Israel Corp Q3 2021 Results Presentation

November 17, 2021

Translation and Forward-Looking Statements

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 financial statements 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.

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About Israel Corp

  • 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. For more details, please see the following link toIC updated Strategy Presentation
  • On October 21, 2021, IC completed an investment of ~NOK 637m (~$74m) in AKAV Group (OB:AKVA), with NOK 322m (~$37m) in share issuance and NOK 315m (~$37m) from existing shareholders leading technology provider for the aquaculture sector, for a c.18% stake.

• 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% for no consideration with exercise price of NIS 1.15 with maturity of 22 months. Currently IC holds c. 24% in Bazan.

  • IC current core holdings include c.46% 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. IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is included in the TA-35 index.

* Following the share sale transaction the quarterly results include a provision for impairment of ~$281m of the investment in Bazan

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Selected Financial Figures for Q3 2021

  • IC announced today its third quarter results for the period ending September 30, 2021.
  • As a holding company, the financial results of IC are mainly affected by the results of its held companies. For more details see detailed financial report.

$m

Q3/21

Q3/20

IC share in ICL profit

103

24

IC share in Bazan profit (loss)

13

(17)

Amortization of excess cost

(3)

(2)

Impairment of Bazan investment

(281)

-

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

(25)

(21)

Net loss to company's shareholders

(193)

(16)

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Debt and NAV - September 30, 2021

Debt*

  • As of September 30, 2021, total financial liabilities* were $1,585 million, and investments in liquid assets amounted to $553 million of which $8m are pledged deposits.
  • Net debt as of September 30, 2021 totaled $998 million. The net debt includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities by $34 million. As of June 30, 2021, the net debt* was $1,014m.

998999

30/09/2021 30/09/2020

* Israel Corp and its wholly owned controlled headquarter companies.

Net Assets Value

$m

30/09/2021

Assets

ICL (~587m shares, market value* )

4,310

Bazan (~1,058m shares , market value*,***)

239

Total Public Assets**

4,549

IC's Net Debt

998

Total Assets, net

3,551

  • As of September 30, 2021,
  • On October 21, 2021, IC completed an investment in AKVA Group, please see page 3
  • On November 11, 2021, IC completed a sale of shares of Bazan, please see page 3

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Disclaimer

ICL – Israel Corporation Limited published this content on 17 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2021 17:59:19 UTC.