Israel Electric Financial and Sector Reform Update
Net Financial Debt (1) Over Time
Prepared According to
Government Companies
Regulations
IFRS
חברת החשמל
Israel Electric
$13.4
$13.8
(NIS bn)
51.7
$13.1
49.9
$11.5
46.9
$11.3
$11.7
44.6
43.2
42.1
$10.7
$10.3
$10.1
38.3
$10.0
36.1
$8.7
34.4
32.4
30.0
2012
2013
2014
2015
2016
2017
2018
2019 (2)
2020
2021
Q1.2022
Source: IEC's Financial Statements for 2012FY-2021FY and for Q1-2022
1. Net financial debt is a non-GAAP measure that is defined as credit from banks and other credit providers, plus total long-term debt (including debentures, long-term liabilities to banks, including hedge transactions, liabilities to the State
of Israel), leases liabilities and CPI linkage differentials regulatory deferral account, less; cash and cash equivalents, short-term investments, long and short term receivables in respect of forward contracts and swap transactions, and
long-term deposits to secure swap transactions.
2. As from 01/01/2019, "net financial debt" also includes lease liabilities.
Figures denote USD figures at USD/NIS average exchange rate of 3.86, 3.61, 3.58, 3.89, 3.84, 3.60, 3.59, 3.56, 3.44,3.23 & 3.2 for 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018FY, 2019FY, 2020FY, 2021FY & Q1.2022
respectively.
Investor Relations
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