Israel Corp. Reports Results for Second Quarter of 2023

TEL AVIV, Israel , Aug. 15, 2023 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its second quarter results for the period ending June 30, 2023.

Liquidity at the ILCO Headquarters Level^[1]
As of June 30, 2023, total financial liabilities were $906 million, and investments in liquid assets amounted to $961 million of which $11 are pledged deposits^[2].
Net cash¹ as of June 30, 2023, totaled $21 million. The net cash includes the fair value of derivative transactions, which increases the economic value of the financial liabilities by $34 million, As of March 31, 2023, the net debt was $47m.

Additional updates
In January 2023, ILCO announced that the Board of Directors approved the adoption of a dividend policy. ILCO will distribute dividend for each calendar year starting at 2023, amounting to 45% out of the amount received from: the total net dividend cash flow received from its held companies for that calendar year, less an annual amount of $75m (from the amount of said cash flow). The actual dividend distribution will be subject to ILCO Board approval.

On February 9, ILCO announced that subject to the completion of the sale of the underlying shares of the said options related to the sale of Bazan shares[3] and the actual receipt of the consideration thereof by ILCO, the Board of Directors of ILCO 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.

ILCO financial results of ILCO are mainly affected by the results of its investees. For more details, see detailed financial report.

About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("ILCO") is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets.

In November 2019, ILCO announced its updated strategy, ILCO plans to expand its portfolio through new investments over the next few years. ILCO 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 ILCO updated Strategy Presentation

ILCO strives to generate return on its investment through active board participations and its operational and managerial expertise.

ILCO current core holdings include c.44% stake in ICL Group (NYSE:ICL, TASE:ICL) and c.18% stake in AKVA Group (OB:AKVA). ILCO 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 ILCO, see ILCO's publicly available filings, which can be found on the Tel Aviv Stock Exchange website at http://maya.tase.co.il.

Please also see ILCO 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 ILCO, 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] Following the end of the quarter additional $1 million were deposited as pledge.
^[3] As detailed in ILCO 2022 annual report, regarding a transaction for the sale of approximately 9% of the shares of Bazan on November 2021 in which ILCO granted a call option to each of the purchasers, on February 9, 2023, agreement was reached with the purchasers regarding the exercise of the entirety of the said options, which was implemented on February 13, 2023, for approximately NIS 227m (equivalent to approximately US $64m)
^[4] As of June 29, 2023, for ICL and June 30, 2023, for AKVA Group and Nordic Aqua Partners
^[5] AKVA Group 6.6m shares and Nordic Aqua Partners 1.375m shares (OB:NOAP)

SOURCE Israel Corporation Ltd.