Bezeq Group Reports First Quarter 2012 Financial Results
Shaul Elovitch, Bezeq Chairman: "We welcome the regulatory changes that are intended to create a level playing field in the communications market, one that will create consumer well-being along with operational efficiency."
(firmenpresse) - TEL AVIV, ISRAEL -- (Marketwire) -- 05/09/12 -- (TASE: BEZQ), Israel's leading telecommunications provider, today announced its financial results for the three months ended March 31, 2012. Details regarding the investor conference call and webcast to be held today are included later in this press release.
: NIS 2.74 billion, a decrease of 5.9%
: NIS 850 million, an increase of 27.8%
NIS 582 million, an increase of 43.0%
: NIS 0.21, an increase of 40.0%
: NIS 1.21 billion, an increase of 20.8%
: 44.1% of revenues, as compared to 34.3%
*: NIS 585 million, an increase of 26.6%
: 1.37, as compared to 1.00
17.0%, as compared to 17.6%
* Free cash flow is defined as cash flows from operating activities less net payments for investments
Bezeq Chairman, said after publication of the Group's financial statements: "Bezeq's strategy of long-term investments in advanced infrastructure, innovative services and top grade service has proven itself in the first quarter of the year even as the domestic communications market is becoming more and more competitive. This is also a challenging time for the Company as it faces comprehensive regulatory changes in its areas of operation. We welcome the regulatory changes that are intended to create a level playing field in the communications market, one that will create consumer well-being along with operational efficiency."
Chief Financial Officer and Deputy CEO of Bezeq, commented, "Bezeq's diversification and technological and financial strength was reflected in our first quarter results. Our Fixed Line segment showed top line growth primarily driven by demand for broadband access speed upgrades across our NGN infrastructure and higher transmission and data sales. Fixed Line growth was offset by lower revenues from the Group's Pelephone mobile segment which was negatively influenced by regulatory changes enacted in 2011 and operates in a highly competitive environment. Group profitability measures including operating profit, net profit, and EBITDA performance all posted double-digit percentage gains year-over-year, benefiting from the absence of an employee retirement provision in the first quarter of 2012. In addition, cash flows during the quarter improved sequentially and year-over-year.
We continue to show impressive financial stability. Based on our solid first quarter performance we are reiterating Bezeq's full year 2012 financial guidance whereby we estimate that net profit, EBITDA, and revenues for 2012 will be similar to those of 2011. In addition, we expect free cash flow in 2012 to improve compared to 2011, mainly due to the improvement in working capital and the completion of the NGN project and submarine cable deployment.
We continue to return value to shareholders with the planned NIS 1.574 billion cash distribution to be made on May 21st, 2012. This amount includes a NIS 1.074 billion dividend in accordance with our regular dividend policy in addition to a NIS 500 million repayment of the debt reflecting the third of six equal semi-annual payments as part of the Company's three year distribution of the capital reduction," concluded Mr. Gelman.
of the Bezeq Group in the first quarter of 2012 amounted to NIS 2.74 billion compared with NIS 2.91 billion in the corresponding quarter, a decrease of 5.9%. Most of the decrease in the Group's revenues is due to the erosion of revenues from cellular services and from the decrease in revenues from the sale of cellular handsets.
of the Group amounted to NIS 850 million in the first quarter of 2012, compared with NIS 665 million in the corresponding quarter, an increase of 27.8. in the first quarter of 2012 amounted to NIS 1.21 billion (EBITDA margin of 44.1%), compared with NIS 1 billion (EBITDA margin of 34.3%) in the corresponding quarter, an increase of 20.8%. attributable to Bezeq shareholders in the first quarter of 2012 amounted to NIS 582 million compared with NIS 407 million in the corresponding quarter, an increase of 43.0%.
The increase in operating profit, EBITDA and net profit stemmed from a provision of NIS 281.5 million for employee retirement recorded in the first quarter of 2011.
in the first quarter of 2012 amounted to NIS 998 million compared with NIS 775 million in the corresponding quarter, an increase of 28.8% due to changes in working capital. Net in the first quarter of 2012 amounted to NIS 413 million compared with NIS 313 million in the corresponding quarter, an increase of 31.9%. As a result of the improved cash flow from operating activities, in the first quarter of 2012 amounted to NIS 585 million compared with NIS 462 million in the corresponding quarter, an increase of 26.6%.
, amounted to NIS 465 million in the first quarter of 2012 compared with NIS 513 million in the corresponding quarter, a decrease of 9.4%. The level of CAPEX was impacted by the progress made in the NGN project. The Group's capex to consolidated revenues ratio in the first quarter of 2012 was 17.0%, compared with 17.6% in the corresponding quarter.
As of March 31, 2012, the of the Group was NIS 9.42 billion, compared with NIS 5.64 billion as of March 31, 2011. The net financial debt of the Group was NIS 6.65 billion compared with NIS 4.94 billion as of March 31, 2011. At the end of March 2012, the Group's net debt to EBITDA ratio was 1.37, compared with 1.00 at the end of March 2011.
"Customers continued to choose Bezeq in the first quarter of 2012, with 10,000 new subscribers for our Internet services and 150,000 customers who upgraded their surfing speeds. This comes even in a quarter where the impact of recent regulatory changes was at its most severe."
in the first quarter of 2012 amounted to NIS 1.20 billion compared with NIS 1.18 billion in the corresponding quarter, an increase of 1.8%. The increase is based on, among other things, an increase in revenues from Internet and data services of 9.7% to NIS 541 million compared with the corresponding quarter. This increase stemmed primarily from upgrading of surfing speeds, which increased by 56% compared with the corresponding quarter, bringing the average up to 7.5 Mbps.
in the first quarter of 2012 amounted to NIS 539 million compared with NIS 211 million in the corresponding quarter, an increase of 155.5%. in the first quarter of 2012 amounted to NIS 717 million (EBITDA margin of 59.8%) compared with NIS 373 million (EBITDA margin of 31.7%) in the corresponding quarter, an increase of 92.2%. in the first quarter of 2012 amounted to NIS 348 million compared with NIS 123 million in the corresponding quarter, an increase of 182.9%.
Bezeq's operating profit, EBITDA and net profit in the first quarter of 2011 were negatively impacted by a provision of NIS 281.5 million for employee retirement.
in the first quarter of 2012 amounted to NIS 651 million compared with NIS 419 million in the corresponding quarter, an increase of 55.4%, and stemmed from changes in working capital.
Bezeq Fixed-line operations consolidated Bezeq's status as Israel's leader in Internet services, with the number of subscribers rising 3.9% compared with the corresponding quarter and numbering 1.12 million at the end of the quarter. This includes 10,000 new Internet subscribers who signed up during the quarter. Average revenue per user () from Bezeq's broadband Internet in the first quarter was NIS 84 per month, an increase of 6.3% compared with the corresponding quarter, driven mainly by bandwidth upgrades.
The number of at the end of the first quarter of 2012 was 2.37 million, an increase of 0.4% compared with the corresponding quarter. was NIS 74, compared with NIS 79 in the corresponding quarter.
"Pelephone delivered good operating performance compared with the fourth quarter of 2011, although compared with the year ago quarter we clearly are feeling the effects of the regulatory changes and the new competition, which caused an erosion in Pelephone's profitability. Despite the ongoing erosion of air-time tariffs, compared to the sequential quarter, Pelephone posted stable revenues, an increase of 1.9% in operating profit, and an increase of 5.9% in net profit. EBITDA remained stable at 32.3% of total revenues. We have continued our streamlining efforts in recent months and are preparing for increased competition in the industry, and have recently launched our innovative 'unlimited' packages in response to market trends."
in the first quarter of 2012 amounted to NIS 1.24 billion compared with NIS 1.45 billion in the corresponding quarter, a decrease of 14.2%.
in the first quarter of 2012 amounted to NIS 834 million compared with NIS 949 million in the corresponding quarter, a decrease of 12.1%. The decrease stemmed primarily from tariff erosion as a result of more intense competition and from the transition to multi-minute and SMS packages.
in the first quarter of 2012 amounted to NIS 307 million representing 39.6% of Pelephone's revenues from cellular services, compared with NIS 283 million in the corresponding quarter, an increase of 8.5%.
in the first quarter of 2012 amounted to NIS 410 million compared with NIS 501 million in the corresponding quarter, a decrease of 18.2%. The decrease stemmed from a reduction in the number of handsets sold compared with the corresponding quarter.
in the first quarter of 2012 amounted to NIS 267 million compared with NIS 399 million, a decrease of 33.1%. in the first quarter of 2012 amounted to NIS 402 million (EBITDA margin of 32.3%), compared with NIS 539 million in the corresponding quarter (EBITDA margin of 37.2%), a decrease of 25.4%. in the first quarter of 2012 amounted to NIS 216 million compared with NIS 310 million in the corresponding quarter, a decrease of 30.3%. The decrease in Pelephone's profitability metrics stemmed primarily from increased competition in the past year, which contributed to lower segment revenues.
in the first quarter of 2012 amounted to NIS 294 million compared with NIS 308 million in the corresponding quarter, a decrease of 4.5%.
on March 31, 2012 numbered 2.876 million, compared with 2.861 million on March 31, 2011. During the current quarter, 29,000 new net subscribers joined Pelephone. The increase in the number of subscribers in the quarter is attributable to the increase in prepaid subscribers, partially offset by a decrease in postpaid subscribers.
in the first quarter of 2012 was NIS 97, compared with NIS 110 in the corresponding quarter.
increased in the first quarter of 2012 by 40 minutes to reach 399 minutes, compared with 359 minutes in the corresponding quarter. The increase in MOU is primarily related to the transition to multi-minute and SMS packages.
"Bezeq International's success in Internet and ICT services was outstanding in the first quarter of 2012, which was characterized by regulatory changes and intense competition in its various areas of operation. The significant growth in Internet as well as in the recruitment of high speed internet customers on the submarine cable infrastructure, have resulted in more than 50% of Bezeq International's customers currently surfing at speeds of 10 Mbps or more. In addition, Bezeq International's consistent work and investment in ICT together with integration solutions and cloud computing for businesses have resulted in accelerated growth in this field."
in the first quarter of 2012 amounted to NIS 332 million compared with NIS 329 million in the corresponding quarter, an increase of 1%. Growth in sales of the company's Internet services on the submarine cable infrastructure and the new Internet network, which was launched at the beginning of the year, coupled with further growth in sales of ICT solutions, offset the ongoing erosion of revenues from international calls and from hubbing activities.
in the first quarter of 2012 amounted to NIS 50 million compared with NIS 61 million in the corresponding quarter, a decrease of 19%. Net profit in the first quarter of 2012 amounted to NIS 36 million compared with NIS 46 million in the corresponding quarter, a decrease of 22%. The decrease in operating profit and net profit stemmed primarily from an increase in the company's depreciation expenses as a result of investments in the submarine cable and additional investments in ICT.
in the first quarter of 2012 amounted to NIS 84 million (EBITDA margin of 25.3%) compared with NIS 85 million (EBITDA margin of 25.8%) in the corresponding quarter, a decrease of 1%.
in the first quarter of 2012 amounted to NIS 58 million compared with NIS 42 million in the corresponding quarter, an increase of 39%. The increase stemmed mainly from an improvement in working capital. in the first quarter of 2012 was negative at NIS 12 million, mainly due to the completion of the investment in the submarine cable from Israel to Europe.
"Yes' first quarter results reflect the competitive nature of the market for television services. While we believe Yes offers consumers the best television services available in the market, Yes must contend with groups that offer combination communications packages where Yes is currently restricted from offering similar packages. It is clear that the regulatory environment is a factor, nevertheless, time after time yes is proving its ability to cope in a mature and constantly evolving market. We are continuing to invest in our infrastructure, advanced services and original content, all aimed at further enhancing Yes' capabilities and consumer value proposition."
in the first quarter of 2012 amounted to NIS 417 million compared with NIS 406 million in the corresponding quarter, an increase of 2.8%. The increase stemmed mainly from an increase in sales of advanced services such as VOD and yesMaxTotal.
in the first quarter of 2012 amounted to NIS 52 million compared with NIS 61 million in the corresponding quarter, an increase of 15.9%. in the first quarter of 2012 amounted to NIS 118 million (EBITDA margin - 28.3%) compared with NIS 130 million (EBITDA margin - 32.0%) in the corresponding quarter, a decrease of 9.2%. The decrease in operating profit and EBITDA stemmed from, inter alia, timing differences in advertising and marketing expenses.
in the first quarter of 2012 amounted to NIS 64 million compared with NIS 73 million in the corresponding quarter, an improvement of 13.0% mainly due to a decrease in financing expenses.
in the first quarter of 2012 amounted to NIS 23 million compared with NIS 20 million in the corresponding quarter, an increase of 10.3%.
in the first quarter of 2012 amounted to NIS 116 million compared with NIS 141 million in the corresponding quarter, a decrease of 18.0% primarily due to a reduction in supplier credit. in the first quarter of 2012 amounted to NIS 60 million compared with NIS 70 million in the corresponding quarter, a decrease of 15.2%.
in the first quarter of 2012 amounted to NIS 237 compared with NIS 234 in the corresponding quarter, an increase of 1.3%.
Bezeq will conduct a conference call hosted by Mr. Shaul Elovitch, Bezeq Chairman and Mr. Alan Gelman, Bezeq Chief Financial Officer and Deputy CEO, on Wednesday, May 9, 2012, at 4:00 PM Israel Time / 9:00 AM Eastern Time. Participants are invited to join the live conference call by dialing:
International Phone Number: + 972-3-918-0609
Israel Phone Number: 03-918-0609
A live webcast of the conference call will be available on the investor relations section of the Bezeq corporate website at . Please visit the website at least 15 minutes early to register for the webcast and download any necessary audio software.
A webcast replay will be made available on the investor relations section of the Bezeq corporate website. An automated telephone replay will also be available approximately three hours after the completion of the live call through Tuesday, May 15, 2012. Participants are invited to listen to the conference call replay by dialing:
International Phone Number: + 972-3-925-5901
Israel Phone Number: 03-925-5901
Bezeq is Israel's leading telecommunications service provider. Established in 1984, the Company has led Israel into the new era of communications, based on the most advanced technologies and services. Bezeq and its subsidiaries offer the full range of communications services including domestic, international and cellular phone services; broadband Internet, and other data communications; satellite-based multi-channel TV; and corporate networks.
For more information about Bezeq please visit the corporate website at .
This press release contains general data and information as well as forward-looking statements about Bezeq. Such statements include expressions of management's expectations about new and existing programs, opportunities, technology and market conditions. Although Bezeq believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. These statements should not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. These forward-looking statements are made only as of the date hereof and the Company assumes no obligation to update any forward-looking statement In addition, the realization and/or otherwise of the forward-looking information will be affected by factors that cannot be assessed in advance, and which are not within the control of the Corporation, including the risk factors that are characteristic of its operations, and developments in the general environment, and external factors and the regulation that affects the Corporation's operations.
This press release contains partial information from the public reports of Bezeq under the Israeli Securities Law 5728-1968 (the "Securities Law"), which reports can be accessed at the Israeli Securities Authority's website, . A review of this presentation is not a substitute for a review of the detailed reports of Bezeq under the Securities Law and is not meant to replace or qualify them; rather, the presentation is prepared merely for the convenience of the reader, with the understanding that the detailed reports are being reviewed simultaneously. No representation is made as to the accuracy or completeness of the information contained herein.
This press release does not constitute an offer or invitation to purchase or subscribe for any securities, and neither this presentation nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
BEZEQ - Q1 2012 Press Release
Mr. Naftali Sternlicht
Bezeq
Phone: +972-2-539-5441
Email:
Mr. Guy Hadass
Bezeq
Phone: +972-3-626-2600
Email:
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Datum: 09.05.2012 - 00:02 Uhr
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