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Cellcom Israel Ltd. (NYSE:CEL)

Q3 2011 Earnings Call

November 15, 2011 9:00 AM ET

Executives

Porat Saar – CCG Investor Relations

Amos Shapira – Chief Executive Officer

Yaacov Heen – Chief Financial Officer

Nir Sztern – Incoming Chief Executive Officer

Analysts

David Kaplan – Barclays Capital

Louie DiPalma – William Blair

Michael Klahr – Citibank

Richard Gussow – Deutsche Bank

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cellcom Israel Ltd. Third Quarter 2011 Results Conference Call. All participants are at present in listen-only mode. Following management’s formal presentation, instructions will be given for the question-and-answer session. (Operator Instructions)

As a reminder, this conference is being recorded November 15, 2011. I would now like to hand over the call to Ms. Porat Saar of CCG Investor Relations. Ms. Saar, would you like to begin?

Porat Saar

Thank you. I’d like to welcome all of you to the conference call and thank Cellcom Israel’s management for hosting this call today. With us here are Mr. Amos Shapira, CEO; Mr. Yaacov Heen, CFO; and Mr. Nir Sztern, incoming CEO of Cellcom Israel.

Mr. Shapira will open by providing a summary of the main highlights of the third quarter 2011 results, followed by Mr. Heen, who will review Cellcom Israel’s financial performance in further detail.

Before I turn the call over to Mr. Shapira, I’d like to remind our listeners that in this call, management’s prepared remarks contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions.

Therefore, the company claims the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995 and in the Israeli Securities Law 1968.

Actual results may differ from those discussed today and therefore we refer you to a more detailed discussion of the risks and uncertainties in the company’s filings with the Securities and Exchange Commission, including under Risk Factors in the company’s annual report for the year ended December 31, 2010, 20-F filed with the SEC.

In addition, any projections as to the company’s future performance represent management’s estimates as of today, November 15, 2011. Cellcom Israel assumes no obligation to update these projections in the future as market conditions change.

You should have by now received a copy of the company’s press release. If you have not received it, so please call CCG Investor Relations at 1-646-233-2161.

I would now like to hand the call over to Mr. Shapira. Amos?

Amos Shapira

Thank you, Porat. Good day, everyone. And welcome to our third quarter 2011 earnings conference call. As we saw in the previous quarter and as we expected regulatory changes made earlier this year continue to impact our company’s results. We also see the impact of our merger with Netvision, which was completed at the end of August, with September being the first month in which we consolidated the Netvision’s results in our financial statements.

While the consolidation of Netvision results in our financial statement is only for September, Netvision has demonstrated impressive results for its third quarter financial earnings, demonstrating growth in most parameters, compared with the third quarter last year. This includes a 24% increase in operating income and 8% increase in EBITDA.

Looking back so far this year, we see that the cellular market has undergone a number of changes, which significantly affected the level of competition, an acceleration of price erosion causing a decrease in revenues and profits.

However, Cellcom Israel has continued to maintain its leading position and even strengthen its spending among its competitors in both financial and public image parameters.

We continue to improve our customer service in the third quarter. I believe that our focus throughout the years on every aspect concerning customer service is what created such change in the cellular market and is what makes us today the leading cellular company in terms of finances and public perception.

Indeed, The-Marker, the leading Israeli business newspaper recently published an annual survey regarding cellular companies customers’ recommendation index. It’s noted that although the Israeli cellular markets public image on the whole needs improving, Cellcom Israel was the only company in the market which improved over the year moving to a leading position in the market.

This index joins over recent publications and surveys from the past few months, which ranked Cellcom Israel number one in having the least number of customer complaints in the industry, despite being the largest cellular company. While I’m pleased with improvements in our customer service, we will continue our efforts in order to maintain this trend.

The company’s image is an attractive workplace was also substantially reinforced. According to a recent resurvey, Cellcom Israel was ranked number one among cellular companies in Israel for students entering the workforce and ranked number five overall for Israel companies.

Our advantage in competing for the best employees in Israel is a very important competitive tool for the company, both for now and in the future. I believe that that financial result as compared with our competitors along with the strengthening of our image, better positions us to take on the additional challenges expected in the communications industry.

At a time of great industry challenges and increased competition, I think we can see that our consistent strategy is the right one and helped position us as market leaders. This strategy includes both focusing on mobile communications, as well as developing unique management processes and nurturing a professional staff of employees and managers with a motivation to win.

Moreover, I believe that our entry into the landline markets with the acquisition of Netvision will further strengthen our position. The changes expected in the coming years -- in the coming year are not the first challenges to our market and I believe that just as we emerge stronger from previous challenges, the company has the management team, employees and strength to continue doing so in the future.

We are now in the midst of the merger process. The main strategic decisions relating to the merged group’s future characteristics have been decided upon and we now have several teams in place led by an outstanding professional Netvision CEO and designated CEO to Cellcom Israel, Mr. Nir future -- Nir Sztern, of course, he’s also the future.

We are very pleased with our progress thus far and are seeing enthusiastic participation from our managers in this process. I believe a merger between companies is first and foremost a merger of people and we have the best people in both companies.

We are executing this process transparently and professionally and making an effort to maintain a fast rate of order so that we can start reaping the benefits from the merger as soon as possible. I believe that the main changes resulting from the merger may be completed by early 2012 and as we will start to see its benefits in the first half of 2012.

Now turning to other matters, I recently announced my retirement after six years in office. I had both the privilege and obligation to lead this wonderful organization through an exciting and incredible challenging time. The cellular market today is completely different from what it was six years ago, both from the technological and customer usage perspective.

Mobile devices are no longer just for but rather also for phone calls. The slogan, Mobile Is Everything, is true now more than ever. Likewise, the level of competition is not like it used to be in the past.

We have dealt with our challenges successfully and improved our position to number one in the industry. The smiles of Cellcom Israel employees and managers along with the Board of Directors trust gave me the energy required for this position and I thank them for this, as I know this is not something to take for granted. Although, I will may -- I will remain in my post until the end of 2011. This will be the last quarter I’ll report our results to you.

Starting next quarter, Mr. Nir Sztern will be reporting the results. Nir began his career in the communications market at Cellcom Israel 17 years ago and he has seen performance -- performed several roles successfully in the communications industry.

He has extensive experience in both mobile and landline communications, and this will serve as an important asset and his ability to lead the merged group and manage future challenges.

In the last two months, I have worked with Nir closely in leading the teams of the merger and I was impressed that with his talents. I have no doubt that Nir together with management team and employees of Cellcom Israel and Netvision will successfully continue to lead the industry into the future.

I have asked Nir to join us today on the call so that he could listen and introduce himself to you. Nir, would you like to say a few words?

Nir Sztern

Thank you, Amos, and good day to everyone. It’s a pleasure to be here and to join such a talented management. Cellcom Israel is a great company and it is as Amos mentioned, where I began my career in the communications industry over 17 years ago. It’s a real privilege to return not just to lead this company but to lead it along with Netvision another successful company where I have been CEO.

Amos and I have been working very closely together for several months now along with the entire Cellcom Israel management team and I believe this would ensure seamless transition. Until then, I look forward to hosting the Q4 results along with Yaacov in 2012.

Amos Shapira

With that, I would like to thank everyone for their continued support of the company and wish you all the best of luck. Cellcom Israel will remain as always committed to providing the best services to our customers and strong financial results for the benefit of our shareholders.

With that, I would like to turn the call over to our CFO, Mr. Yaacov Heen, for a review of our financial.

Yaacov Heen

Thank you, Amos, and good day to all of you. Amos, I just want to say on behalf of the entire Cellcom Israel team that it has been a pleasure working with you and that you will be very much missed in the company. But as you noted and based on my own experience with Nir thus far, we have great faith in his ability and I’m sure the transition to the new CEO will be a seamless one.

I will now provide a more detail overview of our financial. As Amos mentioned, the reduction of interconnect fees and the continued price erosion had an adverse effect on our service revenues and profitability and we estimate that they will continue to affect our results for the full quarter as well.

In the third quarter, we consolidated Netvision’s result for the month of September which contributed NIS 98 million to our total revenues and NIS 20 million to EBITDA.

Now moving on to our financial highlights excluding Netvision. Revenues for the third quarter of 2011 totaled NIS 1.6 billion, decreasing by 9.4% year-over-year. This decline can be attributed to a 27% decrease in service revenues, resulting from a reduction of interconnect fees, as well as intensified competition.

This was partially offset by a 111.8% increase in revenues from handsets which totaled NIS 466 million. This increase which resulted from regulatory changes and accelerated competition also led to a material increase in the company’s gross recruitment of subscribers which in turn led to an increase sale of smartphones and advanced 3G handsets. Revenues from content and value added services increased by 2.4% making up about 26.6% of our service revenue.

Operating income decreased by 34.4% totaling NIS 350 million, while EBITDA decreased by 28.2% totaling for NIS 514 million.

Turning to our KPIs, MOU for the third quarter of 2011 totaled 357 minutes, compared with 334 minutes in 2010, an increase of 6.9%. ARPU totaled NIS 105.1 decreasing by 28% year-on-year. As noted before this decline is due to the decreasing interconnect fees and increased competition.

Now looking at consolidated numbers. Financing expenses for the third quarter totaled NIS 90 million, compared with NIS 88 million in the same quarter last year. Although, there was an increase in the company’s debt level, it was compensated by lower CPI linkage expenses due to lower inflation this quarter, compared with the third quarter of the last year. This resulted in only a slight increase in our financial expenses year-over-year.

Net income totaled NIS 199 million, compared with NIS 332 million in the same quarter last year. Free cash flow for the third quarter of 2011 after elimination of the net cash flows used for the acquisition of Netvision totaled NIS 262 million, compared with NIS 513 million in the same quarter last year. This decrease is mainly due to the timing between immediate payments to our vendors versus the proceeds coming from our customers in installment, as well as due to the decrease in interconnect fees and increased competition.

During the quarter, we successfully raised approximately NIS 1.1 billion in debt through the extension of existing series of debentures in a public tender, for which we received demands of approximately NIS 2 billion. Overall, we have raised approximately NIS 2.16 billion in debt this year. I believe the success of our latest debt raising in a time of market turmoil expresses the confidence of the investor community in our company.

We’ll distribute a dividend approximately NIS 189 million, representing approximately 95% of net income for the third quarter to our shareholders. Please be advised that the dividend distribution is not guaranteed and is subject to the company’s Board of Directors’ sole discretion.

With that, I would like to open the call to questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) The first question is from David Kaplan of Barclays Capital. Please go ahead.

David Kaplan – Barclays Capital

Hi. Good afternoon, everyone. I have two very quick questions for you. One, Amos, you mentioned the synergies with Netvision, I was hoping you could maybe expand a little bit on that and tell us, what is in store for the Cellcom Netvision merger in 2012 and how we’re going to see that play out? Second question, I have a second question after you answer that one.

Amos Shapira

You probably can understand that I cannot be specific as it is for the future. But the only thing that I can tell you, that we took this process in a very professional way also with assistant on of McKinsey team and we invested quite a lot of energy.

First of all, by the level of the management team, i.e. myself and Nir Sztern and the small group of VPs which made the strategic decisions as to the future on structure of the organization and how deep will be the merger.

So we believe that we got the correct decisions as we believe that this organization will be more suitable to face the future challenges of the market vis-à-vis competitive edge and also, of course, efficiency.

So I can’t be more specific, but I can tell you that, we look very thoroughly where we can combine the units and create one organization and one operation. And in most of the organization, this is what we are going to do and with some exception where we thought that it will not serve the goal of creating focus and in the same time efficiency and these are the two ends, not to lose the focus in every area of activity and in other end, not to lose synergy potential by increasing efficiency.

This was the whole idea. Now, actually the teams, it’s a wider team, more than 100 people in eight teams that are dealing with implemented -- implementing the changes in the several units of the organization.

We believe that until the end of the year we shall conclude the main implementation in the organization including moving the headquarter of Netvision, which is in a different place now in Israel to Netanya where the headquarter of Cellcom is. This requires of course some changes in the headquarter building because we wanted to absorb all the headquarter of Netvision without adding cost and this is what exactly what is going to take place.

So I believe that the future of organization, combined organization will be able to face the challenges of the market in much better ability.

David Kaplan – Barclays Capital

Okay. Maybe this is my actually be a question for Nir. But if you can talk a little bit about the Netvision versus some of its competitors in the local market here, margins in Netvision seem to be somewhat lower. Is -- can that attributed to the fact that the others are already merged with some larger companies and that’s something we can look forward to for Netvision in the future or is it a different -- slightly different business model than its two main competitors and I’ll stop there?

Amos Shapira

Can you make your question clear because I missed you? Sorry, I apologize.

David Kaplan – Barclays Capital

No. No worries. Netvision has a 10% EBITDA margin while its peers have higher EBITDA margins. I was wondering if you could talk a little bit about that and is that does, sorry, a 19% EBITDA margin versus over 20% for both of its two main competitors.

Is that due to something specific within Netvision’s business model today and something that can change now it has merged with Cellcom or is that just a virtue of the services that Netvision offers relative to its peers?

Amos Shapira

Now, let me elaborate this question and then if Nir wanted to answer, to add something so and then or Yaacov. Yeah, it’s true, to compare the EBITDA margin of Cellcom and Netvision is not the correct, I think that it’s not relevant because these are two different markets. Although, it is our complimentary markets but this is the normal EBITDA margin that takes place in the market. Yaacov (inaudible)?

Yaacov Heen

Maybe I can say if you want to compare between Bezeq International and Netvision, of course the EBITDA margin is not the same level. Personally I’m not so familiar with the change but there are few businesses in Netvision that are less profitable than in Bezeq International. And as I know, Nir started the process a year ago to close some businesses who are less profitable in Netvision and that’s why the EBITDA margin was improved significantly this quarter year-over-year as Amos mentioned in the -- our press release.

Of course, to compare between the overall picture of the company, we have to drill to some specific top segment and this is not the same ratio in everyone of the company. So for our perspective, Netvision is better than we expect a year ago and we look forward, as Amos said, to more synergy potential regarding the cost structure because of the merger.

Nir Sztern

Just to elaborate on a few words. Looking mainly at Netvision versus Bezeq International that has published their third quarter earnings and we’re still waiting to see what ‘012 results for the third quarter will be.

The main differences between the company is mainly in the mix of -- in the revenue mix and the products that we’re selling. The business is mainly selling the ISP business, the long distance business and the home telephony business.

All these businesses have different EBITDA margins. The overall EBITDA margin of the company is based on the mix. Bezeq International don’t sell any of the local telephony services versus the Netvision does.

Still, if you look back on the last year, you’ll see that Netvision’s results have improved while the others have just stayed the same. So even though there is a difference and it’s mainly due to the revenue mix, Netvision has done a quite a long way to decrease that margin.

David Kaplan – Barclays Capital

Thank you.

Operator

The next question is from James Breen of William Blair. Please go ahead.

Louie DiPalma – William Blair

Hello. This is actually Louie DiPalma for Jim Breen. How are you guys?

Amos Shapira

Thank you.

Yaacov Heen

Great.

Louie DiPalma – William Blair

I was wondering what the company has been doing in order to cause churn to trend down and if you expect that trend to continue?

Yaacov Heen

Okay. So if you look at the last three quarters, of course, the churn level was down every quarter. If we look at the first quarter more than 7%, second quarter 6.4%, now which has been 6%. It’s probably because of the level of the competition mainly in the first quarter when the customers would switch from one operator to another operator where easily because of the change.

Louie DiPalma – William Blair

Right.

Yaacov Heen

And now we expect the market to be let’s say, I want to say, a more stable but the potential becoming lower and lower every quarter. And of course, next year we anticipate the two new operators and you know, I cannot say something more than other analysis about what we expect.

Louie DiPalma – William Blair

Right.

Yaacov Heen

But that’s change the change the churn rate in the market. But if you look at the last three quarters, you can see the decrease in the churn rate.

Louie DiPalma – William Blair

Great. And last quarter you referred to the heightened sales and marketing costs as being contributed from increasing call support staff in order to handle customer inquiries. This quarter sales and marketing expenses increased again? And I was wondering if that is temporary and if you expect that to decrease over the next couple of quarters?

Yaacov Heen

First, of course, when we recruit more employees especially in the call center and service centers, so this process didn’t finish in the second quarter, so that’s why you can see almost the full impact in the third quarter.

Louie DiPalma – William Blair

Right.

Yaacov Heen

We talked about it in the beginning of the year that even though we were the best -- we have the best margin in the market but we couldn’t continue with this level because of the demand coming from the market especially after those two changes in the regulation environment. So that’s why we thought that the right answer is to be able to absorb this level of calls and then continue again with our effort to increase our margin and efficiency.

Louie DiPalma – William Blair

Okay.

Yaacov Heen

About the future, we believe in Cellcom that we have to continue to improve especially the processes and not the number of employees because when you have a problem there is a real increase, you cannot solve it by adding more and more people, you have to change your processes and that’s our main target right here.

Louie DiPalma – William Blair

Right.

Yaacov Heen

But as you said, the third quarter is comparing to the first and the second quarter represents the full impact of this increase in the number of employees and commission.

Louie DiPalma – William Blair

Okay. Great. That was helpful. And regarding capital expenditures they were down pretty significantly year-over-year and concerning the adoption of 3G smartphones seem to be pretty healthy. Do you think that this lower level of capital expenditure is sustainable?

Yaacov Heen

We did talk about it in the first quarter and also in the second quarter that the CapEx was very low mainly because of the delay in our plan. We have to sign the contract with Nokia…

Louie DiPalma – William Blair

Right.

Yaacov Heen

… Siemens and then we accomplish our plan because it was very important for us to prepare the network and to upgrade it to the next level and not to use equipment that you have to replace it in one or two years, so this is very important to us.

Louie DiPalma – William Blair

Right.

Yaacov Heen

And if you look at the numbers in the third quarter, more than NIS 130 million are investments, so the level is not like in the first and the second quarter.

Louie DiPalma – William Blair

Right.

Yaacov Heen

I believe that the overall numbers should be not like in the first half of the year but higher than that.

Louie DiPalma – William Blair

Okay.

Yaacov Heen

The next deal we are talking about, again our guidance is less than 10% of the revenues and I believe that we can continue with this level to support the demand in the, especially in the data usage.

Louie DiPalma – William Blair

Okay.

Yaacov Heen

And this is in line with our plans.

Louie DiPalma – William Blair

Excellent. Thank you for taking the question.

Operator

The next question is from Michael Klahr of Citibank. Please go ahead.

Michael Klahr – Citibank

Hi. Yeah. And just, looking at that churn number which is coming down but also the pricing [or up likes] MTR, which has come down very strongly year-on-year. I’m just wondering, have you been giving up price at expensive lower churn or do you see signs that pricing may be on the service contract side or the rebate side is stabilizing? That’s my first question.

Yaacov Heen

The rebates, it’s a great issue in our industry. We analyze it every quarter. I don’t believe for the next year it’s sustainable, this level of rebates but for the moment, of course, this is the situation in the market and we are to, I cannot give you a specific plan about the future.

But as you said, this is not something that even when we look at it in the global market, it’s probably happened in Israel because of the fast change especially in the third quarter but I believe that it’s not sustainable.

Michael Klahr – Citibank

Okay. Thanks. And secondly, then on, yeah, in terms of, can you tell us about you pricing strategies ahead of MVNO launch and new network operator launch next year. Is it still about what’s the balance here between protecting share and price?

Amos Shapira

No. There is no balancing between share and price. I believe that especially in an industry where the variable costs are rather low and the main costs, the fixed cost, there is no doubt that in my perspective and that the most expensive costs is to loose the customer.

So, my belief is that Cellcom will do its utmost effort to maintain its market share and this is not just by reacting to a price challenges but rather for -- from -- by a combination of activities that the total offering to the consumer will be the best.

And also, there is more than one strategy to react. One of it is, for example, to act in the market by -- with the two brands, one is to for the lower end two of the market and one is to with the higher end of the market and with that to increase, let’s say, the flexibility of the company to respond and to respond to the challenge in the market, the future challenges in the market with more flexibility and lower cost.

Michael Klahr – Citibank

Okay. Thank you. If I can just follow-up on the ISP business again. The -- can you tell us about actual trends within the business in terms of the ARPU trends for ISP, subscriber trends for ISP, but also for Voice over Broadband?

And I noticed that based on Bezeq, they actually added telephony customers in the quarter which was quite a surprise. Is that coming -- does that mean Voice over Broadband business for competitors have slowed and what will cause it to pick up again?

Amos Shapira

Yeah. Though this is not a specific, this seems we added to our result the results of Netvision only for the -- for one month. We refer to Netvision only in a very, very overall manner and we gave the picture that they had a good performance. But if you, so any approach to this question will be only in a general perspective. So, Yaacov, yeah.

Yaacov Heen

Okay. As Amos said, this is not now in our numbers, but this is something that known in Israel that even though there is a price erosion regarding the ISP prices. But on the other hand, every month every one of the company try to upgrade the customers to more bandwidth, so by that we achieve the compensation on the price erosion. So you keep the -- the market try to keep the ARPU by giving the customer more. It’s more or less the same with our industry, of course...

Michael Klahr – Citibank

And on Voice over Broadband, what’s been going on there recently?

Nir Sztern

Even though Bezeq are doing a lot of effort in terms of broadband, we’re still seeing net adds going up both for Netvision and some also for our competitors. So it’s pretty much been the same for the last three or four quarters in that kind of business.

Michael Klahr – Citibank

Okay. Thank you.

Operator

(Operator Instructions) The next question is from Richard Gussow of Deutsche Bank. Please go ahead.

Richard Gussow – Deutsche Bank

Yeah. Hi, everyone. I was wondering if you can give us some more detail about you -- the way you view the opportunities and risks in the Hayek committee recommendations?

Amos Shapira

Can you repeat the question please?

Richard Gussow – Deutsche Bank

Yeah. Can you go over some in detail if you can some of the opportunities and risks you see from the Hayek committee recommendations?

Amos Shapira

No. I’m sorry that I cannot say clear, I cannot respond clearly to your question, as the recommendation are not yet fully clear. And so there might be some opportunities as to opening the wholesale market but this is not, opening a wholesale market is not enough for having a viable business for Cellcom. There is -- there should be some complementary, as we believe some complementary measures that should be implemented.

So we still don’t know. We don’t know what will be, for example, what will be the decision regarding the control over our basic prices in the market to the consumers. Because if you control only the selling price, the wholesale prices without putting any control of basic, at least in the near future all of the consumer market. So this is -- this put in question mark, how viable will be our business of a newcomer to the market.

So, generally speaking I can say, yeah, there is an opportunity, there might be an opportunity that Cellcom will have to examine. On the other hand, I can be clear than to say, hey, there is a terrific opportunity and we are going to grab it immediately in the near future. So we’ll have to wait.

Richard Gussow – Deutsche Bank

Okay. Thank you.

Operator

There are no further questions at this time. Mr. Shapira, would you like to make your concluding statement?

Amos Shapira

Yeah. Thank you everybody for joining Cellcom Israel’s third quarter 2011 earnings conference call. The team here looks forward to hosting you again the next con call. Good day.

Operator

Thank you. This concludes the Cellcom Israel Ltd. third quarter 2011 results conference call. Thank you for your participation. You may go ahead and disconnect.

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