Israel Corp. Reports Results for Third Quarter of 2022

TEL AVIV, Israel , Nov. 24, 2022 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its third quarter results for the period ending September 30, 2022.

Selected Financial Figures for the Third Quarter and 2022:

* For more details  on the sale of 16.687% of Bazan shares please refer to IC Q3 2022 financial statements and immediate report dated September 15, 2022

Debt Balances and Liquidity at the IC Headquarters Level[1]

As of September 30, 2022, total financial liabilities* were $1,126 million, and investments in liquid assets amounted to $920 million of which $8 million are pledged deposits.

Net debt¹ as of September 30, 2022, totaled $234 million or $312 million considering the $78m distribution of the dividend paid on October 19, 2022. The net debt includes the fair value of derivative transactions, which increases the economic value of the financial liabilities in the amount of $10 million, and the fair value of the Bazan call options² which increases the economic value of the financial liabilities by $18 million. As of June 30, 2022, the net debt¹ was $556m.

Additional updates

On April 17, 2022, IC engaged in an agreement with the Hagag Group Real Estate Entrepreneurship Ltd for the sale of 16.687% of Bazan. On June 16, 2022 notice received from Israel Petrochemical Enterprises Ltd. and Petroleum Capital Holdings Ltd. ("Petrochemical Group") regarding the exercise of a right of first refusal in with respect to above agreement. On September 15, 2022, the transaction of the sale of the above shares to Petrochemical Group was completed by virtue of exercise of the right of first refusal for a consideration of ~$161m.

On September 15, 2022, IC BoD decided to distribute dividend of ~$78m, dividend was paid on October 19, 2022.

IC Total Assets, Net

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.

IC current core holdings include c.44% stake in ICL Group (NYSE:ICL, TASE:ICL), c.18% stake in AKVA Group (OB:AKVA) and a c.7% stake in the Bazan Group (TASE:ORL). 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] Relating to options granted to qualified investors as part of the November 2021 9% share sale and to options granted to Petrochemical Group as part of the Bazan ~16.7% stake sale in September 2022.

[3] As of September 29, 2022.

[4] Considering the $78m distribution of the dividend on October 19, 2022, the proforma net debt is $312 million

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SOURCE Israel Corporation Ltd.