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Israel Corp. Reports Results for the Second Quarter of 2017TEL AVIV, Israel, Aug. 16, 2017 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") today announced its second quarter results for the period ending June 30, 2017. Selected Financial Figures for the Second Quarter of 2017: As a holding company, IC's consolidated financial results are impacted mainly by the results of its portfolio companies: ICL (TASE: ICL, NYSE: ICL) and Bazan (TASE: ORL). ICL's contribution to IC's consolidated net income for the second quarter of 2017 was $27 million, compared with $59 million in the second quarter of 2016. Bazan's contribution to IC's net income for the second quarter of 2017 was $28 million, compared with $32 million in the second quarter of 2016. At the IC headquarters' level, financing, administrative and general and other expenses were $30 million for the second quarter of 2017, compared with $17 million for the second quarter of 2016. Loss from fair market value changes of the options, related to the collar transaction1 was $14 million for the second quarter of 2017. On June 19 2017, IC sold 128 million shares of Bazan, constituting approximately 4% of Bazan's issued share capital, on a fully diluted basis, for a total consideration of approximately $56 million (net of selling costs). Following the sale IC holds 33.08% in Bazan. As a result of the sale, IC recorded a capital loss of approximately $3 million during the second quarter. Debt Balances and Liquidity at the IC Headquarters Level Net debt as of June 30, 2017 totaled $1,279 million. The net debt includes the impact of the fair value of the collar transaction, which decrease the economic value of the financial liabilities in the amount of $45 million. The net debt also includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of $45 million. This is compared with a net debt of $1,348 million as of March 31, 2017. The ICL related collar loan balance was $163 million and $179 million as of June 30, 2017 and March 31, 2017 respectively. About Israel Corporation IC is rated ilA/Stable by Standard & Poor's Maalot. 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 Forward Looking Statements
1 During September 2014, IC entered into a financial transaction in relation to 36.2 million shares of ICL. Under its framework, IC will receive protection from a decrease in the price of ICL shares below an average price, which is set at a level of 90% of the US public offering price of ICL, and the counterparties will benefit from an increase in the share price of ICL shares above an average price, which is set at a level of 130% of the US public offering price of ICL. 2 Including $150 million as a short term loan to ICL 3 Approximately 46.0% on a voting rights basis and 48.2% on an issued share capital basis, as of June 30, 2017. View original content:http://www.prnewswire.com/news-releases/israel-corp-reports-results-for-the-second-quarter-of-2017-300505449.html SOURCE Israel Corp. |