Israel Corp. Reports Results for Fourth Quarter of 2022
TEL AVIV, Israel, March 16, 2023 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its fourth quarter and annual results for the period ending December 31, 2022.
Selected Financial Figures for the fourth Quarter and 2022:
$m | Q4/22 | Q4/21 | 2022 | 2021 |
IC share in ICL profit | 146 | 129 | 958 | 357 |
Amortization of excess cost | (1) | (1) | (4) | (4) |
Financing, G&A and other expenses at IC headquarter level | (3) | (18) | (67) | (84) |
Tax Expenses of IC Headquarters | (10) | - | (16) | - |
Net Profit (loss) from continuing activities | 132 | 110 | 871 | 269 |
Net Profit (loss) from discontinued operations[1] | - | 50 | 50 | (181) |
Net Profit to company's shareholders | 132 | 160 | 921 | 88 |
Debt Balances and Liquidity at the IC Headquarters Level[2]
As of December 31, 2022, total financial liabilities1 were
Net debt1 as of December 31, 2022, totaled
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
Further to the IC's Reports regarding a transaction for the sale of approximately
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 (~
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 | 31/12/2022 |
Assets | |
ICL (~567m shares, market value[4],[5]) | 4,101 |
Bazan (~234m shares, market value[3]) | 65 |
Akva Group (market value) | 39 |
Total Assets | 4,204 |
IC's Net Debt | 179 |
Total Assets, net | 4,025 |
[1] For more details on the sale of
[2] Israel Corp and its wholly owned and controlled headquarter companies.
[3] Relating to options granted to qualified investors as part of the November 2021
[4] As of December 29, 2022, for ICL and December 30, 2022, for AKVA Group.
[5]Based on the exercise price agreed by the company with the call options purchasers on February 9, 2023.
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.
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 Contact
Idan Hizki
Vice President, Business Development & Investor Relations
Tel: +972 3 684 4500
idanh@israelcorp.com
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SOURCE Israel Corporation Ltd.