Israel Corp. Reports Results for Fourth Quarter of 2023

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.

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.

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.