XML 122 R63.htm IDEA: XBRL DOCUMENT v3.20.4
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure of detailed information about financial instruments [line items]  
Schedule of Maximum Exposure to Credit Risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:

   
As of December 31,
  
   
2020
    
2019
  
   
NIS millions
  
             
Trade receivables including long-term amount
    
1,161
      
1,451
  
Loans and other receivables, including long-term amounts
    
14
      
293
  
Investment in debt securities and deposits
    
429
      
428
  
Cash and cash equivalents in banks
    
719
      
1,006
  
Derivative financial instruments
    
1
      
1
  
     
2,324
      
3,179
  
Schedule of Maximum Exposure to Credit Risk of Financial Assets
The maximum exposure to credit risk of financial assets at the reporting date by type of counterparty is:

   
As of December 31,
  
   
2020
    
2019
  
   
NIS millions
  
             
Receivables from subscribers
    
1,027
      
1,235
  
Receivables from distributors and other operators
    
134
      
156
  
Investment in government of Israel debt securities
    
-
      
92
  
Investment in institutional debt securities
    
-
      
306
  
Deposits
    
429
      
30
  
Cash and cash equivalents in banks
    
719
      
1,006
  
Investments in equity accounted investees
    
-
      
*
  
Other
    
15
      
209
  
     
2,324
      
3,034
  

* Reclassified
Schedule of Aging of Financial Assets
The aging of financial assets at the reporting date was as follows:

   
Gross
    
Devaluation
    
Gross
    
Devaluation
  
   
2020
    
2019
  
   
NIS millions
  
                         
Not past due
    
2,272
      
32
      
3,108
      
35
  
Past due less than one year
    
85
      
30
      
111
      
32
  
Past due more than on year
    
143
      
115
      
146
      
119
  
     
2,500
      
177
      
3,365
      
186
Schedule of Allowance for Impairment in Respect of Trade Receivables
The movement in the allowance for impairment in respect of trade receivables during the year was as follows:

   
2020
    
2019
  
   
NIS millions
  
             
Balance as of January 1
    
186
      
196
  
Write-off of lost debts
    
(35
)
    
(39
)
Entering consolidation
    
6
      
-
  
Classified to trade and other receivables
    
(7
)
    
-
  
Doubtful debt expenses
    
27
      
29
  
Balance as of December 31
    
177
      
186
  

Schedule of Maturities of Contractual of Financial Liabilities and Other Non-Contractual Liabilities
The following are the maturities of contractual financial liabilities and other non-contractual liabilities, including estimated interest payments and excluding the impact of netting agreements:

   
As of December 31, 2020
  
   
Carrying amount
    
Contractual cash flow
    
First year
    
Second year
    
Third year
    
Four to five years
    
More than five years
  
   
NIS millions
  
                                           
Debentures*
    
(3,161
)
    
(3,588
)
    
(481
)
    
(469
)
    
(641
)
    
(1,120
)
    
(877
)
Long-term loans from financial institutions*
    
(188
)
    
(194
)
    
(143
)
    
(51
)
    
-
      
-
      
-
  
Trade and other payables
    
(913
)
    
(913
)
    
(913
)
    
-
      
-
      
-
      
-
  
Forward exchange contracts on foreign currencies
    
(8
)
    
(8
)
    
(8
)
    
-
      
-
      
-
      
-
  
Other long-term liabilities
    
(44
)
    
(44
)
    
(6
)
    
(38
)
    
-
      
-
      
-
  
Lease liabilities
    
(671
)
    
(713
)
    
(221
)
    
(164
)
    
(96
)
    
(125
)
    
(106
)
     
(4,985
)
    
(5,460
)
    
(1,772
)
    
(722
)
    
(737
)
    
(1,245
)
    
(983
)

   
As of December 31, 2019
  
   
Carrying amount
    
Contractual cash flow
    
First year
    
Second year
    
Third year
    
Four to five years
    
More than five years
  
   
NIS millions
  
                                           
Debentures*
    
(2,974
)
    
(3,389
)
    
(507
)
    
(466
)
    
(454
)
    
(1,052
)
    
(910
)
Long-term loans from financial institutions*
    
(401
)
    
(435
)
    
(116
)
    
(148
)
    
(93
)
    
(78
)
    
-
  
Trade and other payables
    
(884
)
    
(884
)
    
(884
)
    
-
      
-
      
-
      
-
  
Forward exchange contracts on foreign currencies
    
(2
)
    
(2
)
    
(2
)
    
-
      
-
      
-
      
-
  
Forward exchange contracts on CPI
    
(3
)
    
(3
)
    
(3
)
    
-
      
-
      
-
      
-
  
Other long-term liabilities
    
(1
)
    
(1
)
    
-
      
(1
)
    
-
      
-
      
-
  
Lease liabilities
    
(759
)
    
(839
)
    
(246
)
    
(183
)
    
(142
)
    
(139
)
    
(129
)
     
(5,024
)
    
(5,553
)
    
(1,758
)
    
(798
)
    
(689
)
    
(1,269
)
    
(1,039
)

*   Including accrued interest
Schedule of Group's Exposure to Foreign Currency Risk and CPI
The Group's exposure to foreign currency risk and CPI is as follows:

   
December 31, 2020
    
December 31, 2019
  
   
Foreign currency or linked to foreign currency (mainly USD)
    
Linked to CPI
    
Unlinked
    
Foreign currency or linked to foreign currency (mainly USD)
    
Linked to CPI
    
Unlinked
  
   
NIS millions
    
NIS millions
  
Current assets
                                    
Cash and cash equivalents
    
17
      
-
      
702
      
14
      
-
      
992
  
Current investments, including derivatives
    
-
      
-
      
429
      
13
      
186
      
182
  
Trade receivables
    
22
      
-
      
963
      
43
      
-
      
1,099
  
Other receivables
    
-
      
2
      
9
      
-
      
-
      
4
  
                                                 
Long-term assets
                                                
Long-term receivables
    
-
      
1
      
179
      
-
      
60
      
393
  
                                                 
Current liabilities
                                                
Current maturities of debentures and loans from financial institutions
    
-
      
(160
)
    
(354
)
    
-
      
(331
)
    
(178
)
Trade payables and accrued expenses
    
(197
)
    
-
      
(570
)
    
(171
)
    
-
      
(516
)
Other current liabilities, including derivatives
    
(8
)
    
(40
)
    
(344
)
    
(2
)
    
(48
)
    
(306
)
Current maturities of lease liabilities
    
(4
)
    
(206
)
    
(5
)
    
(6
)
    
(216
)
    
(4
)
                                                 
Long-term liabilities
                                                
Long-term loans from financial institutions
    
-
      
-
      
(50
)
    
-
      
-
      
(300
)
Debentures
    
-
      
(523
)
    
(2,200
)
    
-
      
(679
)
    
(1,832
)
Other non-current liabilities
    
(38
)
    
-
      
(42
)
    
-
      
-
      
(20
)
Long-term lease liabilities
    
(8
)
    
(439
)
    
(10
)
    
(15
)
    
(509
)
    
(9
)
     
(216
)
    
(1,365
)
    
(1,293
)
    
(124
)
    
(1,537
)
    
(495
)
Schedule of Exposure to Linkage and Foreign Currency Risk
The Group's exposure to linkage and foreign currency risk in respect of derivatives is as follows:
December 31, 2020

Currency/linkage receivable
  
Currency/linkage payable
  
Face value
    
Fair value
  
               
NIS millions
  
Instruments not used for hedging
                  
Forward contracts on exchange rates
USD
  
NIS
    
92
      
(5
)
Forward contracts on CPI
CPI
  
NIS
    
70
      
-
  
                       
Instruments used for hedging
                      
Forward contracts on exchange rates
USD
  
NIS
    
59
      
(3
)

 
December 31, 2019
 
Currency/linkage receivable
    Currency/linkage payable   Face value
    
Fair value
  
           
NIS millions
  
Instruments not used for hedging
                  
Forward contracts on exchange rates
USD
  
NIS
    
128
      
(2
)
Forward contracts on CPI
CPI
  
NIS
    
360
       (3 )
Schedule of Sensitivity Analysis
A change of the CPI as at December 31, 2020 and 2019 would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2019.

         
Equity
    
Net profit
  
   
Change
    
NIS millions
    
NIS millions
  
December 31, 2020
                  
Increase in  the CPI of
    
2.0
%
    
(20
)
    
(20
)
Increase in  the CPI of
    
1.0
%
    
(10
)
    
(10
)
Decrease in the CPI of
    
(1.0
)%
    
10
      
10
  
Decrease in the CPI of
    
(2.0
)%
    
20
      
20
  
                         
December 31, 2019
                        
Increase in  the CPI of
    
2.0
%
    
(15
)
    
(15
)
Increase in  the CPI of
    
1.0
%
    
(8
)
    
(8
)
Decrease in the CPI of
    
(1.0
)%
    
8
      
8
  
Decrease in the CPI of
    
(2.0
)%
    
15
      
15
  
Schedule of Group's Interest-Bearing Financial Instruments
At the reporting date the interest rate profile of the Group's interest-bearing financial instruments, not including derivatives, was:

   
Book value
  
   
2020
    
2019
  
   
NIS millions
    
NIS millions
  
Fixed rate instruments
            
Financial assets
    
-
      
656
  
Financial liabilities
    
(3,287
)
    
(3,320
)
     
(3,287
)
    
(2,664
)
Variable rate instruments
                
Financial assets
    
1,056
      
995
  
Schedule of Fair Value Sensitivity Analysis for Fixed Rate Instruments
   
Equity
    
Profit or loss
  
   
1.0% increase
    
1.0% decrease
    
0.5% increase
    
0.5% decrease
    
1.0% increase
    
1.0% decrease
    
0.5% increase
    
0.5% decrease
  
   
NIS millions
    
NIS millions
  
December 31, 2019
                                                
Fair value sensitivity (net)
    
(12
)
    
12
      
(6
)
    
6
      
(12
)
    
12
      
(6
)
    
6
  

Schedule of Fair Values of Remaining Financial Liabilities
The fair values of the remaining financial liabilities and their book values as presented in the consolidated statements of financial position are as follows:

   
December 31, 2020
    
December 31, 2019
  
   
Carrying Amount
    
Fair value*
    
Carrying Amount
    
Fair value*
  
 
 
NIS millions
    
NIS millions
  
Debentures, including current maturities and interest payable
    
(3,160
)
    
(3,329
)
    
(2,973
)
    
(2,954
)
Long-term loans from financial institutions, including current maturities and interest payable
    
(188
)
    
(192
)
    
(401
)
    
(406
)

* The fair value as of December 31, 2020 includes principal and interest in a total sum of approximately NIS 62 million, paid in January 2021, after the end of the reporting period.
Schedule of Analyses Financial Instruments Carried at Fair Value
The table below analysis financial instruments carried at fair value, by valuation method, to the different levels.

   
December 31, 2020
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
NIS millions
    
NIS millions
    
NIS millions
    
NIS millions
  
Financial assets by fair value through profit or loss
                        
Derivatives
    
-
      
1
      
-
      
1
  
Total assets
    
-
      
1
      
-
      
1
  
                                 
Financial liabilities by fair value through profit or loss
                                
Derivatives
    
-
      
(8
)
    
-
      
(8
)
Total liabilities
    
-
      
(8
)
    
-
      
(8
)

There have been no transfers during the year between Levels 1 and 2.

   
December 31, 2019
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
   
NIS millions
    
NIS millions
    
NIS millions
    
NIS millions
  
Financial assets by fair value through profit or loss
                        
Current investments in debt securities and shares
    
472
      
-
      
-
      
472
  
Derivatives
    
-
      
1
      
-
      
1
  
Total assets
    
472
      
1
      
-
      
473
  
                                 
Financial liabilities by fair value through profit or loss
                                
Derivatives
    
-
      
(5
)
    
-
      
(5
)
Total liabilities
    
-
      
(5
)
    
-
      
(5
)
Schedule of Details Regarding Fair Value Measurement at Level 2
Details regarding fair value measurement at Level 2

Financial  instrument
  
Valuation method for determining fair value
     
Forward contracts
  
Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
     
Foreign currency options
  
Fair value is measured based on the Black-Scholes formula.
Schedule of Carrying Amounts of Recognized Financial Instruments
The following table sets out the carrying amounts of recognized financial instruments that were offset in the consolidated statements of financial position:

         
December 31, 2020
  
   
Note
    
Gross amount of financial assets (liabilities) recognized
    
Gross amount of financial assets (liabilities) recognized and offset in the consolidated statements of financial position
    
Net amount of financial assets (liabilities) presented in the consolidated statements of financial position
  
         
NIS millions
    
NIS millions
    
NIS millions
  
Financial assets
                        
Trade receivables
    
9
      
209
      
(193
)
    
16
  
Financial liabilities
                                
Trade payables and accrued expenses
    
13
      
(216
)
    
193
      
(23
)

         
December 31, 2019
  
   
Note
    
Gross amount of financial assets (liabilities) recognized
    
Gross amount of financial assets (liabilities) recognized and offset in the consolidated statements of financial position
    
Net amount of financial assets (liabilities) presented in the consolidated statements of financial position
  
         
NIS millions
    
NIS millions
    
NIS millions
  
Financial assets
                        
Trade receivables
    
9
      
136
      
(89
)
    
47
  
Financial liabilities
                                
Trade payables and accrued expenses
    
13
      
(108
)
    
89
      
(19
)
Share price risk [Member]  
Disclosure of detailed information about financial instruments [line items]  
Schedule of Fair Value Sensitivity Analysis for Fixed Rate Instruments
 
December 31, 2019
  
   
Profit or loss
    
Equity
  
   
NIS millions
  
Increase of 5%
    
2
      
2
  
Increase of 10%
    
3
      
3
  
Decrease of 5%
    
(2
)
    
(2
)
Decrease of 10%
    
(3
)
    
(3