TEL
AVIV, Israel, May 24, 2023
/PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC")
announced today its first quarter results for the period ending
March 31, 2023.
Selected Financial
Figures for the First Quarter and 2023:
|
|
|
$m
|
Q1/23
|
Q1/22
|
IC share in ICL
profit
|
123
|
286
|
Amortization of excess
cost
|
(1)
|
(1)
|
Financing, G&A and
other expenses at IC headquarter level
|
(5)
|
(34)
|
Tax Income of IC
Headquarters
|
-
|
30
|
Net Profit
(loss) from continuing activities
|
117
|
281
|
Net Profit from
discontinued operations
|
-
|
39
|
Net Profit to
company's shareholders
|
117
|
320
|
Debt Balances and Liquidity at the IC Headquarters Level[1]
As of March 31, 2023, total
financial liabilities were $1,027
million, and investments in liquid assets amounted to
$1,013 million of which $8 are pledged deposits.
Net debt1 as of March 31,
2023, totaled $47 million. The
net debt includes the fair value of derivative transactions, which
increases the economic value of the financial liabilities by
$33 million, As of December 31, 2022, the net debt was $179m.
Additional updates
In January 2023, IC announced that
the Board of Directors approved the adoption of a dividend policy.
IC will distribute dividend for each calendar year starting at
2023, amounting to 45% out of the amount received from: the total
net dividend cash flow received from its held companies for that
calendar year, less an annual amount of $75m (from the amount of said cash flow). The
actual dividend distribution will be subject to IC Board
approval.
As detailed in IC 2022 annual report, regarding a transaction
for the sale of approximately 9% of the shares of Bazan on
November 2021 in which IC granted a
call option to each of the purchasers, on February 9, 2023, agreement was reached with the
purchasers regarding the exercise of the entirety of the said
options, which was implemented on February
13, 2023, for approximately NIS
227m (equivalent to approximately US $64m)
On February 9, IC announced that
subject to the completion of the sale of the underlying shares of
the said options and the actual receipt of the consideration
thereof by IC, the Board of Directors of IC intends to consider
adopting a buyback plan for shares of the company during 2023 in a
scope of approximately half of the amount of the consideration.
On March 3, 2023, IC completed an
investment into Nordic Aqua Partners A/S, which is building an
Atlantic Salmon land-based facility in China with AKVA as its technology provider, in
an amount of NOK 89m (~$9m).
As a holding company, the financial results of IC are mainly
affected by the results of its held companies. For more details see
detailed financial report.
IC Total Assets,
Net
|
|
$m
|
31/3/2023
|
Assets
|
|
ICL (~567m shares,
market value[2],[3])
|
3,785
|
AKVA Group (market
value 2,3)
|
45
|
Total Assets
|
3,830
|
IC's Net
Debt
|
47
|
Total Assets,
net
|
3,783
|
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("IC") is a reputable
public investment company, which owns and invests in high quality
companies with established managements and go-to markets.
In November 2019, IC announced its
updated strategy, IC plans to expand its portfolio through new
investments over the next few years. IC plans to focus mainly on
the food (inc. tech), agriculture (inc. tech), healthcare and
industry 4.0 sectors. For more details please see the following
link to IC updated Strategy Presentation
IC strives to generate return on its investment through active
board participations and its operational and managerial
expertise.
IC current core holdings include c.44% stake in ICL Group (NYSE:
ICL) (TASE: ICL) and c.18% stake in AKVA Group (OB: AKVA). IC is
publicly traded on the Tel Aviv Stock Exchange under the ticker
ILCO and is included in the TA-35 Index.
For further information on IC, see IC's publicly available
filings, which can be found on the Tel Aviv Stock Exchange website
at http://maya.tase.co.il.
Please also see IC company website
http://www.israelcorp.com for additional information.
Convenience Translation
The financial information found in this press release is an
English summary based on the original Hebrew financial statements
and is solely for the convenience of the reader. The binding
version is the original in Hebrew.
Forward Looking Statements
This press release may contain forward-looking statements, which
may not materialize and are subject to risks and uncertainties that
are not under the control of IC, which may cause actual results to
differ materially from those contained in the disclosures.
Investor Relations Contacts
Idan Hizki
Vice President, Business Development & Investor Relations
Tel: +972 3 684 4500
idanh@israelcorp.com
[1]Israel Corp and its wholly owned and controlled
headquarter companies.
[2]As of March 30,
2023, for ICL and March
31, 2023, for AKVA
Group.
[3]Including the investment
in Nordic Aqua Partners at ~$8m
(OB:NOAP, ~1.375m shares)
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SOURCE Israel Corporation Ltd.