|By PR Newswire||
|November 30, 2016 01:22 PM EST|
TEL AVIV, Israel, November 30, 2016 /PRNewswire/ --
Israel Corporation Ltd. (TASE: ILCO) ("IC") today announced its quarterly results for the 3 month period ending September 30, 2016.
Selected Third Quarter 2016 Financial Figures
IC's consolidated net loss for the third quarter of 2016 was $209 million, compared with a net profit of $76 million in the third quarter of 2015.
As a holding company, IC's consolidated financial results are primarily impacted by the results of its portfolio companies, ICL (NYSE: ICL, TASE: ICL) and Bazan (TASE: ORL).
ICL's contribution to IC's third quarter 2016 net loss was a net loss of $166 million, compared with a net profit of $59 million in the third quarter of 2015.
Bazan's contribution to IC's third quarter 2016 net profit was $1 million, compared with $7 million in the third quarter of 2015.
At the IC headquarters' level, financing expenses, administrative and general and other expenses were $33 million for the third quarter of 2016, compared with $25 million for the third quarter of 2015.
Third quarter loss from the fair market value changes of the options related to the ICL collar transaction as of quarter end, were $3 million.
Tax expense was $6 million for the third quarter of 2016, compared with $9 million for the third quarter of 2015.
Debt Balances and Liquidity at the IC Headquarters' Level
As of September 30, 2016, total financial liabilities were $2,276 million, and investments in liquid assets amounted to $814 million.
Net debt as of September 30, 2016 totaled $1,368 million. The net debt includes the impact of the fair value of the collar transaction, which decreased the economic value of the financial liabilities by $87 million. The net debt also includes the fair value of derivative transactions, which decreased the economic value of the financial liabilities by $7 million. This is compared with a net debt balance of $1,351 million as of June 30, 2016.
The ICL related collar loan balance was $208 million on September 30, 2016 and $207 million on June 30, 2016.
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) ("IC") is a holding company providing focused exposure to well positioned mature assets in the natural resources industry through its 46.0% shareholding in Israel Chemicals (NYSE: ICL, TASE: ICL) and its 37.1% shareholding in the Bazan Group (TASE: ORL) (also known as Oil Refineries). IC is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is a TA-25 index constituent.
During November 2016, S&P Maalot downgraded IC's credit rating to 'ilA'-/Stable from 'ilA'+/Negative.
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.
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.
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. Approximately 46.0% on a voting rights basis and 48.8% on an issued share capital basis.
Investor Relations Contacts
Israel Corp. Contacts:
Director, Business Development, & Investor Relations
GK Investor Relations Contact:
Tel: (US) +1-646-201-9246
SOURCE Israel Corp.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 25, 2017 11:15 AM EDT Reads: 1,401
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Mar. 25, 2017 11:15 AM EDT Reads: 668
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buyers...
Mar. 25, 2017 11:00 AM EDT Reads: 3,426
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 25, 2017 10:45 AM EDT Reads: 1,980
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Mar. 25, 2017 10:30 AM EDT Reads: 10,160
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 25, 2017 10:15 AM EDT Reads: 2,816
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Mar. 25, 2017 10:00 AM EDT Reads: 2,818
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 25, 2017 09:15 AM EDT Reads: 2,356
SYS-CON Events announced today that SD Times | BZ Media has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and commercial UAV markets.
Mar. 25, 2017 09:15 AM EDT Reads: 4,116
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Mar. 25, 2017 08:30 AM EDT Reads: 1,940
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Mar. 25, 2017 08:00 AM EDT Reads: 1,737
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Mar. 25, 2017 08:00 AM EDT Reads: 13,919
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Mar. 25, 2017 08:00 AM EDT Reads: 1,168
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 25, 2017 08:00 AM EDT Reads: 4,002
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
Mar. 25, 2017 07:45 AM EDT Reads: 2,574