Company executed on growth strategy, which
continued to result in strong performance of specialties
businesses, as it also benefitted from significant market
upside
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty
minerals company, today reported its financial results for the
second quarter ended June 30, 2022. Consolidated sales of $2,880
million were up 78% year-over-year versus $1,617 million. Operating
income of $1,139 million was up 369% versus $243 million and up
383% versus adjusted operating income of $236 million. Net income
of $563 million was up 302%, while adjusted net income of $751
million was up 456%. Adjusted EBITDA of $1,258 million was up 249%
versus $360 million. EBITDA margin of 43.7% was up versus
22.3%.
ICL’s continued focus on long-term specialties solutions
benefitted the company once again, with additional significant
upside from commodity prices. During the quarter, the company’s
strong performance was supported by increased demand and higher
prices in most markets and achieved despite increased raw material
costs and continued global supply chain challenges.
“In the second quarter, ICL delivered all-time record sales,
operating income and EBITDA, and another consecutive quarter of
profit and margin growth, with record results from all our
specialty businesses and our commodity businesses. We also achieved
multiple production records, as we continued to focus on efficiency
and productivity,” said Raviv Zoller, president and CEO of ICL.
“Our performance in the quarter reaffirms our specialties strategy,
and our strong balance sheet will allow us to accelerate business
expansion opportunities, including growth through investments in
R&D, capacity and new products, among others.”
Due to very strong results in the first half, ICL is raising its
expectations for full year adjusted EBITDA to a range of $3,800
million to $4,000 million, from previous guidance of $3,500 million
to $3,750 million. Between $1,500 million to $1,600 million of 2022
EBITDA is expected to come from the company’s specialties focused
businesses, up from previous expectations calling for contribution
of $1,300 million to $1,400 million. (1a)
In addition, ICL has reached an understanding with the Israeli
Tax Authority and settled the dispute concerning the Israeli Law
for Taxation of Profits from Natural Resources. The settlement
agreement provides final assessments for the tax years 2016 to
2020, as well as outlines understandings for the calculation of the
levy for the years from 2021 and onwards. As a result of the
settlement agreement, in the second quarter of 2022, the company
recognized tax expenses for prior years in the amount of $188
million. ICL welcomes the conclusion of this dispute, which ended
through a dialogue and prevented the potential for years-long legal
proceedings, while providing expected business certainty for years
to come.
Key Financials
Second Quarter 2022
US$M
Ex. per share data
2Q'22
2Q'21
YoY
Change
Sales
$2,880
$1,617
78%
Gross profit
$1,539
$570
170%
Gross margin
53.4%
35.3%
1,819 bps
Operating income
$1,139
$243
369%
Operating margin
39.5%
15.0%
2,452 bps
Net income attributable to
shareholders
$563
$140
302%
Adjusted net income attributable to
shareholders(1)
$751
$135
456%
Adjusted EBITDA(2)
$1,258
$360
249%
Adjusted EBITDA margin(2)
43.7%
22.3%
2,142 bps
Diluted earnings per share
44¢
11¢
300%
Cash flows from operating activities
$627
$242
159%
(1) Adjusted net income attributed to
shareholders is a non-GAAP financial measure. Please refer to the
adjustments table and the disclaimer below. (2) Adjusted EBITDA is
a non-GAAP financial measure. Commencing 2022, the company’s
adjusted EBITDA definition was updated, see consolidated EBITDA
table and the disclaimer below.
Industrial Products
Second quarter 2022
- Sales of $486 million were up $76 million or 19%.
- Record segment operating income of $191 million was up $77
million or 68%.
- Record EBITDA of $206 million was up $78 million or 61%.
- Pricing remained elevated year-over-year, even as some
end-markets continued to moderate.
Highlights
- Elemental bromine: Sales decreased year-over-year on lower
volumes, while overall bromine prices remained higher versus the
prior year.
- Bromine-based flame retardants: Sales increased on higher
year-over-year prices, however, end-market demand showed signs of
moderation.
- Phosphorus-based flame retardants: Sales were lower
year-over-year, as some Chinese supply re-entered the market,
however, product pricing was preserved.
- Clear brine fluids: Sales increased year-over-year, as the oil
and gas industry maintained its positive momentum.
- Specialty minerals: Continued strong demand from the dietary
supplements and pharmaceutical end-markets, and also higher sales
of magnesium chloride and potassium chloride for use in industrial
applications.
Potash
Second quarter 2022
- Sales of $951 million were up $571 million or 150%.
- Record segment operating income of $576 million was up $534
million – a significant increase.
- EBITDA of $616 million was up $536 million or 670%.
- Grain Price Index increased year-over-year, with corn up 15.7%,
rice up 22.4%, soybeans up 22.5% and wheat up 62.5%.
- Average potash realized price per ton of $750 was up 167%
year-over-year, as prices increased, with continued disruptions in
global fertilizer availability.
Highlights
- ICL Dead Sea - Production increased year-over-year, as the site
achieved both second quarter and first half production records and
continued to benefit from operational improvements and
efficiencies.
- ICL Iberia - Production improvements continued to advance at
the Cabanasses mine, with additional progress expected in the
second half of the year.
- Metal Magnesium - Sales increased on higher prices, as a
competitor faced continued production constraints.
Phosphate Solutions
Second quarter 2022
- Record sales of $915 million were up $333 million or 57%. -
Phosphate specialties: Record sales of $493 million, up $164
million or 50%. - Phosphate commodities: Record sales of $422
million, up $169 million or 67%.
- Record segment operating income of $268 million was up $191
million or 248%.
- Record EBITDA of $315 million was up $182 million or 137%. -
Phosphate specialties: Record EBITDA of $131 million, up $81
million or 162%. - Phosphate commodities: Record EBITDA of $184
million, up $101 million or 122%.
- The YPH joint venture realized higher prices for both specialty
products and commodity fertilizers, combined with increased
production efficiency.
- Commodity market prices continued to trend higher, as did raw
material prices and production costs.
Highlights
- Phosphate salts: Sales increased, with higher prices and strong
demand across all regions.
- White phosphoric acid: Sales benefitted from continued higher
demand and prices across all major regions, which helped offset
increases in raw material costs.
- Dairy protein: Sales increased significantly year-over-year,
with strong demand for specialty milk powders.
- Phosphate fertilizers: Sales continued to increase, amidst
reduced supply, while the market for sulfur and other raw materials
remained tight.
- Specialty mono ammonium phosphate (MAP): Demand continued to
grow for use in cathode active materials (CAM), such as lithium
iron phosphate (LFP) destined for electric vehicles and other
energy storage offerings.
Innovative Ag Solutions
Second quarter 2022
- Record sales of $700 million were up $366 million or 110%.
- Record segment operating income of $141 million was up $120
million or 571%.
- Record EBITDA of $155 million was up $121 million or 356%.
- Positive fertilizer price momentum continued, as well as higher
raw material prices and reduced availability, combined with ongoing
supply chain issues.
Highlights
- Specialty fertilizers: Record sales driven by higher prices
across all regions, which helped offset raw material cost
inflation.
- Turf and ornamental: Turf and landscape remained strong, based
on golf and other sports. Following a good start, ornamental
horticulture began to moderate at the end of the quarter, due to a
shift in consumer spending.
- Brazil: Synergies and robust results were ahead of expectations
and driven by higher prices, in advance of the primary planting
season.
- Polysulphate: Signed long-term supply agreement with India
Potash Limited (IPL) through 2026 for an aggregate amount of 1
million metric tons.
Financial Items
Financing Expenses
Net financing expenses for the second quarter of 2022 were $14
million, down versus $30 million in the corresponding quarter of
last year.
Tax Expenses
Tax expenses in the second quarter of 2022 were $540 million,
reflecting, in part, a settlement agreement with the Israeli Tax
Authority regarding the Surplus Profit Levy. As a result, the
company recorded tax expenses in respect to prior years in the
amount of $188 million. Excluding this amount results in tax
expense of $352 million, reflecting an effective tax rate of 31%,
compared to $64 million in the corresponding quarter of last year,
reflecting an effective tax rate of 30%.
Liquidity and Capital Resources
ICL has long-term credit facilities of $1,200 million, of which
$291 million were utilized as of June 30, 2022. As of July 2022,
the total long-term credit facility stands at $1,100 million,
following an early termination by one the banks.
Outstanding Net Debt
As of June 30, 2022, ICL’s net financial liabilities amounted to
$2,241 million, a decrease of $208 million compared to December 31,
2021.
Dividend Distribution
In connection with ICL’s second quarter 2022 results, the Board
of Directors declared a dividend of 29.18 cents per share, or
approximately $375 million, up versus 5.26 cents per share, or
approximately $68 million, in the second quarter of last year. The
dividend will be payable on September 14, 2022, to shareholders of
record as of August 31, 2022.
About ICL
ICL Group is a leading global specialty minerals company, which
also benefits from commodity upside. The company creates impactful
solutions for humanity's sustainability challenges in the global
food, agriculture and industrial markets. ICL leverages its unique
bromine, potash and phosphate resources, its passionate team of
talented employees, and its strong focus on R&D and
technological innovation, to drive growth across its end markets.
ICL shares are dually listed on the New York Stock Exchange and the
Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs
more than 12,000 people worldwide, and its 2021 revenues totaled
approximately $7 billion.
For more information, visit ICL's website at
www.icl-group.com.
To access ICL's interactive Corporate Social Responsibility
report, please click here.
You can also learn more about ICL on Facebook, LinkedIn and
Instagram.
Guidance
(1a) The company only provides guidance on a non-GAAP basis. The
company does not provide a reconciliation of forward-looking
adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the
inherent difficulty in forecasting and quantifying certain amounts
that are necessary for such reconciliation, in particular because
special items such as restructuring, litigation and other matters,
used to calculate projected net income (loss) vary dramatically
based on actual events, the company is not able to forecast on a
GAAP basis with reasonable certainty all deductions needed in order
to provide a GAAP calculation of projected net income (loss) at
this time. The amount of these deductions may be material and,
therefore, could result in projected GAAP net income (loss) being
materially less than projected adjusted EBITDA (non-GAAP). The
guidance speaks only as of the date hereof. We undertake no
obligation to update any of these forward-looking statements to
reflect events or circumstances after the date of this news release
or to reflect actual outcomes, unless required by law. Specialties
focused businesses are represented by the Industrial Products and
Innovative Ag Solutions segments and the specialties part of the
Phosphate Solutions segment. We present EBITDA from the phosphate
specialties part of the Phosphate Solutions segment, as we believe
this information is useful to investors in reflecting the specialty
portion of our business.
Non-GAAP Statement
The company discloses in this quarterly announcement non-IFRS
financial measures titled adjusted operating income, adjusted net
income attributable to the company’s shareholders, diluted adjusted
earnings per share and adjusted EBITDA. The management uses
adjusted operating income, adjusted net income attributable to the
company’s shareholders, diluted adjusted earnings per share and
adjusted EBITDA to facilitate operating performance comparisons
from period to period. The company calculates adjusted operating
income by adjusting operating income to add certain items, as set
forth in the reconciliation table under "adjustments to reported
operating and net income (non-GAAP)", in the appendix below.
Certain of these items may recur. The company calculates adjusted
net income attributable to the company’s shareholders by adjusting
net income attributable to the company’s shareholders to add
certain items, as set forth in the reconciliation table under
"adjustments to reported operating and net income (non-GAAP)", in
the appendix below, excluding the total tax impact of such
adjustments. The company calculates diluted adjusted earnings per
share by dividing adjusted net income by the weighted-average
number of diluted ordinary shares outstanding. The company
calculates adjusted EBITDA as net income before financing expenses,
net, taxes on income, share in earnings of equity-accounted
investees, depreciation and amortization and adjust items presented
in the reconciliation table under "consolidated adjusted EBITDA and
diluted adjusted earnings per share for the periods of activity" in
the appendix below, which were adjusted for in calculating the
adjusted operating income. Commencing with the year 2022, the
company’s adjusted EBITDA calculation is no longer adding back
minority and equity income, net. While minority and equity income,
net reflects the share of an equity investor in one of the
company’s owned operations, since adjusted EBITDA measures the
company’s performance as a whole, its operations and its ability to
satisfy cash needs before profit is allocated to the equity
investor, management believes that adjusted EBITDA before deduction
of such item is more reflective.
You should not view adjusted operating income, adjusted net
income attributable to the company’s shareholders, diluted adjusted
earnings per share or adjusted EBITDA as a substitute for operating
income or net income attributable to the company’s shareholders
determined in accordance with IFRS, and you should note that the
definitions of adjusted operating income, adjusted net income
attributable to the company’s shareholders, diluted adjusted
earnings per share and adjusted EBITDA may differ from those used
by other companies. Additionally, other companies may use other
measures to evaluate their performance, which may reduce the
usefulness of ICL’s non-IFRS financial measures as tools for
comparison. However, the company believes adjusted operating
income, adjusted net income attributable to the company’s
shareholders, diluted adjusted earnings per share and adjusted
EBITDA provide useful information to both management and investors
by excluding certain items management believes are not indicative
of ongoing operations. Management uses these non-IFRS measures to
evaluate the company's business strategies and management's
performance. The company believes these non‑IFRS measures provide
useful information to investors because they improve the
comparability of financial results between periods and provide for
greater transparency of key measures used to evaluate
performance.
The company presents a discussion in the period-to-period
comparisons of the primary drivers of changes in the results of
operations. This discussion is based in part on management’s best
estimates of the impact of the main trends on its businesses. The
company has based the following discussion on its financial
statements. You should read such discussion together with the
financial statements.
Forward Looking Statements
This announcement contains statements that constitute
forward‑looking statements, many of which can be identified by the
use of forward‑looking words such as anticipate, believe, could,
expect, should, plan, intend, estimate, strive, forecast, target,
and potential, among others.
Forward‑looking statements appear in a number of places in this
announcement and include, but are not limited to, our 2022 adjusted
EBITDA guidance, statements regarding our intent, belief or current
expectations. Forward‑looking statements are based on our
management’s beliefs and assumptions and on information currently
available to our management. Such statements are subject to risks
and uncertainties, and the actual results may differ materially
from those expressed or implied in the forward‑looking statements
due to various factors, including, but not limited to:
Changes in exchange rates or prices compared to those we are
currently experiencing; loss or impairment of business licenses or
mineral extractions permits or concessions; volatility of supply
and demand and the impact of competition; the difference between
actual reserves and our reserve estimates; natural disasters;
global unrest and conflict; failure to harvest salt, which could
lead to accumulation at the bottom of evaporation Pond 5 in the
Dead Sea; construction of a new pumping station; disruptions at our
seaport shipping facilities or regulatory restrictions affecting
our ability to export our products overseas; general market,
political or economic conditions in the countries in which we
operate; price increases or shortages with respect to our principal
raw materials; delays in the completion of major projects by third
party contractors and/or termination of engagements with
contractors and/or governmental obligations; the inflow of
significant amounts of water into the Dead Sea could adversely
affect production at our plants; labor disputes, slowdowns and
strikes involving our employees; pension and health insurance
liabilities; the ongoing COVID-19 pandemic, which has impacted, and
may continue to impact our sales, operating results and business
operations by disrupting our ability to purchase raw materials, by
negatively impacting the demand and pricing for some of our
products, by disrupting our ability to sell and/or distribute
products, impacting customers' ability to pay us for past or future
purchases and/or temporarily closing our facilities or the
facilities of our suppliers or customers and their contract
manufacturers, or restricting our ability to travel to support our
sites or our customers around the world; changes to governmental
incentive programs or tax benefits, creation of new fiscal or tax
related legislation; changes in our evaluations and estimates,
which serve as a basis for the recognition and manner of
measurement of assets and liabilities; higher tax liabilities;
failure to integrate or realize expected benefits from mergers and
acquisitions, organizational restructuring and joint ventures;
currency rate fluctuations; rising interest rates; government
examinations or investigations; disruption of our, or our service
providers', information technology systems or breaches of our, or
our service providers', data security; failure to retain and/or
recruit key personnel; inability to realize expected benefits from
our cost reduction program according to the expected timetable;
inability to access capital markets on favorable terms; cyclicality
of our businesses; changes in demand for our fertilizer products
due to a decline in agricultural product prices, lack of available
credit, weather conditions, government policies or other factors
beyond our control; sales of our magnesium products being affected
by various factors that are not within our control; our ability to
secure approvals and permits from the authorities in Israel to
continue our phosphate mining operations in Rotem; volatility or
crises in the financial markets; uncertainties surrounding the
withdrawal of the United Kingdom from the European Union; hazards
inherent to mining and chemical manufacturing; the failure to
ensure the safety of our workers and processes; cost of compliance
with environmental, regulatory, legislative, and licensing
restrictions; laws and regulations related to, and physical impacts
of climate change and greenhouse gas emissions; litigation,
arbitration and regulatory proceedings; exposure to third party and
product liability claims; product recalls or other liability claims
as a result of food safety and food-borne illness concerns;
insufficiency of insurance coverage; closing of transactions,
mergers and acquisitions; war or acts of terror and/or political,
economic and military instability in Israel and its region; filing
of class actions and derivative actions against the Company, its
executives and Board members; the company is exposed to risks
relating to its current and future activity in emerging markets;
and other risk factors discussed under Item 3 - Key Information -
D. Risk Factors in the company's annual report on Form 20-F for the
year ended December 31, 2021, filed with the U.S. Securities and
Exchange Commission (SEC) on February 23, 2022 (the Annual
Report).
Forward‑looking statements speak only as of the date they are
made, and the company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances or to reflect the occurrence
of unanticipated events.
This announcement for the second quarter of 2022 (herein after
the quarterly announcement) should be read in conjunction with the
annual report, including the description of the events occurring
subsequent to the date of the statement of financial position, as
filed with the SEC.
Appendix
Condensed Consolidated Statements of Income
(Unaudited)
$ millions
Three-months ended
Six-months ended
Year ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
December 31, 2021
Sales
2,880
1,617
5,405
3,127
6,955
Cost of sales
1,341
1,047
2,621
2,062
4,344
Gross profit
1,539
570
2,784
1,065
2,611
Selling, transport and marketing
expenses
321
246
600
475
1,067
General and administrative expenses
74
67
143
129
276
Research and development expenses
17
14
35
29
64
Other expenses
6
25
6
30
57
Other income
(18
)
(25
)
(41
)
(26
)
(63
)
Operating income
1,139
243
2,041
428
1,210
Finance expenses
138
64
205
62
216
Finance income
(124
)
(34
)
(157
)
(12
)
(94
)
Finance expenses, net
14
30
48
50
122
Share in earnings of equity-accounted
investees
-
1
-
1
4
Income before taxes on income
1,125
214
1,993
379
1,092
Taxes on income
540
64
751
87
260
Net income
585
150
1,242
292
832
Net income attributable to the
non-controlling interests
22
10
47
17
49
Net income attributable to the
shareholders of the Company
563
140
1,195
275
783
Earnings per share attributable to the
shareholders of the Company:
Basic earnings per share (in dollars)
0.44
0.11
0.93
0.22
0.61
Diluted earnings per share (in
dollars)
0.44
0.11
0.93
0.22
0.60
Weighted-average number of ordinary
shares outstanding:
Basic (in thousands)
1,286,380
1,281,977
1,286,097
1,281,192
1,282,807
Diluted (in thousands)
1,291,696
1,285,658
1,291,243
1,284,873
1,287,051
Condensed Consolidated Statements of
Financial Position as of (Unaudited)
$ millions
June 30,
2022
June 30,
2021
December 31, 2021
Current assets
Cash and cash equivalents
426
318
473
Short-term investments and deposits
90
92
91
Trade receivables
1,812
1,097
1,418
Inventories
1,857
1,207
1,570
Prepaid expenses and other receivables
572
524
357
Total current assets
4,757
3,238
3,909
Non-current assets
Deferred tax assets
132
143
147
Property, plant and equipment
5,749
5,601
5,754
Intangible assets
867
725
867
Other non-current assets
273
373
403
Total non-current assets
7,021
6,842
7,171
Total assets
11,778
10,080
11,080
Current liabilities
Short-term debt
466
630
577
Trade payables
1,132
801
1,064
Provisions
53
55
59
Other payables
1,227
659
912
Total current liabilities
2,878
2,145
2,612
Non-current liabilities
Long-term debt and debentures
2,291
2,212
2,436
Deferred tax liabilities
450
368
384
Long-term employee liabilities
435
622
564
Long-term provisions and accruals
266
278
278
Other
62
76
70
Total non-current liabilities
3,504
3,556
3,732
Total liabilities
6,382
5,701
6,344
Equity
Total shareholders’ equity
5,153
4,201
4,527
Non-controlling interests
243
178
209
Total equity
5,396
4,379
4,736
Total liabilities and equity
11,778
10,080
11,080
Condensed Consolidated Statements of
Cash Flows (Unaudited)
$ millions
Three-months ended
Six-months ended
Year ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
December 31, 2021
Cash flows from operating
activities
Net income
585
150
1,242
292
832
Adjustments for:
Depreciation and amortization
119
124
241
241
490
Reversal of fixed assets impairment
-
(9
)
-
(9
)
(6
)
Exchange rate, interest and derivative,
net
75
-
116
53
99
Tax expenses
540
64
751
87
260
Change in provisions
(41
)
12
(59
)
(9
)
(4
)
Other
6
8
(14
)
10
(21
)
699
199
1,035
373
818
Change in inventories
(208
)
(3
)
(295
)
27
(267
)
Change in trade receivables
21
(27
)
(448
)
(174
)
(426
)
Change in trade payables
105
36
99
75
274
Change in other receivables
(89
)
(31
)
(90
)
(40
)
9
Change in other payables
(52
)
(17
)
(9
)
(29
)
107
Net change in operating assets and
liabilities
(223
)
(42
)
(743
)
(141
)
(303
)
Interest paid, net
(39
)
(37
)
(55
)
(55
)
(89
)
Income taxes paid, net of refund
(395
)
(28
)
(527
)
(21
)
(193
)
Net cash provided by operating
activities
627
242
952
448
1,065
Cash flows from investing
activities
Proceeds (payments) from deposits, net
(30
)
90
(38
)
98
355
Business combinations
(18
)
-
(18
)
(64
)
(365
)
Purchases of property, plant and equipment
and intangible assets
(220
)
(151
)
(351
)
(298
)
(611
)
Proceeds from divestiture of assets and
businesses, net of transaction expenses
2
1
22
1
39
Other
2
2
14
2
3
Net cash used in investing
activities
(264
)
(58
)
(371
)
(261
)
(579
)
Cash flows from financing
activities
Dividends paid to the Company's
shareholders
(307
)
(67
)
(476
)
(101
)
(276
)
Receipt of long-term debt
190
187
533
497
1,230
Repayments of long-term debt
(259
)
(144
)
(615
)
(455
)
(1,120
)
Receipts (repayments) of short-term debt,
net
25
25
(72
)
(16
)
(58
)
Receipts (payments) from transactions in
derivatives
-
(32
)
19
(18
)
(17
)
Other
-
-
-
-
(3
)
Net cash used in financing
activities
(351
)
(31
)
(611
)
(93
)
(244
)
Net change in cash and cash
equivalents
12
153
(30
)
94
242
Cash and cash equivalents as of the
beginning of the period
439
157
473
214
214
Net effect of currency translation on cash
and cash equivalents
(25
)
8
(17
)
10
17
Cash and cash equivalents as of the end
of the period
426
318
426
318
473
Adjustments to Reported Operating and
Net Income (non-GAAP)
$ millions
Three-months ended
Six-months ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Operating income
1,139
243
2,041
428
Divestment related items and transaction
costs from acquisitions (1)
-
(8
)
(22
)
(8
)
Impairment and disposal of assets,
provision for closure and restoration costs (2)
-
1
-
1
Total adjustments to operating income
-
(7
)
(22
)
(7
)
Adjusted operating income
1,139
236
2,019
421
Net income attributable to the
shareholders
563
140
1,195
275
Total adjustments to operating
income
-
(7
)
(22
)
(7
)
Total tax adjustments (3)
188
2
191
2
Total adjusted net income to the
shareholders
751
135
1,364
270
(1)
For 2022, reflects a capital gain related
to the company’s divestment of a 50%-owned joint venture, Novetide.
For 2021, it reflects a capital gain related to the sale of an
asset in Israel and the divestment by the company’s Industrial
Products segment of the Zhapu site in China, partially offset by an
earnout adjustment relating to divestment in previous years, as
well as transaction costs related to acquisitions in Brazil.
(2)
For 2021, reflects the disposal of a pilot
investment in Spain that did not materialize and an increase in
restoration costs, offset by a reversal of impairment due to the
strengthening of phosphate prices.
(3)
For 2022, reflects tax expenses in respect
of prior years following a settlement with the Israeli Tax
Authority regarding Israel's Surplus Profit Levy, which outlines
understandings for the calculation of the levy, including for the
measurement of fixed assets and the tax impact of adjustments made
to operational income. For additional information see Note 6 to the
company’s interim financial statements. For 2021, the amount
includes tax expenses related to the release of trapped earnings of
the company and certain Israeli subsidiaries and the tax impact of
adjustments made to operational income.
Consolidated EBITDA for the Periods of
Activity
$ millions
Three-months ended
Six-months ended
June 30,
2022
June 30,
2021
June 30,
2022
June 30,
2021
Net income
585
150
1,242
292
Financing expenses, net
14
30
48
50
Taxes on income
540
64
751
87
Less: Share in earnings of
equity-accounted investees
-
(1
)
-
(1
)
Operating income
1,139
243
2,041
428
Depreciation and amortization
119
124
241
241
Adjustments (1)
-
(7
)
(22
)
(7
)
Total adjusted EBITDA (2)
1,258
360
2,260
662
(1)
See "Adjustments to Reported Operating and
Net income (non-GAAP)" above.
(2)
Commencing 2022, the company’s adjusted
EBITDA definition was updated. See the statement above.
Calculation of Segment EBITDA
Industrial Products
Potash
Phosphate Solutions
Innovative Ag
Solutions
Three-months ended
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Segment operating income
191
114
576
42
268
77
141
21
Depreciation and amortization
15
14
40
38
47
56
14
13
Segment EBITDA
206
128
616
80
315
133
155
34
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220726006087/en/
Investor Relations Contact Peggy Reilly Tharp VP, Global
Investor Relations +1-314-983-7665
Peggy.ReillyTharp@icl-group.com
Press Contact Adi Bajayo External Communications Director
+972-3-6844459 Adi.Bajayo@icl-group.com
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