Israel Corp. Reports Results for Fourth Quarter of 2019

TEL AVIV, Israel, March 26, 2020 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its fourth quarter results for the period ending December 31, 2019.  

Debt Balances and Liquidity at the IC Headquarters Level[2]

As of December 31, 2019, total financial liabilities were $1,605 million, and investments in liquid assets amounted to $590 million.

Net debt as of December 31, 2019 totaled $981 million. The net debt includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $34 million. As of September 30, 2019, the net debt was $1,000m.

As of December 31, 2019, the collar loan expired, as of September 30, 2019 its balance was $2 million.

Additional updates

Following the outbreak of the Corona Virus (COVID-19) in China in December 2019, and its spread to many other countries, there has been a decline in economic activity in many regions of the world and in Israel as well. The spread of the virus has, among other things, disrupted the supply chain, decreased global transport volume, traffic and employment restrictions declared by the Israeli government and other governments around the world, as well as the decline in the value of financial assets and commodities in markets in Israel and around the world.

As a holding company, the financial results of IC are mainly affected by the results of its held companies and the market value of its traded held companies. For more details see detailed report.

In the near future, the promotion and realization of IC investment strategy will be subject to the development of the COVID-19 outbreak and the situation of the markets.

[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] As of December 31 2019.

About Israel Corporation

IC is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets. We strive to generate return on our investment through active board participations and our operational and managerial expertise. Our current core holdings include c.46% stake in Israel Chemicals (NYSE: ICL) (TASE: ICL) and a c.33% stake in the Bazan Group (TASE: ORL). 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.

Investor Relations Contacts
Idan Hizki
Senior Director, Business Development & Investor Relations
Tel: +972 3 684 4500  
[email protected]

SOURCE Israel Corporation Ltd