TEL AVIV, Israel, March 21, 2021 / PRNewswire / – Israel Corporation Ltd. (TASE: ILCO) (“IC”) announced its fourth quarter and full year results for the period ending December 31, 2020.
Some financial figures for the fourth quarter and annual 2020: | ||||
M $ | Q4/ 20 | Q4/ 19 | 2020 | 2019 |
IC’s share of ICL’s profits | 30 | 22 | 6 | 220 |
IC share in Bazan profit (loss) | (22) | – | (91) | 33 |
Amortization of additional costs | (3) | (2) | (9) | (11) |
Funding, overheads and other expenses at IC’s head office | (20) | (27) | (79) | (84) |
IC Headquarters Tax Revenue (Expenses) | 1 | – | – | – |
Net profit (loss) to shareholders of the company | (14) | (7) | (173) | 158 |
Debt Balances and Liquidity at IC Headquarters1
From December 31, 2020, total financial liabilities1 were $ 1,711 million, and investments in liquid assets amounted to $ 635 million whose $ 12 are pledges of deposits.
Net debt1 from December 31, 2020 totaled $ 1,016 million. Net debt includes the fair value of derivative transactions, which reduce the economic value of financial liabilities by an amount of $ 60 million. From September 30, 2020, net debt1 was $ 1,018 million.
Additional updates
Following the epidemic 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 parts of the world and in Israel as well as.
As a holding company, IC’s financial results are primarily affected by the results of its owned companies. For more details, see the detailed financial report.
Total IC assets, net | |
M $ | 31/12/ 2020 |
Assets | |
ICL (~ 587 million shares, market value2) | 2 988 |
Bazan (~ 1,058 million shares, market value2) | 239 |
Total assets | 3 227 |
CI net debt | 1,016 |
Total assets, net | 2,211 |
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) (“IC”) is a reputable public investment firm, which owns and invests in high quality companies with established management and preferred markets.
In November 2019, IC announced its updated strategy, IC plans to expand its portfolio through new investments totaling $ 350 million–500m over the next few years. IC plans to focus primarily on the Food (Inc. Tech), Agriculture (Inc. Tech), Health and Industry 4.0 sectors. For more details, please see the following link to Introducing IC’s Updated Strategy
IC strives to generate a return on investment through active participations on the board of directors and our operational and managerial expertise.
IC’s current major holdings include an approximate 46% stake in ICL Group (NYSE: ICL, TASE: ICL) and an approximate 33% stake in Bazan Group (TASE: ORL). IC is listed on the Tel Aviv Stock Exchange under the symbol ILCO.
For more information on IC, see the documents published by IC, available on the Tel Aviv Stock Exchange website at http://maya.tase.co.il.
Please also see IC company website http://www.israelcorp.comfor more information.
Practical translation
The financial information contained in this press release is a summary in English based on the original Hebrew financial statements and is for the convenience of the reader only. 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 beyond the control of IC, which may cause actual results to differ materially from those contained. in the information.
Investor Relations Contacts
Idan Hizki
Senior Director, Business Development and Investor Relations
Phone: +972 3 684 4500
1Israel Corp and its wholly owned and controlled headquarters companies.
2From December 31, 2020.
Show original content:http://www.prnewswire.com/news-releases/israel-corp-reports-results-for-fourth-quarter-of-2020-301252472.html
SOURCE Israel Corporation Ltd.
