Israel’s Partner Communications cuts debt by NIS 620 million in 2017

By Devika Patel

Knoxville, Tenn., March 29 – Partner Communications Co. Ltd. reduced its debt by NIS 620 million in 2017, reducing the company’s net debt to EBITDA ratio to 1x at the end of the year.

“The company strengthened its balance sheet structure with a continued decrease in net debt of NIS 900 million,” chief financial officer Tamir Amar said on the company’s fourth quarter and year ended Dec. 31, 2017 earnings conference call on Thursday.

“Net debt decreased by NIS 620 million during 2017 which, together with the early repayments and the debt recycle, led to a reduction in the average interest rate of the company’s debt and to a net debt of EBITDA ratio of 1x at year-end.

“The change in the company’s debt structure and its reduction will result in a significant reduction of financing expenses excluding the onetime debt repayment expenses and provide a strong foundation to support the company’s continued development in the coming years,” he said.

Adjusted EBITDA was NIS 917 million, or $264 million, for 2017, compared to NIS 834 million in 2016.

Adjusted EBITDA was NIS 158 million, or $46 million, for the fourth quarter of 2017, compared with NIS 164 million for the fourth quarter of 2016.

Net debt was NIS 906 million, or $261 million, in 2017 and NIS 906 million, or $261 million, in the fourth quarter of 2017.

Adjusted free cash flow was NIS 599 million, or $173 million, in 2017 and NIS 63 million, or $18 million, in the fourth quarter of 2017.

Partner Communications is a Rosh Ha’ayin, Israel, mobile communications operator.

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