TEL AVIV, Israel, Aug. 10, 2020 /PRNewswire/ -- Israel Corporation Ltd. ILCO ("IC") announced today its second quarter results for the period ending June 30, 2020.
Selected Financial Figures for the Second Quarter 2020: | ||
$m | Q2/20 | Q2/19 |
IC share in ICL profit[1] | (76) | 73 |
IC share in Bazan profit | (4) | 10 |
Amortization of excess cost | (2) | (3) |
Financing, G&A and other expenses at IC | (19) | (21) |
Tax income (expenses) of IC headquarters | - | (1) |
Net Profit (Loss) to company's shareholders | (101) | 58 |
Debt Balances and Liquidity at the IC Headquarters Level[2]
As of June 30, 2020, total financial liabilities* were $1,552 million, and investments in liquid assets amounted to $535 million of which $98m are pledged deposits.
Net debt* as of June 30, 2020 totaled $1,013 million. The net debt includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $4 million. As of March 31, 2020, the net debt* was $1,014m.
Additional updates
Following the outbreak of the Corona Virus (COVID-19) in China in December 2019, and its spread to many other countries in 2020, there has been a decline in economic activity in many regions of the world and in Israel as well.
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 financial report.
IC Total Assets, Net | |
$m | 30/06/2020 |
Assets | |
ICL (~587m shares, market value[3]) | 1,738 |
Bazan (~1,058m shares , market value2) | 195 |
Total Assets | 1,933 |
IC's Net Debt | 1,013 |
Total Assets, net | 920 |
[1] On 100% basis, ICL Q2/20 Net loss to its shareholders is $168m, on a non-GAAP basis ICL's net profit is $72m, for more details please see IC financial statements
[2] Israel Corp and its wholly owned controlled headquarter companies.
[3] As of June 30 2020.
About Israel Corporation
Israel Corporation Ltd. 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 ICL ICL and a c.33% stake in the Bazan Group ORL. IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO.
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
SOURCE Israel Corporation Ltd
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