Israel Electric Financial and Sector Reform Update
Financial Highlights
(NIS bn)
Revenues
$6.5
$6.6
$7.0
$5.3
$6.9
23.4
23.6
24.7
23.8
22.2
IIIIÏ
(NIS bn)
חברת החשמל
Israel Electric
EBITDA (1)
$2.3
$2.2
$2.2
$1.7
$2.3
8.1
8.0
7.9
7.5
7.5
$1.9
$1.5
$0.5
$0.6
5.1
5.9
1.7
2.0
2017
2018
2019
2020
2021 Q1.2021 Q1.2022
2017
2018
2019
2020
2021 Q1.2021 Q1.2022
Historical Investments by segments (CAPEX) (2)
Net Financial Debt/EBITDA (3)
(NIS bn)
$1.7
$1.9
$1.5
5.9
6.0
$1.1
$1.0
5.1
0.5
1.8
3.9
3.7
1.7
1.5
4.8x
4.4x
4.3x
4.4x
4.1x
4.0x
1.1
1.3
1.5
1.4
$0.4
$0.3
1.3
1.4
0.7
0.9
1.0
4.8x
2.9
4.4x
2.2
2.4
4.0x
4.3x
4.1x
4.4x
1.8
1.3
0.6
0.3
(2)
2017
2018
2019
2020
2021
Q1.2021 Q1.2022
Assets and Liablities which which wasn't directly callsified
■Supply
■System Manager
Generation
Others
Distribution
Transmission
2018
2019
2020
2021
Q1.2021
Q1.2022
Source: IEC's Financial Statements for 2017FY-2021FY and for Q1.2021, Q1-2022
1. 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.
CAPEX also include non-cash adjustments in 2019 in accordance with IFRS 16 (Leases) in the sum of appx, Nis 1.4 billon.
2.
3. IEC defines "net financial debt" as credit from banks and other credit providers, total long-term debt (including debentures, long-term liabilities to banks, including hedge transactions, lease liabilities, debentures to the State of Israel and liabilities to the
State of Israel), less cash and cash equivalents, short-term investments and other receivables (including receivables for forward contracts and swap transactions, MTM and long-term deposits and regulatory deferral account assets with respect to
linkage differentials).
Financial Figures denote USD figures at USD/NIS average exchange rate of 3.60, 3.59, 3.56, 3.44, 3.48, 3.23, 3.33 & 3.2 for 2017FY, 2018FY, 2019FY, 2020FY, 2021FY, Q1.2021 & Q1.2022 respectively
Investor Relations
26View entire presentation