Internet Gold Reports its Financial Results for the Second Quarter of 2016

RAMAT GAN, Israel, Aug. 4, 2016

Dividend from B Communications: On May 25, 2016, B Communications' board of directors declared a cash dividend of NIS 355 million ($92 million), or NIS 11.88 ($3.09) per share. Internet Gold received its distributive share of approximately NIS 230 million ($60 million) on June 29, 2016.

Cash and Debt Position: As of June 30, 2016, Internet Gold's unconsolidated liquidity balance (comprised of cash and cash equivalents and short term investments) totaled NIS 401 million ($104 million), its unconsolidated total debt was NIS 946 million ($246 million) and its unconsolidated net debt was NIS 545 million ($142 million).

Internet Gold's Unconsolidated Balance Sheet Data (1)
(In millions) ARIVA.DE Börsen-Geflüster Kurse B COMMUNICATIONS LTD. 3,21 $ -13,2% BEZEQ ISRAEL TELCM UN/ADR 6,385 $ 0,00% Intnt Gold Golden Lines -   0,00%			Convenience
			translation into
			U.S. dollars
			(Note A)
	June 30,		June 30,		June 30,		December 31,
	2016		2016		2015		2015
	NIS		US$		NIS		NIS
Short term liabilities	151		39		215		153
Long term liabilities	795		207		927		926
Total debt	946		246		1,142		1,079
Liquidity balance	401		104		335		277
Net debt	545		142		807		802

(1)   Does not include the consolidated balance sheet of B Communications and its subsidiaries.

Internet Gold's Cash Management: Internet Gold manages its cash balances according to an investment policy that was approved by its board of directors. The investment policy seeks to preserve principal and maintain adequate liquidity while maximizing the income received from investments without significantly increasing the risk of loss. According to Internet Gold's investment policy more than 80% of its funds must be invested in investment-grade securities. As of today, 87% of the funds are invested in investment-grade securities.

Internet Gold's Second Quarter Consolidated Financial Results:

Internet Gold's consolidated revenues for the second quarter of 2016 totaled NIS 2.5 billion ($653 million), a 3.5% decrease compared to the NIS 2.6 billion reported in the second quarter of 2015. For both the current and the prior-year periods, Internet Gold's consolidated revenues consisted entirely of Bezeq's revenues.

Internet Gold's consolidated operating income for the second quarter of 2016 totaled NIS 516 million ($134 million), a 15.5% decrease compared to NIS 611 million reported in the second quarter of 2015.

Internet Gold's consolidated net income for the second quarter of 2016 totaled NIS 252 million ($66 million), a 5.4% increase compared with NIS 239 million reported in the second quarter of 2015.

Internet Gold's Second Quarter Unconsolidated Financial Results:

As of June 30, 2016 Internet Gold held approximately 65% of the outstanding shares of B Communications. Internet Gold's interest in B Communications' net income for the second quarter of 2016 totaled NIS 26 million ($7 million), compared with its share in B Communications' net income of NIS 14 million in the second quarter of 2015.

Internet Gold's unconsolidated net financial expenses for the second quarter of 2016 totaled NIS 11 million ($3 million) compared with NIS 26 million in the second quarter of 2015. These expenses consist of interest and CPI linkage expenses related to its publicly-traded debentures.

Internet Gold's net income attributable to shareholders for the second quarter of 2016 totaled NIS 14 million ($4 million) compared with a loss attributable to shareholders of NIS 13 million in the second quarter of 2015.

In millions			Convenience
			translation
			into
			U.S. dollars
			(Note A)
	Three-month		Three-month		Three-month
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