Friday, May 27 2022

TEL AVIV, Israel, March 25, 2022 /PRNewswire/ — Israel Corporation Ltd. (TASE: ILCO) (“IC”) today announced its fourth quarter and annual results for the period ending December 31, 2021.

Selected financial figures for the fourth quarter and 2021:

millions of dollars

Q4/21

Q4/20

2021

2020

Share of IC in ICL profit

129

30

357

6

Share of IC in the profit (loss) of Bazan

24

(22)

78

(91)

Amortization of additional costs

(1)

(3)

(8)

(9)

Reversal of impairment (Impairment) of Bazan
Investment

19

(262)

Funding, G&A and other expenses at IC headquarters
level

(11)

(20)

(77)

(79)

IC Headquarters Tax Expenditures

1

Report Profit (Loss) to the shareholders of the company

160

(14)

88

(173)

Debt balances and cash at IC headquarters level1

From December 31, 2021total financial liabilities1 were $1,599 millionand investments in liquid assets amounted to $583 million of which $8 are pledged deposits.

Net debt1 from December 31, 2021totaled $951 million. Net debt includes the fair value of derivative transactions, which reduces the economic value of financial liabilities by $70 millionand the fair value of Bazan call options2 which increases the economic value of financial liabilities by $5 million. From September 30, 2021net debt1 has been $998 million.

Additional Updates

At October 21, 2021IC made an investment of ~ NOK 637 million (~$74 million) in AKAV Group ASA (OB: AKVA), one of the leading technology providers for the aquaculture sector, with NOK 322 million (~$38 million) in the issue of shares and NOK 315 million (~$36 million) from existing shareholders, for a stake of around 18%.

At November 11, 2021IC completed a sale of 9% shares of Bazan Group to qualified investors for ~$85 million with additional stock options of 7.3%, granted free of charge to investors, with an exercise price of NIS 1.15 with a maturity of 22 months. Currently, IC holds c. 24% in Bazan.

At March 9, 2022IC completed a sale of approximately 1.5% of ICL’s outstanding shares to international and Israeli institutional investors for total consideration of ~$220 millionafter the sale, IC owns 44.1% of ICL.

As a holding company, IC’s financial results are primarily influenced by the results of its investee companies. For more details, see the detailed financial report.

Total IC assets, net

millions of dollars

31/12/2021

Assets


ICL (~587 million shares, market value3,4)

5,666

Bazan (~796 million shares, market value3)

221

Akva Group (market value)

66

Total assets

5,959

IC net debt

951

Total assets, net

5,002

About Israeli society

Israel Corporation Ltd. (TASE: ILCO) (“IC”) is a reputable public investment company, which owns and invests in high quality companies with established managements and leading 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 primarily on the food (including tech), agriculture (including tech), healthcare, and industry 4.0 sectors. For more details, please refer to the following link to IC has updated the presentation of the strategy

IC strives to generate a return on investment through active participations on the board of directors and its operational and managerial expertise.

IC’s current major holdings include an approximately 44% stake in ICL Group (NYSE:LCI, TASE:ICL), an approximate 24% stake in Bazan Group (TASE:ORL) and an approximate 18% stake in AKVA Group (OB:AKVA). IC is listed on the Tel Aviv Stock Exchange under the symbol ILCO and is part of the TA-35 index.

For more information about IC, see IC’s public documents available on the Tel Aviv Stock Exchange’s website at http://maya.tase.co.il.

Please also refer to the IC company website http://www.israelcorp.com for more information.

Convenience Translation

The financial information contained in this press release is an English summary based on the original Hebrew financial statements and is intended solely for the convenience of the reader. The bound 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 beyond IC’s control, which may cause actual results to differ materially from those contained herein. in disclosures.

Investor Relations Contact Information
Idan Hizki
Vice President, Business Development and Investor Relations
Tel: +972 3 684 4500
[email protected]

[1] Israel Corp and its 100% owned and controlled headquarters companies.
[2] At November 11, 2021IC completed a sale of 9% shares of Bazan Group to qualified investors for ~$85 million with additional stock options of 7.3%, granted free of charge to investors, with an exercise price of NIS 1.15, adjusted for dividends, for a period of 22 months. Currently, IC holds c. 24% in Bazan
[3] From December 31, 2021.
[4] At March 9, 2022IC completed a sale of approximately 1.5% of ICL’s outstanding shares to international and Israeli institutional investors, after the sale IC owns 44.1% of ICL

SOURCE Israel Corporation Ltd.

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