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Reports a 6% increase in revenue in the fourth quarter of 2021 to NIS 853 million, and a profit of NIS 77 million, compared to only NIS 5 million a year earlier, when flights abroad were restricted and revenue from roaming services was hurt, his mother told other cellular companies.
Segmented by revenue segments, it is stated that these services increased by 7% to NIS 675 million and revenues from equipment increased by a single percentage to NIS 178 million. At the same time, operating expenses (OPEX) fell by 2% within a year to NIS 469 million. Adjusted EBITDA grew by 23% to NIS 250 million.
The company generated a negative adjusted cash flow (before interest) of NIS 79 million, a decrease of NIS 76 million compared to the corresponding period in 2020. This is mainly due to an increase in CAPEX payments, advance payments to the Ministry of Communications in the amount of NIS 55 million for frequency fees and an annual payment for the government fiber incentive fund.
The company’s net debt was NIS 744 million at the end of 2021, compared to NIS 657 million at the end of 2020, an increase of NIS 87 million. The ratio of net debt to Adjusted EBITDA of the company remained at 0.8 at the end of 2021.
The average monthly income per mobile subscriber (ARPU) decreased by 2% to NIS 48. At the end of 2021, Partner had about 3.2 million mobile subscribers, 7% higher than at the end of 2020. The abandonment rate in the fourth quarter amounted to 7.9%, minus the Ministry of Education’s subscriptions of 7.3%, compared to 7.2% in the corresponding quarter last year.
The fiber-optic subscription base numbered 212,000 subscribers (which represents a connection rate of about 30% of the potential customers in connected buildings, the same rate as at the end of last year) – an increase of 73,000 subscribers per year and 20,000 subscribers from the third quarter. In terms of the availability of connecting buildings in Israel to Partner’s fiber infrastructure, this is access to 700,000 households that can connect to the service – an increase of 235,000 from the fourth quarter of 2020 and an increase of 76,000 in the quarter.
The infrastructure-based Internet subscriber base amounted to 374,000 subscribers as of the end of the quarter, an increase of 45,000 subscribers from the fourth quarter of 2020 and an increase of 9,000 subscribers in the quarter. As for Partner TV, the service had 226,000 subscribers at the end of the quarter, a decrease of 6,000 subscribers from the fourth quarter of 2020 and unchanged from the third quarter.
Osnat Ronen, Chairman of the Board of Directors of Partner: “The strategy is based on the growth and establishment of Partner’s core business – cellular and landline communications, with an emphasis on accelerated retirement of its independent fiber network and connecting customers to the network.”
Avi Zvi, Partner CEO: “Partner ended 2021 with an improvement in the main financial indices, despite the continuing effects of the corona and the high level of competition in the Israeli communications market. Partner strengthens its position as a leading infrastructure player and as such decided to accelerate the fiber optic retirement rate. “In the periphery. In cellular, Partner intends to continue with the accelerated construction of 5th generation sites in order to reach coverage of over 40% of the population by the end of the year.
Mr. Tamir said, Deputy CEO and Chief Financial Officer: “The cellular sector has for the third consecutive quarter achieved growth in revenue from services with profitability which is higher than that achieved in the fourth quarter of 2019, even before the impact of the Corona virus. The linear segment continues to improve in profitability and shows a 35% increase in Adjusted EBITDA compared to the corresponding quarter last year. The company expects that in the first quarter of 2022, in light of the improvement in flight status, the moderate recovery in roaming services revenues will continue, but to a lesser extent than in the fourth quarter of 2021 due to the seasonal effect of the corona virus variant.
The acceleration in the deployment of fiber optics affected CAPEX payments for the fourth quarter of 2021, which amounted to NIS 212 million. At the annual level, CAPEX payments amounted to NIS 672 million in 2021, compared with NIS 573 million in 2020. The company now estimates that the scope Investment payments in 2022 are expected to increase further relative to 2021, at a rate similar to the increase recorded in 2021. In 2023, the volume of CAPEX payments is expected to decrease significantly, following the planned completion of the main retirement phase of fiber optic infrastructure by the end of 2022. , The Company’s continued investment in the fifth generation network is not expected to significantly affect investment payments in 2022.
“For 2022, the effect of an increase in CAPEX payments on adjusted free cash flow is expected to be offset by other effects, including the effect of early payments to the Ministry of Communications for frequency fees made in 2021.”