Subject: ERN
Israel Corp. Reports Results for Third Quarter of 2018
TEL AVIV, Israel, Nov. 15, 2018 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") today announced its third quarter for the period ending September 30, 2018.
Selected Financial Figures for the Third Quarter of 2018:
$m | Q3/18 | Q3/17 |
ICL | 60 | 40 |
Bazan | 4 | 24 |
Amortization of excess cost | (3) | (3) |
Financing, G&A and other expenses at IC headquarter level | (25) | (24) |
Gain (loss) from re-measurement to fair value of collar1 options | (17) | 5 |
Tax expenses of IC headquarters | 1 | - |
Net Profit to company's shareholders | 20 | 42 |
Debt Balances and Liquidity at the IC Headquarters Level2
As of September 30, 2018, total financial liabilities were $1,656 million, and investments in liquid assets amounted to $521 million.
Net debt as of September 30, 2018 totaled $1,110 million. The net debt includes the impact of the fair value of the collar transaction, which decrease the economic value of the financial liabilities in the amount of $7 million. The net debt also includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $18 million. As of June 30, 2018, the net debt was $1,101m.
The ICL related collar loan balance was $82 million and $95 million as of September 30, 2018 and June 30, 2018 respectively.
During 2018, to date, IC preformed early repayment of long term loans from banks in the amount of $443m.
IC Total Assets, Net
$m | 30/09/2018 |
Assets | |
ICL (~587m shares3, market value, as of 27/9/18) | 3,593 |
Bazan (~1,058m shares, market value, as of 27/9/18) | 529 |
Total Public Assets | 4,122 |
IC's Net Debt4 | 1,035 |
Total Assets, net | 3,087 |
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("IC") is a holding company providing focused exposure to well positioned mature assets in the natural resources industry through its c.46% shareholding in Israel Chemicals (NYSE: ICL) (TASE: ICL) and its c.33% shareholding in the Bazan Group (TASE: ORL) (also known as Oil Refineries). IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is a TA-35 index constituent.
IC is rated ilA/Stable by Standard & Poor's Maalot.
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.
References:
1 During September 2014, IC entered into a financial transaction in relation to 36.2 million shares of ICL. Under its framework, IC will receive protection from a decrease in the price of ICL shares below an average price, which is set at a level of 90% of the US public offering price of ICL, and the counterparties will benefit from an increase in the share price of ICL shares above an average price, which is set at a level of 130% of the US public offering price of ICL.
2 Israel Corp and its wholly owned controlled headquarter companies
3 c.46% on a voting rights basis and c.47% on an issued share capital basis, as of June 30, 2018.
4 Excluding loan and options related to the Collar transaction in an net amount of $75m as of September 30, 2018
Investor Relations Contacts
Idan Hizki
Director, Business Development & Investor Relations
Tel: +972-3-684-4500
[email protected]
SOURCE Israel Corporation Ltd
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