Cellcom Israel Ltd. | CIK:0001385145 | 3

  • Filed: 3/26/2018
  • Entity registrant name: Cellcom Israel Ltd. (CIK: 0001385145)
  • Generator: GoXBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1385145/000117891318000956/0001178913-18-000956-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1385145/000117891318000956/cel-20171231.xml
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    • ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory

    Note 7 -  Subsidiaries

    A.
    Presented hereunder is a list of the Group’s significant subsidiaries:

       
    The Group’s ownership interest in the subsidiary for the year ended December 31
    		  
    Name of subsidiary
    		  
    Principal location of the subsidiary's activity
    		  
    2016
    		    
    2017
    		  
                   
    Netvision Ltd.
    		  
    Israel
    		  
    100%
     
    		  
    100%
     
    013 Netvision Ltd.
    		  
    Israel
    		  
    100%
     
    		  
    100%
     

     
    B.
    Sale of indirect subsidiary of the Company

    In May 2017, a wholly owned indirect subsidiary of the Company, 013 Netvision Ltd., or Netvision, has entered an agreement for the sale of its holdings in Internet Rimon Israel 2009 Ltd., or Rimon, a subsidiary of Netvision, to the other shareholders of Rimon. In June 2017, the sale of Netvision's holdings in Rimon was completed, following which the Company recorded under Other Income, net, a capital gain of approximately NIS 10 million. The consideration shall be paid to Netvision in several installments over a period of two years from the closing of the transaction.
     
       
    NIS millions
    		  
    Total consideration transferred
    		    
    25
    		  
             
    Identifiable assets and liabilities transferred:
    		        
    Cash and cash equivalents
    		    
    (12
    )
    Trade and other receivables
    		    
    (4
    )
    Property, plant and equipment, net
    		    
    (2
    )
    Intangible assets and others, net
    		    
    (23
    )
    Trade payables and accrued expenses
    		    
    7
    		  
    Other payables, including derivatives
    		    
    4
    		  
    Non-controlling interests
    		    
    15
    		  
    Total net identifiable assets
    		    
    15
    		  
             
    Capital gain from sale
    		    
    10
    		  

    The aggregate cash flows derived for the Group as a result of the sale:

    Cash and cash equivalents received
    		    
    15
    		  
    Less cash and cash equivalents of the subsidiary
    		    
    (12
    )
         
    3
    		  

    C.
    For additional details regarding a reorganization of the Group's subsidiaries following which all the Group's fixed-line operation under the unified license were unified under the Company's wholly owned subsidiary Cellcom Fixed Line Communications, see Note 32E, regarding Regulation and Legislation.