Israel Electric Financial and Sector Reform Update
Key Financial Highlights - Q1.2022
חברת החשמל
Israel Electric
Revenues
CAPEX(1)
Net Financial
Debt(2)
EBITDA (3)
NIS 5.9 billion
$1.9
NIS 1.0 billion
$0.3
NIS 34.4 billion
$10.8
NIS 2.0 billion
$0.6
IEC Global
Baa1 Stable (Moody's)
BBB+ Stable (S&P)
Credit Ratings
IEC Local
Aa1.il Stable (Midroog)
ilAAA Stable (Maalot S&P)
Source: IEC's Financial Statements for Q1.2022
1.
2.
3.
CAPEX without remeasurements and reform costs
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, 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. As from 01/01/2019, "net financial debt" also includes lease liabilities.
IEC defines "EBITDA" as a Normalized EBITDA - profit (loss) before income taxes, financial expenses, depreciation and amortization, including movement in regulatory deferral accounts, while neutralizing
special non-current events
Financial Figures denote USD figures at USD/NIS average exchange rate of 3.2 as of Q1.2022
Investor Relations
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