Cellcom Israel Ltd. (NYSE:CEL) Q1 2020 Earnings Conference Call - Final Transcript

May 21, 2020 • 10:00 am ET


Cellcom Israel Ltd. (NYSE:CEL) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to Cellcom's First Quarter 2020 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 would now like to 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 first quarter 2020 results conference call. And I would also like to thank management for hosting this call today. With us here are Mr. Avi Gabbay, the CEO; and Mr. Shlomi Fruhling, the CFO. Mr. Gabbay will open by providing a summary of the quarter results and we'll then open the call for any questions you may have.

Before I turn over the call to Mr. Gabbay, I would like to remind 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 the protection of the Safe Harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act of 1995 and in the Israeli Securities Law of 1968.

I'd note that actual results may differ from those discussed today, and therefore we refer you to a more detailed discussion of the risks 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, 2019 filed under the Form 20-F, which was filed on March 23, 2020 with the SEC.

In addition, any projections as to the Company's future performance represent management's estimates as of today. Cellcom Israel assumes no obligation to update these projections in the future as market conditions change. We should hope by now you have received a copy of the company's release, if you have not received it please contact us at GK Investor and Public Relations.

I would now like to hand over the call to Mr. Avi Gabbay. Avi, please.

Avi Gabbay

Thank you, Ehud. Good day to all of you and welcome. I would like to share a few points about the corona virus, the debt offering, and some strategic initiatives that we have.

About the corona virus as you all know, we are currently in unprecedented time and I wish everyone a speedy recovery. The corona pandemic has been affecting consumer behavior so that they could not leave their homes or fly overseas. The company response was swift and included the closing of all of our retail stores and putting employees on leave without pay. Thanks to the good relationship we have with