Israel Corp. Reports Results for Third Quarter of 2019

TEL AVIV, Israel, Nov. 14, 2019 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its third quarter results for the period ending September 30, 2019.    

Debt Balances and Liquidity at the IC Headquarters Level²

As of September 30, 2019, total financial liabilities were $1,332 million, and investments in liquid assets amounted to $302 million.

Net debt as of September 30, 2019 totaled $1,000 million. The net debt includes the collar transaction fair value impact, which decrease the economic value of the financial liabilities in the amount of $1 million. The net debt also includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $29 million. As of June 30, 2019, the net debt was $1,044m.

The ICL related collar loan balance was $2 million and $26 million as of September 30, 2019 and June 30, 2019 respectively.

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. 

1. During September 2014, IC entered into a financial transaction in relation to 36.2 million shares of ICL. Under its framework, IC will receive protection from a decrease in the price of ICL shares below an average price, which is set at a level of 90% of the US public offering price of ICL, and the counterparties will benefit from an increase in the share price of ICL shares above an average price, which is set at a level of 130% of the US public offering price of ICL.
2. Israel Corp and its wholly owned controlled headquarter companies
3. As of September 26, the last trading day of the month
4. Excluding loan and options related to the Collar transaction in an net amount of $1m as of September 30, 2019

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

SOURCE Israel Corporation Ltd