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Press Release Press Release BEZEQ GROUP REPORTS FOURTH QUARTER & FULL YEAR 6102 FINANCIAL RESULTS Tel Aviv, Israel – March 30, 2017 – Bezeq – The Israel Telecommunication Corp., Ltd. (TASE: BEZQ), Israel’s leading telecommunications provider, today announced its financial results for the three months and year ended December 31, 2016. Details regarding the investor conference call and webcast to be held today are included later in this press release. Bezeq Group (consolidated) Q4 2016 Q4 2015 % change FY 2016 FY 2015 % change (NIS millions) (NIS millions) Revenues 2,504 2,606 (3.9%) 10,084 9,985 1.0% Operating profit 532 488 9.0% 2,321 2,570 (9.7%) EBITDA 940 947 (0.7%) 4,060 4,254 (4.6%) EBITDA margin 37.5% 36.3% 40.3% 42.6% Net profit 185 369 (49.9%) 1,244 1,721 (27.7%) Diluted EPS (NIS) 0.07 0.13 (46.2%) 0.45 0.62 (27.4%) Cash flow from operating activities 832 889 (6.4%) 3,526 3,740 (5.7%) Payments for investments 335 329 1.8% 1,416 1,635 (13.4%) Free cash flow 1 513 592 (13.3%) 2,248 2,256 (0.4%) Net debt/EBITDA (end of period) 2 2.39 2.21 2.39 2.21 1 Free cash flow is defined as cash flow from operating activities less net payments for investments. 2 EBITDA in this calculation refers to the trailing tw elve months. Shaul Elovitch, Bezeq's Chairman, stated, “Our operating results for 2016 highlight the Group’s success in maintaining its leading position in reliability, service level, innovation, and product quality amid a highly competitive market. The Israeli telecom market continues to evolve in very significant ways, which present us with strategic challenges. To meet these challenges head-on, our companies work constantly to adapt to the changing landscape. However, regulations must adapt accordingly to enable effective competition – the kind that will create real value for consumers along with operational efficiency. It is extremely important that Bezeq, the largest investor in the Israeli telecom market, be accorded the regulatory support to continue providing Israeli citizens with outstanding service, while streamlining our operations and integrating commercial innovation. We believe the time has come to cancel the structural separation.” Allon Raveh, Chief Financial Officer of Bezeq, commented, “Our full-year financial performance demonstrates that the Bezeq Group is successfully tackling the challenges facing our business, and delivering strong results. In the last quarter one-time items of over NIS 200 million impacted net profits and do not represent a change in ongoing trends. This year we continued to meet all financial and operating targets, as well as guidance for the year. This solid financial foundation enables us to continue investing in the further development of the Israeli telecom market. The results also assure our investors, domestic and overseas, of the growth potential in Israel’s economy and Bezeq’s leadership position within it.” BEZEQ GROUP REPORTS FULL YEAR 2016 FINANCIAL RESULTS PAGE | 1 Press Release Bezeq Group Results (Consolidated) In the fourth quarter of 2016 one-time items of over NIS 200 million impacted net profits. Such items include: An expense of NIS 79 million due to a decrease in corporate tax rates which led to a reduction in the deferred tax asset in the consolidated report; a provision of NIS 78 million for the early retirement of employees and an expense of NIS 55 million due to an increase in the provision for contingent consideration owed to Eurocom in connection with the acquisition of yes. The yearly results were fully in-line with the Group's guidance after adjustments for one-time items estimated by the Group. EBITDA amounted to NIS 4.06 billion which is equivalent to NIS 4.2 billion adjusted for expenses relating to early retirement and the signing of collective labor agreements. Net profits amounted to NIS 1.24 billion which is equivalent to NIS 1.4 billion after adjusting for the one-time items in the fourth quarter of 2016. Free cash flow amounted to NIS 2.2 billion – in line with the group's updated guidance published in November 2016. Revenues in 2016 totaled NIS 10.08 billion compared to NIS 9.99 billion in 2015, an increase of 1.0%. The increase was due to the consolidation of yes beginning in the second quarter of 2015, partially offset by a decrease in revenues in all group segments and primarily at Pelephone. Revenues in the fourth quarter of 2016 were NIS 2.50 billion, compared to NIS 2.61 billion in the same quarter of 2015, a decrease of 3.9%. The decrease was due to lower revenues in all group segments and primarily at Pelephone. Salary expenses in 2016 totaled NIS 2.01 billion compared to NIS 1.96 billion in 2015, an increase of 2.8%. The increase was primarily due to the consolidation of yes beginning in the second quarter of 2015. Salary expenses in the fourth quarter of 2016 were NIS 503 million, compared to NIS 515 million in the same quarter of 2015, a decrease of 2.3%. Operating expenses in 2016 totaled NIS 4.01 billion compared to NIS 3.87 billion in 2015, an increase of 3.7%. The increase was primarily due to the consolidation of yes beginning in the second quarter of 2015, partially offset by a decrease in expenses in most of the group segments and primarily at Pelephone. Operating expenses in the fourth quarter of 2016 were NIS 1.03 billion, compared to NIS 1.07 billion in the same quarter of 2015, a decrease of 3.7%. The decrease was primarily due to a reduction in interconnect fees and payments to telecom operators, terminal equipment and marketing expenses, partially offset by an increase in content and sub-contractor expenses. There was no Other operating income, net recorded in 2016 compared with income of NIS 95 million in 2015. The decrease was primarily due to a reduction in capital gains from the sale of fixed assets at Bezeq Fixed-Line. BEZEQ GROUP REPORTS FULL YEAR 2016 FINANCIAL RESULTS PAGE | 2 Press Release Other operating expenses, net in the fourth quarter of 2016 amounted to expenses of NIS 33 million, compared to expenses of NIS 76 million in the same quarter of 2015. The decrease was due to a reduction in the provision for the early retirement of employees at Bezeq Fixed-Line. Depreciation expenses in 2016 totaled NIS 1.74 billion compared to NIS 1.68 billion in 2015, an increase of 3.3%. The increase was primarily due to the consolidation of yes beginning in the second quarter of 2015 and the amortization of the surplus acquisition costs incurred through the increase of shareholding in yes to a controlling stake, partially offset by a reduction in depreciation expenses at Pelephone. Depreciation expenses in the fourth quarter of 2016 were NIS 408 million, compared to NIS 459 million in the same quarter of 2015, a decrease of 11.1%. The decrease was due to a reduction in depreciation expenses in all group segments. Operating profit in 2016 totaled NIS 2.32 billion compared to NIS 2.57 billion in 2015, a decrease of 9.7%. Operating profit in the fourth quarter of 2016 was NIS 532 million compared to NIS 488 million in the same quarter of 2015, an increase of 9.0%. EBITDA in 2016 totaled NIS 4.06 billion (EBITDA margin of 40.3%) compared to NIS 4.25 billion (EBITDA margin of 42.6%) in 2015, a decrease of 4.6%. EBITDA in the fourth quarter of 2016 was NIS 940 million (EBITDA margin of 37.5%) compared to NIS 947 million (EBITDA margin of 36.3%) in the same quarter of 2015, a decrease of 0.7%. Financing expenses (net) in 2016 totaled NIS 447 million, compared to NIS 263 million in 2015, an increase of 70.0%. Financing expenses (net) in the fourth quarter of 2016 amounted to NIS 136 million compared to financing income of NIS 3 million in the same quarter of 2015. The increase was primarily due to the cancellation of a provision in the fourth quarter of 2015 of NIS 76 million for accumulated interest on taxes owed for prior years relating to financing income from yes further to an agreement with the Tax Authority, as well as an increase in the provision for contingent consideration to Eurocom in the fourth quarter of 2016 of NIS 55 million in connection with the acquisition of Eurocom's stake in yes. Tax expenses in 2016 totaled NIS 625 million compared to NIS 598 million in 2015, an increase of 4.5%. The increase in tax expenses was due to a decrease in the deferred tax asset resulting from a reduction in corporate tax rates in the amount of NIS 143 million, partially offset by a decrease in tax expenses at Bezeq Fixed-Line. Tax expenses in the fourth quarter of 2016 were NIS 210 million compared to NIS 119 million in the same quarter of 2015, an increase of 76.5%. The increase in tax expenses was due a decrease in the deferred tax asset resulting from a reduction in corporate tax rates from 25% to 24% beginning January 1, 2017 and to 23% beginning January 1, 2018. Net profit in 2016 totaled NIS 1.24 billion compared to NIS 1.72 billion in 2015, a decrease of 27.7%. Net profit in the fourth quarter of 2016 was NIS 185 million compared to NIS 369 million in the same quarter of 2015, a decrease of 49.9%.
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