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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 |
1.
|
Cellcom Israel Announces First Quarter 2019 Results
|
2.
|
Cellcom Israel Ltd. and Subsidiaries - Condensed Consolidated Interim Financial Statements as at March 31, 2019 (Unaudited)
|
§ |
Total Revenues
totaled NIS 928 million ($256 million) compared to NIS 933 million ($257 million) in the first quarter last year, a decrease of 0.5%
|
§ |
Service revenues
totaled NIS 678 million ($187 million) compared to NIS 701 million ($193 million) in the first quarter last year, a decrease of .3.3%
|
§ |
Operating income
totaled NIS 9 million ($2 million) compared to NIS 52
2
million ($14 million) in the first quarter last year, a decrease of 82.7%
|
§ |
Loss
totaled NIS 16 million ($4 million) compared to net income of NIS 7 million ($2 million) in the first quarter last year
3
.
|
§ |
Adjusted
EBITDA
1
totaled NIS 224
3
million ($62 million) compared to NIS 187
2
million ($51 million) in the first quarter last year, an increase of 19.8%
3
|
§ |
Net cash flow from operating activities
totaled NIS 303 million ($84 million)
compared to NIS 230 million ($63 million) in the first quarter
last year, an increase
of 31.7%
3
|
§ |
Free cash flow
1
totaled NIS 46 million ($13 million)
compared to NIS 84 million ($23 million) in the first quarter
last year, a decrease of 45.2%
|
Q1/2019
|
Q1/2018
|
Change%
|
Q1/2019
|
Q1/2018
|
|
NIS million
|
US$
million
(convenience translation) |
||||
Total revenues
|
928
|
933
|
(0.5)%
|
256
|
257
|
Operating Income
|
9
|
52
|
(82.7)%
|
2
|
14
|
Net Income (Loss)
|
(16)
3
|
7
|
N/A
|
(4)
|
2
|
Free cash flow
|
46
|
84
|
(45.2)%
|
13
|
23
|
Adjusted EBITDA
|
224
3
|
187
2
|
19.8%
|
62
|
51
|
Adjusted EBITDA, as percent of total revenues
|
24.1%
|
20.0%
|
20.5%
|
Cellular (*)
|
Fixed-line (**)
|
Consolidation adjustments
(***)
|
Consolidated results
|
||||||||
NIS million
|
Q1'19
|
Q1'18
|
Change
%
|
Q1'19
|
Q1'18
|
Change
%
|
Q1'19
|
Q1'18
|
Q1'19
|
Q1'18
|
Change
%
|
Total revenues
|
562
|
630
|
(10.8)%
|
409
|
343
|
19.2%
|
(43)
|
(40)
|
928
|
933
|
(0.5)%
|
Service revenues
|
404
|
437
|
(7.6)%
|
317
|
304
|
4.3%
|
(43)
|
(40)
|
678
|
701
|
(3.3)%
|
Equipment revenues
|
158
|
193
|
(18.1)%
|
92
|
39
|
135.9%
|
-
|
-
|
250
|
232
|
7.8%
|
Adjusted EBITDA
|
146
|
119
2
|
22.7%
|
78
|
68
|
14.7%
|
-
|
-
|
224
|
187
2
|
19.8%
|
Adjusted EBITDA, as percent of total revenues
|
26.0%
|
18.9%
|
37.6%
|
19.1%
|
19.8%
|
(3.5)%
|
24.1%
|
20%
|
20.5%
|
(**) |
The segment includes landline telephony services, internet infrastructure and connectivity services, television services, transmission services, end user fixed-line equipment and supplemental services.
|
Q1/2019
|
Q1/2018
|
Change (%)
|
|
Cellular subscribers at the end of period (in thousands)
|
2,853
|
2,822
|
1.1%
|
Churn Rate for cellular subscribers (in %)
|
11.0%
|
9.5%
|
15.8%
|
Monthly cellular ARPU (in NIS)
|
47.2
|
51.8
|
(8.9)%
|
Q1/2019
|
Q1/2018
|
Change (%)
|
|
Internet infrastructure field -
subscribers
(households) at the end of period (in thousands)
|
278
|
235
|
18.3%
|
TV field -
subscribers
(households) at the end of period (in thousands)
|
227
|
184
|
23.4%
|
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
|
||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
December 31,
|
|||||||||||||
2018
|
2019
|
2019
|
2018
|
|||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
593
|
1,031
|
284
|
1,202
|
||||||||||||
Current investments, including derivatives
|
361
|
410
|
113
|
404
|
||||||||||||
Trade receivables
|
1,276
|
1,176
|
324
|
1,152
|
||||||||||||
Current tax assets
|
3
|
10
|
3
|
11
|
||||||||||||
Other receivables
|
82
|
74
|
20
|
84
|
||||||||||||
Inventory
|
69
|
85
|
23
|
94
|
||||||||||||
Total current assets
|
2,384
|
2,786
|
767
|
2,947
|
||||||||||||
Trade and other receivables
|
881
|
853
|
235
|
852
|
||||||||||||
Property, plant and equipment, net
|
1,588
|
1,647
|
453
|
1,652
|
||||||||||||
Intangible assets and others, net
|
1,271
|
1,305
|
359
|
1,298
|
||||||||||||
Right-of-use assets, net and Investment property
|
-
|
771
|
212
|
-
|
||||||||||||
Deferred tax assets
|
1
|
-
|
-
|
-
|
||||||||||||
Total non- current assets
|
3,741
|
4,576
|
1,259
|
3,802
|
||||||||||||
Total assets
|
6,125
|
7,362
|
2,026
|
6,749
|
||||||||||||
Liabilities
|
||||||||||||||||
Current maturities of debentures and of loans from financial institutions
|
565
|
618
|
170
|
620
|
||||||||||||
Current maturities of lease liabilities
|
-
|
217
|
60
|
-
|
||||||||||||
Trade payables and accrued expenses
|
674
|
744
|
205
|
696
|
||||||||||||
Current tax liabilities
|
-
|
-
|
-
|
-
|
||||||||||||
Provisions
|
94
|
108
|
29
|
105
|
||||||||||||
Other payables, including derivatives
|
255
|
228
|
63
|
257
|
||||||||||||
Total current liabilities
|
1,588
|
1,915
|
527
|
1,678
|
||||||||||||
Long-term loans from financial institutions
|
462
|
400
|
110
|
334
|
||||||||||||
Debentures
|
2,487
|
2,692
|
741
|
2,911
|
||||||||||||
Long-term lease liabilities
|
-
|
560
|
154
|
-
|
||||||||||||
Provisions
|
21
|
20
|
6
|
20
|
||||||||||||
Other long-term liabilities
|
18
|
5
|
1
|
16
|
||||||||||||
Liability for employee rights upon retirement, net
|
15
|
14
|
4
|
14
|
||||||||||||
Deferred tax liabilities
|
120
|
95
|
26
|
99
|
||||||||||||
Total non- current liabilities
|
3,123
|
3,786
|
1,042
|
3,394
|
||||||||||||
Total liabilities
|
4,711
|
5,701
|
1,569
|
5,072
|
||||||||||||
Equity attributable to owners of the Company
|
||||||||||||||||
Share capital
|
1
|
1
|
-
|
1
|
||||||||||||
Share premium
|
-
|
325
|
89
|
325
|
||||||||||||
Receipts on account of share options
|
-
|
10
|
3
|
10
|
||||||||||||
Retained earnings
|
1,409
|
1,323
|
364
|
1,339
|
||||||||||||
Non-controlling interest
|
4
|
2
|
1
|
2
|
||||||||||||
Total equity
|
1,414
|
1,661
|
457
|
1,677
|
||||||||||||
Total liabilities and equity
|
6,125
|
7,362
|
2,026
|
6,749
|
Convenience
translation
into US dollar
Three- month period ended
March 31,
|
||||||||||||||||
Three-month
period ended
March 31,
|
Year ended
December 31,
|
|||||||||||||||
2018
|
2019
|
2019
|
2018
|
|||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Revenues
|
933
|
928
|
256
|
3,688
|
||||||||||||
Cost of revenues
|
(665
|
)
|
(695
|
)
|
(191
|
)
|
(2,661
|
)
|
||||||||
Gross profit
|
268
|
233
|
65
|
1,027
|
||||||||||||
Selling and marketing expenses
|
(132
|
)
|
(158
|
)
|
(44
|
)
|
(567
|
)
|
||||||||
General and administrative expenses
|
(91
|
)
|
(71
|
)
|
(20
|
)
|
(360
|
)
|
||||||||
Other income, net
|
7
|
*
|
5
|
1
|
1
|
*
|
||||||||||
Operating profit
|
52
|
9
|
2
|
101
|
||||||||||||
Financing income
|
4
|
*
|
18
|
5
|
19
|
*
|
||||||||||
Financing expenses
|
(44
|
)
|
(45
|
)
|
(12
|
)
|
(190
|
)
|
||||||||
Financing expenses, net
|
(40
|
)
|
(27
|
)
|
(7
|
)
|
(171
|
)
|
||||||||
Profit (loss) before taxes on income
|
12
|
(18
|
)
|
(5
|
)
|
(70
|
)
|
|||||||||
Tax benefit (taxes on income)
|
(5
|
)
|
2
|
1
|
6
|
|||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Attributable to:
|
||||||||||||||||
Owners of the Company
|
7
|
(16
|
)
|
(4
|
)
|
(62
|
)
|
|||||||||
Non-controlling interests
|
-
|
-
|
-
|
(2
|
)
|
|||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Earnings (loss) per share
|
||||||||||||||||
Basic earnings (loss) per share (in NIS)
|
0.08
|
(0.14
|
)
|
(0.04
|
)
|
(0.58
|
)
|
|||||||||
Diluted earnings (loss) per share (in NIS)
|
0.08
|
(0.14
|
)
|
(0.04
|
)
|
(0.58
|
)
|
|||||||||
Weighted-average number of shares used in the calculation of basic earnings (loss) per share (in shares)
|
101,044,557
|
116,196,729
|
116,196,729
|
107,499,543
|
||||||||||||
Weighted-average number of shares used in the calculation of diluted earnings (loss) per share (in shares)
|
101,141,836
|
116,196,729
|
116,196,729
|
107,499,543
|
||||||||||||
*
Reclassified – Please see "Voluntary change in accounting policy" section in this press release.
|
Convenience
translation
into US dollar
Three- month
period ended
March 31,
|
||||||||||||||||
Three-month
period ended
March 31,
|
Year ended
December 31,
|
|||||||||||||||
2018
|
2019
|
|
2019
|
|
2018
|
|||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Adjustments for:
|
||||||||||||||||
Depreciation and amortization
|
133
|
214
|
59
|
584
|
||||||||||||
Share based payments
|
2
|
-
|
-
|
2
|
||||||||||||
Income tax expense (tax benefit)
|
5
|
(2
|
)
|
(1
|
)
|
(6
|
)
|
|||||||||
Financing expenses, net
|
40
|
*
|
27
|
7
|
171
|
*
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Change in inventory
|
1
|
9
|
2.00
|
(24
|
)
|
|||||||||||
Change in trade receivables (including long-term amounts)
|
8
|
*
|
(16
|
)
|
(4
|
)
|
166
|
*
|
||||||||
Change in other receivables (including long-term amounts)
|
9
|
13
|
4
|
(21
|
)
|
|||||||||||
Change in trade payables, accrued expenses and provisions
|
31
|
83
|
23
|
(26
|
)
|
|||||||||||
Change in other liabilities (including long-term amounts)
|
5
|
(5
|
)
|
(1
|
)
|
11
|
||||||||||
Payments for derivative hedging contracts, net
|
(2
|
)
|
(1
|
)
|
-
|
-
|
||||||||||
Income tax paid
|
(9
|
)
|
(3
|
)
|
(1
|
)
|
(23
|
)
|
||||||||
Net cash from operating activities
|
230
|
303
|
84
|
770
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisition of property, plant, and equipment
|
(99
|
)
|
(127
|
)
|
(35
|
)
|
(356
|
)
|
||||||||
Additions to intangible assets and others
|
(47
|
)
|
(57
|
)
|
(16
|
)
|
(237
|
)
|
||||||||
Change in current investments, net
|
(1
|
)
|
2
|
1
|
(56
|
)
|
||||||||||
Proceeds from sale of property, plant and equipment
|
-
|
-
|
-
|
1
|
||||||||||||
Interest received
|
4
|
4
|
1
|
14
|
||||||||||||
Recepits from other derivative contracts, net
|
-
|
1
|
-
|
3
|
||||||||||||
Net cash used in investing activities
|
(143
|
)
|
(177
|
)
|
(49
|
)
|
(631
|
)
|
||||||||
* Reclassified – Please see "Voluntary change in accounting policy" section in this press release. |
Convenience
translation
into US dollar
Three- month
period ended
March 31,
|
||||||||||||||||
Three-month
period ended
March 31,
|
Year ended
December 31,
|
|||||||||||||||
2018
|
2019
|
2019
|
2018
|
|||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Payments for derivative contracts, net
|
-
|
-
|
-
|
(15
|
)
|
|||||||||||
Payments for long-term loans from financial institutions
|
-
|
-
|
-
|
(78
|
)
|
|||||||||||
Receipt of long-term loans from financial institutions
|
-
|
150
|
41
|
-
|
||||||||||||
Repayment of debentures
|
(362
|
)
|
(308
|
)
|
(85
|
)
|
(556
|
)
|
||||||||
Proceeds from issuance of debentures, net of issuance costs
|
396
|
-
|
-
|
997
|
||||||||||||
Dividend paid
|
-
|
-
|
-
|
-
|
||||||||||||
Interest paid
|
(55
|
)
|
(65
|
)
|
(18
|
)
|
(126
|
)
|
||||||||
Acquisition of non-controlling interests
|
-
|
-
|
-
|
(19
|
)
|
|||||||||||
Equity offering
|
-
|
-
|
-
|
275
|
||||||||||||
Proceeds from exercise of share options
|
-
|
-
|
-
|
59
|
||||||||||||
Lease payments
|
-
|
(74
|
)
|
(20
|
)
|
-
|
||||||||||
Net cash from (used in) financing activities
|
(21
|
)
|
(297
|
)
|
(82
|
)
|
537
|
|||||||||
Changes in cash and cash equivalents
|
66
|
(171
|
)
|
(47
|
)
|
676
|
||||||||||
Cash and cash equivalents as at the beginning of the period
|
527
|
1,202
|
331
|
527
|
||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Cash and cash equivalents as at the end of the period
|
593
|
1,031
|
284
|
1,202
|
Three-month period ended
March 31,
|
Year ended
December 31,
|
|||||||||||||||
Convenience
translation
into US dollar
|
||||||||||||||||
2018
|
2019
|
2019
|
2018
|
|||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Net income (loss)
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Taxes on income (tax benefit)
|
5
|
(2
|
)
|
(1
|
)
|
(6
|
)
|
|||||||||
Financing income
|
(4
|
)
|
(18
|
)
|
(5
|
)
|
(19
|
)
|
||||||||
Financing expenses
|
44
|
45
|
12
|
190
|
||||||||||||
Other income
|
-
|
1
|
1
|
-
|
||||||||||||
Depreciation and amortization
|
133
|
214
|
59
|
584
|
||||||||||||
Share based payments
|
2
|
-
|
-
|
2
|
||||||||||||
Adjusted
EBITDA
|
187
|
224
|
62
|
687
|
Three-month period ended
March 31,
|
Year ended
December 31,
|
|||||||||||||||
Convenience
translation
into US dollar
|
||||||||||||||||
2018
|
2019
|
2019
|
2018
|
|||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
Cash flows from operating activities(*)
|
230
|
229
|
64
|
769
|
||||||||||||
Cash flows from investing activities
|
(143
|
)
|
(177
|
)
|
(49
|
)
|
(631
|
)
|
||||||||
Purchase (Sale) of tradable debentures and deposits (**)
|
(3
|
)
|
(6
|
)
|
(2
|
)
|
43
|
|||||||||
Free cash flow
|
84
|
46
|
13
|
181
|
NIS millions unless otherwise stated
|
Q1-2018
|
Q2-2018
|
Q3-2018
|
Q4-2018
|
Q1-2019
|
FY-2018
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cellular service revenues
|
437
|
434
|
443
|
416
|
404
|
1,730
|
||||||||||||||||||
Fixed-line service revenues
|
304
|
300
|
310
|
301
|
317
|
1,215
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cellular equipment revenues
|
193
|
157
|
146
|
159
|
158
|
655
|
||||||||||||||||||
Fixed-line equipment revenues
|
39
|
76
|
52
|
82
|
92
|
249
|
||||||||||||||||||
Consolidation adjustments
|
(40
|
)
|
(40
|
)
|
(41
|
)
|
(40
|
)
|
(43
|
)
|
(161
|
)
|
||||||||||||
Total revenues
|
933
|
927
|
910
|
918
|
928
|
3,688
|
||||||||||||||||||
Cellular adjusted EBITDA
|
119
|
78
|
118
|
103
|
146
|
418
|
||||||||||||||||||
Fixed-line adjusted EBITDA
|
68
|
62
|
73
|
66
|
78
|
269
|
||||||||||||||||||
Total adjusted EBITDA
|
187
|
140
|
191
|
169
|
224
|
687
|
||||||||||||||||||
|
||||||||||||||||||||||||
Operating profit (loss)
|
52
|
(5
|
)
|
40
|
14
|
9
|
101
|
|||||||||||||||||
Financing expenses, net
|
40
|
43
|
37
|
51
|
27
|
171
|
||||||||||||||||||
Profit (loss) for the period
|
7
|
(37
|
)
|
1
|
(35
|
)
|
(16
|
)
|
(64
|
)
|
||||||||||||||
|
||||||||||||||||||||||||
Free cash flow
|
84
|
56
|
34
|
7
|
46
|
181
|
||||||||||||||||||
|
||||||||||||||||||||||||
Cellular subscribers at the end of period (in 000's)
|
2,822
|
2,809
|
2,825
|
2,851
|
2,853
|
2,851
|
||||||||||||||||||
Monthly cellular ARPU (in NIS)
|
51.8
|
51.8
|
52.5
|
49.0
|
47.2
|
51.3
|
||||||||||||||||||
Churn rate for cellular subscribers (%)
|
9.5
|
%
|
12.6
|
%
|
10.0
|
%
|
11.1
|
%
|
11.0
|
%
|
43.2
|
%
|
Series
|
Original Issuance Date
|
Principal on the Date of Issuance
|
As of 31.03.2019
|
As of 27.05.2019
|
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)**
|
20/03/12
|
714.802
|
214.441
|
221.601
|
2.372
|
223.973
|
232.282
|
214.441
|
223.218
|
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.
|
H
(4)(5)(7)**
|
08/07/14
03/02/15* 11/02/15* |
949.624
|
835.669
|
779.577
|
3.857
|
783.434
|
845.279
|
835.669
|
843.089
|
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* 28/03/16* |
804.010
|
723.609
|
701.924
|
6.976
|
708.900
|
746.330
|
723.609
|
723.609
|
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)
|
25/09/16
|
103.267
|
103.267
|
103.448
|
0.594
|
104.042
|
103.246
|
103.267
|
105.024
|
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)**
|
25/09/16
01/07/18* 10/12/18* |
710.634
|
710.634
|
705.075
|
5.875
|
710.950
|
689.031
|
710.634
|
710.634
|
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
(4)(5)**
|
24/01/18
10/12/18* |
613.937
|
613.937
|
586.699
|
3.574
|
590.273
|
533.695
|
613.937
|
613.937
|
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
|
|
3,896.274
|
3,201.557
|
3,098.324
|
23.248
|
3,121.572
|
3,149.863
|
3,201.557
|
3,219.511
|
|
|
|
|
|
|
Series
|
Rating Company
|
Rating as of 31.03.2019 (1)
|
Rating as of 27.5.2019
|
Rating assigned upon issuance of the Series
|
Recent date of rating as of 27.05.2019
|
Additional ratings between original issuance and the recent date of rating as of 27.05.2019 (2)
|
|
|
Rating
|
||||||
F
|
S&P Maalot
|
A+
|
A+
|
AA
|
03/2019
|
05/2012, 11/2012, 06/2013, 06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
AA,AA-,A+
(2)
|
H
|
S&P Maalot
|
A+
|
A+
|
A+
|
03/2019
|
06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
A+
(2)
|
I
|
S&P Maalot
|
A+
|
A+
|
A+
|
03/2019
|
06/2014, 08/2014, 01/2015, 09/2015, 03/2016, 08/2016, 06/2017, 01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
A+
(2)
|
J
|
S&P Maalot
|
A+
|
A+
|
A+
|
03/2019
|
08/2016, 06/2017, 01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
A+
(2)
|
K
|
S&P Maalot
|
A+
|
A+
|
A+
|
03/2019
|
08/2016, 06/2017, 01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
A+
(2)
|
L
|
S&P Maalot
|
A+
|
A+
|
A+
|
03/2019
|
01/2018, 06/2018, 08/2018, 12/2018, 03/2019
|
A+
(2)
|
(1) |
In March 2019, S&P Maalot updated the Company's rating outlook from an "ilA+/stable" to an “ilA+/negative”.
|
(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 outlook from an "ilAA-/negative" to an “ilA+/stable”. In June 2014, August 2014, January 2015, September 2015, March 2016, August 2016, June 2017, January 2018, June 2018, August 2018 and December 2018, S&P Maalot affirmed the Company's rating of “ilA+/stable”. In March 2019, S&P Maalot updated the Company's rating outlook from an "ilA+/stable" to an “ilA+/negative”. For details regarding the rating of the debentures see the S&P Maalot report dated March 19, 2019, included in the Company's Shelf offering Report filled in the Israeli Securities Authority website ('MAGNA") on March 19, 2019.
|
Loan
|
Provision Date
|
Principal Amount
as of 31.03.2019
|
Interest Rate (nominal)
|
Principal Repayment Dates (annual payments)
|
Interest Repayment Dates (semi-annual payments)
|
Linkage
|
|
From
|
To
|
||||||
Loan from financial institution
(2)(3)(4)(5)(6)
|
06/2016
|
150
|
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
(2)(3)(4)(5)(6)(7)
|
12/2016
|
112
|
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
(2)(3)(4)(5)(6)
|
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
|
Loan from bank
(2)(3)(4)(5)(6)
|
03/2019
|
150
|
4.00%
|
30.03.21
|
30.03.24
|
March-31
and September-30, commencing September 30, 2019 through March 31, 2024
|
Not linked
|
Total
|
|
612
|
|
|
|
|
|
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
|
335,506
|
80,399
|
-
|
-
|
-
|
96,896
|
||||||||||||||||||
Second year
|
114,056
|
80,399
|
-
|
-
|
-
|
81,123
|
||||||||||||||||||
Third year
|
167,700
|
218,579
|
-
|
-
|
-
|
72,420
|
||||||||||||||||||
Fourth year
|
167,700
|
310,629
|
-
|
-
|
-
|
60,603
|
||||||||||||||||||
Fifth year and on
|
377,068
|
1,354,054
|
-
|
-
|
-
|
109,880
|
||||||||||||||||||
Total
|
1,162,030
|
2,044,060
|
-
|
-
|
-
|
420,922
|
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
|
-
|
100,000
|
-
|
-
|
-
|
14,655
|
||||||||||||||||||
Second year
|
-
|
100,000
|
-
|
-
|
-
|
9,812
|
||||||||||||||||||
Third year
|
-
|
100,000
|
-
|
-
|
-
|
4,955
|
||||||||||||||||||
Fourth year
|
-
|
50,000
|
-
|
-
|
-
|
1,264
|
||||||||||||||||||
Fifth year and on
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
-
|
350,000
|
-
|
-
|
-
|
30,686
|
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
|
-
|
-
|
-
|
4,800
|
||||||||||||||||||
Second year
|
-
|
28,000
|
-
|
-
|
-
|
3,430
|
||||||||||||||||||
Third year
|
-
|
28,000
|
-
|
-
|
-
|
2,056
|
||||||||||||||||||
Fourth year
|
-
|
28,000
|
-
|
-
|
-
|
684
|
||||||||||||||||||
Fifth year and on
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
-
|
112,000
|
-
|
-
|
-
|
10,970
|
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
|
335,506
|
292,399
|
-
|
-
|
-
|
119,093
|
||||||||||||||||||
Second year
|
114,056
|
217,899
|
-
|
-
|
-
|
96,926
|
||||||||||||||||||
Third year
|
167,700
|
356,079
|
-
|
-
|
-
|
81,876
|
||||||||||||||||||
Fourth year
|
167,700
|
398,129
|
-
|
-
|
-
|
64,867
|
||||||||||||||||||
Fifth year and on
|
377,068
|
1,391,554
|
-
|
-
|
-
|
111,382
|
||||||||||||||||||
Total
|
1,162,030
|
2,656,060
|
-
|
-
|
-
|
474,144
|
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
|
-
|
2
|
-
|
-
|
-
|
144
|
||||||||||||||||||
Second year
|
-
|
2
|
-
|
-
|
-
|
144
|
||||||||||||||||||
Third year
|
3
|
578
|
-
|
-
|
-
|
134
|
||||||||||||||||||
Fourth year
|
3
|
618
|
-
|
-
|
-
|
113
|
||||||||||||||||||
Fifth year and on
|
16
|
2,920
|
-
|
-
|
-
|
223
|
||||||||||||||||||
Total
|
22
|
4,120
|
-
|
-
|
-
|
758
|
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.
and Subsidiaries
Condensed Consolidated
Interim Financial Statements
As at March 31, 2019
(Unaudited)
|
Convenience
|
||||||||||||||||
translation
|
||||||||||||||||
into US dollar
|
||||||||||||||||
(Note 2D)
|
||||||||||||||||
March 31,
|
March 31,
|
March 31,
|
December 31,
|
|||||||||||||
2018
|
2019
|
*
|
2019
|
*
|
2018
|
|||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||
Assets
|
||||||||||||||||
Cash and cash equivalents
|
593
|
1,031
|
284
|
1,202
|
||||||||||||
Current investments, including derivatives
|
361
|
410
|
113
|
404
|
||||||||||||
Trade receivables
|
1,276
|
1,176
|
324
|
1,152
|
||||||||||||
Current tax assets
|
3
|
10
|
3
|
11
|
||||||||||||
Other receivables
|
82
|
74
|
20
|
84
|
||||||||||||
Inventory
|
69
|
85
|
23
|
94
|
||||||||||||
Total current assets
|
2,384
|
2,786
|
767
|
2,947
|
||||||||||||
Trade and other receivables
|
881
|
853
|
235
|
852
|
||||||||||||
Property, plant and equipment, net
|
1,588
|
1,647
|
453
|
1,652
|
||||||||||||
Intangible assets and others, net
|
1,271
|
1,305
|
359
|
1,298
|
||||||||||||
Right-of-use assets, net and Investment property
|
-
|
771
|
212
|
-
|
||||||||||||
Deferred tax assets
|
1
|
-
|
-
|
-
|
||||||||||||
Total non- current assets
|
3,741
|
4,576
|
1,259
|
3,802
|
||||||||||||
Total assets
|
6,125
|
7,362
|
2,026
|
6,749
|
||||||||||||
Liabilities
|
||||||||||||||||
Current maturities of debentures and of loans from financial institutions
|
565
|
618
|
170
|
620
|
||||||||||||
Current maturities of lease liabilities
|
-
|
217
|
60
|
-
|
||||||||||||
Trade payables and accrued expenses
|
674
|
744
|
205
|
696
|
||||||||||||
Provisions
|
94
|
108
|
29
|
105
|
||||||||||||
Other payables, including derivatives
|
255
|
228
|
63
|
257
|
||||||||||||
Total current liabilities
|
1,588
|
1,915
|
527
|
1,678
|
||||||||||||
Long-term loans from financial institutions
|
462
|
400
|
110
|
334
|
||||||||||||
Debentures
|
2,487
|
2,692
|
741
|
2,911
|
||||||||||||
Long-term lease liabilities
|
-
|
560
|
154
|
-
|
||||||||||||
Provisions
|
21
|
20
|
6
|
20
|
||||||||||||
Other long-term liabilities
|
18
|
5
|
1
|
16
|
||||||||||||
Liability for employee rights upon retirement, net
|
15
|
14
|
4
|
14
|
||||||||||||
Deferred tax liabilities
|
120
|
95
|
26
|
99
|
||||||||||||
Total non- current liabilities
|
3,123
|
3,786
|
1,042
|
3,394
|
||||||||||||
Total liabilities
|
4,711
|
5,701
|
1,569
|
5,072
|
||||||||||||
Equity attributable to owners of the Company
|
||||||||||||||||
Share capital
|
1
|
1
|
-
|
1
|
||||||||||||
Share premium
|
-
|
325
|
89
|
325
|
||||||||||||
Receipts on account of share options
|
-
|
10
|
3
|
10
|
||||||||||||
Retained earnings
|
1,409
|
1,323
|
364
|
1,339
|
||||||||||||
Non-controlling interest
|
4
|
2
|
1
|
2
|
||||||||||||
Total equity
|
1,414
|
1,661
|
457
|
1,677
|
||||||||||||
Total liabilities and equity
|
6,125
|
7,362
|
2,026
|
6,749
|
||||||||||||
Date of approval of the condensed consolidated financial statements: May 27, 2019.
|
Convenience
|
||||||||||||||||
translation
|
||||||||||||||||
into US dollar
|
||||||||||||||||
(Note 2D)
|
||||||||||||||||
Three-month
period ended
March 31,
|
Three- month
period ended
March 31,
|
Year ended
December 31,
|
||||||||||||||
2018
|
2019
|
*
|
2019
|
*
|
2018
|
|||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||
Revenues
|
933
|
928
|
256
|
3,688
|
||||||||||||
Cost of revenues
|
(665
|
)
|
(695
|
)
|
(191
|
)
|
(2,661
|
)
|
||||||||
Gross profit
|
268
|
233
|
65
|
1,027
|
||||||||||||
Selling and marketing expenses
|
(132
|
)
|
(158
|
)
|
(44
|
)
|
(567
|
)
|
||||||||
General and administrative expenses
|
(91
|
)
|
(71
|
)
|
(20
|
)
|
(360
|
)
|
||||||||
Other income, net
|
7
|
**
|
5
|
1
|
1
|
**
|
||||||||||
Operating profit
|
52
|
9
|
2
|
101
|
||||||||||||
Financing income
|
4
|
**
|
18
|
5
|
19
|
**
|
||||||||||
Financing expenses
|
(44
|
)
|
(45
|
)
|
(12
|
)
|
(190
|
)
|
||||||||
Financing expenses, net
|
(40
|
)
|
(27
|
)
|
(7
|
)
|
(171
|
)
|
||||||||
Profit (loss) before taxes on income
|
12
|
(18
|
)
|
(5
|
)
|
(70
|
)
|
|||||||||
Tax benefit (taxes on income)
|
(5
|
)
|
2
|
1
|
6
|
|||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Attributable to:
|
||||||||||||||||
Owners of the Company
|
7
|
(16
|
)
|
(4
|
)
|
(62
|
)
|
|||||||||
Non-controlling interests
|
-
|
-
|
-
|
(2
|
)
|
|||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Earnings (loss) per share
|
||||||||||||||||
Basic earnings (loss) per share (in NIS)
|
0.08
|
(0.14
|
)
|
(0.04
|
)
|
(0.58
|
)
|
|||||||||
Diluted earnings (loss) per share (in NIS)
|
0.08
|
(0.14
|
)
|
(0.04
|
)
|
(0.58
|
)
|
|||||||||
Weighted-average number of shares used in the calculation of basic earnings (loss) per share (in shares)
|
101,044,557
|
116,196,729
|
116,196,729
|
107,499,543
|
||||||||||||
Weighted-average number of shares used in the calculation of diluted earnings (loss) per share (in shares)
|
101,141,836
|
116,196,729
|
116,196,729
|
107,499,543
|
Convenience
|
||||||||||||||||
translation
|
||||||||||||||||
into US dollar
|
||||||||||||||||
Three- month
period ended March 31, |
(Note 2D)
|
|||||||||||||||
Three- month period ended
March 31, |
Year ended
December 31, |
|||||||||||||||
2018
|
2019
|
*
|
2019
|
*
|
2018
|
|||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Other comprehensive income items that will not be transferred to profit or loss
|
||||||||||||||||
Re-measurement of defined benefit plan, net of tax
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Total other comprehensive loss for the period that will not be transferred to profit or loss, net of tax
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Total other comprehensive loss for the period, net of tax
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Total comprehensive income (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(65
|
)
|
|||||||||
Total comprehensive income (loss) attributable to:
|
||||||||||||||||
Owners of the Company
|
7
|
(16
|
)
|
(4
|
)
|
(63
|
)
|
|||||||||
Non-controlling interests
|
-
|
-
|
-
|
(2
|
)
|
|||||||||||
Total comprehensive income (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(65
|
)
|
Attributable to owners of the Company
|
Non-controlling
interests |
Total equity
|
Convenience translation into US dollar (Note 2D)
|
|||||||||||||||||||||||||||||
Share capital
|
Share premium
|
Receipts on account of share options
|
Retained earnings*
|
Total
|
||||||||||||||||||||||||||||
NIS millions
|
US$ millions
|
|||||||||||||||||||||||||||||||
For the three-month period ended March 31, 2019 (Unaudited)
|
||||||||||||||||||||||||||||||||
Balance as of January 1, 2019 (Audited)
|
1
|
325
|
10
|
1,339
|
1,675
|
2
|
1,677
|
461
|
||||||||||||||||||||||||
Comprehensive loss for the period, net of tax
|
-
|
-
|
-
|
(16
|
)
|
(16
|
)
|
-
|
(16
|
)
|
(4
|
)
|
||||||||||||||||||||
Balance as of March 31, 2019 (Unaudited)
|
1
|
325
|
10
|
1,323
|
1,659
|
2
|
1,661
|
457
|
Attributable to owners of the Company
|
Non-controlling
interests
|
Total equity
|
||||||||||||||||||
Share capital
|
Retained earnings
|
Total
|
||||||||||||||||||
NIS millions
|
||||||||||||||||||||
For the three-month period ended March 31, 2018 (Unaudited)
|
||||||||||||||||||||
Balance as of January 1, 2018
|
||||||||||||||||||||
(Audited)
|
1
|
1,436
|
1,437
|
4
|
1,441
|
|||||||||||||||
Effect of initial application of IFRS 9
|
-
|
(36
|
)
|
(36
|
)
|
-
|
(36
|
)
|
||||||||||||
Balance as of January 1, 2018 after initial application
|
1
|
1,400
|
1,401
|
4
|
1,405
|
|||||||||||||||
Comprehensive income for the period
|
||||||||||||||||||||
Profit for the period
|
-
|
7
|
7
|
-
|
7
|
|||||||||||||||
Transactions with owners, recognized directly in equity
|
||||||||||||||||||||
Share based payments
|
-
|
2
|
2
|
-
|
2
|
|||||||||||||||
Balance as of March 31, 2018
(Unaudited)
|
1
|
1,409
|
1,410
|
4
|
1,414
|
|
Attributable to owners of the Company
|
Non-controlling
interests |
Total equity
|
|||||||||||||||||||||||||
|
Share capital
|
Share premium
|
Receipts on account of share options
|
Retained earnings
|
Total
|
|||||||||||||||||||||||
NIS millions
|
||||||||||||||||||||||||||||
For the year ended December 31, 2017 (Audited)
|
||||||||||||||||||||||||||||
Balance as of January 1, 2018
|
1
|
-
|
-
|
1,436
|
1,437
|
4
|
1,441
|
|||||||||||||||||||||
Effect of initial application of IFRS 9
|
-
|
-
|
-
|
(36
|
)
|
(36
|
)
|
-
|
(36
|
)
|
||||||||||||||||||
Balance as of January 1, 2018 after initial application
|
1
|
-
|
-
|
1,400
|
1,401
|
4
|
1,405
|
|||||||||||||||||||||
Comprehensive loss for the year
|
||||||||||||||||||||||||||||
Loss for the year
|
-
|
-
|
-
|
(62
|
)
|
(62
|
)
|
(2
|
)
|
(64
|
)
|
|||||||||||||||||
Other comprehensive loss for the year, net of tax
|
-
|
-
|
-
|
(1
|
)
|
(1
|
)
|
-
|
(1
|
)
|
||||||||||||||||||
Transactions with owners, recognized directly in equity
|
||||||||||||||||||||||||||||
Share based payments
|
-
|
-
|
-
|
2
|
2
|
-
|
2
|
|||||||||||||||||||||
Equity offering
|
-
|
259
|
17
|
-
|
276
|
-
|
276
|
|||||||||||||||||||||
Exercise of share options
|
-
|
66
|
(7
|
)
|
-
|
59
|
-
|
59
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance as of December 31, 2018
|
1
|
325
|
10
|
1,339
|
1,675
|
2
|
1,677
|
Convenience
|
||||||||||||||||
translation
|
||||||||||||||||
into US dollar
|
||||||||||||||||
(Note 2D)
|
||||||||||||||||
Three-month
period ended March 31, |
Three- month
period ended March 31, |
Year ended
December 31, |
||||||||||||||
2018
|
2019*
|
2019*
|
|
2018
|
||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Profit (loss) for the period
|
7
|
(16
|
)
|
(4
|
)
|
(64
|
)
|
|||||||||
Adjustments for:
|
||||||||||||||||
Depreciation and amortization
|
133
|
214
|
59
|
584
|
||||||||||||
Share based payments
|
2
|
-
|
-
|
2
|
||||||||||||
Income tax expense (tax benefit)
|
5
|
(2
|
)
|
(1
|
)
|
(6
|
)
|
|||||||||
Financing expenses, net
|
40
|
**
|
27
|
7
|
171
|
**
|
||||||||||
Changes in operating assets and liabilities:
|
||||||||||||||||
Change in inventory
|
1
|
9
|
2
|
(24
|
)
|
|||||||||||
Change in trade receivables (including long-term amounts)
|
8
|
**
|
(16
|
)
|
(4
|
)
|
166
|
**
|
||||||||
Change in other receivables (including long-term amounts)
|
9
|
13
|
4
|
(21
|
)
|
|||||||||||
Change in trade payables, accrued expenses and provisions
|
31
|
83
|
23
|
(26
|
)
|
|||||||||||
Change in other liabilities (including long-term amounts)
|
5
|
(5
|
)
|
(1
|
)
|
11
|
||||||||||
Payments for derivative hedging contracts, net
|
(2
|
)
|
(1
|
)
|
-
|
-
|
||||||||||
Income tax paid
|
(9
|
)
|
(3
|
)
|
(1
|
)
|
(23
|
)
|
||||||||
Net cash from operating activities
|
230
|
303
|
84
|
770
|
||||||||||||
Cash flows from investing activities
|
||||||||||||||||
Acquisition of property, plant, and equipment
|
(99
|
)
|
(127
|
)
|
(35
|
)
|
(356
|
)
|
||||||||
Additions to intangible assets and others
|
(47
|
)
|
(57
|
)
|
(16
|
)
|
(237
|
)
|
||||||||
Change in current investments, net
|
(1
|
)
|
2
|
1
|
(56
|
)
|
||||||||||
Proceeds from sale of property, plant and equipment
|
-
|
-
|
-
|
1
|
||||||||||||
Interest received
|
4
|
4
|
1
|
14
|
||||||||||||
Recepits from other derivative contracts, net
|
-
|
1
|
-
|
3
|
||||||||||||
Net cash used in investing activities
|
(143
|
)
|
(177
|
)
|
(49
|
)
|
(631
|
)
|
Convenience
|
||||||||||||||||
translation
|
||||||||||||||||
into US dollar
|
||||||||||||||||
(Note 2D)
|
||||||||||||||||
Three-month
period ended
March 31,
|
Three- month
period ended
March 31,
|
Year ended
December 31,
|
||||||||||||||
2018
|
2019*
|
2019*
|
|
2018
|
||||||||||||
NIS millions
|
US$ millions
|
NIS millions
|
||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||
Cash flows from financing activities
|
||||||||||||||||
Payments for derivative contracts, net
|
-
|
-
|
-
|
(15
|
)
|
|||||||||||
Payments for long-term loans from financial institutions
|
-
|
-
|
-
|
(78
|
)
|
|||||||||||
Receipt of long-term loans from financial institutions
|
-
|
150
|
41
|
-
|
||||||||||||
Repayment of debentures
|
(362
|
)
|
(308
|
)
|
(85
|
)
|
(556
|
)
|
||||||||
Proceeds from issuance of debentures, net of issuance costs
|
396
|
-
|
-
|
997
|
||||||||||||
Interest paid
|
(55
|
)
|
(65
|
)
|
(18
|
)
|
(126
|
)
|
||||||||
Acquisition of non-controlling interests
|
-
|
-
|
-
|
(19
|
)
|
|||||||||||
Equity offering
|
-
|
-
|
-
|
275
|
||||||||||||
Proceeds from exercise of share options
|
-
|
-
|
-
|
59
|
||||||||||||
Lease payments
|
-
|
(74
|
)
|
(20
|
)
|
-
|
||||||||||
Net cash from (used in) financing activities
|
(21
|
)
|
(297
|
)
|
(82
|
)
|
537
|
|||||||||
Changes in cash and cash equivalents
|
66
|
(171
|
)
|
(47
|
)
|
676
|
||||||||||
Cash and cash equivalents as at the beginning of the period
|
527
|
1,202
|
331
|
527
|
||||||||||||
Effects of exchange rate changes on cash and cash equivalents
|
-
|
-
|
-
|
(1
|
)
|
|||||||||||
Cash and cash equivalents as at the end of the period
|
593
|
1,031
|
284
|
1,202
|
A. |
Statement of compliance
|
B. |
Functional and presentation currency
|
C. |
Basis of measurement
|
D. |
Convenience translation into U.S. dollars (“dollars” or “$”)
|
E. |
Use of estimates and judgments
|
F. |
Exchange rates and known Consumer Price Indexes are as follows:
|
Exchange rates
of US$
|
Consumer Price
Index (points)*
|
|||||||
As of March 31, 2019
|
3.632
|
223.34
|
||||||
As of March 31, 2018
|
3.514
|
220.68
|
||||||
As of December 31, 2018
|
3.748
|
224.00
|
||||||
Increase (decrease) during the period:
|
||||||||
Three months ended March 31, 2019
|
(3.09
|
)%
|
(0.29
|
)%
|
||||
Three months ended March 31, 2018
|
1.36
|
%
|
(0.30
|
)%
|
||||
Year ended December 31, 2018
|
8.10
|
%
|
1.20
|
%
|
A. |
Application of a new standard effective January 1, 2019
|
A. |
Application of a new standard effective January 1, 2019 (cont'd)
|
(1) |
retain the definition and/or assessment of whether an arrangement is a lease in accordance with current guidance with respect to agreements that exist at the date of initial implementation;
|
(2)
|
apply a single discount rate to a portfolio of leases with reasonably similar characteristics;
|
(3) |
exclude initial direct costs from measurement of the right-of-use asset at the date of initial application;
|
(4) |
use hindsight when determining the lease term if the contract includes an extension or termination option;
|
(5) |
assess whether a contract is onerous in accordance with IAS 37 immediately before the date of initial implementation instead of assessing impairment of right-of-use assets.
|
A. |
Application of a new standard effective January 1, 2019 (cont'd)
|
A.
|
Application of a new standard effective January 1, 2019 (cont'd)
|
According to
lAS 17
|
The change
|
According to
IFRS 16
|
||||||||||
(Audited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
NIS millions | ||||||||||||
Trade and other receivables (including long-term ammmts)
|
2
,
088
|
2
|
2,090
|
|||||||||
Right-of-use assets and Investment property
|
- |
826
|
826
|
|||||||||
Lease liabilities
|
- |
830
|
830
|
|||||||||
Trade payables and accrued expenses
|
696
|
(2
|
)
|
694
|
Three-month
period ended
March 31, 2018
|
Year ended
December 31, 2018
|
|||||||
NIS millions
|
NIS millions
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Increase in other income
|
7
|
27
|
||||||
decrease in financing income
|
(7
|
)
|
(27
|
)
|
— |
Cellular segment - the segment includes the cellular communications services, cellular equipment and supplemental services.
|
— |
Fixed-line segment - the segment includes landline telephony services, internet services, television services, transmission services, landline equipment and supplemental services.
|
|
Three-month period ended March 31, 2019*
|
|||||||||||||||||||
NIS millions
|
||||||||||||||||||||
|
(Unudited)
|
|||||||||||||||||||
|
Cellular
|
Fixed-line
|
Reconciliation for consolidation
|
Consolidated
|
Reconciliation of subtotal Adjusted segment EBITDA to loss for the period
|
|||||||||||||||
|
||||||||||||||||||||
External revenues
|
558
|
370
|
-
|
928
|
||||||||||||||||
Inter-segment revenues
|
4
|
39
|
(43
|
)
|
-
|
|||||||||||||||
Adjusted segment EBITDA According to IAS 17***
|
90
|
71
|
161
|
|||||||||||||||||
Impact of IFRS 16
|
56
|
7
|
63
|
|||||||||||||||||
Adjusted segment EBITDA According to IFRS 16***
|
146
|
78
|
224
|
|||||||||||||||||
|
||||||||||||||||||||
Depreciation and amortization
|
(214
|
)
|
||||||||||||||||||
Tax benefit
|
2
|
|||||||||||||||||||
Financing income
|
18
|
|||||||||||||||||||
Financing expenses
|
(45
|
)
|
||||||||||||||||||
Other expenses
|
(1
|
)
|
||||||||||||||||||
|
||||||||||||||||||||
Loss for the period
|
(16
|
)
|
|
Three-month period ended March 31, 2018
|
|||||||||||||||||||
NIS millions
|
||||||||||||||||||||
|
(Unudited)
|
|||||||||||||||||||
|
Cellular
|
Fixed-line
|
Reconciliation for consolidation
|
Consolidated
|
Reconciliation of subtotal Adjusted segment EBITDA to profit for the period
|
|||||||||||||||
|
||||||||||||||||||||
External revenues
|
626
|
307
|
-
|
933
|
||||||||||||||||
Inter-segment revenues
|
4
|
36
|
(40
|
)
|
-
|
|||||||||||||||
Adjusted segment EBITDA***
|
119
|
**
|
68
|
187
|
||||||||||||||||
|
||||||||||||||||||||
Depreciation and amortization
|
(133
|
)
|
||||||||||||||||||
Taxes on income
|
(5
|
)
|
||||||||||||||||||
Financing income
|
4
|
**
|
||||||||||||||||||
Financing expenses
|
(44
|
)
|
||||||||||||||||||
Share based payments
|
(2
|
)
|
||||||||||||||||||
|
||||||||||||||||||||
Profit for the period
|
7
|
Year ended December 31, 2018
|
||||||||||||||||||||
NIS millions
|
||||||||||||||||||||
(Audited)
|
||||||||||||||||||||
Cellular
|
Fixed-line
|
Reconciliation for consolidation
|
Consolidated
|
Reconciliation of subtotal Adjusted segment EBITDA to loss for the year
|
||||||||||||||||
External revenues
|
2,371
|
1,317
|
-
|
3,688
|
||||||||||||||||
Inter-segment revenues
|
14
|
147
|
(161
|
)
|
-
|
|||||||||||||||
Adjusted segment EBITDA***
|
418
|
**
|
269
|
687
|
||||||||||||||||
Depreciation and amortization
|
(584
|
)
|
||||||||||||||||||
Tax benefit
|
6
|
|||||||||||||||||||
Financing income
|
19
|
**
|
||||||||||||||||||
Financing expenses
|
(190
|
)
|
||||||||||||||||||
Share based payments
|
(2
|
)
|
||||||||||||||||||
Loss for the year
|
(64
|
)
|
(1) |
Financial instruments measured at fair value for disclosure purposes only
|
March 31,
|
December 31,
|
|||||||||||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||||||||||
Book value
|
Fair value
|
Book value
|
Fair value
|
Book value
|
Fair value
|
|||||||||||||||||||
NIS millions
|
NIS millions
|
NIS millions
|
||||||||||||||||||||||
Debentures including current maturities and accrued interest
|
(2,998
|
)
|
(3,267
|
)
|
(3,122
|
)
|
(3,150
|
)
|
(3,466
|
)
|
(3,585
|
)*
|
||||||||||||
Long-term loans from financial institutions including current maturities and accrued interest
|
(546
|
)
|
(586
|
)
|
(618
|
)
|
(626
|
)
|
(462
|
)
|
(479
|
)
|
(2) |
Fair value hierarchy of financial instruments measured at fair value
|
March 31, 2019
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
NIS millions
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
Current investments in debt securities and shares
|
407
|
-
|
-
|
407
|
||||||||||||
Derivatives
|
-
|
3
|
-
|
3
|
||||||||||||
Total assets
|
407
|
3
|
-
|
410
|
||||||||||||
Financial liabilities at fair value
|
||||||||||||||||
Derivatives
|
-
|
(1
|
)
|
-
|
(1
|
)
|
||||||||||
Total liabilities
|
-
|
(1
|
)
|
-
|
(1
|
)
|
March 31, 2018
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
NIS millions
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
Current investments in debt securities and shares
|
356
|
-
|
-
|
356
|
||||||||||||
Derivatives
|
-
|
5
|
-
|
5
|
||||||||||||
Total assets
|
356
|
5
|
-
|
361
|
||||||||||||
Financial liabilities at fair value
|
||||||||||||||||
Derivatives
|
-
|
(16
|
)
|
-
|
(16
|
)
|
||||||||||
Total liabilities
|
-
|
(16
|
)
|
-
|
(16
|
)
|
(2) |
Fair value hierarchy of financial instruments measured at fair value (cont'd)
|
December 31, 2018
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
NIS millions
|
||||||||||||||||
Financial assets at fair value through profit or loss
|
||||||||||||||||
Current investments in debt securities and shares
|
398
|
-
|
-
|
398
|
||||||||||||
Derivatives
|
-
|
6
|
-
|
6
|
||||||||||||
Total assets
|
398
|
6
|
-
|
404
|
||||||||||||
Financial liabilities at fair value
|
||||||||||||||||
Derivatives
|
-
|
(1
|
)
|
-
|
(1
|
)
|
||||||||||
Total liabilities
|
-
|
(1
|
)
|
-
|
(1
|
)
|
(3) |
Valuation methods to determine fair value
|
Three months ended
March 31, |
Year ended December 31,
|
|||||||||||
2018
|
2019
|
2018
|
||||||||||
(Unaudited)
|
(Audited)
|
|||||||||||
NIS millions
|
||||||||||||
Revenues from equipment
|
232
|
250
|
904
|
|||||||||
Revenues from services:
|
||||||||||||
Cellular services
|
400
|
372
|
1,581
|
|||||||||
Land-line communications services
|
267
|
277
|
1,068
|
|||||||||
Other services
|
34
|
29
|
135
|
|||||||||
Total revenues from services
|
701
|
678
|
2,784
|
|||||||||
Total revenues
|
933
|
928
|
3,688
|
CELLCOM ISRAEL LTD.
|
|||||||
Date:
|
May 28, 2019
|
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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