TEL
AVIV, Israel, March 28,
2024 /PRNewswire/ -- Israel Corporation Ltd.
(TASE: ILCO) ("ILCO") announced today its fourth quarter and annual
results for the period ending December 31,
2023.
Selected Financial
Figures for the Fourth Quarter and 2023:
|
$m
|
Q4/23
|
Q4/22
|
2023
|
2022
|
IC share in ICL
profit
|
29
|
146
|
285
|
958
|
Amortization of excess
cost
|
(1)
|
(1)
|
(3)
|
(4)
|
Financing, G&A and
other expenses at IC headquarter
level
|
1
|
(3)
|
(8)
|
(67)
|
Tax income (expense) of
IC Headquarters
|
(1)
|
(10)
|
(1)
|
16
|
Net Profit
from continuing activities
|
28
|
132
|
273
|
903
|
Net Profit from
discontinued operations1
|
-
|
-
|
-
|
50
|
Net Profit to
company's shareholders
|
28
|
132
|
273
|
953
|
Liquidity at the ILCO Headquarters Level2
As of December 31, 2023, total
financial liabilities were $878
million, and investments in liquid assets amounted to
$975 million of which $8 million are pledged deposits.
Net cash1 as of December 31,
2023, totaled $70 million. The
net cash* includes the fair value of derivatives transactions,
which increases the economic value of the financial liabilities by
$27 million. As of September 30, 2023, the net cash* was
$61 million.
Additional updates
On November 16, 2023, ILCO
announced the initiation of a buyback program of $33m, under safe harbor according to Israeli law,
which will be active until March 31,
2024, for more details please see ILCO immediate report. As
of December 31, 2023, ILCO purchased
shares in the sum of ~$13m. As of
March 26, 2024, ILCO purchased shares
in total sum of ~$32m.
On March 27, 2024, ILCO Board of
Directors decided on distribution of dividend at the sum of
$37m, this in accordance with the
company's dividend policy announced in January 2023. The record date will be
April 9, 2024 and the payment date
will be April 17, 2024.
ILCO financial results of ILCO are mainly affected by the
results of its investees. For more details see detailed financial
report.
ILCO Total Assets,
Net
|
$m
|
31/12/2023
|
Assets
|
|
ICL (~567m shares,
market value3)
|
2,842
|
AKVA Group
(~6.6m shares, market
value2)
|
38
|
Other4
|
12
|
Total
Assets
|
2,892
|
Net
Cash
|
70
|
Total Assets,
net
|
2,962
|
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("ILCO") is a reputable
public investment company, which owns and invests in high quality
companies with established managements and go-to markets.
In November 2019, ILCO announced
its updated strategy, ILCO plans to expand its portfolio through
new investments over the next few years. ILCO plans to focus mainly
on the food (inc. tech), agriculture (inc. tech), healthcare and
industry 4.0 sectors. For more details please see the following
link to ILCO updated Strategy Presentation
ILCO strives to generate return on its investment through active
board participations and its operational and managerial
expertise.
ILCO current core holdings include c.44% stake in ICL Group
(NYSE:ICL, TASE:ICL) and c.18% stake in AKVA Group (OB:AKVA). ILCO
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 ILCO, see ILCO's publicly available
filings, which can be found on the Tel Aviv Stock Exchange website
at http://maya.tase.co.il.
Please also see ILCO 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 ILCO, 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] For more details on the sale of 16.687% of Bazan shares
please refer to IC Q3/2022 financial statements and immediate
report dated September 15, 2022
[2] Israel Corp and its wholly owned and controlled headquarter
companies.
[3] As of December 31, 2023, for ICL
and December 29, 2023, for AKVA Group
and Nordic Aqua Partners
[4] Includes 1.513m shares in Nordic
Aqua Partners (OB:NOAP)
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SOURCE Israel Corporation Ltd.