{"id":385430,"date":"2020-11-19T12:42:15","date_gmt":"2020-11-19T17:42:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=385430"},"modified":"2020-11-19T12:42:15","modified_gmt":"2020-11-19T17:42:15","slug":"israel-corp-reports-results-for-third-quarter-of-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/","title":{"rendered":"Israel Corp. Reports Results for Third Quarter of 2020"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">TEL AVIV, Israel<\/span>, <span class=\"xn-chron\">Nov. 19, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Israel Corporation Ltd. (TASE: ILCO) (&#8220;IC&#8221;) announced today its third quarter results for the period ending <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <u><br \/>\n                    <b>Selected Financial Figures for the Third Quarter 2020:<\/b><br \/>\n                  <\/u><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$m<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q3\/20<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q3\/19<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>IC share in ICL profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>24<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>60<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>IC share in Bazan profit (loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(17)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>3<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Amortization of excess cost<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Financing, G&amp;A and other expenses at IC headquarter level <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(21)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(18)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tax income (expenses) of IC headquarters<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Profit (Loss) to company&#8217;s shareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(16)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>42<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <u><br \/>\n          <b>Debt Balances and Liquidity at the IC Headquarters Level<sup>1<\/sup><\/b><br \/>\n        <\/u>\n      <\/p>\n<p>As of <span class=\"xn-chron\">September 30, 2020<\/span>, total financial liabilities<sup>1<\/sup> were <span class=\"xn-money\">$1,649 million<\/span>, and investments in liquid assets amounted to <span class=\"xn-money\">$624 million<\/span> of which <span class=\"xn-money\">$84m<\/span> are pledged deposits.<\/p>\n<p>Net debt<sup>1<\/sup> as of <span class=\"xn-chron\">September 30, 2020<\/span> totaled <span class=\"xn-money\">$1,018 million<\/span>. The net debt includes the fair value of derivatives transactions, which decrease the economic value of the financial liabilities in the amount of <span class=\"xn-money\">$7 million<\/span>. As of <span class=\"xn-chron\">June 30, 2020<\/span>, the net debt<sup>1<\/sup> was <span class=\"xn-money\">$1,013m<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <u>Additional updates<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Following the outbreak of the Corona Virus (COVID-19) in <span class=\"xn-location\">China<\/span> in <span class=\"xn-chron\">December 2019<\/span>, and its spread to many other countries in 2020, there has been a decline in economic activity in many regions of the world and in <span class=\"xn-location\">Israel<\/span> as well.<\/p>\n<p>As a holding company, the financial results of IC are mainly affected by the results of its held companies and the market value of its traded held companies. For more details see detailed financial report.<\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b><br \/>\n                    <u>IC Total Assets, Net<\/u><br \/>\n                  <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsblb0 prnpr6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$m<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>30\/09\/2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ICL (~587m shares, market value<sup>2<\/sup>)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,068<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Bazan (~1,058m shares , market value<sup>2<\/sup>)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">188<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Assets <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,256<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">IC&#8217;s Net Debt<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,018<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total Assets, net<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>1,238<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b><br \/>\n          <u>About Israel Corporation<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Israel Corporation Ltd. (TASE: ILCO) (&#8220;IC&#8221;) is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets. <\/p>\n<p>In <span class=\"xn-chron\">November 2019<\/span>, IC announced its updated strategy, IC plans to expand its portfolio through new investments in total amount of <span class=\"xn-money\">$350m<\/span>&#8211;<span class=\"xn-money\">500m<\/span> over the next few years. IC plans to focus mainly in the food (inc. tech), agriculture (inc. tech), healthcare and industry 4.0 sectors. For more details please see the following link to <a target=\"_blank\" href=\"http:\/\/s25.q4cdn.com\/158866601\/files\/doc_presentations\/2019\/ILCO-Updated-strategy-presentation-112019.pdf\" rel=\"nofollow noopener noreferrer\">IC updated Strategy Presentation<\/a><\/p>\n<p>IC strives to generate return on our investment through active board participations and our operational and managerial expertise. <\/p>\n<p>IC current core holdings include c.46% stake in ICL Group (NYSE:ICL, TASE:ICL) and a c.33% stake in the Bazan Group (TASE:ORL). IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO. <\/p>\n<p>For further information on IC, see IC&#8217;s publicly available filings, which can be found on the Tel Aviv Stock Exchange website at <a target=\"_blank\" href=\"http:\/\/maya.tase.co.il\/\" rel=\"nofollow noopener noreferrer\">http:\/\/maya.tase.co.il<\/a>. <\/p>\n<p>Please also see IC company website <a target=\"_blank\" href=\"http:\/\/www.israelcorp.com\/\" rel=\"nofollow noopener noreferrer\">http:\/\/www.israelcorp.com<\/a>\u00a0for additional information.<\/p>\n<p>\n        <i>Convenience Translation<\/i>\n      <\/p>\n<p>\n        <i>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.<\/i>\n      <\/p>\n<p>\n        <i>Forward Looking Statements<\/i>\n      <\/p>\n<p>\n        <i>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.<\/i>\n      <\/p>\n<p>\n        <sup>1<\/sup>Israel Corp and its wholly owned and controlled headquarter companies.<br \/><sup>2<\/sup>As of <span class=\"xn-chron\">September 30, 2020<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <u>Investor Relations Contacts<\/u><br \/>\n        <\/b><br \/>\n        <br \/>Idan Hizki<br \/>Senior Director, Business Development &amp; Investor Relations<br \/>Tel: +972 3 684 4500<br \/><a target=\"_blank\" href=\"mailto:idanh@israelcorp.com\" rel=\"nofollow noopener noreferrer\">idanh@israelcorp.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LN98497&amp;sd=2020-11-19\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/israel-corp-reports-results-for-third-quarter-of-2020-301177487.html\">http:\/\/www.prnewswire.com\/news-releases\/israel-corp-reports-results-for-third-quarter-of-2020-301177487.html<\/a><\/p>\n<p>SOURCE  Israel Corporation Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LN98497&amp;Transmission_Id=202011191239PR_NEWS_USPR_____LN98497&amp;DateId=20201119\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire TEL AVIV, Israel, Nov. 19, 2020 \/PRNewswire\/ &#8212;\u00a0Israel Corporation Ltd. (TASE: ILCO) (&#8220;IC&#8221;) announced today its third quarter results for the period ending September 30, 2020. \u00a0 Selected Financial Figures for the Third Quarter 2020: $m Q3\/20 Q3\/19 IC share in ICL profit 24 60 IC share in Bazan profit (loss) (17) 3 Amortization of excess cost (2) (3) Financing, G&amp;A and other expenses at IC headquarter level (21) (18) Tax income (expenses) of IC headquarters &#8211; &#8211; Net Profit (Loss) to company&#8217;s shareholders (16) 42 \u00a0 Debt Balances and Liquidity at the IC Headquarters Level1 As of September 30, 2020, total financial liabilities1 were $1,649 million, and investments in liquid assets amounted to $624 million of which &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Israel Corp. Reports Results for Third Quarter of 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-385430","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Israel Corp. Reports Results for Third Quarter of 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israel Corp. 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Reports Results for Third Quarter of 2020 - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/","og_locale":"en_US","og_type":"article","og_title":"Israel Corp. Reports Results for Third Quarter of 2020 - Market Newsdesk","og_description":"PR Newswire TEL AVIV, Israel, Nov. 19, 2020 \/PRNewswire\/ &#8212;\u00a0Israel Corporation Ltd. (TASE: ILCO) (&#8220;IC&#8221;) announced today its third quarter results for the period ending September 30, 2020. \u00a0 Selected Financial Figures for the Third Quarter 2020: $m Q3\/20 Q3\/19 IC share in ICL profit 24 60 IC share in Bazan profit (loss) (17) 3 Amortization of excess cost (2) (3) Financing, G&amp;A and other expenses at IC headquarter level (21) (18) Tax income (expenses) of IC headquarters &#8211; &#8211; Net Profit (Loss) to company&#8217;s shareholders (16) 42 \u00a0 Debt Balances and Liquidity at the IC Headquarters Level1 As of September 30, 2020, total financial liabilities1 were $1,649 million, and investments in liquid assets amounted to $624 million of which &hellip; Continue reading \"Israel Corp. Reports Results for Third Quarter of 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-19T17:42:15+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LN98497&amp;sd=2020-11-19","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/israel-corp-reports-results-for-third-quarter-of-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Israel Corp. 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