TEL AVIV, Israel, Nov. 16, 2023 /PRNewswire/ -- Israel Corporation Ltd. (TASE: ILCO) ("ILCO") announced today its third quarter results for the period ending September 30, 2023.

Selected Financial Figures for the Third Quarter and 2023:

$m	Q3/23	Q3/22
ILCO share in ICL profit	60	278
Amortization of excess cost	(1)	(1)
Financing, G&A and other expenses at ILCO headquarter level	(1)	(15)
Tax Expense of ILCO Headquarters	-	-
Net Profit (loss) from continuing activities	58	262
Net Profit from discontinued operations	-	27
Net Profit to company's shareholders	58	289

Liquidity at the ILCO Headquarters Level^[1]

As of September 30, 2023, total financial liabilities were $885 million, and investments in liquid assets amounted to $990 million of which $24 are pledged deposits.

Net cash¹ as of September 30, 2023, totaled $61 million. The net cash includes the fair value of derivative transactions, which increases the economic value of the financial liabilities by $44 million, As of June 30, 2023, the net cash was $21m.

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.

In January 2023, ILCO announced that the Board of Directors approved the adoption of a dividend policy. ILCO will distribute dividend for each calendar year starting at 2023, amounting to 45% out of the amount received from: the total net dividend cash flow received from its held companies for that calendar year, less an annual amount of $75m (from the amount of said cash flow). The actual dividend distribution will be subject to ILCO Board approval.

ILCO financial results of ILCO are mainly affected by the results of its investees. For more details see detailed financial report.

ILCO Total Assets, Net
$m	30/9/2023
Assets
ICL (~567m shares, market value[2])	3,124
AKVA Group (~6.6m shares, market value²)	49
Other[3]	9
Total Assets	3,182
Net Cash	61
Total Assets, net	3,243

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.

[1] Israel Corp and its wholly owned and controlled headquarter companies.

[2] As of September 28, 2023, for ICL and September 29, 2023, for AKVA Group and Nordic Aqua Partners

[3] Includes 1.375m shares in Nordic Aqua Partners (OB:NOAP)

Investor Relations Contacts

Idan Hizki

Vice President, Business Development & Investor Relations

Tel: +972 3 684 4500

idanh@israelcorp.com

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SOURCE Israel Corporation Ltd.

Israel Corp. Reports Results for Third Quarter of 2023