Last $11.55 USD
Change Today +0.08 / 0.70%
Volume 18.0K
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As of 4:15 PM 08/22/14 All times are local (Market data is delayed by at least 15 minutes).

cellcom israel ltd (CEL) Key Developments

Cellcom Israel Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Service Revenue Outlook for Full Year of 2014

Cellcom Israel Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of ILS 1.158 billion ($337 million) down 6.3% from ILS 1.236 billion ($359.5 million) in the corresponding quarter of 2013. The decrease in revenues is attributed to an 8.6% decrease in service revenues. However, net profit for the second quarter of 2014 totaled ILS 79 million ($23 million) or ILS 0.79 per share ($0.23 per share) up 18% from NIS 67 million ($19.5 million) in the corresponding quarter of 2013. Operating profit was ILS 156 million compared to ILS 169 million a year ago. Profit before taxes on income was ILS 92 million compared to ILS 91 million a year ago. Profit attributable to owners of the company was ILS 79 million compared to ILS 66 million a year ago. Net cash from operating activities was ILS 441 million compared to ILS 442 million a year ago. Acquisition of property, plant, and equipment was ILS 63 million compared to ILS 83 million a year ago. Acquisition of intangible assets was ILS 19 million compared to ILS 22 million a year ago. EBITDA was ILS 314 million compared to ILS 339 million a year ago. Free cash flow was ILS 361 million compared to ILS 345 million a year ago. The company's net debt now stands at approximately ILS 3.3 billion. Operating income for the second quarter of 2014 was affected by a one-time expense for employee retirement plan in the amount of approximately ILS 39 million ($11 million), and on the other hand by a one-time cancelation of a provision for communication cables expenses in the amount of ILS 22 million ($6 million). Excluding these one-time effects, operating income for the second quarter of 2014 totaled ILS 173 million ($50 million), a 2.4% increase compared with the second quarter of 2013. For the six months, the company reported revenues of ILS 2,288 million compared to ILS 2,494 million a year ago. Operating profit was ILS 341 million compared to ILS 308 million a year ago. Profit before taxes on income was ILS 250 million compared to ILS 184 million a year ago. Profit attributable to owners of the company was ILS 193 million compared to ILS 133 million a year ago. Net cash from operating activities was ILS 894 million compared to ILS 720 million a year ago. Acquisition of property, plant, and equipment was ILS 127 million compared to ILS 171 million a year ago. Acquisition of intangible assets was ILS 44 million compared to ILS 48 million a year ago. The company reported that due to a continued tough competition environment, it expect service revenues to continue to decrease through 2014.

Cellcom Israel Announces Partial Dismissal of Purported Class Actions

Cellcom Israel Ltd. provided an update on positive developments in two purported class actions. The lawsuits were filed against the company in May 2010 and June 2011 and included allegations relating to non-ionizing radiation and network quality. The Court dismissed the motions to certify the class actions with prejudice except in respect of certain claims that it determined it would hear on the basis of settlements of similar class action claims made against Pelephone Communications Ltd. and Partner Communications Ltd. and approved by the court, which the company was willing to adopt as well. The class settlement agreements include the cellular operators undertaking to provide certain information regarding non-ionizing radiation, sell certain accessories at a discount and conduct certain tests to handsets at certain circumstances. In light of the decision and settlement agreements by other operators, the company estimates that this litigation will not have a material effect on the company.

Cellcom Israel Ltd. to Report Q2, 2014 Results on Aug 11, 2014

Cellcom Israel Ltd. announced that they will report Q2, 2014 results at 9:00 AM, Israel Standard Time on Aug 11, 2014

Cellcom Israel Ltd., Q2 2014 Earnings Call, Aug 11, 2014

Cellcom Israel Ltd., Q2 2014 Earnings Call, Aug 11, 2014

Cellcom Israel Announces 4G Frequencies Tender Published

Cellcom Israel Ltd. announced that the Israel Ministry of Communications published a tender for 1800MHz frequencies, for 4G technologies (such as LTE, LTE Advanced). Participation in the tender is open for all current Mobile Network Operators and Mobile Virtual Network Operators as well as other entities meeting certain conditions.

 

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