- Net Profit of the Bezeq Group for
the Third Quarter of 2018 of NIS 234 Million -- B
Communications Received a Dividend of NIS 84 Million from Bezeq in
October 2018 -
B Communications Ltd. (NASDAQ Global Select Market and TASE: BCOM),
a holding company with a controlling interest in Israel’s largest
telecommunications provider, Bezeq, The Israel Telecommunication
Corporation Ltd. (TASE: BEZQ), today reported its financial results
for the third quarter of 2018.
“We are very pleased with Bezeq’s results for
the third quarter of 2018 in which it achieved net profit of NIS
234 million ($65 million), in line with its 2018 guidance. As of
today, B Communications has a liquid position of more than NIS 640
million ($177 million) together with an advantageous long-term debt
structure” said Doron Turgeman, CEO of B Communications.
B Communications’ Unconsolidated Financial
Liabilities and Liquidity
As of September 30, 2018, B Communications’
unconsolidated liquidity balances (comprised of cash and cash
equivalents, short term investments, dividend receivable and funds
deposited in a pledged account on behalf of debenture holders)
totaled NIS 642 million ($177 million) and its financial
liabilities totaled NIS 2.5 billion ($684 million), including NIS
2.3 billion ($622 million) of Series C Debentures and NIS 226
million ($62 million) of Series B Debentures (including accrued
interest and unamortized premiums, discounts and debt issuance
costs for both series).
(In
millions) |
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Series B debentures |
|
|
226 |
|
|
|
62 |
|
|
|
453 |
|
|
|
460 |
|
Series C
debentures |
|
|
2,256 |
|
|
|
622 |
|
|
|
2,005 |
|
|
|
1,987 |
|
Total
financial liabilities |
|
|
2,482 |
|
|
|
684 |
|
|
|
2,458 |
|
|
|
2,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
short-term investments |
|
|
518 |
|
|
|
143 |
|
|
|
325 |
|
|
|
475 |
|
Dividend
receivable (*) |
|
|
84 |
|
|
|
23 |
|
|
|
186 |
|
|
|
- |
|
Pledged
account (**) |
|
|
40 |
|
|
|
11 |
|
|
|
37 |
|
|
|
36 |
|
Total
liquidity |
|
|
642 |
|
|
|
177 |
|
|
|
548 |
|
|
|
511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
debt |
|
|
1,840 |
|
|
|
507 |
|
|
|
1,910 |
|
|
|
1,936 |
|
* The dividend was received by the Company on
October 10, 2018.** Pledged for the benefit
of the holders of the Series C Debentures. Pursuant to the
indenture for the Series C Debentures, the account is required to
include sufficient funds to meet the next interest payment payable
to the holders of those debentures.
B Communications Unconsolidated Sources and Uses for the
Nine Months Ended September 30, 2018
(In millions) |
|
NIS |
|
|
US$ |
|
|
|
|
|
|
|
|
Net
debt as of December 31, 2017 |
|
|
1,936 |
|
|
|
534 |
|
|
|
|
|
|
|
|
|
|
Dividend
received from Bezeq |
|
|
(96 |
) |
|
|
(27 |
) |
Dividend
receivable from Bezeq (*) |
|
|
(84 |
) |
|
|
(23 |
) |
Financing expenses, net |
|
|
64 |
|
|
|
17 |
|
Tax
payment |
|
|
6 |
|
|
|
2 |
|
Operating expenses |
|
|
14 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Net debt as of
September 30, 2018 |
|
|
1,840 |
|
|
|
507 |
|
* The dividend was received by the Company on
October 10, 2018.
Bezeq’s dividend distribution
policy: On March 6, 2018, Bezeq’s Board of Directors
decided to update Bezeq’s dividend distribution policy, whereby
Bezeq will distribute to its shareholders, on a semi-annual basis,
a dividend equal to 70% of Bezeq’s semi-annual net profit based on
its consolidated financial statements, commencing with Bezeq’s May
2018 distribution.
In addition, Bezeq’s Board of Directors
determined that in the event the expected capital gains generated
from the sale of the Sakia property (“Sakia Profits”) are
recognized during 2018, they will not be distributed until the full
consideration is received in cash, which date is uncertain at this
time. Bezeq’s Board of Directors may decide at a later date to
declare a dividend with respect to the Sakia Profits based upon the
prevailing circumstances and in accordance with the law.
Dividend from Bezeq: On October
10, 2018, after the balance sheet date, Bezeq distributed a cash
dividend of NIS 318 million ($88 million), representing 70% of its
net profit for the first half of 2018. B Communications received
NIS 84 million ($23 million) as its share of the dividend
distribution.
B Communications Third Quarter Consolidated
Financial Results
B Communications’ consolidated revenues for the
third quarter of 2018 totaled NIS 2.3 billion ($630 million), a
4.7% decrease from NIS 2.4 billion reported in the third quarter of
2017. For both the current and the prior year periods, B
Communications’ consolidated revenues consisted entirely of Bezeq’s
revenues.
B Communications’ consolidated operating profit
for the third quarter of 2018 totaled NIS 384 million ($105
million), an 8.6% decrease from NIS 420 million reported in the
third quarter of 2017.
B Communications’ consolidated net profit for
the third quarter of 2018 totaled NIS 179 million ($49 million), a
13.9% decrease from NIS 208 million reported in the third quarter
of 2017.
B Communications’ profit attributable to
shareholders for the third quarter of 2018 was NIS 31 million ($8
million), a 20.5% decrease from NIS 39 million reported in the
third quarter of 2017.
B Communications Third Quarter
Unconsolidated Financial Results
(In
millions) |
|
Three months ended September 30, |
|
|
Year ended December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net |
|
|
(20 |
) |
|
|
(5 |
) |
|
|
(19 |
) |
|
|
(100 |
) |
Operating expenses |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(17 |
) |
PPA
amortization, net |
|
|
(9 |
) |
|
|
(2 |
) |
|
|
(25 |
) |
|
|
(130 |
) |
Interest
in Bezeq’s net profit |
|
|
62 |
|
|
|
16 |
|
|
|
85 |
|
|
|
325 |
|
Net
profit |
|
|
31 |
|
|
|
8 |
|
|
|
39 |
|
|
|
78 |
|
As of September 30, 2018, B Communications held
approximately 26.3% of Bezeq’s outstanding shares. B
Communications’ interest in Bezeq’s net profit for the third
quarter of 2018 totaled NIS 62 million ($16 million), a 27.1%
decrease from NIS 85 million reported in the third quarter of
2017.
During the third quarter of 2018, B
Communications recorded net amortization expenses of NIS 9 million
($2 million), related to its Bezeq purchase price allocation
(“Bezeq PPA”). From April 14, 2010, the date of the acquisition of
its interest in Bezeq, until September 30, 2018, B Communications
has amortized approximately 82% of the total Bezeq PPA. The Bezeq
PPA amortization expense is a non-cash expense that is subject to
adjustment.
B Communications’ unconsolidated net financial
expenses for the third quarter of 2018 totaled NIS 20 million ($5
million) compared with NIS 19 million in the third quarter of 2017.
Net financial expenses for the third quarter of 2018 included NIS
25 million ($6 million) of financial expenses related to the
Company’s Series B and C debentures. These expenses were partially
offset by financial income of NIS 5 million ($1 million) generated
by short term investments.
B Communications’ unconsolidated net profit for
the third quarter of 2018 was NIS 31 million ($8 million) compared
with NIS 39 million reported in the third quarter of
2017.
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 quarter ended September
30, 2018. For a full discussion of Bezeq’s results for the quarter
ended September 30, 2018, please refer to its website:
http://ir.bezeq.co.il.
Bezeq Group
(consolidated) |
|
Q3-2018 |
|
|
Q3-2017 |
|
|
% change |
|
|
|
(NIS millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
2,301 |
|
|
|
2,415 |
|
|
|
(4.7 |
%) |
Operating profit |
|
|
429 |
|
|
|
544 |
|
|
|
(21.1 |
%) |
Operating margin |
|
|
18.6 |
% |
|
|
22.5 |
% |
|
|
|
|
Net
profit |
|
|
234 |
|
|
|
322 |
|
|
|
(27.3 |
%) |
EBITDA |
|
|
976 |
|
|
|
980 |
|
|
|
(0.4 |
%) |
EBITDA
margin |
|
|
42.4 |
% |
|
|
40.6 |
% |
|
|
|
|
Diluted
EPS (NIS) |
|
|
0.08 |
|
|
|
0.12 |
|
|
|
(33.3 |
%) |
Cash
flow from operating activities |
|
|
883 |
|
|
|
982 |
|
|
|
(10.1 |
%) |
Payments
for investments |
|
|
412 |
|
|
|
353 |
|
|
|
16.7 |
% |
Free
cash flow 1 |
|
|
374 |
|
|
|
677 |
|
|
|
(44.8 |
%) |
Total
debt |
|
|
11,947 |
|
|
|
11,533 |
|
|
|
3.6 |
% |
Net
debt |
|
|
9,022 |
|
|
|
8,968 |
|
|
|
0.6 |
% |
EBITDA
(trailing twelve months) |
|
|
3,725 |
|
|
|
3,911 |
|
|
|
(4.8 |
%) |
Net debt/EBITDA (end of
period) 2 |
|
|
2.42 |
|
|
|
2.29 |
|
|
|
5.6 |
% |
* As of January 1, 2018, the Bezeq Group has
early adopted accounting standard IFRS 16 “Leases”. The impact of
the implementation of IFRS16 on EBITDA and cash flow from operating
activities in the third quarter of 2018 was an increase of NIS 105
million and NIS 102 million, respectively.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 third quarter
of 2018 were NIS 2.3 billion ($630 million) compared to NIS 2.4
billion in the corresponding quarter of 2017, a decrease of 4.7%.
The decrease in revenues was due to lower revenues in all key Group
segments.
Salary expenses of the Bezeq Group in the third
quarter of 2018 were NIS 494 million ($136 million) compared to NIS
502 million in the corresponding quarter of 2017, a decrease of
1.6%.
Operating expenses of the Bezeq Group in the
third quarter of 2018 were NIS 815 million ($225 million) compared
to NIS 956 million in the corresponding quarter of 2017, a decrease
of 14.7%. The decrease was primarily due to the early adoption of
accounting standard IFRS 16 whereby rental expenses relating to
assets rented through operating leases are capitalized. In
addition, lower expenses were recorded in terminal equipment and
marketing and general expenses.
Other operating expenses, net of the Bezeq Group
in the second quarter of 2018 amounted to NIS 16 million ($4
million) compared to other operating income, net of NIS 23 million
in the corresponding quarter of 2017. The decrease was mainly due
to lower capital gains from the sale of real estate of NIS 1
million in the third quarter of 2018 compared with NIS 45 million
in the corresponding quarter.
Depreciation and amortization expenses of the
Bezeq Group in the third quarter of 2018 were NIS 547 million ($151
million) compared to NIS 436 million in the corresponding quarter
of 2017, an increase of 25.5%. The increase was due to the
amortization of right-of-use assets resulting from the early
adoption of accounting standard IFRS 16 beginning January 1,
2018.
Operating profit of the Bezeq Group in the third
quarter of 2018 was NIS 429 million ($118 million) compared to NIS
544 million in the corresponding quarter of 2017, a decrease of
21.1%. The decrease in operating profit in the third quarter of
2018 was primarily due to the decrease in revenues and in capital
gains from the sale of real estate compared with the corresponding
quarter.
Financing expenses, net of the Bezeq Group in
the third quarter of 2018 amounted to NIS 109 million ($30 million)
compared to NIS 94 million in the corresponding quarter of 2017, an
increase of 16.0%. The increase in financing expenses was primarily
due to the early adoption of accounting standard IFRS 16 beginning
January 1, 2018.
Income tax expenses of the Bezeq Group in the
third quarter of 2018 were NIS 85 million ($23 million) compared to
NIS 128 million in the corresponding quarter of 2017, a decrease of
33.6%. The decrease in tax expenses was primarily due to a
reduction in profitability as well as a decrease in the corporate
tax rate from 24% to 23% in 2018.
Net profit of the Bezeq Group in the third
quarter of 2018 was NIS 234 million ($65 million) compared to NIS
322 million in the corresponding quarter of 2017, a decrease of
27.3%. The decrease in net profit was primarily due to the decrease
in operating profit, partially offset by the decrease in income tax
expenses.
EBITDA of the Bezeq Group in the third quarter
of 2018 was NIS 976 million ($269 million) (EBITDA margin of 42.4%)
compared to NIS 980 million (EBITDA margin of 40.6%) in the
corresponding quarter of 2017, a decrease of 0.4%.
Cash flow from operating activities of the Bezeq
Group in the third quarter of 2018 was NIS 883 million ($243
million) compared to NIS 982 million in the corresponding quarter
of 2017, a decrease of 10.1%. The decrease in cash flow from
operating activities was primarily due to the decrease in
profitability and changes in working capital in Yes and
Pelephone.
Payments for investments (Capex) of the Bezeq
Group in the third quarter of 2018 was NIS 412 million ($114
million) compared to NIS 353 million in the corresponding quarter
of 2017, an increase of 16.7%.
Free cash flow of the Bezeq Group in the third
quarter of 2018 was NIS 374 million ($103 million) compared to NIS
677 million in the corresponding quarter of 2017, a decrease of
44.8%. The decrease in free cash flow was mainly due to the
decrease in cash flow from operating activities, an increase in
investments in PP&E and a decrease in capital gains from the
sale of real estate.
Total debt of the Bezeq Group as of September
30, 2018 was NIS 11.9 billion ($3.3 billion) compared to NIS 11.5
billion as of September 30, 2017.
Net debt of the Bezeq Group was NIS 9.02 billion
($2.49 billion) as of September 30, 2018 compared to NIS 8.97
billion as of September 30, 2017.
Net debt to EBITDA (trailing twelve months)
ratio of the Bezeq Group as of September 30, 2018, was 2.42,
compared to 2.29 as of September 30, 2017.
Notes:
Convenience translation to U.S
Dollars
Unless noted specifically otherwise, the dollar
denominated figures were converted to US$ using a convenience
translation based on the New Israeli Shekel (NIS)/US$ exchange rate
of NIS 3.627 = US$ 1 as published by the Bank of Israel for
September 30, 2018.
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 are useful for investors and
financial institutions to analyze and compare companies on the
basis of operating performance:
- EBITDA - defined as net profit plus net interest expense,
provision for income taxes, depreciation and amortization;
- EBITDA trailing twelve months - defined as net profit plus net
interest expense, provision for income taxes, depreciation and
amortization during last twelve months;
- Net debt - defined as long and short-term liabilities minus
cash and cash equivalents and short-term investments; and
- 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 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 the net debt and 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.
IFRS 16
Effective January 1, 2018 (“the Initial
Application Date”), the Bezeq Group early adopted IFRS 16, Leases
(“IFRS16” or “the Standard”). The main effect of early adoption of
IFRS16 is reflected in the cancellation of the existing requirement
that lessees classify leases as operating (off-balance sheet) or
financing leases. The new Standard presents a uniform model for the
accounting treatment of all leases, pursuant to which the lessee is
to recognize the asset and the liability in respect of the lease in
its financial statements. The Standard also sets out new disclosure
requirements that are more extensive than the existing
requirements. Accordingly, until the Initial Application Date, the
Bezeq Group classified most of the leases in which it is the lessee
as operating leases, since it did not substantially bear all the
risks and rewards from the assets.
In accordance with IFRS16, for agreements in
which the Bezeq Group is the lessee, the Bezeq Group applies a
unified accounting model, by which it recognizes a right-of-use
asset and a lease liability at the inception of the lease contract
for all the leases in which the Bezeq Group has a right to control
identified assets for a specified period of time. Accordingly, the
Bezeq Group recognizes depreciation and amortization expenses in
respect of a right-of-use asset, tests a right-of-use asset for
impairment in accordance with IAS 36, Impairment of Assets
(hereinafter: “IAS 36”) and recognizes financing expenses on a
lease liability. Therefore, as from the Initial Application Date,
lease expenses relating to assets leased under an operating lease,
which were presented as part of general and administrative expenses
in the income statement, are recognized as assets and written down
as depreciation and amortization expenses.
The Bezeq Group applies the standard using the
cumulative effect approach without a restatement of comparative
information.
In respect of all the leases, the Bezeq Group
has elected to apply the transitional provision of recognizing a
lease liability at the Initial Application Date according to the
present value of the future lease payments discounted at the
incremental interest rate of the lessee at that date and
concurrently recognizing a right-of-use asset at the same amount of
the liability, adjusted for any prepaid or accrued lease payments
that were recognized as an asset or liability before the Initial
Application Date. Therefore, application of the standard did not
have an effect on the balance of the Bezeq Group’s retained
earnings at the Initial Application Date.
Upon initial application, the Bezeq Group also
elected to apply the following expedients, as permitted by the
standard:
a. Relying on a previous assessment of
whether an arrangement is a lease or contains a lease at the
application date of the standard. Accordingly, the agreements that
were previously classified as operating leases are accounted for in
accordance with the new Standard, and the agreements that were
previously classified as service contracts continue to be accounted
for as such without change.b. Applying a
single discount rate to a portfolio of leases with similar
characteristics.c. Not separating non-lease
components from the lease components and accounting for all the
components as a single lease component.d.
Relying on a previous assessment of whether
a contract is onerous in accordance with IAS 37 at the transition
date, as an alternative to assessing the impairment of right-of-use
assets.e. Excluding initial direct costs
from the measurement of the right-of-use asset at the Initial
Application Date.f. Using hindsight in
determining the lease period if the contract includes options to
extend or cancel the lease.
Presented below are the principal accounting
policies for leases in which the Bezeq Group is the lessee, which
were applied as from January 1, 2018 following the application of
the Standard:
(1) Determining
whether an arrangement contains a lease
At the inception of the arrangement, the Bezeq
Group determines whether the arrangement is or contains a lease and
examines whether the arrangement transfers the right to control the
use of an identifiable asset for a period of time in return for
payment. When assessing whether the arrangement transfers control
over the use of an identifiable asset, the Bezeq Group estimates,
over the lease term, whether it has both rights set out below:
(A) The right to essentially obtain all the
economic rewards associated with the use of the identifiable
asset
(B) The right to direct the use of the
identifiable asset
For lease contracts that include non-lease
components, such as services or maintenance, which are related to a
lease component, the Bezeq Group elected to account for the
contract as a single lease component without separating the
components.
(2) Leased assets
and lease liability
Contracts that award the Bezeq Group the right
to control the use of an identifiable asset over a period of time
for a consideration are accounted for as leases. At initial
recognition, the Bezeq Group recognizes a liability at the present
value of the future minimum lease payments (these payments do not
include variable lease payments that are not linked to the CPI, or
to any change in the rate of interest, or any change in the
exchange rate), and concurrently, the Bezeq Group recognizes a
right-of-use asset at the amount of the liability, adjusted for
lease payments paid in advance or accrued, plus direct costs
incurred in the lease.
Since the interest rate implicit in the lease is
not readily determinable, the incremental borrowing rate of the
Bezeq Group is used (the borrowing rate that the Bezeq Group would
be required to pay to borrow the amounts required to obtain an
asset at a similar value to the right-of-use asset in a similar
economic environment, in a similar period and with similar
collateral).
Subsequent to initial recognition, the asset is
accounted for using the cost model and it is amortized over the
lease term or the useful life of the asset (whichever is
earlier).
(3) The lease
term
The lease term is the non-cancellable period of
the lease plus periods covered by an extension or termination
option if it is reasonably certain that the Bezeq Group will
exercise or not exercise the option.
(4) Depreciation
of right-of-use asset
After lease commencement, a right-of-use asset
is measured on a cost basis less accumulated depreciation and
accumulated impairment losses and is adjusted for re-measurements
of the lease liability. Depreciation is calculated on a
straight-line basis over the useful life or contractual lease
period, whichever earlier, as follows:
Type of asset |
|
Weighted average depreciation period as of January 1, 2018 (In
years) |
Cellular communications sites |
|
6.5 |
Buildings |
|
7 |
Vehicles |
|
2 |
At the Initial Application Date of IFRS 16, the
Bezeq Group recognized right-of-use assets and lease liabilities in
the amount of NIS 1.5 billion.
In measurement of the lease liabilities, the
Bezeq Group discounted lease payments using the nominal incremental
borrowing rate at January 1, 2018. The discount rates used to
measure lease liabilities range between 1.3% and 3.6% (weighted
average of 1.5%). This range is affected by differences in the
lease term.
The difference between the Bezeq Group’s
agreements for the minimum contractual lease payments in the amount
of NIS 1,020 million, as reported in Note 21A to the Annual
Financial Statements, and the lease liabilities recognized at the
Initial Application Date, amounting to NIS 1.5 billion, is mainly
due to the options for extending the lease, which will most likely
be exercised, which were not included in Note 21A to the Annual
Statements.
About B Communications Ltd.
B Communications is a holding company with the
controlling interest in Israel’s largest telecommunications
provider, Bezeq. For more information please visit the following
Internet sites:
www.igld.comwww.bcommunications.co.il
www.ir.bezeq.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:
Yaniv Salomon – IR
Manageryaniv@igld.com / Tel:
+972-3-924-0000
Hadas Friedman – Investor
RelationsHadas@km-ir.co.il / Tel:
+972-3-516-7620
B Communications Ltd.
Condensed Consolidated Interim Statements
of Financial Position as at
(In millions)
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
1,559 |
|
|
|
430 |
|
|
|
2,542 |
|
|
|
2,386 |
|
Investments |
|
|
1,923 |
|
|
|
530 |
|
|
|
385 |
|
|
|
596 |
|
Trade
receivables |
|
|
1,792 |
|
|
|
494 |
|
|
|
1,948 |
|
|
|
1,915 |
|
Other
receivables |
|
|
293 |
|
|
|
79 |
|
|
|
294 |
|
|
|
270 |
|
Related
party |
|
|
20 |
|
|
|
7 |
|
|
|
43 |
|
|
|
43 |
|
Inventory |
|
|
86 |
|
|
|
24 |
|
|
|
101 |
|
|
|
125 |
|
Total
current assets |
|
|
5,673 |
|
|
|
1,564 |
|
|
|
5,313 |
|
|
|
5,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade
and other receivables |
|
|
423 |
|
|
|
118 |
|
|
|
520 |
|
|
|
493 |
|
Property, plant and equipment |
|
|
6,924 |
|
|
|
1,909 |
|
|
|
6,974 |
|
|
|
6,940 |
|
Intangible assets |
|
|
5,257 |
|
|
|
1,449 |
|
|
|
6,102 |
|
|
|
5,840 |
|
Deferred
expenses and investments |
|
|
569 |
|
|
|
156 |
|
|
|
557 |
|
|
|
558 |
|
Broadcasting rights |
|
|
470 |
|
|
|
130 |
|
|
|
457 |
|
|
|
454 |
|
Rights
of use assets |
|
|
1,434 |
|
|
|
395 |
|
|
|
- |
|
|
|
- |
|
Deferred
tax assets |
|
|
1,041 |
|
|
|
287 |
|
|
|
1,014 |
|
|
|
1,019 |
|
Investment Property |
|
|
140 |
|
|
|
39 |
|
|
|
- |
|
|
|
- |
|
Total
non-current assets |
|
|
16,258 |
|
|
|
4,483 |
|
|
|
15,624 |
|
|
|
15,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
21,931 |
|
|
|
6,047 |
|
|
|
20,937 |
|
|
|
20,639 |
|
B Communications Ltd.
Condensed Consolidated Interim Statements
of Financial Position as at
(In millions)
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Bank loans and credit and debentures |
|
|
2,023 |
|
|
|
558 |
|
|
|
780 |
|
|
|
1,858 |
|
Leases
liabilities |
|
|
443 |
|
|
|
122 |
|
|
|
- |
|
|
|
- |
|
Trade
and other payables |
|
|
1,630 |
|
|
|
449 |
|
|
|
1,831 |
|
|
|
1,719 |
|
Dividend
Payable |
|
|
234 |
|
|
|
65 |
|
|
|
522 |
|
|
|
- |
|
Current
tax liabilities |
|
|
16 |
|
|
|
4 |
|
|
|
125 |
|
|
|
160 |
|
Provisions |
|
|
106 |
|
|
|
29 |
|
|
|
94 |
|
|
|
94 |
|
Employee
benefits |
|
|
330 |
|
|
|
91 |
|
|
|
251 |
|
|
|
280 |
|
Total
current liabilities |
|
|
4,782 |
|
|
|
1,318 |
|
|
|
3,603 |
|
|
|
4,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Current Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
loans and debentures |
|
|
12,379 |
|
|
|
3,414 |
|
|
|
13,186 |
|
|
|
12,437 |
|
Leases
liabilities |
|
|
1,024 |
|
|
|
282 |
|
|
|
- |
|
|
|
- |
|
Employee
benefits |
|
|
266 |
|
|
|
73 |
|
|
|
260 |
|
|
|
272 |
|
Other
liabilities |
|
|
212 |
|
|
|
58 |
|
|
|
292 |
|
|
|
234 |
|
Provisions |
|
|
40 |
|
|
|
11 |
|
|
|
48 |
|
|
|
40 |
|
Deferred
tax liabilities |
|
|
446 |
|
|
|
123 |
|
|
|
516 |
|
|
|
459 |
|
Total
non-current liabilities |
|
|
14,367 |
|
|
|
3,961 |
|
|
|
14,302 |
|
|
|
13,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
19,149 |
|
|
|
5,279 |
|
|
|
17,905 |
|
|
|
17,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders of the Company |
|
|
996 |
|
|
|
275 |
|
|
|
1,288 |
|
|
|
1,246 |
|
Non-controlling interests |
|
|
1,786 |
|
|
|
493 |
|
|
|
1,744 |
|
|
|
1,840 |
|
Total
equity |
|
|
2,782 |
|
|
|
768 |
|
|
|
3,032 |
|
|
|
3,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
21,931 |
|
|
|
6,047 |
|
|
|
20,937 |
|
|
|
20,639 |
|
B Communications Ltd.
Condensed Consolidated Interim Statements
of Income for the
(In millions except per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
Nine months period ended September
30, |
|
|
Three months period ended September
30, |
|
|
Year ended December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
6,995 |
|
|
|
1,929 |
|
|
|
7,331 |
|
|
|
2,301 |
|
|
|
630 |
|
|
|
2,415 |
|
|
|
9,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,740 |
|
|
|
480 |
|
|
|
1,590 |
|
|
|
590 |
|
|
|
162 |
|
|
|
537 |
|
|
|
2,117 |
|
Salaries |
|
|
1,508 |
|
|
|
416 |
|
|
|
1,500 |
|
|
|
494 |
|
|
|
134 |
|
|
|
502 |
|
|
|
2,007 |
|
General
and operating expenses |
|
|
2,506 |
|
|
|
690 |
|
|
|
2,894 |
|
|
|
817 |
|
|
|
225 |
|
|
|
958 |
|
|
|
3,906 |
|
Other
operating expenses (income), net |
|
|
456 |
|
|
|
126 |
|
|
|
(1 |
) |
|
|
16 |
|
|
|
4 |
|
|
|
(2 |
) |
|
|
149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,210 |
|
|
|
1,712 |
|
|
|
5,983 |
|
|
|
1,917 |
|
|
|
525 |
|
|
|
1,995 |
|
|
|
8,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
785 |
|
|
|
217 |
|
|
|
1,348 |
|
|
|
384 |
|
|
|
105 |
|
|
|
420 |
|
|
|
1,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing expenses, net |
|
|
392 |
|
|
|
108 |
|
|
|
373 |
|
|
|
129 |
|
|
|
35 |
|
|
|
113 |
|
|
|
517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after financing expenses, net |
|
|
393 |
|
|
|
109 |
|
|
|
975 |
|
|
|
255 |
|
|
|
70 |
|
|
|
307 |
|
|
|
1,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of
loss in equity-accounted investee |
|
|
3 |
|
|
|
1 |
|
|
|
4 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before income tax |
|
|
390 |
|
|
|
108 |
|
|
|
971 |
|
|
|
254 |
|
|
|
70 |
|
|
|
307 |
|
|
|
1,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax expenses |
|
|
213 |
|
|
|
59 |
|
|
|
273 |
|
|
|
75 |
|
|
|
21 |
|
|
|
99 |
|
|
|
347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
profit for the period |
|
|
177 |
|
|
|
49 |
|
|
|
698 |
|
|
|
179 |
|
|
|
49 |
|
|
|
208 |
|
|
|
741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Company |
|
|
(256 |
) |
|
|
(71 |
) |
|
|
123 |
|
|
|
31 |
|
|
|
8 |
|
|
|
39 |
|
|
|
78 |
|
Non-controlling interests |
|
|
433 |
|
|
|
120 |
|
|
|
575 |
|
|
|
148 |
|
|
|
41 |
|
|
|
169 |
|
|
|
663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Profit for the period |
|
|
177 |
|
|
|
49 |
|
|
|
698 |
|
|
|
179 |
|
|
|
49 |
|
|
|
208 |
|
|
|
741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
(8.57 |
) |
|
|
(2.36 |
) |
|
|
4.11 |
|
|
|
1.05 |
|
|
|
0.29 |
|
|
|
1.28 |
|
|
|
2.62 |
|
Diluted |
|
|
(8.57 |
) |
|
|
(2.36 |
) |
|
|
4.11 |
|
|
|
1.05 |
|
|
|
0.29 |
|
|
|
1.28 |
|
|
|
2.62 |
|
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 September
30, |
|
|
Trailing twelve months ended September
30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit |
|
|
234 |
|
|
|
65 |
|
|
|
322 |
|
|
|
894 |
|
|
|
246 |
|
|
|
1,215 |
|
Income
tax |
|
|
85 |
|
|
|
23 |
|
|
|
128 |
|
|
|
344 |
|
|
|
95 |
|
|
|
562 |
|
Share of
loss in equity- accounted investee |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
1 |
|
|
|
5 |
|
Financing expenses, net |
|
|
109 |
|
|
|
30 |
|
|
|
94 |
|
|
|
447 |
|
|
|
123 |
|
|
|
433 |
|
Depreciation and amortization |
|
|
547 |
|
|
|
151 |
|
|
|
436 |
|
|
|
2,036 |
|
|
|
562 |
|
|
|
1,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
976 |
|
|
|
269 |
|
|
|
980 |
|
|
|
3,725 |
|
|
|
1,027 |
|
|
|
3,911 |
|
Net Debt
The following table shows the calculation of the
Bezeq Group’s net debt:
(In
millions) |
|
As at September 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Short term bank loans and credit and debentures |
|
|
1,798 |
|
|
|
496 |
|
|
|
555 |
|
Non-current bank loans and debentures |
|
|
10,149 |
|
|
|
2,798 |
|
|
|
10,978 |
|
Cash and
cash equivalents |
|
|
(1,408 |
) |
|
|
(388 |
) |
|
|
(2,471 |
) |
Investments |
|
|
(1,517 |
) |
|
|
(418 |
) |
|
|
(94 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
debt |
|
|
9,022 |
|
|
|
2,488 |
|
|
|
8,968 |
|
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 September 30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Net debt |
|
|
9,022 |
|
|
|
2,488 |
|
|
|
8,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing
twelve months EBITDA |
|
|
3,725 |
|
|
|
1,027 |
|
|
|
3,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt
to EBITDA ratio |
|
|
2.42 |
|
|
|
2.42 |
|
|
|
2.29 |
|
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 September
30, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities |
|
|
883 |
|
|
|
243 |
|
|
|
982 |
|
Purchase
of property, plant and equipment |
|
|
(308 |
) |
|
|
(85 |
) |
|
|
(255 |
) |
Investment in intangible assets and deferred expenses |
|
|
(95 |
) |
|
|
(26 |
) |
|
|
(98 |
) |
Lease
payments |
|
|
(109 |
) |
|
|
(30 |
) |
|
|
- |
|
Permit
fee |
|
|
(9 |
) |
|
|
(2 |
) |
|
|
- |
|
Proceeds
from the sale of property, plant and equipment |
|
|
12 |
|
|
|
3 |
|
|
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free
cash flow |
|
|
374 |
|
|
|
103 |
|
|
|
677 |
|
Effect of Early Adoption of
IFRS16
The tables below summarize the effects on the
condensed consolidated interim statement of financial position as
at September 30, 2018 and on the condensed consolidated interim
statements of income for the three months then ended, assuming the
Bezeq Group’s previous policy regarding leases continued during
that period.
Effect on the condensed consolidated interim
statement of financial position as at September 30, 2018:
|
|
In accordance with the previous policy |
|
|
Change |
|
|
In accordance with IFRS 16 |
|
(In
millions) |
|
NIS |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
Other receivables |
|
|
342 |
|
|
|
(49 |
) |
|
|
293 |
|
Right-of-use assets |
|
|
- |
|
|
|
1,434 |
|
|
|
1,434 |
|
Trade
and other payables |
|
|
1,707 |
|
|
|
(77 |
) |
|
|
1,630 |
|
Short-term lease liabilities |
|
|
- |
|
|
|
443 |
|
|
|
443 |
|
Long-term lease liabilities |
|
|
- |
|
|
|
1,024 |
|
|
|
1,024 |
|
Equity
attributable to shareholders |
|
|
996 |
|
|
|
- |
|
|
|
996 |
|
Non-controlling interests |
|
|
1,791 |
|
|
|
(5 |
) |
|
|
1,786 |
|
Effect on the consolidated interim statement of
income for the three months ended September 30, 2018:
|
|
In accordance with the previous policy |
|
|
Change |
|
|
In accordance with IFRS 16 |
|
(In
millions) |
|
NIS |
|
|
NIS |
|
|
NIS |
|
|
|
|
|
|
|
|
|
|
|
General and operating expenses |
|
|
922 |
|
|
|
(105 |
) |
|
|
817 |
|
Depreciation and amortization |
|
|
489 |
|
|
|
101 |
|
|
|
590 |
|
Operating profit |
|
|
380 |
|
|
|
4 |
|
|
|
384 |
|
Financing expenses, net |
|
|
120 |
|
|
|
9 |
|
|
|
129 |
|
Profit
after financing expenses |
|
|
260 |
|
|
|
(5 |
) |
|
|
255 |
|
Income
tax |
|
|
74 |
|
|
|
1 |
|
|
|
75 |
|
Net
Profit for the period |
|
|
183 |
|
|
|
(4 |
) |
|
|
179 |
|
Profit
(loss) attributable to shareholders of the Company |
|
|
31 |
|
|
|
- |
|
|
|
31 |
|
Profit
attributable to non-controlling interests |
|
|
152 |
|
|
|
(4 |
) |
|
|
148 |
|
Designated Disclosure with Respect to the
Company’s Projected Cash Flows
In connection with the issuance of our Series C
Debentures in September 2016, 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 C 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 C Debentures.
In examining the existence of warning signs as
of September 30, 2018, our board of directors noted that our
unconsolidated unaudited cash flow statement for the third quarter
of 2018 indicate as expected, a continuing negative cash flow from
operating activities of NIS 2 million.
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 fact that the Company, as a
holding company, does not have any cash inflows from operating
activities while it has general operating expenses, which totaled
NIS 2 million in the third quarter of 2018. 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 believe that such continuing negative cash
flow from operating activities does not effect our liquidity in any
material 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.
Disclosure with Respect to the Company’s
Requirements Under Series C Debentures
The Company declares with respect to the
reporting period as follows:
1. The Company did not record in favor
of a third party any lien of any rank whatsoever over its direct or
indirect holdings of 691,361,036 shares of Bezeq (the “Bezeq
Shares”) including over any of the rights accompanying such
shares.2. The Company did not make any
disposition of the Bezeq Shares.3. The
Company did not assume any financial debt (as defined in the Trust
Deed of the Series C Debentures) during the reporting period (other
than in the framework of the issuance of the Debentures), and its
wholly owned subsidiaries, including B Communications (SP1) and B
Communications (SP2) did not issue any financial debt whatsoever
during the reporting period.4. As of the
reporting date, the Company holds approximately 26.34% of Bezeq’s
outstanding shares, directly and through its
subsidiary.5. The equity attributable to
the Company’s shareholders (not including non-controlling
interests) according to this report amounts to NIS 996 million and
represents 28.6% of the Company’s total balance sheet on an
unconsolidated basis.
B Communications’ Unconsolidated Balance
Sheet
(In
millions) |
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
December 31, |
|
|
|
2018 |
|
|
2018 |
|
|
2017 |
|
|
2017 |
|
|
|
NIS |
|
|
US$ |
|
|
NIS |
|
|
NIS |
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
152 |
|
|
|
42 |
|
|
|
71 |
|
|
|
205 |
|
Short-term investments |
|
|
406 |
|
|
|
112 |
|
|
|
291 |
|
|
|
306 |
|
Dividend
receivable |
|
|
84 |
|
|
|
23 |
|
|
|
186 |
|
|
|
- |
|
Total
current assets |
|
|
642 |
|
|
|
177 |
|
|
|
548 |
|
|
|
511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in an investee (*) |
|
|
2,843 |
|
|
|
784 |
|
|
|
3,205 |
|
|
|
3,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
3,485 |
|
|
|
961 |
|
|
|
3,753 |
|
|
|
3,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
maturities of debentures |
|
|
226 |
|
|
|
62 |
|
|
|
226 |
|
|
|
226 |
|
Other
payables |
|
|
34 |
|
|
|
10 |
|
|
|
31 |
|
|
|
27 |
|
Total
current liabilities |
|
|
260 |
|
|
|
72 |
|
|
|
257 |
|
|
|
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debentures |
|
|
2,229 |
|
|
|
614 |
|
|
|
2,208 |
|
|
|
2,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
2,489 |
|
|
|
686 |
|
|
|
2,465 |
|
|
|
2,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
equity |
|
|
996 |
|
|
|
275 |
|
|
|
1,288 |
|
|
|
1,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
3,485 |
|
|
|
961 |
|
|
|
3,753 |
|
|
|
3,707 |
|
(*) Investment in Bezeq.
Grafico Azioni B Communications (NASDAQ:BCOM)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni B Communications (NASDAQ:BCOM)
Storico
Da Giu 2023 a Giu 2024