PARTNER COMMUNICATIONS REPORTS FIRST QUARTER 2022 RESULTS[1]
Partner Communications Company Ltd. (NASDAQ: PTNR) reported its Q1 2022 financial results, showing a 3% revenue increase to NIS 854 million (US$ 269 million). Service revenues rose by 8% to NIS 690 million (US$ 217 million). Adjusted EBITDA grew by 23% to NIS 257 million (US$ 81 million), driven by subscriber growth in both cellular and fiber-optic segments. The fiber-optic subscriber base reached 233,000, with 807,000 households connected. However, equipment revenues decreased by 15% to NIS 164 million, and net debt rose to NIS 720 million, up from NIS 639 million year-over-year.
- Adjusted EBITDA increased by 23% to NIS 257 million.
- Service revenues grew by 8%, driven by cellular and fixed-line segments.
- Cellular subscriber base grew by 40 thousand, with significant post-paid additions.
- Fiber-optic subscriber base rose by 21 thousand, achieving 30% penetration in connected buildings.
- Operating profit up by 157% compared to Q1 2021.
- Equipment revenues decreased by 15% to NIS 164 million.
- Net debt increased by NIS 81 million year-over-year, totaling NIS 720 million.
QUARTERLY ADJUSTED EBITDA2 TOTALED NIS 257 MILLION
NET DEBT2 TOTALED NIS 720 MILLION
QUARTERLY CELLULAR SUBSCRIBER GROWTH TOTALED 40 THOUSAND
PARTNER'S FIBER-OPTIC SUBSCRIBER BASE TOTALS 243 THOUSAND AS OF TODAY
THE NUMBER OF HOUSEHOLDS IN BUILDINGS CONNECTED TO PARTNER'S FIBER-OPTIC INFRASTRUCTURE TOTALS 807 THOUSAND AS OF TODAY
ROSH HA'AYIN, Israel, May 24, 2022 /PRNewswire/ --
First quarter 2022 highlights (compared with first quarter 2021)
- Total Revenues: NIS 854 million (US
$ 269 million ), an increase of3% - Service Revenues: NIS 690 million (US
$ 217 million ), an increase of8% - Equipment Revenues: NIS 164 million (US$ 52 million), a decrease of 15%
- Total Operating Expenses (OPEX)2: NIS 476 million (US
$ 150 million ), a decrease of1% - Adjusted EBITDA: NIS 257 million (US
$ 81 million ), an increase of23% - Profit for the Period: NIS 39 million (US
$ 12 million ), an increase of NIS 34 million - Adjusted Free Cash Flow (before interest)2: NIS 25 million (US
$ 8 million ), an increase of NIS 6 million - Cellular ARPU: NIS 48 (US
$ 15) , unchanged - Cellular Subscriber Base: approximately 3.06 million at quarter-end, an increase of
6% - Fiber-Optic Subscriber Base: 233 thousand subscribers at quarter-end, an increase of 78 thousand since Q1 2021, and an increase of 21 thousand in the quarter
- Homes Connected (HC) to Partner's Fiber-Optic Infrastructure: 770 thousand at quarter-end, an increase of 256 thousand since Q1 2021, and an increase of 70 thousand in the quarter
- Infrastructure-Based Internet Subscriber Base: 387 thousand subscribers at quarter-end, an increase of 48 thousand since Q1 2021, and an increase of 13 thousand in the quarter
- TV Subscriber Base3: 225 thousand subscribers at quarter-end, a decrease of 9 thousand since Q1 2021, and a decrease of one thousand in the quarter
Partner Communications Company Ltd. ("Partner" or the "Company") (NASDAQ: PTNR) (TASE: PTNR), a leading Israeli communications provider, announced today its results for the quarter ended March 31, 2022.
Commenting on the results for the first quarter 2022, Mr. Avi Zvi, CEO of Partner, noted:
"Partner continued with its positive financial momentum and started 2022 with excellent results despite the competitive market in which the Company operates. The improvement in the financial and operational measures is due to the work and commitment of the Company's dedicated employees, and to the clear strategy which was outlined by management over the last year.
With 807 thousand households connected to the fiber-optic network, as of today, Partner has become, this year, a national infrastructure player in the fixed-line segment as well, with an impressive fiber-optic rollout rate and the signing of significant deals which will benefit the Company's future, including with Tamares Telecom and FREETV.
Partner continues to lead 5G in Israel with a high rate of cellular subscriber base growth, with consistent addition of new subscribers at the same time as churn rates continue to fall. These outcomes reflect our significant investment in our customers and in making our processes fairer and simpler. In TV, we have returned to our original strategy of a 'Super Aggregator' and we offer today to the customer a focused and flexible product that provides the freedom to choose what to watch and what to pay for.
This is the fourth quarterly financial report since I took office as Partner's CEO. The report demonstrates that the business activities that were undertaken in the past year, are bringing about a continual and stable improvement in the Company's results, as reflected, among other things, in the
The acquisition of Partner's controlling stake and the appointment of new members of the Board of Directors, together with the Company's capital structure, position the Company to fully realize the strategy outlined in the past year and its transformation from a service company into a service and infrastructure company."
Mr. Tamir Amar, Partner's Deputy CEO & Chief Financial Officer, commented on the results:
"The first quarter of 2022 demonstrated the Company's ability to combine subscriber and revenue growth with improvement in profitability. The cellular segment achieved service revenue growth for a fourth consecutive quarter together with higher profitability than was achieved in the previous and corresponding quarter last year. In the fixed-line segment, fiber-optic subscriber growth continued, a trend that was reflected in the continued growth of the segment's service revenues. The fixed-line segment Adjusted EBITDA increased by
Our cellular subscriber base increased in the quarter by 40 thousand subscribers, of which 37 thousand were Post-Paid subscribers. The cellular churn rate in the first quarter of 2022 totaled
In the fixed-line segment, the number of Homes Connected within buildings connected to our fiber-optic infrastructure reached 770 thousand at the end of first quarter of 2022, an increase of 70 thousand in the quarter. The increase in fiber-optic subscribers continued and even achieved a record high for quarterly growth, as the fiber-optic subscriber base increased by 21 thousand in the quarter, compared to increases of 20 thousand and 19 thousand in the previous two quarters, respectively. Partner's fiber-optic subscriber base totaled 233 thousand at the end of the quarter, reflecting a
Adjusted EBITDA in the first quarter of 2022 totaled NIS 257 million, an increase of
In the first quarter of 2022, the recovery trend in roaming service revenues that was seen in the fourth quarter of 2021 continued. Looking ahead, the Company expects this trend to continue, and roaming service revenues in the second quarter are expected to be even higher than those in the first quarter mainly due to seasonality effects.
Adjusted Free Cash Flow (before interest and including lease payments) for the quarter totaled NIS 23 million. CAPEX payments totaled NIS 170 million. Net debt was NIS 720 million at the end of the quarter, compared with NIS 639 million at the end of the corresponding quarter last year, an increase of NIS 81 million. The Company's net debt to Adjusted EBITDA ratio stood at 0.7 at the end of the quarter, compared to a ratio of 0.8 in the previous quarter and the corresponding quarter last year."
Q1 2022 compared with Q1 2021 | |||
NIS Million (except EPS) | Q1'21 | Q1'22 | Comments |
Service Revenues | 639 | 690 | The increase reflected growth in cellular and fixed-line |
Equipment Revenues | 194 | 164 | The decrease reflected a lower volume of equipment sales |
Total Revenues | 833 | 854 | |
Gross profit from equipment sales | 42 | 33 | |
OPEX | 481 | 476 | The decrease mainly reflected a decrease in an expense |
Operating profit | 28 | 72 | |
Adjusted EBITDA | 209 | 257 | |
Adjusted EBITDA as a percentage | |||
Profit for the period | 5 | 39 | |
Earnings per share (basic, NIS) | 0.03 | 0.21 | |
Capital Expenditures (cash) | 149 | 170 | |
Adjusted free cash flow (before interest payments) | 19 | 25 | |
Net Debt | 639 | 720 | |
Key Performance Indicators | ||||
Q1'21 | Q4'21 | Q1'22 | Change Q4 to Q1 | |
Reported Cellular Subscribers | 2,903 | 3,023 | 3,063 | Post-Paid: Increase of 37 thousand (Ministry of Pre-Paid: Increase of 3 thousand |
Cellular Subscribers (end of | 2,857 | 2,948 | 2,988 | Post-Paid: Increase of 37 thousand Pre-Paid: Increase of 3 thousand |
Monthly Average Revenue per | 48 | 48 | 48 | |
Reported Quarterly Cellular Churn | ||||
Quarterly Cellular Churn Rate (%) | ||||
Fiber-Optic Subscribers (end of | 155 | 212 | 233 | Increase of 21 thousand subscribers |
Homes Connected to the Fiber-Optic | 514 | 700 | 770 | Increase of 70 thousand households |
Infrastructure-Based Internet | 339 | 374 | 387 | Increase of 13 thousand subscribers |
TV Subscribers (end of period, | 234 | 226 | 225 | Decrease of 1 thousand subscribers |
Partner Consolidated Results | |||||||||||
Cellular Segment | Fixed-Line Segment | Elimination | Consolidated | ||||||||
NIS Million | Q1'21 | Q1'22 | Change % | Q1'21 | Q1'22 | Change % | Q1'21 | Q1'22 | Q1'21 | Q1'22 | Change % |
Total Revenues | 573 | 585 | + | 294 | 302 | + | (34) | (33) | 833 | 854 | + |
Service Revenues | 413 | 443 | + | 260 | 280 | + | (34) | (33) | 639 | 690 | + |
Equipment Revenues | 160 | 142 | - | 34 | 22 | - | - | - | 194 | 164 | - |
Operating Profit (Loss) | 39 | 71 | + | (11) | 1 | - | - | 28 | 72 | + | |
Adjusted EBITDA | 143 | 172 | + | 66 | 85 | + | - | - | 209 | 257 | + |
Financial Review
In Q1 2022, total revenues were NIS 854 million (US
Service revenues in Q1 2022 totaled NIS 690 million (US
Service revenues for the cellular segment in Q1 2022 totaled NIS 443 million (US
Service revenues for the fixed-line segment in Q1 2022 totaled NIS 280 million (US
Equipment revenues in Q1 2022 totaled NIS 164 million (US
Gross profit from equipment sales in Q1 2022 was NIS 33 million (US
Total operating expenses ('OPEX') totaled NIS 476 million (US
Operating profit for Q1 2022 was NIS 72 million (US
Adjusted EBITDA in Q1 2022 totaled NIS 257 million (US
Adjusted EBITDA for the cellular segment was NIS 172 million (US
Adjusted EBITDA for the fixed-line segment was NIS 85 million (US
Finance costs, net in Q1 2022 were NIS 18 million (US
Income tax expenses in Q1 2022 were NIS 15 million (US
Profit in Q1 2022 was NIS 39 million (US
Based on the weighted average number of shares outstanding during Q1 2022, basic earnings per share or ADS, was NIS 0.21 (US
Cellular Segment Operational Review
At the end of Q1 2022, the Company's cellular subscriber base (including mobile data, 012 Mobile subscribers and M2M subscriptions) was approximately 3.06 million, including approximately 2.71 million Post-Paid subscribers or
During the first quarter of 2022, the cellular subscriber base increased, net, by 40 thousand subscribers. The Post-Paid subscriber base increased, net, by 37 thousand subscribers and the Pre-Paid subscriber base increased, net, by 3 thousand subscribers. The subscriber base of data packages and voice packages for the Ministry of Education (MOE) remained unchanged at 75 thousand, due to the extension of contracts for a number of subscribers for further limited periods.
Total cellular market share (based on the number of subscribers) at the end of Q1 2022 was estimated to be approximately
The quarterly churn rate for cellular subscribers in Q1 2022 was
The monthly Average Revenue per User ("ARPU") for cellular subscribers in Q1 2022 was NIS 48 (US
Fixed-Line Segment Operational Review
At the end of Q1 2022:
- The Company's fiber-optic subscriber base was 233 thousand subscribers, an increase, net, of 21 thousand subscribers during the first quarter of 2022.
- The Company's infrastructure-based internet subscriber base was 387 thousand subscribers, an increase, net, of 13 thousand subscribers during the first quarter of 2022.
- Households in buildings connected to our fiber-optic infrastructure (HC) totaled 770 thousand, an increase of 70 thousand during the first quarter of 2022.
- The Company's TV subscriber base totaled 225 thousand subscribers, a decrease, net, of 1 thousand subscribers during the first quarter of 2022.
Funding and Investing Review
In Q1 2022, Adjusted Free Cash Flow (including lease payments) totaled NIS 25 million (US
Cash generated from operating activities totaled NIS 237 million (US
Lease payments (principal and interest), recorded in cash flows from financing activities under IFRS 16, totaled NIS 42 million (US
Cash capital expenditures (CAPEX payments), as represented by cash flows used for the acquisition of property and equipment and intangible assets, were NIS 170 million (US
The level of net debt at the end of Q1 2022 amounted to NIS 720 million (US
Regulatory Developments
Removal of competitive barriers in "Kosher Line" cellular services
Currently, the terms under which cellular services are provided to the ultra-orthodox segment in Israel are established in agreements with a single kosher authorization entity (The Rabbinical Committee for Communications). Under the terms of these agreements, kosher lines, among other things, have no access to the internet, cannot receive or send text messages, can only operate on handsets whose features have been limited, may only use certain number ranges and may only be ported-out to operators that have been approved by the kosher authorization entity.
On May 1, 2022, following a consultation process, the Ministry of Communications ("MoC") published a decision regarding the removal of competitive barriers in "Kosher Line" cellular services. According to the Minister's decision:
A. As from July 31, 2022, a cellular licensee will not be able to reject a port-out request due to the subscriber being assigned to a particular tariff plan;
B. As from November 1, 2022, a cellular licensee will be required to allow subscribers to switch to any plan it offers to its subscribers, regardless of the phone number assigned to the subscriber or the type of handset in the subscriber's possession. In addition, a cellular licensee will be required to offer a subscriber who explicitly requests it a tariff plan in such a way that the service will be provided only using a handset whose features have been restricted or blocked for a service or an application at the request of a subscriber or group of subscribers, provided it offers the same plan using handsets in which no such restrictions have been made. The Company is preparing for the implementation of the decision and is studying the implications for its operations.
Results of the first annual incentive tender for the deployment of FTTH networks
On March 7, 2022 the MoC published the results of its first annual incentive tender for the rollout of FTTH (fiber to the home) networks in non-economically feasible areas where Bezeq has decided not to deploy its FTTH network. According to the MoC's announcement Partner will be obliged to deploy its FTTH network to approximately 12,000 households in the incentive areas. According to the terms of the tender, the final grant of the financial incentive for deployment to these households is dependent upon a number of terms and conditions.
Implementation of MoC's decision regarding a reform in the structure of the Internet Market
On March 22, 2022, the Minister amended Bezeq's license allowing it to market a unified product (comprised of both infrastructure and ISP components) to household subscribers and stipulating that from April 3, 2022 onwards, all new subscribers (and any existing subscribers who wish to alter their existing service plans) may only be offered a unified product. This amendment does not apply to the business sector, where the split between the infrastructure services and ISP service shall remain.
At this stage, the Company is unable to evaluate the impact of the decision on the Company's business, among other reasons, in view of the dependence on the determination of the KPIs and the compensation mechanisms and their enforcement by the Ministry of Communications.
License amendment regarding "Cross Ownership limitations" and "Israeli holdings and holdings of founding shareholders or their approved substitutes"
On April 10, 2022 the Ministry of Communications amended the Company MRT license and authorized the Minister of Communications to allow an Interested Party in a licensee who is a mutual fund, insurance company, investment company or pension fund to hold: (a) up to
Conference Call Details
Partner will host a conference call to discuss its financial results on Tuesday, May 24, 2022 at 11.00 a.m. Eastern Time / 6.00 p.m. Israel Time.
Please dial the following numbers (at least 10 minutes before the scheduled time) in order to participate:
International: +972.3.918.0687
North America toll-free: +1.888.281.1167
A live webcast of the call will also be available on Partner's Investors Relations website at:
http://www.partner.co.il/en/Investors-Relations/lobby
If you are unavailable to join live, the replay of the call will be available from May 24, 2022 until June 7, 2022, at the following numbers:
International: +972.3.925.5921
North America toll-free: +1.888.254.7270
In addition, the archived webcast of the call will be available on Partner's Investor Relations website at the above address for approximately three months.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Words such as "estimate", "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "project", "goal", "target" and similar expressions often identify forward-looking statements but are not the only way we identify these statements. In particular, this press release communicates our belief regarding (i) the manner in which the agreements will benefit the Company's future; (ii) the opportunity to fully realize our strategy as a result of the recent acquisition of the Company's controlling stake and our capital structure and (iii) continuing growth trend for roaming revenue. In addition, all statements other than statements of historical fact included in this press release regarding our future performance are forward-looking statements.
We have based these forward-looking statements on our current knowledge and our present beliefs and expectations regarding possible future events. These forward-looking statements are subject to risks, uncertainties and assumptions, including in particular (i) the severity and duration of the impact on our business of the Covid-19 health crisis, (ii) unexpected technical or commercial issues which may arise as we continue to deploy and expand the use of our fiber optic infrastructure; (iii) unexpected technical or financial constraints which undermine the pursuit of such strategy, and (iv) a stagnation or reduction in our customers' foreign travel patterns which reduces growth in demand for roaming services. In light of the current unreliability of predictions as to the ultimate severity and duration of the Covid-19 health crisis, as well as the specific regulatory and business risks facing our business, future results may differ materially from those currently anticipated. For further information regarding risks, uncertainties and assumptions about Partner, trends in the Israeli telecommunications industry in general, the impact of possible regulatory and legal developments, and other risks we face, see "Item 3. Key Information - 3D. Risk Factors", "Item 4. Information on the Company", "Item 5. Operating and Financial Review and Prospects", "Item 8. Financial Information - 8A. Consolidated Financial Statements and Other Financial Information - 8A.1 Legal and Administrative Proceedings" and "Item 11. Quantitative and Qualitative Disclosures about Market Risk" in the Company's Annual Reports on Form 20-F filed with the SEC, as well as its immediate reports on Form 6-K furnished to the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The quarterly financial results presented in this press release are unaudited financial results.
The results were prepared in accordance with IFRS, other than the non-GAAP financial measures presented in the section "Use of Non-GAAP Financial Measures".
The financial information is presented in NIS millions (unless otherwise stated) and the figures presented are rounded accordingly. The convenience translations of the New Israeli Shekel (NIS) figures into US Dollars were made at the rate of exchange prevailing at March 31, 2022: US
Use of Non-GAAP Financial Measures
The following non-GAAP measures are used in this report. These measures are not financial measures under IFRS and may not be comparable to other similarly titled measures for other companies. Further, the measures may not be indicative of the Company's historic operating results nor are meant to be predictive of potential future results.
Non-GAAP Measure | Calculation | Most Comparable IFRS Financial Measure |
Adjusted EBITDA | Profit add Income tax expenses, Finance costs, net, Depreciation and amortization expenses
Adjusted EBITDA | Profit |
Adjusted Free Cash Flow | Cash flows from operating activities add Cash flows from investing activities deduct Investment in deposits, net deduct Lease principal payments deduct Lease interest payments | Cash flows from operating activities add Cash flows from investing activities |
Total Operating Expenses (OPEX) | Cost of service revenues add Selling and marketing expenses add General and administrative expenses add Credit losses deduct Depreciation and amortization expenses, Other expenses (mainly amortization of employee share based compensation) | Sum of: Cost of service revenues, Selling and marketing expenses, General and administrative expenses, Credit losses
|
Net Debt | Current maturities of notes payable and borrowings add Notes payable add Borrowings from banks add Financial liability at fair value deduct Cash and cash equivalents deduct Short-term and long-term deposits | Sum of: Current maturities of notes payable and borrowings, Notes payable, Borrowings from banks, Financial liability at fair value Less Sum of: Cash and cash equivalents, Short-term deposits, Long-term deposits. |
About Partner Communications
Partner Communications Company Ltd. is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet services and TV services). Partner's ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).
For more information about Partner, see: http://www.partner.co.il/en/Investors-Relations/lobby
Contacts:
Mr. Tamir Amar Deputy CEO & Chief Financial Officer Tel: +972-54-781-4951
| Mr. Amir Adar Head of Investor Relations and Corporate Projects Tel: +972-54-781-5051 E-mail: investors@partner.co.il |
PARTNER COMMUNICATIONS COMPANY LTD. | ||||
(An Israeli Corporation) | ||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
New Israeli Shekels | Convenience | |||
December 31, | March 31, | March 31, | ||
2021 | 2022 | 2022 | ||
(Audited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 308 | 262 | 82 | |
Short-term deposits | 344 | 480 | 151 | |
Trade receivables | 571 | 585 | 184 | |
Other receivables and prepaid expenses | 152 | 130 | 41 | |
Deferred expenses – right of use | 27 | 27 | 10 | |
Inventories | 87 | 103 | 32 | |
1,489 | 1,587 | 500 | ||
NON CURRENT ASSETS | ||||
Long-term deposits | 280 | 200 | 63 | |
Trade receivables | 245 | 237 | 75 | |
Deferred expenses – right of use | 142 | 154 | 48 | |
Lease – right of use | 679 | 675 | 213 | |
Property and equipment | 1,644 | 1,665 | 524 | |
Intangible and other assets | 472 | 476 | 150 | |
Goodwill | 407 | 407 | 128 | |
Deferred income tax asset | 34 | 25 | 8 | |
Other non-current receivables | 1 | 1 | * | |
3,904 | 3,840 | 1,209 | ||
TOTAL ASSETS | 5,393 | 5,427 | 1,709 | |
PARTNER COMMUNICATIONS COMPANY LTD. | ||||
(An Israeli Corporation) | ||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
New Israeli Shekels | Convenience | |||
December 31, | March 31, | March 31, | ||
2021 | 2022 | 2022 | ||
(Audited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
CURRENT LIABILITIES | ||||
Current maturities of notes payable and borrowings | 268 | 260 | 82 | |
Trade payables | 705 | 726 | 229 | |
Other payables and provisions | 185 | 181 | 57 | |
Current maturities of lease liabilities | 125 | 126 | 39 | |
Deferred revenues and other | 139 | 145 | 46 | |
1,422 | 1,438 | 453 | ||
NON CURRENT LIABILITIES | ||||
Notes payable | 1,224 | 1,224 | 385 | |
Borrowings from banks | 184 | 178 | 56 | |
Liability for employee rights upon retirement, net | 35 | 34 | 11 | |
Lease liabilities | 595 | 583 | 183 | |
Deferred revenues from HOT mobile | 39 | 31 | 10 | |
Non-current liabilities and provisions | 35 | 35 | 11 | |
2,112 | 2,085 | 656 | ||
TOTAL LIABILITIES | 3,534 | 3,523 | 1,109 | |
EQUITY | ||||
Share capital - ordinary shares of NIS 0.01 par value: authorized - December 31, 2021 and March 31, 2022 - 235,000,000 shares; issued and outstanding - | 2 | 2 | 1 | |
December 31, 2021 – *183,678,220 shares | ||||
March 31, 2022 – *184,124,013 shares | ||||
Capital surplus | 1,279 | 1,254 | 395 | |
Accumulated retained earnings | 742 | 787 | 248 | |
Treasury shares, at cost December 31, 2021 – **7,337,759 shares | (164) | (139) | (44) | |
TOTAL EQUITY | 1,859 | 1,904 | 600 | |
TOTAL LIABILITIES AND EQUITY | 5,393 | 5,427 | 1,709 | |
* Net of treasury shares.
** Including restricted shares in amount of 1,349,119 and 990,208 as of and December 31, 2021 and March 31, 2022, respectively, held by a trustee under the Company's Equity Incentive Plan, such shares may become outstanding upon completion of vesting conditions.
PARTNER COMMUNICATIONS COMPANY LTD. | |||||||
(An Israeli Corporation) | |||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
New Israeli shekels | Convenience | ||||||
3 months period ended March 31, | |||||||
2021 | 2022 | 2022 | |||||
(Unaudited) | (Unaudited) | (Unaudited) | |||||
In millions (except per share data) | |||||||
Revenues, net | 833 | 854 | 269 | ||||
Cost of revenues | 691 | 665 | 209 | ||||
Gross profit | 142 | 189 | 60 | ||||
Selling and marketing expenses | 79 | 88 | 28 | ||||
General and administrative expenses | 42 | 36 | 11 | ||||
Other income, net | 7 | 7 | 2 | ||||
Operating profit | 28 | 72 | 23 | ||||
Finance income | 1 | 1 | * | ||||
Finance expenses | 20 | 19 | 6 | ||||
Finance costs, net | 19 | 18 | 6 | ||||
Profit before income tax | 9 | 54 | 17 | ||||
Income tax expenses | 4 | 15 | 5 | ||||
Profit for the period | 5 | 39 | 12 | ||||
Earnings per share | |||||||
Basic | 0.03 | 0.21 | 0.07 | ||||
Diluted | 0.03 | 0.21 | 0.07 | ||||
Weighted average number of shares outstanding | |||||||
Basic | 183,071 | 183,965 | 183,965 | ||||
Diluted | 183,609 | 186,469 | 186,469 | ||||
* Representing an amount of less than 1 million.
PARTNER COMMUNICATIONS COMPANY LTD. | |||||
(An Israeli Corporation) | |||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS | |||||
OF COMPREHENSIVE INCOME | |||||
New Israeli Shekels | Convenience | ||||
3 months period ended March 31, | |||||
2021 | 2022 | 2022 | |||
(Unaudited) | (Unaudited) | (Unaudited) | |||
In millions | |||||
Profit for the period | 5 | 39 | 12 | ||
Other comprehensive income for the period, net of income tax | - | - | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 5 | 39 | 12 | ||
PARTNER COMMUNICATIONS COMPANY LTD. | |||||||||||||||||
(An Israeli Corporation) | |||||||||||||||||
INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION | |||||||||||||||||
New Israeli Shekels | New Israeli Shekels | ||||||||||||||||
3 months period ended March 31, 2022 | 3 months period ended March 31, 2021 | ||||||||||||||||
In millions (Unaudited) | In millions (Unaudited) | ||||||||||||||||
Cellular | Fixed line segment | Elimination | Consolidated | Cellular | Fixed line | Elimination | Consolidated | ||||||||||
Segment revenue - Services | 440 | 250 | 690 | 409 | 230 | 639 | |||||||||||
Inter-segment revenue - Services | 3 | 30 | (33) | 4 | 30 | (34) | |||||||||||
Segment revenue - Equipment | 142 | 22 | 164 | 160 | 34 | 194 | |||||||||||
Total revenues | 585 | 302 | (33) | 854 | 573 | 294 | (34) | 833 | |||||||||
Segment cost of revenues - Services | 298 | 236 | 534 | 306 | 233 | 539 | |||||||||||
Inter-segment cost of revenues - Services | 30 | 3 | (33) | 30 | 4 | (34) | |||||||||||
Segment cost of revenues - Equipment | 116 | 15 | 131 | 132 | 20 | 152 | |||||||||||
Cost of revenues | 444 | 254 | (33) | 665 | 468 | 257 | (34) | 691 | |||||||||
Gross profit | 141 | 48 | 189 | 105 | 37 | 142 | |||||||||||
Operating expenses (3) | 74 | 50 | 124 | 71 | 50 | 121 | |||||||||||
Other income, net | 4 | 3 | 7 | 5 | 2 | 7 | |||||||||||
Operating profit (loss) | 71 | 1 | 72 | 39 | (11) | 28 | |||||||||||
Adjustments to presentation of segment Adjusted EBITDA | |||||||||||||||||
–Depreciation and amortization | 97 | 82 | 103 | 76 | |||||||||||||
–Other (1) | 4 | 2 | 1 | 1 | |||||||||||||
Segment Adjusted EBITDA (2) | 172 | 85 | 143 | 66 | |||||||||||||
Reconciliation of segment subtotal Adjusted | |||||||||||||||||
Segments subtotal Adjusted EBITDA (2) | 257 | 209 | |||||||||||||||
- Depreciation and amortization | (179) | (179) | |||||||||||||||
- Finance costs, net | (18) | (19) | |||||||||||||||
- Income tax expenses | (15) | (4) | |||||||||||||||
- Other (1) | (6) | (2) | |||||||||||||||
Profit for the period | 39 | 5 | |||||||||||||||
(1) Mainly amortization of employee share based compensation. (2) Adjusted EBITDA as reviewed by the CODM represents Earnings Before Interest (finance costs, net), Taxes, Depreciation and Amortization (including amortization of intangible assets, deferred expenses-right of use and impairment charges) and Other expenses (mainly amortization of share based compensation). Adjusted EBITDA is not a financial measure under IFRS and may not be comparable to other similarly titled measures for other companies. Adjusted EBITDA may not be indicative of the Group's historic operating results nor is it meant to be predictive of potential future results. The usage of the term "Adjusted EBITDA" is to highlight the fact that the Amortization includes amortization of deferred expenses – right of use and amortization of employee share based compensation and impairment charges. (3) Operating expenses include selling and marketing expenses and general and administrative expenses.
PARTNER COMMUNICATIONS COMPANY LTD. | |||
(An Israeli Corporation) | |||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
New Israeli Shekels | Convenience | ||
3 months period ended March 31, | |||
2021 | 2022 | 2022 | |
(Unaudited) | (Unaudited) | (Unaudited) | |
In millions | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Cash generated from operations (Appendix) | 208 | 240 | 76 |
Income tax paid | * | (3) | (1) |
Net cash provided by operating activities | 208 | 237 | 75 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (109) | (116) | (37) |
Acquisition of intangible and other assets | (40) | (54) | (17) |
Investment in deposits, net | (70) | (56) | (18) |
Interest received | 1 | * | * |
Net cash used in investing activities | (218) | (226) | (72) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Lease principal payments | (36) | (37) | (12) |
Lease interest payments | (5) | (5) | (2) |
Interest paid | (1) | (1) | * |
Proceeds from issuance of notes payable, net of issuance costs | (1) | * | |
Repayment of non-current borrowings | (13) | (13) | (4) |
Net cash used in financing activities | (55) | (57) | (18) |
DECREASE IN CASH AND CASH EQUIVALENTS | (65) | (46) | (15) |
CASH AND CASH EQUIVALENTS AT BEGINNING | 376 | 308 | 97 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 311 | 262 | 82 |
* Representing an amount of less than 1 million.
PARTNER COMMUNICATIONS COMPANY LTD. | ||||
(An Israeli Corporation) | ||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
Appendix - Cash generated from operations and supplemental information | ||||
New Israeli Shekels | Convenience | |||
3 months period ended March 31, | ||||
2021 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
Cash generated from operations: | ||||
Profit for the period | 5 | 39 | 12 | |
Adjustments for: | ||||
Depreciation and amortization | 171 | 171 | 54 | |
Amortization of deferred expenses - Right of use | 8 | 8 | 3 | |
Employee share based compensation expenses | 2 | 6 | 2 | |
Liability for employee rights upon retirement, net | 1 | |||
Finance costs, net | (1) | (1) | (1) | |
Lease interest payments | 5 | 5 | 2 | |
Interest paid | 1 | 1 | * | |
Interest received | (1) | * | * | |
Deferred income taxes | 3 | 10 | 3 | |
Income tax paid | * | 3 | 1 | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in accounts receivable: | ||||
Trade | (44) | (6) | (2) | |
Other | 9 | 21 | 7 | |
Increase (decrease) in accounts payable and accruals: | ||||
Trade | 43 | 25 | 8 | |
Other payables and provisions | 43 | (9) | (3) | |
Deferred revenues and other | 3 | (2) | (1) | |
Increase in deferred expenses - Right of use | (13) | (20) | (6) | |
Current income tax | 1 | 5 | 2 | |
Increase in inventories | (28) | (16) | (5) | |
Cash generated from operations | 208 | 240 | 76 | |
* Representing an amount of less than 1 million.
At March 31, 2022 and 2021, trade and other payables include NIS 170 million (
These balances are recognized in the cash flow statements upon payment.
Reconciliation of Non-GAAP Measures: | |||
Adjusted Free Cash Flow | New Israeli Shekels | Convenience | |
3 months period ended March 31, | |||
2021 | 2022 | 2022 | |
(Unaudited) | (Unaudited) | (Unaudited) | |
In millions | |||
Net cash provided by operating activities | 208 | 237 | 75 |
Net cash used in investing activities | (218) | (226) | (72) |
Investment in deposits, net | 70 | 56 | 18 |
Lease principal payments | (36) | (37) | (12) |
Lease interest payments | (5) | (5) | (2) |
Adjusted Free Cash Flow | 19 | 25 | 7 |
Interest paid | (1) | (1) | * |
Adjusted Free Cash Flow After Interest | 18 | 24 | 7 |
* Representing an amount of less than 1 million.
Total Operating Expenses (OPEX) | New Israeli Shekels | Convenience | |
3 months period ended March 31, | |||
2021 | 2022 | 2022 | |
(Unaudited) | (Unaudited) | (Unaudited) | |
In millions | |||
Cost of revenues - Services | 539 | 534 | 169 |
Selling and marketing expenses | 79 | 88 | 28 |
General and administrative expenses | 42 | 36 | 11 |
Depreciation and amortization | (179) | (179) | (57) |
Other (1) | * | (3) | (1) |
OPEX | 481 | 476 | 150 |
* Representing an amount of less than 1 million.
(1) Mainly amortization of employee share based compensation and other adjustments.
Key Financial and Operating Indicators (unaudited) *
NIS M unless otherwise stated | Q1' 20 | Q2' 20 | Q3' 20 | Q4' 20 | Q1' 21 | Q2' 21 | Q3' 21 | Q4' 21 | Q1' 22 | 2020 | 2021 | |
Cellular Segment Service Revenues | 423 | 409 | 415 | 416 | 413 | 420 | 435 | 431 | 443 | 1,663 | 1,699 | |
Cellular Segment Equipment Revenues | 146 | 130 | 134 | 135 | 160 | 157 | 136 | 149 | 142 | 545 | 602 | |
Fixed-Line Segment Service Revenues | 245 | 244 | 252 | 252 | 260 | 262 | 270 | 274 | 280 | 993 | 1,066 | |
Fixed-Line Segment Equipment Revenues | 32 | 28 | 35 | 41 | 34 | 34 | 29 | 29 | 22 | 136 | 126 | |
Reconciliation for consolidation | (39) | (37) | (36) | (36) | (34) | (33) | (33) | (30) | (33) | (148) | (130) | |
Total Revenues | 807 | 774 | 800 | 808 | 833 | 840 | 837 | 853 | 854 | 3,189 | 3,363 | |
Gross Profit from Equipment Sales | 37 | 30 | 38 | 40 | 42 | 39 | 37 | 34 | 33 | 145 | 152 | |
Operating Profit | 36 | 20 | 20 | 20 | 28 | 30 | 49 | 56 | 72 | 96 | 163 | |
Cellular Segment Adjusted EBITDA | 132 | 129 | 134 | 138 | 143 | 139 | 172 | 162 | 172 | 533 | 616 | |
Fixed-Line Segment Adjusted EBITDA | 83 | 71 | 70 | 65 | 66 | 74 | 78 | 88 | 85 | 289 | 306 | |
Total Adjusted EBITDA | 215 | 200 | 204 | 203 | 209 | 213 | 250 | 250 | 257 | 822 | 922 | |
Adjusted EBITDA Margin (%) | ||||||||||||
OPEX | 460 | 456 | 475 | 480 | 481 | 485 | 467 | 469 | 476 | 1,871 | 1,901 | |
Finance costs, net | 19 | 13 | 24 | 13 | 19 | 16 | 15 | 14 | 18 | 69 | 64 | |
Profit (Loss) | 10 | 7 | (5) | 5 | 5 | 9 | 24 | 77 | 39 | 17 | 115 | |
Capital Expenditures (cash) | 151 | 119 | 147 | 156 | 149 | 139 | 172 | 212 | 170 | 573 | 672 | |
Capital Expenditures (additions) | 129 | 121 | 179 | 166 | 142 | 182 | 112 | 244 | 166 | 595 | 680 | |
Adjusted Free Cash Flow | 10 | 44 | 21 | (3) | 19 | 8 | 9 | (79) | 25 | 72 | (43) | |
Adjusted Free Cash Flow (after interest) | 8 | 13 | 12 | (10) | 18 | (33) | 8 | (84) | 24 | 23 | (91) | |
Net Debt | 673 | 658 | 646 | 657 | 639 | 670 | 662 | 744 | 720 | 657 | 744 | |
Cellular Subscriber Base (Thousands) | 2,676 | 2,708 | 2,762 | 2,836 | 2,903 | 2,970 | 3,019 | 3,023 | 3,063 | 2,836 | 3,023 | |
Post-Paid Subscriber Base (Thousands) | 2,380 | 2,404 | 2,437 | 2,495 | 2,548 | 2,615 | 2,664 | 2,671 | 2,708 | 2,495 | 2,671 | |
Pre-Paid Subscriber Base (Thousands) | 296 | 304 | 325 | 341 | 355 | 355 | 355 | 352 | 355 | 341 | 352 | |
Cellular ARPU (NIS) | 53 | 51 | 51 | 49 | 48 | 48 | 48 | 48 | 48 | 51 | 48 | |
Cellular Churn Rate (%) | ||||||||||||
Infrastructure-Based Internet Subscribers (Thousands) | 281 | 295 | 311 | 329 | 339 | 354 | 365 | 374 | 387 | 329 | 374 | |
Fiber-Optic Subscribers (Thousands) | 87 | 101 | 120 | 139 | 155 | 173 | 192 | 212 | 233 | 139 | 212 | |
Homes connected to fiber-optic infrastructure (Thousands) | 361 | 396 | 432 | 465 | 514 | 571 | 624 | 700 | 770 | 465 | 700 | |
TV Subscriber Base (Thousands) | 200 | 215 | 224 | 232 | 234 | 223** | 226 | 226 | 225 | 232 | 226** | |
Number of Employees (FTE) | 1,867 | 2,745 | 2,731 | 2,655 | 2,708 | 2,628 | 2,627 | 2,574 | 2,536 | 2,655 | 2,574 |
* See footnote 2 regarding use of non-GAAP measures.
** In Q2'21, the Company removed from its TV subscriber base approximately 21,000 subscribers who had joined at various different times and had remained in trial periods of over six months without charge or usage
Disclosure for notes holders as of March 31, 2022
Information regarding the notes series issued by the Company, in million NIS
Series | Original issuance date | Principal on the date of issuance | As of 31.03.2022 | Annual interest rate | Principal repayment dates | Interest repayment dates | Interest linkage | Trustee contact details | ||||
Principal | Linked principal | Interest accumulated | Market value | From | To | Principal book value | ||||||
F (2) | 20.07.17 12.12.17* 04.12.18* 01.12.19* | 255 389 150 226.75 | 384 | 384 | 2 | 387 | 25.06.20 | 25.06.24 | 25.06, 25.12 | Not Linked | Hermetic Trust (1975) Ltd. Merav Offer. 113 Hayarkon St., | |
G (1) (2) | 06.01.19 01.07.19* 28.11.19* 27.02.20* 31.05.20* 01.07.20* 02.07.20* 26.11.20* 31.05.21* | 225 38.5 86.5 15.1 84.8 12.2 300 62.2 26.5 | 851 | 851 | 26 | 910 | 25.06.22 | 25.06.27 | 25.06 | Not Linked | Hermetic Trust (1975) Ltd. Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553. | |
H (2) | 26.12.21
| 198.4
| 198 | 198 | 1 | 186 | 25.06.25 | 25.06.30 | 25.06 | Not Linked | Hermetic Trust (1975) Ltd. Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553. | |
(1) In April 2019, the Company issued in a private placement 2 series of untradeable option warrants that were exercisable for the Company's Series G debentures. The exercise period of the first series is between July 1, 2019 and May 31, 2020 and of the second series is between July 1, 2020 and May 31, 2021. The Series G debentures that were allotted upon the exercise of an option warrant were identical in all their rights to the Company's Series G debentures immediately upon their allotment, and are entitled to any payment of interest or other benefit, the effective date of which is due after the allotment date. The debentures that were allotted as a result of the exercise of option warrants were registered on the TASE. The total amount received by the Company on the allotment date of the option warrants is NIS 37 million. For additional details see the Company's press release dated April 17, 2019. Following exercise of option warrants from the first series, the Company issued Series G Notes in a total principal amount of NIS 225 million. Following exercise of option warrants from the second series, the Company issued Series G Notes in a total principal amount of NIS 101 million. The issuance in May 2021 was the final exercise of option warrants from the second series.
(2) Regarding Series F Notes, Series G Notes, Series H Notes and borrowing P, borrowing Q and borrowing R the Company is required to comply with a financial covenant that the ratio of Net Debt to Adjusted EBITDA shall not exceed 5. Compliance will be examined and reported on a quarterly basis. For the purpose of the covenant, Adjusted EBITDA is calculated as the sum total for the last 12 month period, excluding adjustable one-time items. As of March 31, 2022, the ratio of Net Debt to Adjusted EBITDA was 0.8. Additional stipulations mainly include: Shareholders' equity shall not decrease below NIS 400 million and no dividends will be declared if shareholders' equity will be below NIS 650 million regarding Series F notes, borrowing P and borrowing Q. Shareholders' equity shall not decrease below NIS 600 million and no dividends will be declared if shareholders' equity will be below NIS 750 million regarding Series G notes and borrowing R. Shareholders' equity shall not decrease below NIS 700 million and no dividends will be declared if shareholders' equity will be below NIS 850 million regarding Series H notes. The Company shall not create floating liens subject to certain terms. The Company has the right for early redemption under certain conditions. With respect to notes payable series F, series G and series H: the Company shall pay additional annual interest of
In the reporting period, the Company was in compliance with all financial covenants and obligations and no cause for early repayment occurred.
* On these dates additional Notes of the series were issued. The information in the table refers to the full series.
Disclosure for Notes holders as of March 31, 2022 (cont.)
Notes Rating Details*
Series | Rating Company | Rating as of 31.03.2022 and 24.05.2022 (1) | Rating assigned upon issuance of the Series | Recent date of rating as of 31.03.2022 and 24.05.2022 | Additional ratings between the original issuance date and the recent date of rating (2) | |
Date | Rating | |||||
F | S&P Maalot | ilA+ | ilA+ | 12/2021 | 07/2017, 09/2017, 12/2017, 01/2018, 08/2018, 11/2018, 12/2018, 01/2019, 04/2019, 08/2019, 02/2020, 05/2020, 06/2020, 07/2020, 08/2020, 11/2020, 05/2021, 08/2021, 12/2021 | ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+ |
G | S&P Maalot | ilA+ | ilA+ | 12/2021 | 12/2018, 01/2019, 04/2019, 08/2019, 02/2020, 05/2020, 06/2020, 07/2020, 08/2020, 11/2020, 05/2021, 08/2021, 12/2021 | ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+ |
H | S&P Maalot | ilA+ | ilA+ | 12/2021 | 12/2021 | ilA+ |
(1) In August 2021, S&P Maalot reaffirmed the Company's rating of "ilA+/Stable".
(2) For details regarding the rating of the notes see the S&P Maalot reports dated August 11, 2021.
* 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
Summary of Financial Undertakings (according to repayment dates) as of March 31, 2022
a. Notes issued to the public by the Company and held by the public, excluding such notes 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 | |||||
ILS linked | ILS not linked | Euro
| Dollar | Other | ||
First year | - | 212,985 | - | - | - | 42,987 |
Second year | - | 212,985 | - | - | - | 38,901 |
Third year | - | 212,985 | - | - | - | 32,810 |
Fourth year | - | 124,765 | - | - | - | 27,950 |
Fifth year and on | - | 669,226 | - | - | - | 46,414 |
Total | - | 1,432,946 | - | - | - | 189,062 |
b. Private notes and other non-bank credit, excluding such notes 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 – None.
c. Credit from banks in Israel based on the Company's "Solo" financial data (in thousand NIS).
Principal payments | Gross interest | |||||
ILS linked | ILS not linked | Euro | Dollar | Other | ||
First year | - | 44,779 | - | - | - | 5,461 |
Second year | - | 22,720 | - | - | - | 4,325 |
Third year | - | 5,720 | - | - | - | 3,861 |
Fourth year | - | 30,000 | - | - | - | 3,439 |
Fifth year and on | - | 120,000 | - | - | - | 9,933 |
Total | - | 223,219 | - | - | - | 27,019 |
Summary of Financial Undertakings (according to repayment dates) as of March 31, 2022 (cont.)
d. Credit from banks abroad based on the Company's "Solo" financial data – None.
e. Total of sections a - d above, total credit from banks, non-bank credit and notes based on the Company's "Solo" financial data (in thousand NIS).
Principal payments | Gross interest | |||||
ILS linked | ILS not linked | Euro | Dollar | Other | ||
First year | - | 257,764 | - | - | - | 48,448 |
Second year | - | 235,705 | - | - | - | 43,226 |
Third year | - | 218,705 | - | - | - | 36,671 |
Fourth year | - | 154,765 | - | - | - | 31,389 |
Fifth year and on | - | 789,226 | - | - | - | 56,347 |
Total | - | 1,656,165 | - | - | - | 216,081 |
f. Off-balance sheet Credit exposure based on the Company's "Solo" financial data (in thousand NIS) – 50,000 (Guarantees on behalf of a joint arrangement, without expiration date).
g. Off-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 - None.
h. Total balances of the credit from banks, non-bank credit and notes of all the consolidated companies, excluding companies that are reporting corporations and excluding Company's data presented in sections a - d above - None.
i. Total balances of credit granted to the Company by the parent company or a controlling shareholder and balances of notes offered by the Company held by the parent company or the controlling shareholder - 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 notes offered by the Company held by companies held by the parent company or the controlling shareholder, which are not controlled by the Company – None.
k. Total balances of credit granted to the Company by consolidated companies and balances of notes offered by the Company held by the consolidated companies - None.
1 The quarterly financial results are unaudited.
2 For the definition of this and other Non-GAAP financial measures, see "Use of Non-GAAP Financial Measures" in this press release.
3 In the second quarter of 2021, the Company removed from its TV subscriber base approximately 21 thousand subscribers who had joined the company at various times and had remained in trial periods of over six months without charge or usage.
View original content:https://www.prnewswire.com/news-releases/partner-communications-reports-first-quarter-2022-results1-301553485.html
SOURCE Partner Communications Company Ltd.
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