Israel Corp. Reports Results for Fourth Quarter of 2020
Israel Corporation Ltd. (TASE: ILCO) reported its Q4 and annual results for 2020, highlighting a net loss of $14 million for Q4, compared to a loss of $7 million in Q4 2019. The company's share in ICL's profit rose to $30 million, while Bazan incurred a loss of $22 million. Total financial liabilities stood at $1,711 million, with investments in liquid assets at $635 million. The net debt decreased slightly to $1,016 million. The economic impacts of COVID-19 were noted, affecting global and local activities.
- IC's share in ICL profit increased to $30 million in Q4 2020, up from $22 million in Q4 2019.
- Investments in liquid assets were reported at $635 million.
- Net profit to shareholders decreased to a loss of $14 million in Q4 2020.
- Bazan reported a significant loss of $22 million in Q4 2020.
- Total financial liabilities increased to $1,711 million.
TEL AVIV, Israel, March 21, 2021 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("IC") announced its fourth quarter and annual results for the period ending December 31, 2020.
Selected Financial Figures for the Fourth Quarter and annual 2020: | ||||
$m | Q4/20 | Q4/19 | 2020 | 2019 |
IC share in ICL profit | 30 | 22 | 6 | 220 |
IC share in Bazan profit (loss) | (22) | - | (91) | 33 |
Amortization of excess cost | (3) | (2) | (9) | (11) |
Financing, G&A and other expenses at IC headquarter level | (20) | (27) | (79) | (84) |
Tax income (expenses) of IC headquarters | 1 | - | - | - |
Net Profit (Loss) to company's shareholders | (14) | (7) | (173) | 158 |
Debt Balances and Liquidity at the IC Headquarters Level1
As of December 31, 2020, total financial liabilities1 were
Net debt1 as of December 31, 2020 totaled
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. For more details see detailed financial report.
IC Total Assets, Net | |
$m | 31/12/2020 |
Assets | |
ICL (~587m shares, market value2) | 2,988 |
Bazan (~1,058m shares, market value2) | 239 |
Total Assets | 3,227 |
IC's Net Debt | 1,016 |
Total Assets, net | 2,211 |
About Israel Corporation
Israel Corporation Ltd. (TASE: 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
IC strives to generate return on our investment through active board participations and our operational and managerial expertise.
IC current core holdings include c.
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
1 Israel Corp and its wholly owned and controlled headquarter companies.
2 As of December 31, 2020.
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SOURCE Israel Corporation Ltd.
