Israel Corp. Reports Results for Second Quarter of 2022

TEL AVIV, Israel, Aug. 16, 2022 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its second quarter results for the period ending June 30, 2022.

Selected Financial Figures for the second Quarter and 2022:

Debt Balances and Liquidity at the IC Headquarters Level¹

As of June 30, 2022, total financial liabilities¹ were $1,117 million, and investments in liquid assets amounted to $645 million, of which $8 are pledged deposits.

Net debt¹ as of June 30, 2022, totaled $556 million. The net debt includes the fair value of derivative transactions, which increases the economic value of the financial liabilities in the amount of $5 million, and the fair value of the Bazan call options² which increases the economic value of the financial liabilities by $19 million. As of March 31, 2022, the net debt¹ was $686m.

Additional updates

On April 17, 2022, IC engaged in an agreement with the Hagag Group Real Estate Entrepreneurship Ltd. for the sale of shares of Bazan Group, Pursuant to the Agreement and subject to its conditions precedent*³. IC has undertaken to sell 16.687% of Bazan's issued share capital.

Immediately after the completion of the transaction, IC Board of Directors intends to distribute, as a cash dividend, 50% of the transaction proceeds subject to any law and to the criteria for the distribution of a dividend.

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), a c.24% stake in the Bazan Group (TASE:ORL) 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
[email protected]

¹ Israel Corp and its wholly owned and controlled headquarter companies.

² On November 11, 2021, IC completed a share sale of 9% of Bazan Group to qualified investors for ~$85m together with options for
additional stake of 7.3%, granted to the investors for no consideration, with exercise price of NIS 1.15, adjusted for dividends, with maturity of 22 months. Currently IC holds c. 24% in Bazan

³ For more details, please refer to IC immediate report dated April 17, 2022

⁴ As of June 30, 2022.

⁵ On March 9, 2022, IC completed a sale of ~1.6% ICL outstanding shares to international and Israeli institutional investors, post the sale IC holds 44.1% in ICL

⁶ Based on price per share of NIS 1.035 (adjusted to dividend) based on agreement to sale 16.687% of Bazan shares to Hagag Group. Remaining shares are according to closing price as of June 30, 2022.

SOURCE Israel Corporation Ltd.

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