Cellcom Israel Announces First Quarter 2014 Results
Net income for the first quarter of 2014 increased by 70.1% compared with the first quarter of 2013, totaling NIS 114 million
EBITDA[1] for the first quarter of 2014 totaled NIS 340 million, an 8.3% increase compared with the first quarter of 2013
Cellcom Israel presents an approximately 118% increase in free cash flow[1] for the first quarter of 2014 compared with the first quarter of 2013
NETANYA, Israel, May 14, 2014 /PRNewswire/ --
FIRST QUARTER 2014 HIGHLIGHTS (compared to first quarter of 2013):
- Free cash flow increased by 117.9% to NIS 366 million ($105 million)
- Total Revenues decreased 10.2% to NIS 1,130 million ($324 million)
- Service revenues decreased 5.9% to NIS 927 million ($266 million)
- EBITDA increased by 8.3% to NIS 340 million ($97 million)
- EBITDA margin 30.1%, up from 25%
- Operating income increased by 33.1% to NIS 185 million ($53 million)
- Net income increased by 70.1% to NIS 114 million ($33 million)
- Cellular subscriber base totaled approx. 3.049 million subscribers (at the end of March 2014)
Cellcom Israel Ltd. (NYSE: CEL TASE: CEL) ("Cellcom Israel" or the "Company" or the "Group"), announced today its financial results for the first quarter of 2014. Revenues for the first quarter of 2014 totaled NIS 1,130 million ($324 million); EBITDA for the first quarter of 2014 totaled NIS 340 million ($97 million), or 30.1% of total revenues; and net income for the first quarter of 2014 totaled NIS 114 million ($33 million). Basic earnings per share for the first quarter of 2014 totaled NIS 1.15 ($0.33).
Commenting on the results, Nir Sztern, the Company's Chief Executive Officer, said: "Cellcom Israel presents strong business results for the first quarter of 2014. These positive results are a direct result of our strategy of establishing our position as a leading communications group, while focusing on profitability and expansion of the products offering to the customer as well as maintaining our commitment to provide quality customer service. In the first quarter this year we present an improvement in EBITDA, operating profit, net income and free cash flow compared with the first quarter of 2013, all despite the ongoing revenue erosion due to the increased competition.
The efficiency measures we implemented in the Group since the merger with Netvision led to savings at an annual run rate of approximately NIS 820 million[2]. In the first quarter this year we presented actual savings of NIS 52 million in selling, marketing, general and administrative expenses compared with the first quarter of last year.
Alongside the achievements in the efficiency arena, the Group continues to expand its customer base that consumes a package of communications services, and by that is succeeding in mitigating the erosion in revenues despite the intensified competition in the market. Even in a quarter of aggressive competition, and due to the offering of communications services packages, the Company increased its post-paid subscriber base alongside a seasonal increase of pre-paid subscribers churn.
The Group also presents an improvement in EBITDA, operating profit, net income and free cash flow in comparison with the previous quarter, despite the increased competition.
In the first quarter this year we took several steps focusing on providing value to the customer and innovation, including transition to a digital invoice by SMS, attractive equipment offers and activities to reinforce excellence in service.
Furthermore, we have begun a fast deployment of the Company's advanced 4G network supporting LTE Advanced technology, which will allow the Company to be among the first operators in the world to launch such advanced technology and provide its customers with the fastest network with a wide and high quality coverage, all subject to the regulator's approvals and availability of spectrum.
We expect the price erosion and high competition to continue in the coming quarters while the Company's ability to continue implementing efficiency measures to mitigate the decrease in revenues will be reduced."
Shlomi Fruhling, Chief Financial Officer, commented: "The continued efficiency measures and cost reduction implemented by the Group led to an improvement in the business results this quarter as compared with the corresponding quarter last year, despite the ongoing price erosion in the communications market and the decrease in the Group's revenues, which is expected to continue in the coming quarters and to adversely affect the Group's results.
In the first quarter this year, we continued generating high free cash flow totaling NIS 366 million, a 118% increase compared with the first quarter of 2013. This increase resulted mainly from a decrease in the purchase of end-user cellular equipment, following the decrease in sales of such equipment, the efficiency measures we have implemented and savings in capital expenditures. We continue to substantially strengthen the Company's balance sheet, having repaid a principal amount of our debt in the amount of over NIS 500 million in the first quarter this year and reducing our net debt by approximately NIS 1 billion during the past year, to a level of NIS 3.6 billion.
The Company's Board of Directors decided not to distribute a dividend for the first quarter of 2014, given the continued intensified competition in the market and its adverse effect on the Company's revenues and in order to further strengthen the Company's balance sheet. The Board of Directors will re-evaluate its decision as market conditions develop, and taking into consideration the Company's needs."
| MAIN CONSOLIDATED FINANCIAL RESULTS: |
||||||
| Q1/2014 |
Q1/2013 |
% Change |
Q1/2014 |
Q1/2013 |
||
| NIS million |
US$ million |
|||||
| Total revenues |
1,130 |
1,258 |
(10.2%) |
324.1 |
360.8 |
|
| Operating Income |
185 |
139 |
33.1% |
53.1 |
39.9 |
|
| Net Income |
114 |
67 |
70.1% |
32.7 |
19.2 |
|
| Free cash flow |
366 |
168 |
117.9% |
105.0 |
48.2 |
|
| EBITDA |
340 |
314 |
8.3% |
97.5 |
90.0 |
|
| EBITDA, as percent of total revenues |
30.1% |
25.0% |
20.4% |
|||
| MAIN FINANCIAL DATA BY OPERATING SEGMENTS: |
||||
| Cellcom Israel (*) |
Netvision (**) |
Consolidation adjustments (***) |
Consolidated results |
|
| Q1/2014 |
||||
| NIS million |
||||
| Total revenues |
916 |
238 |
(24) |
1,130 |
| Service revenues |
728 |
223 |
(24) |
927 |
| Equipment revenues |
188 |
15 |
- |
203 |
| Operating Income |
145 |
53 |
(13) |
185 |
| EBITDA |
265 |
75 |
- |
340 |
| EBITDA, as percent of total revenues |
28.9% |
31.5% |
30.1% |
|
(*) Cellcom Israel Ltd. and its subsidiaries, excluding Netvision Ltd. and its subsidiaries.
(**) Netvision Ltd. and its subsidiaries.
(***) Include inter-company revenues between Cellcom Israel and Netvision, and amortization expenses attributable to the merger.
| MAIN PERFORMANCE INDICATORS (data refers to cellular subscribers only): |
|||
| Q1/2014 |
Q1/2013 |
Change (%) |
|
| Cellular subscribers at the end of period (in thousands) |
3,049 |
3,166 |
(3.7%) |
| Churn Rate for cellular subscribers (in %) |
11.1% |
9.4% |
18.1% |
| Monthly cellular ARPU (in NIS) |
74.7 |
75.9 |
(1.6%) |
FINANCIAL REVIEW
Revenues for the first quarter of 2014 decreased 10.2% totaling NIS 1,130 million ($324 million), compared to NIS 1,258 million ($361 million) in the first quarter last year. The decrease in revenues is attributed to a 5.9% decrease in service revenues, which totaled NIS 927 million ($266 million) in the first quarter 2014 as compared to NIS 985 million ($282 million) in the first quarter last year, and a 25.6% decrease in equipment revenues, which totaled NIS 203 million ($58 million) in the first quarter of 2014 as compared to NIS 273 million ($78 million) in the first quarter of 2013. Netvision's contribution to revenues for the first quarter of 2014 totaled NIS 214 million ($61 million) (excluding inter-company revenues) compared to NIS 244 million ($70 million) in the first quarter of 2013.
The decrease in first quarter 2014 service revenues resulted mainly from a decrease in cellular services revenues, due to the ongoing erosion in the price of these services as a result of the intensified competition in the cellular market. The decrease in service revenues also resulted from a decrease in revenues from internet services, long distance calls and extended warranty services, which was partially offset by an increase in revenues from hosting operators on the Company's communications network. Netvision's contribution to service revenues for the first quarter of 2014 totaled NIS 199 million ($57 million) (excluding inter-company revenues) compared to NIS 227 million ($65 million) in the first quarter of 2013.
The decrease in first quarter 2014 equipment revenues resulted mainly from an approximately 28% decrease in the number of cellular handsets sold during the first quarter of 2014 as compared with the first quarter of 2013, as well as a decrease in the sales of tablets in the first quarter of 2014 as compared with the first quarter of 2013. Netvision's contribution to equipment revenues for the first quarter of 2014 totaled NIS 15 million ($4 million), compared to NIS 17 million ($5 million) in the first quarter of 2013.
Cost of revenues for the first quarter of 2014 totaled NIS 664 million ($190 million), compared to NIS 784 million ($225 million) in the first quarter of 2013, a 15.3% decrease. This decrease resulted from a decrease in costs associated with the sale of cellular handsets and tablets, primarily as a result of a decrease in the amount of such equipment sold during the first quarter of 2014 as compared with the first quarter of 2013. The decrease in cost of revenues also resulted from a decrease in interconnect expenses, mainly due to a reduction in the interconnect tariffs and decreased usage, and a decrease in payroll expenses and other expenses due to the efficiency measures implemented by the Company.
Gross profit for the first quarter of 2014 decreased 1.7% to NIS 466 million ($134 million), compared to NIS 474 million ($136 million) in the first quarter of 2013. Gross profit margin for the first quarter of 2014 amounted to 41.2%, up from 37.7% in the first quarter of 2013.
Selling, Marketing, General and Administrative Expenses ("SG&A Expenses") for the first quarter of 2014 decreased 15.6% to NIS 282 million ($81 million), compared to NIS 334 million ($96 million) in the first quarter of 2013. This decrease is primarily the result of the efficiency measures implemented by the Company, which led to a decrease in payroll expenses and other expenses. The decrease in SG&A expenses also resulted from a decrease in depreciation and amortization expenses and a decrease in doubtful accounts expenses.
Operating income for the first quarter 2014 increased by 33.1% to NIS 185 million ($53 million) from NIS 139 million ($40 million) in the first quarter of 2013.
EBITDA for the first quarter of 2014 increased by 8.3% totaling NIS 340 million ($97 million) compared to NIS 314 million ($90 million) in the first quarter of 2013. Netvision's contribution to the EBITDA for the first quarter of 2014 totaled NIS 75 million ($22 million), compared to NIS 63 million ($18 million) in the first quarter of 2013. EBITDA for the first quarter 2014, as a percent of first quarter revenues, totaled 30.1%, up from 25% in the first quarter of 2013.
Financing expenses, net for the first quarter of 2014 decreased 41.3% and totaled NIS 27 million ($8 million), compared to NIS 46 million ($13 million) in the first quarter of 2013. The decrease resulted mainly from a decrease in interest expenses, associated with the Company's debentures, due to a decrease in the Company's debt level, and a decrease in Israeli Consumer Price Index (CPI) linkage expenses, associated with the Company's debentures, which was partially offset by an increase in losses on CPI hedging transactions, due to a deflation in the first quarter of 2014 compared with a stability of the CPI in the first quarter of 2013.
Net Income for the first quarter of 2014 totaled NIS 114 million ($33 million), compared to NIS 67 million ($19 million) in the first quarter of 2013, a 70.1% increase. This increase is the result of a reduction in operating expenses, mainly due to the efficiency measures implemented by the Company, and a decrease in financing expenses, net, which were offset in part by a decrease in service revenues resulting from the ongoing erosion in service revenues resulting from the continued intensified competition in the cellular and landline communications market, as well as a decrease in equipment revenues.
Basic earnings per share for the first quarter of 2014 totaled NIS 1.15 ($0.33), compared to NIS 0.67 ($0.19) in the first quarter last year.
OPERATING REVIEW (data refers to cellular subscribers only)
Cellular subscriber base – at the end of March 2014 the Company had approximately 3.049 million cellular subscribers. During the first quarter of 2014 the Company's cellular subscriber base decreased by approximately 43,000 net cellular subscribers, all of them pre-paid subscribers.
Cellular Churn Rate for the first quarter of 2014 totaled 11.1%, compared to 9.4% in the first quarter of 2013. The cellular churn rate was primarily affected by the intensified competition in the cellular market.
The monthly cellular Average Revenue per User ("ARPU") for the first quarter of 2014 totaled NIS 74.7 ($21.4), compared to NIS 75.9 ($21.8) in the first quarter of 2013. The decrease in ARPU resulted, among others, from the ongoing erosion in the price of cellular services, resulting from the intensified competition in the cellular market.
FINANCING AND INVESTMENT REVIEW
Cash Flow
Free cash flow for the first quarter of 2014, increased by 117.9% to NIS 366 million ($105 million), compared to NIS 168 million ($48 million) in the first quarter of 2013. The increase in free cash flow was mainly due to a decrease in payments to vendors for cellular end-user equipment purchases, as a result of the decrease in sales of such equipment. The increase in free cash flow also resulted from a decrease in operating expenses mainly due to the efficiency measures implemented by the Company. These decreases were partially offset by a decrease in proceeds from customers due to the decrease in revenues in the first quarter of 2014 compared with the first quarter of 2013, resulting from the intensified competition in the cellular market.
Total Equity
Total Equity as of March 31, 2014 amounted to NIS 829 million ($238 million), primarily consisting of accumulated undistributed retained earnings of the Company.
Investment in Fixed Assets and Intangible Assets
During the first quarter of 2014, the Company invested NIS 75 million ($22 million) in fixed assets and intangible assets (including, among others, rights of use of communication lines and investments in information systems and software), compared to NIS 82 million ($24 million) in the first quarter of 2013.
Dividend
On May 13, 2014, the Company's board of directors decided not to declare a cash dividend for the first quarter of 2014. In making its decision, the board of directors considered the Company's dividend policy and business status and decided not to distribute a dividend at this time, given the intensified competition and its adverse effect on the Company's revenues, and in order to strengthen the Company's balance sheet. The board of directors will re-evaluate its decision in future quarters. No future dividend declaration is guaranteed and is subject to the Company's board of directors' sole discretion, as detailed in the Company's annual report for the year ended December 31, 2013 on Form 20-F, under "Item 8 - Financial Information – A. Consolidated Statements and Other Financial Information - Dividend Policy".
Debentures
For information regarding the Company's summary of financial liabilities and details regarding the Company's outstanding debentures as of March 31, 2014, see "Disclosure for Debenture Holders" section in this press release.
OTHER DEVELOPMENTS DURING THE FIRST QUARTER OF 2014 AND SUBSEQUENT TO THE END OF THE REPORTING PERIOD
4 Generation Network
In April 2014, the Company entered a framework agreement with Nokia Solutions and Networks Israel Ltd., of Nokia Solutions and Networks group, a worldwide leading network manufacturer, for the supply of its 4G network. The Company commenced a rapid deployment of the network, which also supports LTE Advanced technology (4.5 generation), and expects to achieve a wide and high quality deployment of the network by the end of the year. The operation of the network as well as its LTE Advanced qualities is subject to the regulator's approvals and availability of spectrum. The building of the 4G network is expected to increase the Company's capital expenditures in 2014 compared with 2013.
For additional details see the Company's most recent annual report on form 20-F for the year ended on December 31, 2013, filed on March 6, 2014 under "Item 3. Key Information – D. Risk Factors – Risks related to our business – We may be adversely affected by significant technological and other changes in the cellular communications industry; network sharing agreements, if approved, may have material adverse effects on our business" and "Item 4. Information on the Company - B. Business Overview – Network and Technology."
Network Sharing Agreements
As previously reported, in December 2013, the Company entered an agreement with Pelephone communications Ltd., or Pelephone, and Golan Telecom Ltd., or Golan, for the construction and operation of a shared 4G radio network, an agreement with Pelephone for the sharing of passive elements of cell sites for existing networks and under a third agreement, the Company agreed to provide Golan an Indefeasible Right of Use to its 2G and 3G radio networks. All agreements are subject to the approval of the Ministry of Communications and the Israeli Antitrust Commissioner. The regulators have not provided the Company with their formal decisions yet and the parties are in active dialogue aiming to determine a way forward, assuaging the regulators' concerns, that would allow the Company to achieve its goals from these agreements, including material savings in operating expenses and capital expenditures to be mostly generated from the sharing of passive elements.
For additional details see the Company's most recent annual report for the year ended December 31, 2013 on Form 20-F, filed on March 6, 2014, under "Item 3. Key Information – D. Risk Factors – Risks Related to our Business – We face intense competition in all aspects of our business" and "Item 4. Information on The Company – B. Business Overview – Network and Technology - Network and Cell Sites Sharing Agreements".
IDB
Following the Company's previous reports in relation to the Israeli court's approval of a creditors' arrangement for IDB Holding Corporation Ltd., in May 2014, IDB Development Corporation Ltd. (the Company's indirect controlling shareholder) announced that the consummation of the creditors' arrangement was completed and that the control in IDB Development Corporation Ltd. was transferred to the Elzstain - Extra group, led by Mr. Eduardo Elzstain and Mr. Mordechai Ben Moshe. As a result, the indirect control in the Company was transferred to the Elzstain - Extra group.
For additional details see the Company's most recent annual report on form 20-F for the year ended on December 31, 2013, filed on March 6, 2014 under "Item 3. Key Information – D. Risk Factors – Risks related to our business – We are a member of the IDB group of companies, one of Israel's largest and highly regulated business groups. This may limit our ability to expand our business, to acquire other businesses or raise debt. The effects on us of IDB's pending change of control at IDB are unclear" and "Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders" and the Company's immediate report on form 6-K dated April 6, 2014.
CONFERENCE CALL DETAILS
The Company will be hosting a conference call on Wednesday, May 14, 2014 at 9:00 am EST, 06:00 am PST, 14:00 GMT, 16:00 Israel time. On the call, management will review and discuss the results, and will be available to answer questions. To participate, please either access the live webcast on the Company's website, or call one of the following teleconferencing numbers below. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Number: 1 866 744 5399 UK Dial-in Number: 0 800 917 9141
Israel Dial-in Number: 03 918 0664 International Dial-in Number: +972 3 918 0664
at: 9:00 am Eastern Time; 06:00 am Pacific Time; 14:00 UK Time; 16:00 Israel Time
To access the live webcast of the conference call, please access the investor relations section of Cellcom Israel's website: www.cellcom.co.il. After the call, a replay of the call will be available under the same investor relations section.
About Cellcom Israel
Cellcom Israel Ltd., established in 1994, is the largest Israeli cellular provider; Cellcom Israel provides its approximately 3.049 million subscribers (as at March 31, 2014) with a broad range of value added services including cellular and landline telephony, roaming services for tourists in Israel and for its subscribers abroad and additional services in the areas of music, video, mobile office etc., based on Cellcom Israel's technologically advanced infrastructure. The Company operates an HSPA 3.5 Generation network enabling advanced high speed broadband multimedia services, in addition to GSM/GPRS/EDGE networks. Cellcom Israel offers Israel's broadest and largest customer service infrastructure including telephone customer service centers, retail stores, and service and sale centers, distributed nationwide. Through its broad customer service network Cellcom Israel offers technical support, account information, direct to the door parcel delivery services, internet and fax services, dedicated centers for hearing impaired, etc. Cellcom Israel further provides through its wholly owned subsidiaries internet connectivity services and international calling services, as well as landline telephone communication services in Israel, in addition to data communication services. Cellcom Israel's shares are traded both on the New York Stock Exchange (CEL) and the Tel Aviv Stock Exchange (CEL). For additional information please visit the Company's website www.cellcom.co.il
Forward-Looking Statements
The following information contains, or may be deemed to contain forward-looking statements (as defined in the U.S. Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968). In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about the Company, may include projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. These statements are only predictions based on the Company's current expectations and projections about future events. There are important factors that could cause the Company's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause such differences include, but are not limited to: changes to the terms of the Company's license, new legislation or decisions by the regulator affecting the Company's operations, new competition and changes in the competitive environment, the outcome of legal proceedings to which the Company is a party, particularly class action lawsuits, the Company's ability to maintain or obtain permits to construct and operate cell sites, and other risks and uncertainties detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including under the caption "Risk Factors" in its Annual Report for the year ended December 31, 2013.
Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company assumes no duty to update any of these forward-looking statements after the date hereof to conform its prior statements to actual results or revised expectations, except as otherwise required by law.
The Company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). 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 3.487 = US$ 1 as published by the Bank of Israel for March 31, 2014.
Use of non-IFRS financial measures
EBITDA is a non-IFRS measure and is defined as income before financing income (expenses), net; other income (expenses), net; income tax; depreciation and amortization and share based payments. This is an accepted measure in the communications industry. The Company presents this measure as an additional performance measure as the Company believes that it enables us to compare operating performance between periods and companies, net of any potential differences which may result from differences in capital structure, taxes, age of fixed assets and related depreciation expenses. EBITDA should not be considered in isolation, or as a substitute for operating income, any other performance measures, or cash flow data, which were prepared in accordance with Generally Accepted Accounting Principles as measures of profitability or liquidity. EBITDA does not take into account debt service requirements, or other commitments, including capital expenditures, and therefore, does not necessarily indicate the amounts that may be available for the Company's use. In addition, EBITDA as presented by the Company may not be comparable to similarly titled measures reported by other companies, due to differences in the way these measures are calculated. See the reconciliation of net income to EBITDA under "Reconciliation for Non-IFRS Measures" below.
Free cash flow is a non-IFRS measure and is defined as the net cash provided by operating activities minus the net cash used in investing activities excluding short-term investment in tradable debentures and deposits and proceeds from sales of such debentures (including interest received in relation to such debentures) and deposits. See "Reconciliation for Non-IFRS Measures" below.
| Company Contact Shlomi Fruhling Chief Financial Officer Tel: +972 52 998 9755 |
Investor Relations Contact Ehud Helft GK Investor & Public Relations in partnership with LHA Tel: +1 617 418 3096 |
Financial Tables Follow
[1] Please see "Use of Non-IFRS financial measures" section in this press release.
[2] Based on a comparison of first quarter 2014 expenses to fourth quarter 2011 expenses.
| Cellcom Israel Ltd. |
||||||||
|
(An Israeli Corporation) |
||||||||
|
Condensed Consolidated Interim Statements of Financial Position |
||||||||
| Convenience |
||||||||
| translation |
||||||||
| into US dollar |
||||||||
| March 31, |
March 31, |
March 31, |
December 31, |
|||||
| 2013 |
2014 |
2014 |
2013 |
|||||
| NIS millions |
US$ millions |
NIS millions |
||||||
| Assets |
||||||||
| Cash and cash equivalents |
846 |
645 |
185 |
1,057 |
||||
| Current investments, including derivatives |
492 |
608 |
174 |
513 |
||||
| Trade receivables |
1,828 |
1,631 |
468 |
1,731 |
||||
| Other receivables |
83 |
132 |
38 |
63 |
||||
| Inventory |
118 |
83 |
24 |
84 |
||||
| Total current assets |
3,367 |
3,099 |
889 |
3,448 |
||||
| Trade and other receivables |
1,119 |
796 |
228 |
854 |
||||
| Property, plant and equipment, net |
2,023 |
1,814 |
520 |
1,865 |
||||
| Intangible assets, net |
1,482 |
1,367 |
392 |
1,390 |
||||
| Deferred tax assets |
32 |
21 |
6 |
22 |
||||
| Total non- current assets |
4,656 |
3,998 |
1,146 |
4,131 |
||||
| Total assets |
8,023 |
7,097 |
2,035 |
7,579 |
||||
| Liabilities |
||||||||
| Current maturities of debentures and long term loans and short term credit |
1,087 |
1,089 |
312 |
1,100 |
||||
| Trade payables and accrued expenses |
676 |
607 |
174 |
582 |
||||
| Current tax liabilities |
75 |
113 |
32 |
99 |
||||
| Provisions |
178 |
192 |
55 |
187 |
||||
| Other payables, including derivatives |
386 |
318 |
91 |
398 |
||||
| Total current liabilities |
2,402 |
2,319 |
664 |
2,366 |
||||
| Long-term loans from banks |
10 |
- |
- |
5 |
||||
| Debentures |
4,845 |
3,782 |
1,085 |
4,332 |
||||
| Provisions |
20 |
21 |
6 |
21 |
||||
| Other long-term liabilities |
20 |
12 |
3 |
10 |
||||
| Liability for employee rights upon retirement, net |
16 |
13 |
4 |
13 |
||||
| Deferred tax liabilities |
145 |
121 |
35 |
122 |
||||
| Total non- current liabilities |
5,056 |
3,949 |
1,133 |
4,503 |
||||
| Total liabilities |
7,458 |
6,268 |
1,797 |
6,869 |
||||
| Equity attributable to owners of the Company |
||||||||
| Share capital |
1 |
1 |
- |
1 |
||||
| Cash flow hedge reserve |
(17) |
(9) |
(3) |
(13) |
||||
| Retained earnings |
579 |
834 |
240 |
719 |
||||
| Non-controlling interest |
2 |
3 |
1 |
3 |
||||
| Total equity |
565 |
829 |
238 |
710 |
||||
| Total liabilities and equity |
8,023 |
7,097 |
2,035 |
7,579 |
||||
| Cellcom Israel Ltd. |
||||||||
|
(An Israeli Corporation) |
||||||||
|
Condensed Consolidated Interim Statements of Income |
||||||||
| Convenience |
||||||||
| translation |
||||||||
| into US dollar |
||||||||
| Three-month |
Three- month period ended |
Year ended |
||||||
| 2013 |
2014 |
2014 |
2013 |
|||||
| NIS millions |
US$ millions |
NIS millions |
||||||
| Revenues |
1,258 |
1,130 |
324 |
4,927 |
||||
| Cost of revenues |
(784) |
(664) |
(190) |
(2,990) |
||||
| Gross profit |
474 |
466 |
134 |
1,937 |
||||
| Selling and marketing expenses |
(181) |
(164) |
(47) |
(717) |
||||
| General and administrative expenses |
(153) |
(118) |
(34) |
(570) |
||||
| Other income (expenses), net |
(1) |
1 |
- |
1 |
||||
| Operating profit |
139 |
185 |
53 |
651 |
||||
| Financing income |
41 |
36 |
10 |
156 |
||||
| Financing expenses |
(87) |
(63) |
(18) |
(402) |
||||
| Financing expenses, net |
(46) |
(27) |
(8) |
(246) |
||||
| Profit before taxes on income |
93 |
158 |
45 |
405 |
||||
| Taxes on income |
(26) |
(44) |
(12) |
(117) |
||||
| Profit for the period |
67 |
114 |
33 |
288 |
||||
| Attributable to: |
||||||||
| Owners of the Company |
67 |
114 |
33 |
287 |
||||
| Non-controlling interests |
- |
- |
- |
1 |
||||
| Profit for the period |
67 |
114 |
33 |
288 |
||||
| Earnings per share |
||||||||
| Basic earnings per share (in NIS) |
0.67 |
1.15 |
0.33 |
2.89 |
||||
| Diluted earnings per share (in NIS) |
0.67 |
1.14 |
0.33 |
2.86 |
||||
|
Cellcom Israel Ltd.
(An Israeli Corporation) |
||||||||
|
Condensed Consolidated Interim Statements of Cash Flows |
||||||||
| Convenience |
||||||||
| translation |
||||||||
| into US dollar |
||||||||
| Three-month |
Three- month |
Year ended |
||||||
| 2013 |
2014 |
2014 |
2013 |
|||||
| NIS millions |
US$ millions |
NIS millions |
||||||
| Cash flows from operating activities |
||||||||
| Profit for the period |
67 |
114 |
33 |
288 |
||||
| Adjustments for: |
||||||||
| Depreciation and amortization |
171 |
155 |
44 |
676 |
||||
| Share based payments |
3 |
1 |
- |
9 |
||||
| Loss on sale of property, plant and equipment |
1 |
- |
- |
2 |
||||
| Income tax expense |
26 |
44 |
12 |
117 |
||||
| Financing expenses, net |
46 |
27 |
8 |
246 |
||||
| Other income |
- |
- |
- |
(3) |
||||
| Changes in operating assets and liabilities: |
||||||||
| Change in inventory |
(7) |
1 |
- |
27 |
||||
| Change in trade receivables (including long-term amounts) |
150 |
172 |
49 |
576 |
||||
| Change in other receivables (including long-term amounts) |
(20) |
(69) |
(20) |
(34) |
||||
| Change in trade payables, accrued expenses and provisions |
(112) |
45 |
13 |
(185) |
||||
| Change in other liabilities (including long-term amounts) |
(11) |
(2) |
- |
(33) |
||||
| Payments for derivative hedging contracts, net |
(1) |
(5) |
(1) |
(17) |
||||
| Income tax paid |
(35) |
(30) |
(8) |
(119) |
||||
| Income tax received |
- |
- |
- |
6 |
||||
| Net cash from operating activities |
278 |
453 |
130 |
1,556 |
||||
| Cash flows from investing activities |
||||||||
| Acquisition of property, plant, and equipment |
(88) |
(64) |
(19) |
(275) |
||||
| Acquisition of intangible assets |
(26) |
(25) |
(7) |
(90) |
||||
| Dividend received |
- |
- |
- |
1 |
||||
| Change in current investments, net |
(4) |
(102) |
(29) |
(16) |
||||
| Payments for other derivative contracts, net |
(3) |
(1) |
- |
(10) |
||||
| Proceeds from sale of property, plant and equipment |
5 |
3 |
1 |
17 |
||||
| Interest received |
11 |
12 |
3 |
29 |
||||
| Net cash used in investing activities |
(105) |
(177) |
(51) |
(344) |
||||
| Cellcom Israel Ltd. |
||||||||
|
(An Israeli Corporation) |
||||||||
|
Condensed Consolidated Interim Statements of Cash Flows (cont'd) |
||||||||
| Convenience |
||||||||
| translation |
||||||||
| into US dollar |
||||||||
| Three-month |
Three- month |
Year ended |
||||||
| 2013 |
2014 |
2014 |
2013 |
|||||
| NIS millions |
US$ millions |
NIS millions |
||||||
| Cash flows from financing activities |
||||||||
| Payments for derivative contracts, net |
- |
(1) |
- |
(8) |
||||
| Repayment of long term loans from banks |
- |
(11) |
(3) |
(6) |
||||
| Repayment of debentures |
(561) |
(523) |
(150) |
(1,124) |
||||
| Dividend paid |
- |
(4) |
(1) |
(81) |
||||
| Interest paid |
(180) |
(149) |
(43) |
(350) |
||||
| Net cash used in financing activities |
(741) |
(688) |
(197) |
(1,569) |
||||
| Changes in cash and cash equivalents |
(568) |
(412) |
(118) |
(357) |
||||
| Cash and cash equivalents as at the beginning of the period |
1,414 |
1,057 |
303 |
1,414 |
||||
| Cash and cash equivalents as at the end of the period |
846 |
645 |
185 |
1,057 |
||||
| Cellcom Israel Ltd. |
||||
|
(An Israeli Corporation) |
||||
|
Reconciliation for Non-IFRS Measures |
||||
|
EBITDA |
||||
|
The following is a reconciliation of net income to EBITDA: |
||||
| Three-month period ended March 31, |
Year ended December 31, |
|||
| 2013 NIS millions
|
2014 NIS millions
|
Convenience translation into US dollar 2014 US$ millions
|
2013 NIS millions
|
|
| Profit for the period |
67 |
114 |
33 |
288 |
| Taxes on income |
26 |
44 |
12 |
117 |
| Financing income |
(41) |
(36) |
(10) |
(156) |
| Financing expenses |
87 |
63 |
18 |
402 |
| Other expenses (income) |
1 |
(1) |
- |
(1) |
| Depreciation and amortization |
171 |
155 |
44 |
676 |
| Share based payments |
3 |
1 |
- |
9 |
| EBITDA |
314 |
340 |
97 |
1,335 |
|
Free cash flow |
||||
|
The following table shows the calculation of free cash flow: |
||||
| Three-month period ended March 31, |
Year ended December 31, |
|||
| 2013 NIS millions
|
2014 NIS millions
|
Convenience translation into US dollar 2014 US$ millions
|
2013 NIS millions
|
|
| Cash flows from operating activities |
278 |
453 |
130 |
1,556 |
| Cash flows from investing activities |
(105) |
(177) |
(51) |
(344) |
| Short-term Investment in (sale of) tradable debentures and deposits (*) |
(5) |
90 |
26 |
(2) |
| Free cash flow |
168 |
366 |
105 |
1,210 |
(*) Net of interest received in relation to tradable debentures.
|
Cellcom Israel Ltd. (An Israeli Corporation) |
|||||||||||
|
Key financial and operating indicators (unaudited) |
|||||||||||
| NIS millions unless otherwise stated |
Q1-2012 |
Q2-2012 |
Q3-2012 |
Q4-2012 |
Q1-2013 |
Q2-2013 |
Q3-2013 |
Q4-2013 |
Q1-2014 |
FY-2012 |
FY-2013 |
| Cellcom service revenues |
945 |
942 |
902 |
828 |
758 |
790 |
789 |
774 |
728 |
3,617 |
3,112 |
| Netvision service revenues |
258 |
258 |
276 |
260 |
254 |
246 |
251 |
229 |
223 |
1,052 |
979 |
| Cellcom equipment revenues |
382 |
297 |
285 |
310 |
256 |
213 |
205 |
208 |
188 |
1,274 |
882 |
| Netvision equipment revenues |
17 |
19 |
15 |
31 |
17 |
13 |
6 |
24 |
15 |
82 |
60 |
| Consolidation adjustments |
(17) |
(18) |
(30) |
(22) |
(27) |
(26) |
(27) |
(26) |
(24) |
(87) |
(106) |
| Total revenues |
1,585 |
1,498 |
1,448 |
1,407 |
1,258 |
1,236 |
1,224 |
1,209 |
1,130 |
5,938 |
4,927 |
| Cellcom EBITDA |
410 |
399 |
355 |
306 |
251 |
271 |
286 |
258 |
265 |
1,470 |
1,066 |
| Netvision EBITDA |
65 |
75 |
75 |
68 |
63 |
68 |
61 |
77 |
75 |
283 |
269 |
| Total EBITDA |
475 |
474 |
430 |
374 |
314 |
339 |
347 |
335 |
340 |
1,753 |
1,335 |
| Operating profit |
275 |
282 |
239 |
189 |
139 |
169 |
173 |
170 |
185 |
985 |
651 |
| Financing expenses, net |
36 |
117 |
64 |
42 |
46 |
78 |
92 |
30 |
27 |
259 |
246 |
| Profit for the period |
173 |
121 |
124 |
113 |
67 |
67 |
52 |
102 |
114 |
531 |
288 |
| Free cash flow |
144 |
284 |
414 |
288 |
168 |
345 |
389 |
308 |
366 |
1,130 |
1,210 |
| Cellular subscribers at the end of period (in 000's) |
3,362 |
3,333 |
3,338 |
*3,199 |
3,166 |
3,151 |
3,156 |
**3,092 |
3,049 |
3,199 |
3,092 |
| Monthly cellular ARPU (in NIS) |
90.5 |
90.3 |
86.7 |
82.4 |
75.9 |
79.7 |
79.6 |
78.7 |
74.7 |
87.5 |
78.5 |
| Churn rate for cellular subscribers (%) |
6.3% |
8.1% |
8.6% |
8.7% |
9.4% |
9.0% |
8.9% |
9.9% |
11.1% |
31.5% |
36.8% |
* After a removal of approximately 138,000 data applications subscribers (M2M) from the Company's cellular subscriber base following a change to the subscribers counting mechanism.
** After a removal of approximately 64,000 pre-paid subscribers from the Company's cellular subscriber base following a change to the subscribers counting mechanism.
| Cellcom Israel Ltd. |
|||||||||||||||
| Disclosure for debenture holders as of March 31, 2014 |
|||||||||||||||
| Aggregation of the information regarding the debenture series issued by the company (1), in million NIS |
|||||||||||||||
| Series |
Original Issuance Date |
Principal on the Date of Issuance |
As of 31.03.2014 |
As of 13.05.2014 |
Interest Rate (fixed) |
Principal Repayment Dates (3) |
Interest Repayment Dates |
Linkage |
Trustee |
||||||
| Contact Details |
|||||||||||||||
| Principal |
Linked Principal Balance |
Interest Accumulated in Books |
Debenture Balance Value in Books(2) |
Market Value |
Principal Balance on Trade |
Linked Principal Balance |
From |
To |
|||||||
| Balance on Trade |
|||||||||||||||
| B(4)** |
22/12/05 |
925.102 |
5.30% |
05.01.13 |
05.01.17 |
Linked to CPI |
Hermetic Trust (1975) Ltd. Meirav Ofer Oren. 113 Hayarkon St., Tel Aviv. Tel: 03-5274867. |
||||||||
| 02/01/06* |
|||||||||||||||
| 05/01/06* |
|||||||||||||||
| 10/01/06* |
|||||||||||||||
| 31/05/06* |
555.061 |
664.751 |
8.204 |
672.955 |
734.735 |
555.061 |
666.715 |
January-05 |
|||||||
| D ** |
07/10/07 |
2,423.075 |
5.19% |
01.07.13 |
01.07.17 |
July-01 |
Linked to CPI |
Hermetic Trust (1975) Ltd. Meirav Ofer Oren. 113 Hayarkon St., Tel Aviv. Tel: 03-5274867. |
|||||||
| 03/02/08* |
|||||||||||||||
| 06/04/09* |
|||||||||||||||
| 30/03/11* |
|||||||||||||||
| 18/08/11* |
1,938.460 |
2,265.076 |
87.927 |
2,353.003 |
2,559.737 |
1,938.460 |
2271.770 |
||||||||
| E** |
06/04/09 |
1,798.962 |
6.25% |
05.01.12 |
05.01.17 |
January-05 |
Not linked |
Hermetic Trust (1975) Ltd. Meirav Ofer Oren. 113 Hayarkon St., Tel Aviv. Tel: 03-5274867. |
|||||||
| 30/03/11* |
|||||||||||||||
| 18/08/11* |
899.481 |
899.481 |
13.092 |
912.573 |
983.403 |
899.481 |
899.481 |
||||||||
| F(4)(5) (6) ** |
20/03/12 |
714.802 |
4.60% |
05.01.17 |
05.01.20 |
Linked to CPI |
Strauss Lazar Trust Company (1992) Ltd |
||||||||
| January-05 |
Ori Lazar |
||||||||||||||
| 714.802 |
733.895 |
7.862 |
741.757 |
864.053 |
714.802 |
736.065 |
and July - 05 |
17 Yizhak Sadeh St., Tel Aviv. Tel: 03- 6237777 |
|||||||
| G(4)(5)(6) |
20/03/12 |
285.198 |
6.99% |
05.01.17 |
05.01.19 |
Not linked |
Strauss Lazar Trust Company (1992) Ltd |
||||||||
| January-05 |
Ori Lazar |
||||||||||||||
| 285.198 |
285.198 |
4.642 |
289.840 |
336.762 |
285.198 |
285.198 |
and July - 05 |
17 Yizhak Sadeh St., Tel Aviv. Tel: 03- 6237777 |
|||||||
| Total |
6,147.139 |
4,393.002 |
4,848.401 |
121.727 |
4,970.128 |
5,478.690 |
4,393.002 |
4,859.229 |
|||||||
| Comments: |
||||||||||||||
| (1) In the reported period, the company fulfilled all terms of the debentures. The company also fulfilled all terms of the Indentures. Debentures F and G financial covenants - as of March 31, 2014 the net |
||||||||||||||
| leverage (net debt to EBITDA ratio- see definition in the Company's annual report for the year ended December 31, 2013 on Form 20-F, under "Item 5. Operating and Financial Review and Prospects – B. |
||||||||||||||
| Liquidity and Capital Resources – Debt Service ") was 2.6. In the reported period, no cause for early repayment occurred. (2) Including interest accumulated in the books and excluding net |
||||||||||||||
| balance of premium on debentures and deferred issuance expenses. (3) Annual payments, excluding series F and G debentures in which the payments are semi annual. (4) Regarding Debenture series B, F and G- |
||||||||||||||
| the company undertook not to create any pledge on its assets, as long as debentures are not fully repaid, subject to certain exclusions. (5) Regarding Debenture series F and G - the company has the right for early |
||||||||||||||
| redemption under certain terms (see the Company's annual report for the year ended December 31, 2013 on Form 20-F, under "Item 5. Operating and Financial Review and Prospects– B. Liquidity and Capital |
||||||||||||||
| Resources – Debt Service").(6) Regarding Debenture series F and G - in June 2013, following a second decrease of the Company's debenture rating since their issuance, the annual interest rate |
||||||||||||||
| has been increased by 0.25% to 4.60% and 6.99%, respectively, beginning July 5, 2013. |
||||||||||||||
| (*) On these dates additional debentures of the series were issued, the information in the table refers to the full series. |
||||||||||||||
| (**) Series B, D, E and F are material, which represent 5% or more of the total liabilities of the Company, as presented in the financial statements. |
||||||||||||||
| Cellcom Israel Ltd. |
|||||||
| Disclosure for debenture holders as of March 31, 2014 (cont.) |
|||||||
| Debentures Rating Details* |
|||||||
| Series |
Rating Company |
Rating as of 31.03.2014 (1) |
Rating as of 13.05.2014 |
Rating assigned upon issuance of the Series |
Recent date of rating as of 13.05.2014 |
Additional ratings between original issuance and the recent date o f rating as of 13.05.2014 (2) |
|
| Rating |
|||||||
| B |
S&P Maalot |
A+ |
A+ |
AA- |
06/2013 |
5/2006, 9/2007, 1/2008, 10/2008, 3/2009, 9/2010, 8/2011, 1/2012, 3/2012, 5/2012, 11/2012, 6/2013 |
AA-, AA,AA-,A+ (2) |
| D |
S&P Maalot |
A+ |
A+ |
AA- |
06/2013 |
1/2008, 10/2008, 3/2009, 9/2010, 8/2011, 1/2012, 3/2012, 5/2012, 11/2012, 6/2013 |
AA-, AA,AA-,A+ (2) |
| E |
S&P Maalot |
A+ |
A+ |
AA |
06/2013 |
9/2010, 8/2011, 1/2012, 3/2012, 5/2012, 11/2012, 6/2013 |
AA,AA-,A+ (2) |
| F |
S&P Maalot |
A+ |
A+ |
AA |
06/2013 |
5/2012, 11/2012, 6/2013 |
AA,AA-,A+ (2) |
| G |
S&P Maalot |
A+ |
A+ |
AA |
06/2013 |
5/2012, 11/2012, 6/2013 |
AA,AA-,A+ (2) |
| (1) In June 2013, S&P Maalot updated the Company's rating from an "ilAA-/negative" to an "ilA+/stable". |
|
| (2) In September 2007, S&P Maalot issued a notice that the AA- rating for debentures issued by the Company was in the process of recheck with positive implications (Credit Watch Positive). In October 2008, S&P Maalot issued a notice that the AA- rating for debentures issued by the Company is in the process of recheck with stable implications (Credit Watch Stable). This process was withdrawn upon assignment of AA rating in March 2009. In August 2011, S&P Maalot issued a notice that the AA rating for debentures issued by the Company is in the process of recheck with negative implications (Credit Watch Negative). 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". For details regarding the rating of the debentures see the S&P Maalot report dated June 20, 2013. |
|
| * A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to suspension, revision or withdrawal at any time, and each rating should be evaluated independently of any other rating. |
|
Cellcom Israel Ltd.
Summary of Financial Undertakings (according to repayment dates) as of March 31, 2014
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 |
Gross interest payments (without deduction of tax) |
|||||
| ILS linked to CPI |
ILS not linked to CPI |
Euro
|
Dollar |
Other |
||
| First year |
748,837 |
292,961 |
- |
- |
- |
252,632 |
| Second year |
748,837 |
292,961 |
- |
- |
- |
195,225 |
| Third year |
819,776 |
349,856 |
- |
- |
- |
137,818 |
| Fourth year |
750,270 |
142,237 |
- |
- |
- |
73,170 |
| Fifth year and on |
425,634 |
85,342 |
- |
- |
- |
35,334 |
| Total |
3,493,354 |
1,163,357 |
- |
- |
- |
694,179 |
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) – None
c. Credit from banks in Israel based on the Company's "solo" financial data (in thousand NIS) - None
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 |
Gross interest payments (without deduction of tax) |
|||||
| ILS linked to CPI |
ILS not linked to CPI |
Euro
|
Dollar |
Other |
||
| First year |
748,837 |
292,961 |
- |
- |
- |
252,632 |
| Second year |
748,837 |
292,961 |
- |
- |
- |
195,225 |
| Third year |
819,776 |
349,856 |
- |
- |
- |
137,818 |
| Fourth year |
750,270 |
142,237 |
- |
- |
- |
73,170 |
| Fifth year and on |
425,634 |
85,342 |
- |
- |
- |
35,334 |
| Total |
3,493,354 |
1,163,357 |
- |
- |
- |
694,179 |
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).
Cellcom Israel Ltd.
Summary of Financial Undertakings (according to repayment dates) as of March 31, 2014 (cont.)
| Principal payments |
Gross interest payments (without deduction of tax) |
|||||
| ILS linked to CPI |
ILS not linked to CPI |
Euro
|
Dollar |
Other |
||
| First year |
- |
1,175 |
- |
- |
- |
49 |
| Second year |
- |
- |
- |
- |
- |
- |
| Third year |
- |
- |
- |
- |
- |
- |
| Fourth year |
- |
- |
- |
- |
- |
- |
| Fifth year and on |
- |
- |
- |
- |
- |
- |
| Total |
- |
1,175 |
- |
- |
- |
49 |
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 |
Gross interest payments (without deduction of tax) |
|||||
| ILS linked to CPI |
ILS not linked to CPI |
Euro
|
Dollar |
Other |
||
| First year |
39,015 |
6,866 |
- |
- |
- |
10,069 |
| Second year |
39,015 |
6,866 |
- |
- |
- |
7,604 |
| Third year |
41,466 |
7,011 |
- |
- |
- |
5,139 |
| Fourth year |
36,167 |
362 |
- |
- |
- |
2,551 |
| Fifth year and on |
14,703 |
217 |
- |
- |
- |
1,030 |
| Total |
170,367 |
21,322 |
- |
- |
- |
26,392 |
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
SOURCE Cellcom Israel Ltd.
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