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B Communications Ltd. (NASDAQ Global Market: BCOM)(TASE: BCOM) today
reported its financial results for the third quarter ended September 30,
Bezeq’s Results: For the third quarter of 2012, the Bezeq Group
reported revenues of NIS 2.5 billion ($ 638 million) and operating
profit of NIS 667 million ($ 171 million). Bezeq’s EBITDA for the third
quarter totaled NIS 1 billion ($ 262 million), representing an EBITDA
margin of 41%. Net income for the period attributable to the
shareholders of Bezeq totaled NIS 342 million ($ 87 million). Bezeq's
cash flow from operating activities totaled NIS 1 billion ($ 262
million) during the third quarter of 2012.
Dividend from Bezeq: On October 10, 2012, B Communications
received two dividend payments from Bezeq which together totaled NIS 464
million ($ 119 million). These dividend payments included a current
dividend of NIS 309 million ($ 79 million), representing B
Communications’ share of Bezeq’s net profit for the first half of 2012,
and a special dividend of NIS 155 million ($ 40 million), representing B
Communications’ share of the fourth installment of six special dividend
payments declared by Bezeq and approved by its shareholders last year.
Cash Position: As of September 30, 2012,B Communications’
unconsolidated cash and cash equivalents (including dividend receivable)
totaled NIS 853 million ($ 218 million), its unconsolidated total debt
was NIS 4.2 billion ($ 1.1 billion), and its net debt totaled NIS 3.3
billion ($ 849 million).
B Communications’ Unconsolidated Balance Sheet Data*
Short term liabilities
Long term liabilities
Cash and cash equivalents
Total net debt
* Does not include the balance sheet of Bezeq.
B Communications’ Third Quarter Consolidated Financial Results
B Communications’ revenues for the third quarter of 2012 were NIS 2,494
million ($ 638 million), a 15% decrease compared with NIS 2,917 million
($ 746 million) reported in the third quarter of 2011. For both the
current and the prior-year periods, B Communications’ revenues consisted
entirely of its share of Bezeq’s revenues.
B Communications’ net loss attributable to shareholders for the third
quarter totaled NIS 55 million ($ 14 million), compared to NIS 31
million ($ 8 million) reported in the third quarter of 2011. This
reflects the impact of two significant expenses:
Amortization of tangible and identifiable intangible assets
resulting from the Bezeq acquisition: According to the rules
of business combination accounting, the total purchase price of
the Bezeq acquisition was allocated to Bezeq’s tangible and
identifiable intangible assets based on their estimated fair
values as determined by an analysis performed by an independent
valuation firm. B Communications is amortizing certain of the
acquired identifiable intangible assets in accordance with the
economic benefit expected from such assets using an accelerated
method of amortization.
During the third quarter of 2012, B Communications recorded
amortization expenses related to the Bezeq purchase price allocation
(“Bezeq PPA”) of NIS 307 million ($78 million), net. From the Bezeq
acquisition date (April 14, 2010) until the end of the reporting
quarter, B Communications has amortized approximately 53% of the
total Bezeq PPA. It expects to amortize an additional 5% in the
fourth quarter of 2012.
The Company's Bezeq PPA amortization expense is a non-cash expense
that is subject to adjustment. If, for any reason, the Company finds
it necessary or appropriate to make adjustments to amounts already
expensed, it may result in significant changes to future financial
Financial expenses: B Communications’ unconsolidated
financial expenses for the third quarter totaled NIS 65 million ($
17 million). These expenses consisted primarily of NIS 64 million
($ 16 million) of interest and CPI linkage expense on the
long-term loans incurred to finance the Bezeq acquisition and NIS
14 million ($ 4 million) of expenses related to the Company’s
debentures. These expenses were offset by financial income of NIS
13 million ($ 3 million) generated by our short term investments.
The significant financial expenses recorded in the third quarter
were due primarily to high CPI linkage expenses attributed to the
0.85% increase in the Israeli CPI, to which approximately half of
B Communications’ total debt is linked.
B Communications’ Unconsolidated Financial Results
Quarter ended September 30,
Quarter ended September 30,
PPA amortization, net
Interest in Bezeq's net income
Comments of Management
Commenting on the results, Doron Turgeman, CEO of B Communications'
said, “The third quarter of 2012 was another stable period for Bezeq,
demonstrating the cash flow-generating power of its formidable position
in Israel’s telecommunications market. Due to the continued
uninterrupted payment of both regular and special dividends, including
the latest installment which we received last month, we have succeeded
in building our cash reserves to their current strong level, and are on
track with plans to continue expanding our financial stability and
liquidity in the quarters to come. Despite current conditions in the
Israeli capital market, as a long-term communications player with loans
that are not burdened by share price-related covenants, we are able to
manage our cash position entirely according to plan, relying upon steady
and visible cash flow to fulfill all loan commitments while continuing
to accelerate our repayments.”
Bezeq Group Results (Consolidated)
To provide further insight into its results, the Company has provided
the following summary of the consolidated financial report of the Bezeq
Group’s quarter ended September 30, 2012. For a full discussion of
Bezeq’s results for the quarter, please refer to http://ir.bezeq.co.il.
Bezeq Group (consolidated)
Net profit attributable to Company shareholders
Diluted EPS (NIS)
Cash flow from operating activities
Payments for investments, net
Free cash flow 1
Net debt/EBITDA (end of period) 2
Net debt/shareholders' equity (end of period)
1 Free cash flow is defined as cash flows from operating
activities less net payments for investments.
2 EBITDA in this calculation refers to the trailing
Revenues of the Bezeq Group in the third quarter of 2012 amounted
to NIS 2.49 billion compared with NIS 2.92 billion in the corresponding
quarter of 2011, a decrease of 14.5%. Most of the decrease in the Bezeq
Group's revenues was due to lower revenues from the sale of cellular
handsets and the erosion of revenues from cellular services.
Operating profit of the Bezeq Group in the third quarter of 2012
amounted to NIS 667 million, compared with NIS 944 million in the
corresponding quarter of 2011, a decrease of 29.3%. Earnings before
interest, taxes, depreciation and amortization (EBITDA) in the third
quarter of 2012 amounted to NIS 1.03 billion (EBITDA margin of 41.1%),
compared with NIS 1.30 billion (EBITDA margin of 44.6%) in the
corresponding quarter of 2011, a decrease of 21.1%. Net profit
attributable to Bezeq shareholders in the third quarter of 2012 amounted
to NIS 342 million compared with NIS 550 million in the corresponding
quarter of 2011, a decrease of 37.8%. The decrease in profitability
metrics was primarily due to a decrease in profitability in the cellular
segment as well as lower capital gains from real estate and copper sales
in the Fixed-line segment compared to the corresponding quarter of 2011.
Cash flow from operating activities in the third quarter of 2012
amounted to NIS 1.02 billion compared with NIS 882 million in the
corresponding quarter of 2011, an increase of 16.1% mainly due to
improved working capital in the cellular segment. Free cash flow
in the third quarter of 2012 amounted to NIS 754 million compared with
NIS 508 million in the corresponding quarter of 2011, an increase of
48.4%. The increase in free cash flow was due to an increase in cash
flow from operating activities as well as the completion of large
infrastructure projects initiated in prior years.
Gross capital expenditures (CAPEX), in the third quarter of 2012
amounted to NIS 346 million compared with NIS 437 million in the
corresponding quarter of 2011, a decrease of 20.8%. The Bezeq Group's
CAPEX to consolidated sales ratio in the third quarter of 2012 was
13.9%, compared with 15.0% in the corresponding quarter of 2011.
As of September 30, 2012, gross financial debt of the Bezeq Group
was NIS 8.94 billion, compared with NIS 9.61 billion as of September 30,
2011. The net financial debt of the Bezeq Group was NIS 7.19
billion compared with NIS 5.99 billion as of September 30, 2011. At the
end of September 2012, the Bezeq Group's net financial debt to EBITDA
ratio was 1.64, compared with 1.24 at the end of September 2011.
Convenience Translation to Dollars: For the convenience of
the reader, certain of the reported NIS figures of September 30,
2012 have been presented in millions of U.S. dollars, translated
at the representative rate of exchange as of September 30, 2012
(NIS 3.912 = U.S. Dollar 1.00). The U.S. dollar ($) amounts
presented should not be construed as representing amounts
receivable or payable in U.S. dollars or convertible into U.S.
dollars, unless otherwise indicated.
Use of non-IFRS Measurements: We and the Bezeq Group’s
management regularly use supplemental non-IFRS financial measures
internally to understand, manage and evaluate our business and
make operating decisions. We believe these non-IFRS financial
measures provide consistent and comparable measures to help
investors understand the Bezeq Group’s current and future
operating cash flow performance.
These non-IFRS financial measures may differ materially from the
non-IFRS financial measures used by other companies.
EBITDA is a non-IFRS financial measure generally defined as earnings
before interest, taxes, depreciation and amortization. The Bezeq
Group defines EBITDA as net income before financial income
(expenses), net, impairment and other charges, expenses recorded for
stock compensation in accordance with IFRS 2, income tax expenses
and depreciation and amortization. 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 income 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.
Reconciliation between the Bezeq Group’s results on an IFRS and
non-IFRS basis is provided in a table immediately following the
Bezeq Group's consolidated results. Non-IFRS financial measures
consist of IFRS financial measures adjusted to exclude amortization
of acquired intangible assets, as well as certain business
combination accounting entries. The purpose of such adjustments is
to give an indication of the Bezeq Group’s performance exclusive of
non-cash charges and other items that are considered by management
to be outside of its core operating results. The Bezeq Group’s
non-IFRS financial measures are not meant to be considered in
isolation or as a substitute for comparable IFRS measures, and
should be read only in conjunction with its consolidated financial
statements prepared in accordance with IFRS.
About B Communications Ltd.
B Communications is a telecommunications-oriented holding company and
its primary holding is its controlling interest in Bezeq, The Israel
Telecommunication Corp., Israel’s largest telecommunications provider
(TASE: BZEQ). B Communications shares are traded on NASDAQ and the TASE
under the symbol BCOM For more information please visit the following
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.
B Communications Ltd.
Consolidated Statement of Financial Position
Convenience translation into U.S.
Cash and cash equivalents
Investments including derivatives
Assets classified as held-for-sale
Total current assets
Investments including derivatives
Long-term trade and other receivables
Property, plant and equipment
Deferred and other expenses
Investments in equity-accounted investee
Deferred tax assets
Total non-current assets
B Communications Ltd.
Consolidated Statement of Financial Position (cont’d)
Convenience translation into U.S.
Short-term bank credit, current maturities of long-term
liabilities and debentures