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     448  0 Kommentare Partner Communications Reports Second Quarter 2018 Results(1)

    Partner Communications Company Ltd. (“Partner” or the “Company”) (NASDAQ and TASE: PTNR), a leading Israeli communications provider, announced today its results for the quarter ended June 30, 2018.

    Commenting on the second quarter 2018 results, Mr. Isaac Benbenisti, CEO of Partner noted:

    "This is the twelfth consecutive quarter in which we report growth in our cellular Post-Paid subscriber base. In the second quarter we continued to grow in Post-Paid subscribers with a net add of 9 thousand subscribers, totaling 25 thousand net adds of Post-Paid subscribers since the beginning of the year. In the second quarter of 2018, we expanded the VoLTE (Voice over LTE) implementation in Partner's core cellular network and we continue to lead the market with added value offerings, unique services, wide network deployment and excellent customer service for the group's customers.

    A year ago, we started the commercial phase of two strategic activities – TV services and internet based on independent optic fiber infrastructure. Within only one year, Partner TV caused a disruption in the multi-channel TV market and today over 100,000 households are already connected to the service. Partner TV is the fastest growing TV service in Israel thanks to, among other reasons, the innovative viewing experience that it provides to viewers. In July, we launched the wholesale market service based on HOT's infrastructure, with bundle and triple offerings, and with this the company was the first to offer internet services over all the main platforms including optic fiber, LTE and the infrastructures of Bezeq and HOT. The launch of the wholesale market service based on HOT's infrastructure eases the transition from cable service to Partner's advanced TV service.

    At the same time, Partner continues to deploy fiber optic infrastructure independently throughout Israel at a faster deployment rate compared to other companies, as part of the deployment of Partner Fiber, which we announced a year ago. We have already reached more than 170,000 households in dozens of cities, with fiber infrastructure enabling speeds of up to 1,000 mbps and with attractive offers which also incorporate Partner TV.

    In addition, as part of the company's strategy, we continue to examine new potential growth engines, among others, in the fintech and finance industries, including through a company acquisition or independent, organic activity.”

    Mr. Tamir Amar, Partner's Chief Financial Officer, commented on the second quarter 2018 results:

    “The second quarter of 2018 was characterized by increased competition in the cellular market with the entry of a sixth operator to the market, as reflected in the increase in the level of subscriber porting between operators and overall price pressures in the cellular market - although these trends have slowed since the peak in May. Partner experienced an increase in the quarterly cellular churn rate which increased to 10%. Nevertheless, even under current competitive market conditions, Partner reported an increase in the Post-Paid cellular subscriber base of 9 thousand in the second quarter. In addition, our cellular ARPU, excluding a one-time provision, totaled NIS 59, an increase of NIS 1 compared with the first quarter of the year.

    In the fixed-line segment, Partner continued to report growth with recruitment of TV subscribers, and this growth engine, together with growth in internet services (including the impact of revenues from optic fiber subscribers) resulted in a quarterly net growth in revenues of NIS 8 million compared to the first quarter of 2018. This is the fourth consecutive quarter in which we report revenue growth from fixed line services, and compared to the second quarter of 2017, fixed line services revenues increased by 9%.

    Free Cash Flow for the quarter totaled NIS 55 million, following investments in our fiber optic infrastructure and TV service - investments which we believe will constitute growth engines for the Company in the coming years. The rapid growth rate in Partner TV households is already reflected in revenue growth. In addition, the accelerated fiber deployment, reflected by a growth of over 25 thousand households from the end of the second quarter, with a reach of 145 thousand households, and until today, with a reach of over 170 thousand households, supports our TV offering and improves the economic returns compared with the wholesale market service which is implemented today, in addition to the technological advantages of this infrastructure compared to the alternatives.

    On the debt side, we ended the quarter with a net debt of less than NIS 0.9 billion, and the effect of the decline in our debt during the past year, as well as the decrease in our average interest rate, is reflected in a decrease in our finance expenses. Our strong balance sheet structure continues to offer us the ability to examine additional growth opportunities and opportunities that differentiate us from our competitors.

    In addition, last week we completed the first tranche under our share buyback plan with the repurchase of approximately 3.6 million of the Company's shares, in an amount of NIS 50 million (including commissions), at an average price of NIS 13.75 per share which reflects a yield of approximately 2.2% to our shareholders.”

    NIS Million

     

    Q2’18

     

    Q1’18

     

    Comments

    Service Revenues   620   625  

    Excluding a one-time provision for a class action in cellular service revenues,
    service revenues would have increased to
    NIS 635 million, reflecting growth in fixed line service
    revenues

    Equipment Revenues 177 201
    Total Revenues 797 826
    Gross profit from equipment sales 37 43
    OPEX 492 498
    Adjusted EBITDA 172 177

    The decline resulted from the decline in service revenues
    (mainly as a result of a provision for a class action) and in
    gross profit from equipment, partially offset by a decline in
    OPEX

    Profit for the Period 2 9
    Capital Expenditures (additions) 98 113
    Adjusted free cash flow (before interest payments) 55 21 The increase mainly reflected a decrease in CAPEX
    Net Debt   893   919    
       

    Q2’18

     

    Q1’18

     

    Comments

    Cellular Post-Paid Subscribers
    (end of period, thousands)

      2,345   2,336   Increase of 9 thousand subscribers
    Cellular Pre-Paid Subscribers

     

     

     

    (end of period, thousands)

    300

    331

    Decrease of 31 thousand subscribers

    Monthly Average Revenue per
    Cellular User (ARPU) (NIS)

    57 58

    The decline resulted from a provision for a class action,
    excluding which ARPU would have been NIS 59

    Quarterly Cellular Churn Rate (%)   10.0%   8.8%   Increase in both Post-Paid and Pre-Paid churn rates

    Key Financial Results

    NIS MILLION (except EPS)   Q2'18   Q2'17   % Change
    Revenues   797   805   -1%
    Cost of revenues 661 637 +4%
    Gross profit 136 168 -19%
    Operating profit 22 118 -81%
    Profit for the period 2 46 -96%
    Earnings per share (basic, NIS) 0.01 0.29
    Adjusted free cash flow (before interest)   55   208   -74%

    Key Operating Indicators

        Q2'18   Q2'17   Change
    Adjusted EBITDA (NIS million)   172   269   -36%
    Adjusted EBITDA (as a % of total revenues) 22% 33% -11
    Cellular Subscribers (end of period, thousands) 2,645 2,662 -17
    Quarterly Cellular Churn Rate (%) 10.0% 9.0% +1.0
    Monthly Average Revenue per Cellular User (ARPU) (NIS)   57   62   -5

    Partner Consolidated Results

      Cellular Segment   Fixed-Line Segment   Elimination   Consolidated
    NIS Million   Q2'18   Q2'17  

    Change
    %

      Q2'18   Q2'17  

    Change
    %

      Q2'18   Q2'17   Q2'18   Q2'17  

    Change
    %

    Total Revenues 611   642   -5% 230   206   +12%

    (44)

     

    (43)

    797   805   -1%
    Service Revenues 454 497 -9% 210 192 +9%

    (44)

    (43)

    620 646 -4%
    Equipment Revenues 157 145 +8% 20 14 +43% 177 159 +11%
    Operating Profit 12 93 -87% 10 25 -60% 22 118 -81%
    Adjusted EBITDA   126   210   -40%   46   59   -22%           172   269   -36%

    Financial Review

    In Q2 2018, total revenues were NIS 797 million (US$ 218 million), a decrease of 1% from NIS 805 million in Q2 2017.

    Service revenues in Q2 2018 totaled NIS 620 million (US$ 170 million), a decrease of 4% from NIS 646 million in Q2 2017.

    Service revenues for the cellular segment in Q2 2018 totaled NIS 454 million (US$ 124 million), a decrease of 9% from NIS 497 million in Q2 2017. The decrease was mainly the result of the continued price erosion of cellular services (both Post-Paid and Pre-Paid) due to the continued competitive market conditions, and a one-time provision in an amount of NIS 15 million in respect to a class action. Excluding the one-time provision, service revenues would have decreased by 6%.

    Service revenues for the fixed-line segment in Q2 2018 totaled NIS 210 million (US$ 58 million), an increase of 9% from NIS 192 million in Q2 2017. The increase reflected the revenues from TV services (which started in Q3 2017) and internet services, which were partially offset principally by the decline in revenues from international calling services.

    Equipment revenues in Q2 2018 totaled NIS 177 million (US$ 48 million), an increase of 11% from NIS 159 million in Q2 2017, largely reflecting higher volumes of equipment sales as well as a change in the product mix.

    Gross profit from equipment sales in Q2 2018 was NIS 37 million (US$ 10 million), compared with NIS 33 million in Q2 2017, an increase of 12%, mainly reflecting the higher sales volumes and higher profit margins from sales due to a change in the product mix.

    Total operating expenses (‘OPEX’) totaled NIS 492 million (US$ 135 million) in Q2 2018, an increase of 4% or NIS 20 million from Q2 2017. The increase mainly reflected the additional expenses relating to the Company's TV service and the growth in internet services. In addition, Q2 2018 OPEX included a one-time cancellation of a provision for a class action in an amount of NIS 8 million. Including depreciation and amortization expenses and other expenses (mainly amortization of employee share based compensation), OPEX in Q2 2018 increased by 3% compared with Q2 2017.

    Operating profit for Q2 2018 was NIS 22 million (US$ 6 million), a decrease of 81% compared with NIS 118 million in Q2 2017. See Adjusted EBITDA analysis for each segment below.

    Adjusted EBITDA in Q2 2018 totaled NIS 172 million (US$ 47 million), a decrease of 36% from NIS 269 million in Q2 2017. As a percentage of total revenues, Adjusted EBITDA in Q2 2018 was 22% compared with 33% in Q2 2017.

    Adjusted EBITDA for the cellular segment was NIS 126 million (US$ 35 million) in Q2 2018, a decrease of 40% from NIS 210 million in Q2 2017, mainly reflecting the decrease in cellular service revenues and the fact that since Q3 2017 the Company does not record any income with respect to the settlement agreement with Orange. As a percentage of total cellular segment revenues, Adjusted EBITDA for the cellular segment in Q2 2018 was 21% compared with 33% in Q2 2017.

    Adjusted EBITDA for the fixed-line segment was NIS 46 million (US$ 13 million) in Q2 2018, a decrease of 22% from NIS 59 million in Q2 2017, mainly reflecting the increase in OPEX, partially offset by the increase in service revenues. As a percentage of total fixed-line segment revenues, Adjusted EBITDA for the fixed-line segment in Q2 2018 was 20%, compared with 29% in Q2 2017.

    Finance costs, net in Q2 2018 were NIS 13 million (US$ 4 million), a decrease of 76% compared with NIS 54 million in Q2 2017. The decrease largely reflected one-time early repayment expenses recorded in Q2 2017 as well as lower interest expenses in view of the lower debt level and lower average debt interest rate.

    Income tax expenses for Q2 2018 were NIS 7 million (US$ 2 million), compared with NIS 18 million in Q2 2017.

    Profit in Q2 2018 was NIS 2 million (US$ 1 million), compared with NIS 46 million in Q2 2017, a decrease of NIS 44 million.

    Based on the weighted average number of shares outstanding during Q2 2018, basic earnings per share or ADS, was NIS 0.01 (US$ 0.003), compared to basic earnings per share of NIS 0.29 in Q2 2017.

    Cellular Segment Operational Review

    At the end of Q2 2018, the Company's cellular subscriber base (including mobile data and 012 Mobile subscribers) was approximately 2.65 million, including approximately 2.35 million Post-Paid subscribers or 89% of the base, and approximately 300 thousand Pre-Paid subscribers, or 11% of the subscriber base.

    During the second quarter of 2018, the cellular subscriber base decreased by approximately 22 thousand subscribers. The Post-Paid subscriber base increased by approximately 9 thousand subscribers, while the Pre-Paid subscriber base decreased by approximately 31 thousand subscribers.

    The quarterly churn rate for cellular subscribers in Q2 2018 was 10.0%, compared with 9.0% in Q2 2017.

    The cellular market share (based on the number of subscribers) at the end of Q2 2018 was estimated to be approximately 25%, compared to 26% in Q2 2017.

    The monthly Average Revenue per User (“ARPU”) for cellular subscribers in Q2 2018 was NIS 57 (US$ 16), a decrease of 8% from NIS 62 in Q2 2017. The decrease mainly reflected the continued price erosion in key cellular services due to the competition in the cellular market and a one time provision for a class action in an amount of NIS 15 million. Excluding the effect of the provision recorded in Q2 2018, ARPU would have been NIS 59.

    Funding and Investing Review

    In Q2 2018, Adjusted Free Cash Flow totaled NIS 55 million (US$ 15 million), a decrease of 74% from NIS 208 million in Q2 2017.

    Cash generated from operations decreased by 44% to NIS 159 million (US$ 44 million) in Q2 2018 from NIS 284 million in Q2 2017. The decrease mainly reflected the decrease in Adjusted EBITDA and the smaller decrease in operating assets and liabilities, and in particular in trade receivables.

    Cash capital expenditures (‘CAPEX payments’), as represented by cash flows used for the acquisition of property and equipment and intangible assets, were NIS 104 million (US$ 28 million) in Q2 2018, an increase of 37% from NIS 76 million in Q2 2017. The increase mainly reflected the increase in investments related to the fiber optic infrastructure deployment and TV services.

    The level of Net Debt at the end of Q2 2018 amounted to NIS 893 million (US$ 245 million), compared with NIS 1,081 million at the end of Q2 2017, a decrease of NIS 188 million.

    Other Developments

    Further to the Company's announcement on August 6, 2018 of the completion of the first tranche of the Company's Buy-back Plan ("the Plan"), the Company's Board of Directors approved on August 14, 2018, the repurchase of a second tranche, in accordance with the Plan, of up to an aggregate amount of NIS 50 million of the Company's ordinary shares.

    IFRS 16

    IFRS 16, Leases (“the Standard”), was issued in January 2016 and will supersede IAS 17 Leases. The Standard is mandatory for financial years commencing on or after January 1, 2019, and early application is permitted. The Company will adopt the standard from its mandatory adoption date of January 1, 2019 (transition date).

    The Standard removes the distinction between operating and finance leases for lessees. Under the new Standard, with certain exceptions, the assets (the right to use the leased item) and the financial liabilities to pay rentals will be recognized in our Statement of Financial Position, and are expected to be material. The accounting for lessors will not change significantly. In our Statement of Income, finance costs on the financial liabilities and depreciation expenses related to the rights-of-use assets will be recognized in place of rental expenses. In our Statement of Cash Flows, rental payments will be recognized as repayment of the financial liabilities and will be presented as cash used in financing activities in place of cash provided by operating activities. The implementation of the new Standard is expected to have a material positive impact on our operating profit and Adjusted EBITDA. Our profit is not expected to be materially affected.

    The Company is in the process of implementing the required adjustments into the Company's information systems. The Company is currently unable to quantify the impact of the implementation of the Standard.

    The Company plans to apply the Standard using the modified retrospective approach and will not restate comparative amounts for the years prior to the transition date. Any transitional adjustments will be recognized in retained earnings with the cumulative effect as of the transition date.

    Conference Call Details

    Partner will hold a conference call on Wednesday, August 15, 2018 at 10.00AM Eastern Time / 5.00PM Israel Time.

    To join the call, please dial the following numbers (at least 10 minutes before the scheduled time):

    International: +972.3.918.0691

    North America toll-free: +1.866.229.7198

    A live webcast of the call will also be available on Partner's Investors Relations website at: www.partner.co.il/en/Investors-Relations/lobby/

    If you are unavailable to join live, the replay of the call will be available from August 15, 2018 until September 19, 2018, at the following numbers:

    International: +972.3.925.5945

    North America toll-free: +1.866.276.1485

    In addition, the archived webcast of the call will be available on Partner's Investor Relations website at the above address for approximately three months.

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Words such as "estimate", “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “project”, “goal”, “target” and similar expressions often identify forward-looking statements but are not the only way we identify these statements. Specific statements have been made regarding the Company's examination of new potential growth engines, among others in the fintech and financial sectors, including through company acquisitions or independent, organic activity; the belief that the investment in the Company's fiber optic infrastructure and TV service will constitute growth engines for the Company in the coming years; the support of the accelerated fiber deployment of our TV offering and its improvement on the economic returns compared with the wholesale market service as well as its technological advantages compared to the alternatives; and the Company’s plan to continue and repurchase its shares under its buyback plan. In addition, all statements other than statements of historical fact included in this press release regarding our future performance are forward-looking statements. We have based these forward-looking statements on our current knowledge and our present beliefs and expectations regarding possible future events. These forward-looking statements are subject to risks, uncertainties and assumptions, including, the availability of financing to enable the Company to pursue the anticipated pace and volume of the Company’s fiber optic infrastructure deployment; the absence of changes in the competitive and regulatory environment which would prevent the Company from continuing its accelerated optic fiber infrastructure deployment; the Company’s ability to continue its commercial success and maintain investment and operating costs permitting it to realize the anticipated benefits from the investment in the Company's fiber optic infrastructure and TV service; whether the Company will have the financial resources needed to continue to increase the number of customers served by its fiber optic infrastructure; as well as the risks entailed in the entry into new sectors and markets. The future results may differ materially from those anticipated herein. For further information regarding risks, uncertainties and assumptions about Partner, trends in the Israeli telecommunications industry in general, the impact of current global economic conditions and possible regulatory and legal developments, and other risks we face, see “Item 3. Key Information - 3D. Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects”, “Item 8. Financial Information - 8A. Consolidated Financial Statements and Other Financial Information - 8A.1 Legal and Administrative Proceedings” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in the Company’s Annual Reports on Form 20-F filed with the SEC, as well as its immediate reports on Form 6-K furnished to the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    The quarterly financial results presented in this press release are unaudited financial results.
    The results were prepared in accordance with IFRS, other than the non-GAAP financial measures presented in the section, “Use of Non-GAAP Financial Measures”.
    The financial information is presented in NIS millions (unless otherwise stated) and the figures presented are rounded accordingly.
    The convenience translations of the New Israeli Shekel (NIS) figures into US Dollars were made at the rate of exchange prevailing at June 30, 2018: US $1.00 equals NIS 3.65. The translations were made purely for the convenience of the reader.

    Use of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this report. These measures are not financial measures under IFRS and may not be comparable to other similarly titled measures for other companies. Further, the measures may not be indicative of the Company’s historic operating results nor are meant to be predictive of potential future results.

    Non-GAAP Measure   Calculation  

    Most Comparable IFRS
    Financial Measure

    Adjusted EBITDA*

     

     

     

     

     

     

     

     

     

     

     

    Adjusted
    EBITDA margin
    (%)

     

    Adjusted EBITDA:

    Profit (Loss)

    add

    Income tax expenses,

    Finance costs, net,

    Depreciation and amortization expenses (including
    amortization of intangible assets, deferred
    expenses-right of use and impairment charges),
    Other expenses (mainly amortization of share
    based compensation)

     

    Adjusted EBITDA margin (%):

    Adjusted EBITDA

    divided by

    Total revenues

      Profit (Loss)

    Adjusted Free
    Cash Flow**

     

    Adjusted Free Cash Flow:

    Cash flows from operating activities

    deduct

    Cash flows from investing activities

    add

    Short-term investment in (proceeds from) deposits

     

    Cash flows from
    operating activities
    deduct
    Cash flows from
    investing activities

     

    Total Operating
    Expenses
    (OPEX)

     

    Total Operating Expenses:

    Cost of service revenues

    add

    Selling and marketing expenses

    add

    General and administrative expenses

    deduct

    Depreciation and amortization expenses,

    Other expenses (mainly amortization of employee
    share based compensation)

     

    Sum of:

    Cost of service
    revenues,

    Selling and marketing
    expenses,
    General and
    administrative expenses

     

    Net Debt   Net Debt:

    Current maturities of notes payable and borrowings

    add

    Notes payable

    add

    Borrowings from banks and others

    deduct

    Cash and cash equivalents

    deduct

    Short-term deposits

     

    Sum of:

    Current maturities of
    notes payable and
    borrowings,
    Notes payable,
    Borrowings from banks
    and others

     

    * Adjusted EBITDA is fully comparable with EBITDA measure which was provided in reports for prior periods.

    **Adjusted Free Cash Flow measure is fully comparable to Free Cash Flow measure which was provided in reports for prior periods.

    About Partner Communications

    Partner Communications Company Ltd. is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet services and television services). Partner’s ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).
    For more information about Partner, see: http://www.partner.co.il/en/Investors-Relations/lobby

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

         



    New Israeli Shekels

     

    Convenience
    translation
    into U.S.
    Dollars

    June 30,   December 31, June 30,
    2018 2017 2018
    (Unaudited) (Audited) (Unaudited)
    In millions
    CURRENT ASSETS
    Cash and cash equivalents 366 867 100
    Short-term deposits 291 150 80
    Trade receivables 728 808 200
    Other receivables and prepaid expenses 47 48 13
    Deferred expenses – right of use 45 43 12
    Inventories 74 93 20
    1,551 2,009 425
     
    NON CURRENT ASSETS
    Trade receivables 235 232 64
    Prepaid expenses and other 6 5 2
    Deferred expenses – right of use 157 133 43
    Property and equipment 1,165 1,180 319
    Intangible and other assets 656 697 180
    Goodwill 407 407 112
    Deferred income tax asset 48 55 13
    2,674 2,709 733
     
    TOTAL ASSETS 4,225 4,718 1,158

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

         



    New Israeli Shekels

     

    Convenience
    translation into
    U.S. Dollars

    June 30,   December 31, June 30,
    2018 2017 2018
    (Unaudited) (Audited) (Unaudited)
    In millions
    CURRENT LIABILITIES
    Current maturities of notes payable and borrowings 358 705

    98

    Trade payables 696 787 191
    Payables in respect of employees 88 91 24
    Other payables (mainly institutions) 21 31 6
    Income tax payable 54 50 15
    Deferred revenues from HOT mobile 31 31 8
    Other deferred revenues 39 41 11
    Provisions 71 75 19
    1,358 1,811 372
    NON CURRENT LIABILITIES
    Notes payable 975 975 267
    Borrowings from banks and others 217 243 59
    Liability for employee rights upon retirement, net 41 40 11
    Dismantling and restoring sites obligation 21 27 6
    Deferred revenues from HOT mobile 148 164 42
    Other non-current liabilities 27 24 7
    1,429 1,473 392
     
    TOTAL LIABILITIES 2,787 3,284 764
     
    EQUITY
    Share capital - ordinary shares of NIS 0.01

    par value: authorized - December 31, 2017

    and June 30, 2018 - 235,000,000 shares;

    issued and outstanding -

    2 2 1
    December 31, 2017 –*168,243,913 shares
    June 30, 2018 – *167,273,930 shares
    Capital surplus 1,151 1,164 315
    Accumulated retained earnings 510 491 140
    Treasury shares, at cost
    December 31, 2017 – **2,850,472 shares
    June 30, 2018 – **3,821,809 shares (225) (223) (62)
    TOTAL EQUITY 1,438 1,434 394
    TOTAL LIABILITIES AND EQUITY 4,225 4,718 1,158

    * Net of treasury shares.
    ** Including, restricted shares in amount of 1,376,381 and 1,310,457 as of and December 31, 2017 and June 30, 2018, respectively, held by a trustee under the Company's Equity Incentive Plan, such shares may become outstanding upon completion of vesting conditions.

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME

          New Israeli shekels          

    Convenience translation into U.S.
    dollars

    6 month
    period ended
    June 30
      3 month
    period ended
    June 30
    6 month
    period ended
    June 30,
      3 month
    period ended
    June 30,
    2018   2017 2018   2017 2018 2018
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    In millions (except per share data)
    Revenues, net 1,623 1,608 797 805 445 218
    Cost of revenues 1,349 1,291   661 637 370 181
    Gross profit 274 317 136 168 75 37
     

    Selling and marketing
    expenses

    143 119 75 62 39 21

    General and administrative

    expenses 91 100 46 50 25 12
    Income with respect to
    settlement agreement
    with Orange 108 54
    Other income, net 14 17   7 8 4 2
    Operating profit 54 223 22 118 15 6
    Finance income 3 1 1 1 1
    Finance expenses 34 78   14 55 10 4
    Finance costs, net 31 77   13 54 9 4
    Profit before income tax 23 146 9 64 6 2
    Income tax expenses 12 36   7 18 3 1
    Profit for the period 11 110   2 46 3 1
     
    Earnings per share

    Basic

    0.06 0.70   0.01 0.29 0.02 0.003
    Diluted 0.06 0.69   0.01 0.29 0.02 0.003

    Weighted
    average number of shares
    outstanding

    (in thousands)

    Basic 168,319 157,746   168,291 158,442 168,319 168,291
    Diluted 169,207 159,555   169,098 159,970 169,207 169,098

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS
    OF COMPREHENSIVE INCOME

      New Israeli shekels  

    Convenience translation into
    U.S. dollars

    6 month
    period ended
    June 30,
      3 month
    period ended
    June 30,
    6 month
    period ended
    June 30,
      3 month
    period ended
    June 30,
    2018   2017

    2018

      2017 2018 2018
    (Unaudited) (Unaudited)

    (Unaudited)

    (Unaudited) (Unaudited) (Unaudited)

    In millions

    Profit for the period

    11 110 2 46 3 1
    Other comprehensive income

    for the period, net of income tax

    - - - - - -
    TOTAL COMPREHENSIVE
    INCOME FOR THE PERIOD 11 110 2 46 3 1

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION

       
    New Israeli Shekels New Israeli Shekels
    Six months ended June 30, 2018 Six months ended June 30, 2017
    In millions (Unaudited) In millions (Unaudited)

    Cellular
    segment

     

    Fixed line
    segment

     

    Reconciliation
    for
    consolidation

     

    Consolidated

    Cellular
    segment

     

    Fixed line
    segment

     

    Reconciliation
    for
    consolidation

      Consolidated
    Segment revenue - Services

    911

    334

    1,245

    977

    309

    1,286

    Inter-segment revenue - Services

    9

    78

    (87)

    9

    77

    (86)

    Segment revenue - Equipment

    335

    43

     

    378

    290

    32

     

    322

    Total revenues

    1,255

    455

    (87)

    1,623

    1,276

    418

    (86)

    1,608

    Segment cost of revenues – Services

    717

    334

    1,051

    735

    293

     

    1,028

    Inter-segment cost of revenues- Services

    78

    9

    (87)

    76

    10

    (86)

    Segment cost of revenues - Equipment

    266

    32

     

    298

    240

    23

     

    263

    Cost of revenues

    1,061

    375

    (87)

    1,349

    1,051

    326

    (86)

    1,291

    Gross profit

    194

    80

    274

    225

    92

    317

    Operating expenses (3)

    173

    61

    234

    181

    38

    219

    Income with respect to settlement

    agreement with Orange

    108

    108

    Other income, net

    13

    1

    14

    16

    1

    17

    Operating profit

    34

    20

    54

    168

    55

    223

    Adjustments to presentation of segment

    Adjusted EBITDA

    –Depreciation and amortization

    219

    69

    218

    68

    –Other (1)

    7

     

    11

     
    Segment Adjusted EBITDA (2)

    260

    89

    397

    123

    Reconciliation of segment subtotal Adjusted

    EBITDA to profit for the period

    Segments subtotal Adjusted EBITDA (2)

    349

    520

    - Depreciation and amortization

    (288)

    (286)

    - Finance costs, net

    (31)

    (77)

    - Income tax expenses

    (12)

    (36)

    - Other (1)

    (7)

    (11)

    Profit for the period

    11

    110

     

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION

       
    New Israeli Shekels New Israeli Shekels
    Three months ended June 30, 2018 Three months ended June 30, 2017
    In millions (Unaudited) In millions (Unaudited)

    Cellular
    segment

     

    Fixed line
    segment

     

    Reconciliation
    for
    consolidation

      Consolidated

    Cellular
    segment

     

    Fixed line
    segment

     

    Reconciliation
    for
    consolidation

      Consolidated
    Segment revenue - Services

    450

    170

    620

    493

    153

    646

    Inter-segment revenue - Services

    4

    40

    (44)

    4

    39

    (43)

    Segment revenue - Equipment

    157

    20

     

    177

    145

    14

     

    159

    Total revenues

    611

    230

    (44)

    797

    642

    206

    (43)

    805

    Segment cost of revenues – Services

    352

    169

    521

    363

    148

    511

    Inter-segment cost of revenues- Services

    40

    4

    (44)

    38

    5

    (43)

    Segment cost of revenues - Equipment

    126

    14

     

    140

    117

    9

     

    126

    Cost of revenues

    518

    187

    (44)

    661

    518

    162

    (43)

    637

    Gross profit

    93

    43

    136

    124

    44

     

    168

    Operating expenses (3)

    87

    34

    121

    93

    19

    112

    Income with respect to settlement

    agreement with Orange

    54

    54

    Other income, net

    6

    1

    7

    8

     

    8

    Operating profit

    12

    10

    22

    93

    25

    118

    Adjustments to presentation of segment

    Adjusted EBITDA

    –Depreciation and amortization

    110

    36

    109

    35

    –Other (1)

    4

     

    8

    (1)

    Segment Adjusted EBITDA (2)

    126

    46

    210

    59

    Reconciliation of segment subtotal Adjusted

    EBITDA to profit for the period

    Segments subtotal Adjusted EBITDA (2)

    172

    269

    - Depreciation and amortization

    (146)

    (144)

    - Finance costs, net

    (13)

    (54)

    - Income tax expenses

    (7)

    (18)

    - Other (1)

    (4)

    (7)

    Profit for the period

    2

    46

     

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

     

    (1)

    Mainly amortization of employee share based compensation.

    (2)

    Adjusted EBITDA as reviewed by the CODM represents Earnings Before Interest (finance costs, net), Taxes,
    Depreciation and Amortization (including amortization of intangible assets, deferred expenses-right of use and
    impairment charges and Other expenses (mainly amortization of share based compensation). Adjusted EBITDA is not
    a financial measure under IFRS and may not be comparable to other similarly titled measures for other companies.
    Adjusted EBITDA may not be indicative of the Group's historic operating results nor is it meant to be predictive of
    potential future results. The usage of the term "Adjusted EBITDA" is to highlight the fact that the Amortization
    includes amortization of deferred expenses – right of use and amortization of employee share based compensation and|
    impairment charges; it is fully comparable to EBITDA information which has been previously provided for prior
    periods.

    (3)

    Operating expenses include selling and marketing expenses and general and administrative expenses.

     

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

     



     

    New Israeli Shekels

     

     

     

    Convenience
    translation
    into
    U.S. Dollars

    6 months ended June 30,
    2018   2017   2018

    (Unaudited)

    (Unaudited)

    (Unaudited)

    In millions
    CASH FLOWS FROM OPERATING ACTIVITIES:
    Cash generated from operations (Appendix) 317 493 87
    Income tax paid (1) (2) *
    Net cash provided by operating activities 316 491 87

    CASH FLOWS FROM INVESTING ACTIVITIES:

    Acquisition of property and equipment (167) (86) (46)
    Acquisition of intangible and other assets (75) (72) (21)
    Proceeds from (investment in) short-term deposits, net (141) 452 (39)
    Interest received 1
    Proceeds from (repayment of) derivative financial instruments, net * *
    Consideration received from sales of property and equipment 2   1
    Net cash provided by (used in) investing activities (381) 295 (105)

     

    CASH FLOWS FROM FINANCING ACTIVITIES:

    Share issuance 190
    Acquisition of treasury shares (15) (4)
    Interest paid (46) (75) (13)
    Repayment of non-current borrowings (375) (720) (103)
    Net cash used in financing activities (436)

    (605)

    (120)
     
     
    INCREASE (DECREASE) IN CASH AND CASH
    EQUIVALENTS (501) 181 (138)
    CASH AND CASH EQUIVALENTS AT BEGINNING OF
    PERIOD 867 716 238

    CASH AND CASH EQUIVALENTS AT END OF PERIOD

    366 897 100

    * Representing an amount of less than 1 million.

    PARTNER COMMUNICATIONS COMPANY LTD.
    (An Israeli Corporation)
    INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    Appendix - Cash generated from operations and supplemental information

     



    New Israeli Shekels

     

    Convenience
    translation
    into
    U.S. Dollars

    6 months ended June 30,
    2018   2017 2018
    (Unaudited) (Unaudited) (Unaudited)
    In millions
     
    Cash generated from operations:
    Profit for the period 11 110 3
    Adjustments for:
    Depreciation and amortization 267 268 73
    Amortization of deferred expenses - Right of use 21 18 6
    Employee share based compensation expenses 8 11 2
    Liability for employee rights upon retirement, net 1 (3) *
    Finance costs, net (1) * *
    Change in fair value of derivative financial instruments (1)
    Interest paid 46 75 13
    Interest received (1)
    Deferred income taxes 6 2 2
    Income tax paid 1 2 *
    Changes in operating assets and liabilities:
    Decrease in accounts receivable:
    Trade 77 215 21
    Other 3
    Decrease in accounts payable and accruals:
    Trade (61) (12) (17)
    Other payables (14) (43) (4)
    Provisions (4) (2) (1)
    Deferred income with respect to settlement
    agreement with Orange (108)
    Deferred revenues from HOT mobile (16) (15) (4)
    Other deferred revenues (1) 2 *
    Increase in deferred expenses - Right of use (47) (61) (13)
    Current income tax 4 33 1
    Decrease in inventories

    19

    * 5
    Cash generated from operations 317 493 87

    * Representing an amount of less than 1 million.

    At June 30, 2018 and 2017, trade and other payables include NIS 136 million ($37 million) and NIS 101 million, respectively, in respect of acquisition of intangible assets and property and equipment; payments in respect thereof are presented in cash flows from investing activities.

    These balances are recognized in the cash flow statements upon payment.

    Reconciliation of Non-GAAP Measures:

    Adjusted Free Cash Flow  

     

    New Israeli Shekels

     

    Convenience
    translation into
    U.S. Dollars

     

    Convenience
    translation into
    U.S. Dollars

    6 months
    period ended
    June 30,

     

    6 months
    period ended
    June 30,

     

    3 months
    period ended
    June 30,

     

    3 months
    period ended
    June 30,

    6 months
    period ended
    June 30,

    3 months
    period ended
    June 30,

    2018 2017 2018 2017 2018 2018
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    In millions
    Net cash provided by operating activities 316 491 159 284 87 43
    Net cash used in investing activities (381) 295 (95) 174 (105) (26)
    Short-term investment in deposits 141 (452) (9) (250) 39 (2)
    Adjusted Free Cash Flow 76 334 55 208 21 15
     
    Interest paid (46) (75) (11)

    (58)

    (13) (3)
    Adjusted Free Cash Flow After Interest 30

    259

    44

    150

    8

    12

    Total Operating Expenses (OPEX)  


    New Israeli Shekels

     

    Convenience
    translation into
    U.S. Dollars

     

    Convenience
    translation into
    U.S. Dollars

    6 months
    period ended
    June 30,

     

     

    6 months
    period ended
    June 30,

     

     

    3 months
    period ended
    June 30,

     

     

    3 months
    period ended
    June 30,

     

    6 months
    period ended
    June 30,

     

    3 months
    period ended
    June 30,

     

    2018 2017 2018 2017 2018 2018
    (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
    In millions
    Cost of revenues – Services 1,051 1,028 521 511 288 143
    Selling and marketing expenses 143 119 75 62 39 21
    General and administrative expenses 91 100 46 50 25 12
    Depreciation and amortization (2) (288) (286) (146) (144) (79) (40)
    Other (1) (7) (11) (4) (7) (2) (1)
    OPEX

    990

    950

    492

    472

    271 135

    (1) Mainly amortization of employee share based compensation.

    Key Financial and Operating Indicators (unaudited)*

    NIS M unless otherwise stated   Q1' 16   Q2' 16   Q3' 16   Q4' 16   Q1' 17   Q2' 17   Q3' 17   Q4' 17   Q1' 18   Q2' 18       2016   2017
    Cellular Segment Service Revenues   543   527   531   498   489   497   514   478   466   454       2,099   1,978
    Cellular Segment Equipment Revenues   244   188   139   158   145   145   138   182   178   157       729   610
    Fixed-Line Segment Service Revenues   222   219   220   205   194   192   194   197   202   210       866   777
    Fixed-Line Segment Equipment Revenues   23   17   12   11   18   14   22   22   23   20       63   76
    Reconciliation for consolidation   (55)   (54)   (53)   (51)   (43)   (43)   (42)   (45)   (43)   (44)       (213)   (173)
    Total Revenues   977   897   849   821   803   805   826   834   826   797       3,544   3,268
    Gross Profit from Equipment Sales   56   42   28   18   26   33   43   40   43   37       144   142
    Operating Profit   54   67   64   8   105   118   92   0   32   22       193   315
    Cellular Segment Adjusted EBITDA   142   155   156   109   187   210   189   124   134   126       562   710
    Fixed-Line Segment Adjusted EBITDA   80   73   64   55   64   59   50   34   43   46       272   207
    Total Adjusted EBITDA   222   228   220   164   251   269   239   158   177   172       834   917
    Adjusted EBITDA Margin (%)   23%   25%   26%   20%   31%   33%   29%   19%   21%   22%       24%   28%
    OPEX   612   572   570   570   478   472   477   519   498   492       2,324   1,946
    Income with respect to settlement agreement                            
    with Orange   54   54   55   54   54   54                       217   108
    Finance costs, net   24   28   30   23   23   54   15   88   18   13       105   180
    Profit (loss)   14   26   19   (7)   64   46   54   (50)   9   2       52   114
    Capital Expenditures (cash)   48   57   44   47   82   76   105   113   138   104       196   376
    Capital Expenditures (additions)   34   40   44  

    84

      58   78   107   174   113   98       202   417
    Adjusted Free Cash Flow   114   160   215   269   126   208   202   63   21   55       758   599
    Adjusted Free Cash Flow (after interest)   89   119   201   241   109   150   192   (17)   (14)   44       650   434
    Net Debt   2,079   1,964   1,768   1,526   1,415   1,081   887   906   919   893       1,526   906
    Cellular Subscriber Base (Thousands)   2,692   2,700   2,693   2,686   2,658   2,662   2,677   2,674   2,667   2,645       2,686   2,674
    Post-Paid Subscriber Base (Thousands)   2,174   2,191   2,215   2,241   2,259   2,273   2,306   2,320   2,336   2,345       2,241   2,320
    Pre-Paid Subscriber Base (Thousands)   518   509   478   445   399   389   371   354   331   300       445   354
    Cellular ARPU (NIS)   67   65   66   62   61   62   64   59   58   57       65   62
    Cellular Churn Rate (%)   11.2%   9.8%   9.7%   9.4%   9.8%   9.0%   9.3%   9.9%   8.8%   10.0%       40%   38%
    Number of Employees (FTE)   2,827   2,740   2,742   2,686   2,580   2,582   2,696   2,797   2,778   2,808       2,686   2,797

    * See footnote 2 regarding use of non-GAAP measures. Figures from 2017 include impact of adoption of IFRS15.

    Disclosure for notes holders as of June 30, 2018

    Information regarding the notes series issued by the Company, in million NIS

    Series  

    Original
    issuance
    date

     

    Principal on
    the date of
    issuance

      As of 30.06.2018   Interest rate  

    Principal
    repayment
    dates

     

    Interest
    repayment
    dates

      Linkage   Trustee contact details
         

    Principal
    book value

     

    Linked principal
    book value

     

    Interest
    accumulated
    in books

     

    Market
    value

        From   To            
    C   25.04.10

    24.02.11*

      200

    444

      196   215   4   219   3.35%

    +

    CPI

      30.12.16   30.12.18   30.6, 30.12   Linked to CPI  

    Hermetic Trust (1975) Ltd.
    Merav Offer. 113 Hayarkon St.,
    Tel Aviv. Tel: 03-5544553.

     

    D   25.04.10

    04.05.11*

      400

    146

      437   437   1   441   1.328%

     

    (MAKAM+1.2%)

      30.12.17   30.12.21   30.3, 30.6, 30.9, 30.12  

    Variable
    interest
    MAKAM (2)

     

    Hermetic Trust (1975) Ltd.
    Merav Offer. 113 Hayarkon St.,
    Tel Aviv. Tel: 03-5544553.

    F

    (1)

      20.07.17

    12.12.17

      255

    389

      644   644   **   634   2.16%   25.06.20   25.06.24   25.6, 25.12   Not Linked  

    Hermetic Trust (1975) Ltd.
    Merav Offer. 113 Hayarkon St.,
    Tel Aviv. Tel: 03-5544553.

     

    (1) In July 2017, the Company issued Series F Notes in a principal amount of NIS 255 million. In December 11, 2017, the Company issued an additional Series F Notes in a principal amount of NIS 389 million. Regarding Series F Notes, the Company is required to comply with a financial covenant that the ratio of Net Debt to Adjusted EBITDA shall not exceed 5. Compliance will be examined and reported on a quarterly basis. For the definitions of Net Debt and Adjusted EBITDA see 'Use of non-GAAP measures' section above. For the purpose of the covenant, Adjusted EBITDA is calculated as the sum total for the last 12 month period, excluding adjustable one-time items. As of June 30, 2018, the ratio of Net Debt to Adjusted EBITDA was 1.2. Additional stipulations regarding Series F Notes mainly include: shareholders' equity shall not decrease below NIS 400 million; the Company shall not create floating liens subject to certain terms; the Company has the right for early redemption under certain conditions; the Company shall pay additional annual interest of 0.5% in the case of a two-notch downgrade in the Notes rating and an additional annual interest of 0.25% for each further single-notch downgrade, up to a maximum additional interest of 1%; the Company shall pay additional annual interest of 0.25% during a period in which there is a breach of the financial covenant.
    In the reporting period, the Company was in compliance with all financial covenants and obligations and no cause for early repayment occurred.
    In September 2017, December 2017 and January 2018, the Company entered into agreements with Israeli institutional investors to issue in December 2018, December 2019 and December 2019, respectively, in the framework of a private placement, additional Series F notes, in an aggregate principal amount of NIS 150 million, NIS 100 million and NIS 127 million, respectively. S&P Maalot has rated the additional deferred issuances with an 'ilA+' rating. For additional details see the Company's press releases dated September 13 and 17, 2017, December 27, 2017 and January 9, 2018.
    (2) 'MAKAM' is a variable interest based on the yield of 12 month government bonds issued by the government of Israel. The interest rate is updated on a quarterly basis.
    (*) On these dates additional Notes of the series were issued. The information in the table refers to the full series.
    (**) Representing an amount of less than NIS 1 million.

    Disclosure for Notes holders as of June 30, 2018 (cont.)

    Notes Rating Details*

    Series  

    Rating
    Company

     

    Rating as of
    30.06.2018
    and 15.08.2018 (1)

     

    Rating
    assigned upon
    issuance of
    the Series

     

    Recent date of
    rating as of
    30.06.2018 and
    15.08.2018

     

    Additional ratings between the original issuance date and the recent date of
    rating (2)

            Date Rating
    C  

    S&P
    Maalot

      ilA+   ilAA-   08/2018 07/2010, 09/2010,

    10/2010, 09/2012,

    12/2012, 06/2013,

    07/2014, 07/2015,

    07/2016, 07/2017,

    08/2018

    ilAA-/Stable, ilAA-/Stable,

    ilAA-/Negative, ilAA-/Watch Neg,

    ilAA-/Negative, ilAA-/Stable,

    ilAA-/Stable, ilA+/Stable,

    ilA+/Stable, ilA+/Stable,

    ilA+/Stable

    D  

    S&P
    Maalot

      ilA+   ilAA-   08/2018
    E  

    S&P
    Maalot

      ilA+   ilAA-   08/2018  
    F  

    S&P
    Maalot

      ilA+   ilA+   08/2018   07/2017, 09/2017

    12/2017, 01/2018,

    08/2018

    ilA+/Stable, ilA+/Stable

    ilA+/Stable, ilA+/Stable,

    ilA+/Stable

    (1) In August 2018, S&P Maalot affirmed the Company's rating of “ilA+/Stable”.

    (2) For details regarding the rating of the notes see the S&P Maalot report dated August 13, 2018.

    * A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to suspension, revision or withdrawal at any time, and each rating should be evaluated independently of any other rating

    Summary of Financial Undertakings (according to repayment dates) as of June 30, 2018

    a. Notes issued to the public by the Company and held by the public, excluding such notes held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "Solo" financial data (in thousand NIS).

        Principal payments  

    Gross interest
    payments (without
    deduction of tax)

       

    ILS linked
    to CPI

     

    ILS not linked
    to CPI

      Euro   Dollar   Other  
    First year   214,634   109,228   -   -   -   27,858
    Second year   -   238,035   -   -   -   17,701
    Third year   -   238,035   -   -   -   13,403
    Fourth year   -   238,035   -   -   -   9,105
    Fifth year and on   -   257,613   -   -   -   8,347
    Total   214,634   1,080,946   -   -   -   76,414

    b. Private notes and other non-bank credit, excluding such notes held by the Company's parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company's "Solo" financial data – None.

    c. Credit from banks in Israel based on the Company's "Solo" financial data (in thousand NIS).

       

    Principal payments

     

    Gross interest
    payments (without
    deduction of tax)

       

    ILS linked
    to CPI

     

    ILS not linked
    to CPI

     

      Euro   Dollar   Other  
    First year   -   33,419   -   -   -   5,933
    Second year   -   52,132   -   -   -   4,823
    Third year   -   52,132   -   -   -   3,542
    Fourth year   -   52,132   -   -   -   2,282
    Fifth year and on   -   60,185   -   -   -   1,412
    Total   -   250,000   -   -   -   17,992

    Summary of Financial Undertakings (according to repayment dates) as of June 30, 2018 (cont.)

    d. Credit from banks abroad based on the Company's "Solo" financial data – None.

    e. Total of sections a - d above, total credit from banks, non-bank credit and notes based on the Company's "Solo" financial data (in thousand NIS).

        Principal payments  

    Gross interest
    payments (without
    deduction of tax)

       

    ILS linked
    to CPI

     

    ILS not linked to
    CPI

      Euro   Dollar   Other  
    First year   214,634   142,647   -   -   -   33,791
    Second year   -   290,167   -   -   -   22,524
    Third year   -   290,167   -   -   -   16,945
    Fourth year   -   290,167   -   -   -   11,387
    Fifth year and on   -   317,798   -   -   -   9,759
    Total   214,634   1,330,946   -   -   -   94,406

    f. Off-balance sheet Credit exposure based on the Company's "Solo" financial data (in thousand NIS) – 50,000 (Guarantees on behalf of an associate, without expiration date).

    g. Off-balance sheet Credit exposure of all the Company's consolidated companies, excluding companies that are reporting corporations and excluding the Company's data presented in section f above – None.

    h. Total balances of the credit from banks, non-bank credit and notes of all the consolidated companies, excluding companies that are reporting corporations and excluding Company's data presented in sections a - d above - None.

    i. Total balances of credit granted to the Company by the parent company or a controlling shareholder and balances of notes offered by the Company held by the parent company or the controlling shareholder - None.

    j. Total balances of credit granted to the Company by companies held by the parent company or the controlling shareholder, which are not controlled by the Company, and balances of notes offered by the Company held by companies held by the parent company or the controlling shareholder, which are not controlled by the Company – None.

    k. Total balances of credit granted to the Company by consolidated companies and balances of notes offered by the Company held by the consolidated companies - None.

    ----------

    1 The quarterly financial results are unaudited.
    2 For the definition of this and other Non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” in this press release.




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    Partner Communications Reports Second Quarter 2018 Results(1) Partner Communications Company Ltd. (“Partner” or the “Company”) (NASDAQ and TASE: PTNR), a leading Israeli communications provider, announced today its results for the quarter ended June 30, 2018. …