TEL AVIV, Israel, May 26, 2020 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its first quarter results for the period ending March 31, 2020.

 

Selected Financial Figures for the First Quarter 2020:


$m

Q1/20

Q1/19

IC share in ICL profit

28

65

IC share in Bazan profit

(48)

21

Amortization of excess cost

(2)

(3)

Financing, G&A and other expenses at IC headquarter level

(19)

(19)

Tax income (expenses) of IC headquarters

(1)

1

Net Profit (Loss) to company's shareholders

(42)

65

 

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

As of March 31, 2020, total financial liabilities were $1,501 million, and investments in liquid assets amounted to $510 million.

Net debt as of March 31, 2020 totaled $1,014 million. The net debt includes the fair value of derivatives transactions, which increase the economic value of the financial liabilities in the amount of $23 million. As of December 31, 2019, the net debt was $981m.

Additional updates

Following the outbreak of the Corona Virus (COVID-19) in China in December 2019, and its spread to many other countries in early 2020, there has been a decline in economic activity in many regions of the world and in Israel as well. The spread of the virus has, among other things, disrupted the supply chain, decreased global transport volume, traffic and employment restrictions declared by the Israeli government and other governments around the world, as well as the decline in the value of financial assets and commodities in markets in Israel and around the world.

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 report.

 

IC Total Assets, Net


$m

31/03/2020

Assets


ICL (~587m shares, market value[2])

1,858

Bazan (~1,058m shares , market value[2])

288

Total Assets

2,146

IC's Net Debt

1,014

Total Assets, net

1,132

 

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

[2] As of March 31 2020.

About Israel Corporation

IC is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets. We strive to generate return on our investment through active board participations and our operational and managerial expertise. Our current core holdings include c.46% stake in Israel Chemicals (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 and is a TA-35 index constituent.

IC is rated ilA/Stable by Standard & Poor's Maalot.

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
Senior Director, Business Development & Investor Relations
Tel: +972 3 684 4500
idanh@israelcorp.com


Cision View original content:http://www.prnewswire.com/news-releases/israel-corp-reports-results-for-first-quarter-of-2020-301065463.html

SOURCE Israel Corporation Ltd