US dollar
|
||||||||||||
December 31,
|
December 31,
|
December 31,
|
||||||||||
2016
|
2017
|
2017
|
||||||||||
NIS millions
|
NIS millions
|
US$ millions
|
||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
1,240
|
527
|
152
|
|||||||||
Current investments, including derivatives
|
284
|
364
|
105
|
|||||||||
Trade receivables
|
1,325
|
1,280
|
369
|
|||||||||
Current tax assets
|
25
|
4
|
1
|
|||||||||
Other receivables
|
61
|
89
|
26
|
|||||||||
Inventory
|
64
|
70
|
20
|
|||||||||
Total current assets
|
2,999
|
2,334
|
673
|
|||||||||
Trade and other receivables
|
796
|
895
|
258
|
|||||||||
Property, plant and equipment, net
|
1,659
|
1,598
|
461
|
|||||||||
Intangible assets and others, net
|
1,207
|
1,260
|
364
|
|||||||||
Deferred tax assets
|
1
|
-
|
-
|
|||||||||
Total non- current assets
|
3,663
|
3,753
|
1,083
|
|||||||||
Total assets
|
6,662
|
6,087
|
1,756
|
|||||||||
Liabilities
|
||||||||||||
Current maturities of debentures and of loans from financial institutions
|
863
|
618
|
179
|
|||||||||
Trade payables and accrued expenses
|
675
|
652
|
188
|
|||||||||
Current tax liabilities
|
-
|
4
|
1
|
|||||||||
Provisions
|
108
|
91
|
26
|
|||||||||
Other payables, including derivatives
|
279
|
277
|
80
|
|||||||||
Total current liabilities
|
1,925
|
1,642
|
474
|
|||||||||
Long-term loans from financial institutions
|
340
|
462
|
134
|
|||||||||
Debentures
|
2,866
|
2,360
|
681
|
|||||||||
Provisions
|
30
|
21
|
6
|
|||||||||
Other long-term liabilities
|
31
|
15
|
4
|
|||||||||
Liability for employee rights upon retirement, net
|
12
|
15
|
4
|
|||||||||
Deferred tax liabilities
|
118
|
131
|
38
|
|||||||||
Total non- current liabilities
|
3,397
|
3,004
|
867
|
|||||||||
Total liabilities
|
5,322
|
4,646
|
1,341
|
|||||||||
Equity attributable to owners of the Company
|
||||||||||||
Share capital
|
1
|
1
|
-
|
|||||||||
Cash flow hedge reserve
|
(1
|
)
|
-
|
-
|
||||||||
Retained earnings
|
1,322
|
1,436
|
414
|
|||||||||
Non-controlling interests
|
18
|
4
|
1
|
|||||||||
Total equity
|
1,340
|
1,441
|
415
|
|||||||||
Total liabilities and equity
|
6,662
|
6,087
|
1,756
|
|
Convenience
|
|||||||||||||||
|
translation into
|
|||||||||||||||
|
US dollar
|
|||||||||||||||
|
Year ended
|
Year ended
|
Year ended
|
Year ended
|
||||||||||||
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||
|
2015
|
2016
|
2017
|
2017
|
||||||||||||
|
NIS millions
|
NIS millions
|
NIS millions
|
US$ millions
|
||||||||||||
|
||||||||||||||||
Revenues
|
4,180
|
4,027
|
3,871
|
1,117
|
||||||||||||
Cost of revenues
|
(2,763
|
)
|
(2,702
|
)
|
(2,680
|
)
|
(773
|
)
|
||||||||
|
||||||||||||||||
Gross profit
|
1,417
|
1,325
|
1,191
|
344
|
||||||||||||
|
||||||||||||||||
Selling and marketing expenses
|
(620
|
)
|
(574
|
)
|
(479
|
)
|
(138
|
)
|
||||||||
General and administrative expenses
|
(465
|
)
|
(420
|
)
|
(426
|
)
|
(123
|
)
|
||||||||
Other income (expenses), net
|
(22
|
)
|
(21
|
)
|
11
|
3
|
||||||||||
|
||||||||||||||||
Operating profit
|
310
|
310
|
297
|
86
|
||||||||||||
|
||||||||||||||||
Financing income
|
55
|
46
|
52
|
15
|
||||||||||||
Financing expenses
|
(232
|
)
|
(196
|
)
|
(196
|
)
|
(57
|
)
|
||||||||
Financing expenses, net
|
(177
|
)
|
(150
|
)
|
(144
|
)
|
(42
|
)
|
||||||||
|
||||||||||||||||
Profit before taxes on income
|
133
|
160
|
153
|
44
|
||||||||||||
|
||||||||||||||||
Taxes on income
|
(36
|
)
|
(10
|
)
|
(40
|
)
|
(11
|
)
|
||||||||
Profit for the year
|
97
|
150
|
113
|
33
|
||||||||||||
Attributable to:
|
||||||||||||||||
Owners of the Company
|
95
|
148
|
112
|
33
|
||||||||||||
Non-controlling interests
|
2
|
2
|
1
|
-
|
||||||||||||
Profit for the year
|
97
|
150
|
113
|
33
|
||||||||||||
|
||||||||||||||||
Earnings per share
|
||||||||||||||||
Basic earnings per share (in NIS)
|
0.95
|
1.47
|
1.11
|
0.32
|
||||||||||||
|
||||||||||||||||
Diluted earnings per share (in NIS)
|
0.95
|
1.47
|
1.10
|
0.32
|
||||||||||||
|
||||||||||||||||
Weighted-average number of shares used in the calculation of basic earnings per share (in shares)
|
100,589,458
|
100,604,578
|
100,654,935
|
100,654,935
|
||||||||||||
|
||||||||||||||||
Weighted-average number of shares used in the calculation of diluted earnings per share (in shares)
|
100,589,530
|
100,698,306
|
100,889,661
|
100,889,661
|
|
Convenience
|
|||||||||||||||
|
translation into
|
|||||||||||||||
|
US dollar
|
|||||||||||||||
|
Year ended
|
Year ended
|
Year ended
|
Year ended
|
||||||||||||
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||
|
2015
|
2016
|
2017
|
2017
|
||||||||||||
|
NIS millions
|
NIS millions
|
NIS millions
|
US$ millions
|
||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Profit for the year
|
97
|
150
|
113
|
33
|
||||||||||||
Adjustments for:
|
||||||||||||||||
Depreciation and amortization
|
562
|
534
|
555
|
160
|
||||||||||||
Share based payments
|
3
|
6
|
2
|
-
|
||||||||||||
Loss (gain) on sale of property, plant and equipment
|
(1
|
)
|
10
|
(1
|
)
|
-
|
||||||||||
Gain on sale of shares in a consolidated company
|
-
|
-
|
(10
|
)
|
(3
|
)
|
||||||||||
Income tax expense
|
36
|
10
|
40
|
11
|
||||||||||||
Financing expenses, net
|
177
|
150
|
144
|
42
|
||||||||||||
|
||||||||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Change in inventory
|
4
|
21
|
(6
|
)
|
(2
|
)
|
||||||||||
Change in trade receivables (including long-term amounts)
|
209
|
(28
|
)
|
132
|
38
|
|||||||||||
Change in other receivables (including long-term amounts)
|
(34
|
)
|
(5
|
)
|
(191
|
)
|
(55
|
)
|
||||||||
Change in trade payables, accrued expenses and provisions
|
(54
|
)
|
-
|
(27
|
)
|
(8
|
)
|
|||||||||
Change in other liabilities (including long-term amounts)
|
(95
|
)
|
20
|
28
|
8
|
|||||||||||
Payments for derivative hedging contracts, net
|
-
|
-
|
(3
|
)
|
(1
|
)
|
||||||||||
Income tax paid
|
(68
|
)
|
(88
|
)
|
(44
|
)
|
(12
|
)
|
||||||||
Income tax received
|
-
|
1
|
42
|
12
|
||||||||||||
Net cash from operating activities
|
836
|
781
|
774
|
223
|
||||||||||||
|
||||||||||||||||
Cash flows used in investing activities
|
||||||||||||||||
Acquisition of property, plant, and equipment
|
(305
|
)
|
(295
|
)
|
(346
|
)
|
(100
|
)
|
||||||||
Additions to intangible assets and others
|
(91
|
)
|
(73
|
)
|
(237
|
)
|
(68
|
)
|
||||||||
Dividend received
|
2
|
-
|
-
|
-
|
||||||||||||
Change in current investments, net
|
231
|
(9
|
)
|
(77
|
)
|
(22
|
)
|
|||||||||
Proceeds from sale of property, plant and equipment
|
4
|
2
|
1
|
-
|
||||||||||||
Interest received
|
15
|
11
|
12
|
3
|
||||||||||||
Repayment of a long-term deposit
|
48
|
-
|
-
|
-
|
||||||||||||
Proceeds from sale of shares in a consolidated company, net of cash disposed
|
-
|
-
|
3
|
1
|
||||||||||||
Net cash used in investing activities
|
(96
|
)
|
(364
|
)
|
(644
|
)
|
(186
|
)
|
|
Convenience
|
|||||||||||||||
|
translation into
|
|||||||||||||||
|
US dollar
|
|||||||||||||||
|
Year ended
|
Year ended
|
Year ended
|
Year ended
|
||||||||||||
|
December 31,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||
|
2015
|
2016
|
2017
|
2017
|
||||||||||||
|
NIS millions
|
NIS millions
|
NIS millions
|
US$ millions
|
||||||||||||
|
||||||||||||||||
Cash flows used in financing activities
|
||||||||||||||||
Payments for derivative contracts, net
|
(32
|
)
|
(13
|
)
|
(3
|
)
|
(1
|
)
|
||||||||
Receipt of long-term loans from financial institutions
|
-
|
340
|
200
|
58
|
||||||||||||
Repayment of debentures
|
(873
|
)
|
(732
|
)
|
(864
|
)
|
(249
|
)
|
||||||||
Proceeds from issuance of debentures, net of issuance costs
|
(3
|
)
|
653
|
-
|
-
|
|||||||||||
Dividend paid
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
-
|
|||||||||
Interest paid
|
(227
|
)
|
(185
|
)
|
(175
|
)
|
(51
|
)
|
||||||||
|
||||||||||||||||
Net cash from (used in) financing activities
|
(1,136
|
)
|
62
|
(843
|
)
|
(243
|
)
|
|||||||||
|
||||||||||||||||
Changes in cash and cash equivalents
|
(396
|
)
|
479
|
(713
|
)
|
(206
|
)
|
|||||||||
|
||||||||||||||||
Cash and cash equivalents as at the beginning of the year
|
1,158
|
761
|
1,240
|
358
|
||||||||||||
|
||||||||||||||||
Effect of exchange rate fluctuations on cash and cash equivalents
|
(1
|
)
|
-
|
-
|
-
|
|||||||||||
|
||||||||||||||||
Cash and cash equivalents as at the end of the year
|
761
|
1,240
|
527
|
152
|
Year ended December 31
|
Convenience
translation
into US dollar
Year ended
December 31
|
|||||||||||||||
2015
NIS millions
|
2016
NIS millions
|
2017
NIS millions
|
2017
US$ millions
|
|||||||||||||
Net income
|
97
|
150
|
113
|
33
|
||||||||||||
Income taxes
|
36
|
10
|
40
|
11
|
||||||||||||
Financing income
|
(55
|
)
|
(46
|
)
|
(52
|
)
|
(15
|
)
|
||||||||
Financing expenses
|
232
|
196
|
196
|
57
|
||||||||||||
Other expenses (income)
|
(3
|
)
|
8
|
(1
|
)
|
-
|
||||||||||
Depreciation and amortization
|
562
|
534
|
555
|
160
|
||||||||||||
Share based payments
|
3
|
6
|
2
|
-
|
||||||||||||
EBITDA
|
872
|
858
|
853
|
246
|
Three-month period ended
December 31
|
||||||||||||||||
2015
NIS millions
|
2016
NIS millions
|
2017
NIS millions
|
Convenience
translation
into US dollar
2017
US$ millions
|
|||||||||||||
Net income
|
19
|
14
|
10
|
3
|
||||||||||||
Income taxes
|
12
|
(22
|
)
|
5
|
1
|
|||||||||||
Financing income
|
(11
|
)
|
(13
|
)
|
(17
|
)
|
(5
|
)
|
||||||||
Financing expenses
|
59
|
53
|
47
|
14
|
||||||||||||
Other expenses
|
1
|
3
|
1
|
-
|
||||||||||||
Depreciation and amortization
|
143
|
136
|
143
|
42
|
||||||||||||
Share based payments
|
2
|
2
|
-
|
-
|
||||||||||||
EBITDA
|
225
|
173
|
189
|
55
|
Year ended December 31
|
Convenience
translation
into US dollar
Year ended
December 31
|
|||||||||||||||
2015
NIS millions
|
2016
NIS millions
|
2017
NIS millions
|
2017
US$ millions
|
|||||||||||||
Cash flows from operating activities(
*
)
|
836
|
781
|
774
|
223
|
||||||||||||
Loan to Golan Telecom
|
-
|
-
|
130
|
38
|
||||||||||||
Cash flows from investing activities
|
(96
|
)
|
(364
|
)
|
(644
|
)
|
(186
|
)
|
||||||||
Purchase (sale) of tradable debentures(
**
)
|
(246
|
)
|
(1
|
)
|
65
|
19
|
||||||||||
Free cash flow
|
494
|
416
|
325
|
94
|
Three-month period ended
December 31
|
||||||||||||||||
2015
NIS millions
|
2016
NIS millions
|
2017
NIS millions
|
Convenience
translation
into US dollar
2017
US$ millions
|
|||||||||||||
Cash flows from operating activities(
*
)
|
210
|
178
|
214
|
62
|
||||||||||||
Cash flows from investing activities
|
8
|
(96
|
)
|
(133
|
)
|
(39
|
)
|
|||||||||
Purchase (sale) of tradable debentures(
**
)
|
(97
|
)
|
1
|
(4
|
)
|
(1
|
)
|
|||||||||
Free cash flow
|
121
|
83
|
77
|
22
|
NIS millions unless otherwise stated
|
Q1-2016
|
Q2-2016
|
Q3-2016
|
Q4-2016
|
Q1-2017
|
Q2-2017
|
Q3-2017
|
Q4-2017
|
FY-2016
|
FY-2017
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Cellular service revenues
|
559
|
567
|
534
|
502
|
509
|
481
|
488
|
451
|
2,162
|
1,929
|
||||||||||||||||||||||||||||||
Fixed-line service revenues
|
264
|
264
|
276
|
267
|
279
|
292
|
292
|
303
|
1,071
|
1,166
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Cellular equipment revenues
|
219
|
217
|
195
|
205
|
183
|
192
|
191
|
204
|
836
|
770
|
||||||||||||||||||||||||||||||
Fixed-line equipment revenues
|
29
|
30
|
39
|
60
|
37
|
39
|
47
|
59
|
158
|
182
|
||||||||||||||||||||||||||||||
Inter-segment adjustments
|
(49
|
)
|
(49
|
)
|
(52
|
)
|
(50
|
)
|
(49
|
)
|
(42
|
)
|
(43
|
)
|
(42
|
)
|
(200
|
)
|
(176
|
)
|
||||||||||||||||||||
Total revenues
|
1,022
|
1,029
|
992
|
984
|
959
|
962
|
975
|
975
|
4,027
|
3,871
|
||||||||||||||||||||||||||||||
Cellular EBITDA
|
178
|
181
|
149
|
117
|
159
|
158
|
160
|
118
|
625
|
595
|
||||||||||||||||||||||||||||||
Fixed-line EBITDA
|
60
|
57
|
60
|
56
|
42
|
79
|
66
|
71
|
233
|
258
|
||||||||||||||||||||||||||||||
Total EBITDA
|
238
|
238
|
209
|
173
|
201
|
237
|
226
|
189
|
858
|
853
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Operating profit
|
101
|
104
|
73
|
32
|
67
|
102
|
83
|
45
|
310
|
297
|
||||||||||||||||||||||||||||||
Financing expenses, net
|
24
|
44
|
42
|
40
|
31
|
44
|
39
|
30
|
150
|
144
|
||||||||||||||||||||||||||||||
Profit for the period
|
59
|
44
|
33
|
14
|
26
|
45
|
32
|
10
|
150
|
113
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Free cash flow
|
149
|
103
|
81
|
83
|
66
|
77
|
105
|
77
|
416
|
325
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Cellular subscribers at the end of period (in 000's)
|
2,813
|
2,812
|
2,822
|
2,801
|
2,792
|
2,779
|
2,805
|
2,817
|
2,801
|
2,817
|
||||||||||||||||||||||||||||||
Monthly cellular ARPU (in NIS)
|
65.2
|
66.0
|
62.8
|
59.3
|
60.2
|
57.0
|
57.8
|
53.6
|
63.3
|
57.1
|
||||||||||||||||||||||||||||||
Churn rate for cellular subscribers (%)
|
11.1
|
%
|
10.6
|
%
|
10.5
|
%
|
10.4
|
%
|
12.0
|
%
|
10.8
|
%
|
11.5
|
%
|
11.5
|
%
|
42.4
|
%
|
45.8
|
%
|
Series
|
Original Issuance Date
|
Principal on the Date of Issuance
|
As of 31.12.2017
|
As of 25.03.2018
|
Interest Rate (fixed)
|
Principal Repayment Dates
|
Interest Repayment Dates
(3)
|
Linkage
|
Trustee
Contact Details
|
||||||
Principal
Balance on Trade
|
Linked Principal Balance
|
Interest Accumulated in Books
|
Debenture Balance Value in Books
(2)
|
Market Value
|
Principal Balance on Trade
|
Linked Principal Balance
|
From
|
To
|
|||||||
F
(4)(5)(6)(9)**
|
20/03/12
|
714.802
|
643.322
|
659.060
|
14.853
|
673.913
|
463.921
|
428.881
|
438.142
|
4.60%
|
05.01.17
|
05.01.20
|
January-5
and July-5
|
Linked to CPI
|
Strauss Lazar Trust Company (1992) Ltd. Ori Lazar. 17 Yizhak Sadeh St., Tel Aviv. Tel: 03- 6237777.
|
G
(4)(5)(6)(9)**
|
20/03/12
|
285.198
|
228.158
|
228.217
|
7.821
|
236.038
|
90.633
|
85.559
|
85.593
|
6.99%
|
05.01.17
|
05.01.19
|
January-5
and July-5
|
Not linked
|
Strauss Lazar Trust Company (1992) Ltd. Ori Lazar. 17 Yizhak Sadeh St., Tel Aviv. Tel: 03- 6237777.
|
H
(4)(5)(7)**
|
08/07/14
03/02/15*
11/02/15*
|
949.624
|
949.624
|
848.514
|
9.221
|
857.735
|
987.419
|
949.624
|
874.140
|
1.98%
|
05.07.18
|
05.07.24
|
January-5
and July-5
|
Linked to CPI
|
Mishmeret Trust Company Ltd. Rami Sebty. 48 Menachem Begin Rd. Tel Aviv. Tel: 03-6374355.
|
I
(4)(5)(7)**
|
08/07/14
03/02/15*
11/02/15*
30/03/16*
|
804.010
|
804.010
|
761.438
|
16.324
|
777.762
|
888.753
|
804.010
|
776.532
|
4.14%
|
05.07.18
|
05.07.25
|
January-5
and July-5
|
Not linked
|
Mishmeret Trust Company Ltd. Rami Sebty. 48 Menachem Begin Rd. Tel Aviv. Tel: 03-6374355.
|
J
(4)(5)
|
26/09/16
|
103.267
|
103.267
|
102.349
|
1.241
|
103.590
|
112.086
|
103.267
|
102.391
|
2.45%
|
05.07.21
|
05.07.26
|
January-5 and July-5
|
Linked to CPI
|
Mishmeret Trust Company Ltd. Rami Sebty. 48 Menachem Begin Rd. Tel Aviv. Tel: 03-6374355.
|
K
(4)(5)(8)**
|
26/09/16
|
303.971
|
303.971
|
301.186
|
5.292
|
306.478
|
327.985
|
303.971
|
301.318
|
3.55%
|
05.07.21
|
05.07.26
|
January-5 and July-5
|
Not linked
|
Mishmeret Trust Company Ltd. Rami Sebty. 48 Menachem Begin Rd. Tel Aviv. Tel: 03-6374355.
|
L
***
|
23/01/18
|
400.600
|
400.600
|
396.487
|
2.50%
|
05.01.23
|
05.01.28
|
January-5
|
Not linked
|
Strauss Lazar Trust Company (1992) Ltd. Ori Lazar. 17 Yizhak Sadeh St., Tel Aviv. Tel: 03- 6237777.
|
|||||
Total
|
|
3,561.472
|
3,032.352
|
2,900.764
|
54.752
|
2,955.516
|
2,870.797
|
3,075.912
|
2,974.603
|
|
|
|
|
|
|
Series
|
Rating Company
|
Rating as of 31.12.2017
(1)
|
Rating as of 25.03.2018
|
Rating assigned upon issuance of the Series
|
Recent date of rating as of 25.03.2018
|
Additional ratings between original issuance and the recent date of rating as of 25.03.2018
(2)
|
|
|
Rating
|
||||||
F
|
S&P Maalot
|
A+
|
A+
|
AA
|
01/2018
|
05/2012, 11/2012, 06/2013, 06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018
|
AA,AA-,A+
(2)
|
G
|
S&P Maalot
|
A+
|
A+
|
AA
|
01/2018
|
05/2012, 11/2012, 06/2013, 06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018
|
AA,AA-,A+
(2)
|
H
|
S&P Maalot
|
A+
|
A+
|
A+
|
01/2018
|
06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018
|
A+
(2)
|
I
|
S&P Maalot
|
A+
|
A+
|
A+
|
01/2018
|
06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018
|
A+
(2)
|
J
|
S&P Maalot
|
A+
|
A+
|
A+
|
01/2018
|
08/2016, 06/2017, 01/2018
|
A+
(2)
|
K
|
S&P Maalot
|
A+
|
A+
|
A+
|
01/2018
|
08/2016, 06/2017, 01/2018
|
A+
(2)
|
L
(3)
|
S&P Maalot
|
A+
|
A+
|
01/2018
|
(1) |
In January 2018, S&P Maalot affirmed the Company's rating of “ilA+/stable”.
|
(2) |
In May 2012, S&P Maalot updated the Company's rating from an "ilAA/negative" to an “ilAA-/negative”. In November 2012, S&P Maalot affirmed the Company's rating of “ilAA-/negative”. In June 2013, S&P Maalot updated the Company's rating from an "ilAA-/negative" to an “ilA+/stable”. In June 2014, August 2014, January 2015, September 2015, March 2016, August 2016, June 2017 and January 2018, S&P Maalot affirmed the Company's rating of “ilA+/stable”. For details regarding the rating of the debentures see the S&P Maalot report dated August 22, 2017, included in the Company's Shelf offering Report filled in the Israeli Securities Authority website ('MAGNA") on January 22, 2018 .
|
(3) |
Debenture Series L was issued after the end of the reporting period.
|
Loan
|
Provision Date
|
Principal Amount
as of 31.12.2017
|
Interest Rate (nominal)
|
Principal Repayment Dates (annual payments)
|
Interest Repayment Dates (semi-annual payments)
|
Linkage
|
|
From
|
To
|
||||||
Loan from financial institution
|
06/2016
|
200
|
4.60%
|
30.06.18
|
30.06.21
|
June-30
and December-31, commencing December 31, 2016 through June 30, 2021
|
Not linked
|
Loan from bank
|
12/2016
|
140
|
4.90%
|
30.06.18
|
30.06.22
|
June-30 and December 30, commencing June 30, 2017 through June 30, 2022
|
Not linked
|
Loan from financial institution
|
06/2017
|
200
|
5.10%
|
30.06.19
|
30.06.22
|
June-30
and December-31, commencing December 31, 2017 through June 30, 2022
|
Not linked
|
Total
|
|
540
|
|
|
|
|
|
a. |
Debentures issued to the public by the Company and held by the public, excluding such debentures held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "Solo" financial data (in thousand NIS).
|
Principal payments
|
||||||||||||||||||||||||
ILS linked to CPI
|
ILS not linked to CPI
|
Euro
|
Dollar
|
Other
|
Gross interest payments (without deduction of tax)
|
|||||||||||||||||||
First year
|
332,545
|
222,292
|
-
|
-
|
-
|
101,081
|
||||||||||||||||||
Second year
|
332,545
|
165,506
|
-
|
-
|
-
|
77,484
|
||||||||||||||||||
Third year
|
332,545
|
80,327
|
-
|
-
|
-
|
58,843
|
||||||||||||||||||
Fourth year
|
166,122
|
156,847
|
-
|
-
|
-
|
48,224
|
||||||||||||||||||
Fifth year and on
|
539,046
|
701,369
|
-
|
-
|
-
|
99,573
|
||||||||||||||||||
Total
|
1,702,804
|
1,326,340
|
-
|
-
|
-
|
385,204
|
b. |
Private debentures and other non-bank credit, excluding such debentures held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "Solo" financial data (in thousand NIS).
|
Principal payments
|
||||||||||||||||||||||||
ILS linked to CPI
|
ILS not linked to CPI
|
Euro
|
Dollar
|
Other
|
Gross interest payments (without deduction of tax)
|
|||||||||||||||||||
First year
|
-
|
50,000
|
-
|
-
|
-
|
18,241
|
||||||||||||||||||
Second year
|
-
|
100,000
|
-
|
-
|
-
|
14,655
|
||||||||||||||||||
Third year
|
-
|
100,000
|
-
|
-
|
-
|
9,812
|
||||||||||||||||||
Fourth year
|
-
|
100,000
|
-
|
-
|
-
|
4,955
|
||||||||||||||||||
Fifth year and on
|
-
|
50,000
|
-
|
-
|
-
|
1,265
|
||||||||||||||||||
Total
|
-
|
400,000
|
-
|
-
|
-
|
48,927
|
c. |
Credit from banks in Israel based on the Company's "Solo" financial data (in thousand NIS).
|
Principal payments
|
||||||||||||||||||||||||
ILS linked to CPI
|
ILS not linked to CPI
|
Euro
|
Dollar
|
Other
|
Gross interest payments (without deduction of tax)
|
|||||||||||||||||||
First year
|
-
|
28,000
|
-
|
-
|
-
|
6,153
|
||||||||||||||||||
Second year
|
-
|
28,000
|
-
|
-
|
-
|
4,800
|
||||||||||||||||||
Third year
|
-
|
28,000
|
-
|
-
|
-
|
3,430
|
||||||||||||||||||
Fourth year
|
-
|
28,000
|
-
|
-
|
-
|
2,056
|
||||||||||||||||||
Fifth year and on
|
-
|
28,000
|
-
|
-
|
-
|
684
|
||||||||||||||||||
Total
|
-
|
140,000
|
-
|
-
|
-
|
17,124
|
d. |
Credit from banks abroad based on the Company's "Solo" financial data (in thousand NIS) - None.
|
e. |
Total of sections a - d above, total credit from banks, non-bank credit and debentures based on the Company's "Solo" financial data (in thousand NIS).
|
Principal payments
|
||||||||||||||||||||||||
ILS linked to CPI
|
ILS not linked to CPI
|
Euro
|
Dollar
|
Other
|
Gross interest payments (without deduction of tax)
|
|||||||||||||||||||
First year
|
332,545
|
300,292
|
-
|
-
|
-
|
125,475
|
||||||||||||||||||
Second year
|
332,545
|
293,506
|
-
|
-
|
-
|
96,939
|
||||||||||||||||||
Third year
|
332,545
|
208,327
|
-
|
-
|
-
|
72,084
|
||||||||||||||||||
Fourth year
|
166,122
|
284,847
|
-
|
-
|
-
|
55,236
|
||||||||||||||||||
Fifth year and on
|
539,046
|
779,369
|
-
|
-
|
-
|
101,521
|
||||||||||||||||||
Total
|
1,702,804
|
1,866,340
|
-
|
-
|
-
|
451,255
|
f. |
Out of the balance sheet Credit exposure based on the Company's "Solo" financial data - None.
|
g. |
Out of the balance sheet Credit exposure of all the Company's consolidated companies, excluding companies that are reporting corporations and excluding the Company's data presented in section f above (in thousand NIS) - None.
|
h. |
Total balances of the credit from banks, non-bank credit and debentures of all the consolidated companies, excluding companies that are reporting corporations and excluding Company's data presented in sections a - d above (in thousand NIS) - None.
|
i. |
Total balances of credit granted to the Company by the parent company or a controlling shareholder and balances of debentures offered by the Company held by the parent company or the controlling shareholder (in thousand NIS) - None.
|
j. |
Total balances of credit granted to the Company by companies held by the parent company or the controlling shareholder, which are not controlled by the Company, and balances of debentures offered by the Company held by companies held by the parent company or the controlling shareholder, which are not controlled by the Company (in thousand NIS).
|
Principal payments
|
||||||||||||||||||||||||
ILS linked to CPI
|
ILS not linked to CPI
|
Euro
|
Dollar
|
Other
|
Gross interest payments (without deduction of tax)
|
|||||||||||||||||||
First year
|
885
|
708
|
-
|
-
|
-
|
545
|
||||||||||||||||||
Second year
|
885
|
455
|
-
|
-
|
-
|
487
|
||||||||||||||||||
Third year
|
885
|
74
|
-
|
-
|
-
|
451
|
||||||||||||||||||
Fourth year
|
1,308
|
1,310
|
-
|
-
|
-
|
430
|
||||||||||||||||||
Fifth year and on
|
4,550
|
7,252
|
-
|
-
|
-
|
1,045
|
||||||||||||||||||
Total
|
8,514
|
9,799
|
-
|
-
|
-
|
2,959
|
k. |
Total balances of credit granted to the Company by consolidated companies and balances of debentures offered by the Company held by the consolidated companies (in thousand NIS) - None.
|
CELLCOM ISRAEL LTD. | |||
Date: March 26, 2018
|
By:
|
/s/ Liat Menahemi Stadler | |
Name: Liat Menahemi Stadler | |||
Title: VP Legal and Corporate Secretary | |||
1 Year Cellcom Israel Chart |
1 Month Cellcom Israel Chart |
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