Partner Communications Company Ltd. (NASDAQ:PTNR) Q4 2019 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 11:00 am ET


Partner Communications Company Ltd. (NASDAQ:PTNR) Q4 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to Partner Communications Fourth Quarter and Full Year 2019 Results Conference Call. [Operator Instructions] I would now like to turn the call over to Mr. Gideon Koch. Mr. Koch, please begin.

Gideon Koch

Thank you, and thank you to all our listeners for joining us on this conference call to discuss Partner Communications annual and fourth quarter results for 2019. With me on the call today is Isaac Benbenisti, Partner's CEO; and Tamir Amar, our CFO. Isaac Benbenisti will provide an update on how the Company is managing the global health crisis and an overview of our results for 2019. He will then hand over to Tamir, who will provide a more detailed discussion of our fourth quarter and annual results as well as the impact of the global health crisis on our business. And finally, we'll move on to the Q&As.

Before we begin, I would like to draw your attention to the fact that all statements in this conference call may be forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933 as amended, Section 21E of the US Securities Exchange Act of 1934 as amended and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Regarding such forward-looking statements, you should be aware that Partner's actual results might vary materially from those projected in the forward-looking statements.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are contained in Partner's press release dated March 26, 2020 as well as Partner's filings with the US Securities and Exchange Commission on Forms 20-F, F-1 and 6-K as well as the F-3 shelf registration statement, all of which are readily available. I would also draw your attention to the fact that Partner has filed its annual report for 2019 on Form 20-F with the SEC earlier today.

Please note that the information in this conference call related to projections or other forward-looking statements is subject to the previous Safe Harbor statement as of the date of this call. For your information, this call is being broadcast simultaneously over the Internet and can be accessed through our website.

I will now turn the call over to Partner's CEO, Isaac Benbenisti. Isaac?

Isaac Benbenisti

Thank you, Gideon. Good day, everyone, and welcome to our earnings conference call. The year 2020 started with an extraordinary global health crisis of unprecedented scope and impact on the global and domestic market. Partner's entry point in this exceptional situation is relatively good compared to the market in light of our net debt, which totals ILS957 million and our level of cash, which is significantly higher than our interest and principal payments for the coming two years.

We have also changed, where necessary, the nature of operations to support the continuation of business operations during this period and we have taken steps to adjust the Company's spending structure to the new reality. At the