PARTNER COMMUNICATIONS REPORTS SECOND QUARTER 2022 RESULTS[1]
Partner Communications Company Ltd. (NASDAQ: PTNR) reported its Q2 2022 financial results, achieving total revenues of NIS 859 million (US$ 245 million), up 2% year-over-year. Service revenues increased 9% to NIS 706 million (US$ 202 million), while equipment revenues fell by 20% to NIS 153 million (US$ 44 million). Adjusted EBITDA rose 30% to NIS 276 million (US$ 79 million), marking the highest level in seven years. The cellular subscriber base grew by 32,000, with ARPU rising to NIS 49. Net debt reached NIS 706 million, and adjusted free cash flow was NIS 57 million (US$ 16 million).
- Total revenues increased by 2% to NIS 859 million.
- Service revenues rose by 9%, totaling NIS 706 million.
- Adjusted EBITDA increased 30% to NIS 276 million, highest in 7 years.
- Cellular subscriber growth of 32,000 in the quarter.
- ARPU increased to NIS 49, marking a 2% rise.
- Equipment revenues decreased by 20% to NIS 153 million.
- Net debt increased by NIS 36 million to NIS 706 million.
ROSH HA'AYIN, Israel, Aug. 11, 2022 /PRNewswire/ --
QUARTERLY ADJUSTED EBITDA2 TOTALED NIS 276 MILLION
NET DEBT2 TOTALED NIS 706 MILLION
QUARTERLY CELLULAR SUBSCRIBER GROWTH TOTALED 32 THOUSAND
PARTNER'S FIBER-OPTIC SUBSCRIBER BASE TOTALS 258 THOUSAND
AS OF TODAY
THE NUMBER OF HOUSEHOLDS IN BUILDINGS CONNECTED TO PARTNER'S FIBER-OPTIC INFRASTRUCTURE TOTALS 866 THOUSAND AS OF TODAY
Second quarter 2022 highlights (compared with second quarter 2021)
- Total Revenues: NIS 859 million (US
$ 245 million ), an increase of2% - Service Revenues: NIS 706 million (US
$ 202 million ), an increase of9% - Equipment Revenues: NIS 153 million (US
$ 44 million ), a decrease of20% - Total Operating Expenses (OPEX)2: NIS 469 million (US
$ 134 million ), a decrease of3% - Adjusted EBITDA: NIS 276 million (US
$ 79 million ), an increase of30% - Profit for the Period: NIS 47 million (US
$ 13 million ), an increase of NIS 38 million - Adjusted Free Cash Flow (before interest)2: NIS 57 million (US
$ 16 million ), an increase of NIS 49 million - Cellular ARPU: NIS 49 (US
$ 14) , an increase of2% - Cellular Subscriber Base: approximately 3.1 million subscribers at quarter-end, an increase of
4% - Fiber-Optic Subscriber Base: 250 thousand subscribers at quarter-end, an increase of 77 thousand since Q2 2021, and an increase of 17 thousand in the quarter
- Homes Connected (HC) to Partner's Fiber-Optic Infrastructure: 837 thousand at quarter-end, an increase of 266 thousand since Q2 2021, and an increase of 67 thousand in the quarter
- Infrastructure-Based Internet Subscriber Base: 395 thousand subscribers at quarter-end, an increase of 41 thousand since Q2 2021, and an increase of 8 thousand in the quarter
- TV Subscriber Base: 224 thousand subscribers at quarter-end, an increase of 1 thousand subscribers since Q2 2021, and a decrease of 1 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 June 30, 2022.
Commenting on the results for the second quarter 2022, Mr. Avi Gabbay, CEO of Partner, noted:
"We are pleased with the good results which reflect stability and growth. We will continue to invest in infrastructure and fiber and 5G services in order to bring more value to our customers."
Mr. Tamir Amar, Partner's Deputy CEO & Chief Financial Officer, commented on the results:
"In the second quarter of 2022 we report the highest revenues in the past six years, due to growth in both the cellular and fixed-line segments. Together with a decrease in the level of OPEX, we have succeeded in bringing about an increase in profit and profitability compared to the corresponding quarter last year.
Adjusted EBITDA presented for the second quarter of 2022 was the highest in the past seven years and totaled NIS 276 million, an increase of
Partner continues with the expedited 5G infrastructure deployment and expects to achieve over
As we have stated before, Partner considers fiber-optic deployment to be a significant growth engine in its activity. The number of Homes Connected within buildings connected to our fiber-optic infrastructure reached 837 thousand at the end of second quarter of 2022, an increase of 67 thousand in the quarter. As of today, the number of Homes Connected within buildings connected to our fiber-optic infrastructure totals 866 thousand. The fiber-optic subscriber base totaled 250 thousand at the end of the quarter, reflecting a
Adjusted Free Cash Flow (before interest and including lease payments) for the quarter totaled NIS 57 million. CAPEX payments in the second quarter of 2022 totaled NIS 174 million. For the first half of 2022, the increase of CAPEX payments compared to first half of 2021 totaled NIS 56 million, reflecting the acceleration of the fiber-optic deployment plan, with the goal of reaching approximately one million households by the end of the year.
Net debt was NIS 706 million at the end of the quarter, compared with NIS 670 million at the end of the corresponding quarter last year, an increase of NIS 36 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 corresponding quarter last year."
Q2 2022 compared with Q2 2021
NIS Million (except EPS) | Q2'21 | Q2'22 | Comments |
Service Revenues | 649 | 706 | The increase reflected growth in both cellular and fixed-line services, |
Equipment Revenues | 191 | 153 | The decrease reflected lower sales in both the cellular and fixed-line |
Total Revenues | 840 | 859 | |
Gross profit from equipment sales | 39 | 28 | |
OPEX | 485 | 469 | The decrease mainly reflected a decrease in credit losses, a one-time |
Operating profit | 30 | 85 | |
Adjusted EBITDA | 213 | 276 | |
Adjusted EBITDA as a percentage of total revenues | 25 % | 32 % | |
Profit for the period | 9 | 47 | |
Earnings per share (basic, NIS) | 0.05 | 0.26 | |
Capital Expenditures (cash) | 139 | 174 | |
Adjusted free cash flow (before interest payments) | 8 | 57 | |
Net Debt | 670 | 706 |
Key Performance Indicators
Q2'21 | Q1'22 | Q2'22 | Change Q1 to Q2 | |
Reported Cellular Subscribers (end of period, thousands) | 2,970 | 3,063 | 3,095 | Post-Paid: Increase of 25 thousand (including 5 thousand packages from the Ministry of Education) Pre-Paid: Increase of 7 thousand |
Cellular Subscribers (end of period, thousands) excluding packages for Ministry of Education | 2,893 | 2,988 | 3,015 | Post-Paid: Increase of 20 thousand Pre-Paid: Increase of 7 thousand |
Monthly Average Revenue per Cellular User (ARPU) (NIS) | 48 | 48 | 49 | |
Reported Quarterly Cellular Churn Rate (%) | 7.2 % | 7.0 % | 6.7 % | |
Quarterly Cellular Churn Rate (%) excluding packages for the Ministry of Education | 7.4 % | 6.7 % | 6.6 % | |
Fiber-Optic Subscribers (end of period, thousands) | 173 | 233 | 250 | Increase of 17 thousand subscribers |
Homes Connected to the Fiber-Optic Infrastructure (HC) (end of period, thousands) | 571 | 770 | 837 | Increase of 67 thousand households |
Infrastructure-Based Internet Subscribers (end of period, thousands) | 354 | 387 | 395 | Increase of 8 thousand subscribers |
TV Subscribers (end of period, thousands) | 223 | 225 | 224 | Decrease of 1 thousand subscribers |
Partner Consolidated Results
Cellular Segment | Fixed-Line Segment | Elimination | Consolidated | ||||||||
NIS Million | Q2'21 | Q2'22 | Change % | Q2'21 | Q2'22 | Change % | Q2'21 | Q2'22 | Q2'21 | Q2'22 | Change % |
Total Revenues | 577 | 592 | +3 % | 296 | 297 | (33) | (30) | 840 | 859 | +2 % | |
Service Revenues | 420 | 457 | +9 % | 262 | 279 | +6 % | (33) | (30) | 649 | 706 | +9 % |
Equipment Revenues | 157 | 135 | -14 % | 34 | 18 | -47 % | - | - | 191 | 153 | -20 % |
Operating Profit (Loss) | 35 | 82 | +134 % | (5) | 3 | - | - | 30 | 85 | +183 % | |
Adjusted EBITDA | 139 | 187 | +35 % | 74 | 89 | +20 % | - | - | 213 | 276 | +30 % |
Financial Review
In Q2 2022, total revenues were NIS 859 million (US
Service revenues in Q2 2022 totaled NIS 706 million (US
Service revenues for the cellular segment in Q2 2022 totaled NIS 457 million (US
Service revenues for the fixed-line segment in Q2 2022 totaled NIS 279 million (US
Equipment revenues in Q2 2022 totaled NIS 153 million (US
Gross profit from equipment sales in Q2 2022 was NIS 28 million (US
Total operating expenses ('OPEX') totaled NIS 469 million (US
Operating profit for Q2 2022 was NIS 85 million (US
Adjusted EBITDA in Q2 2022 totaled NIS 276 million (US
Adjusted EBITDA for the cellular segment was NIS 187 million (US
Adjusted EBITDA for the fixed-line segment was NIS 89 million (US
Finance costs, net in Q2 2022 were NIS 21 million (US
Income tax expenses in Q2 2022 were NIS 17 million (US
Profit in Q2 2022 was NIS 47 million (US
Based on the weighted average number of shares outstanding during Q2 2022, basic earnings per share or ADS, was NIS 0.26 (US
Cellular Segment Operational Review
At the end of Q2 2022, the Company's cellular subscriber base (including mobile data, 012 Mobile subscribers and M2M subscriptions) was approximately 3.10 million, including approximately 2.73 million Post-Paid subscribers or
During the second quarter of 2022, the cellular subscriber base increased, net, by 32 thousand subscribers. The Post-Paid subscriber base increased, net, by 25 thousand subscribers and the Pre-Paid subscriber base increased, net, by 7 thousand subscribers. The subscriber base of data packages and voice packages for the Ministry of Education (MOE) increased by 5 thousand and totaled 80 thousand at the end of Q2 2022. The MOE subscribers base is expected to decrease to 12 thousand during the third quarter of 2022, following the expiration of most of the time-limited packages.
Total cellular market share (based on the number of subscribers) at the end of Q2 2022 was estimated to be approximately
The quarterly churn rate for cellular subscribers in Q2 2022 was
The monthly Average Revenue per User ("ARPU") for cellular subscribers in Q2 2022 was NIS 49 (US
Fixed-Line Segment Operational Review
At the end of Q2 2022:
- The Company's fiber-optic subscriber base was 250 thousand subscribers, an increase, net, of 17 thousand subscribers during the second quarter of 2022.
- The Company's infrastructure-based internet subscriber base was 395 thousand subscribers, an increase, net, of 8 thousand subscribers during the second quarter of 2022.
- Households in buildings connected to our fiber-optic infrastructure (HC) totaled 837 thousand, an increase of 67 thousand during the second quarter of 2022.
- The Company's TV subscriber base totaled 224 thousand subscribers, a decrease of 1 thousand subscribers during the second quarter of 2022.
Funding and Investing Review
In Q2 2022, Adjusted Free Cash Flow (including lease payments) totaled NIS 57 million (US
Cash generated from operating activities totaled NIS 263 million (US
Lease payments (principal and interest), recorded in cash flows from financing activities under IFRS 16, totaled NIS 34 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 174 million (US
The level of net debt at the end of Q2 2022 amounted to NIS 706 million (US
Regulatory Developments
Further to the Company's immediate report dated September 14, 2021 with respect to a hearing process regarding the potential reduction of the interconnect tariff, on June 23, 2022 the Ministry of Communications published its decision regarding a change in the interconnection tariff regime. According to this decision there will be a gradual reduction of the interconnection tariffs over a period of three years (ending on the 15th of June 2025). After this period, each operator will bear its own call completion costs and there will no longer be payment transfers for interconnection with respect to call minutes (both on MRT networks and on fixed-line networks). The Ministry has also decided that the maximum tariff for completion of incoming international calls will be cancelled (effective on the 28th of July 2022), which is expected to increase the company's revenues from incoming international calls. The overall outcome of this decision is not expected to have a material effect on our business and results of operations.
Conference Call Details
Partner will host a conference call to discuss its financial results on Thursday, August 11, 2022 at 10.00 a.m. Eastern Time / 5.00 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: +1.888.407.2553
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 August 11, 2022 until August 25, 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 Company's continued investment in infrastructure and fiber and 5G services; (ii) the expedited deployment of the Company's fiber-optic infrastructure by the end of 2022 and (iii) the fiber-optic deployment as a significant growth engine for the Company. 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 remaining 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; and (iii) unexpected technical or financial constraints which undermine the pursuit of such strategy. 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 June 30, 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
Adjusted EBITDA margin (%) | Profit add Income tax expenses, Finance costs, net, Depreciation and amortization expenses
Adjusted EBITDA divided by Total revenues | 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 add Cash flows from |
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 | Sum of: Cost of service revenues, Selling and marketing General and administrative 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 | ||||
|
Convenience | |||
December 31, | June 30, | June 30, | ||
2021 | 2022 | 2022 | ||
(Audited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 308 | 384 | 110 | |
Short-term deposits | 344 | 346 | 99 | |
Trade receivables | 571 | 564 | 161 | |
Other receivables and prepaid expenses | 152 | 116 | 33 | |
Deferred expenses – right of use | 27 | 31 | 9 | |
Inventories | 87 | 123 | 35 | |
1,489 | 1,564 | 447 | ||
NON CURRENT ASSETS | ||||
Long-term deposits | 280 | |||
Trade receivables | 245 | 225 | 64 | |
Deferred expenses – right of use | 142 | 158 | 45 | |
Lease – right of use | 679 | 682 | 195 | |
Property and equipment | 1,644 | 1,724 | 492 | |
Intangible and other assets | 472 | 448 | 128 | |
Goodwill | 407 | 407 | 116 | |
Deferred income tax asset | 34 | 22 | 6 | |
Other non-current receivables | 1 | * | * | |
3,904 | 3,666 | 1,046 | ||
TOTAL ASSETS | 5,393 | 5,230 | 1,493 | |
* Representing an amount of less than 1 million. | ||||
PARTNER COMMUNICATIONS COMPANY LTD. | ||||
(An Israeli Corporation) | ||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||
|
Convenience | |||
December 31, | June 30, | June 30, | ||
2021 | 2022 | 2022 | ||
(Audited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
CURRENT LIABILITIES | ||||
Current maturities of notes payable and borrowings | 268 | 253 | 72 | |
Trade payables | 705 | 690 | 196 | |
Other payables and provisions | 185 | 186 | 54 | |
Current maturities of lease liabilities | 125 | 126 | 36 | |
Deferred revenues and other | 139 | 151 | 43 | |
1,422 | 1,406 | 401 | ||
NON CURRENT LIABILITIES | ||||
Notes payable | 1,224 | 1,010 | 289 | |
Borrowings from banks | 184 | 173 | 49 | |
Liability for employee rights upon retirement, net | 35 | 33 | 9 | |
Lease liabilities | 595 | 594 | 170 | |
Deferred revenues from HOT mobile | 39 | 23 | 7 | |
Non-current liabilities and provisions | 35 | 33 | 9 | |
2,112 | 1,866 | 533 | ||
TOTAL LIABILITIES | 3,534 | 3,272 | 934 | |
EQUITY | ||||
Share capital - ordinary shares of NIS 0.01 par value: authorized - December 31, 2021 and June 30, 2022 - 235,000,000 shares; issued and outstanding - | 2 | 2 | 1 | |
December 31, 2021 – *183,678,220 shares | ||||
June 30, 2022 – *184,286,996 shares | ||||
Capital surplus | 1,279 | 1,244 | 355 | |
Accumulated retained earnings | 742 | 841 | 240 | |
Treasury shares, at cost December 31, 2021 – **7,337,759 shares | (164) | (129) | (37) | |
TOTAL EQUITY | 1,859 | 1,958 | 559 | |
TOTAL LIABILITIES AND EQUITY | 5,393 | 5,230 | 1,493 | |
* Net of treasury shares. | ||||
** Including restricted shares in amount of 1,349,119 and 791,661 as of and December 31, 2021 and | ||||
PARTNER COMMUNICATIONS COMPANY LTD. | |||||||
(An Israeli Corporation) | |||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
New Israeli shekels | Convenience translation into | ||||||
6 months period ended | 3 months period ended | 6 months period | 3 months period | ||||
2021 | 2022 | 2021 | 2022 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
In millions (except per share data) | |||||||
Revenues, net | 1,673 | 1,713 | 840 | 859 | 489 | 245 | |
Cost of revenues | 1,387 | 1,321 | 696 | 656 | 377 | 187 | |
Gross profit | 286 | 392 | 144 | 203 | 112 | 58 | |
Selling and marketing expenses | 157 | 175 | 78 | 87 | 50 | 25 | |
General and administrative expenses | 86 | 75 | 44 | 39 | 21 | 11 | |
Other income, net | 15 | 15 | 8 | 8 | 4 | 2 | |
Operating profit | 58 | 157 | 30 | 85 | 45 | 24 | |
Finance income | 3 | 3 | 2 | 2 | 1 | 1 | |
Finance expenses | 38 | 42 | 18 | 23 | 12 | 7 | |
Finance costs, net | 35 | 39 | 16 | 21 | 11 | 6 | |
Profit before income tax | 23 | 118 | 14 | 64 | 34 | 18 | |
Income tax expenses | 9 | 32 | 5 | 17 | 9 | 5 | |
Profit for the period | 14 | 86 | 9 | 47 | 25 | 13 | |
Earnings per share | |||||||
Basic | 0.08 | 0.47 | 0.05 | 0.26 | 0.13 | 0.07 | |
Diluted | 0.08 | 0.46 | 0.05 | 0.26 | 0.13 | 0.07 | |
Weighted average number of shares | |||||||
Basic | 183,111 | 184,066 | 183,150 | 184,165 | 184,066 | 184,165 | |
Diluted | 183,706 | 186,602 | 183,767 | 186,554 | 186,602 | 186,554 | |
PARTNER COMMUNICATIONS COMPANY LTD. | |||||||
(An Israeli Corporation) | |||||||
INTERIM CONDENSED CONSOLIDATED STATEMENTS | |||||||
OF COMPREHENSIVE INCOME | |||||||
New Israeli shekels | Convenience translation into U.S. dollars (note 2a) | ||||||
6 months period | 3 months period | 6 months period | 3 months period | ||||
2021 | 2022 | 2021 | 2022 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
In millions | |||||||
Profit for the period | 14 | 86 | 9 | 47 | 25 | 13 | |
Other comprehensive income (loss) for the period, net of income tax | 1 | 1 | * | * | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 14 | 87 | 9 | 48 | 25 | 13 | |
* Representing an amount of less than 1 million. | |||||||
PARTNER COMMUNICATIONS COMPANY LTD. | |||||||||||||||||
(An Israeli Corporation) | |||||||||||||||||
INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION | |||||||||||||||||
New Israeli Shekels | New Israeli Shekels | ||||||||||||||||
6 months period ended June 30, 2022 | 6 months period ended June 30, 2021 | ||||||||||||||||
In millions (Unaudited) | In millions (Unaudited) | ||||||||||||||||
Cellular segment | Fixed line segment | Elimination | Consolidated | Cellular segment | Fixed line segment | Elimination | Consolidated | ||||||||||
Segment revenue - Services | 894 | 502 | 1,396 | 826 | 462 | 1,288 | |||||||||||
Inter-segment revenue - Services | 6 | 57 | (63) | 7 | 60 | (67) | |||||||||||
Segment revenue - Equipment | 277 | 40 | 317 | 317 | 68 | 385 | |||||||||||
Total revenues | 1,177 | 599 | (63) | 1,713 | 1,150 | 590 | (67) | 1,673 | |||||||||
Segment cost of revenues - Services | 595 | 470 | 1,065 | 615 | 468 | 1,083 | |||||||||||
Inter-segment cost of revenues - Services | 57 | 6 | (63) | 60 | 7 | (67) | |||||||||||
Segment cost of revenues - Equipment | 229 | 27 | 256 | 264 | 40 | 304 | |||||||||||
Cost of revenues | 881 | 503 | (63) | 1,321 | 939 | 515 | (67) | 1,387 | |||||||||
Gross profit | 296 | 96 | 392 | 211 | 75 | 286 | |||||||||||
Operating expenses (3) | 152 | 98 | 250 | 145 | 98 | 243 | |||||||||||
Other income, net | 9 | 6 | 15 | 8 | 7 | 15 | |||||||||||
Operating profit (loss) | 153 | 4 | 157 | 74 | (16) | 58 | |||||||||||
Adjustments to presentation of segment Adjusted EBITDA | |||||||||||||||||
–Depreciation and amortization | 198 | 166 | 205 | 155 | |||||||||||||
–Other (1) | 8 | 4 | 3 | 1 | |||||||||||||
Segment Adjusted EBITDA (2) | 359 | 174 | 282 | 140 | |||||||||||||
Reconciliation of segment subtotal Adjusted EBITDA to | |||||||||||||||||
Segments subtotal Adjusted EBITDA (2) | 533 | 422 | |||||||||||||||
- Depreciation and amortization | (364) | (360) | |||||||||||||||
- Finance costs, net | (39) | (35) | |||||||||||||||
- Income tax expenses | (32) | (9) | |||||||||||||||
- Other (1) | (12) | (4) | |||||||||||||||
Profit for the period | 86 | 14 | |||||||||||||||
(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 SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION | |||||||||||||||||
New Israeli Shekels | New Israeli Shekels | ||||||||||||||||
3 months period ended June 30, 2022 | 3 months period ended June 30, 2021 | ||||||||||||||||
In millions (Unaudited) | In millions (Unaudited) | ||||||||||||||||
Cellular segment | Fixed line segment | Elimination | Consolidated | Cellular segment | Fixed line segment | Elimination | Consolidated | ||||||||||
Segment revenue - Services | 454 | 252 | 706 | 417 | 232 | 649 | |||||||||||
Inter-segment revenue - Services | 3 | 27 | (30) | 3 | 30 | (33) | |||||||||||
Segment revenue - Equipment | 135 | 18 | 153 | 157 | 34 | 191 | |||||||||||
Total revenues | 592 | 297 | (30) | 859 | 577 | 296 | (33) | 840 | |||||||||
Segment cost of revenues - Services | 297 | 234 | 531 | 309 | 235 | 544 | |||||||||||
Inter-segment cost of revenues - Services | 27 | 3 | (30) | 30 | 3 | (33) | |||||||||||
Segment cost of revenues - Equipment | 113 | 12 | 125 | 132 | 20 | 152 | |||||||||||
Cost of revenues | 437 | 249 | (30) | 656 | 471 | 258 | (33) | 696 | |||||||||
Gross profit | 155 | 48 | 203 | 106 | 38 | 144 | |||||||||||
Operating expenses (3) | 78 | 48 | 126 | 74 | 48 | 122 | |||||||||||
Other income, net | 5 | 3 | 8 | 3 | 5 | 8 | |||||||||||
Operating profit (loss) | 82 | 3 | 85 | 35 | (5) | 30 | |||||||||||
Adjustments to presentation of segment Adjusted EBITDA | |||||||||||||||||
–Depreciation and amortization | 101 | 84 | 102 | 79 | |||||||||||||
–Other (1) | 4 | 2 | 2 | ||||||||||||||
Segment Adjusted EBITDA (2) | 187 | 89 | 139 | 74 | |||||||||||||
Reconciliation of segment subtotal Adjusted EBITDA | |||||||||||||||||
Segments subtotal Adjusted EBITDA (2) | 276 | 213 | |||||||||||||||
- Depreciation and amortization | (185) | (181) | |||||||||||||||
- Finance costs, net | (21) | (16) | |||||||||||||||
- Income tax expenses | (17) | (5) | |||||||||||||||
- Other (1) | (6) | (2) | |||||||||||||||
Profit for the period | 47 | 9 | |||||||||||||||
(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 | |||
| Convenience (note 2a) | ||
6 months period ended June 30, | |||
2021 | 2022 | 2022 | |
(Unaudited) | (Unaudited) | (Unaudited) | |
In millions | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Cash generated from operations (Appendix) | 388 | 501 | 144 |
Income tax paid | (1) | (1) | * |
Net cash provided by operating activities | 387 | 500 | 144 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of property and equipment | (208) | (271) | (78) |
Acquisition of intangible and other assets | (80) | (73) | (21) |
Investment in deposits, net | 50 | 278 | 79 |
Interest received | 1 | 2 | 1 |
Net cash used in investing activities | (237) | (64) | (19) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Lease principal payments | (64) | (67) | (19) |
Lease interest payments | (9) | (9) | (3) |
Interest paid | (42) | (44) | (13) |
Proceeds from issuance of notes payable, net of issuance costs | 23 | (1) | * |
Repayment of notes payable | (128) | (213) | (61) |
Repayment of non-current borrowings | (26) | (26) | (7) |
Net cash used in financing activities | (246) | (360) | (103) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (96) | 76 | 22 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 376 | 308 | 88 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 280 | 384 | 110 |
* 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 statements | ||||
| Convenience (note 2a) | |||
6 months period ended June 30, | ||||
2021 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | ||
In millions | ||||
Cash generated from operations: | ||||
Profit for the period | 14 | 86 | 25 | |
Adjustments for: | ||||
Depreciation and amortization | 345 | 349 | 100 | |
Amortization of deferred expenses - Right of use | 15 | 15 | 4 | |
Employee share based compensation expenses | 4 | 12 | 3 | |
Liability for employee rights upon retirement, net | 5 | |||
Finance costs (income), net | (2) | (1) | * | |
Lease interest payments | 9 | 9 | 3 | |
Interest paid | 42 | 44 | 13 | |
Interest received | (1) | (2) | (1) | |
Deferred income taxes | 7 | 12 | 3 | |
Income tax paid | 1 | 1 | * | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in accounts receivable: | ||||
Trade | (31) | 27 | 8 | |
Other | 15 | 36 | 10 | |
Increase (decrease) in accounts payable and accruals: | ||||
Trade | 20 | (10) | (2) | |
Other payables and provisions | 9 | (21) | (5) | |
Deferred revenues and other | (18) | (4) | (2) | |
Increase in deferred expenses - Right of use | (29) | (35) | (10) | |
Current income tax | 1 | 19 | 5 | |
Increase in inventories | (18) | (36) | (10) | |
Cash generated from operations | 388 | 501 | 144 | |
* Representing an amount of less than 1 million. | ||||
At June 30, 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 translation into | |||||
6 months period ended June 30, | 3 months period ended June 30, | 6 months period ended June 30, | 3 months period ended June 30, | ||||
2021 | 2022 | 2021 | 2022 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
In millions | |||||||
Net cash provided by operating activities | 387 | 500 | 179 | 263 | 144 | 76 | |
Net cash provided by (used in) investing activities | (237) | (64) | (19) | 162 | (19) | 46 | |
Investment in short-term deposits, net | (50) | (278) | (120) | (334) | (79) | (95) | |
Lease principal payments | (64) | (67) | (28) | (30) | (19) | (9) | |
Lease interest payments | (9) | (9) | (4) | (4) | (3) | (1) | |
Adjusted Free Cash Flow | 27 | 82 | 8 | 57 | 24 | 17 | |
Interest paid | (42) | (44) | (41) | (43) | (13) | (13) | |
Adjusted Free Cash Flow After Interest | (15) | 38 | (33) | 14 | 11 | 4 | |
Total Operating Expenses (OPEX) |
New Israeli Shekels | Convenience translation into | |||||
6 months period ended June 30, | 3 months period ended June 30, | 6 months period ended June 30, | 3 months period ended June 30, | ||||
2021 | 2022 | 2021 | 2022 | 2022 | 2022 | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||
In millions | |||||||
Cost of revenues - Services | 1,083 | 1,065 | 544 | 531 | 304 | 152 | |
Selling and marketing expenses | 157 | 175 | 78 | 87 | 50 | 25 | |
General and administrative expenses | 86 | 75 | 44 | 39 | 21 | 11 | |
Depreciation and amortization | (360) | (364) | (181) | (185) | (104) | (53) | |
Other (1) | (1) | (5) | * | (3) | (1) | (1) | |
OPEX | 965 | 946 | 485 | 469 | 270 | 134 | |
* 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 | Q2' 22 | 2020 | 2021 | |
Cellular Segment Service Revenues | 423 | 409 | 415 | 416 | 413 | 420 | 435 | 431 | 443 | 457 | 1,663 | 1,699 | |
Cellular Segment Equipment Revenues | 146 | 130 | 134 | 135 | 160 | 157 | 136 | 149 | 142 | 135 | 545 | 602 | |
Fixed-Line Segment Service Revenues | 245 | 244 | 252 | 252 | 260 | 262 | 270 | 274 | 280 | 279 | 993 | 1,066 | |
Fixed-Line Segment Equipment Revenues | 32 | 28 | 35 | 41 | 34 | 34 | 29 | 29 | 22 | 18 | 136 | 126 | |
Reconciliation for consolidation | (39) | (37) | (36) | (36) | (34) | (33) | (33) | (30) | (33) | (30) | (148) | (130) | |
Total Revenues | 807 | 774 | 800 | 808 | 833 | 840 | 837 | 853 | 854 | 859 | 3,189 | 3,363 | |
Gross Profit from Equipment Sales | 37 | 30 | 38 | 40 | 42 | 39 | 37 | 34 | 33 | 28 | 145 | 152 | |
Operating Profit | 36 | 20 | 20 | 20 | 28 | 30 | 49 | 56 | 72 | 85 | 96 | 163 | |
Cellular Segment Adjusted EBITDA | 132 | 129 | 134 | 138 | 143 | 139 | 172 | 162 | 172 | 187 | 533 | 616 | |
Fixed-Line Segment Adjusted EBITDA | 83 | 71 | 70 | 65 | 66 | 74 | 78 | 88 | 85 | 89 | 289 | 306 | |
Total Adjusted EBITDA | 215 | 200 | 204 | 203 | 209 | 213 | 250 | 250 | 257 | 276 | 822 | 922 | |
Adjusted EBITDA Margin (%) | 27 % | 26 % | 26 % | 25 % | 25 % | 25 % | 30 % | 29 % | 30 % | 32 % | 26 % | 27 % | |
OPEX | 460 | 456 | 475 | 480 | 481 | 485 | 467 | 469 | 476 | 469 | 1,871 | 1,901 | |
Finance costs, net | 19 | 13 | 24 | 13 | 19 | 16 | 15 | 14 | 18 | 21 | 69 | 64 | |
Profit (Loss) | 10 | 7 | (5) | 5 | 5 | 9 | 24 | 77 | 39 | 47 | 17 | 115 | |
Capital Expenditures (cash) | 151 | 119 | 147 | 156 | 149 | 139 | 172 | 212 | 170 | 174 | 573 | 672 | |
Capital Expenditures (additions) | 129 | 121 | 179 | 166 | 142 | 182 | 112 | 244 | 166 | 174 | 595 | 680 | |
Adjusted Free Cash Flow | 10 | 44 | 21 | (3) | 19 | 8 | 9 | (79) | 25 | 57 | 72 | (43) | |
Adjusted Free Cash Flow (after interest) | 8 | 13 | 12 | (10) | 18 | (33) | 8 | (84) | 24 | 14 | 23 | (91) | |
Net Debt | 673 | 658 | 646 | 657 | 639 | 670 | 662 | 744 | 720 | 706 | 657 | 744 | |
Cellular Subscriber Base (Thousands) | 2,676 | 2,708 | 2,762 | 2,836 | 2,903 | 2,970 | 3,019 | 3,023 | 3,063 | 3,095 | 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 | 2,733 | 2,495 | 2,671 | |
Pre-Paid Subscriber Base (Thousands) | 296 | 304 | 325 | 341 | 355 | 355 | 355 | 352 | 355 | 362 | 341 | 352 | |
Cellular ARPU (NIS) | 53 | 51 | 51 | 49 | 48 | 48 | 48 | 48 | 48 | 49 | 51 | 48 | |
Cellular Churn Rate (%) | 7.5 % | 7.5 % | 7.3 % | 7.2 % | 6.8 % | 7.2 % | 6.4 % | 7.9 % | 7.0 % | 6.7 % | 30 % | 28 % | |
Infrastructure-Based Internet Subscribers (Thousands) | 281 | 295 | 311 | 329 | 339 | 354 | 365 | 374 | 387 | 395 | 329 | 374 | |
Fiber-Optic Subscribers (Thousands) | 87 | 101 | 120 | 139 | 155 | 173 | 192 | 212 | 233 | 250 | 139 | 212 | |
Homes connected to fiber-optic infrastructure (Thousands) | 361 | 396 | 432 | 465 | 514 | 571 | 624 | 700 | 770 | 837 | 465 | 700 | |
TV Subscriber Base (Thousands) | 200 | 215 | 224 | 232 | 234 | 223** | 226 | 226 | 225 | 224 | 232 | 226** | |
Number of Employees (FTE) | 1,867 | 2,745 | 2,731 | 2,655 | 2,708 | 2,628 | 2,627 | 2,574 | 2,536 | 2,588 | 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 June 30, 2022
Information regarding the notes series issued by the Company, in million NIS
Series | Original | Principal on | As of 30.06.2022 | Annual interest | Principal repayment | Interest repayment | Interest | Trustee contact details | ||||
Principal | Linked principal | Interest accumulated | Market | From | To | Principal book value | ||||||
F (2) | 20.07.17 12.12.17* 04.12.18* 01.12.19* | 255 389 150 226.75 | 256 | 256 | ** | 255 | 2.16 % | 25.06.20 | 25.06.24 | 25.06, 25.12 | Not Linked | Hermetic Trust (1975) Ltd. Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553. |
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 | 766 | 766 | ** | 785 | 4 % | 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 | ** | 181 | 2.08 % | 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 June 30, 2022, the ratio of Net Debt to Adjusted EBITDA was 0.7. 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. ** Representing an amount of less than NIS 1 million.
Disclosure for Notes holders as of June 30, 2022 (cont.)
Notes Rating Details*
Series | Rating Company | Rating as of | Rating assigned upon | Recent date of rating as of | Additional ratings between the original issuance date and the recent date of rating (2) | |
Date | Rating | |||||
F | S&P Maalot | ilA+ | ilA+ | 08/2022 | 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, 08/2022 | ilA+, 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+ | 08/2022 | 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, 08/2022 | ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+, ilA+ |
H | S&P Maalot | ilA+ | ilA+ | 08/2022 | 12/2021, 08/2022 | ilA+, ilA+ |
(1) In August 2022, 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 7, 2022.
* 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 June 30, 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 | - | - | - | 40,282 |
Second year | - | 212,985 | - | - | - | 34,191 |
Third year | - | 124,765 | - | - | - | 27,950 |
Fourth year | - | 190,008 | - | - | - | 23,722 |
Fifth year and on | - | 479,219 | - | - | - | 22,692 |
Total | - | 1,219,962 | - | - | - | 148,837 |
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 | - | 37,426 | - | - | - | 4,880 |
Second year | - | 22,760 | - | - | - | 4,187 |
Third year | - | 30,000 | - | - | - | 3,820 |
Fourth year | - | 15,000 | - | - | - | 3,060 |
Fifth year and on | - | 105,000 | - | - | - | 8,416 |
Total | - | 210,186 | - | - | - | 24,363 |
Summary of Financial Undertakings (according to repayment dates) as of June 30, 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 | - | 250,411 | - | - | - | 45,162 |
Second year | - | 235,745 | - | - | - | 38,378 |
Third year | - | 154,765 | - | - | - | 31,770 |
Fourth year | - | 205,008 | - | - | - | 26,782 |
Fifth year and on | - | 584,219 | - | - | - | 31,108 |
Total | - | 1,430,148 | - | - | - | 173,200 |
f. Off-balance sheet credit exposure based on the Company's "Solo" financial data– As of June 30, 2022, the Company provided financial guarantees in a total amount of NIS 85 million.
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
- The quarterly financial results are unaudited.
- For the definition of this and other Non-GAAP financial measures, see "Use of Non-GAAP Financial Measures" in this press release.
View original content:https://www.prnewswire.com/news-releases/partner-communications-reports-second-quarter-2022-results1-301604088.html
SOURCE Partner Communications Company Ltd.
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