Israel Corp. Reports Results for Third Quarter of 2020

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Nov 19, 2020, 12:39 ET

TEL AVIV, Israel, Nov. 19, 2020 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its third quarter results for the period ending September 30, 2020.

Selected Financial Figures for the Third Quarter 2020:

$m	Q3/20	Q3/19
IC share in ICL profit	24	60
IC share in Bazan profit (loss)	(17)	3
Amortization of excess cost	(2)	(3)
Financing, G&A and other expenses at IC headquarter level	(21)	(18)
Tax income (expenses) of IC headquarters	-	-
Net Profit (Loss) to company's shareholders	(16)	42

Debt Balances and Liquidity at the IC Headquarters Level¹

As of September 30, 2020, total financial liabilities¹ were $1,649 million, and investments in liquid assets amounted to $624 million of which $84m are pledged deposits.

Net debt¹ as of September 30, 2020 totaled $1,018 million. The net debt includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $7 million. As of June 30, 2020, the net debt¹ was $1,013m.

Additional updates

Following the outbreak of the Corona Virus (COVID-19) in China in December 2019, and its spread to many other countries in 2020, there has been a decline in economic activity in many regions of the world and in Israel as well.

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 financial report.

IC Total Assets, Net

$m	30/09/2020
Assets
ICL (~587m shares, market value²)	2,068
Bazan (~1,058m shares , market value²)	188
Total Assets	2,256
IC's Net Debt	1,018
Total Assets, net	1,238

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 in total amount of $350m-500m over the next few years. IC plans to focus mainly in 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 our investment through active board participations and our operational and managerial expertise.

IC current core holdings include c.46% stake in ICL Group (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.

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.

¹Israel Corp and its wholly owned and controlled headquarter companies.
²As of September 30, 2020.

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

SOURCE Israel Corporation Ltd.