Israel Corp. Reports Results for Third Quarter of 2021

Tel Aviv, Israel, Nov. 17, 2021 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced today its third quarter results for the period ending September 30, 2021.

Debt Balances and Liquidity at the IC Headquarters Level¹

As of September 30, 2021, total financial liabilities¹ were $1,585 million, and investments in liquid assets amounted to $553 million of which $8 are pledged deposits.

Net debt¹ 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 in the amount of $34 million. As of June 30, 2021, the net debt¹ was $1,014m.

Additional updates

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 Group² 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.

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.

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), a c.24% stake in the Bazan Group (TASE:ORL) and c.18% stake in AKVA Group (OB:AKVA). IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is included in the TA-35 Index.

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

[1] Israel Corp and its wholly owned and controlled headquarter companies.
[2] Following the transaction the quarterly results include a provision for impairment of ~$281m
[3] On October 21, 2021, IC completed a $74m investment in AKVA Group
[4] As of September 30, 2021.
[5] On November 11, 2021, IC completed a share sale of 9% stake in Bazan

SOURCE Israel Corporation Ltd.