Cellcom Israel Ltd. (NYSE:CEL) Q3 2019 Earnings Conference Call - Final Transcript

Nov 27, 2019 • 09:00 am ET


Cellcom Israel Ltd. (NYSE:CEL) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to Cellcom's Third Quarter 2019 Results Conference Call. [Operator Instructions] Following management's formal presentation, instructions will be given for the question-and-answer session. [Operator Instructions] You should have all received by now the Company's press release. If you have not received it, please contact Cellcom's Investor Relations team at GK Investor & Public Relations at 1-646-688-3559 or view it in the News section of the Company's website, www.cellcom.co.il.

I will now hand over the call to Mr. Ehud Helft of GK Investor Relations. Mr. Helft, would you like to begin?

Ehud Helft

Yes. Thank you, operator. I would like to welcome all of you to Cellcom Israel's third quarter 2019 results conference call and I would like to thank management for hosting this call today. With us on the call today are Mr. Nir Sztern, CEO; and Mr. Shlomi Fruhling, CFO. Nir will open by providing a summary of the third quarter results and Shlomi will go over the financials in more detail. We will then open the call for the question-and-answer session. Before I turn over the call to Nir,

I would like to remind you our listeners that in this call management's prepared remarks may 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 protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law of 1968.

I note that actual results may differ from those discussed today and therefore, we refer you to the more detailed discussion of the risk 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 31st, 2018 filed under the Form 20-F, which was filed on March 18th, 2019 with the SEC. In addition, any projections as to the Company's future performance represent management estimates as of today.

Cellcom Israel assumes no obligation to update these projections in the future as market conditions may change. I note a mistake in the key financial and operating indicator table included in the earnings release published by the Company earlier today. The correct table was included in the Form 6-K filed thereafter by the Company on the SEC website at www.sec.gov and in the ISA website at www.magna.isa.gov.il and is also available on the Company's website at www.cellcom.co.il.

I would now like to hand over the call to Mr. Nir Sztern. Nir?

Nir Sztern

Thank you, Ehud. Good day to all of you and welcome. As you all know well, the situation in the cellular market in Israel has been very tough for all players for many years now with unrelenting competition and the situation was no different in the third quarter. Given the situation over the years, we have taken steps to mitigate the impact. We have diversified our operations and made us an