Page 37 - Sphere No.10 (Dec 2003)

S PHERE
35
increase shareholder value.When the dust
had settled,the company had raised US$525
million and was valued at US$2.4 billion.
Today, Partner has indeed emerged as
a leader in Israel’s cellular market. With
approximately 31% of market share to date,
it has had the highest growth rate in the
industry in Israel, taking the lion’s share of
new revenues and subscribers while meet-
ing all its ambitious financial and operating
targets. Partner reported operating profit
of US$60.1 million in Q3 2003 – a 64% leap
compared to the same period the year
before and up from US$50.6 million in the
previous quarter.
“We successfully demonstrated our
ability to sustain healthy margins and
grow our revenues while reducing our
overall debt levels,” said Chief Financial
Officer Alan Gelman.
Marking Partner’s fifth anniversary,
Hutchison Group MD Canning Fok was
ebullient:“With involvement in a large num-
ber of companies on five continents, we at
Hutchison have found Partner’s manage-
ment truly outstanding,” he said. “With its
clear strategic focus, great dedication and
strong leadership, Partner has replaced the
word ‘impossible’ with ‘it can be done’.”
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
1999 2003 2002 2001 2000
SUBSCRIBER BASE AT YEAR END (IN THOUSANDS)
2,000+
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
1999 H1 2003 2002 2001 2000
CAPEX / REVENUES
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
899
3,249
4,055
556
2,109
129
NIS millions
% CAPEX / Revenues
92%
25%
18% 14%
6%
CAPEX Revenues CAPEX /Revenues
834
355
1,458
1,837
829
2,104
531 599