Index
Bezeq Facts & Figures Q3 2020 - After Restatement
Three and nine months ending September 30, 2020
Index of contents
- Financials (Group, Fixed-Line and Key Subsidiaries)
- Fixed-Line Cash Flow Guidance
- Key Performance Indicators (KPIs)
- Debt Terms and Repayments
- Glossary
- Dividends
For further information:
Bezeq Investor Relations
Phone +9722 539 5441
ir@bezeq.co.il
https://ir.bezeq.co.il
The data in this metrics file contains partial information from the public reports of Bezeq under the Israeli Securities Law for which the Hebrew reports can be accessed at the Israeli Securities Authority's website. The metrics file is a not a substitute for a review of the detailed reports of Bezeq.
mailto:ir@bezeq.co.ilhttps://ir.bezeq.co.il/
Group P&L
FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2017 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Group
Key Income Statement Metrics
Revenues 9,789 9,321 2,256 2,224 2,247 2,202 8,929 2,187 2,155 2,178
QoQ Change -1.4% 1.0% -2.0% -0.7% -1.5% 1.1%
YoY Change -4.8% -4.2% -3.1% -3.1% -3.1%
Depreciation, amortization & impairment 1,715 2,189 466 478 481 487 1,912 451 459 464
QoQ Change 2.6% 0.6% 1.2% -7.4% 1.8% 1.1%
YoY Change 27.6% -12.7% -3.2% -4.0% -3.5%
Salaries 2,005 1,992 492 489 474 478 1,933 479 444 474
QoQ Change -0.6% -3.1% 0.8% 0.2% -7.3% 6.8%
YoY Change -0.6% -3.0% -2.6% -9.2% 0.0%
Other operating expenses (income), net (19) 634 (25) (414) 39 179 (221) (3) (19) (7)
Loss from impairment of assets 87 1,675 - 0 951 - 0 196 1,147 - 0 - 0 268
Operating profit (loss) 2,098 (582) 504 (102) 440 8 850 459 511 189
QoQ Change N/M N/M -98.2% 5637.5% 11.3% -63.0%
YoY Change N/M N/M -8.9% N/M -57.0%
Finance expenses (income), net 417 435 99 136 205 109 549 34 159 80
QoQ Change 37.4% 50.7% -46.8% -68.8% 367.6% -49.7%
YoY Change 4.3% 26.2% -65.7% 16.9% -61.0%
Income taxes 453 72 110 1,340 56 (13) 1,493 98 83 83
QoQ Change 1118.2% -95.8% -123.2% -853.8% -15.3% 0.0%
YoY Change -84.1% 1973.6% -10.9% -93.8% 48.2%
Net profit (loss) - reported 1,223 (1,092) 295 (1,579) 177 (87) (1,194) 327 269 26
QoQ Change N/M N/M N/M 32700.0% -17.7% -90.3%
YoY Change N/M 9.3% 10.8% N/M -85.3%
ADJUSTED NET PROFIT 1,296 961 286 217 207 203 913 325 252 289
EBITDA, reported 3,813 1,607 970 376 921 495 2,762 910 970 653
QoQ Change -61.2% 144.9% -46.3% 83.8% 6.6% -32.7%
YoY Change -57.9% 71.9% -6.2% 158.0% -29.1%
ADJUSTED EBITDA 3,881 3,916 945 913 960 870 3,688 907 951 914
QoQ Change -3.4% 5.1% -9.4% 4.3% 4.9% -3.9%
YoY Change 0.9% -5.8% -4.0% 4.2% -4.8%
Earnings Per Share - Diluted (NIS) 0.45 (0.39) 0.11 (0.57) 0.06 (0.03) (0.43) 0.12 0.10 0.01
Shares Outstanding - Diluted 2,765 2,765 2,765 2,765 2,765 2,765 2,765 2,765 2,765 2,765
Operating & General Expenses
Total operating & general expenses 3,903 3,413 819 822 813 854 3,308 801 760 790
QoQ Change 0.4% -1.1% 5.0% -6.2% -5.1% 3.9%
YoY Change -12.6% -3.1% -2.2% -7.5% -2.8%
Terminal equipment & materials 867 771 191 181 202 232 806 188 176 189
QoQ Change -5.2% 11.6% 14.9% -19.0% -6.4% 7.4%
YoY Change -11.1% 4.5% -1.6% -2.8% -6.4%
Interconnect & payments to telecom operators 805 789 189 194 193 181 757 185 201 199
QoQ Change 2.6% -0.5% -6.2% 2.2% 8.6% -1.0%
YoY Change -2.0% -4.1% -2.1% 3.6% 3.1%
Maintenance of buildings and sites 584 286 68 65 70 68 271 65 46 68
QoQ Change -4.4% 7.7% -2.9% -4.4% -29.2% 47.8%
YoY Change -51.0% -5.2% -4.4% -29.2% -2.9%
Marketing & general 595 555 123 118 120 128 489 117 114 117
QoQ Change -4.1% 1.7% 6.7% -8.6% -2.6% 2.6%
YoY Change -6.7% -11.9% -4.9% -3.4% -2.5%
Services and maintenance by sub-contractors 260 277 70 68 63 69 270 68 71 68
QoQ Change -2.9% -7.4% 9.5% -1.4% 4.4% -4.2%
YoY Change 6.5% -2.5% -2.9% 4.4% 7.9%
Vehicle maintenance 156 82 18 20 16 17 71 14 9 14
QoQ Change 11.1% -20.0% 6.3% -17.6% -35.7% 55.6%
YoY Change -47.4% -13.4% -22.2% -55.0% -12.5%
Content 636 653 160 176 149 159 644 164 143 135
QoQ Change 10.0% -15.3% 6.7% 3.1% -12.8% -5.6%
YoY Change 2.7% -1.4% 2.5% -18.8% -9.4%
Ratios
Net margin 12.5% -11.7% 13.1% -71.0% 7.9% -4.0% -13.4% 15.0% 12.5% 1.2%
EBITDA margin 39.0% 17.2% 43.0% 16.9% 41.0% 22.5% 30.9% 41.6% 45.0% 30.0%
Capex/Sales 15.6% 18.5% 16.5% 23.6% 14.6% 14.7% 17.4% 15.5% 16.3% 20.3%

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&12Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Key financial metrics

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&P of &N Group financial metrics

Group CF
FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2017 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Group
Key Cash Flow Metrics
Operating cash flow 3,525 3,512 765 624 787 748 2,924 879 561 830
QoQ Change -18.4% 26.1% -5.0% 17.5% -36.2% 48.0%
YoY Change -0.4% -16.7% 14.9% -10.1% 5.5%
Capital expenditures, gross (cash flow) 1,530 1,727 373 525 329 324 1,551 338 351 442
QoQ Change 40.8% -37.3% -1.5% 4.3% 3.8% 25.9%
YoY Change 12.9% -10.2% -9.4% -33.1% 34.3%
Proceeds from sale of assets 98 235 41 341 15 12 409 8 20 3
QoQ Change 731.7% -95.6% -20.0% -33.3% 150.0% -85.0%
YoY Change 139.8% 74.0% -80.5% -94.1% -80.0%
Capital expenditures, net 1,432 1,492 332 184 314 312 1,142 330 331 439
QoQ Change -44.6% 70.7% -0.6% 5.8% 0.3% 32.6%
YoY Change 4.2% -23.5% -0.6% 79.9% 39.8%
Lease payments (IFRS 16) 422 117 90 115 92 414 113 86 106
Free cash flow 2,093 1,598 316 350 358 344 1,368 436 144 285
QoQ Change 10.8% 2.3% -3.9% 26.7% -67.0% 97.9%
YoY Change -23.7% -14.4% 38.0% -58.9% -20.4%
Working Capital
Change in trade & other receivables 206 269 (18) 45 20 56 103 (44) - 0 26
Change in inventory (35) (5) (9) - 0 4 (14) (19) (17) (3) 10
Change in trade & other payables 9 (132) 6 (176) 50 43 (77) 98 (223) 34
Change in provisions 15 81 (30) 3 (5) (17) (49) - 0 (3) (8)
Change in employee benefits (33) 489 (46) (52) (58) 106 (50) (88) (78) (66)
Change in other liabilities (34) - 0 (12) 6 (11) 9 (8) (7) - 0 (5)
Total changes in assets and liabilities 128 702 (109) (174) 0 183 (100) (58) (307) (9)
Income tax paid, net 446 467 49 104 89 83 325 - 0 86 78
Interest paid 415 421 5 185 21 181 392 5 154 5
Funds From Operations (FFO) 3,397 2,810 757 708 672 887 3,024 824 782 733

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Group financial metrics

Group BS
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Group
Balance Sheet
Cash & cash equivalents 890 1,265 971 639 400 400 927 708 897
Investments 1,404 1,347 1,944 1,750 1,195 1,195 1,114 1,221 1,306
Trade receivables 1,775 1,752 1,737 1,727 1,677 1,677 1,674 1,698 1,692
Other receivables 284 298 308 341 342 342 357 340 332
Eurocom DBS Ltd., related party - - - - - - - - -
Inventory 97 102 100 94 96 96 109 110 96
Assets held for sale - - - - 43 43 45 46 46
Total current assets 4,450 4,764 5,060 4,551 3,753 3,753 4,226 4,123 4,369
Trade and other receivables 470 511 535 442 477 477 476 454 525
Broadcasting rights 60 69 59 63 59 59 65 65 67
Right-of-use assets 1,504 1,444 1,394 1,361 1,308 1,308 1,394 1,329 1,276
Fixed assets 6,214 6,215 6,245 6,217 6,039 6,039 6,072 6,076 6,069
Intangible assets 1,919 1,923 977 968 916 916 916 935 952
Deferred tax assets 1,205 1,193 12 18 81 81 61 57 53
Deferred expenses and non-current investments 468 472 474 477 358 358 364 361 233
Investment property 58 58 - - - - - - -
Total non-current assets 11,898 11,885 9,696 9,546 9,238 9,238 9,348 9,277 9,175
Total assets 16,348 16,649 14,756 14,097 12,991 12,991 13,574 13,400 13,544
Debentures, loans and borrowings 1,542 1,538 1,625 1,126 1,007 1,007 1,002 955 957
Lease liability 445 422 434 427 416 416 415 399 387
Trade and other payables 1,855 2,010 1,600 1,681 1,614 1,614 1,834 1,580 1,669
Current tax liabilities - 10 20 15 - - 51 46 46
Liability to Eurocom DBS Ltd. - - - - - - - 0 - -
Employee benefits 581 500 443 365 654 654 587 486 441
Provisions 175 145 148 143 125 125 125 122 113
Dividend payable - - - - - - - 0 - -
Total current liabilities 4,598 4,625 4,270 3,757 3,816 3,816 4,014 3,588 3,613
Loans and debentures 9,637 9,618 9,709 9,393 8,551 8,551 8,535 8,517 8,507
Lease liability 1,106 1,061 1,022 989 969 969 1,049 1,017 971
Employee benefits 445 482 487 539 356 356 314 344 334
Derivative and other liabilities 174 168 163 178 139 139 163 176 342
Deferred tax liabilities 56 54 53 50 43 43 46 46 48
Provisions 38 39 39 39 49 49 50 50 54
Total non-current liabilities 11,456 11,422 11,473 11,188 10,107 10,107 10,157 10,150 10,256
Total equity 294 602 (987) (848) (932) (932) (597) (338) (325)
Gross debt 11,179 11,156 11,334 10,519 9,558 9,558 9,537 9,472 9,464
Cash and short-term investments 2,294 2,612 2,915 2,389 1,595 1,595 2,041 1,929 2,203
Net debt 8,885 8,544 8,419 8,130 7,963 7,963 7,496 7,543 7,261
Net debt / Adjusted EBITDA (ttm) 2.5 2.4 2.4 2.3 2.3 2.2

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Group financial metrics

Group-Adj #s
FY FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2017 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Group
Adjusted EBITDA Calculation
EBITDA reported 3,813 1,607 970 376 921 495 2,762 910 970 653
Other operating expenses (income), net (19) 634 (25) (414) 39 179 (221) (3) (19) (7)
Loss from impairment of assets 87 1,675 - 0 951 - 0 196 1,147 - 0 - 0 268
ADJUSTED EBITDA 3,881 3,916 945 913 960 870 3,688 907 951 914
Adjusted Net Profit Calculation
NET PROFIT reported 1,223 (1,092) 295 (1,579) 177 (87) (1,194) 327 269 26
Other operating expenses (income), after tax (14) 492 (9) (321) 30 139 (161) (2) (17) (5)
Loss from impairment of assets (yes and Walla) 87 1,561 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Loss from impairment of Pelephone assets - 0 - 0 - 0 951 - 0 - 0 951 - 0 - 0 - 0
Loss from impairment of Bezeq International assets - 0 - 0 - 0 - 0 - 0 151 151 - 0 - 0 282
Profit from increase in value of Walla assets - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (14)
Tax asset write-off - 0 - 0 - 0 1,166 - 0 - 0 1,166 - 0 - 0 - 0
ADJUSTED NET PROFIT 1,296 961 286 217 207 203 913 325 252 289

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Group financial metrics

Group-Other
2018 2018
Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
NIS Millions 2013 2013 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Group
Other Operating Expenses (Income), Net
Profit from increase to controlling stake in yes - - - - - - - (12) - - - (12) - - - - - - - - - - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Profit from the sale of shares in Coral Tel Ltd. - - - (582) - - (582) - - - - - - - - - - - - - - - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Profit from the sale of affiliate - - - - - - - - - - - - - 0 - 0 - 0 - 0 (14) (14) - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Profit from the sale of property, plant and equipment (mainly real estate) (29) (120) (12) (102) (27) (26) (167) (11) (148) (13) (62) (234) (11) (29) (22) (45) (107) (6) (14) (45) (1) (66) (1) (5) (1) 6 (1) (44) (417) (11) (36) (508) (9) 4 (6)
Proft from copper sales (7) (47) (5) (2) (1) - (8) - - - - - - - - - - - - - - - 0 - 0 - 0 - 0 - 0 - 0 - - - - - 0 - 0 - 0 - 0
Provision (cancellation)-contingent liabilities, net 2 - - - (5) (18) (23) 6 6 - 22 34 - - - - - - - - 0 - 0 - 0 - 0 - 0 - 0 - - - - - 0 - 0 - 0 - 0
Provision (cancellation) for early retirement agreement - Bezeq Fixed-Line 53 90 8 117 8 43 176 - 1 - 116 117 1 14 3 78 96 - 12 3 8 23 12 81 6 448 547 (25) 1 3 130 109 5 (5) - 0
Provision (cancellation) for collective agreements at Pelephone, Bezeq International and yes 61 61 - - - 18 18 - - - - - - - - - - - - - - 3 - 0 2 6 4 12 45 - 45 77 167 - 0 (5) - 0
Loss from the discontinuation of a software development project 1 1 - - - - - - - - - - - - - - - - - - - - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Proceeds from settlement agreements - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0 (9) - 0
Other (mainly legal claims) - - 1 1 - (2) - - - - - - 15 3 (7) - 11 2 1 19 (1) 21 12 8 1 69 90 (1) 2 2 8 11 1 (4) (1)
Total other operating expenses (income), net 81 (15) (8) (568) (25) 15 (586) (17) (141) (13) 76 (95) 5 (12) (26) 33 0 (4) (1) (23) 6 (19) 23 86 12 513 634 (25) (414) 39 179 (221) (3) (19) (7)
-0.11
59
-260
26.40%

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Other expenses (income), net

Fixed-Line
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Fixed-Line
Key Income Statement Metrics (Revenues)
Total Revenues 4,383 1,078 1,058 1,061 1,047 4,244 1,063 1,064 1,043 1,026 4,196 1,043 1,020 1,025 985 4,073 1,018 1,044 1,042
QoQ Change -1.9% 0.3% -1.3% 1.5% 0.1% -2.0% -1.6% 1.7% -2.2% 0.5% -3.9% 3.4% 2.6% -0.2%
YoY Change -3.2% -1.4% 0.6% -1.7% -2.0% -1.1% -1.9% -4.1% -1.7% -4.0% -2.9% -2.4% 2.4% 1.7%
Broadband Internet 1,500 382 381 386 395 1,544 396 403 401 396 1,596 397 396 393 392 1,578 395 402 408
QoQ Change -0.3% 1.3% 2.3% 0.3% 1.8% -0.5% -1.2% 0.3% -0.3% -0.8% -0.3% 0.8% 1.8% 1.5%
YoY Change 2.9% 3.7% 5.8% 3.9% 0.3% 3.4% 0.3% -1.7% -2.0% -1.0% -1.1% -0.5% 1.5% 3.8%
Telephony 1,392 334 320 318 309 1,281 302 291 282 281 1,156 269 264 259 247 1,039 248 258 254
QoQ Change -4.2% -0.6% -2.8% -2.3% -3.6% -3.1% -0.4% -4.3% -1.9% -1.9% -4.6% 0.4% 4.0% -1.6%
YoY Change -8.0% -9.6% -9.1% -11.3% -9.1% -9.8% -10.9% -9.3% -8.2% -12.1% -10.1% -7.8% -2.3% -1.9%
Transmission & data 1,069 250 244 244 237 975 247 244 243 243 977 246 238 245 219 948 244 251 250
QoQ Change -2.4% 0.0% -2.9% 4.2% -1.2% -0.4% 0.0% 1.2% -3.3% 2.9% -10.6% 11.4% 2.9% -0.4%
YoY Change -8.8% -1.2% 0.0% -0.4% 2.5% 0.2% -0.4% -2.5% 0.8% -9.9% -3.0% -0.8% 5.5% 2.0%
Cloud & digital services 203 56 57 57 60 230 62 66 69 63 260 71 68 69 66 274 72 70 71
QoQ Change 1.8% 0.0% 5.3% 3.3% 6.5% 4.5% -8.7% 12.7% -4.2% 1.5% -4.3% 9.1% -2.8% 1.4%
YoY Change 13.3% 10.7% 15.8% 21.1% 5.0% 13.0% 14.5% 3.0% 0.0% 4.8% 5.4% 1.4% 2.9% 2.9%
Other 219 56 56 56 46 214 56 60 48 43 207 60 54 59 61 234 59 63 59
QoQ Change 0.0% 0.0% -17.9% 21.7% 7.1% -20.0% -10.4% 39.5% -10.0% 9.3% 3.4% -3.3% 6.8% -6.3%
YoY Change -2.3% 0.0% 7.1% -14.3% -6.5% -3.3% 7.1% -10.0% 22.9% 41.9% 13.0% -1.7% 16.7% 0.0%
Revenues from Residential Customers 2,329 N/A N/A N/A N/A 2,232 N/A N/A N/A N/A 2,101 N/A N/A N/A N/A 2,029 N/A N/A N/A
% of total revenues 53.1% 52.6% 50.1% 49.8%
Revenues from Business Customers 2,054 N/A N/A N/A N/A 2,012 N/A N/A N/A N/A 2,095 N/A N/A N/A N/A 2,044 N/A N/A N/A
% of total revenues 46.9% 47.4% 49.9% 50.2%
Key Income Statement Metrics
Depreciation & amortization 717 180 177 186 185 728 204 211 218 217 850 207 204 225 225 861 212 218 222
QoQ Change -1.7% 5.1% -0.5% 10.3% 3.4% 3.3% -0.5% -4.6% -1.4% 10.3% 0.0% -5.8% 2.8% 1.8%
YoY Change 1.5% 13.3% 19.2% 17.2% 17.3% 16.8% 1.5% -3.3% 3.2% 3.7% 1.3% 2.4% 6.9% -1.3%
Salaries 898 224 220 224 223 891 228 232 233 219 912 233 231 224 223 911 229 224 225
QoQ Change -1.8% 1.8% -0.4% 2.2% 1.8% 0.4% -6.0% 6.4% -0.9% -3.0% -0.4% 2.7% -2.2% 0.4%
YoY Change -0.8% 1.8% 5.5% 4.0% -1.8% 2.4% 2.2% -0.4% -3.9% 1.8% -0.1% -1.7% -3.0% 0.4%
Other operating expenses (income), net (13) (4) (1) (24) 6 (23) 18 89 (2) 509 614 (69) (423) (8) 94 (406) (4) (2) (5)
Operating profit (loss) 2,076 513 496 492 470 1,971 473 387 451 (87) 1,224 531 875 440 296 2,142 439 464 446
QoQ Change -3.3% -0.8% -4.5% 0.6% -18.2% 16.5% N/M N/M 64.8% -49.7% -32.7% 48.3% 5.7% -3.9%
YoY Change -5.1% -7.8% -22.0% -8.3% N/M -37.9% 12.3% 126.1% -2.4% N/M 75.0% -17.3% -47.0% 1.4%
Finance expenses (income), net 445 92 82 107 122 403 121 119 113 117 470 106 141 207 115 569 49 163 91
QoQ Change -10.9% 30.5% 14.0% -0.8% -1.7% -5.0% 3.5% -9.4% 33.0% 46.8% -44.4% -57.4% 232.7% -44.2%
YoY Change -9.4% 31.5% 45.1% 5.6% -4.1% 16.6% -12.4% 18.5% 83.2% -1.7% 21.1% -53.8% 15.6% -56.0%
Income taxes 399 102 97 109 88 396 89 66 81 (49) 187 104 172 58 47 381 95 72 55
QoQ Change -4.9% 12.4% -19.3% 1.1% -25.8% 22.7% N/M N/M 65.4% -66.3% -19.0% 102.1% -24.2% -23.6%
YoY Change -0.8% -12.7% -32.0% -25.7% N/M -52.8% 16.9% 160.6% -28.4% N/M 103.7% -8.7% -58.1% -5.2%
Net profit (loss) - reported 1,232 319 317 276 260 1,172 263 202 257 (155) 567 321 562 175 134 1,192 295 229 300
QoQ Change -0.6% -12.9% -5.8% 1.2% -23.2% 27.2% N/M N/M 75.1% -68.9% -23.4% 120.1% -22.4% 31.0%
YoY Change -4.9% -17.6% -36.3% -6.9% N/M -51.6% 22.1% 178.2% -31.9% N/M 110.2% -8.1% -59.3% 71.4%
ADJUSTED NET PROFIT (LOSS) (excluding other operating income/expenses) 1,222 316 316 258 265 1,155 277 271 255 237 1,040 268 236 169 206 879 292 227 296
EBITDA, reported 2,793 693 673 678 655 2,699 677 598 669 130 2,074 738 1,079 665 521 3,003 651 682 668
QoQ Change -2.9% 0.7% -3.4% 3.4% -11.7% 11.9% -80.6% 467.7% 46.2% -38.4% -21.7% 25.0% 4.8% -2.1%
YoY Change -3.4% -2.3% -11.1% -1.3% -80.2% -23.2% 9.0% 80.4% -0.6% 300.8% 44.8% -11.8% -36.8% 0.5%
ADJUSTED EBITDA (excluding other operating income/expenses) 2,780 689 672 654 661 2,676 695 687 667 639 2,688 669 656 657 615 2,597 647 680 663
QoQ Change -2.5% -2.7% 1.1% 5.1% -1.2% -2.9% -4.2% 4.7% -1.9% 0.2% -6.4% 5.2% 5.1% -2.5%
YoY Change -3.7% 0.9% 2.2% 2.0% -3.3% 0.4% -3.7% -4.5% -1.5% -3.8% -3.4% -3.3% 3.7% 0.9%
Key Cash Flow Metrics
Operating cash flow 2,064 600 465 573 587 2,225 516 507 583 600 2,206 471 416 484 476 1,847 611 334 561
QoQ Change -22.5% 23.2% 2.4% -12.1% -1.7% 15.0% 2.9% -21.5% -11.7% 16.3% -1.7% 28.4% -45.3% 68.0%
YoY Change 7.8% -14.0% 9.0% 1.7% 2.2% -0.9% -8.7% -17.9% -17.0% -20.7% -16.3% 29.7% -19.7% 15.9%
Capital expenditures, gross (cash flow) 834 210 219 170 226 825 205 313 233 225 976 210 333 145 193 881 200 201 272
QoQ Change 4.3% -22.4% 32.9% -9.3% 52.7% -25.6% -3.4% -6.7% 58.6% -56.5% 33.1% 3.6% 0.5% 35.3%
YoY Change -1.1% -2.4% 42.9% 37.1% -0.4% 18.3% 2.4% 6.4% -37.8% -14.2% -9.7% -4.8% -39.6% 87.6%
Proceeds from sale of assets 132 10 16 46 22 94 7 (58) 8 270 227 39 340 14 14 407 7 19 1
Capital expenditures, net 702 200 203 124 204 731 198 371 225 (45) 749 171 (7) 131 179 474 193 182 271
QoQ Change 1.5% -38.9% 64.5% -2.9% 87.4% -39.4% N/M N/M -104.1% -1971.4% 36.6% 7.8% -5.7% 48.9%
YoY Change 4.1% -1.0% 82.8% 81.5% N/M 2.5% -13.6% -101.9% -41.8% N/M -36.7% 12.9% N/M N/M
Lease payments (IFRS 16) 33 29 28 9 99 34 27 25 28 114 32 26 26
Free cash flow 1,362 400 262 449 383 1,494 285 107 330 636 1,358 266 396 328 269 1,259 386 126 264
QoQ Change -34.5% 71.4% -14.7% -25.6% -62.5% 208.4% 92.7% -58.2% 48.9% -17.2% -18.0% 43.5% -67.4% 109.5%
YoY Change 9.7% -28.8% -59.2% -26.5% 66.1% -9.1% -6.7% 270.1% -0.6% -57.7% -7.3% 45.1% -68.2% -19.5%
Ratios
Net margin 28.1% 29.6% 30.0% 26.0% 24.8% 27.6% 24.7% 19.0% 24.6% -15.1% 13.5% 30.8% 55.1% 17.1% 13.6% 29.3% 29.0% 21.9% 28.8%
EBITDA margin 63.7% 64.3% 63.6% 63.9% 62.6% 63.6% 63.7% 56.2% 64.1% 12.7% 49.4% 70.8% 105.8% 64.9% 52.9% 73.7% 63.9% 65.3% 64.1%
Capex/Sales 19.0% 19.5% 20.7% 16.0% 21.6% 19.4% 19.3% 29.4% 22.3% 21.9% 23.3% 20.1% 32.6% 14.1% 19.6% 21.6% 19.6% 19.3% 26.1%
Bezeq Fixed-Line (cont'd)
Operating & general expenses
Total operating & general expenses 705 165 166 183 163 677 140 145 143 168 596 141 133 144 147 565 142 140 154
QoQ Change 0.6% 10.2% -10.9% -14.1% 3.6% -1.4% 17.5% -16.1% -5.7% 8.3% 2.1% -3.4% -1.4% 10.0%
YoY Change -4.0% -15.2% -12.7% -21.9% 3.1% -12.0% 0.7% -8.3% 0.7% -12.5% -5.2% 0.7% 5.3% 6.9%
Maintenance of buildings and sites 189 47 45 49 44 185 34 31 38 40 143 33 30 35 34 132 30 21 32
QoQ Change -4.3% 8.9% -10.2% -22.7% -8.8% 22.6% 5.3% -17.5% -9.1% 16.7% -2.9% -11.8% -30.0% 52.4%
YoY Change -2.1% -27.7% -31.1% -22.4% -9.1% -22.7% -2.9% -3.2% -7.9% -15.0% -7.7% -9.1% -30.0% -8.6%
Interconnect & payments to telecom operators 130 31 29 31 27 118 28 27 25 28 108 25 24 25 23 97 25 30 30
QoQ Change -6.5% 6.9% -12.9% 3.7% -3.6% -7.4% 12.0% -10.7% -4.0% 4.2% -8.0% 8.7% 20.0% 0.0%
YoY Change -9.2% -9.7% -6.9% -19.4% 3.7% -8.5% -10.7% -11.1% 0.0% -17.9% -10.2% 0.0% 25.0% 20.0%
Marketing & general 195 42 44 54 48 188 40 49 42 52 183 39 34 37 36 146 39 41 41
QoQ Change 4.8% 22.7% -11.1% -16.7% 22.5% -14.3% 23.8% -25.0% -12.8% 8.8% -2.7% 8.3% 5.1% 0.0%
YoY Change -3.6% -4.8% 11.4% -22.2% 8.3% -2.7% -2.5% -30.6% -11.9% -30.8% -20.2% 0.0% 20.6% 10.8%
Terminal equipment & materials 47 10 12 12 10 44 11 10 9 12 42 18 17 17 21 73 20 20 19
QoQ Change 20.0% 0.0% -16.7% 10.0% -9.1% -10.0% 33.3% 50.0% -5.6% 0.0% 23.5% -4.8% 0.0% -5.0%
YoY Change -6.4% 10.0% -16.7% -25.0% 20.0% -4.5% 63.6% 70.0% 88.9% 75.0% 73.8% 11.1% 17.6% 11.8%
Services and maintenance by sub-contractors 72 17 19 19 18 73 20 20 20 23 83 18 19 21 24 82 21 22 24
QoQ Change 11.8% 0.0% -5.3% 11.1% 0.0% 0.0% 15.0% -21.7% 5.6% 10.5% 14.3% -12.5% 4.8% 9.1%
YoY Change 1.4% 17.6% 5.3% 5.3% 27.8% 13.7% -10.0% -5.0% 5.0% 4.3% -1.2% 16.7% 15.8% 14.3%
Vehicle maintenance 72 18 17 18 16 69 7 8 9 13 37 8 9 9 9 35 7 6 8
QoQ Change -5.6% 5.9% -11.1% -56.3% 14.3% 12.5% 44.4% -38.5% 12.5% 0.0% 0.0% -22.2% -14.3% 33.3%
YoY Change -4.2% -61.1% -52.9% -50.0% -18.8% -46.4% 14.3% 12.5% 0.0% -30.8% -5.4% -12.5% -33.3% -11.1%

Bezeq - The Israel Telecommunication Corp Ltd.

&P of &N Fixed-Line financial metrics

Pelephone
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Pelephone
Key Income Statement Metrics (Revenues)
Total Revenues 2,630 628 632 635 651 2,546 619 602 604 618 2,443 578 570 612 602 2,362 573 535 545
QoQ Change 0.6% 0.5% 2.5% -4.9% -2.7% 0.3% 2.3% -6.5% -1.4% 7.4% -1.6% -4.8% -6.6% 1.9%
YoY Change -3.2% -1.4% -4.7% -4.9% -5.1% -4.0% -6.6% -5.3% 1.3% -2.6% -3.3% -0.9% -6.1% -10.9%
Service Revenues 1,818 435 449 461 437 1,782 431 438 449 437 1,755 417 430 446 416 1,709 405 394 396
QoQ Change 3.2% 2.7% -5.2% -1.4% 1.6% 2.5% -2.7% -4.6% 3.1% 3.7% -6.7% -2.6% -2.7% 0.5%
YoY Change -2.0% -0.9% -2.4% -2.6% 0.0% -1.5% -3.2% -1.8% -0.7% -4.8% -2.6% -2.9% -8.4% -11.2%
Equipment Revenues 812 193 183 174 214 764 188 164 155 181 688 161 140 166 186 653 168 141 149
QoQ Change -5.2% -4.9% 23.0% -12.1% -12.8% -5.5% 16.8% -11.0% -13.0% 18.6% 12.0% -9.7% -16.1% 5.7%
YoY Change -5.9% -2.6% -10.4% -10.9% -15.4% -9.9% -14.4% -14.6% 7.1% 2.8% -5.1% 4.3% 0.7% -10.2%
Revenues from Private Customers 1,616 N/A N/A N/A N/A 1,541 N/A N/A N/A N/A 1,415 N/A N/A N/A N/A 1,334 N/A N/A N/A
% of total revenues 61.4% 60.5% 57.9% 56.5%
Revenues from Business Customers 1,015 N/A N/A N/A N/A 1,005 N/A N/A N/A N/A 1,028 N/A N/A N/A N/A 1,028 N/A N/A N/A
% of total revenues 38.6% 39.5% 42.1% 43.5%
Key Income Statement Metrics
Depreciation & amortization 380 94 99 100 90 383 158 159 161 177 655 157 156 157 163 633 150 151 147
QoQ Change 5.3% 1.0% -10.0% 75.6% 0.6% 1.3% 9.9% -11.3% -0.6% 0.6% 3.8% -8.0% 0.7% -2.6%
YoY Change 0.8% 68.1% 60.6% 61.0% 96.7% 71.0% -0.6% -1.9% -2.5% -7.9% -3.4% -4.5% -3.2% -6.4%
Salaries 378 98 94 94 98 384 100 95 94 90 379 94 95 89 95 373 90 70 79
QoQ Change -4.1% 0.0% 4.3% 2.0% -5.0% -1.1% -4.3% 4.4% 1.1% -6.3% 6.7% -5.3% -22.2% 12.9%
YoY Change 1.6% 2.0% 1.1% 0.0% -8.2% -1.3% -6.0% 0.0% -5.3% 5.6% -1.6% -4.3% -26.3% -11.2%
Operating & general expenses 1,838 431 409 419 439 1,698 359 345 344 354 1,402 337 324 348 364 1,373 345 326 346
QoQ Change -5.1% 2.4% 4.8% -18.2% -3.9% -0.3% 2.9% -4.8% -3.9% 7.4% 4.6% -5.2% -5.5% 6.1%
YoY Change -7.6% -16.7% -15.6% -17.9% -19.4% -17.4% -6.1% -6.1% 1.2% 2.8% -2.1% 2.4% 0.6% -0.6%
Other operating expenses 2 - 0 - 0 - 0 9 9 - 0 1 7 1 9 - 0 3 2 77 82 1 (4) - 0
Operating profit (loss) 32 5 30 22 15 72 2 2 (2) (4) (2) (10) (8) 16 (97) (99) (13) (8) (27)
QoQ Change 500.0% -26.7% -31.8% -86.7% 0.0% N/M 100.0% 150.0% -20.0% N/M N/M -86.6% -38.5% 237.5%
YoY Change 125.0% -60.0% -93.3% -109.1% N/M N/M N/M N/M N/M 2325.0% 4850.0% 30.0% 0.0% N/M
Net profit (loss) - reported 61 16 34 24 21 95 9 7 6 2 24 2 2 18 (69) (47) (2) 1 (12)
QoQ Change 112.5% -29.4% -12.5% -57.1% -22.2% -14.3% -66.7% 0.0% 0.0% 800.0% N/M -97.1% N/M N/M
YoY Change 55.7% -43.8% -79.4% -75.0% -90.5% -74.7% -77.8% -71.4% 200.0% N/M -295.8% N/M -50.0% -166.7%
ADJUSTED NET PROFIT (LOSS) (excluding other operating income/expenses and one-time impairment) 63 16 34 24 28 102 9 8 11 3 31 2 4 20 (10) 16 (1) (2) (12)
QoQ Change -13.7% 46.6% -75.7% -27.8% 115.5% 353.4% N/M -87.3% 69.1% 476.9%
YoY Change -69.7% -77.8% -44.5% 71.6% N/M -47.8% -161.5% N/M -161.4%
EBITDA reported 412 99 129 122 105 455 160 161 159 173 653 147 148 173 66 534 137 143 120
QoQ Change 30.3% -5.4% -13.9% 52.4% 0.6% -1.2% 8.8% -15.0% 0.7% 16.9% -61.8% 107.6% 4.4% -16.1%
YoY Change 10.4% 61.6% 24.8% 30.3% 64.8% 43.5% -8.1% -8.1% 8.8% -61.8% -18.2% -6.8% -3.4% -30.6%
ADJUSTED EBITDA (excluding other operating income/expenses) 414 99 129 122 114 464 160 162 166 174 662 147 151 175 143 616 138 139 120
Key Cash Flow Metrics
Operating cash flow 582 117 193 209 86 605 239 181 194 156 770 195 136 200 146 677 164 149 143
QoQ Change 65.0% 8.3% -58.9% 177.9% -24.3% 7.2% -19.6% 25.0% -30.3% 47.1% -27.0% 12.3% -9.1% -4.0%
YoY Change 4.0% 104.3% -6.2% -7.2% 81.4% 27.3% -18.4% -24.9% 3.1% -6.4% -12.1% -15.9% 9.6% -28.5%
Capital expenditures, gross (cash flow) 243 73 82 78 77 310 69 90 73 78 310 63 83 72 75 293 65 73 100
QoQ Change 12.3% -4.9% -1.3% -10.4% 30.4% -18.9% 6.8% -19.2% 31.7% -13.3% 4.2% -13.3% 12.3% 37.0%
YoY Change 27.6% -5.5% 9.8% -6.4% 1.3% 0.0% -8.7% -7.8% -1.4% -3.8% -5.5% 3.2% -12.0% 38.9%
Capital expenditures, net (cash flow) 241 73 82 78 76 309 69 90 69 78 306 63 82 72 75 292 65 73 100
QoQ Change 12.3% -4.9% -2.6% -9.2% 30.4% -23.3% 13.0% -19.2% 30.2% -12.2% 4.2% -13.3% 12.3% 37.0%
YoY Change 28.2% -5.5% 9.8% -11.5% 2.6% -1.0% -8.7% -8.9% 4.3% -3.8% -4.6% 3.2% -11.0% 38.9%
Lease payments (IFRS 16) - - 0 - 0 - 0 - 0 - 75 50 64 70 259 69 46 76 51 242 67 48 67
Free cash flow 341 44 111 131 10 296 95 41 61 8 205 63 8 52 20 143 32 28 (24)
QoQ Change 152.3% 18.0% -92.4% 850.0% -56.8% 48.8% -86.9% 687.5% -87.3% 550.0% -61.5% 60.0% -12.5% N/M
YoY Change -13.2% 115.9% -63.1% -53.4% -20.0% -30.7% -33.7% -80.5% -14.8% 150.0% -30.2% -49.2% 250.0% N/M
Ratios
Net margin 2.3% 2.5% 5.4% 3.8% 3.2% 3.7% 1.5% 1.2% 1.0% 0.3% 1.0% 0.3% 0.4% 2.9% -11.5% -2.0% -0.3% 0.2% -2.2%
EBITDA margin 15.7% 15.8% 20.4% 19.2% 16.1% 17.9% 25.8% 26.8% 26.4% 28.0% 26.8% 25.4% 25.9% 28.3% 11.0% 22.6% 23.9% 26.7% 22.0%
Capex/Sales 9.2% 11.6% 13.0% 12.3% 11.8% 12.2% 11.1% 15.0% 12.1% 12.6% 12.7% 10.9% 14.6% 11.8% 12.5% 12.4% 11.3% 13.6% 18.3%

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Pelephone financial metrics

B. Intl
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq International
Key Income Statement Metrics
Total Revenues 384 407 367 379 1,537 352 336 333 370 1,391 341 339 329 330 1,339 317 314 315
QoQ Change 6.0% -9.8% 3.3% -7.1% -4.5% -0.9% 11.1% -7.8% -0.6% -2.9% 0.3% -3.9% -0.9% 0.3%
YoY Change -8.3% -17.4% -9.3% -2.4% -9.5% -3.1% 0.9% -1.2% -10.8% -3.7% -7.0% -7.4% -4.3%
Revenues from Internet services N/A N/A N/A N/A 670 N/A N/A N/A N/A 659 N/A N/A N/A N/A 632 N/A N/A N/A
% of total revenues 43.6% 47.4% 47.2%
Revenues from Voice and Business services (Data, ICT, PBX) N/A N/A N/A N/A 867 N/A N/A N/A N/A 732 N/A N/A N/A N/A 707 N/A N/A N/A
% of total revenues 56.4% 52.6% 52.8%
Revenues from Private Customers N/A N/A N/A N/A 488 N/A N/A N/A N/A 468 N/A N/A N/A N/A 441 N/A N/A N/A
% of total revenues 31.8% 33.6% 32.9%
Revenues from Business Customers N/A N/A N/A N/A 1,049 N/A N/A N/A N/A 923 N/A N/A N/A N/A 898 N/A N/A N/A
% of total revenues 68.2% 66.4% 67.1%
Key Income Statement Metrics
Depreciation & amortization 33 33 34 35 135 43 45 46 60 194 46 46 47 51 190 43 38 42
QoQ Change 0.0% 3.0% 2.9% 22.9% 4.7% 2.2% 30.4% -23.3% 0.0% 2.2% 8.5% -15.7% -11.6% 10.5%
YoY Change 30.3% 36.4% 35.3% 71.4% 43.7% 7.0% 2.2% 2.2% -15.0% -2.1% -6.5% -17.4% -10.6%
Salaries 84 81 81 82 328 84 75 71 70 300 68 67 64 62 261 64 62 63
QoQ Change -3.6% 0.0% 1.2% 2.4% -10.7% -5.3% -1.4% -2.9% -1.5% -4.5% -3.1% 3.2% -3.1% 1.6%
YoY Change 0.0% -7.4% -12.3% -14.6% -8.5% -19.0% -10.7% -9.9% -11.4% -13.0% -5.9% -7.5% -1.6%
Operating & general expenses 218 247 214 236 915 197 195 191 229 812 201 203 213 210 827 181 187 203
QoQ Change 13.3% -13.4% 10.3% -16.5% -1.0% -2.1% 19.9% -12.2% 1.0% 4.9% -1.4% -13.8% 3.3% 8.6%
YoY Change -9.6% -21.1% -10.7% -3.0% -11.3% 2.0% 4.1% 11.5% -8.3% 1.8% -10.0% -7.9% -4.7%
Other operating expenses (income) - 0 1 (1) 3 3 2 (1) 2 5 8 - 0 16 45 196 257 - 0 - 0 282
Operating profit (loss) 49 45 39 23 156 26 22 23 6 77 26 7 (40) (189) (196) 29 27 (275)
QoQ Change -8.2% -13.3% -41.0% 13.0% -15.4% 4.5% -73.9% 333.3% -73.1% N/M 372.5% -115.3% -6.9% N/M
YoY Change -46.9% -51.1% -41.0% -73.9% -50.6% 0.0% -68.2% N/M N/M N/M 11.5% 285.7% 587.5%
Net profit (loss) - reported 36 33 27 19 115 18 14 14 5 51 20 4 (32) (149) (157) 22 21 (305)
QoQ Change -8.3% -18.2% -29.6% -5.3% -22.2% 0.0% -64.3% 300.0% -80.0% N/M 365.6% -114.8% -4.5% N/M
YoY Change -50.0% -57.6% -48.1% -73.7% -55.7% 11.1% -71.4% N/M N/M N/M 10.0% 425.0% 853.1%
ADJUSTED NET PROFIT (excluding other operating income/expenses and one-time impairment) 36 34 26 21 117 20 13 16 9 57 20 16 3 2 41 22 21 (23)
QoQ Change -6.2% -22.3% -18.8% -32.3% 17.5% -43.1% 126.0% -18.4% -83.8% N/M 1045.8% -4.5% N/M
YoY Change -51.3% 2.4% 23.4% -82.9% -78.3% -28.5% 10.0% 28.7% N/M
EBITDA reported 82 78 73 58 291 69 67 69 66 271 72 53 7 (138) (6) 72 65 (233)
QoQ Change -4.9% -6.4% -20.5% 19.0% -2.9% 3.0% -4.3% 9.1% -26.4% -86.8% N/M -152.2% -9.7% N/M
YoY Change -15.9% -14.1% -5.5% 13.8% -6.9% 4.3% -20.9% -89.9% N/M -102.2% 0.0% 22.6% N/M
ADJUSTED EBITDA (excluding other operating income/expenses and one-time impairment) 82 79 72 61 294 71 66 71 71 279 72 69 52 58 251 72 65 49
QoQ Change -3.7% -8.9% -15.3% 16.4% -7.0% 7.6% 0.0% 1.4% -4.2% -24.6% 11.5% 24.1% -9.7% -24.6%
YoY Change -13.4% -16.5% -1.4% 16.4% -5.1% 1.4% 4.5% -26.8% -18.3% -10.0% 0.0% -5.8% -5.8%
Key Cash Flow Metrics
Operating cash flow 52 69 74 82 277 67 54 73 106 300 56 48 64 87 255 60 48 47
QoQ Change 32.7% 7.2% 10.8% -18.3% -19.4% 35.2% 45.2% -47.2% -14.3% 33.3% 35.9% -31.0% -20.0% -2.1%
YoY Change 28.8% -21.7% -1.4% 29.3% 8.3% -16.4% -11.1% -12.3% -17.9% -15.0% 7.1% 0.0% -26.6%
Capital expenditures, gross (cash flow) 29 46 31 36 142 31 44 26 25 126 33 34 40 21 128 34 33 28
QoQ Change 58.6% -32.6% 16.1% -13.9% 41.9% -40.9% -3.8% 32.0% 3.0% 17.6% -47.5% 61.9% -2.9% -15.2%
YoY Change 6.9% -4.3% -16.1% -30.6% -11.3% 6.5% -22.7% 53.8% -16.0% 1.6% 3.0% -2.9% -30.0%
Capital expenditures, net (cash flow) 29 46 29 35 139 31 44 25 25 125 33 34 40 21 128 34 33 28
QoQ Change 58.6% -37.0% 20.7% -11.4% 41.9% -43.2% 0.0% 32.0% 3.0% 17.6% -47.5% 61.9% -2.9% -15.2%
YoY Change 6.9% -4.3% -13.8% -28.6% -10.1% 6.5% -22.7% 60.0% -16.0% 2.4% 3.0% -2.9% -30.0%
Lease payments (IFRS 16) - 0 - 0 - 0 - 0 - 9 9 9 9 36 8 8 8 8 32 8 8 7
Free cash flow 23 23 45 47 138 27 1 38 72 138 15 6 16 58 95 18 7 12
QoQ Change 0.0% 95.7% 4.4% -42.6% -96.3% 3700.0% 89.5% -79.2% -60.0% 166.7% 262.5% -69.0% -61.1% 71.4%
YoY Change 17.4% -95.7% -15.6% 53.2% 0.0% -44.4% 500.0% -57.9% -19.4% -31.2% 20.0% 16.7% -25.0%
Ratios
Net margin 9.4% 8.1% 7.4% 5.0% 7.5% 5.1% 4.2% 4.2% 1.4% 3.7% 5.9% 1.2% -9.7% -45.2% -11.7% 6.9% 6.7% -96.8%
EBITDA margin 21.4% 19.2% 19.9% 15.3% 18.9% 19.6% 19.9% 20.7% 17.8% 19.5% 21.1% 15.6% 2.1% -41.8% -0.4% 22.7% 20.7% -74.0%
Capex/Sales 7.6% 11.3% 8.4% 9.5% 9.2% 8.8% 13.1% 7.8% 6.8% 9.1% 9.7% 10.0% 12.2% 6.4% 9.6% 10.7% 10.5% 8.9%

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N BI financial metrics

yes
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
yes - Reported
Key Income Statement Metrics
Revenues 1,745 424 416 406 404 1,650 375 375 367 356 1,473 343 337 334 331 1,345 338 319 313
QoQ Change -1.9% -2.4% -0.5% -7.2% 0.0% -2.1% -3.0% -3.7% -1.7% -0.9% -0.9% 2.1% -5.6% -1.9%
YoY Change -5.4% -11.6% -9.9% -9.6% -11.9% -10.7% -8.5% -10.1% -9.0% -7.0% -8.7% -1.5% -5.3% -6.3%
Depreciation, amortization & impairment 296 70 71 72 72 285 79 79 81 84 323 55 68 50 46 219 44 50 50
QoQ Change 1.4% 1.4% 0.0% 9.7% 0.0% 2.5% 3.7% -34.5% 23.6% -26.5% -8.0% -4.3% 13.6% 0.0%
YoY Change -3.7% 12.9% 11.3% 12.5% 16.7% 13.3% -30.4% -13.9% -38.3% -45.2% -32.2% -20.0% -26.5% 0.0%
Salaries 249 59 59 62 65 245 58 60 56 59 233 56 54 52 54 216 54 48 50
QoQ Change 0.0% 5.1% 4.8% -10.8% 3.4% -6.7% 5.4% -5.1% -3.6% -3.7% 3.8% 0.0% -11.1% 4.2%
YoY Change -1.6% -1.7% 1.7% -9.7% -9.2% -4.9% -3.4% -10.0% -7.1% -8.5% -7.3% -3.6% -11.1% -3.8%
Operating, general & impairment expenses 947 243 237 237 240 957 237 246 229 244 956 234 248 211 230 923 231 210 195
QoQ Change -2.5% 0.0% 1.3% -1.3% 3.8% -6.9% 6.6% -4.1% 6.0% -14.9% 9.0% 0.4% -9.1% -7.1%
YoY Change 1.1% -2.5% 3.8% -3.4% 1.7% -0.1% -1.3% 0.8% -7.9% -5.7% -3.5% -1.3% -15.3% -7.6%
Loss from impairment of assets - - - - - - 0 - - - 1,100 1,100 - 0 - 0 - 0 - 0 - 0 - 0 - 0 - 0
Other operating expenses (income), net (11) - - - - - 0 2 7 - 8 17 43 (9) 1 7 42 - 0 (12) - 0
Operating profit (loss) 264 52 49 35 27 163 (1) (17) 1 (1,139) (1,156) (45) (24) 20 (6) (55) 9 23 18
QoQ Change -5.8% -28.6% -22.9% N/M 1600.0% N/M N/M N/M -46.7% N/M N/M N/M 155.6% -21.7%
YoY Change -38.3% N/M N/M -97.1% N/M N/M 4400.0% 41.2% 1900.0% -99.5% -95.2% N/M N/M -10.0%
Finance expenses (income), net 58 27 32 (1) 13 71 (3) (7) 3 (4) (11) 5 2 4 1 12 (5) 4 1
QoQ Change 18.5% N/M N/M N/M 133.3% N/M N/M N/M -60.0% 100.0% -75.0% N/M N/M -75.0%
YoY Change 22.4% N/M N/M N/M N/M N/M N/M N/M 33.3% N/M N/M N/M 100.0% -75.0%
Net profit (loss) - reported 68 19 (151) (123) 11 (244) 1 (10) (2) (1,137) (1,148) (50) (27) 15 (7) (69) 14 18 16
QoQ Change N/M -18.5% -108.9% -90.9% N/M -80.0% N/M -95.6% -46.0% N/M N/M N/M 28.6% -11.1%
YoY Change N/M -94.7% -93.4% -98.4% N/M 370.5% N/M 170.0% N/M -99.4% -94.0% N/M N/M 6.7%
EBITDA reported 560 122 120 107 99 448 78 62 82 (1,055) (833) 10 44 70 40 164 53 73 68
QoQ Change -1.6% -10.8% -7.5% -21.2% -20.5% 32.3% N/M N/M 340.0% 59.1% -42.9% 32.5% 37.7% -6.8%
YoY Change -20.0% -36.1% -48.3% -23.4% N/M N/M -87.2% -29.0% -14.6% N/M N/M 430.0% 65.9% -2.9%
ADJUSTED EBITDA (excluding other operating income/expenses and one-time impairment) 549 - - - - 448 80 69 82 53 284 53 35 71 47 206 53 61 68
Key Cash Flow Metrics
Operating cash flow 629 51 169 115 95 430 86 60 34 46 226 53 22 37 31 143 41 39 69
QoQ Change 231.4% -32.0% -17.4% -9.5% -30.2% -43.3% 35.3% 15.2% -58.5% 68.2% -16.2% 32.3% -4.9% 76.9%
YoY Change -31.6% 68.6% -64.5% -70.4% -51.6% -47.4% -38.4% -63.3% 8.8% -32.6% -36.7% -22.6% 77.3% 86.5%
Capital expenditures, gross (cash flow) 209 60 53 69 53 235 62 75 79 82 298 64 74 69 32 239 37 41 38
QoQ Change -11.7% 30.2% -23.2% 17.0% 21.0% 5.3% 3.8% -22.0% 15.6% -6.8% -53.6% 15.6% 10.8% -7.3%
YoY Change 12.4% 3.3% 41.5% 14.5% 54.7% 26.8% 3.2% -1.3% -12.7% -61.0% -19.8% -42.2% -44.6% -44.9%
Capital expenditures, net (cash flow) 208 60 52 69 53 234 62 75 79 81 297 64 73 69 32 238 37 40 38
QoQ Change -13.3% 32.7% -23.2% 17.0% 21.0% 5.3% 2.5% -21.0% 14.1% -5.5% -53.6% 15.6% 8.1% -5.0%
YoY Change 12.5% 3.3% 44.2% 14.5% 52.8% 26.9% 3.2% -2.7% -12.7% -60.5% -19.9% -42.2% -45.2% -44.9%
Lease payments (IFRS 16) - - - - - - 8 8 9 6 31 8 7 8 7 30 7 7 6
Free cash flow 421 (9) 117 46 42 196 16 (23) (54) (41) (102) (19) (58) (40) (8) (125) (3) (8) 25
QoQ Change N/M -60.7% -8.7% -61.9% N/M 134.8% -24.1% -53.7% 205.3% -31.0% -80.0% -62.5% 166.7% N/M
YoY Change -53.4% N/M N/M N/M N/M N/M N/M 152.2% -25.9% -80.5% 22.5% -84.2% -86.2% N/M
Ratios
Net margin 3.9% 4.5% (36.3%) (30.3%) 2.7% (14.8%) 0.3% 0.0% (0.5%) (319.4%) (77.9%) (14.6%) (8.0%) 4.5% (2.1%) (5.1%) 4.1% 5.6% 5.1%
EBITDA margin 32.1% 28.8% 28.8% 26.4% 24.5% 27.2% 20.8% 16.5% 22.3% (296.3%) (56.6%) 2.9% 13.1% 21.0% 12.1% 12.2% 15.7% 22.9% 21.7%
Capex/Sales 12.0% 14.2% 12.7% 17.0% 13.1% 14.2% 16.5% 20.0% 21.5% 23.0% 20.2% 18.7% 22.0% 20.7% 9.7% 17.8% 10.9% 12.9% 12.1%
Collection fees (royalties)
yes - Proforma (Excluding Impairment Loss)
Key Income Statement Metrics
Revenues N/A N/A N/A N/A N/A 1,650 375 375 367 356 1,473 343 337 334 331 1,345 338 319 313
QoQ Change 0.0% -2.1% -3.0% -1.7% -0.9% -0.9% 2.1% -5.6% -1.9%
YoY Change -10.7% -8.5% -10.1% -9.0% -7.0% -8.7% -1.5% -5.3% -6.3%
Depreciation & amortization N/A N/A N/A N/A N/A 285 79 79 81 84 323 78 81 93 82 334 76 78 76
QoQ Change 0.0% 2.5% 3.7% 3.8% 14.8% -11.8% -7.3% 2.6% -2.6%
YoY Change 13.3% -1.3% 2.5% 14.8% -2.4% 3.4% -2.6% -3.7% -18.3%
Salaries N/A N/A N/A N/A N/A 245 58 60 56 59 233 55 51 50 53 209 51 47 48
QoQ Change 3.4% -6.7% 5.4% -7.3% -2.0% 6.0% -3.8% -7.8% 2.1%
YoY Change -4.9% -5.2% -15.0% -10.7% -10.2% -10.3% -7.3% -7.8% -4.0%
Operating & general expenses N/A N/A N/A N/A N/A 957 237 246 229 244 956 226 222 219 228 895 222 212 204
QoQ Change 3.8% -6.9% 6.6% -1.8% -1.4% 4.1% -2.6% -4.5% -3.8%
YoY Change -0.1% -4.6% -9.8% -4.4% -6.6% -6.4% -1.8% -4.5% -6.8%
Other operating expenses (income), net N/A N/A N/A N/A N/A - 0 2 7 - 0 8 17 43 (9) 1 7 42 - 0 (12) 1
QoQ Change 250.0% N/M N/M N/M 600.0% N/M N/M N/M
YoY Change N/M N/M -12.5% 147.1% N/M 33.3% 0.0%
Operating profit (loss) N/A N/A N/A N/A N/A 163 (1) (17) 1 (39) (56) (59) (8) (29) (39) (135) (11) (6) (16)
QoQ Change 1600.0% N/M N/M -86.4% 262.5% 34.5% -71.8% -45.5% 166.7%
YoY Change N/M -52.9% N/M 0.0% 141.1% -81.4% -25.0% -44.8%
Finance expenses (income), net N/A N/A N/A N/A N/A 71 (3) (7) 3 (4) (11) 5 2 4 1 12 (5) 4 1
QoQ Change 133.3% N/M N/M 100.0% -75.0% N/M N/M -75.0%
YoY Change N/M 33.3% N/M N/M N/M 100.0% -75.0%
Net profit (loss) - reported N/A N/A N/A N/A N/A (244) 1 (10) (2) (37) (48) (64) (11) (34) (40) (149) (6) (11) (18)
QoQ Change N/M -80.0% 1750.0% -82.8% 209.1% 17.6% -85.0% 83.3% 63.6%
YoY Change -80.3% 10.0% 1600.0% 8.1% 210.4% -90.6% 0.0% -47.1%
ADJUSTED NET PROFIT (LOSS) (excluding other operating income/expenses) N/A N/A N/A N/A N/A (244) 3 (3) (2) (29) (31) (21) (20) (33) (33) (107) (6) (23) (17)
QoQ Change N/M -33.3% 1350.0% -27.6% -4.8% 65.0% 0.0% -81.8% 283.3% -26.1%
YoY Change -87.3% N/M 566.7% 1550.0% 13.8% 245.2% -71.4% 15.0% -48.5%
EBITDA N/A N/A N/A N/A N/A 448 78 62 82 45 267 19 73 64 43 199 65 72 60
QoQ Change -20.5% 32.3% -45.1% 284.2% -12.3% -32.8% 51.2% 10.8% -16.7%
YoY Change -40.4% -75.6% 17.7% -22.0% -4.4% -25.5% 242.1% -1.4% -6.3%
Adjusted EBITDA (excluding other operating income/expenses) N/A N/A N/A N/A N/A 448 80 69 82 53 284 62 64 65 50 241 65 60 61
QoQ Change -13.8% 18.8% -35.4% 17.0% 3.2% 1.6% -23.1% 30.0% -7.7% 1.7%
YoY Change -36.6% -22.5% -7.2% -20.7% -5.7% -15.1% 4.8% -6.3% -6.2%

Bezeq- the Israel Telcommunication Corp. Ltd.

&P of &N yes financial metrics

Total Subs
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
(NIS millions) 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Key subsidiary companies (Pelephone, Bezeq International, yes - proforma)
Key Income Statement Metrics
Revenues 5,733 1,346 1,313 1,304 1,344 5,307 1,262 1,246 1,275 1,263 5,046 1,228 1,168 1,173
QoQ Change -2.5% -0.7% 3.1% -6.1% -1.3% 2.3% -0.9% -2.8% -4.9% 0.4%
YoY Change -7.4% -6.2% -5.1% -2.2% -6.0% -4.9% -2.7% -6.3% -8.0%
Depreciation, amortization & impairment 803 280 283 288 321 1,172 281 283 297 296 1,157 269 267 265
QoQ Change 1.1% 1.8% 11.5% -12.5% 0.7% 4.9% -0.3% -9.1% -0.7% -0.7%
YoY Change 46.0% 0.4% 0.0% 3.1% -7.8% -1.3% -4.3% -5.7% -10.8%
Salaries 957 242 230 221 219 912 217 213 203 210 843 205 179 190
QoQ Change -5.0% -3.9% -0.9% -0.9% -1.8% -4.7% 3.4% -2.4% -12.7% 6.1%
YoY Change -4.7% -10.3% -7.4% -8.1% -4.1% -7.6% -5.5% -16.0% -6.4%
Operating & general expenses 3,570 793 786 764 827 3,170 764 749 780 802 3,095 748 725 753
QoQ Change -0.9% -2.8% 8.2% -7.6% -2.0% 4.1% 2.8% -6.7% -3.1% 3.9%
YoY Change -11.2% -3.7% -4.7% 2.1% -3.0% -2.4% -2.1% -3.2% -3.5%
Other operating expenses (income), net 12 4 7 9 14 34 43 10 48 280 381 1 (16) 283
Operating profit (loss) 391 27 7 22 (37) 19 (43) (9) (53) (325) (430) 5 13 (318)
QoQ Change -74.1% 214.3% N/M 16.2% N/M N/M 513.2% -101.5% 160.0% N/M
YoY Change -95.1% N/M -228.6% N/M 778.4% N/M -111.6% -244.4% 500.0%
Net profit (loss) - reported (34) 28 11 18 (30) 27 (42) (5) (48) (258) (353) 14 11 (335)
QoQ Change -60.7% 63.6% N/M 40.0% N/M N/M 437.5% -105.4% -21.4% N/M
YoY Change N/M N/M -145.5% N/M 760.0% N/M -133.3% -320.0% 597.9%
ADJUSTED NET PROFIT (LOSS) (25) 32 18 25 (17) 57 1 1 (10) (42) (50) 15 (4) (52)
QoQ Change -42.9% 38.5% N/M -105.8% -37.0% -1687.3% N/M -135.5% -127.6% 1174.5%
YoY Change N/M -96.8% -96.5% -140.1% 139.4% N/M 1377.0% -747.6% N/M
EBITDA reported 1,194 307 290 310 284 1,191 238 274 244 -29 727 274 280 (53)
QoQ Change -5.5% 6.9% -8.4% -16.2% 15.1% -10.9% -111.9% -1044.8% 2.2% -118.9%
YoY Change -0.3% -22.5% -5.5% -21.3% -110.2% -39.0% 15.1% 2.2% -121.7%
ADJUSTED EBITDA 1,206 311 297 319 298 1,225 281 284 292 251 1,108 275 264 230
QoQ Change -4.5% 7.4% -6.6% -5.7% 1.1% 2.8% -14.0% 9.6% -4.0% -12.9%
YoY Change 1.6% -9.6% -4.4% -8.5% -15.8% -9.6% -2.1% -7.0% -21.2%
Key Cash Flow Metrics
Operating cash flow 1,312 392 295 301 308 1,296 304 206 301 264 1,075 265 236 259
QoQ Change -24.7% 2.0% 2.3% -1.3% -32.2% 46.1% -12.3% 0.4% -10.9% 9.7%
YoY Change -1.2% -22.4% -30.2% 0.0% -14.3% -17.1% -12.8% 14.6% -14.0%
Capital expenditures, gross (cash flow) 687 162 209 178 185 734 160 191 181 128 660 136 147 166
QoQ Change 29.0% -14.8% 3.9% -13.5% 19.4% -5.2% -29.3% 6.3% 8.1% 12.9%
YoY Change 6.8% -1.2% -8.6% 1.7% -30.8% -10.1% -15.0% -23.0% -8.3%
Capital expenditures, net (cash flow) 682 162 209 173 184 728 160 189 181 128 658 136 146 166
QoQ Change 29.0% -17.2% 6.4% -13.0% 18.1% -4.2% -29.3% 6.3% 7.4% 13.7%
YoY Change 6.7% -1.2% -9.6% 4.6% -30.4% -9.6% -15.0% -22.8% -8.3%
Lease payments (IFRS 16) - 0 92 67 82 85 326 85 61 92 66 304 82 63 80
Free cash flow 630 138 19 46 39 242 59 (44) 28 70 113 47 27 13
QoQ Change -86.2% 142.1% -15.2% 51.3% N/M -163.6% 150.0% -32.9% -42.6% -51.9%
YoY Change -61.6% -57.2% N/M -39.1% 79.5% -53.3% -20.3% -161.4% -53.6%
Adjusted EBITDA - Key Subsidiary Companies
Pelephone Adjusted EBITDA 464 160 162 166 174 662 147 151 175 143 616 138 139 120
Bezeq International Adjusted EBITDA 294 71 66 71 71 279 72 69 52 58 251 72 65 49
yes Adjusted EBITDA 448 80 69 82 53 284 62 64 65 50 241 65 60 61
Total Adjusted EBITDA 1,206 311 297 319 298 1,225 281 284 292 251 1,108 275 264 230
Adjusted Net Profit - Key Subsidiary Companies
Pelephone Adjusted Net Profit 102 9 8 11 3 31 2 4 20 (10) 16 (1) (2) (12)
Bezeq International Adjusted Net Profit 117 20 13 16 9 57 20 16 3 2 41 22 21 (23)
yes Adjusted Net Profit (244) 3 (3) (2) (29) (31) (21) (20) (33) (33) (107) (6) (23) (17)
Total Adjusted Net Profit (25) 32 18 25 (17) 57 1 1 (11) (41) (50) 15 (4) (52)

Bezeq - The Israel Telecommunication Corp. Ltd.

&P of &N Total subs financial metrics

Fixed CF Forecast
Oct 1, 2020- Jan 1, 2021- Jan 1, 2022-
NIS Millions Dec 31, 2020 Dec 31, 2021 Dec 31, 2022
Bezeq Fixed-Line - Cash Flow Forecast
Cash and cash equivalents at the beginning of the period 606 846 1,260
Sources
Net cash from operating activities 516 1,970 2,101
Proceeds from the sale of property, plant and equipment 173 150 7
Proceeds from redemption of bank and other deposits 636 636 -
Miscellaneous 55 4 3
Cash flows from investing activities 864 790 10
Debenture issuance and new loans - 0 700* 850*
Cash flows from financing activities - 0 700 850
Total 1,380 3,460 2,961
Loans from investees 15 85 130
Repayment of loans to investees 16 - -
Miscellaneous 9 22 -
Total cash from investees 40 107 130
TOTAL SOURCES 1,420 3,567 3,091
Uses
Acquisition of fixed assets and investment in intangible assets (244) (1,131) (1,089)
Investment in bank and other deposits (29) - -
Miscellaneous 0 - -
Cash used in investing activities (273) (1,131) (1,089)
Repayment of bank loans (118) (762)* (306)*
Repayment of public debentures (555) (552) (871)
Repayment of private debentures and non-bank credit (21) (98) (77)
Principal and interest payments on leases (22) (115) (115)
Interest payments and other finance expenses (149) (289) (278)
Miscellaneous (14) (40) (48)
Cash used in financing activities (879) (1,856) (1,695)
Total (1,152) (2,987) (2,784)
Investment in a subsidiary - (130) (130)
Interest payment (28) (36) (39)
Loans to subsidaries - - -
Repayment of loans from subsidiaries - - (130)
Total cash used in investees (28) (166) (299)
TOTAL USES (1,180) (3,153) (3,083)
Cash and cash equivalents at the end of the period 846 1,260 1,268
*The forecasts for the issuance and repayment of debt as well as the early repayment of bank loans, assumes the continuation of the Company's plan to extend debt maturities in the years 2021-2022. The timing of the early repayments is an estimation and may change between years.

Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N Fixed-Line Cash Flow Forecast

KPIs
FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3
2007 2008 2008 2008 2008 2008 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019 2019 2020 2020 2020
Bezeq Fixed-Line
Key Performance Indicators
Total outgoing minutes (in millions) 14,711 3,473 3,306 3,379 3,103 13,260 3,077 2,972 3,051 2,917 12,017 2,732 2,717 2,629 2,621 10,699 2,521 2,415 2,482 2,339 9,758 2,360 2,228 2,127 1,979 8,694 1,788 1,805 1,712 1,742 7,047 1,608 1,522 1,588 1,482 6,200 1,459 1,396 1,373 1,379 5,607 1,316 1,257 1,297 1,136 5,006 1,177 1,098 1,132 1,068 4,475 1,055 1,010 960 989 4,014 926 865 888 820 3,499 883 1,079 1,019
QoQ Change -4.8% 2.2% -8.2% -0.8% -3.4% 2.7% -4.4% -6.3% -0.5% -3.2% -0.3% -3.8% -4.2% 2.8% -5.8% 0.9% -5.6% -4.5% -7.0% -9.7% 1.0% -5.2% 1.8% -7.7% -5.3% 4.3% -6.7% -1.6% -4.3% -1.6% 0.4% -4.6% -4.5% 3.2% -12.4% 3.6% -6.7% 3.1% -5.7% -1.2% -4.3% -5.0% 3.0% -6.4% -6.6% 2.7% -7.7% 7.7% 22.2% -5.6%
YoY Change -9.9% -11.4% -10.1% -9.7% -6.0% -9.4% -11.2% -8.6% -13.8% -10.1% -11.0% -7.7% -11.1% -5.6% -10.8% -8.8% -6.4% -7.7% -14.3% -15.4% -10.9% -24.2% -19.0% -19.5% -12.0% -18.9% -10.1% -15.7% -7.2% -14.9% -12.0% -9.3% -8.3% -13.5% -7.0% -9.6% -9.8% -10.0% -5.5% -17.6% -10.7% -10.6% -12.6% -12.7% -6.0% -10.6% -10.4% -8.0% -15.2% -7.4% -10.3% -12.2% -14.4% -7.5% -17.1% -12.8% -4.6% 24.7% 14.8%
Total incoming minutes (in millions) 6,411 1,673 1,651 1,719 1,648 6,691 1,654 1,659 1,731 1,674 6,718 1,623 1,634 1,646 1,644 6,547 1,577 1,535 1,602 1,526 6,240 1,543 1,516 1,595 1,571 6,225 1,503 1,550 1,521 1,541 6,115 1,467 1,424 1,498 1,440 5,829 1,429 1,386 1,410 1,403 5,628 1,348 1,314 1,383 1,252 5,297 1,281 1,220 1,266 1,205 4,972 1,191 1,151 1,125 1,160 4,627 1,090 1,056 1,099 1,046 4,291 1,120 1,293 1,368
QoQ Change -1.3% 4.1% -4.1% 0.4% 0.3% 4.3% -3.3% -3.0% 0.7% 0.7% -0.1% -4.1% -2.7% 4.4% -4.7% 1.1% -1.7% 5.2% -1.5% -4.3% 3.1% -1.9% 1.3% -4.8% -2.9% 5.2% -3.9% -0.8% -3.0% 1.7% -0.5% -3.9% -2.5% 5.3% -9.5% 2.3% -4.8% 3.8% -4.8% -1.2% -3.4% -2.3% 3.1% -6.0% -3.1% 4.1% -4.8% 7.1% 15.4% 5.8%
YoY Change 4.4% -1.1% 0.5% 0.7% 1.6% 0.4% -1.9% -1.5% -4.9% -1.8% -2.5% -2.8% -6.1% -2.7% -7.2% -4.7% -2.2% -1.2% -0.4% 2.9% -0.2% -2.6% 2.2% -4.6% -1.9% -1.8% -2.4% -8.1% -1.5% -6.6% -4.7% -2.6% -2.7% -5.9% -2.6% -3.4% -5.7% -5.2% -1.9% -10.8% -5.9% -5.0% -7.2% -8.5% -3.8% -6.1% -7.0% -5.7% -11.1% -3.7% -6.9% -8.5% -8.3% -2.3% -9.8% -7.3% 2.8% 22.4% 24.5%
-1400.0%
Total access lines (in 000's) 2,749 2,701 2,670 2,634 2,604 2,604 2,571 2,540 2,513 2,483 2,483 2,454 2,422 2,394 2,366 2,366 2,358 2,356 2,363 2,367 2,367 2,368 2,335 2,299 2,268 2,268 2,242 2,224 2,223 2,216 2,216 2,214 2,205 2,205 2,205 2,205 2,125 2,117 2,103 2,087 2,087 2,068 2,050 2,031 2,010 2,010 1,986 1,961 1,942 1,916 1,916 1,889 1,865 1,843 1,818 1,818 1,792 1,768 1,743 1,718 1,718 1,693 1,675 1,653
QoQ Change -1.1% -1.3% -1.1% -1.3% -1.2% -1.1% -1.2% -1.2% -1.3% -1.2% -1.2% -0.3% -0.1% 0.3% 0.2% 0.0% -1.4% -1.5% -1.3% -1.1% -0.8% -0.0% -0.3% -0.1% -0.4% 0.0% 0.0% -3.6% -0.4% -0.7% -0.8% -0.9% -0.9% -0.9% -1.0% -1.2% -1.3% -1.0% -1.3% -1.4% -1.3% -1.2% -1.4% -1.4% -1.3% -1.4% -1.4% -1.5% -1.1% -1.3%
YoY Change -5.3% -4.8% -4.9% -4.6% -4.6% -4.6% -4.6% -4.6% -4.7% -4.7% -4.7% 15.0% -2.7% -1.3% 0.0% 0.0% 0.4% -0.9% -2.7% -4.2% -4.2% -5.3% -4.8% -3.3% -2.3% -2.3% -1.2% -0.9% -0.8% -0.5% -0.5% -4.0% -4.0% -4.6% -5.4% -5.4% -2.7% -3.2% -3.4% -3.7% -3.7% -4.0% -4.3% -4.4% -4.7% -4.7% -4.9% -4.9% -5.1% -5.1% -5.1% -5.1% -5.2% -5.4% -5.5% -5.5% -5.5% -5.3% -5.2%
QoQ Line change (000's) (145) (121) (117) 1 (99) (52) (11) -8 -14 -16 (118) (19) (18) (19) (21) (77) (24) (25) (19) (26) (94) (27) (24) (22) (25) (98) (26) (24) (25) (25) (100) (25) (18) (22)
Average revenue per line (ARPL) (in NIS) N/A 114 109 113 109 111 108 108 111 110 109 106 109 109 111 109 87 86 87 78 85 83 81 80 78 81 75 75 73 70 74 64 63 63 62 63 60 59 59 59 59 58 57 57 55 57 56 54 54 53 54 53 52 51 51 52 50 49 49 48 49 48 51 51
QoQ Change -4.4% 3.7% -3.5% -0.9% 0.0% 2.8% -0.9% -3.6% 2.8% 0.0% 1.8% -21.6% -1.1% 1.2% -10.3% 6.4% -2.4% -1.2% -2.5% -3.8% 0.0% -2.7% -4.1% -8.6% -1.6% 0.0% -1.6% -3.2% -1.7% 0.0% 0.0% -1.7% -1.7% 0.0% -3.5% 1.8% -3.6% 0.0% -1.9% 0.0% -1.9% -1.9% 0.0% -2.0% -2.0% 0.0% -2.0% 0.0% 6.3% 0.0%
YoY Change -5.3% -0.9% -1.8% 0.9% -1.8% -1.9% 0.9% -1.8% 0.9% 0.0% -17.9% -21.1% -20.2% -29.7% -22.0% -4.6% -5.8% -8.0% 0.0% -4.7% -9.6% -7.4% -8.8% -10.3% -8.6% -14.7% -16.0% -13.7% -11.4% -14.9% -6.3% -6.3% -6.3% -4.8% -6.3% -3.3% -3.4% -3.4% -6.8% -3.4% -3.4% -5.3% -5.3% -3.6% -5.3% -5.4% -3.7% -5.6% -3.8% -3.7% -5.7% -5.8% -3.9% -5.9% -5.8% -4.0% 4.1% 4.1%
ARPL - Voice & fixed fees (in NIS) 87 85 82 85 82 83 82 81 83 83 82 80 81 82 83 81 79 77 78 70 76 74 73 73 71 73 69 68 67 64 67 69 68 68 64 -586 69 68 68 64 -586 69 68 68 64 -586 69 69 69 64 -586 69 69 69 64 -586 69 69 70 64 -586 69 69 69
QoQ Change -3.5% 3.7% -3.5% 0.0% -1.2% 2.5% 0.0% -3.6% 1.3% 1.2% 1.2% -4.8% -2.5% 1.3% -10.3% 5.7% -1.4% 0.0% -2.7% -2.8% -1.4% -1.5% -4.5% 7.8% -1.4% 0.0% -5.9% 7.8% -1.4% 0.0% -5.9% 7.8% -1.4% 0.0% -5.9% 7.8% -111.8% 0.0% -7.2% 7.8% -111.8% 0.0% -7.2% 7.8% -111.8% 1.4% -8.6% 7.8% -111.8% 0.0%
BE Router (in thousands) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 100 100 159 215 272 321 321 378 433 487
Bspot and Be Mesh (in thousands) 60 77 100 116 116 144 177 218
Churn rate (telephony) 9.5% 3.7% 2.8% 3.1% 2.9% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 3.3% 2.8% 2.8% 2.8% 11.6% 3.2% 3.9% 4.2% 4.0% 15.3% 3.7% 3.5% 2.8% 3.1% 13.1% 3.0% 2.8% 2.8% 2.5% 11.1% 2.4% 2.4% 2.6% 2.7% 10.1% 2.8% 2.4% 2.6% 2.4% 10.2% 2.7% 2.4% 2.3% 2.4% 9.8% 3.0% 2.8% 2.7% 3.1% 11.6% 3.0% 2.7% 3.0% 2.9% 11.7% 3.2% 2.7% 3.4%
Broadband Internet lines (in 000's)- Total 963 970 982 994 1,005 1,005 1,011 1,016 1,026 1,035 1,035 1,045 1,051 1,056 1,066 1,066 1,079 1,088 1,100 1,111 1,111 1,121 1,136 1,153 1,169 1,169 1,185 1,202 1,230 1,263 1,263 1,289 1,308 1,335 1,364 1,364 1,390 1,418 1,448 1,479 1,479 1,503 1,521 1,539 1,558 1,558 1,580 1,593 1,608 1,635 1,635 1,653 1,662 1,663 1,656 1,656 1,635 1,613 1,589 1,575 1,575 1,566 1,571 1,565
QoQ Change 1.2% 1.2% 1.1% 0.6% 0.5% 1.0% 0.9% 1.0% 0.6% 0.5% 0.9% 1.2% 0.8% 1.1% 1.0% 0.9% 1.3% 1.5% 1.4% 1.4% 1.4% 2.3% 2.7% 2.1% 1.5% 2.1% 2.2% 1.9% 2.0% 2.1% 2.1% 1.6% 1.2% 1.2% 1.2% 1.4% 0.8% 0.9% 1.7% 1.1% 0.5% 0.1% -0.4% -1.3% -1.3% -1.5% -0.9% -0.6% 0.3% -0.4%
YoY Change 4.4% 4.2% 3.5% 3.2% 3.0% 3.0% 3.4% 3.4% 2.9% 3.0% 3.0% 3.3% 3.5% 4.2% 4.2% 4.2% 3.9% 4.4% 4.8% 5.2% 5.2% 5.7% 5.8% 6.7% 8.0% 8.0% 8.8% 8.8% 8.5% 8.0% 8.0% 7.8% 8.4% 8.5% 8.4% 8.4% 8.1% 7.3% 6.3% 5.3% 5.3% 5.1% 4.7% 4.5% 4.9% 4.9% 4.6% 4.3% 3.4% 1.3% 1.3% -1.1% -2.9% -4.4% -4.9% -4.9% -4.2% -2.6% -1.5%
QoQ Line change (000's) 42 30 31 45 58 94 101 28 30 31 115 24 18 18 19 79 22 13 15 27 77 18 9 1 (7) 21 (21) (22) (24) (14) (81) (9) 5 (6)
Broadband Internet lines (in 000's)-Wholesale - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 11 78 177 244 244 290 323 347 377 377 414 444 484 532 532 574 600 617 626 626 624 612 601 592 592 584 580 570
QoQ Change 609.1% 126.9% 37.9% 18.9% 11.4% 7.4% 8.6% 9.8% 7.2% 9.0% 9.9% 7.9% 4.5% 2.8% 1.5% -0.3% -1.9% -1.8% -1.5% -1.4% -0.7% -1.7%
YoY Change 2536.4% 314.1% 96.0% 54.5% 42.8% 37.5% 39.5% 41.1% 41.1% 38.6% 35.1% 27.5% 17.7% 17.7% 8.7% 2.0% -2.6% -5.4% -5.4% -6.4% -5.2% -5.2%
QoQ Line change (000's) 67 99 67 46 33 24 30 133 37 30 40 48 155 42 26 17 9 94 (2) (12) (11) (9) (34) (8) (4) (10)
Wholesale lines as % of total broadband lines 0.8% 5.5% 12.2% 16.5% 16.5% 19.3% 21.2% 22.5% 24.2% 24.2% 26.2% 27.9% 30.1% 32.5% 32.5% 34.7% 36.1% 37.1% 37.8% 37.8% 38.2% 37.9% 37.8% 37.6% 37.6% 37.3% 36.9% 36.4%
Broadband Internet lines (in 000's) - Retail 963 970 982 994 1,005 1,005 1,011 1,016 1,026 1,035 1,035 1,045 1,051 1,056 1,066 1,066 1,079 1,088 1,100 1,111 1,111 1,121 1,136 1,153 1,169 1,169 1,185 1,202 1,230 1,263 1,263 1,289 1,308 1,335 1,364 1,364 1,379 1,340 1,271 1,235 1,235 1,213 1,198 1,192 1,181 1,181 1,166 1,149 1,124 1,103 1,103 1,079 1,062 1,046 1,030 1,030 1,011 1,001 988 983 983 982 991 995
QoQ Change 1.2% 1.2% 1.1% 0.6% 0.5% 1.0% 0.9% 1.0% 0.6% 0.5% 0.9% 1.2% 0.8% 1.1% 1.0% 0.9% 1.3% 1.5% 1.4% 1.4% 1.4% 2.3% 2.7% 2.1% 1.5% 2.1% 2.2% 1.1% -2.8% -5.1% -2.8% -1.8% -1.2% -0.5% -0.9% -1.3% -1.5% -2.2% -1.9% -2.2% -1.6% -1.5% -1.5% -1.8% -1.0% -1.3% -0.5% -0.1% 0.9% 0.4%
YoY Change 4.4% 4.2% 3.5% 3.2% 3.0% 3.0% 3.4% 3.4% 2.9% 3.0% 3.0% 3.3% 3.5% 4.2% 4.2% 4.2% 3.9% 4.4% 4.8% 5.2% 5.2% 5.7% 5.8% 6.7% 8.0% 8.0% 8.8% 8.8% 8.5% 8.0% 8.0% 7.0% 2.4% -4.8% -9.5% -9.5% -12.0% -10.6% -6.2% -4.4% -4.4% -3.9% -4.1% -5.7% -6.6% -6.6% -7.5% -7.6% -6.9% -6.6% -6.6% -6.3% -5.7% -5.5% -4.6% -4.6% -2.9% -1.0% 0.7%
QoQ Line change (000's) 42 30 31 45 58 94 101 -39 -69 -36 (129) (22) (15) (6) (11) (54) (15) (17) (25) (21) (78) (24) (17) (16) (16) (73) (19) (10) (13) (5) (47) (1) 9 4
Broadband Internet ARPU (in NIS) - Retail 64 68 66 67 66 67 67 67 70 70 69 73 72 76 78 75 79 80 81 81 80 84 80 80 80 81 83 85 86 82 84 82 84 85 85 84 87 88 88 88 88 90 90 88 90 89 90 90 90 92 90 92 93 93 96 93 96 97 98 98 97 98 98 100
QoQ Change -2.9% 1.5% -1.5% 1.5% 0.0% 4.5% 0.0% 4.3% -1.4% 5.6% 2.6% 1.3% 1.3% 1.3% 0.0% 3.7% -4.8% 0.0% 0.0% 3.8% 2.4% 1.2% -4.7% 0.0% 2.4% 1.2% 0.0% 2.4% 1.1% 0.0% 0.0% 2.3% 0.0% -2.2% 2.3% 0.0% 0.0% 0.0% 2.2% 0.0% 1.1% 0.0% 3.2% 0.0% 1.0% 1.0% 0.0% 0.0% 0.0% 2.0%
YoY Change 4.7% -1.5% 1.5% 4.5% 6.1% 3.0% 9.0% 7.5% 8.6% 11.4% 8.7% 8.2% 11.1% 6.6% 3.8% 6.7% 6.3% 0.0% -1.2% -1.2% 1.3% -1.2% 6.3% 7.5% 2.5% 3.7% -1.2% -1.2% -1.2% 3.7% 0.0% 6.1% 4.8% 3.5% 3.5% 4.8% 3.4% 2.3% 0.0% 2.3% 1.1% 0.0% 0.0% 2.3% 2.2% 1.1% 2.2% 3.3% 3.3% 4.3% 3.3% 4.3% 4.3% 5.4% 2.1% 4.3% 2.1% 1.0% 2.0%
Average broadband speed per subscriber (end of period, Mbps) 1.7 1.9 2.0 2.1 2.2 2.2 2.3 2.4 2.5 2.7 2.7 3.0 3.4 3.8 4.3 4.3 4.8 5.3 6.0 6.7 6.7 7.5 8.3 9.0 9.6 9.6 10.4 15.2 17.3 18.1 18.1 20.0 21.9 24.0 32.5 32.5 33.2 34.9 36.7 37.8 37.8 38.9 40.2 41.8 43.4 43.4 45.1 47.2 49.5 51.5 51.5 53.5 55.4 57.4 59.1 59.1 61.5 64.0 66.2 67.8 67.8 69.1 70.4 71.6
QoQ Change 5.3% 5.0% 4.8% 4.5% 4.3% 4.2% 8.0% 11.1% 13.3% 11.8% 13.2% 11.6% 10.4% 13.2% 11.7% 11.9% 10.7% 8.4% 6.7% 8.3% 46.2% 13.8% 4.6% 10.5% 9.5% 9.6% 35.4% 2.2% 5.1% 5.2% 3.0% 2.9% 3.3% 4.0% 3.8% 3.9% 4.7% 4.9% 4.0% 3.9% 3.6% 3.6% 2.9% 4.1% 4.1% 3.4% 2.4% 1.9% 1.9% 1.7%
YoY Change 29.4% 21.1% 20.0% 19.0% 22.7% 22.7% 30.4% 41.7% 52.0% 59.3% 59.3% 60.0% 55.9% 57.9% 55.8% 55.8% 56.3% 56.6% 50.0% 43.3% 43.3% 38.7% 83.1% 92.2% 88.5% 88.5% 92.3% 44.1% 38.7% 79.6% 79.6% 66.0% 59.4% 52.9% 16.3% 16.3% 17.2% 15.2% 13.9% 14.8% 14.8% 15.9% 17.4% 18.4% 18.7% 18.7% 18.6% 17.4% 16.0% 14.8% 14.8% 15.0% 15.5% 15.3% 14.7% 14.7% 12.4% 10.0% 8.2%
Number of employees 7,614 N/A N/A N/A N/A 7,530 N/A N/A N/A N/A 7,364 N/A N/A N/A N/A 7,216 N/A N/A N/A N/A 7,076 N/A N/A N/A N/A 7,422 N/A N/A 6,576 6,479 6,479 N/A N/A N/A 5,964 5,964 N/A N/A N/A 5,896 5,896 N/A N/A N/A 5,649 5,649 N/A N/A N/A 5,582 5,582 N/A N/A N/A 5,494 5,494 5,358 N/A N/A 5,256 5,256 N/A N/A N/A
YoY Change -1.1% -2.2% -2.0% -1.9% 4.9% -12.7% -7.9% -1.1% -4.2% -1.2% -1.6% -4.3%
Market share - Internet N/A N/A 59% 59% 59% 60% 63% N/A N/A N/A N/A 66% N/A N/A N/A N/A 68% N/A N/A N/A N/A 69% N/A N/A N/A N/A 70% N/A N/A N/A N/A 69% N/A N/A N/A N/A 63% N/A N/A N/A
Market share - telephony (private sector) N/A N/A 72% 65% 63% 59% 57% N/A N/A N/A N/A 56% N/A N/A N/A N/A 56% N/A N/A N/A N/A 55% N/A N/A N/A N/A 53% N/A N/A N/A N/A 52% N/A N/A N/A N/A 53% N/A N/A N/A
Market share - telephony (business sector) N/A N/A 82% 78% 76% 75% 74% N/A N/A N/A N/A 74% N/A N/A N/A N/A 74% N/A N/A N/A N/A 73% N/A N/A N/A N/A 72% N/A N/A N/A N/A 71% N/A N/A N/A N/A 71% N/A N/A N/A
Pelephone
Key Performance Indicators
Total Subscribers (EOP, in 000's) 2,622 2,595 2,636 2,698 2,649 2,649 2,669 2,694 2,721 2,766 2,766 2,789 2,807 2,825 2,857 2,857 2,861 2,827 2,842 2,847 2,847 2,876 2,859 2,839 2,800 2,800 2,741 2,702 2,683 2,642 2,642 2,631 2,610 2,600 2,586 2,586 2,565 2,566 2,569 2,651 2,651 2,692 2,260 2,348 2,402 2,402 2,430 2,410 2,475 2,525 2,525 2,546 2,601 2,185 2,205 2,205 2,224 2,263 2,310 2,336 2,336 2,367 2,376 2,406
QoQ Change 1.6% 2.4% -1.8% 0.8% 0.9% 1.0% 1.7% 0.8% 0.6% 0.6% 1.1% 0.1% -1.2% 0.5% 0.2% 1.0% -0.6% -0.7% -1.4% -2.1% -1.4% -0.7% -1.5% -0.4% -0.8% -0.4% -0.5% -0.8% 0.0% 0.1% 3.2% 1.5% -16.0% 3.9% 2.3% 1.2% -0.8% 2.7% 2.0% 0.8% 2.2% -16.0% 0.9% 0.9% 1.8% 2.1% 1.1% 1.3% 0.4% 1.3%
YoY Change 1.0% 2.9% 2.2% 0.9% 4.4% 4.4% 4.5% 4.2% 3.8% 3.3% 3.3% 2.6% 0.7% 0.6% -0.4% -0.4% 0.5% 1.1% -0.1% -1.7% -1.7% -4.7% -5.5% -5.5% -5.6% -5.6% -4.0% -3.4% -3.1% -2.1% -2.1% -2.5% -1.7% -1.2% 2.5% 2.5% 5.0% -11.9% -8.6% -9.4% -9.4% -9.7% 6.6% 5.4% 5.1% 5.1% 4.8% 7.9% -11.7% -12.7% -12.7% -12.6% -13.0% 5.7% 5.9% 5.9% 6.4% 5.0% 4.2%
QoQ subscriber change (000's) 91 (10) (47) (158) (56) 1 3 82 65 41 (432) 88 54 (249) 28 (20) 65 50 123 21 55 (416) 20 (320) 19 39 47 26 131 31 9 30
Postpaid Subscribers (EOP, in 000's) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,750 1,750 N/A N/A N/A 1,726 1,726 N/A N/A N/A 1,669 1,669 1,659 1,663 1,697 1,729 1,729 1,760 1,800 1,817 1,831 1,831 1,842 1,866 1,895 1,911 1,911 1,939 1,959 1,986
QoQ Change -0.6% 0.2% 2.0% 1.9% 1.8% 2.3% 0.9% 0.8% 0.6% 1.3% 1.6% 0.8% 1.5% 1.0% 1.4%
YoY Change -1.4% -1.4% -3.3% -3.3% 3.6% 6.1% 8.2% 7.1% 5.9% 4.7% 3.7% 4.3% 4.4% 5.3% 5.0% 4.8%
QoQ subscriber change (000's) (24) (57) (10) 4 34 32 60 31 40 17 14 102 11 24 29 16 80 28 20 27
Prepaid Subscribers (EOP, in 000's) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 836 836 N/A N/A N/A 925 925 N/A N/A N/A 733 733 771 747 778 796 796 786 801 368 374 374 382 397 415 425 425 428 417 420
QoQ Change 5.2% -3.1% 4.1% 2.3% -1.3% 1.9% -54.1% 1.6% 2.1% 3.9% 4.5% 2.4% 0.7% -2.6% 0.7%
YoY Change 10.6% -20.8% -20.8% 8.6% 8.6% 1.9% 7.2% -52.7% -53.0% -53.0% -51.4% -50.4% 12.8% 13.6% 13.6% 12.0% 5.0% 1.2%
QoQ subscriber change (000's) 89 (192) 38 (24) 31 18 63 (10) 15 (433) 6 (422) 8 15 18 10 51 3 (11) 3
ARPU (in NIS) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 110 111 113 109 111 110 109 107 100 107 97 99 95 89 95 86 85 88 86 86 80 79 78 75 78 65 65 68 60 64 57 68 68 62 63 60 61 63 58 61 57 57 68 66 62 63 64 65 60 63 58 55 55
QoQ Change 0.9% 1.8% -3.5% 0.9% -0.9% -1.8% -6.5% -3.0% 2.1% -4.0% -6.3% -3.4% -1.2% 3.5% -2.3% -7.0% -1.3% -1.3% -3.8% -13.3% 0.0% 4.6% -11.8% -5.0% 19.3% 0.0% -8.8% -3.2% 1.7% 3.3% -7.9% -1.7% 0.0% 19.3% -2.9% -4.5% 1.6% 1.6% -7.7% -3.3% -5.2% 0.0%
YoY Change 0.0% -1.8% -5.3% -8.3% -3.6% -11.8% -9.2% -11.2% -11.0% -11.2% -11.3% -14.1% -7.4% -3.4% -9.5% -7.0% -7.1% -11.4% -12.8% -9.3% -18.8% -17.7% -12.8% -20.0% -17.9% -12.3% 4.6% 0.0% 3.3% -1.6% 5.3% -10.3% -7.4% -6.5% -3.2% -5.0% -6.6% 7.9% 13.8% 1.6% 10.5% 12.3% -4.4% -9.1% 1.6% -7.9% -14.1% -15.4%
Churn rate N/A N/A N/A N/A N/A N/A 3.3% 3.3% 3.8% 3.4% 13.8% 3.9% 3.9% 3.5% 3.9% 15.3% 5.0% 6.6% 6.1% 5.3% 22.9% 3.9% 6.0% 6.7% 5.9% 22.4% 7.2% 6.9% 6.2% 8.3% 28.6% 7.6% 6.5% 7.3% 6.6% 28.0% 6.5% 6.1% 6.4% 6.7% 25.8% 5.2% 6.2% 6.1% 6.3% 23.7% 7.9% 6.3% 7.1% 6.9% 28.2% 8.0% 7.3% 9.1% 9.0% 33.3% 8.6% 7.5% 7.3% 7.3% 30.7% 7.1% 6.8% 7.1%
Number of employees N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4,072 N/A N/A N/A N/A 3,288 N/A N/A N/A 3,001 3,001 N/A N/A N/A 2,679 2,679 N/A N/A N/A 2,594 2,594 N/A N/A N/A 2,551 2,551 N/A N/A N/A 2,453 2,453 N/A N/A N/A 2,202 2,202 N/A N/A N/A
YoY Change -19.3% -8.7% -10.7% -3.2% -1.7% -3.8% -10.2%
Market share 29.2% 28.6% 29.0% 28.9% 29.0% 28.2% 26.3% N/A N/A N/A N/A 25.5% N/A N/A N/A N/A 25.2% N/A N/A 22.7% 23.1% 23.1% N/A N/A 23.3% 23.6% 23.6% N/A N/A 21.0% 20.7% 20.7% N/A N/A 21.2% N/A N/A N/A N/A N/A
Bezeq International
Key Performance Indicators
Number of employees 2,621 N/A N/A N/A N/A 2,325 N/A N/A N/A N/A 2,445 N/A N/A N/A N/A 2,112 N/A N/A N/A N/A 2,262 N/A N/A N/A N/A 2,102 N/A N/A N/A N/A 2,007 N/A N/A N/A 1,932 1,932 N/A N/A N/A 1,966 1,966 N/A N/A N/A 1,905 1,905 N/A N/A N/A 1,864 1,864 N/A N/A N/A 1,653 1,653 N/A N/A N/A 1,419 1,419 N/A N/A N/A
QoQ Change
YoY Change -11.3% 5.2% -13.6% 7.1% -7.1% -4.5% -3.7% 1.8% -3.1% -2.2% -11.3% -14.2%
Churn rate (ISP) N/A N/A N/A N/A N/A N/A 3.9% 3.6% 3.4% 3.9% 14.8% 3.2% 2.9% 3.2% 3.5% 12.7% 2.9% 2.8% 3.2% 3.7% 12.6% 4.3% 4.1% 4.6% 5.5% 18.4% 4.2% 4.5% 4.7% 4.6% 18.0% 4.0% 3.7% 4.5% 4.7% 17.0% 4.1% 4.2% 4.4% 4.6% 17.3% 5.2% 4.5% 5.5% 5.2% 20.4% 5.3% 5.0% 6.3% 6.8% 23.4% 6.0% 6.0% 5.8% 7.7% 25.5% 6.6% 6.2% 7.1% 6.3% 26.2% 6.7% 6.1% 7.2%
Market share - ISP 36.0% 36.0% 36.0% 35.9% 37.5% 38.8% 40.6% N/A N/A N/A N/A 42% N/A N/A N/A N/A 44% N/A N/A N/A N/A 44% N/A N/A 42.1% N/A N/A N/A N/A 38.2% N/A N/A N/A N/A N/A N/A 30.0% N/A N/A N/A
Market share - ILD (Outgoing) 36.0% 36.0% 31.0% 30.7% 30.0% 24.6% 21.2% N/A N/A N/A N/A 23% N/A N/A N/A N/A 21% N/A N/A N/A N/A 21% N/A N/A N/A N/A 25.6% N/A N/A N/A N/A 23.3% N/A N/A N/A N/A 27.0% N/A N/A N/A
yes
Key Performance Indicators
Subscribers (EOP, in 000's) 549 549 551 556 560 560 560 562 567 571 571 571 573 575 578 578 580 581 585 586 586 585 582 581 578 578 578 583 593 600 600 605 611 622 630 630 632 636 637 635 635 629 623 618 614 614 608 603 597 587 587 580 582 584 574 574 568 565 558 555 555 556 557 556
QoQ Change 0.4% 0.9% 0.7% 0.0% 0.4% 0.9% 0.7% 0.0% 0.4% 0.3% 0.5% 0.3% 0.2% 0.7% 0.2% -0.2% -0.5% -0.2% -0.5% 0.0% 0.9% 1.7% 1.2% 0.8% 1.0% 1.8% 1.3% 0.3% 0.6% 0.2% -0.3% -0.9% -1.0% -0.8% -0.6% -1.0% -0.8% -1.0% -1.7% -1.2% 0.3% 0.3% -1.7% -1.0% -0.5% -1.2% -0.5% 0.2% 0.2% -0.2%
YoY Change 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 1.4% 1.2% 1.2% 1.6% 1.4% 1.7% 1.4% 1.4% 0.9% 0.2% -0.7% -1.4% -1.4% -1.2% 0.2% 2.1% 3.8% 3.8% 4.7% 4.8% 4.9% 5.0% 5.0% 4.5% 4.1% 2.4% 0.8% 0.8% -0.5% -2.0% -3.0% -3.3% -3.3% -3.3% -3.2% -3.4% -4.4% -4.4% -4.6% -3.5% -2.2% -2.2% -2.2% -2.1% -2.9% -4.5% -3.3% -3.3% -2.1% -1.4% -0.4%
QoQ subscriber change (000's) 4 1 -2 (6) (6) (5) (4) (21) (6) (5) (6) (10) (27) (7) 2 2 (10) (13) (6) (3) (7) (3) (19) 1 1 (1)
ARPU (in NIS)* 217 231 230 226 225 228 228 224 224 229 226 229 231 229 231 230 234 232 232 229 232 237 234 231 234 234 233 232 233 233 233 234 234 234 234 234 232 231 233 235 233 231 231 233 237 233 232 229 226 226 228 214 215 210 206 211 200 197 195 195 197 195 190 187
QoQ Change -0.4% -1.7% -0.4% 1.3% -1.8% 0.0% 2.2% 0.0% 0.9% -0.9% 0.9% 1.3% -0.9% 0.0% -1.3% 3.5% -1.3% -1.3% 1.3% -0.4% -0.4% 0.4% 0.0% 0.4% 0.0% 0.0% 0.0% -0.9% -0.4% 0.9% 0.9% -1.7% 0.0% 0.9% 1.7% -2.1% -1.3% -1.3% 0.0% -5.3% 0.5% -2.3% -1.9% -2.9% -1.5% -1.0% 0.0% 0.0% -2.6% -1.6%
YoY Change 5.1% -1.3% -2.6% -0.9% 1.8% -0.9% 0.4% 3.1% 2.2% 0.9% 1.8% 2.2% 0.4% 1.3% -0.9% 0.9% 1.3% 0.9% -0.4% 2.2% 1.0% -1.7% -0.9% 0.9% -0.4% -0.4% 0.4% 0.9% 0.4% 0.4% 0.4% -0.9% -1.3% -0.4% 0.4% -0.4% -0.4% 0.0% 0.0% 0.9% 0.0% 0.4% -0.9% -3.0% -4.6% -2.1% -7.8% -6.1% -7.1% -8.8% -7.5% -6.5% -8.4% -7.1% -5.3% -6.6% -2.5% -3.6% -4.1%
Churn rate N/A N/A N/A N/A N/A N/A 3.7% 3.1% 3.3% 3.2% 13.3% 3.5% 3.1% 3.3% 3.1% 13.0% 3.3% 2.9% 2.8% 2.8% 11.9% 3.6% 3.9% 4.1% 3.8% 15.4% 3.8% 3.2% 3.4% 3.0% 13.5% 3.6% 3.1% 3.2% 2.9% 12.8% 3.4% 3.1% 3.9% 3.5% 13.9% 4.2% 3.6% 4.5% 3.6% 15.9% 4.3% 3.8% 4.8% 5.9% 18.8% 6.1% 4.7% 5.1% 5.6% 21.5% 5.6% 4.9% 5.5% 5.2% 21.2% 5.9% 4.8% 5.4%
Number of employees N/A 1,999 2,158 2,229 N/A N/A N/A N/A 2,227 N/A N/A N/A N/A 2,276 N/A N/A N/A N/A 2,208 N/A N/A N/A 2,042 2,042 N/A N/A N/A 1,984 1,984 N/A N/A N/A 1,753 1,753 N/A N/A N/A 1,680 1,680 N/A N/A N/A 1,532 1,532 N/A 1,350 N/A 1,335 1,335 N/A N/A N/A
YoY Change 8.0% 3.3% -0.1% 2.2% -3.0% -7.5% -2.8% -11.6% -4.2% -8.8% -12.9%
Mkt share 37% 38% 38% 39% 40% 39% 40% N/A N/A N/A N/A 42% N/A N/A N/A N/A 42% N/A N/A N/A N/A 40% N/A N/A N/A N/A 37% N/A N/A N/A N/A 34% N/A N/A N/A N/A 32% N/A N/A N/A
* In Q1 2020, yes updated its ARPU definition so that ARPU does not include revenue from content sales to external broadcasters. As a result, ARPU data for 2018 and 2019 was adjusted retroactively.
340 347.377
1980
1315
-23
59
616
209.674
182.674
405.468
63.364
-75.885
74.074
126.117 134.201
118
64.712 67.336
-9.20%
67.18
-260
26.40%
131 135
3.50%
134 491
-8.80% -10.10%
167 27 138
-47.90% -17.80%
31.30%

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&12Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

&P of &N KPIs

Debt Repayments
Debt Ratings & Repayments
Rating Agency Rating Outlook
S&P Global Ratings Maalot ilAA- Stable
Midroog Aa3.il Stable
Summary of Financial Undertakings as of September 30, 2020 (based on repayment dates)
In NIS millions
Notes Issued to the Public (Bezeq Fixed-Line)
CPI Linked Unlinked Gross Interest Payment Total principal and interest
First year 518,333 35,708 195,119 749,160
Second year 518,333 35,708 175,426 729,467
Third year 606,668 250,205 150,846 1,007,719
Fourth year 265,005 643,490 121,583 1,030,078
Fifth year and thereafter 1,799,250 2,121,747 251,793 4,172,790
Total 3,707,589 3,086,858 894,767 7,689,214
Private Notes and Other Non-Bank Credit (Bezeq Fixed-Line)
CPI Linked Unlinked Gross Interest Payment Total principal and interest
First year - 0 85,000 36,535 121,535
Second year - 0 93,333 32,880 126,213
Third year - 0 76,667 29,183 105,850
Fourth year - 0 58,333 26,387 84,720
Fifth year and thereafter 700,000 78,709 778,709
Total - 0 1,013,333 203,694 1,217,027
Credit from Israeli Banks (Bezeq Fixed-Line)
CPI Linked Unlinked Gross Interest Payment Total principal and interest
First year - 0 284,056 56,844 340,900
Second year - 0 61,556 45,575 107,131
Third year - 0 6,000 42,434 48,434
Fourth year - 0 406,000 42,333 448,333
Fifth year and thereafter - 0 839,000 47,478 886,478
Total - 0 1,596,612 234,664 1,831,276
Total Debt - Bezeq Fixed-Line
CPI Linked Unlinked Gross Interest Payment Total principal and interest
First year 518,333 404,764 288,498 1,211,595
Second year 518,333 190,597 253,881 962,811
Third year 606,668 332,872 222,463 1,162,003
Fourth year 265,005 1,107,823 190,303 1,563,131
Fifth year and thereafter 1,799,250 3,660,747 377,980 5,837,977
Total 3,707,589 5,696,803 1,333,125 10,737,517

Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N Debt Ratings and Repayments

Debt Terms
Principal Currency Linkage Type of Average Interest Rate Range
(NIS millons) Interest Interest Rate in 2020
Debt Terms
The following table shows the distribution of long-term debt as of September 30, 2020 (including current maturities):
Banks 1,591 NIS Unlinked Fixed 3.71% 3.20% - 6.85%
Non-bank sources 107 NIS Unlinked Variable; based on the annual interest rate for Treasury Bills 1.44% 1.43% - 1.54%
Non-bank sources 3,993 NIS Unlinked Fixed 3.11% 3.20% - 5.25%
Non-bank sources 3,708 NIS CPI Fixed 1.99% 1.70% - 3.70%

Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N Debt Terms

Glossary
Bezeq The Israel Telecommunication Corp. Limited
GLOSSARY
Glossary
EBITDA = Earnings Before Interest, taxes, depreciation, amortization and ongoing losses from impairment of fixed and intangible assets
Adjusted EBITDA = EBITDA excluding other operating income/expenses and one-time loss from impairment of assets
Net Debt/Adjusted EBITDA = Adjusted EBITDA in this ratio is EBITDA (Trailing Twelve Months) less lease payments and
excluding other income/expenses and one-time loss from impairment of assets
Free cash flow = Operating cash flows less net capital expenditures and lease payments
Net capital expenditures = Purchase of property, plant & equipment (PPE), plus investments in intangible assets, less proceeds from the sale of PPE
FFO = Cash flow from operating activities less changes in working capital and payments for leases
ARPL = Average revenue per line
ARPU = Average revenue per user
N/A = Not available
N/M = Not meaningful
TTM = Trailing twelve months
118
-9.20%

Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N Glossary

Dividends
Bezeq Group Dividends
Dividend History
Dividend Distribution date Total Amount (NIS m) Dividend per share (NIS) Dividend Type
October 10, 2018 318 0.11 Semi-Annual Dividend
May 10, 2018 368 0.13 Semi-Annual Dividend
October 16, 2017 708 0.26 Semi-Annual Dividend
May 29, 2017 578 0.21 Semi-Annual Dividend
October 6, 2016 665 0.24 Semi-Annual Dividend
May 30, 2016 776 0.28 Semi-Annual Dividend
October 26, 2015 933 0.34 Semi-Annual Dividend
May 27, 2015 844 0.31 Semi-Annual Dividend
October 2, 2014 1,267 0.46 Semi-Annual Dividend
April 23, 2014 802 0.29 Semi-Annual Dividend
September 15, 2013 500 0.36 Special Dividend (6 of 6)
September 15, 2013 969 0.18 Semi-Annual Dividend
May 13, 2013 500 0.18 Special Dividend (5 of 6)
May 13, 2013 861 0.32 Semi-Annual Dividend
October 10, 2012 500 0.18 Special Dividend (4 of 6)
October 10, 2012 997 0.37 Semi-Annual Dividend
May 21, 2012 500 0.18 Special Dividend (3 of 6)
May 21, 2012 1,074 0.40 Semi-Annual Dividend
October 5, 2011 500 0.18 Special Dividend (2 of 6)
October 5, 2011 992 0.37 Semi-Annual Dividend
May 19, 2011 500 0.19 Special Dividend (1 of 6)
May 19, 2011 1,163 0.43 Semi-Annual Dividend
October 7, 2010 1,280 0.48 Semi-Annual Dividend
May 3, 2010 2,453 0.92 Semi-Annual Dividend
October 5, 2009 1,149 0.43 Semi-Annual Dividend
May 24, 2009 792 0.30 Semi-Annual Dividend
October 29, 2008 835 0.32 Semi-Annual Dividend
April 28, 2008 679 0.26 Semi-Annual Dividend
October 15, 2007 760 0.29 Semi-Annual Dividend
February 26, 2007 1,800 0.69 Special Dividend
January 9, 2007 300 0.12 Semi-Annual Dividend
October 30, 2006 400 0.15 Semi-Annual Dividend
April 16, 2006 1,200 0.46 Semi-Annual Dividend

Bezeq - The Israel Telecommunication Corp. Ltd

&P of &N Dividends

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Bezeq The Israel Telecommunication Corporation Ltd. published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 13:33:03 UTC