Internet Gold Reports its Financial Results for the Second Quarter of 2017
RAMAT GAN, Israel, August 31, 2017 /PRNewswire/ -- Internet Gold - Golden Lines Ltd. ("the Company") (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the second quarter of 2017. Internet Gold holds the controlling interest in B Communications Ltd. (TASE and NASDAQ: BCOM), which in turn holds the controlling interest in Bezeq, The Israel Telecommunication Corporation Ltd. (TASE: BEZQ).
"We are very pleased with the results of both B Communications and Bezeq, which continues to generate a steady return. With full confidence in Bezeq dividend generating power, we will continue our efforts to improve both our debt and equity positions," said Doron Turgeman, CEO of Internet Gold.
ISA Investigation: The Company has been reporting the events concerning the investigation by the Israel Securities Authority ("ISA") relating to alleged improprieties surrounding the Yes-Bezeq deal. As reported, the investigation appears to focus on Bezeq's 2015 acquisition of the remaining ownership interest in its satellite TV unit, Yes, from its parent company Eurocom Communications. As previously reported the Company's Chairman and other senior officers at Yes were remanded to house arrest for a period of time and later barred from communicating on certain issues related to the investigation. In addition, following initial reports about the investigation, civil claims with motions to certify the claims as class action lawsuits were filed in Israel against the Company, Bezeq and others. The Company is currently evaluating the claims and its course of action.
Debt and Liquidity Balances
As of June 30, 2017, Internet Gold's unconsolidated liquidity balances comprised of cash and cash equivalents and short term investments totaled NIS 216 million ($62 million), its unconsolidated total debt was NIS 811 million ($232 million) and its unconsolidated net debt was NIS 595 million ($170 million).
(In millions) June 30, June 30, June 30, December 31,
-------- -------- -------- ------------
2017 2017 2016 2016
---- ---- ---- ----
NIS US$ NIS NIS
--- --- --- ---
Series C debentures 261 75 386 389
Series D debentures 550 157 554 551
CPI forward - - 6 6
--- --- --- ---
Total debt 811 232 946 946
--- --- --- ---
Cash and cash equivalents 10 3 238 48
Short-term investments 206 59 163 334
--- --- --- ---
Total liquidity 216 62 401 382
--- --- --- ---
Net debt 595 170 545 564
=== === === ===
Internet Gold's Second Quarter Consolidated Financial Results
Internet Gold's consolidated revenues for the second quarter of 2017 totaled NIS 2.46 billion ($705 million), a 1.9% decrease compared to the NIS 2.51 billion reported in the second quarter of 2016. For both the current and the prior-year periods, Internet Gold's consolidated revenues consisted entirely of Bezeq's revenues.
Internet Gold's consolidated operating profit for the second quarter of 2017 totaled NIS 466 million ($134 million), a 9.7% decrease compared with NIS 516 million reported in the second quarter of 2016.
Internet Gold's consolidated net profit for the second quarter of 2017 totaled NIS 236 million ($68 million), a 6.3% decrease compared with NIS 252 million reported in the second quarter of 2016.
Internet Gold's net profit attributable to shareholders for the second quarter of 2017 totaled NIS 14 million ($4 million) compared with NIS 14 million for the second quarter of 2016.
Internet Gold's Second Quarter Unconsolidated Financial Results
(In millions) Three months ended
June 30, Year ended
December 31,
------------
2017 2017 2016 2016
---- ---- ---- ----
NIS US$ NIS NIS
--- --- --- ---
Financial expenses, net (14) (4) (11) (44)
Operating expenses (1) - (1) (5)
Interest in BCOM's net
profit (loss) 29 8 26 (153)
--- --- --- ----
Net profit (loss) 14 4 14 (202)
--- --- --- ----
As of June 30, 2017, Internet Gold held approximately 65% of B Communications' outstanding shares. Accordingly, Internet Gold's interest in B Communications' net profit for the second quarter of 2017 totaled NIS 29 million ($8 million) compared with NIS 26 million in the second quarter of 2016.
Internet Gold's unconsolidated net financial expenses in the second quarter of 2017 totaled NIS 14 million ($4 million) compared with NIS 11 million in the second quarter of 2016. These expenses consist of NIS 13 million ($4 million) of interest and CPI linkage expenses related to the Company's publicly-traded debentures and of NIS 1 million ($300 thousands) of financial expenses generated by short term investments.
Internet Gold's unconsolidated net profit for the second quarter of 2017 totaled NIS 14 million ($4 million) compared with NIS 14 million for the second quarter of 2016.
The Bezeq Group Results (Consolidated)
To provide further insight into its results, the Company is providing the following summary of the consolidated financial report of the Bezeq Group for the second quarter ended June 30, 2017. For a full discussion of Bezeq's results for the second quarter ended June 30, 2017, please refer to its website: http://ir.bezeq.co.il.
Bezeq Group (consolidated) Q2 2017 Q2 2016 % change
------- ------- --------
(NIS millions)
-------------
Revenues 2,463 2,511 (1.9%)
Operating profit 573 616 (7.0%)
Operating margin 23.3% 24.5%
Net profit 358 377 (5.0%)
EBITDA 997 1,056 (5.6%)
EBITDA margin 40.5% 42.1%
Diluted EPS (NIS) 0.13 0.14 (7.1%)
Cash flow from operating
activities 875 870 0.6%
Payments for investments 406 387 4.9%
Free cash flow (1) 487 539 (9.6%)
Total debt 11,519 11,504 0.1%
Net debt 9,646 9,254 4.2%
EBITDA (trailing twelve
months) 3,972 4,135 (3.9%)
Net debt/EBITDA (end of
period) (2) 2.43 2.24
----------------------- ---- ----
(1)Free cash flow is defined as cash flow from operating activities less net payments for
investments.
(2)EBITDA in this calculation refers to the trailing twelve months.
Revenues of the Bezeq Group in the second quarter of 2017 were NIS 2.46 billion ($705 million) compared to NIS 2.51 billion in the corresponding quarter of 2016, a decrease of 1.9%. The decrease was due to lower revenues at Bezeq Fixed-Line, Pelephone and Yes partially offset by an increase in revenues at Bezeq International.
Salary expenses of the Bezeq Group in the second quarter of 2017 were NIS 494 million ($139 million) compared to NIS 495 million in the corresponding quarter of 2016, a decrease of 0.2%.
Operating expenses of the Bezeq Group in the second quarter of 2017 were NIS 973 million ($278 million) compared to NIS 972 million in the corresponding quarter of 2016, an increase of 0.1%.
Other operating income, net of the Bezeq Group in the second quarter of 2017 amounted to NIS 1 million ($300 thousands) compared to NIS 12 million in the corresponding quarter of 2016. Other operating income, net was impacted due to timing differences in the sale of real estate at Bezeq Fixed-Line in the second quarter of 2017.
Depreciation and amortization expenses of the Bezeq Group in the second quarter of 2017 were NIS 424 million ($121 million) compared to NIS 440 million in the corresponding quarter of 2016, a decrease of 3.6%. The decrease was primarily due to a reduction in depreciation expenses at Bezeq Fixed-Line as well as a reduction in PPA amortization expenses recorded in connection with the increased ownership interest in Yes.
Operating profit of the Bezeq Group in the second quarter of 2017 was NIS 573 million ($164 million) compared to NIS 616 million in the corresponding quarter of 2016, a decrease of 7.0%.
Financing expenses, net of the Bezeq Group in the second quarter of 2017 amounted to NIS 102 million ($29 million) compared to NIS 105 million in the corresponding quarter of 2016, a decrease of 2.9%. The decrease in financing expenses was primarily due a decrease in the estimated second contingent consideration in relation to the acquisition of Yes of NIS 84 million ($24 million). This amount was partially offset by an update in the estimated fair value of advanced payments made by the Bezeq Group to Eurocom DBS of NIS 57 million ($16 million), increased financing expenses at Yes as well as financing expenses of NIS 13 million recognized in connection with the exchange of Yes debentures for Bezeq Fixed-Line debentures.
Tax expenses of the Bezeq Group in the second quarter of 2017 were NIS 111 million ($32 million) compared to NIS 133 million in the corresponding quarter of 2016, a decrease of 16.5%. The decrease was due a decrease in the Israeli corporate tax rates from 25% in 2016 to 24% in 2017.
Net profit of the Bezeq Group in the second quarter of 2017 was NIS 358 million ($102 million) compared to NIS 377 million in the corresponding quarter of 2016, a decrease of 5.0%.
EBITDA of the Bezeq Group in the second quarter of 2017 was NIS 997 million ($285 million) (EBITDA margin of 40.5%) compared to NIS 1.056 billion (EBITDA margin of 42.1%) in the corresponding quarter of 2016, a decrease of 5.6%.
Cash flow from operating activities of the Bezeq Group in the second quarter of 2017 was NIS 875 million ($250 million) compared to NIS 870 million in the corresponding quarter of 2016, an increase of 0.6%.
Payments for investments (Capex) of the Bezeq Group in the second quarter of 2017 was NIS 406 million ($116 million) compared to NIS 387 million in the corresponding quarter of 2016, an increase of 4.9%.
Free cash flow of the Bezeq Group in the second quarter of 2017 was NIS 487 million ($139 million) compared to NIS 539 million in the corresponding quarter of 2016, a decrease of 9.6%. The decrease was primarily due to a decrease in proceeds from the sale of real estate in the amount of NIS 38 million ($11 million).
Total debt of the Bezeq Group as of June 30, 2017 was NIS 11.5 billion ($3.3 billion) compared to NIS 11.5 billion as of June 30, 2016.
Net debt of the Bezeq Group was NIS 9.6 billion ($2.75 billion) as of June 30, 2017 compared to NIS 9.3 billion as of June 30, 2016.
Net debt to EBITDA (trailing twelve months) ratio of the Bezeq Group as of June 30, 2017, was 2.43, compared to 2.24 as of June 30, 2016.
Notes:
Convenience translation to U.S Dollars
Unless noted specifically otherwise, the dollar denominated figures were converted to US$ using a convenience translation based on the New Israeli Shekel (NIS)/US$ exchange rate of NIS 3.496 = US$ 1 as published by the Bank of Israel for June 30, 2017.
Use of non-IFRS financial measures
We and the Bezeq Group's management regularly use supplemental non-IFRS financial measures internally to understand, manage and evaluate its business and make operating decisions. The following non-IFRS measures are provided in the press release and accompanying supplemental information because management believes these measurements provide consistent and comparable measures to help investors understand the Bezeq Group's current and future operating cash flow performance and are useful for investors and financial institutions to analyze and compare companies on the basis of operating performance:
-- EBITDA - defined as net profit plus income tax expenses, share of loss
in equity accounted investee, net financing expenses and depreciation
and amortization;
-- EBITDA trailing twelve months - defined as net profit plus income tax
expenses, share of loss in equity accounted investee, net financing
expenses and depreciation and amortization during last twelve months;
-- Net debt - defined as long and short term bank loans and debentures
minus cash and cash equivalents and short term investments;
-- Net debt to EBITDA ratio - defined as net debt divided by the trailing
twelve months EBITDA;
-- Free Cash Flow (FCF) - defined as cash from operating activities less
cash used for the purchase/sale of property, plant and equipment, and
intangible assets, net.
These non-IFRS financial measures may differ materially from the non-IFRS financial measures used by other companies.
We present the Bezeq Group's EBITDA as a supplemental performance measure because we believe that it facilitates operating performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structure, tax positions (such as the impact of changes in effective tax rates or net operating losses) and the age of, and depreciation expenses associated with, fixed assets (affecting relative depreciation expense).
EBITDA should not be considered in isolation or as a substitute for net profit or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account our debt service requirements and other commitments, including capital expenditures, and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. In addition, EBITDA, as presented in this press release, may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated.
Management of Bezeq believes that free cash flow is an important measure of its liquidity as well as its ability to service long-term debt, fund future growth and to provide a return to shareholders. We also believe this free cash flow definition does not have any material limitations. Free cash flow is a financial index which is not based on IFRS. Free cash flow is defined as cash from operating activities less cash for the purchase/sale of property, plant and equipment, and intangible assets, net.
Bezeq also uses net debt and the net debt to EBITDA trailing twelve months ratio to analyze its financial capacity for further leverage and in analyzing the company's business and financial condition. Net debt reflects long and short term liabilities minus cash and cash equivalents and investments.
Reconciliations between the Bezeq Group's results on an IFRS and non-IFRS basis with respect to these non-IFRS measurements are provided in tables immediately following the Company's consolidated results. The non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures, and should be read only in conjunction with its consolidated financial statements prepared in accordance with IFRS.
About Internet Gold
Internet Gold is a telecommunications-oriented holding company which is a controlled subsidiary of Eurocom Communications Ltd. Internet Gold's primary holding is its controlling interest in B Communications Ltd. (TASE and Nasdaq: BCOM), which in turn holds the controlling interest in Bezeq, The Israel Telecommunication Corp., Israel's largest telecommunications provider (TASE: BEZQ). Internet Gold's shares are traded on NASDAQ and the TASE under the symbol IGLD. For more information, please visit the following Internet sites:
www.igld.com
www.bcommunications.co.il
ir.bezeq.co.il
www.eurocom.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' 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.
For further information, please contact:
Idit Cohen - IR Manager
idit@igld.com / Tel: +972-3-924-0000
Investor relations contacts:
Hadas Friedman - Investor Relations
Hadas@km-ir.co.il / Tel: +972-3-516-7620
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Statements of Financial Position as at
-------------------------------------------------------------
(In millions)
June 30, June 30, June 30, December 31,
-------- -------- -------- ------------
2017 2017 2016 2016
---- ---- ---- ----
NIS US$ NIS NIS
--- --- --- ---
Current assets
Cash and cash equivalents 1,958 560 1,595 810
Restricted cash - - 658 -
Investments 503 144 1,747 1,240
Trade receivables, net 1,991 570 2,029 2,000
Other receivables 349 100 210 217
Related party 56 16 29 -
Inventory 105 30 109 106
--- --- --- ---
Total current assets 4,962 1,420 6,377 4,373
----- ----- ----- -----
Non-current assets
Trade and other
receivables 507 146 647 644
Property, plant and
equipment 7,049 2,016 7,120 7,072
Intangible assets 6,314 1,806 6,859 6,534
Deferred expenses and
investments 448 128 636 447
Broadcasting rights 456 130 455 432
Investment in equity-
accounted investee 12 3 21 18
Deferred tax assets 1,015 290 1,099 1,007
----- --- ----- -----
Total non-current assets 15,801 4,519 16,837 16,154
------ ----- ------ ------
Total assets 20,763 5,939 23,214 20,527
====== ===== ====== ======
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Statements of Financial Position as at
-------------------------------------------------------------
(In millions)
June 30, June 30, June 30, December 31,
-------- -------- -------- ------------
2017 2017 2016 2016
---- ---- ---- ----
NIS US$ NIS NIS
--- --- --- ---
Current liabilities
Bank loans and credit and
debentures 1,314 375 2,314 2,181
Trade and other payables 1,634 467 1,627 1,661
Related party - - 208 32
Current tax liabilities 119 34 698 138
Provisions 79 23 90 80
Employee benefits 318 91 370 315
--- --- --- ---
Total current liabilities 3,464 990 5,307 4,407
----- --- ----- -----
Non-current liabilities
Bank loans and debentures 13,437 3,843 13,511 12,241
Employee benefits 259 74 239 258
Other liabilities 251 72 252 244
Provisions 48 14 46 47
Deferred tax liabilities 541 155 667 593
--- --- --- ---
Total non-current
liabilities 14,536 4,158 14,715 13,383
------ ----- ------ ------
Total liabilities 18,000 5,148 20,022 17,790
------ ----- ------ ------
Equity
Attributable to
shareholders of the
Company 216 62 379 194
Non-controlling interests 2,547 729 2,813 2,543
----- --- ----- -----
Total equity 2,763 791 3,192 2,737
----- --- ----- -----
Total liabilities and
equity 20,763 5,939 23,214 20,527
====== ===== ====== ======
Internet Gold - Golden Lines Ltd.
Condensed Consolidated Statements of Income for the
---------------------------------------------------
(In millions, except per share data)
Year ended
Six months period ended June 30, Three months period ended June 30, December 31,
-------------------------------- ---------------------------------- ------------
2017 2017 2016 2017 2017 2016 2016
---- ---- ---- ---- ---- ---- ----
NIS US$ NIS NIS US$ NIS NIS
--- --- --- --- --- --- ---
Revenues 4,916 1,406 5,070 2,463 705 2,511 10,084
----- ----- ----- ----- --- ----- ------
Costs and expenses
Depreciation and
amortization 1,053 302 1,083 525 150 538 2,161
Salaries 998 285 1,008 494 141 494 2,017
General and
operating
expenses 1,938 554 1,998 976 279 975 4,024
Other operating expenses
(income), net 1 - (7) 2 1 (12) 21
--- --- --- --- --- --- ---
3,990 1,141 4,082 1,997 571 1,995 8,223
----- ----- ----- ----- --- ----- -----
Operating profit 926 265 988 466 134 516 1,861
Financing
expenses, net 288 82 361 143 41 154 975
--- --- --- --- --- --- ---
Profit after financing
expenses, net 638 183 627 323 93 362 886
Share of loss in
equity-accounted
investee 4 1 2 2 1 1 5
--- --- --- --- --- --- ---
Profit before
income tax 634 182 625 321 92 361 881
Income tax
expenses 174 50 230 85 24 109 442
--- --- --- --- --- --- ---
Net profit for the
period 460 132 395 236 68 252 439
=== === === === === === ===
Profit (loss) attributable to:
Shareholders of
the Company 24 7 (18) 14 4 14 (202)
Non-controlling
interests 436 125 413 222 64 238 641
--- --- --- --- --- --- ---
Net Profit for the
period 460 132 395 236 68 252 439
=== === === === === === ===
Earnings (loss) per share
Basic 1.26 0.36 (0.93) 0.71 0.20 0.72 (10.52)
==== ==== ===== ==== ==== ==== ======
Diluted 1.26 0.36 (0.93) 0.71 0.20 0.72 (10.52)
==== ==== ===== ==== ==== ==== ======
Reconciliation for NON-IFRS Measures
------------------------------------
EBITDA
The following is a reconciliation of the Bezeq Group's net profit to EBITDA:
(In millions) Three month period ended June 30, Trailing twelve months ended June 30,
--------------------------------- -------------------------------------
2017 2017 2016 2017 2017 2016
---- ---- ---- ---- ---- ----
NIS US$ NIS NIS US$ NIS
--- --- --- --- --- ---
Net profit 358 102 377 1,287 368 1,441
Income tax
expenses 111 32 133 533 152 579
Share of loss
in equity-
accounted
investee 2 1 1 7 2 6
Financing
expenses, net 102 29 105 443 127 304
Depreciation and
amortization 424 121 440 1,702 487 1,805
--- --- --- ----- --- -----
EBITDA 997 285 1,056 3,972 1,136 4,135
=== === ===== ===== ===== =====
Net Debt
The following table shows the calculation of the Bezeq Group's net debt:
(In millions) As at June 30,
--------------
2017 2017 2016
---- ---- ----
NIS US$ NIS
--- --- ---
Short term bank loans and
credit and debentures 958 274 1,958
Non-current bank loans and
debentures 10,561 3,020 9,546
Cash and cash equivalents (1,854) (530) (1,338)
Investments (19) (5) (912)
--- --- ----
Net debt 9,646 2,759 9,254
===== ===== =====
Net Debt to Trailing Twelve Months EBITDA Ratio
The following table shows the calculation of the Bezeq Group's net debt to
EBITDA trailing twelve months ratio:
(In millions) As at June 30,
--------------
2017 2017 2016
---- ---- ----
NIS US$ NIS
--- --- ---
Net debt 9,646 2,759 9,254
Trailing twelve months
EBITDA 3,972 1,136 4,135
----- ----- -----
Net debt to EBITDA ratio 2.43 2.43 2.24
==== ==== ====
Reconciliation for NON-IFRS Measures
------------------------------------
Free Cash Flow
The following table shows the calculation of the Bezeq Group's free
cash flow:
(In millions) Three month period
ended June 30,
-------------------
2017 2017 2016
---- ---- ----
NIS US$ NIS
--- --- ---
Cash flow from
operating
activities 875 250 870
Purchase of
property, plant
and equipment (303) (87) (317)
Investment in
intangible assets
and deferred
expenses (103) (29) (70)
Proceeds from the
sale of property,
plant and
equipment 18 5 56
--- --- ---
Free cash flow 487 139 539
=== === ===
Loan to Value (LTV)
The following table shows the calculation of IGLD's loan to
value ratio:
(In millions) As at June 30,
--------------
2017
----
NIS
---
IGLD's unconsolidated net debt 595
Market value of B Communications share
held by IGLD 1,171
-----
IGLD's LTV 50.8%
====
Net Asset Value (NAV)
The following table shows the calculation of IGLD's net
asset value:
(In millions) As at June 30,
--------------
2017
----
NIS
---
Market value of B Communications share
held by IGLD 1,171
IGLD's unconsolidated net debt 595
---
IGLD's NAV 576
===
Designated Disclosure with Respect to the Company's Projected Cash Flows
In connection with the issuance of the Series D Debentures in 2014, we undertook to comply with the "hybrid model disclosure requirements" as determined by the Israeli Securities Authority and as described in the prospectus governing our Series D Debentures.
This model provides that in the event certain financial "warning signs" exist, and for as long as they exist, we will be subject to certain disclosure obligations towards the holders of our Series D Debentures.
In examining the existence of warning signs as of June 30, 2017, our board of directors noted that our consolidated financial statements (unaudited) as well as our separate internal (unpublished) unaudited financial information as of and for the three months period ended June 30, 2017 reflect that we had a continuing negative cash flow from operating activities of NIS 1 million in the second quarter of 2017.
The Israeli regulations provide that the existence of a continuing negative cash flow from operating activities could be deemed to be a "warning sign" unless our board of directors determines that the possible "warning sign" does not reflect a liquidity problem.
Such continuing negative cash flow from operating activities results from the general operating expenses of the Company of NIS 1 million in the second quarter of 2017 and due to the fact that the Company, as a holding company, does not have any cash inflows from operating activities. Our main source of cash inflows is generated from dividends (classified as cash flow from investing activities) or debt issuances (classified as cash flow from financing activities). We did not have any such inflows in the second quarter of 2017.
Such continuing negative cash flow from operating activities does not effect our liquidity in any manner. Our board of directors reviewed our financial position, outstanding debt obligations and our existing and anticipated cash resources and uses and determined that the existence of the continuing negative cash flow from operating activities, as mentioned above, does not reflect a liquidity problem.
Internet Gold's Unconsolidated Balance Sheet
(In millions) June 30, June 30, June 30, December 31,
-------- -------- -------- ------------
2017 2017 2016 2016
---- ---- ---- ----
NIS US$ NIS NIS
--- --- --- ---
Current assets
--------------
Cash and cash
equivalents 10 3 238 48
Short-term investments 206 59 163 334
Other receivables - - 1 -
--- --- --- ---
Total current assets 216 62 402 382
Non-current assets
------------------
Investment in an
investee (*) 811 232 924 758
--- --- --- ---
Total assets 1,027 294 1,326 1,140
===== === ===== =====
Current liabilities
-------------------
Current maturities of
debentures 130 37 130 130
Other payables 13 4 22 21
--- --- --- ---
Total current
liabilities 143 41 152 151
Non-current liabilities
-----------------------
Debentures 668 191 795 795
--- --- --- ---
Total liabilities 811 232 947 946
Total equity 216 62 379 194
--- --- --- ---
Total liabilities and
equity 1,027 294 1,326 1,140
===== === ===== =====
((*)) Investment in B Communications.
Unconsolidated figures as of June 30, 2017:
-- Unconsolidated Total equity represents 21% of unconsolidated total
balance sheet.
-- Unconsolidated LTV ratio is 50.8%.
-- The ratio of cash and cash equivalents plus short-term investments plus
dividend receivable from B Communication and market value of B
Communications shares over the control permit (approximately 14.78% of B
Communications outstanding shares) to unconsolidated current maturities
of debentures is 3.37.
-- Internet Gold's NAV is NIS 576 million.
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SOURCE Internet Gold - Golden Lines Ltd.
