☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
Date of event requiring this shell company report __________________ |
For the transition period from |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Ordinary Shares, par value NIS 1.00 per share | ICL | The New York Stock Exchange |
Title of Class | Number of Shares Outstanding | |
Ordinary shares | 1,314,025,336 |
Large Accelerated Filer ☒ | Accelerated Filer ☐ | Non-accelerated Filer ☐ |
Emerging Growth Company ☐ |
ICL Group Ltd |
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PART II | |||||
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Bromine | A chemical element used as a basis for a wide variety of uses and compounds, and mainly as a component in flame retardants or fire prevention substances. Unless otherwise stated, the term “bromine” refers to elemental bromine. |
CDP | Carbon Disclosure Project – A leading non-profit organization in the greenhouse gas emissions reporting field. |
CFR | Cost and |
CPI | The Consumer Price Index, as published by |
CRU | Intelligence Company that provides information on global mining, metal and fertilizers market. |
ICL ADS | ICL América do Sul (formerly Compass Minerals América do Sul S.A.). |
Dead Sea Bromine | Dead Sea Bromine |
GTSP | Granular Triple Superphosphate, used as fertilizer, a source of high phosphorus. |
GSSP | Granular Single Superphosphate, used as a phosphate fertilizer. |
Green Hydrogen | Hydrogen produced by splitting water into hydrogen and oxygen using renewable electricity. |
DAP | Diammonium Phosphate - a fertilizer containing nitrate and phosphorus oxide. |
EPA | |
EU | European Union. |
FAO | The Food and Agriculture Organization of the United |
FOB | Free |
Cost Per Tonne. | |
CIF | Cost, Insurance, and Freight. In CIF transaction, the price of goods includes, as well as FOB expenses, the expenses for insurance, shipping and any other costs that arise after the goods leave the factory gates and up to the destination port. |
ICL Haifa (Fertilizers & Chemicals) | Fertilizers and Chemicals |
Greenhouse Gases – air emissions contributing to climate change. | |
Granular | Fertilizer having granular particles. |
ICL Boulby | A UK subsidiary in the Potash segment. |
ICL Iberia (Iberpotash) | Iberpotash S.A., a Spanish |
IC | Israel Corporation Ltd. |
That part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. |
Inferred Mineral Resource | That part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve. |
DSW | Dead Sea Works Ltd., |
DSM | Dead Sea Magnesium Ltd., a subsidiary in the Potash segment. |
ICL Neot Hovav | Subsidiaries in the Neot Hovav area in the south of Israel, including facilities of Bromine Compounds |
Rotem Amfert Negev Ltd., | |
IFA | The International Fertilizers Industry Association, an international association of fertilizers manufacturers. |
ILA | Israel |
IMF | International Monetary Fund. |
K | The element potassium, one of the three main plant nutrients. |
KNO3 | Potassium Nitrate, a soluble fertilizer containing N&P used as a stand-alone product or as a key component of some water-soluble blends. |
KOH | Potassium hydroxide 50% liquid. |
MGA | Merchant grade phosphoric acid. |
Measured Mineral Resource | That part of a mineral resource for which quantity and grade or quality are estimated and based on conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. |
Mineral Reserve | An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. |
Mineral Resource | A concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. |
MoEP | Israel Ministry of Environmental Protection. |
N | The element nitrogen, one of the three main plant nutrients. |
P | The element phosphorus, one of the three main plant nutrients, which is also used as a raw material in industry. |
NYSE | The New York Stock Exchange. |
Phosphate | Phosphate rock that contains the element phosphorus. Its concentration is measured in units of P2O5. |
Polyhalite | A mineral |
Probable Mineral Reserve | The economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. Quantity, grade and/or quality of Probable Mineral Reserves are computed from information similar to that used for Proven Mineral Reserves, but the sites for survey, sampling and measurement are further apart or are otherwise less efficiently spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. |
Proven Mineral Reserve | The economically mineable part of a Measured Mineral Resource. Proven Mineral Reserve quantities are computed from information received from explorations, channels, wells, and drilling; grade and/or quality are computed from the results of detailed sampling. The sites for inspection, sampling and measurement for proven reserves are spaced so closely to each other so that the geologic character is well defined so the size, shape, depth and mineral content of reserves can be reliably determined. |
Chlorine | A chemical, raw material in various productions process. A byproduct of Dead Sea Magnesium production. |
Sylvinite | A byproduct from the production of Magnesium from the raw material – Carnallite. Transferred to DSW as an additional source for potash production. |
Polymer | A chemical compound containing a long chain of repeating units linked by a chemical bond and created by polymerization. |
Potash | Potassium chloride (KCl), used as a plant’s main source of potassium. |
P2O5 | Phosphorus pentoxide. |
REACH | Registration, Evaluation, Authorization and |
Reserves | The part of a mineral deposit that could be economically and legally extracted or produced at the time of the Mineral Reserve determination. Reserves are divided between “proven reserves” and “probable reserves”. |
Salt | Unless otherwise specified, sodium chloride (NaCl). |
S | Sulphur – a chemical used for the production of sulfuric acid for sulfate and phosphate fertilizers, and other chemical processes. |
Soluble NPK | Soluble fertilizer containing the three basic elements for plant development (nitrogen, phosphorus and potash). |
Tami | Tami (IMI) Research and Development Institute Ltd., the central research institute of ICL. |
TASE | Tel Aviv Stock Exchange, Ltd. |
USDA | United States Department of Agriculture. |
WPA | White Phosphoric Acid, purified from MGA. |
UK | The United Kingdom. |
Urea | A white granular or |
YTH/YPC | The Chinese partner in the Company’s joint venture YPH in China. |
4D | Clean green phosphoric acid, used as a raw material for purification processes. |
PM | Particular matter. |
For the Years Ended December 31, | |||
2023 | 2022 | 2021 | |
US$ millions | |||
Sales | 7,536 | 10,015 | 6,955 |
Gross profit | 2,671 | 5,032 | 2,611 |
Operating income | 1,141 | 3,516 | 1,210 |
Income before taxes on income | 974 | 3,404 | 1,092 |
Net income attributable to the shareholders of the Company | 647 | 2,159 | 783 |
Earnings per share (in dollars): | |||
Basic earnings per share | 0.50 | 1.68 | 0.61 |
Diluted earnings per share | 0.50 | 1.67 | 0.60 |
Weighted average number of ordinary shares outstanding: | |||
Basic (in thousands) | 1,289,361 | 1,287,304 | 1,282,807 |
Diluted (in thousands) | 1,290,668 | 1,289,947 | 1,287,051 |
Dividends declared per share (in dollars) | 0.27 | 0.91 | 0.21 |
For the Years Ended December 31, | |||
2023 | 2022 | 2021 | |
US$ millions | |||
Statements of Financial Position Data: | |||
Total assets | 11,627 | 11,750 | 11,080 |
Total liabilities | 5,590 | 6,037 | 6,344 |
Total equity | 6,037 | 5,713 | 4,736 |
For the Year Ended December 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | |
US$ millions, except for the share data |
Sales | 5,418 | 5,363 | 5,405 | 6,111 | 6,272 |
Gross profit | 1,672 | 1,660 | 1,803 | 2,196 | 2,410 |
Operating income (loss) | 629 | (3) | 765 | 758 | 1,101 |
Income (loss) before income taxes | 505 | (117) | 668 | 632 | 1,101 |
Net income (loss) attributable to the shareholders of the Company | 364 | (122) | 509 | 464 | 819 |
Earnings (loss) per share (in dollars) : | |||||
Basic earnings (loss) per share | 0.29 | (0.10) | 0.40 | 0.37 | 0.64 |
Diluted earnings (loss) per share | 0.29 | (0.10) | 0.40 | 0.37 | 0.64 |
Weighted average number of ordinary shares outstanding: | |||||
Basic (in thousands) | 1,276,072 | 1,273,295 | 1,271,624 | 1,270,426 | 1,270,414 |
Diluted (in thousands) | 1,276,997 | 1,273,295 | 1,272,256 | 1,270,458 | 1,270,414 |
Dividends declared per common share (in dollars) | 0.13 | 0.18 | 0.28 | 0.67 | 0.50 |
As at December 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | |
US$ millions |
Statements of Financial Position Data : | |||||
Total assets | 8,714 | 8,552 | 9,077 | 8,348 | 7,973 |
Total liabilities | 5,784 | 5,893 | 5,889 | 5,348 | 4,294 |
Total equity | 2,930 | 2,659 | 3,188 | 3,000 | 3,679 |
For the Year Ended December 31, | |||
2023 | 2022 | 2021 | |
US$ millions |
For the Year Ended December 31, | |||||
2017 | 2016 | 2015 | 2014 | 2013 | |
US$ millions |
Operating income (loss) | 629 | (3) | 765 | 758 | 1,101 |
Impact of employee strike (1) | - | - | 248 | 17 | - |
Capital (gain) loss (2) | (54) | 1 | (215) | (36) | - |
Write-down and impairment of assets (3) | 32 | 489 | 90 | 71 | 10 |
Provision for early retirement and dismissal of employees (4) | 20 | 39 | 48 | - | 60 |
Provision for legal claims (5) | 25 | 5 | 38 | 149 | - |
Provision for historical waste removal (6) | - | 51 | 20 | - | 25 |
Other | - | - | - | 1 | - |
Total adjustments to operating income (loss) | 23 | 585 | 229 | 202 | 95 |
Adjusted operating income | 652 | 582 | 994 | 960 | 1,196 |
Net income (loss) attributable to the shareholders of the Company | 364 | (122) | 509 | 464 | 819 |
Total adjustments to operating income (loss) | 23 | 585 | 229 | 202 | 95 |
Adjustments to finance expenses (7) | - | 38 | - | 31 | - |
Total tax impact of the above operating income & finance expenses adjustments | (4) | (81) | (58) | (64) | (20) |
Tax assessment and deferred tax adjustments (8) | 6 | 36 | 19 | 62 | 118 |
Adjustments attributable to the non-controlling interests | - | (5) | - | - | - |
Total adjusted net income - shareholders of the Company | 389 | 451 | 699 | 695 | 1,012 |
Operating income | 1,141 | 3,516 | 1,210 |
Provision for early retirement (1) | 16 | - | - |
Write-off of assets and provision for site closure (2) | 49 | - | 1 |
Legal proceedings, dispute and other settlement expenses (3) | (2) | 22 | 5 |
Charges related to the security situation in Israel (4) | 14 | - | - |
Divestment related items and transaction costs (5) | - | (29) | (22) |
Total adjustments to operating income | 77 | (7) | (16) |
Adjusted operating income | 1,218 | 3,509 | 1,194 |
Net income attributable to the shareholders of the Company | 647 | 2,159 | 783 |
Total adjustments to operating income | 77 | (7) | (16) |
Total tax adjustments (6) | (9) | 198 | 57 |
Total adjusted net income - shareholders of the Company | 715 | 2,350 | 824 |
(1) | For 2023, reflects provisions for early retirement, due to restructuring at certain sites, as part of the Company’s global efficiency plan. |
(2) |
(3) | For 2023, reflects a reversal of a legal provision. For 2022, reflects mainly the costs of a mediation settlement regarding the claims related to the Ashalim Stream incident. For 2021, reflects mainly settlement costs related to the termination of a partnership between ICL Iberia and Nobian, as well as reimbursement of arbitration costs related to a potash project in Ethiopia. |
(4) | For 2023, reflects charges relating to |
(5) | For 2022, reflects a |
(6) |
Current assets | ||||
Cash and cash equivalents | 83 | - | 83 | |
Short-term investments and deposits | 90 | - | 90 | |
Trade receivables | 932 | 7 | b1 | 939 |
Inventories | 1,226 | - | 1,226 | |
Assets held for sale | 169 | (169) | b2 | - |
Other receivables | 225 | 11 | b1, b3 | 236 |
Total current assets | 2,725 | (151) | 2,574 | |
Non-current assets | ||||
Investments in equity-accounted investees | 29 | - | 29 | |
Financial assets available for sale | 212 | - | 212 | |
Deferred tax assets | 132 | - | 132 | |
Property, plant and equipment | 4,521 | - | 4,521 | |
Intangible assets | 722 | - | 722 | |
Other non-current assets | 373 | 53 | 426 | |
Total non-current assets | 5,989 | 53 | 6,042 | |
Total assets | 8,714 | (98) | 8,616 | |
Current liabilities | ||||
Short-term credit | 822 | (65) | b3 | 757 |
Trade payables | 790 | - | 790 | |
Provisions | 78 | - | 78 | |
Liabilities held for sale | 43 | (43) | b2 | - |
Other current liabilities | 595 | - | 595 | |
Total current liabilities | 2,328 | (108) | 2,220 | |
Non-current liabilities | ||||
Long-term debt and debentures | 2,388 | (765) | b3 | 1,623 |
Deferred tax liabilities | 228 | - | 228 | |
Long-term employee provisions | 640 | - | 640 | |
Provisions | 193 | - | 193 | |
Other non-current liabilities | 7 | - | 7 | |
Total non-current liabilities | 3,456 | (765) | 2,691 | |
Total liabilities | 5,784 | (873) | 4,911 | |
Equity | ||||
Total shareholders’ equity | 2,859 | 775 | 3,634 | |
Non-controlling interests | 71 | - | 71 | |
Total equity | 2,930 | 775 | 3,705 | |
Total liabilities and equity | 8,714 | (98) | 8,616 |
Sales | 5,418 | (309) | - | 5,109 | ||
Cost of sales | 3,746 | (165) | - | 3,581 | ||
Gross profit | 1,672 | (144) | - | 1,528 | ||
Selling, transport and marketing expenses | 746 | (15) | - | 731 | ||
General and administrative expenses | 261 | (12) | 10 | c1 | 259 | |
Research and development expenses | 55 | (1) | - | 54 | ||
Other expenses | 90 | - | - | 90 | ||
Other income | (109) | - | - | (109) | ||
Operating income | 629 | (116) | (10) | 503 | ||
Finance expenses | 229 | - | (17) | c2 | 212 | |
Finance income | (105) | - | - | (105) | ||
Finance expenses, net | 124 | - | (17) | 107 | ||
Income before income taxes | 505 | (116) | 7 | 396 | ||
Provision for income taxes | 158 | (39) | b1 | 2 | 121 | |
Net income | 347 | (77) | 5 | 275 | ||
Net loss attributable to the non-controlling interests | (17) | - | - | (17) | ||
Net income attributable to the shareholders of the Company | 364 | (77) | 5 | 292 | ||
Earnings per share attributable to the shareholders of the Company: | ||||||
Basic earnings per share (in dollars) | 0.29 | 0.23 | ||||
Diluted earnings per share (in dollars) | 0.29 | 0.23 | ||||
Weighted-average number of ordinary shares outstanding: | ||||||
Basic (in thousands) | 1,276,072 | 1,276,072 | ||||
Diluted (in thousands) | 1,276,997 | 1,276,997 |
Sales | 5,363 | (245) | - | 5,118 | ||
Cost of sales | 3,703 | (144) | - | 3,559 | ||
Gross profit | 1,660 | (101) | - | 1,559 | ||
Selling, transport and marketing expenses | 722 | (14) | - | 708 | ||
General and administrative expenses | 321 | (8) | 5 | c1 | 318 | |
Research and development expenses | 73 | (2) | - | 71 | ||
Other expenses | 618 | - | - | 618 | ||
Other income | (71) | 2 | - | (69) | ||
Operating loss | (3) | (79) | (5) | (87) | ||
Finance expenses | 157 | - | (17) | c2 | 140 | |
Finance income | (25) | - | - | (25) | ||
Finance expenses, net | 132 | - | (17) | 115 | ||
Share in earnings of equity-accounted investees | 18 | - | - | 18 | ||
Loss before income taxes | (117) | (79) | 12 | (184) | ||
Provision for income taxes | 55 | (28) | b1 | 4 | 31 | |
Net loss | (172) | (51) | 8 | (215) | ||
Net loss attributable to the non-controlling interests | (50) | - | - | (50) | ||
Net loss attributable to the shareholders of the Company | (122) | (51) | 8 | (165) | ||
Loss per share attributable to the shareholders of the Company: | ||||||
Basic loss per share (in dollars) | (0.10) | (0.13) | ||||
Diluted loss per share (in dollars) | (0.10) | (0.13) | ||||
Weighted-average number of ordinary shares outstanding: | ||||||
Basic (in thousands) | 1,273,295 | 1,273,295 | ||||
Diluted (in thousands) | 1,273,295 | 1,273,295 |
Sales | 5,405 | (226) | - | 5,179 | ||
Cost of sales | 3,602 | (138) | - | 3,464 | ||
Gross profit | 1,803 | (88) | - | 1,715 | ||
Selling, transport and marketing expenses | 653 | (14) | - | 639 | ||
General and administrative expenses | 350 | (8) | 5 | c1 | 347 | |
Research and development expenses | 74 | (2) | - | 72 | ||
Other expenses | 211 | - | - | 211 | ||
Other income | (250) | - | - | (250) | ||
Operating income (loss) | 765 | (64) | (5) | 696 | ||
Finance expenses | 160 | - | (17) | c2 | 143 | |
Finance income | (52) | - | - | (52) | ||
Finance expenses, net | 108 | - | (17) | 91 | ||
Share in earnings of equity-accounted investees | 11 | - | - | 11 | ||
Income before income taxes | 668 | (64) | 12 | 616 | ||
Provision for income taxes | 162 | (23) | b1 | 3 | 142 | |
Net income | 506 | (41) | 9 | 474 | ||
Net loss attributable to the non-controlling interests | (3) | - | - | (3) | ||
Net income attributable to the shareholders of the Company | 509 | (41) | 9 | 477 | ||
Earnings per share attributable to the shareholders of the Company: | ||||||
Basic earnings per share (in dollars) | 0.40 | 0.38 | ||||
Diluted earnings per share (in dollars) | 0.40 | 0.37 | ||||
Weighted-average number of ordinary shares outstanding: | ||||||
Basic (in thousands) | 1,271,624 | 1,271,624 | ||||
Diluted (in thousands) | 1,272,256 | 1,272,256 |
Net income | 347 | (72) | 275 | |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | ||||
Currency translation differences | 152 | (8) | b1 | 144 |
Changes in fair value of financial assets available for sale | (57) | - | (57) | |
Tax income relating to items that will be reclassified subsequently to net income (loss) | 5 | - | 5 | |
100 | (8) | 92 | ||
Components of other comprehensive income that will not be reclassified to net income (loss) | ||||
Actuarial losses from defined benefit plan | (17) | - | (17) | |
Tax income relating to items that will not be reclassified to net income (loss) | 3 | - | 3 | |
(14) | - | (14) | ||
Total comprehensive income | 433 | (80) | 353 | |
Comprehensive loss attributable to the non-controlling interests | (13) | - | (13) | |
Comprehensive income attributable to the shareholders of the Company | 446 | (80) | 366 |
Net loss | (172) | (43) | (215) | |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | ||||
Currency translation differences | (90) | 2 | b1 | (88) |
Changes in fair value of derivatives designated as a cash flow hedge | (1) | - | (1) | |
Changes in fair value of financial assets available for sale | 17 | - | 17 | |
Tax expense relating to items that will be reclassified subsequently to net income (loss) | (5) | - | (5) | |
(79) | 2 | (77) | ||
Components of other comprehensive income that will not be reclassified to net income (loss) | ||||
Actuarial losses from defined benefit plan | (48) | - | (48) | |
Tax income relating to items that will not be reclassified to net income (loss) | 8 | - | 8 | |
(40) | - | (40) | ||
Total comprehensive loss | (291) | (41) | (332) | |
Comprehensive loss attributable to the non-controlling interests | (59) | - | (59) | |
Comprehensive loss attributable to the shareholders of the Company | (232) | (41) | (273) |
Net income | 506 | (32) | 474 | |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | ||||
Currency translation differences | (205) | 9 | b1 | (196) |
Changes in fair value of derivatives designated as a cash flow hedge | (2) | - | (2) | |
(207) | 9 | (198) | ||
Components of other comprehensive income that will not be reclassified to net income (loss) | ||||
Actuarial gains from defined benefit plan | 63 | - | 63 | |
Tax expense relating to items that will not be reclassified to net income (loss) | (15) | - | (15) | |
48 | - | 48 | ||
Total comprehensive income | 347 | (23) | 324 | |
Comprehensive loss attributable to the non-controlling interests | (9) | - | (9) | |
Comprehensive income attributable to the shareholders of the Company | 356 | (23) | 333 |
• | Our ability to operate and/or expand our production and operating facilitiesworldwide is dependent on our receipt of, and compliance with, permits issued by governmental authorities. A decision by a government authority to deny any of our permit applications may impair the Company’s business and its operations. |
The applicable tax rates may increase; |
We may no longer be able to meet the requirements for continuing to qualify for some incentive programs; |
Mergers, acquisitions, divestitures or other business combinations; |
Future issuances of ordinary shares or other securities; |
Amendments to our Articles of Association, excluding provisions of the Articles of Association that were determined by virtue of the Special State Share; and |
Expiration or termination of licenses and/or concessions; |
General stock market conditions; |
Decisions by governmental entities that affect us; |
Variations in our and our competitors’ results of operations; |
Changes in earnings estimates or recommendations by securities analysts; and |
General market conditions and other factors, including factors unrelated to our operating performance. |
Access to one of the world’s richest, longest‑life and lowest‑cost sources of potash and bromine (the Dead Sea). |
Unique portfolio of mineral assets. |
Diversification into higher value‑added specialty products |
Leading positions in markets with high |
Strategically located production and logistics assets. |
Professional expertise and culture of collaboration and determination. |
Sub-business line | Product | Primary Applications | Primary End‑Markets |
Flame retardants | Bromine, | Plastic, building materials and textile production | Electronics, automotive, |
Industrial solutions | |||
Elemental Bromine | Chemical reagent | Tire manufacturing, pharmaceuticals and agro, PTA and flame retardants | |
Brominated and Phosphorus compounds | |||
Pharmaceuticals and agro | |||
Industrial service | Functional fluids, Biocides (Water treatment and disinfection), Merquel and MBr | Power plants and other industrial facilities | |
Clear Brines | Oil and gas drillings | Oil and gas | |
Energy storage | Brominated electrolytes, Phosphorus based active salt for electrolytes | Battery producers | |
Magnesia Products | Pharma and | ||
Calcium Carbonate | Supplementals and pharma | Supplementals and pharma | |
Solid MgCl2, KCl | Deicing, food, oil drilling, pharma |
The relatively low average cost of potash production at the Dead Sea, |
ICL Group Limited 63 |
YPH provides an integrative phosphate platform in China |
Peat is a growing medium for various crops |
Polysulphate® contributes to and |
• | Physical risks: 2030, 2040 and 2050, using the Intergovernmental Panel on Climate Change (IPCC) Shared Socio‐Economic Pathways (SSPs), SSP1-2.6 (Low emissions scenario), SSP 2-4.5 (Medium emissions scenario) and SSP5-8.5 (Business as usual/High emissions scenario). |
• | Transition risks and opportunities: 2030, 2040 and 2050, using six scenarios; Net Zero, Announced Pledges Scenario (APS) and Stated Policies Scenario (STEPS) developed by the International Energy Agency (IEA) as well as the Network for Greening the Financial System (NGFS) Net Zero, Below 2˚C and Nationally Determined Contributions (NDC’s) scenarios. All scenarios use carbon prices as an input in their modelling. As a part of the scenario analysis for 2023, ICL has considered the impact of carbon pricing mechanisms on Scope 1,2 and 3 emissions. |
Transition risks | Description and Response |
Policy & legal Carbon pricing mechanisms | Risk description:Regulatory developments in countries or jurisdictions where we operate, exposure to carbon trading schemes, cross-border tax and adjustment mechanisms, increases in existing carbon pricing, and carbon taxes on energy and supplies are expected to lead to increased costs for ICL. Since carbon pricing mechanisms are still in development in most areas globally, it is expected that the risk exposure will increase over time. ICL response: In recent years, we have undertaken proactive measures to reduce ICL's carbon footprint as part of our decarbonization roadmap that includes increasing energy efficiency and transitioning to lower carbon energy sources. We have already achieved a 22.2% reduction in scope 1-2. Consequently, we are actively improving our understanding of our GHG emissions' impacts and actively striving to reduce GHG emissions throughout our value chain enabling us to reduce our exposure to carbon pricing risks. In 2023, we conducted an analysis to quantify the risks arising from carbon pricing mechanisms on both our direct (Scope 1 & 2) and indirect (Scope 3) operations. Our aim was to comprehensively understand the financial risks across diverse scenarios and timeframes. The analysis outputs will improve our financial preparedness and planning and foster strategic decision-making to mitigate risks linked with carbon pricing transitions. We will further mitigate exposure to this risk by incorporating the outputs of the analysis into our decarbonization roadmap. Time horizon: STEPS – 2030, 2040 and 2050 Potential impact:Medium to high, particularly within the 2050-time horizon. |
Reputation Increased stakeholders concern regarding environmental performance | Risk description: There has been an increased focus, including from investors, the public, and governmental and non-governmental authorities, regarding environmental, social and governance (ESG) matters, including with respect to climate change and GHG emissions. As ICL operates in a carbon intensive sector, increased stakeholder concerns and expectations regarding operational and product-related environmental performance could have an impact on our reputation (preference for our products or investor confidence). ICL response: ICL’s commitment to ambitious climate targets is aligned with the Paris Agreement. Therefore, in recent years we have undertaken proactive measures to reduce ICL's carbon footprint and actively improved our understanding of ICL’s GHG emissions (Scope 1-2-3), coupled with developing low-carbon products and services, raising awareness and creating the proper governance structure to support climate related risks and opportunities, and increasing transparency throughout our public disclosure and reports. Time horizon: Medium Potential impact: Medium to high |
Technology Requirements for clean energy | Risk description: We acknowledge that our sector relies heavily on energy, and as the global demand shifts towards greener sources of energy, there is a heightened need to invest in renewable energy procurement. Both external policies and internal targets drive this imperative. However, transitioning to alternative energy sources may result in increased operational costs. ICL response: ICL recognizes the necessity of sustainable energy practices. By entering long term renewable Power Purchase Agreements (PPAs) and utilizing energy attributes certificates (EACs), we adeptly reduce our scope 2 emissions, mitigating energy transition risk and strengthening our portfolio to increase operational resilience. Time horizon: Short-Medium Potential impact: Low |
Transition risks | Description and Response |
Technology The ability to implement direct operational reduction measures | Risk description:Increasing global pressures to reduce GHG emissions highlight the necessity for companies to upgrade their infrastructure, ensuring adherence to environmental standards and energy efficiency goals.This could result in increased costs to upgrade and improve ICL's infrastructure, such as energy efficiencies and optimization of production processes, to reduce our direct scope 1 emissions. ICL response: ICL has already initiated a process of addressing this risk by deploying a team of experts internally (our ACE program) which focuses on identifying initiatives to reduce scope 1 emissions through, among others, energy efficiency measures at various ICL sites. In addition, following our commitment to establish science-based emission reduction targets, ICL is currently further investigating abatement initiatives to further reduce our scope 1 emissions in the years ahead, such as green hydrogen production in primary locations. Time horizon: Medium - Long Potential impact: High |
Markets Reduced demand due to chronic changes in weather patterns | Risk description: An increase in the temperature and volatile precipitation, chronic changes in regional climates which can result in shifts in the average growing season, growing conditions and crop mix, may result in reduced demand for commodity fertilizers. ICL response: ICL is actively monitoring market trends and weather-related agricultural growing conditions in regard to climate change. ICL’s believe its diverse products and services portfolio, which supports precision agriculture and other products that contribute to plant resilience, will better support farmers in a changing environment. Time horizon: Medium to long Potential impact: Medium |
Opportunities | Description and Response |
Markets Increased market demand for sustainable solutions | Opportunity description: We anticipate several market opportunities arising from sustainable novel solutions and shifts in the markets driven by climate change which could lead to increased revenue. These new solutions will also broaden ICL's outlook on new low carbon markets, enhancing our potential for growth and market penetration. ICL response: As a global specialty minerals company, we are keenly observing new market opportunities in sustainable solutions. Our 2023 downstream scenario analysis revealed opportunities in several major global markets for specialty and low carbon fertilizers due to the impact of climate change scenarios on agricultural yields. Based on the analysis projected for 2030 and 2050, we observed escalating demand attributed to climate change-induced alterations in agricultural requirements. Moreover, the increased demand for electricity storage solutions and batteries can be facilitated by our product portfolio. These emerging opportunities position us to expand our market presence and generate increased revenue. Time Horizon: SSP1-26, SSP2-45, SSP5-85 – 2030 and 2050 | Medium to Long Potential impact: Medium to High |
Opportunities | Description and Response |
Products and Services Improved product offerings | Opportunity description: We anticipate an increase in consumer demand for products and services that support climate-change mitigation and adaptation, including specialty fertilizers and energy storage solutions, which is expected to propel revenue growth. ICL response: Our products and services cater to the emerging needs of climate-change mitigation and adaptation. Our product portfolio features among others, highly effective specialty fertilizers that facilitate optimal nutrient release that help growers worldwide reduce their fertilizer usage and simultaneously achieve higher quality crops and yields with lower environmental impacts. ICL’s CRFs and bio-stimulants support plant nutrition and minimize N2O emission in the use phase, reducing GHG emissions and supporting climate change mitigation. Furthermore, we anticipate an increase in demand for Energy Storage Solutions (ESS), a necessary step in the transition to renewable energy. Energy storage is a potentially significant source of growth for our phosphate-based and bromine-based specialty products. Therefore, our focus is expanding to include such solutions with our product portfolio, for example, by utilizing phosphate raw materials to produce Lithium Iron Phosphate (LFP). For further information about our sustainable solutions, see "Strategy – Products and Services" above. Climate-change mitigation requires a transition to alternative energy sources. These in return, require energy storage solutions in order to become mainstream. Time horizon: Medium Potential impact: High |
Resource Efficiency & Energy Source Transition to Sustainable Energy Practices | Opportunity description: Maximizing resource efficiency and transitioning to alternative energy sources present an opportunity for ICL. ICL response: ICL has dedicated teams and forums that focus on opportunities in energy efficiency. By prioritizing these initiatives, we anticipate a reduction in operational costs and environmental footprint as renewable energy is projected to be more cost-effective (in part due to lower carbon taxes) compared to fossil fuels. Our strategy involves sourcing and expanding our renewable energy mix, facilitating a shift towards heightened electrification across our operations. Furthermore, we're intensifying our efforts to digitize, and analyse site level GHG data which allows us to improve data management and quality to support our journey to become more resource efficient and to reduce our footprint. Looking ahead, we're exploring the possibility of green hydrogen production at our primary location, aligning with our long-term sustainability goals. Time horizon: Medium - Long Potential impact: Medium |
Resilience Future Resilience | Opportunity description: We believe that increasing the resilience of our Company represents a strong opportunity through initiatives aimed at improving efficiency, designing innovative production processes, and developing new products. These efforts will ensure that we maintain our competitive advantage and remain prepared for a low-carbon future. ICL response: Our approach to advancing sustainable practices significantly contributes to our resilience. Our research, development, and innovation focus on solutions that aim to align with the SDGs. This in turn provides ICL with a long-term vision to pursue major market opportunities, including innovative climate-resilient solutions that enhance business resilience. For more about our sustainable solutions, see Strategy – Products and Services. Additionally, enhanced access to green financing resulting from a reduced Company-wide carbon footprint and clear sustainability strategy, unlocks additional resources that further bolster our resilience. For more about our see Strategy – Sustainable Finance. Time horizon: Medium to long Potential impact: Medium |
Year 2023 (3) | Year 2022 (2) | 2021 | Year 2018 (1) | 2022 VS 2018 | ||
Scope 1 | Tonnes CO2e (thousands) | 2,102 | 2,126 | 2,158 | 2,220 | (5.3)% |
Scope 2 Market-based | Tonnes CO2e (thousands) | 186 | 281 | 380 | 720 | (74.2)% |
Total scope 1+2 GHG emission | Tonnes CO2e (thousands) | 2,288 | 2,407 | 2,538 | 2,940 | (22.2)% |
(1) | 2018 is the baseline year for ICL’s decarbonization roadmap. |
(2) | On a “same site basis” (excluding facilities acquired in Brazil during 2021), 2022 Scope 1 and Scope 2 (market-based) emissions were 2,107 and 281 thousand tonnes CO2e, respectively. |
(3) | 2023 independent assurance process was performed in accordance with the International Standard on Assurance Engagements ISAE 3000 (Revised) |
• | Development of productsthat improve water use efficiency. |
• | The Front-End Innovation group has scouted more than 500 food tech start-ups to identify disruptive technologies for ICL Phosphate Specialties. Following the investment in Protera SAS and Plantible Foods Inc., ICL Planet Startup Hub invested in Arkeon GmbH, a start-up converting CO2 into nutritious amino acids and sustainable protein. The teams continue to seek innovation partners in transformation of sustainable food systems. |
1. | In December 2023, ICL’s Polysulphate STD temporary registration renewal request was rejected. We are in close contact with the Ministry of Agriculture (MoA) on the possibility of extending the registration for the interim period. |
2. | We have begun to work on registering Polysulphate under the new category of a soil conditioner. Field trials are currently on-going and will require three years. The results are expected by the end of 2024. |
1. | In December 2023, ICL’s Polysulphate STD temporary registration renewal request was rejected. We are in close contact with the Ministry of Agriculture (MoA) on the possibility of extending the registration for the interim period. |
2. | We have begun to work on registering Polysulphate under the new category of a soil conditioner. Field trials are currently on-going and will require three years. The results are expected by the end of 2024. |
1. | In December 2023, ICL’s Polysulphate STD temporary registration renewal request was rejected. We are in close contact with the Ministry of Agriculture (MoA) on the possibility of extending the registration for the interim period. |
2. | We have begun to work on registering Polysulphate under the new category of a soil conditioner. Field trials are currently on-going and will require three years. The results are expected by the end of 2024. |
- | In December 2023, the proposed classification as reproductive toxin category 1B under the Classification, Labelling & Packaging (CLP) EU Regulation came into force. |
- | The BPR final expected decision on the use of biocides using ammonium bromide as a precursor is unknown at this stage. |
Europe: |
North and South America: |
Asia: |
Property Type | Location | Size (square feet) | Products | Owned/Leased |
Plant | Mishor Rotem, Israel | Owned on leased land | ||
Plant | Mishor Rotem, Israel | 10,763,910 | Owned on leased land | |
Plant | Neot Hovav, Israel | 9,601,591 | Owned on leased land | |
Plant | Zin, Israel | Owned on leased land | ||
Plant | Kiryat Ata, Israel | 6,888,903 | Leased | |
Plant | Oron, Israel | Owned on leased land (on a lease extension process) | ||
Evaportation ponds | Sodom, Israel | 1,603,823K | Salt and carnallite ponds | Lease rights |
Plant | 13,099,679 | Potash products (not including ponds and Magnesium plant) | Owned on leased land | |
Plant | 4,088,800 | Magnesium products | Owned on | |
Plant | 2,326,060 | Owned on leased land | ||
Conveyor belt | 1,970,333 | Transportation facility for | Owned on leased land | |
Pumping stations | ||||
Pumping station for | Owned on leased land |
Plant | 667,362 | Owned on leased land | ||
Feeding canal | 5,974,980 | Part of the pumping system for the Potash segment | Owned on leased land | |
Power plant | 645,856 | Power and steam production for the Potash segment | Owned on leased land |
Warehouse and loading facility | Ashdod, Israel | 664,133 | Warehouse for | |
Owned on leased land | ||||
Beer Sheva, Israel | ||||
Leased | ||||
Plant | Mishor Rotem, Israel | Owned on leased land | ||
Warehouse and loading facility | Eilat, Israel | 152,557 | Warehouse for | |
Owned on leased land | ||||
Headquarters | Tel Aviv, Israel | Company headquarters | Leased | |
Plant | Catalonia, Spain | 48,491,416 | Mines, manufacturing facilities and warehouses for | Owned |
Port/warehouse | Catalonia, Spain | 866,407 | Potash and salt products | Owned on leased land |
Plant | Totana, Spain | 2,210,261 | Owned | |
Plant | Cartagena, Spain | 209,853 | Owned | |
Warehouse and loading facility | Cartagena, Spain | 184,342 | Storage for | Leased |
Plant | ||||
Owned on leased land | ||||
Headquarters | ||||
Leased | ||||
Plant | Kunming, Yunnan, China | |||
Owned | ||||
Plant | Kunming, Yunnan, China | |||
Pumping station | Kunming, Yunnan, China | A pumping station for | ||
Peat Moor | Nutberry and Douglas Water, United Kingdom | 17,760,451 | Peat mine | Owned |
Plant | Cleveland, United Kingdom | 13,239,609 | Owned | |
Warehouse and loading facility | Cleveland, United Kingdom | 2,357,296 | Polysulphate products (Growing Solutions segment) | Owned on leased land |
Peat Moor | Creca, United Kingdom | 4,305,564 | Peat mine | |
Owned | ||||
Plant | Nutberry, United Kingdom | 322,917 | Owned | |
Plant | Daventry, United Kingdom | 81,539 | Growing Solutions products | Owned and leased |
Plant | Terneuzen, the Netherlands | 1,206,527 | Owned | |
Plant & warehouse | Lawford Heath, Rugby | 45,000 | Growing Solutions products | Leased |
Plant | Heerlen, the Netherlands | 481,802 | Owned and leased | |
Plant | Amsterdam, the Netherlands | 349,827 | Owned on leased land | |
European Headquarters | Amsterdam, | 59,055 | Leased | |
Plant | Gallipolis Ferry, West Virginia, United States | 1,742,400 | Owned | |
Plant | Lawrence, Kansas, United States | 179,689 | Owned | |
Plant | Carondelet, Missouri, United States | Owned | ||
Plant | North Charleston, South Carolina, United States | 100,000 | Leased | |
Plant | Summerville, South Carolina, United States | 40,000 | Leased | |
US headquarters | St. Louis, Missouri, United States | US Company headquarters | Leased | |
Plant | Ludwigshafen, Germany | |||
Leased | ||||
Plant | Ladenburg, Germany | 1,569,764 | Owned | |
Plant | Bitterfeld, Germany | 514,031 | Owned | |
Plant | Cajati, Brazil | Owned |
Plant | Sao Jose dos Campos, Brazil | Phosphate plant: 137,573 Blending plant: 80,729 | Owned on | |
Plant | Brazil Cidade Ocidental | 8,275 | Growing Solutions products | Owned |
Plant | Brazil Cruz Alta | 7,499 | Growing Solutions products | Owned |
Plant | Brazil Jacarei I | 879,248 | Growing Solutions products | Owned |
Plant | Brazil Jacarei II | 967,987 | Growing Solutions products | Leased |
Plant | Brazil Maua | 968,751 | Growing Solutions products | Owned |
Plant | Brazil Suzano I | 3,349,186 | Growing Solutions products | Owned |
Plant | Brazil Suzano II | 637,001 | Growing Solutions products | Owned |
Plant | Brazil Uberlandia | 263,716 | Growing Solutions products | Owned |
Plant | Belgium | 128,693 | Owned | |
Plant | Calais, France | Owned | ||
Plant | Bandırma, Turkey | 375,187 | Owned | |
Plant | Hartberg, Austria | 692,937 | Owned | |
Plant | Heatherton, Australia | 64,583 | Leased |
2017 * | 64 | 4 | 68 |
2016 | 58 | 9 | 67 |
2015 * | 101 | 5 | 106 |
Year Ended December 31, | |||
2017 | 2016 | 2015 |
Millions of metric tons produced | 7 | 9 | 9 |
Grade (% P2O5 before/after beneficiation) | 26/32 | 26/32 | 26/32 |
Year Ended December 31, | |||
2017 | 2016 | 2015 | |
thousands of metric tons | thousands of metric tons | thousands of metric tons |
Phosphate Rock | 3,332 | 3,947 | 3,848 |
Green Phosphoric Acid | 575 | 602 | 600 |
Fertilizers | 957 | 890 | 641 |
White Phosphoric Acid | 148 | 161 | 153 |
MKP | 68 | 47 | 52 |
Israel | Out of Israel | Total | ||
Year Ended December 31, | $ millions | NIS millions | $ millions | |
2023 | 170 | 626 | 10 | 180 |
2022 | 95 | 317 | 8 | 103 |
2021 | 75 | 242 | 6 | 81 |
Production Data for ICL Boulby | |||
2023 | 2022 | 2021 | |
Polyhalite hoisted (kt) | 1,028 | 947 | 784 |
Total Polyhalite Production (kt) | 1,009 | 953 | 789 |
Potash Production at Súria Plant, ICL Iberia | |||
2023 | 2022 | 2021 | |
Ore hoisted from Cabanasses mine | 2,795 | 2,928 | 2,534 |
Head Grade % KCl | 24.3% | 25.3% | 26.4% |
KCl Produced (kt) | 601 | 680 | 614 |
Product Grade % KCl | 95.5% | 95.3% | 95.5% |
Total Mine Production of raw ore at Rotem Israel | |||
2023 | 2022 | 2021 | |
Tonnes mined (kt) | 5,770 | 4,488 | 4,893 |
Grade (%P2O5 before / after beneficiation) | 25% / 32% | 26% / 32% | 26% / 32% |
Product Produced after processing at Rotem Israel (kt) | |||
2023 | 2022 | 2021 | |
Phosphate Rock* | 2,309 | 2,170 | 2,431 |
Green Phosphoric Acid | 520 | 508 | 531 |
Fertilizers | 1,033 | 1,044 | 1,082 |
White Phosphoric Acid (WPA) | 150 | 176 | 168 |
Specialty Fertilizers | 78 | 95 | 72 |
DSW Production (kt) | |||
2023 | 2022 | 2021 | |
Potash | 3,819 | 4,011 | 3,900 |
Compacting plant* | 1,737 | 1,561 | 1,858 |
Bromine | 143 | 178 | 182 |
Cast Mg | 17 | 22 | 18 |
Total Mine Production of raw ore at YPH | |||
2023 | 2022 | 2021 | |
Tonnes mined (kt) | 3,646 | 3,223 | 2,656 |
Grade (% P2O5 before/after beneficiation) | 22% / 28% | 22% / 28% | 21% / 28% |
Product Produced after processing at YPH (kt) | |||
2023 | 2022 | 2021 | |
Phosphate Rock * | 2,657 | 2,497 | 2,194 |
Green Phosphoric Acid | 682 | 676 | 673 |
Fertilizers | 609 | 611 | 612 |
White Phosphoric Acid | 95 | 94 | 83 |
Specialty Fertilizers | 113 | 92 | 76 |
Measured Mineral Resources | Indicated Mineral Resources | Measured + Indicated Mineral Resources | Inferred Mineral Resources | |||||
Amount (Mt) | Grades/ qualities | Amount (Mt) | Grades/ qualities | Amount (Mt) | Grades/ qualities | Amount (Mt) | Grades/ qualities |
Commodity: K2O | ||||||||
United Kingdom | - | - | 38.9 | 13.3% | 38.9 | 13.3% | 9.3 | 13.3% |
Boulby | - | - | 38.9 | 13.3% | 38.9 | 13.3% | 9.3 | 13.3% |
Total | - | - | 38.9 | 13.3% | 38.9 | 13.3% | 9.3 | 13.3% |
Commodity: KCl | ||||||||
Spain | 90.0 | 25.8% | 63.6 | 25.0% | 153.6 | 25.5% | 277.9 | 27.4% |
Cabanasses | 77.4 | 25.0% | 54.2 | 23.8% | 131.6 | 24.5% | 247.2 | 27.2% |
Vilafruns | 12.6 | 31.0% | 9.4 | 32.1% | 22.0 | 31.5% | 30.7 | 28.9% |
Israel | 225.0 | 20.0% | 1,500.0 | 20.0% | 1,725.0 | 20.0% | 445.0 | 20.0% |
Mine/Property DSW | 225.0 | 20.0% | 1,500.0 | 20.0% | 1,725.0 | 20.0% | 445.0 | 20.0% |
Total | 315.0 | 21.7% | 1,563.6 | 20.2% | 1,878.6 | 20.4% | 722.9 | 22.8% |
Commodity: P2O5 | ||||||||
Israel | 265.2 | 27.4% | 10.0 | 26.0% | 275.2 | 27.3% | - | - |
Rotem | 265.2 | 27.4% | 10.0 | 26.0% | 275.2 | 27.3% | - | - |
China | 3.0 | 22.3% | 2.3 | 24.0% | 5.3 | 23.0% | 0.2 | 20.0% |
YPH | 3.0 | 22.3% | 2.3 | 24.0% | 5.3 | 23.0% | 0.2 | 20.0% |
Total | 268.2 | 27.3% | 12.3 | 25.6% | 280.5 | 27.2% | 0.2 | 20.0% |
(1) | Mineral Resources are exclusive of Mineral Reserves. |
(2) | Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape, and continuity of the occurrence and on available sampling results. |
(3) | All figures in the above table have been rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(4) | Mineral Resources are classified in accordance with the guidelines of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012) for ICL Boulby, Cabanasses and Vilafruns, and the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021) for Rotem Israel, DSW and YPH. |
Proven Reserves | Probable Reserves | Total Reserves | ||||
Amount (Mt) | Grades/ qualities | Amount (Mt) | Grades/ qualities | Amount (Mt) | Grades/ qualities |
Commodity: K2O | ||||||
United Kingdom | - | - | 7.6 | 13.5% | 7.6 | 13.5% |
ICL Boulby | - | - | 7.6 | 13.5% | 7.6 | 13.5% |
Total | - | - | 7.6 | 13.5% | 7.6 | 13.5% |
Commodity: KCl | ||||||
Spain | 29.3 | 25.2% | 67.0 | 26.2% | 96.3 | 25.9% |
Cabanasses | 29.3 | 25.2% | 67.0 | 26.2% | 96.3 | 25.9% |
Vilafruns | - | - | - | - | - | - |
Israel | 138.5 | 20.0% | - | - | 138.5 | 20.0% |
DSW | 138.5 | 20.0% | - | - | 138.5 | 20.0% |
Total | 167.8 | 20.9% | 67.0 | 26.2% | 234.8 | 22.4% |
Commodity: P2O5 | ||||||
Israel | 34.6 | 26.0% | - | - | 34.6 | 26.0% |
Rotem Israel | 34.6 | 26.0% | - | - | 34.6 | 26.0% |
China | 50.9 | 21.8% | - | - | 50.9 | 21.8% |
YPH | 50.9 | 21.8% | - | - | 50.9 | 21.8% |
Total | 85.5 | 23.5% | - | - | 85.5 | 23.5% |
(1) | The totals contained in the above table have been rounded to reflect the relative uncertainty of the estimates, and numbers may not sum due to rounding. |
Year Ended December 31, | |||
2017 | 2016 | 2015 |
Sallent | |||
Ore processed (in millions of metric tons) | 2 | 2 | 2 |
Grade (% KCl) | 23% | 23% | 23% |
Suria | |||
Ore processed (in millions of metric tons) | 2 | 2 | 2 |
Grade (% KCl) | 24% | 26% | 26% |
Total | |||
Ore processed (in millions of metric tons) | 4 | 4 | 4 |
Year Ended December 31, | |||
2017 | 2016 | 2015 |
Potash Ore (millions of metric tons) | 1 | 2 | 3 |
Grade (% KCl) | 36% | 36% | 33% |
Grade (% insoluble) | 11% | 11% | 13% |
Year Ended December 31, | |||
2017 | 2016 | 2015 |
2023 | 2022 | 2021 | |
Polyhalite hoisted (kt) | 1,028 | 947 | 784 |
Total Polyhalite Production (kt) | 1,009 | 953 | 789 |
Year Ended December 31, | |||
2017 | 2016 | 2015* |
Millions of metric tons produced | 1.95 | 2.20 | 0.57 |
Grade (% P2O5 before/after beneficiation) | 21.3/29.6 | 20.4/29.2 | 22.1/28.3 |
Resources | ||||
Amount (Mt) | Grades / qualities (K2O) | Cut-off grades (K2O) | Metallurgical recovery (K2O) | |
Measured mineral resources | - | - | 12.0% Equivalent | 100% |
Indicated mineral resources | 38.9 | 13.3% | ||
Measured + Indicated mineral resources | 38.9 | 13.3% | ||
Inferred mineral resources | 9.3 | 13.3% |
(1) | Mineral Resources are reported exclusive of any Mineral Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources are reported in accordance with the guidelines of the JORC (2012) Code for Mineral Resources and Ore Reserves. |
(4) | There is no metallurgical plant at Boulby. All material mined, after crushing and screening, is available for sale. |
Amount (Mt) | Grades/ qualities (K2O) | Cut-off grades (K2O) | Metallurgical recovery (K2O) | |
Proven mineral reserves | - | - | 12.0% Equivalent | 100% |
Probable mineral reserves | 7.6 | 13.5% | ||
Total mineral reserves | 7.6 | 13.5% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | The Mineral Reserve estimate for the ICL Boulby deposit is classified in accordance with the JORC (2012) Code for Mineral Resources and Ore Reserves. |
(3) | There is no metallurgical plant at ICL Boulby. All material mined, after crushing and screening, is available for sale. |
Potash Production at Súria Plant, ICL Iberia | |||
2023 | 2022 | 2021 | |
Ore hoisted from Cabanasses mine | 2,795 | 2,928 | 2,534 |
Head Grade % KCl | 24.3% | 25.3% | 26.4% |
KCl Produced (kt) | 601 | 680 | 614 |
Product Grade % KCl | 95.5% | 95.3% | 95.5% |
Year Ended December 31, | |||
2017 | 2016 | 2015* | |
thousands of metric tons | thousands of metric tons | thousands of metric tons |
Phosphate Rock | 1,545 | 1,798 | 569 |
Green Phosphoric Acid | 572 | 617 | 159 |
Fertilizers | 335 | 790 | 149 |
White Phosphoric Acid (TG) | 61 | 37 | - |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades/ qualities (KCI) | |||
Measured mineral resources | 77.4 | 25.0% | 10% | 86.5% |
Indicated mineral resources | 54.2 | 23.8% | ||
Measured + Indicated mineral resources | 131.6 | 24.5% | ||
Inferred mineral resources | 247.2 | 27.2% |
(1) | Mineral Resources are reported exclusive of any Mineral Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Cabanasses have been estimated in accordance with the guidelines of the JORC Code (2012). |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades / qualities (KCI) | |||
Measured mineral resources | 12.6 | 31.0% | 10% | 86.5% |
Indicated mineral resources | 9.4 | 32.1% | ||
Measured + Indicated mineral resources | 22.0 | 31.5% | ||
Inferred mineral resources | 30.7 | 28.9% |
(1) | Mineral Resources are reported exclusive of any Ore Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Vilafruns have been estimated in accordance with the guidelines of the JORC Code (2012). |
Amount (Mt) | Grades/ qualities (KCl) | Cut-off grades (KCl) | Metallurgical recovery (KCl) | |
Proven mineral reserves | 29.3 | 25.2% | 19% | 86.5% |
Probable mineral reserves | 67.0 | 26.2% | ||
Total mineral reserves | 96.3 | 25.9% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves for Cabanasses are classified in accordance with the guidelines of the JORC Code (2012). |
Potash Production at Súria Plant, ICL Iberia | |||
2023 | 2022 | 2021 | |
Ore hoisted from Cabanasses mine | 2,795 | 2,928 | 2,534 |
Head Grade % KCl | 24.3% | 25.3% | 26.4% |
KCl Produced (kt) | 601 | 680 | 614 |
Product Grade % KCl | 95.5% | 95.3% | 95.5% |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades/ qualities (KCI) | |||
Measured mineral resources | 77.4 | 25.0% | 10% | 86.5% |
Indicated mineral resources | 54.2 | 23.8% | ||
Measured + Indicated mineral resources | 131.6 | 24.5% | ||
Inferred mineral resources | 247.2 | 27.2% |
(1) | Mineral Resources are reported exclusive of any Mineral Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Cabanasses have been estimated in accordance with the guidelines of the JORC Code (2012). |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades / qualities (KCI) | |||
Measured mineral resources | 12.6 | 31.0% | 10% | 86.5% |
Indicated mineral resources | 9.4 | 32.1% | ||
Measured + Indicated mineral resources | 22.0 | 31.5% | ||
Inferred mineral resources | 30.7 | 28.9% |
(1) | Mineral Resources are reported exclusive of any Ore Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Vilafruns have been estimated in accordance with the guidelines of the JORC Code (2012). |
Amount (Mt) | Grades/ qualities (KCl) | Cut-off grades (KCl) | Metallurgical recovery (KCl) | |
Proven mineral reserves | 29.3 | 25.2% | 19% | 86.5% |
Probable mineral reserves | 67.0 | 26.2% | ||
Total mineral reserves | 96.3 | 25.9% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves for Cabanasses are classified in accordance with the guidelines of the JORC Code (2012). |
Potash Production at Súria Plant, ICL Iberia | |||
2023 | 2022 | 2021 | |
Ore hoisted from Cabanasses mine | 2,795 | 2,928 | 2,534 |
Head Grade % KCl | 24.3% | 25.3% | 26.4% |
KCl Produced (kt) | 601 | 680 | 614 |
Product Grade % KCl | 95.5% | 95.3% | 95.5% |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades/ qualities (KCI) | |||
Measured mineral resources | 77.4 | 25.0% | 10% | 86.5% |
Indicated mineral resources | 54.2 | 23.8% | ||
Measured + Indicated mineral resources | 131.6 | 24.5% | ||
Inferred mineral resources | 247.2 | 27.2% |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Cabanasses have been estimated in accordance with the guidelines of the JORC Code (2012). |
Rotem | Proven | - | 12 | - | - | 12 | 26% |
Zin | Proven | - | 16 | 14 | 3 | 33 | 25% |
Oron | Proven | 18 | 5 | - | - | 23 | 24% |
Total (Proven) (1) | 18 | 32 | 14 | 3 | 67 |
Resources | Cut-off grades (KCI) | Metallurgical recovery (KCI) | ||
Amount (Mt) | Grades / qualities (KCI) | |||
Measured mineral resources | 12.6 | 31.0% | 10% | 86.5% |
Indicated mineral resources | 9.4 | 32.1% | ||
Measured + Indicated mineral resources | 22.0 | 31.5% | ||
Inferred mineral resources | 30.7 | 28.9% |
(1) | Mineral Resources are reported exclusive of any Ore Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Vilafruns have been estimated in accordance with the guidelines of the JORC Code (2012). |
Amount (Mt) | Grades/ qualities (KCl) | Cut-off grades (KCl) | Metallurgical recovery (KCl) | |
Proven mineral reserves | 29.3 | 25.2% | 19% | 86.5% |
Probable mineral reserves | 67.0 | 26.2% | ||
Total mineral reserves | 96.3 | 25.9% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves for Cabanasses are classified in accordance with the guidelines of the JORC Code (2012). |
Year Ended December 31, | |||
2023 | 2022 | 2021 | |
Tonnes mined (kt) | 5,770 | 4,488 | 4,893 |
Grade (%P2O5 before / after beneficiation) | 25% / 32% | 26% / 32% | 26% / 32% |
Product Produced after processing at Rotem Israel (kt) | |||
2023 | 2022 | 2021 | |
Phosphate Rock* | 2,309 | 2,170 | 2,431 |
Green Phosphoric Acid | 520 | 508 | 531 |
Fertilizers | 1,033 | 1,044 | 1,082 |
White Phosphoric Acid (WPA) | 150 | 176 | 168 |
Specialty Fertilizers | 78 | 95 | 72 |
Category | White Phosphate | Low Organic Phosphate | High Organic & Bituminous Phosphate | Total (Mt) | Average Grade | Cut-off Grades | Metallurgical Recovery | |
(millions of tonnes) | (P2O5) | |||||||
Rotem | Measured | - | - | 156.7 | 156.7 | 27.5% | 25% | 54% |
Indicated | - | - | 10.0 | 10.0 | 26.0% | |||
M + Ind | - | - | 166.7 | 166.7 | 27.4% | |||
Inferred | - | - | - | - | - | |||
Zin | Measured | - | 3.0 | 35.7 | 38.7 | 26.8% | 23% | 56% |
Indicated | - | - | - | - | - | |||
M + Ind | - | 3.0 | 35.7 | 38.7 | 26.8% | |||
Inferred | - | - | - | - | - | |||
Oron | Measured | - | - | 69.8 | 69.8 | 27.5% | 20% | 59% |
Indicated | - | - | - | - | - | |||
M + Ind | - | - | 69.8 | 69.8 | 27.5% | |||
Inferred | - | - | - | - | - | |||
Total | Measured | - | 3.0 | 262.2 | 265.2 | 27.4% | ||
Indicated | - | - | 10.0 | 10.0 | 26.0% | |||
M + Ind | - | 3.0 | 272.2 | 275.2 | 27.3% | |||
Inferred | - | - | - | - | - |
(1) | Mineral Resources are reported exclusive of any Mineral Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Rotem, Zin, and Oron are classified in accordance with the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021). |
(4) | The reported Mineral Resource estimate was constrained by limiting polygons for the purpose of establishing reasonable prospects of economic extraction based on potential mining, metallurgical and processing grade parameters identified by mining, metallurgical and processing studies performed to date on the project. |
• | Oron mine: The life of the mine at Oron is approximately 1.3 years based on a reserve of 3.6 million tonnes of white phosphate and an annual average mining rate of 2.7 million tonnes of white phosphate. The Oron reserves of low organic phosphate can be used as part of the future raw materials for MGA production at ICL Rotem and for other downstream products. |
• | Rotem mine: The life of the mine at Rotem is approximately 2.9 years based on reserves of nominally 5.2 million tonnes of low organic/low magnesium phosphate and an annual average mining rate of 1.8 million tonnes. The low organic, low-magnesium phosphates are suitable for phosphoric acid production. |
• | Zin mine: In mid-2020 the Company discontinued mining and processing activities at Zin, while mine restoration at the site continues. When mining restarts, the life of the mine at Zin is expected to be approximately 6.9 years based on a reserve of 12.4 million tonnes of low organic phosphate and an annual average mining rate of 1.8 million tonnes. The Zin reserves of low organic phosphate can be used as part of future raw materials for MGA production at ICL Rotem and for other downstream products. |
Category | White Phosphate | Low Organic Phosphate | High Organic & Bituminous Phosphate | Total (Mt) | Average Grade | Cut-off Grades | Metallurgical Recovery | |
(millions of tonnes) | (% P2O5) | |||||||
Rotem | Proven | - | 5.2 | 10.7 | 15.9 | 28.1% | 25% | 54% |
Probable | - | - | - | - | ||||
Zin | Proven | - | 12.4 | - | 12.4 | 24.8% | 23% | 56% |
Probable | - | - | - | - | ||||
Oron | Proven | 3.6 | 2.7 | - | 6.3 | 23.3% | 20% | 59% |
Probable | - | - | - | - | ||||
Total | Proven | 3.6 | 20.3 | 10.7 | 34.6 | 26.0% | ||
Probable | - | - | - | - |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves for Rotem, Zin, and Oron are classified in accordance with the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021). |
Cabanasas | Proven | 19 | 26% |
Probable | 56 | 25% | |
Total Proven and Probable | 75 | 25% | |
Vilafruns | Proven | 6 | 24% |
Probable | - | - | |
Total Proven and Probable | 6 | 24% | |
Total(1) | Proven and Probable | 81 | 25% |
Block 1 | Proven | 4 | 21% |
Block 2 | Proven | 6 | 21% |
Block 3 | Proven | 31 | 22% |
Block 4 | Proven | 16 | 22% |
Total (Proven) | 57 |
Production (kt) | |||
2023 | 2022 | 2021 | |
Potash | 3,819 | 4,011 | 3,900 |
Compacting plant* | 1,737 | 1,561 | 1,858 |
Bromine | 143 | 178 | 182 |
Cast Mg | 17 | 22 | 18 |
1. | Determination of the pumping rate of brines from the northern Dead Sea area to the lagoons. |
2. | Determination of expected recovery of product based upon: |
a. | Ability to determine composition and consistency of supply. |
b. | Ability to predict consistency of evaporation and mineral precipitation. |
c. | Ability to predict consistency of the split into various products. |
3. | Determination of Mineral Resource classification is based upon: |
a. | Any variation in the supply composition. |
b. | Any variation in the return flow of brines to the northern Dead Sea basin to assess efficiency and consistency of process. |
c. | Variation in the precipitation of mineral amounts. |
d. | Accuracy of sonar measurements in determining reconciliation. |
4. | Consideration of the length of the extraction license held by ICL. |
5. | Assessment of potential changes to any of the above factors during the remaining length of the license. |
Classification | Product | Amount (Mt) | Grades/ qualities (KCl) | Cut-off grades (KCl) | Metallurgical recovery (KCl) |
Measured | KCl | 225 | 20% | n/a | 100% |
Indicated | KCl | 1,500 | 20% | ||
Measured + Indicated | KCl | 1,725 | 20% | ||
Inferred | KCl | 445 | 20% | ||
Total | KCl | 2,170 | 20% |
(1) | Potential brine volume is based upon the dynamic brine chemistry, estimated pumping rate from the Northern Dead Sea Basin multiplied by the potential extraction period until the year 2133. |
(2) | Mineral Resources are reported exclusive of any Mineral Reserves. |
(3) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(4) | Mineral Resources for the DSW are classified in accordance with the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021). |
Amount (Mt) | Grades/qualities (KCl) | Cut-off grades (KCl) | Metallurgical recovery (KCl) | |
Proven mineral reserves | 138.5 | 20% | n/a | 100% |
Probable mineral reserves | - | - | ||
Total mineral reserves | 138.5 | 20% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves for the DSW are classified in accordance with the guidelines of the PERC Code (2021). |
• | Grade I (highest grade) > 30% P2O5 - This category of phosphate is weathered and most of the carbonates have been dissolved. It is soft and easy to mine, requiring no blasting. However, its occurrence is in small patches, requiring highly selective mining. This category comprises less than 10% of the Haikou deposit and is fed directly to the scrubbing plant for processing. |
• | Grade II 24%-30% P2O5 – Harder phosphate material requiring blasting and crushing prior to further processing at the scrubbing plant. This category comprises around 25% of the Haikou deposit. |
• | Grade III 15%-24% P2O5 – This is the hardest rock and requires blasting, crushing, and grinding before further processing. |
Year Ended December 31 | |||
2023 | 2022 | 2021 | |
Tonnes mined (kt) | 3,646 | 3,223 | 2,656 |
Grade (% P2O5 before/after beneficiation) | 22% / 28% | 22% / 28% | 21% / 28% |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
Product Produced after processing at Haikou (kt) | |||
2023 | 2022 | 2021 | |
Phosphate Rock * | 2,657 | 2,497 | 2,194 |
Green Phosphoric Acid | 682 | 676 | 673 |
Fertilizers | 609 | 611 | 612 |
White Phosphoric Acid | 95 | 94 | 83 |
Specialty Fertilizers | 113 | 92 | 76 |
Measured | Indicated | Measured + Indicated | Inferred | Cut-off Grades | Metallurgical Recovery | |||||
Mining Area | Mt | (P2O5) | Mt | (P2O5) | Mt | (P2O5) | Mt | (P2O5) | (P2O5) | |
Block 1 and 2 | 0.7 | 23.0% | 0.02 | 22.4% | 0.7 | 23.0% | - | - | 15% | 89.3% |
Block 3 | 1.6 | 22.0% | 2.2 | 24.1% | 3.8 | 23.2% | - | - | ||
Block 4 | 0.7 | 22.4% | 0.2 | 23.1% | 0.9 | 22.5% | 0.2 | 20.0% | ||
Total | 3.0 | 22.3% | 2.3 | 24.0% | 5.3 | 23.0% | 0.2 | 20.0% |
(1) | Mineral Resources are reported on a dry in-situ basis and are exclusive of Mineral Reserves. |
(2) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(3) | Mineral Resources for Haikou are classified in accordance with the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021). |
(4) | The reported Mineral Resource estimate was constrained by limiting polygons for the purpose of establishing reasonable prospects of economic extraction based on potential mining, metallurgical and processing grade parameters identified by mining, metallurgical and processing studies performed to date on the project. A minimum cut-off grade of 15% P2O5 has been applied for reporting purposes. |
Category | Low Organic Phosphate (Mt) | Average Grade (P2O5) | Cut-off Grades (P2O5) | Metallurgical Recovery (P2O5) | |
Block 1+ 2 | Proven | 5.7 | 21.9% | 15% | 89.3% |
Probable | - | - | |||
Block 3 | Proven | 34.9 | 22.0% | ||
Probable | - | - | |||
Block 4 | Proven | 10.3 | 21.0% | ||
Probable | - | - | |||
Total | Proven | 50.9 | 21.8% | ||
Probable | - | - |
(1) | All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not sum due to rounding. |
(2) | Mineral Reserves reported on a dry basis delivered to the processing plant primary crusher. |
(3) | Mineral Reserves for Haikou are classified in accordance with the Pan European Reserves and Resources Reporting Committee (PERC) Standard for Reporting of Exploration Results (2021). |
A. | OPERATING RESULTS |
Year Ended December 31, | $ millions | NIS millions |
2023 | 652 | 2,399 |
2022 | 1,488 | 4,988 |
2021 | 507 | 1,636 |
Average prices | 2023 | 2022 | VS 2022 | |
Granular potash – Brazil | CFR spot ($ per tonne) | 392 | 857 | (54.3)% |
Granular potash – Northwest Europe | CIF spot/contract (€ per tonne) | 496 | 793 | (37.5)% |
Standard potash – Southeast Asia | CFR spot ($ per tonne) | 381 | 785 | (51.5)% |
Potash imports | ||||
To Brazil | million tonnes | 13.2 | 11.1 | 18.9% |
To China | million tonnes | 11.7 | 7.9 | 48.1% |
To India | million tonnes | 2.8 | 2.3 | 21.7% |
Average prices | $ per tonne | 2023 | 2022 | VS 2022 |
DAP | CFR India Spot | 569 | 876 | (35)% |
TSP | CFR Brazil Spot | 434 | 802 | (46)% |
SSP | CPT Brazil inland 18-20% P2O5 Spot | 290 | 436 | (33)% |
Sulphur | Bulk FOB Adnoc monthly contract | 104 | 280 | (63)% |
For the Years Ended December 31, | % Increase (Decrease) | ||
2023 | 2022 | ||
$ millions | $ millions |
Sales | 7,536 | 10,015 | (25)% |
Cost of sales | 4,865 | 4,983 | (2)% |
Gross profit | 2,671 | 5,032 | (47)% |
Selling, transport and marketing expenses | 1,093 | 1,181 | (7)% |
General and administrative expenses | 260 | 291 | (11)% |
Research and development expenses | 71 | 68 | 4% |
Other expenses | 128 | 30 | 327% |
Other income | (22) | (54) | (59)% |
Operating income | 1,141 | 3,516 | (68)% |
Finance expenses | 259 | 327 | (21)% |
Finance income | (91) | (214) | (57)% |
Finance expenses, net | 168 | 113 | 49% |
Share in earnings of equity-accounted investees | 1 | 1 | - |
Income before taxes on income | 974 | 3,404 | (71)% |
Taxes on income | 287 | 1,185 | (76)% |
Net income | 687 | 2,219 | (69)% |
Net income attributable to the non-controlling interests | 40 | 60 | (33)% |
Net income attributable to the shareholders of the Company | 647 | 2,159 | (70)% |
Earnings per share attributable to the shareholders of the Company: | |||
Basic earnings per share (in dollars) | 0.50 | 1.68 | (70)% |
Diluted earnings per share (in dollars) | 0.50 | 1.67 | (70)% |
For the Years Ended December 31, | % Increase (Decrease) | ||
2017 | 2016 | ||
$ millions | $ millions |
Sales | 5,418 | 5,363 | 1% |
Cost of sales | 3,746 | 3,703 | 1% |
Gross profit | 1,672 | 1,660 | 1% |
Selling, transport and marketing expenses | 746 | 722 | 3% |
General and administrative expenses | 261 | 321 | (19)% |
Research and development expenses | 55 | 73 | (25)% |
Other expenses | 90 | 618 | (85)% |
Other income | (109) | (71) | 54% |
Operating income (loss) | 629 | (3) | - |
Finance expenses, net | 124 | 132 | (6)% |
Share in earnings of equity-accounted investees | - | 18 | - |
Income (loss) before income taxes | 505 | (117) | - |
Provision for income taxes | 158 | 55 | 187% |
Net income (loss) | 347 | (172) | - |
Net income (loss) attributable to the shareholders of the Company | 364 | (122) | - |
Earnings (loss) per share attributable to the shareholders of the Company: | |||
Basic earnings (loss) per share (in dollars) | 0.29 | (0.10) | - |
Diluted earnings (loss) per share (in dollars) | 0.29 | (0.10) | - |
Sales | Expenses | Operating income | ||
$ millions |
YTD 2022 figures | 10,015 | (6,499) | 3,516 | |
Total adjustments YTD 2022* | - | (7) | (7) | |
Adjusted YTD 2022 figures | 10,015 | (6,506) | 3,509 | |
Quantity | (277) | 87 | (190) | |
Price | (2,202) | - | (2,202) | |
Exchange rates | - | 59 | 59 | |
Raw materials | - | 136 | 136 | |
Energy | - | (3) | (3) | |
Transportation | - | 63 | 63 | |
Operating and other expenses | - | (154) | (154) | |
Adjusted YTD 2023 figures | 7,536 | (6,318) | 1,218 | |
Total adjustments YTD 2023* | - | (77) | (77) | |
YTD 2023 figures | 7,536 | (6,395) | 1,141 |
- |
- | Cost of sales – Cost of sales decreased by $118 million compared to 2022. The decrease was |
- |
- | General and administrative – Expenses decreased by $31 million compared to 2022, mainly due to lower labor costs and the depreciation of the average exchange rate of the Israeli shekel against the US dollar. |
- | Research and Development – Expenses increased by $3 million compared to 2022, mainly due to higher labor costs expenses, partially offset by the depreciation of the average exchange rate of the Israeli shekel against the US dollar. |
- | Other expenses, net – Other expenses, net, increased by $130 million compared to 2022. The increase was primarily due to write-off of assets and provisions for early retirement related to restructuring at certain sites, as well as charges relating to the security situation in Israel. |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
Europe | 2,332 | 2,809 |
Asia | 1,744 | 2,743 |
South America | 1,665 | 2,315 |
North America | 1,351 | 1,577 |
Rest of the world | 444 | 571 |
Total | 7,536 | 10,015 |
Year Ended December 31, | ||
2017 | 2016 | |
$ millions | $ millions |
Europe | 1,918 | 1,863 |
Asia | 1,342 | 1,275 |
North America | 1,175 | 1,141 |
South America | 666 | 588 |
Rest of the world | 317 | 496 |
Total | 5,418 | 5,363 |
- | Europe – The decrease in sales was primarily due to lower selling prices of potash, specialty agriculture and FetrilizerpluS products and phosphate fertilizers, as well as lower selling prices and sales volumes of bromine and phosphorous-based flame retardants, phosphate-based industrial solutions, white phosphoric acid (WPA) and salts, together with lower sales volumes of turf and ornamental products, bromine-based industrial solutions, specialty minerals, magnesium and phosphate-based food additives. This was partially offset by higher sales volumes of potash, specialty agriculture and FertilizerpluS products and phosphate fertilizers, as well as higher selling prices of bromine-based industrial solutions, specialty minerals, turf and ornamental products and phosphate-based food additives. |
- | Asia – The decrease in sales was primarily due to lower selling prices and sales volumes of potash, bromine-based flame retardant, bromine-based industrial solutions, phosphate fertilizers, MAP used as raw materials for energy storage solutions, salts and WPA, as well as a decrease in sales volumes of FertilizerpluS products and phosphate-based food additives, together with a negative impact resulting from the depreciation of the average exchange rate of the Chinese yuan against the US dollar. The decrease was partially offset by higher sales volumes of specialty agriculture products, as well as higher selling prices and sales volumes of phosphorous-based industrial solutions. |
- | South America – The decrease in sales was primarily due to lower selling prices of potash, phosphate fertilizers, as well as specialty agriculture and FertilizerpluS products, together with lower sales volumes of WPA and phosphate-based food additives. The decrease was partially offset by higher sales volumes of phosphate fertilizers, potash, specialty agriculture and FertilizerpluS products, together with higher selling prices of phosphate-based food additives and a positive impact resulting from the appreciation of the Brazilian real against the US dollar. |
- | North America – The decrease in sales was primarily due to lower sales volumes and selling prices of phosphorous and bromine-based flame retardants and potash, as well as lower selling prices of phosphate fertilizers and specialty agriculture products, together with lower sales volumes of magnesium, phosphate-based food additives and salt, as well as turf and ornamental products. This was partially offset by higher sales volumes and selling prices of WPA, as well as higher sales volumes of clear brine fluids, phosphate fertilizers, specialty agriculture and FertilizerpluS products, together with higher selling prices of phosphate-based food additives, salts, magnesium, and phosphorous-based industrial solutions. |
- | Rest of the world – The decrease in sales was primarily due to lower sales volumes and selling prices of potash, FertilizerpluS products, phosphate fertilizers, bromine-based flame retardants and WPA, as well as lower selling prices of specialty agriculture products and lower sales volumes of magnesium, together with a negative impact resulting from the depreciation of the average exchange rate of the Israeli shekel against the US dollar. This was partially offset by higher sales volumes and selling prices of clear brine fluids, as well as higher sales volumes of specialty agriculture products. |
2017 | 2016 | |
$ millions | $ millions |
Industrial Products | 1,193 | 1,120 |
Sales to external customers | 1,179 | 1,111 |
Sales to internal customers | 14 | 9 |
Advanced Additives* | 877 | 798 |
Sales to external customers | 824 | 732 |
Sales to internal customers | 53 | 66 |
Food Specialties | 596 | 659 |
Sales to external customers | 585 | 650 |
Sales to internal customers | 11 | 9 |
Setoffs | (16) | (24) |
Total segment sales | 2,650 | 2,553 |
Operating income attributable to the segment | 554 | 534 |
2023 | 2022 | |
$ millions | $ millions |
Segment Sales | 1,227 | 1,766 |
Sales to external customers | 1,206 | 1,737 |
Sales to internal customers | 21 | 29 |
Segment Operating Income | 220 | 628 |
Depreciation and amortization | 57 | 61 |
Segment EBITDA | 277 | 689 |
Capital expenditures | 91 | 90 |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
Europe | 430 | 572 |
Asia | 361 | 664 |
North America | 341 | 395 |
South America | 23 | 36 |
Rest of the world | 51 | 70 |
Total | 1,206 | 1,737 |
Year Ended December 31, | ||
2017 | 2016 | |
$ millions | $ millions |
North America | 917 | 883 |
Europe | 884 | 807 |
Asia | 521 | 426 |
South America | 177 | 182 |
Rest of the world | 151 | 255 |
Total | 2,650 | 2,553 |
$ millions |
Total sales YTD 2016 | 1,120 | 798 | 659 | (24) | 2,553 | |
Quantity | 57 | 85 | (67) | 7 | 82 | |
Price | 12 | (7) | (1) | - | 4 | |
Exchange rate | 4 | 1 | 5 | 1 | 11 | |
Total sales YTD 2017 | 1,193 | 877 | 596 | (16) | 2,650 |
YTD 2022 figures | 1,766 | (1,138) | 628 | |
Quantity | (325) | 132 | (193) | |
Price | (216) | - | (216) | |
Exchange rates | 2 | 19 | 21 | |
Raw materials | - | (17) | (17) | |
Energy | - | (6) | (6) | |
Transportation | - | 22 | 22 | |
Operating and other expenses | - | (19) | (19) | |
YTD 2023 figures | 1,227 | (1,007) | 220 |
- | Quantity – |
- | Price – The negative impact on operating income was due to lower selling prices of bromine and |
- |
- | Raw materials – The negative impact on operating income was due to increased costs of raw materials. |
- | Energy – The negative impact on operating income was due to higher prices of electricity and gas. |
- | Transportation – The positive impact on operating income was due to lower marine transportation costs, partially offset by higher costs of inland transportation. |
- | Operating and other expenses – The negative impact on operating income was primarily related to higher maintenance and operational costs. |
2023 | 2022 | |
$ millions | $ millions |
Segment Sales | 2,182 | 3,313 |
Potash sales to external customers | 1,693 | 2,710 |
Potash sales to internal customers | 129 | 184 |
Other and eliminations (1) | 360 | 419 |
Gross Profit | 1,171 | 2,292 |
Segment Operating Income | 668 | 1,822 |
Depreciation and amortization | 175 | 166 |
Segment EBITDA | 843 | 1,988 |
Capital expenditures | 384 | 346 |
Potash price - CIF ($ per tonne) | 393 | 682 |
(1) | Primarily includes salt produced in Spain, metal magnesium-based products, chlorine, and sales of excess electricity produced by ICL’s power plant at the Dead Sea in Israel. |
2017 | 2016 | |
$ millions | $ millions |
Potash & Magnesium | 1,383 | 1,338 |
Sales to external customers | 1,258 | 1,213 |
Sales to internal customers | 125 | 125 |
Phosphate | 1,052 | 1,163 |
Sales to external customers | 860 | 966 |
Sales to internal customers | 192 | 197 |
Specialty Fertilizers | 692 | 661 |
Sales to external customers | 671 | 632 |
Sales to internal customers | 21 | 29 |
Setoffs | (119) | (126) |
Total segment sales | 3,008 | 3,036 |
Operating income attributable to the segment | 359 | 398 |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
Asia | 539 | 1,008 |
Europe | 529 | 571 |
South America | 523 | 937 |
North America | 260 | 365 |
Rest of the world | 122 | 150 |
Total | 1,973 | 3,031 |
Year Ended December 31, | ||
2017 | 2016 | |
$ millions | $ millions |
Europe | 1,005 | 1,029 |
Asia | 879 | 889 |
South America | 496 | 416 |
North America | 265 | 254 |
Rest of the world | 363 | 448 |
Total | 3,008 | 3,036 |
$ millions |
Total sales YTD 2016 | 1,338 | 1,163 | 661 | (126) | 3,036 | |
Quantity | 1 | (73) | 46 | 8 | (18) | |
Price | 41 | (37) | (12) | (1) | (9) | |
Exchange rate | 3 | (1) | (3) | - | (1) | |
Total sales YTD 2017 | 1,383 | 1,052 | 692 | (119) | 3,008 |
YTD 2022 figures | 3,313 | (1,491) | 1,822 | |
Quantity | 35 | (19) | 16 | |
Price | (1,167) | - | (1,167) | |
Exchange rates | 1 | 11 | 12 | |
Raw materials | - | 3 | 3 | |
Energy | - | 19 | 19 | |
Transportation | - | 33 | 33 | |
Operating and other expenses | - | (70) | (70) | |
YTD 2023 figures | 2,182 | (1,514) | 668 |
- | Quantity – The positive impact on operating income was primarily related to higher sales volumes of potash to China, Europe and Brazil, partially offset by lower sales volumes to India and the |
- | Price – The negative impact on operating income resulted primarily from a decrease of $289 in |
- |
Phosphate rock | ||
Production of rock | 4,877 | 5,744 |
Sales * | 498 | 1,032 |
Phosphate rock used for internal purposes | 4,300 | 4,099 |
Phosphate fertilizers | ||
Production | 2,094 | 2,725 |
Sales * | 2,291 | 2,645 |
- |
Sales to external customers | 1,181 | 1,134 |
Sales to internal customers * | 149 | 151 |
Total sales | 1,330 | 1,285 |
Gross profit | 555 | 513 |
Operating income attributable to potash business | 303 | 291 |
CAPEX | 256 | 305 |
Depreciation and amortization | 121 | 119 |
Average potash selling price per tonne - FOB (in $) | 219 | 211 |
Operating and other | ||
was primarily related to higher maintenance and operational costs. |
Thousands of Tonnes |
Production | 4,773 | 5,279 | 4,420 | 4,691 |
Sales to external customers | 4,687 | 4,818 | ||
Sales to internal customers | 352 | 347 | ||
Total sales (including internal sales) | 5,039 | 5,165 | 4,683 | 4,499 |
Closing inventory | 400 | 666 | 284 | 547 |
- | Production– |
- | Sales |
For the Years Ended December 31, | % Increase (Decrease) | ||
2016 | 2015 | ||
$ millions | $ millions | sales |
Sales | 5,363 | 5,405 | (1)% |
Cost of sales | 3,703 | 3,602 | 3% |
Gross profit | 1,660 | 1,803 | (8)% |
Selling, transport and marketing expenses | 722 | 653 | 11% |
General and administrative expenses | 321 | 350 | (8)% |
Research and development expenses | 73 | 74 | (1)% |
Other expenses | 618 | 211 | 193% |
Other income | (71) | (250) | (72)% |
Operating income (loss) | (3) | 765 | - |
Finance expenses, net | 132 | 108 | 22% |
Share in earnings of equity-accounted investees | 18 | 11 | 64% |
Income (loss) before income taxes | (117) | 668 | - |
Provision for income taxes | 55 | 162 | - |
Net income (loss) | (172) | 506 | - |
Net income (loss) attributable to the shareholders of the Company | (122) | 509 | - |
Earnings (loss) per share attributable to the shareholders of the Company: | |||
Basic earnings (loss) per share (in dollars) | (0.10) | 0.40 | - |
Diluted earnings (loss) per share (in dollars) | (0.10) | 0.40 | - |
2023 | 2022 | |
$ millions | $ millions |
Segment Sales | 2,483 | 3,106 |
Sales to external customers | 2,274 | 2,851 |
Sales to internal customers | 209 | 255 |
Segment Operating Income | 329 | 777 |
Depreciation and amortization* | 221 | 189 |
Segment EBITDA | 550 | 966 |
Phosphate specialties EBITDA | 277 | 436 |
Phosphate commodities EBITDA | 273 | 530 |
Capital expenditures | 272 | 259 |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
Europe | 615 | 778 |
North America | 613 | 654 |
Asia | 576 | 787 |
South America | 367 | 493 |
Rest of the world | 103 | 139 |
Total | 2,274 | 2,851 |
Year Ended December 31, | ||
2016 | 2015 | |
$ millions | $ millions |
Europe | 1,863 | 2,012 |
Asia | 1,275 | 1,118 |
North America | 1,141 | 1,253 |
South America | 588 | 585 |
Rest of the world | 496 | 437 |
Total | 5,363 | 5,405 |
Expenses | Operating income | |||
$ millions |
YTD 2022 figures | 3,106 | (2,329) | 777 | |
Quantity | (211) | 122 | (89) | |
Price | (393) | - | (393) | |
Exchange rates | (19) | 42 | 23 | |
Raw materials | - | 74 | 74 | |
Energy | - | (15) | (15) | |
Transportation | - | 7 | 7 | |
Operating and other expenses | - | (55) | (55) | |
YTD 2023 figures | 2,483 | (2,154) | 329 |
- | Quantity – The negative impact on operating income was due to lower sales volumes of white phosphoric acid (WPA), salts, phosphate-based food additives and MAP used as raw materials for energy storage solutions. This was partially offset by higher sales volumes of phosphate fertilizers. |
- | Price – The negative impact on operating income primarily related to lower selling prices of phosphate |
- |
- |
- | Energy – The negative impact on operating income was due to increased electricity and gas prices, mainly in Europe and the US. |
- | Transportation – The positive impact on operating income was due to lower marine and inland costs. |
- | Operating and other expenses |
2016 | 2015 | |
$ millions | $ millions |
Industrial Products | 1,120 | 1,034 |
Sales to external customers | 1,111 | 1,020 |
Sales to internal customers | 9 | 14 |
Advanced Additives* | 798 | 781 |
Sales to external customers | 732 | 697 |
Sales to internal customers | 66 | 84 |
Food Specialties | 659 | 613 |
Sales to external customers | 650 | 602 |
Sales to internal customers | 9 | 11 |
Setoffs | (24) | (34) |
Total segment sales | 2,553 | 2,394 |
Operating income attributable to the segment | 534 | 451 |
2023 | 2022 | |
$ millions | $ millions |
Segment Sales | 2,073 | 2,422 |
Sales to external customers | 2,047 | 2,376 |
Sales to internal customers | 26 | 46 |
Segment Operating Income | 51 | 378 |
Depreciation and amortization | 68 | 70 |
Segment EBITDA | 119 | 448 |
Capital expenditures | 92 | 101 |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
South America | 752 | 849 |
Europe | 741 | 873 |
Asia | 255 | 284 |
North America | 135 | 162 |
Rest of the world | 164 | 208 |
Total | 2,047 | 2,376 |
Year Ended December 31, | ||
2016 | 2015 | |
$ millions | $ millions |
North America | 883 | 904 |
Europe | 807 | 797 |
Asia | 426 | 278 |
South America | 182 | 203 |
Rest of the world | 255 | 212 |
Total | 2,553 | 2,394 |
Sales | Expenses | Operating income | ||||
$ millions |
YTD 2022 figures | 2,422 | (2,044) | 378 | |
Quantity | 106 | (56) | 50 | |
Price | (470) | - | (470) | |
Exchange rates | 15 | (26) | (11) | |
Raw materials | - | 131 | 131 | |
Energy | - | (2) | (2) | |
Operating and other expenses | - | (25) | (25) | |
YTD 2023 figures | 2,073 | (2,022) | 51 |
Total sales YTD 2015 | 1,034 | 781 | 613 | (34) | 2,394 | |
Quantity | 101 | 36 | 44 | 6 | 187 | |
Price | (17) | (17) | 8 | 4 | (22) | |
Exchange rate | 2 | (2) | (6) | - | (6) | |
Total sales YTD 2016 | 1,120 | 798 | 659 | (24) | 2,553 |
- | Quantity – |
- | Price –The negative impact on operating income was due to lower selling prices across most business lines, mainly specialty agriculture and FertilizerpluS products. This was partially offset by higher selling prices of Turf and Ornamental products. |
- | Exchange rates – The unfavorable impact on operating income was mainly due to the negative impact on operational costs resulting from the appreciation of the average exchange rate of the Brazilian real and the euro against the US dollar, which was partially offset by a negative impact on sales, resulting from the above mentioned appreciation, together with a |
2016 | 2015 | |
$ millions | $ millions |
Potash & Magnesium | 1,338 | 1,515 |
Sales to external customers | 1,213 | 1,384 |
Sales to internal customers | 125 | 131 |
Phosphate | 1,163 | 1,064 |
Sales to external customers | 966 | 864 |
Sales to internal customers | 197 | 200 |
Specialty Fertilizers | 661 | 680 |
Sales to external customers | 632 | 656 |
Sales to internal customers | 29 | 24 |
Setoffs | (126) | (144) |
Total segment sales | 3,036 | 3,115 |
Operating income attributable to the segment | 398 | 885 |
Year Ended December 31, | ||
2016 | 2015 | |
$ millions | $ millions |
Europe | 1,029 | 1,150 |
Asia | 889 | 829 |
South America | 416 | 381 |
North America | 254 | 280 |
Rest of the world | 448 | 475 |
Total | 3,036 | 3,115 |
Total sales YTD 2015 | 1,515 | 1,064 | 680 | (144) | 3,115 | |
Quantity | 204 | 290 | 24 | 10 | 528 | |
Price | (366) | (185) | (39) | 8 | (582) | |
Exchange rate | (15) | (6) | (4) | - | (25) | |
Total sales YTD 2016 | 1,338 | 1,163 | 661 | (126) | 3,036 |
Raw materials – The positive impact on operating income |
Operating and other | ||
was mainly related to higher maintenance and operational costs. |
Phosphate rock | ||
Production of rock | 5,744 | 4,417 |
Sales * | 1,032 | 1,635 |
Phosphate rock used for internal purposes | 4,099 | 2,767 |
Phosphate fertilizers | ||
Production | 2,725 | 1,639 |
Sales * | 2,645 | 1,566 |
Sales to external customers | 1,134 | 1,292 |
Sales to internal customers * | 151 | 157 |
Total sales | 1,285 | 1,449 |
Gross profit | 513 | 660 |
Operating income attributable to potash business | 291 | 645 |
CAPEX | 305 | 281 |
Depreciation and amortization | 119 | 102 |
Average potash selling price per tonne - FOB (in $) | 211 | 280 |
Production | 5,279 | 4,195 |
Sales to external customers | 4,818 | 4,181 |
Sales to internal customers | 347 | 375 |
Total sales (including internal sales) | 5,165 | 4,556 |
Closing inventory | 666 | 552 |
Year Ended December 31, | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Net cash provided by operating activities | 847 | 966 | 573 |
Net cash used in investing activities | (333) | (800) | (547) |
Net cash provided by (used in) financing activities | (511) | (239) | 15 |
Year Ended December 31, | ||
2023 | 2022 | |
$ millions | $ millions |
Net cash provided by operating activities | 1,595 | 2,025 |
Net cash used in investing activities | (863) | (754) |
Net cash used in financing activities | (712) | (1,303) |
• | Enhancement of micronutrients solutions and sulfur fertilizer formulations. |
• | Development of fertilizers with higher agronomic nutrient efficiency. |
• | Development of customized formulations tailored to meet specific customer requirements. |
Issuer | European bank | Group of eleven international banks | American bank | European bank |
Date of the credit facility | March 2014 | March 2015 | March 2016 | December 2016 |
Date of credit facility termination | March 2020 | March 2022* | March 2022* | June 2023 |
The amount of the credit facility | USD 35 million, Euro 60 million* | USD 1,705 million | USD 150 million | USD 136 million |
Credit facility has been utilized | - | USD 530 million** | - | - |
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | Up to 33% use of the credit: Libor + 0.65%. From 33% to 66% use of the credit: Libor + 0.75%. 66% or more use of the credit: Libor + 0.95% | Libor +0.75% |
Loan currency type | USD and euro loans | USD and euro loans | USD loans | USD loans |
Pledges and restrictions | Financial covenants – see Note 16 Section D to the accompanying financial statements, a cross-default mechanism and a negative pledge. | Financial covenants - see Note 16 Section D to the accompanying financial statements, a cross-default mechanism and a negative pledge. | Financial covenants - see Note 16 Section D to the accompanying financial statements, a cross-default mechanism and a negative pledge. | Financial covenants - see Note 16 Section D to the accompanying financial statements, and a negative pledge. |
Non-utilization fee | 0.32% | 0.21% | 0.19% | 0.30% |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount 31 December, 2017 $ millions | Interest rate | Principal repayment date | Additional information |
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 76 | 4.94% | 2015-2024 (annual installment) | Partially prepaid |
Debentures (private offering) – 3 series | January 2014 | 84 145 46 | U.S Dollar | 84 145 46 | 4.55% 5.16% 5.31% | January 2021 January 2024 January 2026 | |
Loan-international institutions | July 2014 | 27 | Euro | 26 | 2.33% | 2019-2024 | Partially prepaid |
Debentures-Series D | December 2014 | 800 | U.S Dollar | 792 | 4.50% | December, 2024 | (1) |
Loan-European Bank | December 2014 | 161 | Brazilian Real | 30 | CDI+1.35% | 2015-2021 (Semi annual installment) | |
Loan from a European Bank | December 2015, December 2013 | 129 | U.S Dollar | 129 | Libor+1.40% | December 2019 | |
Debentures-Series E | April 2016 | 1,569 | Israeli Shekel | 449 | 2.45% | 2021- 2024 (annual installment) | (2) |
Loan - others | April - October, 2016 | 600 | Chinese Yuan Renminbi | 92 | 5.23% | 2019 | |
Loan - Asian Banks | June - October, 2017 | 700 | Chinese Yuan Renminbi | 108 | 4.72% | 2018 | |
Loan - Asian Bank | October, 2017 | 400 | Chinese Yuan Renminbi | 61 | CNH Hibor + 0.50% | April 2018 | |
Loan - Parent Company | November - December, 2017 | 175 | U.S Dollar | 175 | 1.81% | 2018 | See Note 26D |
Credit from banks and others (not including current maturities) | 822 | 822 | - | - | - |
Trade payables | 790 | 790 | - | - | - |
Other payables | 310 | 310 | - | - | - |
Operating lease obligations | 347 | 50 | 51 | 104 | 142 |
Purchase obligations(1) | 794 | 454 | 89 | 251 | - |
Employee Benefits | 668 | 28 | 106 | 165 | 369 |
Long-term debt and debentures | 2,890 | 102 | 345 | 1,085 | 1,358 |
Total | 6,621 | 2,556 | 591 | 1,605 | 1,869 |
Financial liabilities – derivative instruments utilized for economic hedging | |||||
Foreign currency and interest derivative instruments | 6 | 3 | - | - | 3 |
6 | 3 | - | - | 3 |
A. | DIRECTORS AND OFFICERS |
Name | Age | Commencement date as director | Director Qualification | Financial Expertise | Membership in Board Committees | ||
Under the Israeli Companies Law | Under the NYSE rules | Under the Israeli Companies Law | Under the SEC rules | ||||
Yoav Doppelt (Executive Chairman of the Board) | 55 | December 2018 and as CoB since July 2019 | (1) | - | - | ||
Aviad Kaufman | 53 | March 2014 | (1) | Financial Expert | - | Financing Committee (member) | |
Avisar Paz | 67 | April 2001 | (1) | Financial Expert | - | Financing Committee (member) | |
Lior Reitblatt | 66 | November 2017 | Independent Director | Independent Director | Financial Expert | Audit Committee Financial Expert | Audit & Accounting Committee (member) Compensation Committee (member) |
Reem Aminoach | 62 | March 2017 | (2) | Independent Director | Financial Expert | - | Climate, Sustainability & Community Committee (member) |
Sagi Kabla | 47 | February 2016 | (1) | Financial Expert | - | Financing Committee (Chair) Climate, Sustainability & Community Committee (member) | |
Tzipi Ozer Armon | 58 | January 2020 | Independent Director | Independent Director | Financial Expert | - | - |
Gadi Lesin | 56 | March 2021 | Independent Director | Independent Director | Financial Expert | Audit Committee Financial Expert | Audit & Accounting Committee (member) Climate, Sustainability & Community Committee (member) |
Dr. Miriam Haran | 74 | July 2021 | External Director | Independent Director | Financial Expert | Audit Committee Financial Expert | Audit & Accounting Committee (member) Compensation Committee (Chair) Climate, Sustainability & Community Committee (Cahir) |
Dafna Gruber | 58 | January 2022 | External Director | Independent Director | Financial Expert | Audit Committee Financial Expert | Audit & Accounting Committee (Chair) Compensation Committee (member) Financing Committee (member) |
Michal Silverberg | 47 | July 2022 | (2) | Independent Director | Financial Expert | - | - |
Shalom Shlomo | 46 | January 2024 | Independent Director | Independent Director | - | - | - |
Mr. |
Name | Age | Position |
Amir Meshulam(1) | Senior Vice President, Global Internal Auditor | |
Anantha N. Desikan | 56 | Executive Vice President, ICL |
64 | Chief Financial Officer | |
Elad Aharonson | 50 | Executive Vice President, ICL |
Executive Vice President, Chief People Officer | ||
Lilach Geva-Harel | 47 | EVP, Chief Legal and Sustainability Officer |
Meir Mergi | 61 | President, Potash Division |
Miri Mishor | 60 | Executive Vice President, Global Information Technology |
Noam Goldstein | 63 | Executive Vice President, Chief Risk Officer, Operational Excellence, Energy Activity |
Philip Brown | 54 | President, ICL Phosphate Specialty Solutions Division |
Yaniv Kabalek | 49 | President, ICL Industrial Products Division |
Uri Perelman | 43 | Executive Vice President, ICL |
Chief |
Expert Directors | Non-Expert Director | |
Fixed Annual Fee | ~NIS 160,000 (approximately $44,000) | |
Per Meeting Fee | NIS 6,160 (approximately $1,672) | NIS 4,620 (approximately $1,254) |
Non-executive Director | Fixed Annual Fee | Aggregate Per Meeting Fees | Other * | Total |
Aviad Kaufman | NIS 160,290 (~$43,509) | NIS 136,752 (~$37,120) | - | NIS 297,042 (~$80,628) |
Avisar Paz | NIS 160,290 (~$43,509) | NIS 125,664 (~$34,110) | - | NIS 285,954 (~$77,619) |
Dafna Gruber | NIS 160,290 (~$43,509) | NIS 166,320 (~$45,146) | - | NIS 326,610 (~$88,654) |
Gadi Lesin | NIS 160,290 (~$43,509) | NIS 162,624 (~$44,142) | - | NIS 322,914 (~$87,651) |
Lior Reitblatt | NIS 160,290 (~$43,509) | NIS 170,016 (~$46,149) | - | NIS 330,306 (~$89,658) |
Michal Silberberg | NIS 160,290 (~$43,509) | NIS 103,488 (~$28,091) | NIS 17,177 (~$4,523) | NIS 280,955 (~$76,122) |
Dr. Miriam Haran | NIS 160,290 (~$43,509) | NIS 203,280 (~$55,178) | - | NIS 363,570 (~$98,687) |
Ovadia Eli** | NIS 43,231 (~$11,735) | NIS 28,644 (~$7,775) | - | NIS 71,875 (~$19,510) |
Reem Aminoach | NIS 160,290 (~$43,509) | NIS 81,312 (~$22,071) | - | NIS 241,602 (~$65,580) |
Sagi Kabla*** | NIS 160,290 (~$43,509) | NIS 172,480 (~$46,818) | - | NIS 332,770 (~$90,326) |
Tzipi Ozer-Armon | NIS 160,290 (~$43,509) | NIS 78,848 (~$21,402) | - | NIS 239,138 (~$64,911) |
(1) | Annual cost: Annual fixed cost of employment of NIS 1.8 million (approximately $489,000). |
(2) | Short-term incentive: Mr. Doppelt may be entitled to an annual cash bonus, in accordance with the Executive Chairman’s short-term incentive (“STI”) formula set forth in the Company’s Compensation Policy. Mr. Doppelt’s target STI, which is also his maximum STI payout in any given year, is NIS 1.2 million (approximately $331,000). For details regarding Mr. Doppelt’s STI formula, as well as for his 2023 STI payout, see below "Short-Term Incentive - The Annual Bonus Component". |
(3) | Termination arrangement: In the event of termination of Mr. Doppelt's term of office as Executive Chairman of the Board, Mr. Doppelt is entitled to a six-month adjustment period and six-month advance notice period, during both of which he will continue to be entitled to all of his compensation terms, including STI payouts and continued vesting of his existing long-term incentive (“LTI”) plans. |
(4) | Long-term incentive: In addition, pursuant to the decision of the HR & Compensation Committee on January 31, 2022, the Board of Directors on February 6, 2022, and our shareholders at the annual general meeting held on March 30, 2022, Mr. Yoav Doppelt was awarded a three-year LTI award, for the years 2022-2024, in the form of non-marketable options, exercisable into 1,055,100 Ordinary Shares, at an exercise price of NIS 35.7 ($9.7) per share (or on a cashless basis based for a reduced number of |
Grant for Year | Offerree | Grant Date | Type of Equity | Dates of Governance Bodies' Approvals | Grant Value (NIS) | Amount of Options | Expiration Date |
2022-2024 | Mr. Yoav Doppelt, Executive Chairman of the Board | March 30, 2022 | Options | HR & Comp. Committee – 31.1.22 & 6.2.22 Board – 8.2.22 Shareholders (Annual GM) – 30.3.22 | 9 million (3 million per annum) | 1,055,100 | March 30, 2027 |
Vesting Schedule | |||||||
The options will vest in three equal tranches, upon each of the three anniversaries of the grant date. Options fully accelerate if Mr. Doppelt ceases to provide services within 12 months following a change of control (other than in the event of termination for cause). |
(1) | The equity award was granted pursuant to the Company’s Equity Compensation Plan (2014), as amended in June 2016. |
Details of the Recipient | Payments for services | |||||||||||
Name | Position | Scope of | Base Salary | Equity based compensation (LTI)(3) (4) | Total | |||||||
US$ |
Raviv Zoller (4) | President & Chief Executive Officer | 100% | 805 | 1,157 | 668 | 1,852 | 3,677 |
Yoav Doppelt (5) | Executive Chairman of the Board | Invests significant portion of his time | 411 | 491 | 219 | 1,007 | 1,717 |
Elad Aharonson (6) | President, Growing Solutions Division | 100% | 402 | 566 | 223 | 561 | 1,350 |
Aviram Lahav (7) | Chief Financial Officer | 100% | 383 | 550 | 237 | 446 | 1,233 |
Lilach Geva-Harel (8) | EVP, Chief Legal and Sustainability Officer | 100% | 263 | 405 | 176 | 369 | 950 |
(1) | The salary items (compensation) column set out in the above table includes all of the following components: base salary, customary social benefits, customary social and related provisions, Company car and reimbursement of telephone expenses. The compensation is in accordance with the Company's Compensation Policy. |
(2) | The annual bonuses (STI awards) to officer holders for 2023, including the top-five earners in 2023, were approved by our HR & Compensation Committee and Board of Directors on February 11, 2024, and February 13, 2024, respectively. |
(3) | The expense for share-based payment compensation is calculated according to IFRS and is recognized in the Company’s statement of income over the vesting period of each portion. The amounts reported in this column represent the expense recorded in the Company’s financial statements for the year ended December 31, 2023, with respect to equity-based compensation granted to the senior officer. For details regarding the Company's equity compensation plans, see Note 19 to our Audited Financial Statements. |
Asher Grinbaum (5) | Acting CEO, ICL, as of September 2016 | 100% | * | 460 | 699 | 346(6) | 796 | 1,840 |
Johanan Locker (7) | Chairman of the Board as of August 2016 | 100% | * | 534 | 747 | 522(8) | 463 | 1,732 |
Eli Glazer(9) | President, ICL Specialty Solutions segment, as of February 2017 | 100% | * | 356 | 745 | 391 | 408 | 1,544 |
Charles Weidhas(10) | Chief Operating Officer (COO) as of July 2016 | 100% | * | 365 | 719 | 240 | 373 | 1,332 |
Kobi Altman(11) | Chief Financial Officer (CFO) as of April 2015 | 100% | * | 391 | 538 | 294 | 465 | 1,297 |
Senior officer | Employment terms | |
(4) | Raviv Zoller | On April 18, 2023 and April 20, 2023, our HR & Compensation Committee and Board of Directors, respectively, approved an immaterial amendment to Mr. Zoller’s compensation terms, as included in his employment agreement from July, 2018 (and amended in July 2019) (“Mr. Zoller’s Employment Agreement”), exercising their authority as granted under Section 272(d) of the Companies Law, which permits a non-material amendment to an existing transaction solely with the approval of the Compensation Committee (the “Immaterial Amendment”) inasmuch that the amendment complies with the Company’s Compensation Policy. The Immaterial Amendment resulted in an increase of approximately 9.2% in Mr. Zoller's overall compensation terms, as December 31, 2023, are as follows: •Base salary: - Annual base salary of ~NIS 3.1 million (approximately $841,000), or - Monthly base salary of ~NIS 258,000 (approximately $70,000). •STI – Annual Bonus: Mr. Zoller’s STI target is ~NIS 3.4 million (approximately $937,000), as of December 31, 2023. Mr. Zoller’s maximum STI is ~NIS 4.4 million (approximately $1.2 million). For information regarding Mr. Zoller’s STI formula, performance and payout in 2023, see below “Short-Term Incentive - The Annual Bonus Component”. •LTI – Equity: There was no change to Mr. Zoller’s LTI component under the Immaterial Amendment. Mr. Zoller is entitled to an annual LTI (equity) grant of NIS 5.3 million (approximately $1.5 million), or any other amount per vesting annum, as determined and approved by the Company's authorized governance bodies, including by the Company's shareholders. On February 6, 2022, February 8, 2022, and March 30, 2022, our HR & Compensation Committee, Board of Directors and shareholders, respectively, approved a three-year LTI award to Mr. Raviv Zoller, for the years 2022-2024, in the form of non-marketable options, with value of NIS 5.5 million (approximately $1.5 million) per vesting annum. For details regarding Mr. Zoller's equity-based compensation grants, see Note 19 to our Audited Financial Statements; •Termination arrangements: there was no change to Mr. Zoller’s termination terms under the Immaterial Amendment, which remain as follows: - 12-months advance notice period in case of termination by the Company (not for cause) or 6-months advance notice in case of resignation; - Additional severance equal to the last base salary multiplied by the number of years that Mr. Zoller served as ICL’s President & CEO. •In accordance with Mr. Zoller’s Employment Agreement, all compensation items per Mr. Zoller’s Employment Agreement, are indexed to the Israeli Consumer Price Index (CPI). •The Immaterial Amendment complies with all of the Company's Compensation Policy requirements. •All other cash and non-cash benefits payable to our senior executives pursuant to our policies in effect from time to time, including but not limited to, pension, study fund, disability insurance, Company car, gross up, etc., as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders. |
Senior officer | Employment terms | |
(5) | Yoav Doppelt | •For details regarding Mr. Doppelt’s compensation terms as our Executive Chairman of the Board, see above ‘Executive Chairman of the Board's Compensation’, as well as ‘Short-Term Incentive (Annual Bonus) Component‘ below. |
(6) | Elad Aharonson | •Monthly base salary: ~NIS 125,000 (approximately $34,000), as of December 31, 2023. Mr. Aharonson’s base salary may be updated twice a year according to the rise in the CPI in the months that have passed since the previous update. •2023 STI: Mr. Aharonson’s target STI is 75% of his annual base salary. For details regarding Mr. Aharonson’s STI performance and payout in 2023, see below “Short-Term Incentive Annual Bonus Component”. •LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Aharonson’s LTI in the Company’s 2023 Financial Statements. •Termination arrangements: Advance notice period of 6 months. •All other benefits customary in the Company, such as regular provisions for pension and severance, disability fund, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders. |
(7) | Aviram Lahav | On February 14 and 16, 2023, our HR and Compensation Committee and Board of Directors, respectively, approved a change to Mr. Lahav’s compensation mix, such that as of March 2023, Mr. Lahav’s compensation terms are as follows: •Monthly base salary: ~NIS 122,000 (approximately $33,000), as of December 31, 2023. Mr. Lahav’s base salary may be updated twice a year according to the rise in the CPI in the months that have passed since the previous update. •2023 STI: Mr. Lahav’s target STI is 75% of his annual base salary. For details regarding Mr. Lahav’s STI performance and payout in 2023, see below "Short-Term Incentive Annual Bonus Component". •LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mr. Lahav’s LTI in the Company’s 2023 Financial Statements. •Termination arrangements: advance notice period of 6-months. •All other benefits customary in the Company, such as regular provisions for pension and severance, disability fund, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders. |
Senior officer | Employment terms | |
(8) | Lilach Geva-Harel | •Monthly base salary: ~NIS 82,000 (approximately $22,000), as of December 31, 2023. Mrs. Geva Harel’s base salary may be updated twice a year according to the rise in the CPI in the months that have passed since the previous update. •2023 STI: Mrs. Geva Harel’s target STI is 75% of her annual base salary. For details regarding Mrs. Geva Harel’s STI performance and payout in 2023, see below “Short-Term Incentive Annual Bonus Component”. •LTI: The equity-based compensation amount in the above table reflects the expense that was recognized for Mrs. Geva Harel’s LTI in the Company’s 2023 Financial Statements. •Termination arrangements: Advance notice period of 6 months. •All other benefits customary in the Company, such as regular provisions for pension and severance, disability fund, Company car, gross up, as well as the exemption, insurance and indemnification arrangements applying to the Company’s office holders. |
Year of grant | Approval dates | Offeree | Allocation date | Quantity of option warrants | Quantity of restricted shares | NIS exercise price (subject to adjustments) | Quantity of valid option warrants as at February 28, 2018 | Weighted economic value of each option warrant (4) | Fair value of restricted shares | Exercise price of option warrants | Share price | Quantity of option warrants expired as at February 28, 2018 | Notes |
On eve of allocation (NIS) | as at February 28, 2018 (NIS) | ||||||||||||
2014 | Compensation Committee and Board: August 4 and 6, 2014, respectively | Asher Grinbaum(1) | September 27, 2014 | 95,129 | 22,250 | 28.71 | 95,129 | 6.57 | 28.09 | 25.6596 | 14.92 | - | Exercise price of the option warrants is 92% higher than the share price on February 28, 2018; hence the option warrants are “out of the money”. |
Johanan Locker | NA | ||||||||||||
Eli Glazer(1) | September 27, 2014 | 45,874 | 10,730 | 28.71 | 45,874 | 6.57 | 28.09 | 25.6596 | 14.92 | - | |||
Charles Weidhas | September 27, 2014 | 95,129 | 22,250 | 28.71 | 95,129 | 6.57 | 28.09 | 25.6596 | 14.92 | - | |||
Kobi Altman | NA | ||||||||||||
2015 | Compensation Committee and Board: May 10 and 12, 2015, respectively | Asher Grinbaum(1) | July 12, 2015 | 137,363 | 23,200 | 27.76 | 137,363 | 4.55 | 26.94 | 26.1933 | 14.92 | - | Exercise price of the option warrants is 86% higher than the share price on February 28, 2018; hence the option warrants are “out of the money”. |
Johanan Locker | NA | ||||||||||||
Eli Glazer(1) | July 12, 2015 | 66,813 | 11,284 | 27.76 | 66,813 | 4.55 | 26.94 | 26.1933 | 14.92 | - | |||
Charles Weidhas | July 12, 2015 | 137,363 | 23,200 | 27.76 | 137,363 | 4.55 | 26.94 | 26.1933 | 14.92 | - | |||
Kobi Altman | July 12, 2015 | 137,363 | 82,591(2) | 27.76 | 137,363 | 4.55 | 26.94 | 26.1933 | 14.92 | - | |||
2016 | Compensation Committee and Board: May 16 and 17, 2016, respectively. Respecting Mr. Locker, general meeting approval : August 29, 2016 | Asher Grinbaum(1) | February 14, 2017 | 114,065 | 37,592 | 17.22 | 114,065 | 5.83 | 17.69 | 16.711 | 14.92 | - | Exercise price of the option warrants is 14% higher respecting Mr. Grinbaum and 15% higher respecting all others, than the share price on February 28, 2018; hence the option warrants are “out of the money”. |
Johanan Locker | August 29, 2016 | 186,335 | 55,215 | 17.05 | 186,335 | 4.19 | 15.42 | 16.0812 | 14.92 | - | |||
Eli Glazer(1) | June 30, 2016 | 70,911 | 55,982 | 17.05 | 70,911 | 4.83 | 16.3 | 16.2012 | 14.92 | - | |||
Charles Weidhas | June 30, 2016 | 133,747 | 39,632 | 17.05 | 133,747 | 4.83 | 16.3 | 16.2012 | 14.92 | - | |||
Kobi Altman | June 30, 2016 | 145,549 | 43,129 | 17.05 | 145,549 | 4.83 | 16.3 | 16.2012 | 14.92 | - |
Year of grant | Approval dates | Offeree | Allocation date | Quantity of option warrants | Quantity of restricted shares | NIS exercise price (subject to adjustments) | Quantity of valid option warrants as at February 28, 2018 | Weighted economic value of each option warrant (4) | Fair value of restricted shares | Exercise price of option warrants | Share price | Quantity of option warrants expired as at February 28, 2018 | Notes |
On eve of allocation (NIS) | as at February 28, 2018 (NIS) | ||||||||||||
2017 | Compensation Committee and Board: June 19 and 20, 2017, respectively. Respecting Mr. Locker, general meeting approval : August 2, 2017 | Asher Grinbaum(1) (3) | June 20, 2017 | 128,627 | 42,089 | 15.31 | 128,627 | 5.17 | 15.8 | 14.9481 | 14.92 | - | Exercise price of the option warrants is 11% higher respecting Mr. Locker and 3% higher respecting all others, than the share price on February 28, 2018; hence the option warrants are “out of the money”. |
Johanan Locker | August 2, 2017 | 164,916 | 52,910 | 16.49 | 164,916 | 5.46 | 17.01 | 16.2282 | 14.92 | - | |||
Eli Glazer(1) | June 20, 2017 | 128,627 | 42,089 | 15.31 | 128,627 | 5.17 | 15.8 | 14.9481 | 14.92 | - | |||
Charles Weidhas | June 20, 2017 | 128,627 | 42,089 | 15.31 | 128,627 | 5.17 | 15.8 | 14.9481 | 14.92 | - | |||
Kobi Altman | June 20, 2017 | 128,627 | 42,089 | 15.31 | 128,627 | 5.17 | 15.8 | 14.9481 | 14.92 | - |
• | STI Threshold: If either ICL adjusted operating income and/or adjusted net income actual performance, as adjusted according to the pre-defined profit adjustments list that is listed in the Compensation Policy (the “Predefined List”), will not meet the threshold performance level (60% of budget), there will be no payout for the 80% of STI that is measured against measurable financial and measurable non-financial goals. |
• | STI Threshold: If either ICL’s adjusted operating income and/or adjusted net income actual performance, as adjusted according to the pre-defined profit adjustments list that is listed in the Compensation Policy (the “Predefined List”), will not meet the threshold performance level (60% of budget), there will be no payout under the CoB STI plan at all. |
Executive Office | Annual Base (1) | STI Target % | STI Target | Overall score of % target (3) | 2023 STI Payout |
Raviv Zoller | NIS 3.1 million (~$0.84 million) | NA(4) | NIS 3.4 million (~$0.94 million) | 71.5% | NIS 2.4 million (~$0.67 million) |
Yoav Doppelt | NIS 1.5 million (~$0.41 million) | NA(5) | NIS 1.2 million (~$0.33 million) | 66.2% | NIS 0.8 million (~$0.22 million) |
Elad Aharonson | NIS 1.5 million (~$0.41 million) | 75% | NIS 1.1 million (~$0.3 million) | 71.9% | NIS 0.8 million (~$0.22 million) |
Aviram Lahav | NIS 1.5 million (~$0.41 million) | 75% | NIS 1.1 million (~$0.3 million) | 78.2% | NIS 0.9 million (~$0.24 million) |
Lilach Geva Harel | NIS 1 million (~$0.27 million) | 75% | NIS 0.7 million (~0.19 million) | 87.2% | NIS 0.6 million (~$0.18 million) |
(1) | The Annual Base amounts are as of December 31, 2023. |
(2) | The adjustments to the Company’s annual net and operating income, as specified in “Item 3 – Key Information – A. Selected Financial Data", for purposes of calculating the STI Threshold (as defined above) and for purposes of calculating the measurable financials goals for the CEO and the CoB, adhere to the Predefined List outlined in the Company's Compensation Policy, excluding the adjustment pertaining to charges related to the security situation in Israel, which was not adjusted for the above purposes. Consequently, the adjusted net and operating income for the above STI purposes is lower than the adjusted net and operating income, as reported. |
(3) | For all executive officers, other than Mr. Doppelt who has a different formula as set forth above, this column represents the weighted % score of the measurable financial and non-financial goals (including ESG targets) and qualitative evaluation. |
(4) | Mr. Zoller's STI Target was determined in Mr. Zoller's Employment Agreement as a nominal number only (linked to the CPI). |
(5) | Mr. Doppelt's STI Target (being also his maximum STI potential) per his employment agreement is set as a nominal number only of NIS 1.2 million (approximately $331,000). |
Organ Name | Number of Meetings in Reported Year | Average Attendance |
Board of Directors | 18 | 97% |
Audit & Accounting Committee | 10 | 100% |
Human Resources & Compensation Committee | 6 | 100% |
Climate, Sustainability & Community Relations Committee | 5 | 95% |
Financing Committee | 4 | 88% |
2023 | 2022 | 2021 |
Essential Minerals | 7,642 | 8,002 | 8,368 | |||
Specialty Solutions* | 3,706 | 3,957 | 4,173 | |||
Phosphate Solutions | 3,970 | 3,961 | 4,608 | |||
Growing Solutions | 3,630 | 3,792 | 2,406 | |||
Potash | 2,092 | 2,120 | 2,498 | |||
Industrial Products | 1,615 | 1,624 | 1,595 | |||
Global functions and headquarters | 1,279 | 1,555 | 1,509 | 1,243 | 1,236 | 1,162 |
Sub Total | 12,550 | 12,733 | 12,269 | |||
Temporary employees | 800 | 886 | 964 | |||
Total employees | 12,627 | 13,514 | 14,050 | 13,350 | 13,619 | 13,233 |
2023 | 2022 | 2021 |
Israel | 4,548 | 4,534 | 4,462 |
China | 1,984 | 1,999 | 1,977 |
Brazil | 1,637 | 1,711 | 1,644 |
Spain | 918 | 940 | 872 |
USA | 820 | 830 | 772 |
UK | 705 | 715 | 676 |
Germany | 704 | 717 | 670 |
Netherlands | 580 | 612 | 578 |
France | 126 | 127 | 122 |
All other | 528 | 548 | 496 |
Sub Total | 12,550 | 12,733 | 12,269 |
Temporary employees | 800 | 886 | 964 |
Total employees | 13,350 | 13,619 | 13,233 |
Israel | 4,673 | 4,861 | 4,812 |
China | 2,413 | 2,816 | 3,057 |
Spain | 1,281 | 1,294 | 1,300 |
Germany | 1,012 | 1,157 | 1,170 |
UK | 836 | 827 | 1,162 |
USA | 817 | 895 | 1,011 |
Netherlands | 593 | 639 | 576 |
Brazil | 280 | 264 | 249 |
France | 125 | 127 | 120 |
Other | 597 | 634 | 593 |
Total employees | 12,627 | 13,514 | 14,050 |
August 6, 2014, for ICL's CEO‑December 11, 2014 | Officers and senior employees | 922 | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | 8.4 |
Former CEO | 86 | An issuance for no consideration, under the 2014 Equity Compensation Plan. | ||||
February 26, 2015 | ICL’s Directors (excluding ICL's CEO) | 99 | 3 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 11 ICL Directors. | 0.7 | |
May 12, 2015, for ICL's CEO & Chairman of the BOD ‑ June 29, 2015 | Officers and senior employees | 1,194 | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. | 9.7 | |
Former CEO | 90 | An issuance for no consideration, under the 2014 Equity Compensation Plan. | ||||
Former Chairman of the BOD | 68 | |||||
December 23, 2015 | ICL’s Directors (excluding ICL's CEO& Chairman of the BOD) | 121 | 3 equal tranches: (1) One third on December 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. | 0.5 |
June 30, 2016, for ICL's CEO & Chairman of the BOD‑September 5, 2016 | Officers and senior employees | 990 | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | 4.8 |
Chairman of the BOD | 55 | An issuance for no consideration, under the 2014 Equity Compensation Plan. | ||||
Former CEO | 185 | |||||
January 3, 2017 | ICL’s Directors (excluding ICL's Chairman of the BOD) | 146 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. The value includes a reduction of 5% from the value of the equity compensation, pursuant to the decision of the directors in March 2016, to reduce their annual compensation for 2016 and 2017. | 0.6 | ||
February 14, 2017 | Acting CEO | 38 | An issuance for no consideration, under the 2014 Equity Compensation Plan. | 0.2 | ||
June 20, 2017, for ICL's Chairman of the BOD – August 2, 2017 | Officers and Senior employees | 2,211 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 494 ICL officers and senior employees in Israel and overseas. | 10 | ||
Chairman of BOD. | 53 | An issuance for no consideration, under the 2014 Equity Compensation Plan. | 0.3 | |||
January 10, 2018 | ICL’s Directors (excluding ICL's CEO& Chairman of the BOD) | 125 | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 5 ICL Directors. | 0.5 |
Shareholders | Ordinary Shares Beneficially Owned(1) | Special State Share | ||
Number | % | Number | % |
Israel Corporation Ltd.(2) | 587,178,761 | 45.93%** | - | - |
State of Israel(3) | - | - | 1 | 100% |
Johanan Locker | 170,236 | * | - | - |
Avisar Paz | - | * | - | - |
Aviad Kaufman | - | * | - | - |
Sagi Kabla | - | * | - | - |
Ovadia Eli | 64,576 | * | - | - |
Miriam Haran | 57,289 | * | - | - |
Lior Reitblatt | 22,080 | * | - | - |
Reem Aminoach | 22,080 | * | - | - |
Ruth Ralbag | 22,080 | * | - | - |
Asher Grinbaum | 280,127 | * | - | - |
Kobi Altman | 307,902 | * | - | - |
Hezi Israel | 119,911 | * | - | - |
Lisa Haimovitz | 81,998 | * | - | - |
Yakir Menashe | 163,784 | * | - | - |
Rani Lobenstein | 25,111 | * | - | - |
Charles Weidhas | 362,750 | * | - | - |
Ofer Lifshitz | 184,260 | * | - | - |
Eli Glazer | 218,848 | * | - | - |
Israel Corporation Ltd.(2) | 567,012,091 | 43.98%** | - | - |
State of Israel (3) | - | - | 1 | 100% |
Migdal Insurance & Financial Holdings Ltd. (4) | 78,690,320 | 6.10% | - | - |
Harel Insurance Investments & Financial Services Ltd. (5) | 70,590,979 | 5.47% | - | - |
Altshuler Shaham Ltd. (6) | 64,691,143 | 5.01% | - | - |
The Phoenix Holdings Ltd. (7) | 64,690,757 | 5.01% | - | - |
Yoav Doppelt (8) | 802,998 | * | - | - |
Avisar Paz (9) | 25,389 | * | - | - |
Aviad Kaufman | - | * | - | - |
Sagi Kabla | - | * | - | - |
Lior Reitblatt (10) | 62,092 | * | - | - |
Reem Aminoach (11) | 62,092 | * | - | - |
Tzipi Ozer Armon (12) | 24,331 | * | - | - |
Gadi Lesin | - | * | - | - |
Miriam Haran (13) | 53,289 | * | - | - |
Dafna Gruber | - | * | - | - |
Michal Silverberg | - | * | - | - |
Shalom Shlomo | - | * | - | - |
Raviv Zoller (14) | 1,469,828 | * | - | - |
Aviram Lahav (15) | 523,279 | * | - | - |
Lilach Geva Harel (16) | 432,787 | * | - | - |
Ilana Fahima (17) | 432,787 | * | - | - |
Anantha Desikan (18) | 549,718 | * | - | - |
Noam Goldstein (19) | 309,935 | * | - | - |
Amir Meshulam (20) | 137,705 | * | - | - |
Miri Mishor (21) | 351,872 | * | - | - |
Elad Aharonson (22) | 645,177 | * | - | - |
Meir Mergi (23) | 442,252 | * | - | - |
Yaniv Kabalek (24) | 116,310 | * | - | - |
Philip Brown (25) | 400,879 | * | - | - |
Uri Perelman | - | * | - | - |
(1) | The percentages shown are based on 1,289,564,573 ordinary shares issued and outstanding as of March 6, 2024 (after excluding shares held by us or our subsidiaries). In accordance with SEC rules, beneficial ownership includes voting or investment power with respect to securities and includes the shares issuable pursuant to options that are exercisable within 60 days of March 6, 2024. Shares issuable pursuant to options are deemed outstanding for computing the percentage of the person holding such options but are not considered outstanding for computing the percentage of any other person. |
(2) | Israel Corp. is a public company listed for trading on the Tel Aviv Stock Exchange (TASE). Based on the information provided by Israel Corp., Millenium Investments Elad Ltd. (“Millenium”) and Mr. Idan Ofer are considered as controlling shareholders jointly of Israel Corp., for purposes of the Israeli Securities Law (each of Millenium and Mr. Idan Ofer hold shares in Israel Corp. directly, and Mr. Idan Ofer serves as a director of Millenium and has an indirect interest in it as the beneficiary of the discretionary trust that has indirect control of Millenium, as stated below). As of December 31, 2023, Millenium holds approximately 44.71% of the issued share capital (and 45.14% of the voting rights) in Israel Corp., which holds as of December 31, 2023 approximately 43.98% of the voting rights and approximately 43.15% of the |
(3) | For a description of the different voting rights held by the holder of the Special State Share, see “Item 10 - Additional Information— B. Memorandum, Articles of Association and Special State Share — The Special State Share.” |
(4) | Based solely upon and qualified in its entirety with reference to a Schedule 13G filed by Migdal Insurance & Financial Holdings Ltd. (“Migdal”) with the SEC on January 31, 2024. According to the Schedule 13G, of the 78,690,320 Ordinary Shares reported as beneficially owned by Migdal (i) 78,690,320 Ordinary Shares are held for members of the public through, among others, provident funds, mutual funds, pension funds and insurance policies, which are managed by direct and indirect subsidiaries of Migdal, each of which subsidiaries operates under independent management and makes independent voting and investment decisions, (ii) 7,229,615 Ordinary Shares are held by companies for the management of funds for joint investments in trusteeship, each of which operates under independent management and makes independent voting and investment decisions, and (iii) 0 are beneficially held for their own account (Nostro account). |
(5) | Based solely upon and qualified in its entirety with reference to a Schedule 13G/A filed by Harel Insurance Investments & Financial Services Ltd. (“Harel”), with the SEC on January 30, 2024. According to the Schedule 13G/A, of the 70,590,979 Ordinary Shares reported as beneficially owned by Harel (i) 67,917,056 Ordinary Shares are held for members of the public through, among others, provident funds and/or mutual funds and/or pension funds and/or index-linked securities and/or insurance policies, which are managed by subsidiaries of Harel, each of which subsidiaries operates under independent management and makes independent voting and investment decisions, (ii) 1,962,970 Ordinary Shares are held by third-party client accounts managed by a subsidiary of Harel as portfolio managers, which subsidiary operates under independent management and makes independent investment decisions and has no voting power in the securities held in such client accounts, and (iii) 710,953 Ordinary Shares are beneficially held for its own account. |
(6) | Based solely upon and qualified in its entirety with reference to a Schedule 13G filed by Altshuler Shaham Ltd. (“Altshuler”), with the SEC on January 17, 2023. According to the Schedule 13G, of the 64,691,143 Ordinary Shares reported as beneficially owned by Altshuler (i) 61,312,442 Ordinary Shares are held by provident and pension funds managed by Altshuler Shaham Provident & Pension Funds Ltd., a majority-owned subsidiary of Altshuler, (ii) 3,378,701 Ordinary Shares are held by mutual funds managed by Altshuler Shaham Mutual Funds Management Ltd., a wholly-owned subsidiary of Altshuler; and (iii) 263,100 Ordinary Shares are held by hedge funds managed by Altshuler Shaham Owl, Limited Partnership, an affiliate of Altshuler-Shaham. Mr. Gilad Altshuler may be deemed to possess shared investment authority with respect to all of the foregoing Ordinary Shares due to his indirect 44.81% interest in Altshuler-Shaham, as well as his serving in various investment management capacities for Altshuler-Shaham and its subsidiaries and affiliates. The foregoing provident and pension funds, mutual funds and hedge funds, are managed for the benefit of public investors and not for the economic benefit of the foregoing reporting persons. Each of the foregoing reporting persons lack authority with respect to the voting of all of such Ordinary Shares. |
(7) | Based solely upon and qualified in its entirety with reference to a Schedule 13G/A filed by The Phoenix Holdings Ltd. (“Phoenix”), with the SEC on December 28, 2023. According to the Schedule 13G/A, the 64,690,757 Ordinary Shares reported therein are beneficially owned by various direct or indirect, majority or wholly-owned subsidiaries of Phoenix (the “Phoenix Subsidiaries”). The Phoenix Subsidiaries manage their own funds and/or the funds of others, including for holders of exchange-traded notes or various insurance policies, members of pension or provident funds, unit holders of mutual funds, and portfolio management clients. Each of the Phoenix Subsidiaries operates under independent management and makes its own independent voting and investment decisions. |
(8) | Includes 15,381 ordinary shares and 787,617 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(9) | Includes 25,389 ordinary shares. |
(10) | Includes 62,092 ordinary shares. |
(11) | Includes 62,092 ordinary shares. |
(12) | Includes 24,331 ordinary shares. |
(13) | Includes 53,289 ordinary shares. |
(14) | Includes 469,828 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(15) | Includes 523,279 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(16) | Includes 432,787 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(17) | Includes 432,787 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(18) | Includes 549,718 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(19) | Includes 309,935 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(20) | Includes 137,705 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(21) | Includes 41,937 ordinary shares and 309,935 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(22) | Includes 645,177 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(23) | Includes 48,809 ordinary shares and 393,443 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(24) | Includes 116,310 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
(25) | Includes 400,879 ordinary shares subject to options that are currently exercisable or will be exercisable within 60 days of the date of the table. |
Mergers or other business combinations; |
Certain future issuances of ordinary shares or other securities; and |
Amendments to our Articles of Association, excluding provisions of the Articles of Association that were determined by the Special State Share. |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
Sales | 1 | 7 | 7 |
Cost of sales | 1 | 13 | 6 |
Selling, transport and marketing expenses | 6 | 15 | 13 |
Financing income, net | (1) | - | (2) |
General and administrative expenses | 1 | 1 | 1 |
Management fees to the parent company | - | 1 | 1 |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Sales | 6 | 35 | 32 |
Cost of sales | 97 | 113 | 127 |
Selling, transport and marketing expenses | 8 | 7 | 9 |
Financing expenses (income), net | (9) | - | 22 |
Management fees to the parent company | 1 | 1 | 2 |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Other current assets | 19 | 34 |
Other current liabilities | 1 | 2 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Other current assets | 38 | 8 |
Other current liabilities | 191 | 20 |
A. | CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION |
The prices of fertilizer‑grade phosphoric acid for local Israeli customers are regulated under the Supervision of Prices for Commodities and Services Law 1996. The quantity of these products sold in Israel by the |
On January 10, 2018, |
B. | In |
In October 2023, the |
Year Ended December 31: | ||
2016 | 5.02 | 3.52 |
2017 | 4.95 | 3.85 |
Year Ended December 31, 2016: | ||
Fourth Quarter | 4.27 | 3.52 |
Year Ended December 31, 2017: | ||
First Quarter | 4.85 | 4.04 |
Second Quarter | 4.75 | 4.02 |
Third Quarter | 4.95 | 4.23 |
Fourth Quarter | 4.51 | 3.85 |
Year Ended December 31, 2018: | ||
First Quarter (up to March 5) | 4.50 | 3.85 |
Month Ended: | ||
September 30, 2017 | 4.61 | 4.23 |
October 31, 2017 | 4.51 | 4.14 |
November 30, 2017 | 4.27 | 3.85 |
December 31, 2017 | 4.24 | 3.93 |
January 31, 2018 | 4.50 | 4.03 |
February 28, 2018 | 4.46 | 3.85 |
March 31, 2018 (up to March 5) | 4.43 | 4.16 |
Year Ended December 31: | ||||
2013 | 51.75 | 24.48 | 13.87 | 6.74 |
2014 | 31.97 | 25.01 | 9.21 | 6.36 |
2015 | 29.80 | 15.55 | 7.68 | 3.98 |
2016 | 18.87 | 13.36 | 5.01 | 3.51 |
2017 | 18.25 | 13.35 | 4.88 | 3.80 |
Year Ended December 31, 2016: | ||||
First Quarter | 17.55 | 14.51 | 4.50 | 3.68 |
Second Quarter | 18.87 | 14.70 | 5.01 | 3.77 |
Third Quarter | 16.33 | 14.40 | 4.32 | 3.70 |
Fourth Quarter | 16.51 | 13.36 | 4.32 | 3.51 |
Year Ended December 31, 2017: | ||||
First Quarter | 18.25 | 15.33 | 4.82 | 4.11 |
Second Quarter | 16.63 | 14.75 | 4.77 | 4.01 |
Third Quarter | 17.58 | 14.22 | 4.88 | 4.06 |
Fourth Quarter | 15.68 | 13.35 | 4.47 | 3.80 |
Year Ended December 31, 2018: | ||||
First Quarter (up to March 5) | 15.94 | 13.57 | 4.67 | 3.89 |
Month Ended: | ||||
September 30, 2017 | 15.95 | 14.22 | 4.54 | 4.06 |
October 31, 2017 | 15.68 | 14.47 | 4.47 | 4.12 |
November 30, 2017 | 15.05 | 13.35 | 4.28 | 3.80 |
December 31, 2017 | 14.70 | 13.75 | 4.17 | 3.93 |
January 31, 2018 | 15.94 | 13.83 | 4.67 | 4.00 |
February 28, 2018 | 15.60 | 13.57 | 4.47 | 3.89 |
March 31, 2018 (up to March 5) | 15.17 | 14.78 | 4.39 | 4.24 |
◾ | To preserve the character of the Company and its subsidiaries, ICL Dead Sea, ICL Rotem, Dead Sea Bromine Company, Bromine Compounds and Tami, as Israeli companies whose centers of business and management are in Israel. In our estimation, this condition is met. |
◾ | To monitor the control over minerals and natural resources, for purposes of their efficient development and utilization, including maximum utilization in Israel of the results of investments, research and development. |
◾ | To prevent acquisition of a position of influence in the Company or the foregoing Israeli subsidiaries by hostile entities or entities likely to harm the foreign and security interests of the State of Israel. |
◾ | To prevent acquisition of a position of influence in the Company or the foregoing Israeli subsidiaries or management of such companies, whereby such acquisition or management may create a situation of significant conflicts of interest likely to harm any of the vital interests enumerated above. |
certain financial institutions; |
dealers or traders in securities that use a mark-to-market method of tax accounting; |
persons holding ordinary shares as part of a “straddle” or integrated transaction or persons entering into a constructive sale with respect to the ordinary shares; |
persons whose functional currency for |
entities classified as partnerships for |
tax exempt entities, “individual retirement accounts” or “Roth IRAs": |
a citizen or individual resident of the |
an estate or trust the income of which is subject to |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
USD/NIS | |||||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (0.1) | 1.4 | 0.1 | (0.2) | (0.1) | 2.2 | 0.1 | 0.2 | ||
Short term deposits and loans | 0.0 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | |||
Trade receivables | (5.9) | (3.0) | 59.0 | 3.0 | 5.9 | (6.0) | (3.1) | 66.0 | 3.5 | 7.3 |
Receivables and debit balances | (3.9) | (2.0) | 39.4 | 2.0 | 3.9 | (1.3) | (0.7) | 14.0 | 0.7 | 1.6 |
Long-term deposits and loans | (0.1) | 0.0 | 0.9 | 0.0 | 0.1 | |||||
Credit from banks and others | 3.3 | 1.6 | (32.7) | (1.6) | (3.3) | 2.7 | 1.4 | (29.8) | (1.6) | (3.3) |
Trade payables | 28.9 | 14.4 | (288.8) | (14.4) | (28.9) | 28.0 | 14.7 | (308.5) | (16.2) | (34.3) |
Other payables | 9.6 | 4.8 | (96.3) | (4.8) | (9.6) | 2.4 | 1.3 | (26.8) | (1.4) | (3.0) |
Long-term loans | 7.8 | 4.1 | (86.0) | (4.5) | (9.6) | 12.0 | 6.3 | (132.1) | (7.0) | (14.7) |
Fixed rate debentures (series E) | 42.8 | 22.4 | (470.9) | (24.8) | (52.3) | |||||
Options | (35.6) | (9.1) | 3.2 | 20.5 | 50.0 | |||||
Fixed rate debentures | 24.7 | 13.0 | (272.0) | (14.3) | (30.2) | |||||
Forward | (39.1) | (20.5) | 1.8 | 22.7 | 47.8 | (64.2) | (32.5) | 35.1 | 41.0 | 83.8 |
Forward transactions hedge accounting | (27.8) | (14.5) | 5.4 | 16.0 | 34.0 | |||||
Swap | (52.9) | (27.4) | 64.0 | 31.7 | 66.2 | (29.5) | (15.5) | (4.8) | 17.1 | 36.3 |
Total | (45.1) | (14.8) | (806.0) | 29.9 | 70.2 | (59.3) | (29.7) | (650.3) | 37.9 | 77.8 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% |
Cash and cash equivalents | (0.9) | (0.5) | 10.1 | 0.5 | 1.1 |
Short term deposits and loans | (0.1) | (0.1) | 1.5 | 0.1 | 0.2 |
Trade receivables | (23.7) | (12.4) | 260.5 | 13.7 | 28.9 |
Receivables and debit balances | (2.0) | (1.0) | 21.9 | 1.2 | 2.4 |
Long-term deposits and loans | (0.4) | (0.2) | 4.5 | 0.2 | 0.5 |
Credit from banks and others | 11.1 | 5.8 | (122.0) | (6.4) | (13.6) |
Trade payables | 20.4 | 10.7 | (224.5) | (11.8) | (24.9) |
Other payables | 7.5 | 3.9 | (82.4) | (4.3) | (9.2) |
Long-term loans from banks | 28.4 | 14.9 | (312.0) | (16.4) | (34.7) |
Long-term loans with variable interest rates | 33.5 | 17.5 | (368.1) | (19.4) | (40.9) |
Forward | 5.9 | 2.8 | 5.4 | (2.5) | (4.8) |
Total | 79.7 | 41.4 | (805.1) | (45.1) | (95.0) |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (1.8) | (0.9) | 17.9 | 0.9 | 1.8 | (1.3) | (0.7) | 14.6 | 0.8 | 1.6 |
Short term deposits and loans | (0.1) | 0.0 | 0.7 | 0.0 | 0.1 | |||||
Trade receivables | (24.6) | (12.3) | 246.4 | 12.3 | 24.6 | (5.3) | (2.8) | 58.5 | 3.1 | 6.5 |
Receivables and debit balances | (0.1) | 0.0 | 0.9 | 0.0 | 0.1 | (0.1) | 1.2 | 0.1 | ||
Long-term deposits and loans | (0.1) | 1.1 | 0.1 | |||||||
Credit from banks and others | 15.8 | 7.9 | (157.6) | (7.9) | (15.8) | 1.7 | 0.9 | (18.9) | (1.0) | (2.1) |
Trade payables | 18.2 | 9.1 | (182.1) | (9.1) | (18.2) | 3.0 | 1.6 | (33.4) | (1.8) | (3.7) |
Other payables | 7.7 | 3.8 | (76.9) | (3.8) | (7.7) | 0.2 | 0.1 | (2.6) | (0.1) | (0.3) |
Long-term loans from banks | 2.9 | 1.4 | (29.0) | (1.4) | (2.9) | |||||
Long-term loans | 1.5 | 0.8 | (16.8) | (0.9) | (1.9) | |||||
Options | 5.7 | 2.8 | (1.8) | (3.1) | (6.7) | (0.9) | (0.4) | 0.1 | 0.4 | 0.8 |
Forward | 35.0 | 16.6 | (2.6) | (15.0) | (28.7) | (0.5) | (0.2) | (0.3) | 0.4 | 0.8 |
Swap | 5.3 | 2.7 | (0.6) | (2.5) | (5.1) | |||||
Total | 63.9 | 31.0 | (183.6) | (29.5) | (58.4) | (1.7) | (0.8) | 2.4 | 1.0 | 1.8 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (0.7) | (0.3) | 6.7 | 0.3 | 0.7 | (5.9) | (3.1) | 65.3 | 3.4 | 7.3 |
Trade receivables | (4.8) | (2.4) | 47.8 | 2.4 | 4.8 | (32.3) | (16.9) | 355.4 | 18.7 | 39.5 |
Receivables and debit balances | 0.0 | 0.1 | 0.0 | (0.1) | 0.0 | 0.6 | 0.0 | 0.1 | ||
Credit from banks and others | 2.0 | 1.0 | (20.3) | (1.0) | (2.0) | |||||
Trade payables | 2.3 | 1.2 | (23.0) | (1.2) | (2.3) | 8.2 | 4.3 | (90.7) | (4.8) | (10.1) |
Long-term deposits and loans | (0.6) | (0.3) | 7.0 | 0.4 | 0.8 | |||||
Other payables | 1.5 | 0.7 | (14.7) | (0.7) | (1.5) | 1.3 | 0.7 | (13.9) | (0.7) | (1.5) |
Options | - | |||||||||
Long-term loans from banks | 2.3 | 1.2 | (25.4) | (1.3) | (2.8) | |||||
Forward | 2.6 | 1.2 | 0.1 | (1.1) | (2.2) | 1.3 | 0.7 | (0.2) | (0.7) | (1.6) |
Total | 2.9 | 1.4 | (3.3) | (1.3) | (2.5) | (25.8) | (13.4) | 298.1 | 15.0 | 31.7 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% |
Type of instrument |
Cash and cash equivalents | (0.7) | (0.3) | 6.5 | 0.3 | 0.7 |
Trade receivables | (3.1) | (1.5) | 30.8 | 1.5 | 3.1 |
Trade payables | 1.5 | 0.8 | (15.5) | (0.8) | (1.5) |
Other payables | 0.2 | 0.1 | (1.9) | (0.1) | (0.2) |
Long-term loans from banks | 3.0 | 1.5 | (30.0) | (1.5) | (3.0) |
Total | 0.9 | 0.6 | (10.1) | (0.6) | (0.9) |
$ millions | |||||
Cash and cash equivalents | (2.2) | (1.1) | 21.6 | 1.1 | 2.2 | (20.9) | (10.9) | 229.9 | 12.1 | 25.5 |
Short term investments and deposits | (0.4) | (0.2) | 4.8 | 0.3 | 0.5 | |||||
Trade receivables | (9.2) | (4.6) | 91.7 | 4.6 | 9.2 | (7.1) | (3.7) | 77.8 | 4.1 | 8.6 |
Receivables and debit balances | (0.1) | 0.0 | 0.9 | 0.0 | 0.1 | |||||
Trade payables | 8.5 | 4.3 | (85.3) | (4.3) | (8.5) | 5.2 | 2.7 | (56.9) | (3.0) | (6.3) |
Other payables | 2.1 | 1.0 | (20.8) | (1.0) | (2.1) | 1.0 | 0.5 | (11.2) | (0.6) | (1.2) |
Credit from banks and others | 17.3 | 8.7 | (173.3) | (8.7) | (17.3) | |||||
Forward | 3.1 | 1.6 | (0.7) | (1.8) | (3.8) | |||||
Long-term loans (CNY) | 9.8 | 4.9 | (98.1) | (4.9) | (9.8) | 2.9 | 1.5 | (31.4) | (1.7) | (3.5) |
Total | 29.4 | 14.8 | (264.9) | (15.0) | (30.1) | (19.4) | (10.1) | 213.9 | 11.2 | 23.7 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
USD/NIS | |||||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (0.2) | (0.1) | 1.8 | 0.1 | 0.2 | (0.1) | 1.4 | 0.1 | 0.2 | |
Short term deposits and loans | 0.0 | 0.3 | 0.0 | |||||||
Trade receivables | (5.0) | (2.5) | 50.3 | 2.5 | 5.0 | (8.1) | (4.2) | 88.8 | 4.7 | 9.9 |
Receivables and debit balances | (0.5) | (0.2) | 4.9 | 0.2 | 0.5 | (1.1) | (0.6) | 12.0 | 0.6 | 1.3 |
Long-term deposits and loans | 0.0 | 0.3 | 0.0 | |||||||
Credit from banks and others | 3.2 | 1.6 | (32.0) | (1.6) | (3.2) | 2.6 | 1.3 | (28.1) | (1.5) | (3.1) |
Trade payables | 20.1 | 10.0 | (200.8) | (10.0) | (20.1) | 33.8 | 17.7 | (371.9) | (19.6) | (41.3) |
Other payables | 20.4 | 10.2 | (204.3) | (10.2) | (20.4) | 2.4 | 1.3 | (26.7) | (1.4) | (3.0) |
Long-term loans | 14.3 | 7.5 | (156.9) | (8.3) | (17.4) | 15.7 | 8.2 | (172.3) | (9.1) | (19.1) |
Fixed rate debentures (series E) | 36.9 | 19.3 | (405.5) | (21.3) | (45.1) | |||||
Fixed rate debentures | 35.9 | 18.8 | (395.3) | (20.8) | (43.9) | |||||
Options | (62.5) | (27.6) | (2.1) | 21.2 | 53.7 | (21.8) | (11.9) | (10.2) | 11.2 | 23.7 |
Forward | (43.9) | (23.0) | 0.0 | 25.4 | 53.6 | (66.2) | (34.7) | (11.7) | 38.4 | 81.0 |
Forward transactions hedge accounting | (31.0) | (16.0) | (14.0) | 18.0 | 38.0 | |||||
Swap | (57.5) | (30.1) | 3.3 | 33.3 | 70.2 | (42.2) | (22.0) | 23.1 | 25.1 | 53.3 |
Total | (74.7) | (34.9) | (940.7) | 31.3 | 77.0 | (80.1) | (42.2) | (904.8) | 45.7 | 97.0 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (1.6) | (0.8) | 17.1 | 0.9 | 1.9 | |||||
Short term deposits and loans | (0.2) | (0.1) | 1.7 | 0.1 | 0.2 | |||||
Trade receivables | (29.9) | (15.7) | 329.1 | 17.3 | 36.6 | |||||
Receivables and debit balances | (1.7) | (0.9) | 18.4 | 1.0 | 2.0 | |||||
Long-term deposits and loans | 0.0 | 0.3 | 0.0 | (0.2) | (0.1) | 2.4 | 0.1 | 0.3 | ||
Short term deposits and loans | 0.0 | 0.2 | 0.0 | |||||||
Credit from banks and others | 11.3 | 5.9 | (124.2) | (6.5) | (13.8) | |||||
Trade payables | 20.8 | 10.9 | (229.0) | (12.1) | (25.4) | |||||
Other payables | 8.3 | 4.3 | (90.9) | (4.8) | (10.1) | |||||
Long-term loans from banks | 26.0 | 13.6 | (285.9) | (15.0) | (31.8) | |||||
Long-term loans with variable interest rates | 31.8 | 16.7 | (349.9) | (18.4) | (38.9) | |||||
Options | 3.8 | 1.8 | (0.2) | (2.3) | (4.7) | |||||
Forward | 13.3 | 5.9 | (4.3) | (8.4) | (15.4) | |||||
Total | 81.7 | 41.5 | (715.7) | (48.1) | (99.1) |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (2.2) | (1.1) | 21.6 | 1.1 | 2.2 |
Short term deposits and loans | 0.0 | 0.0 | 0.5 | 0.0 | 0.0 |
Trade receivables | (19.9) | (10.0) | 199.3 | 10.0 | 19.9 |
Receivables and debit balances | 0.0 | 0.0 | 0.4 | 0.0 | 0.0 |
Long-term deposits and loans | (0.1) | 0.0 | 0.8 | 0.0 | 0.1 |
Credit from banks and others | 10.0 | 5.0 | (100.0) | (5.0) | (10.0) |
Trade payables | 16.1 | 8.0 | (160.8) | (8.0) | (16.1) |
Other payables | 5.9 | 2.9 | (58.8) | (2.9) | (5.9) |
Long-term loans from banks | 15.2 | 7.6 | (151.6) | (7.6) | (15.2) |
Options | 4.3 | 2.0 | 2.0 | (1.8) | (3.2) |
Forward | 14.9 | 7.1 | 3.5 | (6.4) | (12.2) |
Total | 44.2 | 21.5 | (243.1) | (20.6) | (40.4) |
Cash and cash equivalents | (0.7) | (0.4) | 7.4 | 0.4 | 0.8 |
Trade receivables | (6.6) | (3.5) | 72.8 | 3.8 | 8.1 |
Receivables and debit balances | (0.1) | (0.1) | 1.2 | 0.1 | 0.1 |
Credit from banks and others | 1.3 | 0.7 | (14.7) | (0.8) | (1.6) |
Trade payables | 2.5 | 1.3 | (27.4) | (1.4) | (3.0) |
Other payables | 0.1 | 0.1 | (1.3) | (0.1) | (0.1) |
Long-term loans | 1.6 | 0.8 | (17.8) | (0.9) | (2.0) |
Options | (1.0) | (0.4) | 0.0 | 0.4 | 0.8 |
Forward | (0.8) | (0.4) | 0.0 | 0.4 | 0.9 |
Total | (3.7) | (1.9) | 20.2 | 1.9 | 4.0 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Cash and cash equivalents | (0.2) | (0.1) | 2.0 | 0.1 | 0.2 | (2.7) | (1.4) | 30.1 | 1.6 | 3.3 |
Trade receivables | (3.6) | (1.8) | 35.7 | 1.8 | 3.6 | (28.0) | (14.7) | 308.3 | 16.2 | 34.3 |
Receivables and debit balances | 0.0 | |||||||||
Credit from banks and others | 2.1 | 1.1 | (21.2) | (1.1) | (2.1) | |||||
Trade payables | 2.3 | 1.1 | (22.6) | (1.1) | (2.3) | 9.3 | 4.9 | (102.6) | (5.4) | (11.4) |
Long-term deposits and loans | (0.7) | (0.4) | 7.4 | 0.4 | 0.8 | |||||
Other payables | 1.0 | 0.5 | (9.6) | (0.5) | (1.0) | 1.4 | 0.7 | (15.2) | (0.8) | (1.7) |
Options | (2.1) | (1.4) | (0.8) | (0.3) | 0.2 | |||||
Long-term loans from banks | 1.1 | 0.6 | (12.3) | (0.6) | (1.4) | |||||
Forward | 1.0 | 0.5 | 1.3 | (0.4) | (0.8) | 10.0 | 5.2 | 1.2 | (5.8) | (12.2) |
Total | 0.5 | (0.1) | (15.2) | (1.5) | (2.2) | (9.6) | (5.1) | 216.9 | 5.6 | 11.7 |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% |
Type of instrument |
Cash and cash equivalents | (0.4) | (0.2) | 4.0 | 0.2 | 0.4 | (27.8) | (14.6) | 305.9 | 16.1 | 34.0 |
Short term investments and deposits | (0.2) | (0.1) | 1.8 | 0.1 | 0.2 | |||||
Trade receivables | (2.7) | (1.4) | 27.1 | 1.4 | 2.7 | (7.1) | (3.7) | 77.8 | 4.1 | 8.6 |
Trade payables | 0.9 | 0.4 | (8.8) | (0.4) | (0.9) | 6.3 | 3.3 | (68.9) | (3.6) | (7.7) |
Other payables | 0.2 | 0.1 | (1.6) | (0.1) | (0.2) | 1.3 | 0.7 | (14.6) | (0.8) | (1.6) |
Long-term loans from banks | 4.5 | 2.2 | (44.6) | (2.2) | (4.5) | |||||
Long-term loans (CNY) | 4.1 | 2.1 | (44.6) | (2.3) | (5.0) | |||||
Total | 2.5 | 1.1 | (23.9) | (1.1) | (2.5) | (23.4) | (12.3) | 257.5 | 13.6 | 28.5 |
Cash and cash equivalents | (3.8) | (1.9) | 38.2 | 1.9 | 3.8 |
Trade receivables | (8.4) | (4.2) | 83.9 | 4.2 | 8.4 |
Trade payables | 10.7 | 5.4 | (107.3) | (5.4) | (10.7) |
Other payables | 1.7 | 0.9 | (17.4) | (0.9) | (1.7) |
Credit from banks and others | 16.4 | 8.2 | (164.4) | (8.2) | (16.4) |
Forward | 2.6 | 1.4 | 1.3 | (1.5) | (3.2) |
Long-term loans (CNY) | 8.7 | 4.3 | (87.0) | (4.3) | (8.7) |
Total | 27.9 | 14.1 | (252.7) | (14.2) | (28.5) |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 1% | Increase of 0.5% | Decrease of 0.5% | Decrease of 1% | ||
Type of instrument | $ millions |
Fixed-USD interest debentures | 58.2 | 29.6 | (1,107.9) | (30.7) | (62.4) | 57.9 | 29.8 | (1,099.8) | (31.6) | (65.2) |
Swap transactions | 10.1 | 5.1 | (2.7) | (5.3) | (10.8) | |||||
NIS/USD swap | 33.1 | 22.4 | 64.0 | (11.7) | (23.6) | 15.1 | 7.8 | (4.8) | (8.2) | (16.7) |
Total | 101.4 | 57.1 | (1,046.6) | (47.7) | (96.8) | 73.0 | 37.6 | (1,104.6) | (39.8) | (81.9) |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 1% | Increase of 0.5% | Decrease of 0.5% | Decrease of 1% | ||
Type of instrument | $ millions |
Fixed-USD interest debentures | 62.9 | 32.1 | (1,077.8) | (33.4) | (68.1) | 66.7 | 34.4 | (1,101.8) | (36.5) | (75.4) |
Swap transactions | 13.4 | 6.8 | (5.5) | (7.0) | (14.3) | |||||
NIS/USD swap | 31.8 | 16.2 | 3.3 | (16.7) | (33.9) | 18.6 | 9.4 | 23.1 | (9.3) | (19.2) |
Total | 108.1 | 55.1 | (1,080.0) | (57.1) | (116.3) | 85.3 | 43.8 | (1,078.7) | (45.8) | (94.6) |
Sensitivity to changes in the shekel interest rate | Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | ||
Increase of 1% | Increase of 0.5% | Decrease of 0.5% | Decrease of 1% | ||
Type of instrument | $ millions |
Fixed-interest long-term loan | 3.7 | 1.9 | (86.0) | (2.0) | (4.0) | 0.2 | 0.1 | (132.1) | (0.1) | (0.2) |
Fixed rate debentures (series E) | 20.1 | 10.2 | (470.9) | (10.5) | (21.3) | |||||
Fixed rate debentures | 12.5 | 6.4 | (272.0) | (6.7) | (13.8) | |||||
NIS/USD swap | (25.9) | (13.1) | 64.0 | 13.5 | 27.5 | (15.1) | (7.8) | (4.8) | 8.2 | 16.9 |
Total | (2.1) | (1.0) | (492.9) | 1.0 | 2.2 | (2.4) | (1.3) | (408.9) | 1.4 | 2.9 |
Sensitivity to changes in the shekel interest rate | Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | ||
Increase of 1% | Increase of 0.5% | Decrease of 0.5% | Decrease of 1% |
Fixed-interest long-term loan | 7.5 | 3.8 | (156.9) | (4.0) | (8.1) |
Fixed rate debentures (series E) | 20.3 | 10.3 | (405.5) | (10.7) | (21.7) |
NIS/USD swap | (32.8) | (16.7) | 3.3 | 17.3 | 35.1 |
Total | (5.0) | (2.6) | (559.1) | 2.6 | 5.3 |
Type of instrument |
Fixed-interest long-term loan | 0.6 | 0.3 | (172.3) | (0.3) | (0.6) |
Fixed rate debentures | 15.4 | 7.9 | (395.3) | (8.3) | (17.1) |
NIS/USD swap | (19.0) | (9.7) | 23.1 | 10.9 | 22.8 |
Total | (3.0) | (1.5) | (544.5) | 2.3 | 5.1 |
Sensitivity to changes in the Euro interest rate | Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | ||
Type of instrument | $ millions |
Long-term loans from banks and others | 6.5 | 3.3 | (276.7) | (3.3) | (6.7) |
Sensitivity to changes in the Euro interest rate | Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | ||
Increase of | Increase of | 0.5% | Decrease of | Decrease of | |
Type of instrument | $ millions |
Increase (decrease) in fair value | Fair value | Increase (decrease) in fair value | |||
Increase of 10% | Increase of 5% | Decrease of 5% | Decrease of 10% | ||
Type of instrument | $ millions |
Marine shipping hedges | | | | | |
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect transactions and dispositions of our assets; |
ICL Group Limited 271 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements, in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorization of our management and directors; and |
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. |
2017 | 2016 | |
US$ thousands | US$ thousands |
Audit fees(1) | 5,132 | 5,310 |
Audit-related fees(2) | 395 | 360 |
Tax fees(3) | 1,473 | 1,250 |
Total | 7,000 | 6,920 |
2023 | 2022 | |
US$ thousands | US$ thousands |
Audit fees (1) | 3,963 | 4,468 |
Audit-related fees (2) | 30 | 377 |
Tax fees (3) | 1,262 | 822 |
Total | 5,255 | 5,667 |
Majority Independent Board.Under Section 303A.01 of the NYSE Listed Company Manual (the “LCM”), a |
Nominating/Corporate Governance Committee.Under Section 303A.04 of the LCM, a |
• | Equity Compensation Plans. Under Section 303A.08 of the LCM, shareholders must be given the opportunity to vote on all equity‑compensation plans and material revisions thereto, with certain limited exemptions as described therein. We follow the requirements of the |
• | Shareholder Approval of Securities Issuances. Under Section 312.03 of the LCM, shareholder approval is a prerequisite to (a) issuing |
Some or all of the consideration is other than cash or listed securities or the transaction is not on market terms; and |
The transaction will increase the relative holdings of a 5% shareholder or will cause any person to become, as a result of the issuance, a 5% shareholder. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
101.INS | XBRL Instance Document |
By: | /s/ | |||
Name: | ||||
Title: | Chief Financial Officer |
By: | /s/ Aya Landman | |||
Name: | Aya Landman | |||
Title: | VP, Chief Compliance Officer & Corporate Secretary |
ICL Group Ltd |
Somekh Chaikin | |||
KPMG Millennium Tower | |||
17 Ha'arba'a Street, PO Box 609 | |||
Tel Aviv 61006 Israel | Telephone 972 3 684 8000 Fax 972 3 684 8444 Internet www.kpmg.co.il |
2017 | 2016 | ||
Note | $ millions | $ millions |
Current assets | |||
Cash and cash equivalents | 83 | 87 | |
Short-term investments and deposits | 6 | 90 | 29 |
Trade receivables | 932 | 966 | |
Inventories | 7 | 1,226 | 1,267 |
Assets held for sale | 11 | 169 | - |
Other receivables | 15,8 | 225 | 222 |
Total current assets | 2,725 | 2,571 | |
Non-current assets | |||
Investments in equity-accounted investees | 9 | 29 | 153 |
Financial assets available for sale | 212 | 253 | |
Deferred tax assets | 18 | 132 | 150 |
Property, plant and equipment | 12 | 4,521 | 4,309 |
Intangible assets | 13 | 722 | 824 |
Other non-current assets | 10,19,15 | 373 | 292 |
Total non-current assets | 5,989 | 5,981 | |
Total assets | 8,714 | 8,552 | |
Current liabilities | |||
Short-term credit | 16 | 822 | 588 |
Trade payables | 790 | 644 | |
Provisions | 20 | 78 | 83 |
Liabilities held for sale | 11 | 43 | - |
Other current liabilities | 15,17 | 595 | 708 |
Total current liabilities | 2,328 | 2,023 | |
Non-current liabilities | |||
Long-term debt and debentures | 16 | 2,388 | 2,796 |
Deferred tax liabilities | 18 | 228 | 303 |
Long-term employee provisions | 19 | 640 | 576 |
Provisions | 20 | 193 | 185 |
Other non-current liabilities | 7 | 10 | |
Total non-current liabilities | 3,456 | 3,870 | |
Total liabilities | 5,784 | 5,893 | |
Equity | 22 | ||
Total shareholders’ equity | 2,859 | 2,574 | |
Non-controlling interests | 71 | 85 | |
Total equity | 2,930 | 2,659 | |
Total liabilities and equity | 8,714 | 8,552 |
2023 | 2022 | ||
Note | $ millions | $ millions |
Current assets | |||
Cash and cash equivalents | 420 | 417 | |
Short-term investments and deposits | 172 | 91 | |
Trade receivables | 1,376 | 1,583 | |
Inventories | 6 | 1,703 | 2,134 |
Prepaid expenses and other receivables | 7 | 363 | 323 |
Total current assets | 4,034 | 4,548 | |
Non-current assets | |||
Deferred tax assets | 15 | 152 | 150 |
Property, plant and equipment | 10 | 6,329 | 5,969 |
Intangible assets | 11 | 873 | 852 |
Other non-current assets | 9,16 | 239 | 231 |
Total non-current assets | 7,593 | 7,202 | |
Total assets | 11,627 | 11,750 | |
Current liabilities | |||
Short-term debt | 13 | 858 | 512 |
Trade payables | 912 | 1,006 | |
Provisions | 17 | 85 | 81 |
Other payables | 14 | 783 | 1,007 |
Total current liabilities | 2,638 | 2,606 | |
Non-current liabilities | |||
Long-term debt and debentures | 13 | 1,829 | 2,312 |
Deferred tax liabilities | 15 | 489 | 423 |
Long-term employee liabilities | 16 | 354 | 402 |
Long-term provisions and accruals | 17 | 224 | 234 |
Other | 56 | 60 | |
Total non-current liabilities | 2,952 | 3,431 | |
Total liabilities | 5,590 | 6,037 | |
Equity | |||
Total shareholders’ equity | 19 | 5,768 | 5,464 |
Non-controlling interests | 269 | 249 | |
Total equity | 6,037 | 5,713 | |
Total liabilities and equity | 11,627 | 11,750 |
2017 | 2016 | 2015 | ||
Note | $ millions | $ millions | $ millions |
Sales | 23 | 5,418 | 5,363 | 5,405 |
Cost of sales | 23 | 3,746 | 3,703 | 3,602 |
Gross profit | 1,672 | 1,660 | 1,803 | |
Selling, transport and marketing expenses | 23 | 746 | 722 | 653 |
General and administrative expenses | 23 | 261 | 321 | 350 |
Research and development expenses | 23 | 55 | 73 | 74 |
Other expenses | 23 | 90 | 618 | 211 |
Other income | 23 | (109) | (71) | (250) |
Operating income (loss) | 629 | (3) | 765 | |
Finance expenses | 229 | 157 | 160 | |
Finance income | (105) | (25) | (52) | |
Finance expenses, net | 23 | 124 | 132 | 108 |
Share in earnings of equity-accounted investees | 9 | - | 18 | 11 |
Income (loss) before income taxes | 505 | (117) | 668 | |
Provision for income taxes | 18 | 158 | 55 | 162 |
Net income (loss) | 347 | (172) | 506 | |
Net loss attributable to the non-controlling interests | (17) | (50) | (3) | |
Net income (loss) attributable to the shareholders of the Company | 364 | (122) | 509 | |
Earnings (loss) per share attributable to the shareholders of the Company: | ||||
Basic earnings (loss) per share (in dollars) | 0.29 | (0.10) | 0.40 | |
Diluted earnings (loss) per share (in dollars) | 25 | 0.29 | (0.10) | 0.40 |
Weighted-average number of ordinary shares outstanding: | 25 | |||
Basic (in thousands) | 1,276,072 | 1,273,295 | 1,271,624 | |
Diluted (in thousands) | 1,276,997 | 1,273,295 | 1,272,256 |
2023 | 2022 | 2021 | ||
Note | $ millions | $ millions | $ millions |
Sales | 20 | 7,536 | 10,015 | 6,955 |
Cost of sales | 20 | 4,865 | 4,983 | 4,344 |
Gross profit | 2,671 | 5,032 | 2,611 | |
Selling, transport and marketing expenses | 20 | 1,093 | 1,181 | 1,067 |
General and administrative expenses | 20 | 260 | 291 | 276 |
Research and development expenses | 20 | 71 | 68 | 64 |
Other expenses | 20 | 128 | 30 | 57 |
Other income | 20 | (22) | (54) | (63) |
Operating income | 1,141 | 3,516 | 1,210 | |
Finance expenses | 259 | 327 | 216 | |
Finance income | (91) | (214) | (94) | |
Finance expenses, net | 20 | 168 | 113 | 122 |
Share in earnings of equity-accounted investees | 1 | 1 | 4 | |
Income before taxes on income | 974 | 3,404 | 1,092 | |
Taxes on income | 15 | 287 | 1,185 | 260 |
Net income | 687 | 2,219 | 832 | |
Net income attributable to the non-controlling interests | 40 | 60 | 49 | |
Net income attributable to the shareholders of the Company | 647 | 2,159 | 783 | |
Earnings per share attributable to the shareholders of the Company: | 22 | |||
Basic earnings per share (in dollars) | 0.50 | 1.68 | 0.61 | |
Diluted earnings per share (in dollars) | 0.50 | 1.67 | 0.60 | |
Weighted-average number of ordinary shares outstanding: | 22 | |||
Basic (in thousands) | 1,289,361 | 1,287,304 | 1,282,807 | |
Diluted (in thousands) | 1,290,668 | 1,289,947 | 1,287,051 |
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
Net income | 687 | 2,219 | 832 |
Components of other comprehensive income that will be reclassified subsequently to net income | |||
Foreign currency translation differences | 80 | (146) | (105) |
Change in fair value of cash flow hedges transferred to the statement of income | 59 | 101 | (15) |
Effective portion of the change in fair value of cash flow hedges | (41) | (119) | 13 |
Tax relating to items that will be reclassified subsequently to net income | (4) | 4 | - |
94 | (160) | (107) | |
Components of other comprehensive income that will not be reclassified to net income | |||
Net changes of investments at fair value through other comprehensive income | - | - | 155 |
Actuarial gains from defined benefit plans | 33 | 83 | 85 |
Tax relating to items that will not be reclassified to net income | (8) | (12) | (44) |
25 | 71 | 196 | |
Total comprehensive income | 806 | 2,130 | 921 |
Comprehensive income attributable to the non-controlling interests | 35 | 40 | 54 |
Comprehensive income attributable to the shareholders of the Company | 771 | 2,090 | 867 |
Attributable to the shareholders of the Company | Non- controlling interests | Total equity | |||||||
Share capital | Share premium | Cumulative translation adjustment | Capital reserves | Treasury shares, at cost | Retained earnings | Total shareholders’ equity | |||
$ millions |
For the year ended December 31, 2023 | |||||||||
Balance as of January 1, 2023 | 549 | 233 | (570) | 127 | (260) | 5,385 | 5,464 | 249 | 5,713 |
Share-based compensation | - | 1 | - | 6 | - | - | 7 | - | 7 |
Dividends | - | - | - | - | - | (474) | (474) | (15) | (489) |
Comprehensive income | - | - | 85 | 14 | - | 672 | 771 | 35 | 806 |
Balance as of December 31, 2023 | 549 | 234 | (485) | 147 | (260) | 5,583 | 5,768 | 269 | 6,037 |
Attributable to the shareholders of the Company | Non- controlling interests | Total equity | |||||||
Share capital | Share premium | Cumulative translation adjustment | Capital reserves | Treasury shares, at cost | Retained earnings | Total shareholders’ equity | |||
$ millions |
For the year ended December 31, 2022 | |||||||||
Balance as of January 1, 2022 | 548 | 224 | (444) | 138 | (260) | 4,321 | 4,527 | 209 | 4,736 |
Share-based compensation | 1 | 9 | - | 3 | - | - | 13 | - | 13 |
Dividends | - | - | - | - | - | (1,166) | (1,166) | - | (1,166) |
Comprehensive income | - | - | (126) | (14) | - | 2,230 | 2,090 | 40 | 2,130 |
Balance as of December 31, 2022 | 549 | 233 | (570) | 127 | (260) | 5,385 | 5,464 | 249 | 5,713 |
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Net income (loss) | 347 | (172) | 506 |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | |||
Currency translation differences | 152 | (90) | (205) |
Changes in fair value of derivatives designated as a cash flow hedge | - | (1) | (2) |
Changes in fair value of financial assets available for sale | (57) | 17 | - |
Tax income (expense) relating to items that will be reclassified subsequently to net income (loss) | 5 | (5) | - |
100 | (79) | (207) | |
Components of other comprehensive income that will not be reclassified to net income (loss) | |||
Actuarial gains (losses) from defined benefit plan | (17) | (48) | 63 |
Tax income (expense) relating to items that will not be reclassified to net income (loss) | 3 | 8 | (15) |
(14) | (40) | 48 | |
Total comprehensive income (loss) | 433 | (291) | 347 |
Comprehensive loss attributable to the non-controlling interests | (13) | (59) | (9) |
Comprehensive income (loss) attributable to the shareholders of the Company | 446 | (232) | 356 |
Attributable to the shareholders of the Company | Non- controlling interests | Total equity | |||||||
Share capital | Share premium | Cumulative translation adjustment | Capital reserves | Treasury shares, at cost | Retained earnings | Total shareholders’ equity | |||
$ millions |
For the year ended December 31, 2021 | |||||||||
Balance as of January 1, 2021 | 546 | 204 | (334) | 22 | (260) | 3,752 | 3,930 | 158 | 4,088 |
Share-based compensation | 2 | 20 | - | (16) | - | - | 6 | - | 6 |
Dividends | - | - | - | - | - | (276) | (276) | (3) | (279) |
Comprehensive income | - | - | (110) | 132 | - | 845 | 867 | 54 | 921 |
Balance as of December 31, 2021 | 548 | 224 | (444) | 138 | (260) | 4,321 | 4,527 | 209 | 4,736 |
For the year ended December 31, 2017 | |||||||||
Balance as at January 1, 2017 | 544 | 174 | (481) | 79 | (260) | 2,518 | 2,574 | 85 | 2,659 |
Share-based compensation | 1 | 12 | - | 3 | - | - | 16 | - | 16 |
Dividends | - | - | - | - | - | (177) | (177) | (1) | (178) |
Comprehensive income (loss) | - | - | 148 | (52) | - | 350 | 446 | (13) | 433 |
Balance as at December 31, 2017 | 545 | 186 | (333) | 30 | (260) | 2,691 | 2,859 | 71 | 2,930 |
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
Cash flows from operating activities | |||
Net income | 687 | 2,219 | 832 |
Adjustments for: | |||
Depreciation and amortization | 536 | 498 | 490 |
Reversal of fixed assets impairment | - | - | (6) |
Exchange rate, interest and derivative, net | 24 | 157 | 99 |
Tax expenses | 287 | 1,185 | 260 |
Change in provisions | (32) | (83) | (4) |
Other | 29 | (15) | (21) |
844 | 1,742 | 818 | |
Change in inventories | 465 | (527) | (267) |
Change in trade receivables | 252 | (215) | (426) |
Change in trade payables | (101) | (42) | 274 |
Change in other receivables | 26 | (46) | 9 |
Change in other payables | (210) | 107 | 107 |
Net change in operating assets and liabilities | 432 | (723) | (303) |
Interest paid, net | (115) | (106) | (89) |
Income taxes paid, net of refund | (253) | (1,107) | (193) |
Net cash provided by operating activities | 1,595 | 2,025 | 1,065 |
Cash flows from investing activities | |||
Proceeds (payments) from deposits, net | (88) | (36) | 355 |
Purchases of property, plant and equipment and intangible assets | (780) | (747) | (611) |
Proceeds from divestiture of assets and businesses, net of transaction expenses | 4 | 33 | 39 |
Business combinations | - | (18) | (365) |
Other | 1 | 14 | 3 |
Net cash used in investing activities | (863) | (754) | (579) |
Cash flows from financing activities | |||
Dividends paid to the Company's shareholders | (474) | (1,166) | (276) |
Receipt of long-term debt | 633 | 1,045 | 1,230 |
Repayments of long-term debt | (836) | (1,181) | (1,120) |
Repayments of short-term debt | (25) | (21) | (58) |
Receipts (payments) from transactions in derivatives | 5 | 20 | (17) |
Dividend paid to the non-controlling interests | (15) | - | (3) |
Net cash used in financing activities | (712) | (1,303) | (244) |
Net change in cash and cash equivalents | 20 | (32) | 242 |
Cash and cash equivalents as of the beginning of the year | 417 | 473 | 214 |
Net effect of currency translation on cash and cash equivalents | (17) | (24) | 17 |
Cash and cash equivalents as of the end of the year | 420 | 417 | 473 |
For the year ended December 31, 2016 | |||||||||
Balance as at January 1, 2016 | 544 | 149 | (400) | 93 | (260) | 2,902 | 3,028 | 160 | 3,188 |
Share-based compensation | - * | 25 | - | (10) | - | - | 15 | - | 15 |
Dividends | - | - | - | - | - | (222) | (222) | (4) | (226) |
Changes in equity of equity-accounted investees | - | - | - | (15) | - | - | (15) | - | (15) |
Non-controlling interests in business combinations from prior periods | - | - | - | - | - | - | - | (12) | (12) |
Comprehensive loss | - | - | (81) | 11 | - | (162) | (232) | (59) | (291) |
Balance as at December 31, 2016 | 544 | 174 | (481) | 79 | (260) | 2,518 | 2,574 | 85 | 2,659 |
For the year ended December 31, 2015 | |||||||||
Balance as at January 1, 2015 | 543 | 134 | (201) | 66 | (260) | 2,692 | 2,974 | 26 | 3,000 |
Issue of shares | 1 | 15 | - | - | - | - | 16 | - | 16 |
Share-based compensation | - * | - | - | 15 | - | - | 15 | - | 15 |
Dividends | - | - | - | - | - | (347) | (347) | (1) | (348) |
Business combinations | - | - | - | 14 | - | - | 14 | 144 | 158 |
Comprehensive income (loss) | - | - | (199) | (2) | - | 557 | 356 | (9) | 347 |
Balance as at December 31, 2015 | 544 | 149 | (400) | 93 | (260) | 2,902 | 3,028 | 160 | 3,188 |
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Cash flows from operating activities | |||
Net income (loss) | 347 | (172) | 506 |
Adjustments for: | |||
Depreciation and amortization | 390 | 401 | 355 |
Impairment | 28 | 5 | 75 |
Revaluation of balances from financial institutions and interest expenses, net | 137 | 76 | 44 |
Share in earnings of equity-accounted investees, net | - | (18) | (11) |
Other capital losses (gains), net | (54) | 433 | (210) |
Share-based compensation | 16 | 15 | 15 |
Deferred tax expenses (income) | (46) | (2) | 5 |
471 | 910 | 273 | |
Change in inventories | 57 | 70 | 25 |
Change in trade and other receivables | 21 | 150 | (86) |
Change in trade and other payables | (45) | (90) | (55) |
Change in provisions and employee benefits | (4) | 98 | (90) |
Net change in operating assets and liabilities | 29 | 228 | (206) |
Net cash provided by operating activities | 847 | 966 | 573 |
Cash flows from investing activities | |||
Investments in shares and proceeds from deposits, net | (65) | (198) | 34 |
Business combinations, net of cash acquired | - | - | (351) |
Purchases of property, plant and equipment and intangible assets | (457) | (632) | (619) |
Proceeds from divestiture of subsidiaries | 6 | 17 | 364 |
Proceeds from sale of equity-accounted investee | 168 | - | - |
Dividends from equity-accounted investees | 3 | 12 | 19 |
Proceeds from sale of property, plant and equipment | 12 | - | - |
Other | - | 1 | 6 |
Net cash used in investing activities | (333) | (800) | (547) |
Cash flows from financing activities | |||
Dividends paid to the Company's shareholders | (237) | (162) | (347) |
Receipt (Repayment) of long-term debt,net | (421) | (87) | 355 |
Short-term credit from banks and others, net | 147 | 14 | 8 |
Other | - | (4) | (1) |
Net cash provided by (used in) financing activities | (511) | (239) | 15 |
Net change in cash and cash equivalents | 3 | (73) | 41 |
Cash and cash equivalents as at the beginning of the year | 87 | 161 | 138 |
Net effect of currency translation on cash and cash equivalents | (2) | (1) | (18) |
Cash and cash equivalents included as part of assets held for sale | (5) | - | - |
Cash and cash equivalents as at the end of the year | 83 | 87 | 161 |
For the year ended 31, December | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Income taxes paid, net of tax refunds | 127 | 84 | 20 |
Interest paid | 111 | 112 | 87 |
A. | The Reporting Entity |
B. | War in Gaza |
C. | Definitions |
1. | Subsidiary – a company over which the Company has control and the financial statements of which are fully consolidated with the Company's statements as part of the consolidated financial statements. |
2. | Investee company – a subsidiary, including a partnership or joint venture which is accounted for using the equity method. |
3. | Related party – As in IAS 24 (2009), “Related Party Disclosures”. |
A. | Statement of compliance with International Financial Reporting Standards |
B. | Functional and presentation currency |
C. | Basis of measurement |
D. | Operating cycle |
E. | Reclassifications |
F. | Use of estimates and judgment |
F. | Use of estimates and judgment (cont'd) |
Estimate | Principal assumptions | Possible effects | Reference | |
Concessions, permits and business licenses | Forecast of obtaining renewed concessions, permits and business licenses which constitute the basis for the Company's continued operations and the Company's expectations regarding the holding of the operating assets by it and / or | Impact on the value of the operation, depreciation periods and residual values of related assets. | See Note 3 – Material Accounting Policies and Note 18 | |
Recoverable amount of a cash generating unit, among other things, containing goodwill | Expected cash-flow forecasts including estimates of | Change in impairment valuation. | See Note | |
Probability assessment of contingent and environmental liabilities including cost of waste removal/restoration | Whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under the environmental protection laws and legal claims pending against ICL and the costs and interpretation of regulations. | A change in the Company's estimated provisions for a claim and/or environmental liability, including | ||
See Note | ||||
accounting policies |
A. | Basis for Consolidation |
1. | Subsidiaries |
Non-controlling interests |
B. | Foreign Currency (cont'd) | |
C. | Financial Instruments |
1. | Non-derivative financial assets |
2. | Non-derivative financial liabilities |
C. | Financial Instruments (cont'd) | |
3. | Derivative financial instruments |
4. | CPI-linked assets and liabilities not measured at fair value |
5. | Share capital |
D. | Property, plant and equipment |
1. | Recognition and measurement |
D. | Property, plant and equipment (cont'd) | |
2. | Subsequent Costs (after initial recognition) |
3. | Depreciation |
In Years | |
Buildings | 15 - 30 |
Technical equipment and | 5 - 35 |
Dikes and | 20 - 43 |
Other | |
3 - 10 |
E. | Intangible Assets |
1. | Goodwill |
E. | Intangible Assets (cont'd) | |
2. | Research and development |
3. | Amortization |
In Years | |
Concessions and mining rights – over the remaining duration of the rights granted | |
Trademarks | 15 - 20 |
Technology / patents | 7 - 20 |
Customer relationships | 15 - 25 |
Computer applications | |
3 - 10 |
F. | Inventories | |
G. | Impairment |
1. | Non-derivative financial assets |
2. | Non-financial assets |
H. | Employee Benefits |
1. | Defined contribution plans |
2. | Defined benefit plans |
3. | Early Retirement Payments |
4. | Short‑term benefits |
H. | Employee Benefits (cont'd) | |
5. | Share-based compensation |
I. | Provisions |
1. | Provision for environmental costs |
2. | Site restoration |
3. | Legal claims |
J. | Revenue Recognition |
1. | Identifying a contract |
J. | Revenue Recognition (cont'd) |
1. | Identifying a contract (cont'd) | |
2. | Identifying performance obligations |
3. | Determining the transaction price |
4. | Satisfaction of performance obligation |
5. | Payment terms |
K. | Government grants |
L. | Leases |
M. | Financing Income and Expenses |
N. | Taxes on Income |
O. | Amendments to standards and interpretations that have not yet been adopted |
A. | Investments in equity securities |
B. | Derivatives |
C. | Liabilities in respect of debentures |
A. | General |
A. | General (cont’d) |
B. | Operating segment data |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated | |
$ millions |
For the year ended December 31, 2023 | |||||||
Sales to external parties | 1,206 | 1,973 | 2,274 | 2,047 | 36 | - | 7,536 |
Inter-segment sales | 21 | 209 | 209 | 26 | 3 | (468) | - |
Total sales | 1,227 | 2,182 | 2,483 | 2,073 | 39 | (468) | 7,536 |
Segment operating income (loss) | 220 | 668 | 329 | 51 | (13) | (37) | 1,218 |
Other expenses not allocated to the segments | (77) | ||||||
Operating income | 1,141 | ||||||
Financing expenses, net | (168) | ||||||
Share in earnings of equity-accounted investees | 1 | ||||||
Income before income taxes | 974 | ||||||
Depreciation and amortization | 57 | 175 | 221 | 68 | 3 | 12 | 536 |
Capital expenditures | 91 | 384 | 272 | 92 | 11 | 23 | 873 |
B. | Operating segment data (cont'd) |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other | Reconciliations | Consolidated | |
$ millions |
For the year ended December 31, 2022 | |||||||
Sales to external parties | 1,737 | 3,031 | 2,851 | 2,376 | 20 | - | 10,015 |
Inter-segment sales | 29 | 282 | 255 | 46 | 3 | (615) | - |
Total sales | 1,766 | 3,313 | 3,106 | 2,422 | 23 | (615) | 10,015 |
Segment operating income (loss) | 628 | 1,822 | 777 | 378 | (9) | (87) | 3,509 |
Other income not allocated to the segments | 7 | ||||||
Operating income | 3,516 | ||||||
Financing expenses, net | (113) | ||||||
Share in earnings of equity-accounted investees | 1 | ||||||
Income before income taxes | 3,404 | ||||||
Depreciation and amortization | 61 | 166 | 189 | 70 | 3 | 9 | 498 |
Capital expenditures | 90 | 346 | 259 | 101 | 9 | 17 | 822 |
For the year ended December 31, 2017 | |||||
Sales to external parties | 2,588 | 2,789 | 41 | - | 5,418 |
Inter-segment sales | 62 | 219 | 2 | (283) | - |
Total sales | 2,650 | 3,008 | 43 | (283) | 5,418 |
Operating income attributable to the segments | 554 | 359 | 1 | 914 | |
General and administrative expenses | (261) | ||||
Other expenses not allocated to segments and intercompany eliminations | (24) | ||||
Operating income | 629 | ||||
Financing expenses, net | (124) | ||||
Income before taxes on income | 505 | ||||
Capital expenditures | 80 | 423 | 1 | 504 | |
Capital expenditures not allocated | 3 | ||||
Total capital expenditures | 507 | ||||
Depreciation, amortization and impairment | 111 | 274 | 3 | 388 | |
Depreciation ,amortization and impairment not allocated | 30 | ||||
Total depreciation, amortization and impairment | 418 |
B. | Operating segment data (cont'd) |
For the year ended December 31, 2016 | |||||
Sales to external parties | 2,493 | 2,811 | 59 | - | 5,363 |
Inter-segment sales | 60 | 225 | - | (285) | - |
Total sales | 2,553 | 3,036 | 59 | (285) | 5,363 |
Operating income attributable to the segments | 534 | 398 | 5 | 937 | |
General and administrative expenses | (321) | ||||
Other expenses not allocated to segments and intercompany eliminations | (619) | ||||
Operating loss | (3) | ||||
Financing expenses, net | (132) | ||||
Share in earnings of equity-accounted investee | 18 | ||||
Loss before taxes on income | (117) | ||||
Capital expenditures | 95 | 497 | 1 | 593 | |
Capital expenditures not allocated | 59 | ||||
Total capital expenditures | 652 | ||||
Depreciation ,amortization and impairment | 106 | 292 | 3 | 401 | |
Depreciation, amortization and impairment not allocated | 5 | ||||
Total depreciation, amortization and impairment | 406 |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated | |
$ millions | |||||||
For the year ended December 31, 2021 | |||||||
Sales to external parties | 1,601 | 1,598 | 2,087 | 1,644 | 25 | - | 6,955 |
Inter-segment sales | 16 | 178 | 167 | 26 | 3 | (390) | - |
Total sales | 1,617 | 1,776 | 2,254 | 1,670 | 28 | (390) | 6,955 |
Segment operating income (loss) | 435 | 399 | 294 | 135 | (8) | (61) | 1,194 |
Other income not allocated to the segments | 16 | ||||||
Operating income | 1,210 | ||||||
Financing expenses, net | (122) | ||||||
Share in earnings of equity-accounted investees | 4 | ||||||
Income before income taxes | 1,092 | ||||||
Depreciation and amortization | 65 | 148 | 207 | 62 | 2 | - | 484 |
Capital expenditures | 74 | 270 | 228 | 74 | 6 | 17 | 669 |
Capital expenditures as part of business combination | - | - | - | 377 | - | - | 377 |
For the year ended December 31, 2015 | |||||
Sales to external parties | 2,319 | 2,904 | 182 | - | 5,405 |
Inter-segment sales | 75 | 211 | 3 | (289) | - |
Total sales | 2,394 | 3,115 | 185 | (289) | 5,405 |
Operating income attributable to the segments | 451 | 885 | 16 | 1,352 | |
General and administrative expenses | (350) | ||||
Other expenses not allocated to segments and intercompany eliminations | (237) | ||||
Operating income | 765 | ||||
Financing expenses, net | (108) | ||||
Share in earnings of equity-accounted investee | 11 | ||||
Income before taxes on income | 668 | ||||
Capital expenditures | 98 | 470 | 2 | 570 | |
Capital expenditures as a result of business combination | 145 | 445 | - | 590 | |
Capital expenditures not allocated | 110 | ||||
Total capital expenditures | 1,270 | ||||
Depreciation, amortization and impairment | 145 | 247 | 37 | 429 | |
Depreciation, amortization and impairment not allocated | 1 | ||||
Total depreciation, amortization and impairment | 430 |
C. | Information based on geographical location |
2023 | 2022 | 2021 | ||||
$ millions | % of sales | $ millions | % of sales | $ millions | % of sales |
2017 | 2016 | 2015 | ||||
$ millions | % of sales | $ millions | % of sales | $ millions | % of sales |
Brazil | 1,530 | 20 | 2,200 | 22 | 1,178 | 17 |
USA | 1,262 | 17 | 1,457 | 15 | 1,091 | 16 |
China | 1,059 | 14 | 1,495 | 15 | 1,060 | 15 |
United Kingdom | 428 | 6 | 448 | 4 | 386 | 6 |
Spain | 348 | 5 | 365 | 4 | 280 | 4 |
Germany | 340 | 5 | 417 | 4 | 345 | 5 |
Israel | 274 | 4 | 344 | 3 | 291 | 4 |
France | 254 | 3 | 305 | 3 | 270 | 4 |
India | 196 | 3 | 505 | 5 | 213 | 3 |
Netherlands | 171 | 2 | 264 | 3 | 127 | 2 |
All other | 1,674 | 21 | 2,215 | 22 | 1,714 | 24 |
Total | 7,536 | 100 | 10,015 | 100 | 6,955 | 100 |
USA | 1,091 | 20 | 1,070 | 20 | 1,176 | 22 |
China | 724 | 13 | 669 | 12 | 550 | 10 |
Brazil | 594 | 11 | 521 | 10 | 506 | 9 |
Germany | 378 | 7 | 392 | 7 | 421 | 8 |
United Kingdom | 328 | 6 | 306 | 6 | 303 | 6 |
France | 265 | 5 | 226 | 4 | 295 | 6 |
Spain | 264 | 5 | 258 | 5 | 285 | 5 |
India | 200 | 4 | 199 | 4 | 206 | 4 |
Israel | 171 | 3 | 237 | 4 | 240 | 4 |
Italy | 121 | 2 | 122 | 2 | 117 | 2 |
All other | 1,282 | 24 | 1,363 | 26 | 1,306 | 24 |
Total | 5,418 | 100 | 5,363 | 100 | 5,405 | 100 |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Israel | 2,548 | 2,470 | 2,427 |
Europe | 2,119 | 2,124 | 2,296 |
North America | 1,045 | 1,045 | 1,148 |
Others | 798 | 774 | 503 |
6,510 | 6,413 | 6,374 | |
Intercompany sales | (1,092) | (1,050) | (969) |
Total | 5,418 | 5,363 | 5,405 |
C. | Information based on geographical location (cont'd) | |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated | |
$ millions |
For the year ended December 31, 2023 | |||||||
Europe | 432 | 624 | 719 | 746 | 20 | (209) | 2,332 |
Asia | 361 | 539 | 603 | 257 | 14 | (30) | 1,744 |
South America | 25 | 524 | 368 | 753 | - | (5) | 1,665 |
North America | 349 | 260 | 614 | 138 | 2 | (12) | 1,351 |
Rest of the world | 60 | 235 | 179 | 179 | 3 | (212) | 444 |
Total | 1,227 | 2,182 | 2,483 | 2,073 | 39 | (468) | 7,536 |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated | |
$ millions |
For the year ended December 31, 2022 | |||||||
Europe | 574 | 698 | 881 | 880 | 18 | (242) | 2,809 |
Asia | 664 | 1,008 | 817 | 286 | - | (32) | 2,743 |
South America | 40 | 938 | 496 | 849 | - | (8) | 2,315 |
North America | 401 | 365 | 654 | 166 | 1 | (10) | 1,577 |
Rest of the world | 87 | 304 | 258 | 241 | 4 | (323) | 571 |
Total | 1,766 | 3,313 | 3,106 | 2,422 | 23 | (615) | 10,015 |
C. | Information based on geographical location (cont'd) |
Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated | |
$ millions |
For the year ended December 31, 2021 | |||||||
Europe | 530 | 430 | 611 | 727 | 23 | (162) | 2,159 |
Asia | 597 | 478 | 617 | 206 | 1 | (23) | 1,876 |
South America | 64 | 467 | 343 | 436 | - | (5) | 1,305 |
North America | 363 | 209 | 491 | 127 | 1 | (5) | 1,186 |
Rest of the world | 63 | 192 | 192 | 174 | 3 | (195) | 429 |
Total | 1,617 | 1,776 | 2,254 | 1,670 | 28 | (390) | 6,955 |
C. | Information based on geographical location (cont'd) | |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
Israel | 3,595 | 5,611 | 3,526 |
Europe | 2,610 | 3,361 | 2,437 |
South America | 1,482 | 1,994 | 1,095 |
North America | 999 | 1,038 | 897 |
Asia | 788 | 1,123 | 861 |
Other | 52 | 61 | 56 |
9,526 | 13,188 | 8,872 | |
Intercompany sales | (1,990) | (3,173) | (1,917) |
Total | 7,536 | 10,015 | 6,955 |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Israel | 475 | 304 | 386 |
North America | 154 | 83 | 89 |
South America | 20 | (2) | 21 |
Europe | (45) | (117) | 254 |
Others | 21 | (242) | 23 |
Intercompany eliminations | 4 | (29) | (8) |
Total | 629 | (3) | 765 |
Israel | 857 | 2,668 | 863 |
Asia | 130 | 221 | 179 |
South America | 112 | 184 | 95 |
Europe | 74 | 445 | 7 |
North America | 45 | 131 | 71 |
Other | 4 | 5 | 4 |
Intercompany eliminations | (81) | (138) | (9) |
Total | 1,141 | 3,516 | 1,210 |
C. | Information based on geographical location (cont'd) |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
For the year ended December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Israel | 3,387 | 3,351 | 4,454 | 4,208 |
Europe | 1,227 | 1,127 | 1,581 | 1,474 |
South America | 456 | 407 | ||
Asia | 455 | 472 | 441 | 461 |
North America | 321 | 382 | 369 | 346 |
Other | 94 | 158 | 5 | 4 |
Total | 5,484 | 5,490 | 7,306 | 6,900 |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Finished products | 1,117 | 1,348 |
Raw materials | 329 | 490 |
Work in progress | 174 | 233 |
Spare parts | 157 | 128 |
Total inventories | 1,777 | 2,199 |
Of which: | ||
Non-current inventories - mainly raw materials (presented as non-current assets) | 74 | 65 |
Current inventories | 1,703 | 2,134 |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Government institutions | 104 | 111 |
Current tax assets | 67 | 53 |
Derivative instruments | 53 | 10 |
Prepaid expenses | 35 | 70 |
Receivables from equity-accounted investees sale | 17 | - |
Other | 87 | 79 |
363 | 323 |
2017 | 2016 | 2015 | ||||
$ millions | % of sales | $ millions | % of sales | $ millions | % of sales |
Specialty Solutions Segment | ||||||
Industrial Products | 1,193 | 22 | 1,120 | 21 | 1,034 | 19 |
Advanced Additives | 877 | 16 | 798 | 15 | 781 | 14 |
Food Specialties | 596 | 11 | 659 | 12 | 613 | 11 |
2,666 | 49 | 2,577 | 48 | 2,428 | 44 | |
Essential Minerals Segment | ||||||
Potash & Magnesium | 1,383 | 26 | 1,338 | 25 | 1,515 | 28 |
Phosphate | 1,052 | 19 | 1,163 | 22 | 1,064 | 20 |
Specialty Fertilizers | 692 | 13 | 661 | 12 | 680 | 13 |
3,127 | 58 | 3,162 | 59 | 3,259 | 61 | |
Other activities and intercompany sales | (375) | (7) | (376) | (7) | (282) | (5) |
Total | 5,418 | 100 | 5,363 | 100 | 5,405 | 100 |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Specialty Solutions Segment | |||
Industrial Products | 303 | 286 | 225 |
Advanced Additives | 201 | 163 | 154 |
Food Specialties | 51 | 84 | 72 |
555 | 533 | 451 | |
Essential Minerals Segment | |||
Potash & Magnesium | 282 | 282 | 637 |
Phosphate | 23 | 60 | 187 |
Specialty Fertilizers | 56 | 55 | 63 |
361 | 397 | 887 | |
Other activities and intercompany eliminations | (2) | 7 | 14 |
Consolidated (business lines) | 914 | 937 | 1,352 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Deposits in banks and financial institutions | 90 | 18 |
Other | - | 11 |
90 | 29 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Finished products | 709 | 773 |
Work in progress | 269 | 267 |
Raw materials | 212 | 194 |
Spare parts | 142 | 129 |
1,332 | 1,363 | |
Less – non-current inventories (presented in non-current assets) | 106 | 96 |
1,226 | 1,267 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Government institutions | 78 | 39 |
Prepaid expenses | 33 | 25 |
Insurance receivables | 26 | 6 |
Current tax assets | 16 | 66 |
Advances to suppliers | 10 | 15 |
Other | 62 | 71 |
225 | 222 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Current assets | 54 | 260 |
Non-Current assets | 39 | 568 |
Total assets | 93 | 828 |
Current liabilities | 25 | 131 |
Non-current liabilities | 26 | 406 |
Total liabilities | 51 | 537 |
Revenues | 207 | 315 |
Expenses | 197 | 279 |
Net income | 10 | 36 |
Non-controlling interests in subsidiaries |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
2017 | 2016 | |
$ millions | $ millions |
Current assets | 278 | 267 |
Non-current assets | 376 | 392 |
Current liabilities | (102) | (145) |
Non-current liabilities | (43) | (48) |
Equity | (509) | (466) |
Current assets | 197 | 227 |
Intangibles assets | 69 | 64 |
Other non current assets | 302 | 314 |
Current liabilities | 241 | 268 |
Long term liabilities | 215 | 197 |
Equity | 112 | 140 |
Sales | 363 | 377 |
Operating Loss | (21) | (78) |
Depreciation and amortization | 34 | 34 |
Operating income (loss) before depreciation and amortization | 13 | (44) |
Net loss | (38) | (104) |
Comprehensive loss | (52) | (126) |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions |
Sales | 546 | 723 | 528 |
Operating Income | 105 | 146 | 105 |
Depreciation and amortization | 33 | 34 | 38 |
Operating income before depreciation and amortization | 138 | 180 | 143 |
Net Income | 85 | 116 | 96 |
Total Comprehensive income | 71 | 78 | 104 |
(2) | Further to the acquisition of Nobian’s holding in Sal Vesta (51%) in 2021, which was part of the partnership termination agreement between the Company and Nobian, in the first quarter of 2023 100% of the Company’s shares in Sal Vesta were sold to Salins Group for a consideration of $13 million. As part of the transaction, the Company engaged in a long-term take-or-pay supply agreement for all the vacuum salt produced at ICL Iberia. |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Lease rights | 106 | 107 |
Non-current inventories | 106 | 96 |
Surplus in defined benefit plan | 89 | 78 |
Derivatives | 64 | 3 |
Other | 8 | 8 |
373 | 292 |
Surplus in employees' defined benefit plans (1) | 112 | 97 |
Non-current inventories | 74 | 65 |
Long term deposits | 11 | 9 |
Receivables from equity-accounted investees sale | 9 | 22 |
Investments in equity-accounted investees | 2 | 3 |
Derivative designated as a cash flow hedge | 1 | 19 |
Other | 30 | 16 |
239 | 231 |
(1) | See Note 16. |
A. | Composition |
Land | Technical equipment and | Dikes and evaporating ponds | Plants under construction | Other | Right of use asset (2) | Total | |||||||
$ millions |
Cost | |||||||
Balance as at January 1, 2017 | 763 | 5,408 | 1,715 | 149 | 244 | 879 | 9,158 |
Additions | 42 | 302 | 140 | 7 | 13 | (14) | 490 |
Disposals | (6) | (28) | - | (12) | (17) | - | (63) |
Translation differences | 49 | 136 | 33 | 7 | 9 | 35 | 269 |
Reclassification to assets held for sale | (4) | (30) | - | (1) | (7) | (2) | (44) |
Balance as at December 31, 2017 | 844 | 5,788 | 1,888 | 150 | 242 | 898 | 9,810 |
Accumulated depreciation | |||||||
Balance as at January 1, 2017 | 409 | 3,232 | 944 | 83 | 181 | - | 4,849 |
Depreciation for the year | 23 | 227 | 84 | 7 | 14 | - | 355 |
Disposals | (4) | (23) | - | (12) | (17) | - | (56) |
Impairment | - | 13 | - | - | - | - | 13 |
Translation differences | 24 | 85 | 25 | 7 | 6 | - | 147 |
Reclassification to assets held for sale | (1) | (14) | - | (1) | (3) | - | (19) |
Balance as at December 31, 2017 | 451 | 3,520 | 1,053 | 84 | 181 | - | 5,289 |
Depreciated balance as at December 31, 2017 | 393 | 2,268 | 835 | 66 | 61 | 898 | 4,521 |
Cost | |||||||
Balance as of January 1, 2023 | 1,086 | 7,865 | 1,834 | 518 | 1,144 | 533 | 12,980 |
Additions | 35 | 455 | 179 | (3) | 78 | 94 | 838 |
Disposals | (4) | (98) | - | (2) | (4) | (51) | (159) |
Translation differences | 23 | 58 | 12 | 10 | 1 | 3 | 107 |
Balance as of December 31, 2023 | 1,140 | 8,280 | 2,025 | 523 | 1,219 | 579 | 13,766 |
Accumulated depreciation | |||||||
Balance as of January 1, 2023 | 512 | 4,545 | 829 | - | 936 | 189 | 7,011 |
Depreciation | 27 | 254 | 46 | - | 84 | 83 | 494 |
Disposals | (1) | (68) | - | - | (3) | (49) | (121) |
Translation differences | 6 | 34 | 10 | - | 1 | 2 | 53 |
Balance as of December 31, 2023 | 544 | 4,765 | 885 | - | 1,018 | 225 | 7,437 |
Depreciated balance as of December 31, 2023 | 596 | 3,515 | 1,140 | 523 | 201 | 354 | 6,329 |
Cost | |||||||
Balance as at January 1, 2016 | 760 | 5,038 | 1,634 | 157 | 235 | 976 | 8,800 |
Additions | 24 | 488 | 89 | 2 | 19 | (83) | 539 |
Disposals | (4) | (49) | - | (10) | (10) | - | (73) |
Translation differences | (17) | (72) | (8) | - | (2) | (14) | (113) |
Reclassification from assets held for sale | - | 3 | - | - | 2 | - | 5 |
Balance as at December 31, 2016 | 763 | 5,408 | 1,715 | 149 | 244 | 879 | 9,158 |
Accumulated depreciation | |||||||
Balance as at January 1, 2016 | 396 | 3,085 | 848 | 84 | 175 | - | 4,588 |
Depreciation for the year | 22 | 218 | 102 | 8 | 15 | - | 365 |
Disposals | (2) | (41) | - | (9) | (8) | - | (60) |
Impairment | - | 5 | - | - | - | - | 5 |
Translation differences | (7) | (35) | (6) | - | (1) | - | (49) |
Balance as at December 31, 2016 | 409 | 3,232 | 944 | 83 | 181 | - | 4,849 |
Depreciated balance as at December 31, 2016 | 354 | 2,176 | 771 | 66 | 63 | 879 | 4,309 |
A. | Composition (cont'd) |
Land and | Dikes and evaporating ponds (3) | Plants under construction (1) | Other | Right of use asset (2) | Total | |||||||
$ millions |
Cost | |||||||
Balance as of January 1, 2022 | 1,107 | 7,664 | 1,465 | 664 | 1,073 | 518 | 12,491 |
Additions | 30 | 358 | 388 | (128) | 77 | 64 | 789 |
Disposals | (15) | (27) | - | - | - | (27) | (69) |
Translation differences | (36) | (130) | (19) | (18) | (6) | (22) | (231) |
Balance as of December 31, 2022 | 1,086 | 7,865 | 1,834 | 518 | 1,144 | 533 | 12,980 |
Accumulated depreciation | |||||||
Balance as of January 1, 2022 | 502 | 4,410 | 797 | - | 881 | 147 | 6,737 |
Depreciation | 35 | 243 | 47 | - | 59 | 74 | 458 |
Disposals | (7) | (25) | - | - | - | (27) | (59) |
Translation differences | (18) | (83) | (15) | - | (4) | (5) | (125) |
Balance as of December 31, 2022 | 512 | 4,545 | 829 | - | 936 | 189 | 7,011 |
Depreciated balance as of December 31, 2022 | 574 | 3,320 | 1,005 | 518 | 208 | 344 | 5,969 |
The total additions were recorded against lease liabilities (IFRS 16). | ||
(3) | The Company conducted an evaluation of the expected remaining useful life of Property, Plant and Equipment at its facilities in Israel. This evaluation was based on the Company's accumulated experience, ongoing maintenance practices and operational history of these facilities. The findings of this assessment, which was concluded in the third quarter, revealed that, due to the increasing adoption of new technologies and the implementation of operational excellence processes, the expected lifespan of certain Property, Plant, and Equipment exceeded their previously estimated useful life. As a result, the estimated useful life of the said assets was extended by 2‑5 years, effective from January 2023. The impact of this adjustment in 2023, is a reduction in depreciation expenses, of which $16 million was reflected in operating results, and $3 million was recorded as part of changes in inventory value. |
Cost | |||||||||
Balance as at January 1, 2017 | 398 | 205 | 86 | 80 | 214 | 35 | 65 | 76 | 1,159 |
Additions | - | - | - | 3 | - | 1 | 10 | 3 | 17 |
Discontinuance of consolidation | (55) | - | - | - | - | - | - | - | (55) |
Translation differences | 16 | 11 | 7 | 7 | 16 | 3 | 2 | 1 | 63 |
Reclassification to assets held for sale | (11) | - | (2) | (10) | (47) | - | (1) | (46) | (117) |
Balance as at December 31, 2017 | 348 | 216 | 91 | 80 | 183 | 39 | 76 | 34 | 1,067 |
Amortization and impairment losses | |||||||||
Balance as at January 1, 2017 | 21 | 57 | 19 | 34 | 88 | 9 | 57 | 50 | 335 |
Amortization for the year | - | 6 | 3 | 5 | 12 | 1 | 3 | 5 | 35 |
Translation differences | 1 | - | 1 | 3 | 5 | 1 | 2 | 1 | 14 |
Impairment | - | - | 1 | - | - | 14 | - | - | 15 |
Reclassification to assets held for sale | - | - | - | (7) | (11) | - | (1) | (35) | (54) |
Balance as at December 31, 2017 | 22 | 63 | 24 | 35 | 94 | 25 | 61 | 21 | 345 |
Amortized Balance as at December 31 ,2017 | 326 | 153 | 67 | 45 | 89 | 14 | 15 | 13 | 722 |
Composition |
Goodwill | Concessions and mining rights | Trademarks | Technology / patents | Customer relationships | Computer application | Others | Total | |||||||||
$ millions |
Cost | ||||||||
Balance as of January 1, 2023 | 526 | 210 | 84 | 108 | 194 | 142 | 69 | 1,333 |
Additions | - | 1 | - | 8 | - | 24 | 2 | 35 |
Disposals | - | - | - | - | - | (1) | - | (1) |
Translation differences | 23 | - | 2 | 3 | 6 | 1 | 2 | 37 |
Balance as of December 31, 2023 | 549 | 211 | 86 | 119 | 200 | 166 | 73 | 1,404 |
Amortization | ||||||||
Balance as of January 1, 2023 | 19 | 85 | 34 | 60 | 144 | 82 | 57 | 481 |
Amortization for the year | - | 6 | 2 | 5 | 12 | 12 | 5 | 42 |
Translation differences | - | - | 1 | 1 | 4 | 1 | 1 | 8 |
Balance as of December 31, 2023 | 19 | 91 | 37 | 66 | 160 | 95 | 63 | 531 |
- | ||||||||
Amortized Balance as of December 31 ,2023 | 530 | 120 | 49 | 53 | 40 | 71 | 10 | 873 |
Cost | |||||||||
Balance as at January 1, 2016 | 370 | 262 | 86 | 82 | 212 | 143 | 255 | 78 | 1,488 |
Additions | - | 1 | 1 | 1 | 6 | 19 | 59 | - | 87 |
Additions in respect of business combinations | 26 | - | - | - | - | - | - | - | 26 |
Disposals | - | (52) | - | - | - | (126) | (249) | - | (427) |
Translation differences | 2 | (6) | (1) | (3) | (5) | (1) | (3) | (2) | (19) |
Reclassification from assets held for sale | - | - | - | - | 1 | - | 3 | - | 4 |
Balance as at December 31, 2016 | 398 | 205 | 86 | 80 | 214 | 35 | 65 | 76 | 1,159 |
Amortization and impairment losses | |||||||||
Balance as at January 1, 2016 | 21 | 52 | 16 | 30 | 77 | 7 | 55 | 45 | 303 |
Amortization for the year | - | 5 | 3 | 5 | 13 | 2 | 3 | 5 | 36 |
Disposals | - | - | - | - | - | - | (2) | - | (2) |
Translation differences | - | - | - | (1) | (2) | - | (1) | - | (4) |
Reclassification from assets held for sale | - | - | - | - | - | - | 2 | - | 2 |
Balance as at December 31, 2016 | 21 | 57 | 19 | 34 | 88 | 9 | 57 | 50 | 335 |
Amortized Balance as at December 31 ,2016 | 377 | 148 | 67 | 46 | 126 | 26 | 8 | 26 | 824 |
A. | Composition (cont’d) |
Goodwill | Concessions and mining rights | Trademarks | Technology / patents | Customer relationships | Computer application | Others | Total | |
$ millions |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Intangible assets having a defined useful life | 365 | 415 |
Intangible assets having an indefinite useful life | 357 | 409 |
722 | 824 |
Cost | ||||||||
Balance as of January 1, 2022 | 522 | 215 | 88 | 97 | 203 | 124 | 70 | 1,319 |
Additions | - | 2 | - | 9 | - | 20 | 2 | 33 |
Adjustment to PPA (1) | 5 | - | - | 6 | (6) | - | - | 5 |
Translation differences | (1) | (7) | (4) | (4) | (3) | (2) | (3) | (24) |
Balance as of December 31, 2022 | 526 | 210 | 84 | 108 | 194 | 142 | 69 | 1,333 |
Amortization | ||||||||
Balance as of January 1, 2022 | 20 | 80 | 34 | 58 | 131 | 74 | 55 | 452 |
Amortization for the year | - | 6 | 2 | 5 | 15 | 9 | 3 | 40 |
Translation differences | (1) | (1) | (2) | (3) | (2) | (1) | (1) | (11) |
Balance as of December 31, 2022 | 19 | 85 | 34 | 60 | 144 | 82 | 57 | 481 |
- | ||||||||
Amortized Balance as of December 31 ,2022 | 507 | 125 | 50 | 48 | 50 | 60 | 12 | 852 |
(1) | In July 2022, the Company completed the ADS’s Purchase Price Allocation (PPA). | |
B. | Total book value of intangible assets having defined useful lives and those having indefinite useful lives are as follows: |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Intangible assets having a defined useful life | 311 | 313 |
Intangible assets having an indefinite useful life | 562 | 539 |
873 | 852 |
Impairment testing for intangible assets with an indefinite useful life |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Goodwill | ||
Phosphate Solutions | 114 | 110 |
Industrial Products | 91 | 90 |
Growing Solutions | 289 | 271 |
Potash | 20 | 20 |
Other | 16 | 16 |
530 | 507 | |
Trademarks | 32 | 32 |
562 | 539 |
Goodwill | ||
Specialty Solutions | 207 | 211 |
Essential Minerals | 119 | 166 |
326 | 377 | |
Trademarks | ||
Industrial Products, United States | 13 | 13 |
Advanced Additives, United States | 7 | 9 |
Food, United States | 5 | 5 |
Industrial Products, Europe | 6 | 5 |
31 | 32 | |
357 | 409 |
Included in current assets and liabilities: | ||||
Foreign currency and interest derivative instruments | 1 | (3) | 8 | (3) |
Derivative instruments on energy and marine transport | 4 | - | 4 | - |
5 | (3) | 12 | (3) | |
Included in non-current assets and liabilities: | ||||
Foreign currency and interest derivative instruments | 64 | (3) | 3 | (5) |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Short-term debt | ||
From financial institutions | 283 | 313 |
Current maturities of: | ||
Debentures | 441 | 116 |
Long-term loans from financial institutions | 62 | 15 |
Lease Liability | 72 | 68 |
575 | 199 | |
Total Short-Term debt | 858 | 512 |
Long- term debt and debentures | ||
Long term lease liability | 276 | 270 |
Loans from financial institutions | 734 | 721 |
1,010 | 991 | |
Marketable debentures | 1,203 | 1,329 |
Non-marketable debentures | 191 | 191 |
1,394 | 1,520 | |
2,404 | 2,511 | |
Less – current maturities of: | ||
Debentures | 441 | 116 |
Long-term loans from financial institutions | 62 | 15 |
Lease liability | 72 | 68 |
575 | 199 | |
Total Long- term debt and debentures | 1,829 | 2,312 |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Short-term credit | ||
From financial institutions | 635 | 572 |
From the parent company | 175 | - |
810 | 572 | |
Current maturities | ||
Long term loans from financial institutions | 12 | 16 |
Total Short Term Credit | 822 | 588 |
Long- term debt and debentures | ||
Loans from financial institutions | 786 | 1,254 |
Other loans | 98 | 87 |
884 | 1,341 | |
Less – current maturities | 12 | 16 |
872 | 1,325 | |
Marketable debentures | 1,241 | 1,196 |
Non-marketable debentures | 275 | 275 |
Total Long- term debt and debentures | 2,388 | 2,796 |
B. | |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Balance as of January 1 | 2,813 | 2,914 |
Changes from financing cash flows | ||
Receipt of long-term debts | 633 | 1,045 |
Repayment of long-term debt | (836) | (1,181) |
Repayment of short-term credit | (25) | (21) |
Interest paid | (125) | (113) |
Receipt from transaction in derivatives, net | 5 | 20 |
Total net financing cash flows | (348) | (250) |
Initial recognition of lease liability | 94 | 64 |
Interest expenses | 164 | 148 |
Effect of changes in foreign exchange rates | 18 | (97) |
Change in fair value of derivatives | 26 | 67 |
Other changes | (64) | (33) |
Balance as of December 31 | 2,703 | 2,813 |
C. | Sale of receivables under securitization transaction |
D. | Information on material loans and debentures outstanding as of December 31, 2023: |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information |
Debentures - Series F | May 2018, December 2020 | 693 | US Dollar | 714 | 6.38% | May 2038 | (2), (3) |
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 108 | 2.45% | 2021- 2024 (annual installment) | Partially repaid (1), (3) |
Debentures (private offering) – 3 series | January 2014 | 275 | US Dollar | 145 46 | 5.16% 5.31% | January 2024 January 2026 | (2), (3), (5) |
Debentures - Series G | January/May 2020 | 766 | Israeli Shekel | 198 | 2.40% | 2022- 2034 (annual installment) | Partially repaid (1), (3) |
Debentures - Series D | December 2014 | 184 | US Dollar | 184 | 4.50% | December 2024 | (2), (3) |
Sustainability linked loan (SLL) | September 2021 | 250 | Euro | 276 | 0.80% | September 2026 | (4) |
Loan - European Bank | September 2021 | 25 | Euro | 28 | 0.95% | June 2025 | |
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 29 | 4.74% | 2015-2024 (annual installment) | Partially repaid |
D. | Information on material loans and debentures outstanding as of December 31, 2023: (cont’d) | |
(1) | In March 2023, the Company repaid, as scheduled, NIS 392 million (approx. $108 million) of Series E Bond. In December 2023, the Company repaid NIS 15 million (approx. $4 million) of Series G Bond, as scheduled. |
(2) | In June 2023, Fitch Ratings reaffirmed the Company’s long-term issuer default rating and senior unsecured rating at 'BBB-'. The outlook on the long-term issuer default rating is stable. |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
(3) | In July 2023, S&P credit rating reaffirmed the Company’s international credit rating and senior unsecured rating of 'BBB-'. In addition, the S&P Maalot credit rating agency reaffirmed the Company’s credit rating of 'ilAA' with a stable rating outlook. |
Second year | 261 | 16 |
Third year | 18 | 323 |
Fourth year | 213 | 27 |
Fifth year | 644 | 1,046 |
Sixth year and thereafter | 1,252 | 1,384 |
2,388 | 2,796 |
(4) | The loan includes three sustainability performance targets: (1) an annual 4% to 5% reduction in direct and indirect Scope 1 and Scope 2 CO2 emissions resulting from ICL global operations.(2) Through 2025, the Company is committed to adding a significant number of Tfs (Together for Sustainability) qualified vendors each year who meet criteria of management, environment, health and safety, labor and human rights, ethics, and governance and (3) for female to hold at least 25% of senior management roles, by the end of 2024. As of December 31, 2023, the Company is in compliance with the relevant sustainability performance targets. |
(5) | In January 2024, the Company repaid $145 million private placement Bond, as scheduled. |
(6) | As of December 31, 2023, the Company is in compliance with all its financial covenants set forth in its financing agreements. See item F below. | |
E. | Credit facilities: |
Issuer | Group of international banks | European bank |
Date of the credit facility | April 2023 | December 2016 |
Date of credit facility termination | April 2028 | May 2024 |
The amount of the credit facility | USD 1,550 million (1) | USD 30 million |
Credit facility has been utilized | Euro 340 million | USD 30 million |
Interest rate | Up to 33% use of credit: Euribor/ SOFR + 0.80%. From 33% to 66% use of credit: Euribor/ SOFR + 0.90% 66% or more use of credit: Euribor/ SOFR + 1.05% | SOFR + 1.06% |
Loan currency type | USD and Euro loans | USD loans |
Pledges and restrictions | Financial covenants - see Section F, a cross-default mechanism and a negative pledge (2) | Financial covenants - see Section F and a negative pledge. |
Non-utilization fee | 0.245% | - |
(1) | In April 2023, the Company entered into a Sustainability-Linked Revolving Credit Facility Agreement made between ICL Finance B.V. and a consortium of twelve international banks for a $1,550 million credit facility. The Sustainability-Linked RCF replaced a previous revolving credit facility that was entered into in 2015, as amended and extended in 2018, and which was due to expire in 2025. |
(2) | In line with ICL’s strategic commitment to sustainability, the Sustainability-Linked RCF follows ICL’s initial Sustainability-Linked Term Loan dated September 2021. The Sustainability-Linked RCF includes three Key Performance Indicators (KPIs) which have been designed to align with ICL’s sustainability goals: a reduction in Absolute Scope 1 & 2 GHG Emissions; an increase in the percentage of female representation among senior ICL management; and an increase in the number of valid TfS (Together for Sustainability initiative) scorecards obtained for ICL Group suppliers. Each of these goals will be assessed regularly during the term of the Sustainability-Linked RCF through third-party verification of ICL’s performance in these areas. |
F. | Restrictions on the Group relating to the receipt of credit |
Financial Covenants (1) | Financial Ratio Required under the Agreement | Financial Ratio December 31, |
2023 |
Total shareholder's equity | Equity | $ 5,768 million |
Ratio of | Equal to or | 15.59 |
Ratio of the net financial debt to EBITDA | Less than | 1.12 |
Ratio of | Less than 10% | 2.69% |
(1) |
G. | Pledges and Restrictions Placed in Respect of Liabilities |
(1) | The Company has undertaken various obligations in respect of loans and credit lines from banks, including a negative pledge, whereby the Company committed, among other things, in favor of the lenders, to limit guarantees and indemnities to third parties (other than guarantees in respect of subsidiaries) up to an agreed amount of $550 million. The Company has also committed to grant loans only to subsidiaries and to associated companies, in which it holds at least 25% of the voting rights. The Company has further committed not to grant any credit, other than in the ordinary course of business, and not to register any charges on its existing and future assets and income. For further information regarding the covenants in respect of these loans and credit lines, see item F above. |
(2) |
Year ended December 31, | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Value of the transferred assets | 331 | 331 | 285 |
Fair value of the associated liabilities | 331 | 331 | 285 |
Net position * | - | - | - |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount 31 December, 2017 $ millions | Interest rate | Principal repayment date | Additional information |
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 76 | 4.94% | 2015-2024 (annual installment) | Partially prepaid |
Debentures (private offering) – 3 series | January 2014 | 84 145 46 | U.S Dollar | 84 145 46 | 4.55% 5.16% 5.31% | January 2021 January 2024 January 2026 | |
Loan-international institutions | July 2014 | 27 | Euro | 26 | 2.33% | 2019-2024 | Partially prepaid |
Debentures-Series D | December 2014 | 800 | U.S Dollar | 792 | 4.50% | December, 2024 | (1) |
Loan-European Bank | December 2014 | 161 | Brazilian Real | 30 | CDI+1.35% | 2015-2021 (Semi annual installment) | |
Loan from a European Bank | December 2015, December 2013 | 129 | U.S Dollar | 129 | Libor+1.40% | December 2019 | |
Debentures-Series E | April 2016 | 1,569 | Israeli Shekel | 449 | 2.45% | 2021- 2024 (annual installment) | (2) |
Loan - others | April - October, 2016 | 600 | Chinese Yuan Renminbi | 92 | 5.23% | 2019 | |
Loan - Asian Banks | June - October, 2017 | 700 | Chinese Yuan Renminbi | 108 | 4.72% | 2018 | |
Loan - Asian Bank | October, 2017 | 400 | Chinese Yuan Renminbi | 61 | CNH Hibor + 0.50% | April 2018 | |
Loan - Parent Company | November - December, 2017 | 175 | U.S Dollar | 175 | 1.81% | 2018 | See Note 26D |
Employees (1) | 309 | 368 |
Current tax liabilities | 170 | 177 |
Accrued expenses | 91 | 98 |
Governmental (mainly in respect of royalties) | 88 | 168 |
Income received in advance | 17 | 41 |
Derivative instruments | 7 | 44 |
Others | 101 | 111 |
783 | 1,007 |
(1) |
Issuer | European bank | Group of eleven international banks | American bank | European Bank |
Date of the credit facility | March 2014 | March 2015 | March 2016 | December 2016 |
Date of credit facility termination | March 2020 | March 2022* | March 2022* | June 2023 |
The amount of the credit facility | USD 35 million, Euro 60 million* | USD 1,705 million | USD 150 million | USD 136 million |
Credit facility has been utilized | - | USD 530 million** | - | - |
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | Up to 33% use of the credit: Libor + 0.65%. From 33% to 66% use of the credit: Libor + 0.75%. 66% or more use of the credit: Libor + 0.95% | Libor +0.75% |
Loan currency type | USD and Euro loans | USD and Euro loans | USD loans | USD loans |
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D and a negative pledge. |
Non-utilization fee | 0.32% | 0.21% | 0.19% | 0.30% |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Employees | 240 | 210 |
Accured expenses | 83 | 72 |
Governmental (mainly in respect of royalties) (1) | 67 | 117 |
Current tax liabilities | 48 | 57 |
Dividend payable | - | 60 |
Others | 157 | 192 |
595 | 708 |
A. | Taxation of companies in Israel |
1. | Income tax rate |
2. | Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (hereinafter – the Encouragement Law) | |
a) | Beneficiary Enterprises |
A. | Taxation of companies in Israel (cont'd) |
2. | Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (cont'd) | |
a) | Beneficiary Enterprise (cont'd) | |
b) | Preferred Enterprises |
In December 29, 2010, the Israeli Knesset approved the Economic Policy Law for 2011‑2012,2011-2012, whereby the Encouragement law, was amended (hereinafter – the Amendment)Amendment). The Amendment is effective from January 1, 2011 and its provisions will apply to preferred income, derived or accrued by a Preferred Enterprise, as defined in the Amendment, in 2011 and thereafter.
The Amendment does not apply to an Industrial Enterprise that is a mine, or any other facility for production of minerals or a facility for exploration of fuel. Therefore, ICL plants that are defined as mining plants and mineral producers will not be able to take advantage of the tax rates included as part of the Amendment. In addition, on August 5, 2013, the Law for Change in the Order of National Priorities, 2013, was passed by the Knesset, which provides that the
The tax raterates applicable to a Preferred Enterprise in Development Area A will be 9% whereas the tax applicable to companies in the rest of Israel will be 16%. Pursuant to the amendment to the Encouragement law that was approved as part of the Economic Efficiency Law (Legislative Amendments for Achieving the Budget Targets for 2017 and 2018), 2016 ,the tax rate applicable to enterprises in the suburban areas was reduced from 9% to 7.5%. The Company has Preferred Enterprises at the tax rate of 7.5%.in Israel:
1) | Preferred Enterprises located in Development Area A – 7.5%. | |
2) | Preferred Enterprises located in the rest of the country – 16%. |
A. | Taxation of companies in Israel (cont'd) | |
2. | Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (cont'd) |
3. | The Law for the Encouragement of Industry (Taxation), 1969 | |
a) | Some of the Company’s Israeli subsidiaries are “Industrial Enterprise”, as defined in the |
b) | The Industrial Enterprises owned by some of the Company's Israeli subsidiaries have a common line of production or similar industrial branch activity and, therefore, they file, together with the Company, a consolidated tax return in accordance with Section 23 of the Law for the Encouragement of Industry. Accordingly, each of the said companies is entitled to offset its tax losses against the taxable income of the other companies. | |
4. | Taxation of Profits Natural Resources |
4.1 | Royalties | |
A. | Taxation of companies in Israel (cont'd) |
4. | Taxation of Profits Natural Resources (cont'd) |
4.2 | Imposition of Surplus Profit Levy |
1) | Actual price in the sale transaction. |
2) | A price which will provide an operating profit for the bromine compounds manufacturer of 12% out of the revenue it generates from bromine compounds sales. |
A. | Taxation of companies in Israel (cont'd) |
4. | Taxation of Profits Natural Resources: (cont'd) |
Imposition of |
1) | Actual price in the sale transaction. |
| ||
2) | A price |
|
3) | The production and operating costs attributable to a unit of phosphate. |
4.3 | Corporate income Tax: |
B. | Taxation of non-Israeli subsidiaries |
Country | Tax rate | Note |
United States | 40% | (1) |
Brazil | 34% | |
Germany | 29% | |
Netherlands | 25% | |
Spain | 25% | |
China | 25% | |
United Kingdom | 19% | (2) |
Country | Tax rate | Note |
Brazil | 34% | |
Germany | 29% | |
United States | 26% | (1) |
Netherlands | 25.8% | |
Spain | 25% | |
China | 25% | |
United Kingdom | 25% | (2) |
(1) |
(2) | The tax rate in the UK was |
C. | Carried forward tax losses |
Balance as at January 1, 2016 | (363) | 46 | 106 | (48) | 107 | (152) |
Changes in 2016: | ||||||
Amounts recorded in the statement of income | (33) | (11) | (11) | 13 | 12 | (30) |
change in tax rate | 59 | - | (21) | - | (6) | 32 |
Amounts recorded to a capital reserve | - | - | 8 | (5) | (1) | 2 |
Translation differences | 1 | - | (6) | 7 | (5) | (3) |
Additions in respect of business combinations | (2) | - | - | - | - | (2) |
Balance as at December 31, 2016 | (338) | 35 | 76 | (33) | 107 | (153) |
Changes in 2017: | ||||||
Amounts recorded in the statement of income | 74 | (17) | 1 | 11 | (36) | 33 |
change in tax rate | 13 | - | - | - | - | 13 |
Amounts recorded to a capital reserve | - | - | 3 | 5 | - | 8 |
Translation differences | (6) | - | 5 | - | 1 | - |
Transfer to the group assets held for sale | 2 | - | - | 1 | - | 3 |
Balance as at December 31, 2017 | (255) | 18 | 85 | (16) | 72 | (96) |
In respect of financial position | In respect of carry forward tax losses | Total | ||||
Depreciable property, plant and equipment and intangible assets | Inventories | Provisions for employee benefits | Other | |||
$ millions | ||||||
Balance as of January 1, 2022 | (421) | 39 | 73 | (16) | 88 | (237) |
Changes in 2022: | ||||||
Amounts recorded in the statement of income | (127) | 33 | 4 | 31 | 35 | (24) |
Amounts recorded to a capital reserve | - | - | (12) | 4 | - | (8) |
Translation differences | 1 | - | (1) | - | (4) | (4) |
Balance as of December 31, 2022 | (547) | 72 | 64 | 19 | 119 | (273) |
Changes in 2023: | ||||||
Amounts recorded in the statement of income | (46) | (22) | (5) | (4) | 19 | (58) |
Amounts recorded to a capital reserve | - | - | (8) | (4) | - | (12) |
Translation differences | (3) | - | 1 | 4 | 4 | 6 |
Balance as of December 31, 2023 | (596) | 50 | 52 | 15 | 142 | (337) |
2. The currencies in which the deferred taxes are denominated:
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions | |
Israeli Shekels | (420) | (368) |
Euro | 38 | 51 |
Brazilian Real | 24 | 28 |
British Pound | 11 | 16 |
U.S Dollar | 1 | (8) |
Other | 9 | 8 |
(337) | (273) |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Euro | 33 | 30 |
British Pound | 22 | 17 |
U.S Dollar | 10 | (25) |
Israeli Shekels | (166) | (179) |
Other | 5 | 4 |
(96) | (153) |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
Current taxes | 208 | 68 | 159 |
Deferred taxes | (23) | (45) | (7) |
Taxes in respect of prior years * | (27) | 32 | 10 |
158 | 55 | 162 |
Taxes on income included in the income statements |
1. |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions | |
Current taxes | 251 | 869 | 145 |
Deferred taxes | 47 | 45 | 22 |
Taxes in respect of prior years | (11) | 271 | 93 |
287 | 1,185 | 260 |
2. | Theoretical tax |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
For the year ended December 31 | |||
2023 | 2022 | 2021 | |
$ millions | $ millions | $ millions | |
Income before taxes on income, as reported in the statements of income | 974 | 3,404 | 1,092 |
Statutory tax rate (in Israel) | 23% | 23% | 23% |
Theoretical tax expense | 224 | 783 | 251 |
Add (less) – the tax effect of: | |||
Surplus Profit Levy tax | 62 | 265 | - |
Reduced tax due to tax benefits | (17) | (95) | (64) |
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | (32) | 1 | (10) |
Tax on dividend | 4 | 5 | 3 |
Deductible temporary differences and their reversal (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses | 52 | (29) | (8) |
Taxes in respect of prior years* | (11) | 271 | 93 |
Differences in measurement basis | 2 | (21) | (8) |
Other differences | 3 | 5 | 3 |
Taxes on income included in the income statements | 287 | 1,185 | 260 |
Income (loss) before taxes on income, as reported in the statements of income | 505 | (117) | 668 |
Statutory tax rate (in Israel) | 24% | 25% | 26.5% |
Theoretical tax expense (income) on this income (loss) | 121 | (29) | 177 |
Add (less) – the tax effect of: | |||
Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax | (4) | (3) | (22) |
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | 23 | (38) | (15) |
Income taxes from intercompany dividend distribution | 18 | - | - |
Deductible temporary differences for which deferred taxes assets were not recorded and non–deductible expenses | 15 | 135 | 15 |
Taxes in respect of prior years | (27) | 32 | 10 |
Impact of change in tax rates | (13) | (32) | - |
Differences in measurement basis (mainly ILS vs USD) | 18 | 1 | - |
Other differences | 7 | (11) | (3) |
Taxes on income included in the income statements | 158 | 55 | 162 |
G. | Taxes on income relating to items recorded in equity |
For the year ended December 31 | |||
2017 | 2016 | 2015 | |
$ millions | $ millions | $ millions |
For the year ended December 31 | ||||||||
2023 | 2022 | 2021 | ||||||
$ millions | $ millions | |||||||
Tax recorded in other comprehensive income | ||||||||
Actuarial gains from defined benefit plan | 3 | 8 | (15) | (8) | (12) | (22) | ||
Change in fair value of financial assets available for sale | 5 | (5) | - | |||||
Change in investments at fair value through other comprehensive income | - | - | (21) | |||||
Change in fair value of hedging derivatives | (4) | 4 | - | |||||
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | (5) | (1) | 3 | (9) | (11) | (1) | ||
Total | 3 | 2 | (12) | (21) | (19) | (44) |
A. | Composition |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Fair value of plan assets | 453 | 432 |
Termination benefits | (64) | (86) |
Defined benefit obligation | (653) | (664) |
(264) | (318) |
Fair value of plan assets | 631 | 552 |
Termination benefits | (142) | (147) |
Defined benefit obligation | (1,068) | (934) |
(579) | (529) |
As at December 31 | ||
2017 | 2016 | |
$ millions | $ millions |
Equity instruments | ||
With quoted market price | 197 | 205 |
Debt instruments | ||
With quoted market price | 179 | 133 |
Without quoted market price | 145 | 126 |
324 | 259 | |
Deposits with insurance companies | 110 | 88 |
631 | 552 |
As of December 31 | ||
2023 | 2022 | |
$ millions | $ millions |
Equity instruments | ||
With quoted market price | 138 | 126 |
Without quoted market price | 38 | 40 |
176 | 166 | |
Debt instruments | ||
With quoted market price | 240 | 232 |
Without quoted market price | 13 | 10 |
253 | 242 | |
Deposits with insurance companies | 24 | 24 |
453 | 432 |
B. | Severance Pay |
1. | Israeli companies |
C. | Pension and Early Retirement |
Some of the |
(2) | Some subsidiaries have signed plans with funds – and with a pension fund for some of ICL Group LimitedConsolidated Financial Statements57 Notes to the Consolidated Financial Statements as Note 16 - Employee Benefits (cont'd) Some of the Company retirees
The actual return
Principal actuarial assumptions
ICL Group LimitedConsolidated Financial Statements58 Notes to the Consolidated Financial Statements as of December 31, 2023
Assuming all other assumptions remain constant, the following
The expenses recorded in respect of defined contribution plans in The
ICL Group LimitedConsolidated Financial Statements59 Notes to the Consolidated Financial Statements as Note
ICL Group LimitedConsolidated Financial Statements60 Notes to the Consolidated Financial Statements as Note
ICL Group LimitedConsolidated Financial Statements61 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
The Company, with the approval of The amount of the indemnification payable by the Company under the
Pursuant to the Israeli Dead Sea Concession Law, 1961 (hereinafter – the Concession Law), as amended in 1986, and the concession deed attached as an addendum to the Concession Law, DSW was granted a concession to utilize the resources of the Dead Sea and to lease the land required for its plants in Sodom for a period In accordance with section 24 (a) of the Supplement to the Concession Law, it is stated, among other things, that at the end of the concession period all the tangible assets located in the concession area will be transferred to the government, in exchange for their amortized replacement value – the value of the assets as if they are purchased as new at the end of the concession period, less their technical depreciation based on their maintenance condition and the unique characteristics of the Dead Sea area. ICL Group LimitedConsolidated Financial Statements62 Notes to the Consolidated Financial Statements as Note
In 2015, the Minister of Finance appointed a team to determine the “governmental activities to be conducted towards the end of the concession period”. The public’s comments in this matter were submitted to an inter-ministerial team. Based on the The consolidated Financial Statements were prepared under management's assumption that it is more likely than not, that DSW will continue to operate the relevant assets for their remaining useful lives, which extends beyond the term of the current concession period, by obtaining a renewed concession or by operating the assets for an alternative holder. The consolidated depreciation expenses in ICL Group LimitedConsolidated Financial Statements63 Notes to the Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
(1) DSW (cont'd) It is expected that Royalties In consideration of the concession, DSW pays royalties to the Government of Israel calculated at DSW granted a sub‑concession to Dead Sea Bromine Ltd. The concessions relate to quarries (phosphate rock), whereas the authorizations cover the use of land as active mining areas. Mining Concession and Licenses Rotem Israel has a unified mining concession which includes the Rotem Field, including Hatrurim, and Zafir Field, including Oron-Zin, until the end of 2024. In order to comply with the concession's provisions, the Company undertook, among other things, to assure that Rotem meets its existing obligations to rehabilitate its mining and plants areas according to outlined requirements attached to the unified concession, as well as by means of a bank guarantee in the amount of $19 million. In the fourth quarter of 2023, Rotem Israel submitted a bid in the tender for a new mining concession held by the Ministry of Energy. In addition, it was granted an exploration license for all the Company's phosphate sites, included in the existing concession. As part of the Company’s efforts to locate phosphate rock resources in Israel, in January 2022, the Ministry of Energy granted Rotem Israel an exploration license for phosphate in an area of 263 acres, north of the Oron Concession. In December 2022, following the completion of a geological survey, the Company received a discovery certificate, which gives it the exclusive right to request a mining license in that area. The Company is working to apply for a concession for approximately 76.6 acres and consequently mining activity is expected to continue at least until 2025. ICL Group LimitedConsolidated Financial Statements64 Notes to the Consolidated Financial Statements as Note
Mining In accordance with the The mining and quarrying activities require a zoning approval of the site based on a plan in accordance with the Israeli Planning and Building Law, 1965. Zin-Oron area - In Barir field - The Company is In NOP 14B, which was formally published later. ICL Group LimitedConsolidated Financial Statements65 Notes to the Consolidated Financial Statements as Note
In 2018 and 2019, petitions were submitted to the Israeli Supreme Court of Justice by the municipality of Arad and by residents of Bedouin community in the "Arad Valley" against the National Council, the Government of Israel and Rotem Israel, to revoke the approval of NOP 14B and to order the National Council to discuss the NOP directives, while giving proper weight to the health risk. In 2020, the inter-ministerial team reached anoutline agreement regarding the examination of the health aspects of the NOP 14B, which, according to the State, constitutes an appropriate response for the review of potential health hazards on which the petitions focus. In 2021, the Israeli Supreme Court of Justice decided to reject the petitions following a preliminary decision by the National Planning and Building Council to incorporate the main points of the outline agreement in the provisions of NOP 14B. At the end of 2021, the Housing Cabinet, approved once again the amended NOP 14B, following which the (former) Minister for Environmental Protection submitted a request for a government review of past decisions prior to promoting the Barir Detailed NOP. In accordance with the decision of the Ministry of the Interior, a deliberation of the matter should have been held by July 2022. As of the reporting date, the deliberation has not yet occurred. The Company is in continuous discussions with the relevant regulators to ensure the deliberation is held as soon as possible. According to the Company's assessment, the estimated useful life of Rotem's phosphate rock reserves in its existing mining areas is limited to a few years. The Company is working to promote suitable alternatives for future phosphate operations at Rotem Israel and to obtain required permits and approvals, including by conducting pilots to adapt various potential types of phosphate rock for the Company’s products as part of an effort to utilize and increase existing phosphate reserves. The Company estimates that it is more likely than not that it will be able to continue its phosphate operations at Rotem Israel, by obtaining the approvals and permits required to ensure its future phosphate operations within a time frame that is not expected to materially impact the Company's results. Nevertheless, there is no certainty as to the success of receiving such approvals and permits, nor is there certainty regarding future phosphate rock resources and/or by what date they will be received. Failure to obtain them, or a significant delay in obtaining them, can lead to a material impact on the Company's business, financial position and results of operations. ICL Group LimitedConsolidated Financial Statements66 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
Other regulations
ICL Iberia was granted mining rights based on legislation of Spain’s Government from 1973 and the regulations accompanying this legislation. Pursuant to the special mining regulations, ICL Iberia received individual licenses for each of the 126 different sites that are relevant to current and future mining activities. Some of the licenses are valid until 2037 and the remainder are effective until 2067.
ICL Boulby has actively engaged in negotiations with the private property owners and has successfully secured the recent renewals of most of the existing lease agreements, as well as purchased the minerals of one lease area on a freehold basis. The renewal of part of the remaining leases was referred to the High Court of Justice in London for a decision regarding the calculation mechanism. The Company estimates that the proceedings will be concluded by the end of 2024. Additional leases, which are still being negotiated, will continue to operate under the terms of the previous leases. Historically, the renewal of leases has not been problematic. ICL Boulby is confident in the renewal of all land and mineral leases, as required, and expects to have or obtain all government approvals and permits necessary for exploiting all targeted mineral resources. ICL Group LimitedConsolidated Financial Statements67 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
In 2022, the North York Moor National Planning Authorities (hereinafter - NYMNPA) granted planning permission for Polyhalite and Salt extraction until 2048. To comply, ICL Boulby was required to produce management plans for NYMNPA approval. As of the reporting date, all required plans are completed, except for one pending dual approval from both Redcar and Cleveland Borough Council and NYMNPA. With respect to the mining royalties, ICL Boulby pays royalties of 2.3% which in 2023 amounted to $2.6 million.
Mining Concessions Grant of Mining Rights to Lindu In ICL Group LimitedConsolidated Financial Statements68 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
Natural Resources Royalties
In 2022, a mediation process was held between Rotem Israel and the Israeli Nature and Parks Authority, as well as all other applicants in the proceedings. In May 2023, a settlement agreement was signed between the parties and consequently approved by the District Court, despite an objection, granting it the force of a judgment. According to the settlement, the total amount of compensation for, among others, the restoration of the Ashalim Stream and its surroundings, is approximately $33.5 million, including past restoration expenses, legal expenses and other expenses. In July 2023, an appeal was filed against the District Court's ruling, claiming, among other things, that this agreement is allegedly unreasonable. In January 2024, the Supreme Court rejected the appeal, granting it the force of a judgment thus concluded the proceedings. In May 2018, the Company was served with a motion for discovery and pursual of documents (hereinafter – the Motion), filed with the Tel Aviv District Court, by a shareholder of the Company (hereinafter – the Movant), as a preliminary proceeding in preparation for the possible filing of an application for certification of a multiple derivative action against officers of the Company and Rotem Israel who, according to the Movant, caused the alleged damages incurred and to be incurred by the Company as a result of the Ashalim incident. In 2018, the parties reached an arrangement, according to which, the legal proceedings will be delayed until the relevant investigation's materials are provided to the Company by the investigating authority. Following the Supreme Court ruling in the above class action, it was agreed that the legal proceedings will be delayed until May 2024. As of the reporting date, such investigative materials have not yet been received. Considering the proceedings are in an early stage and even suspended, there is a difficulty in estimating their outcome. ICL Group LimitedConsolidated Financial Statements69 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
(1) Ecology (cont'd)
ICL Group LimitedConsolidated Financial Statements70 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
(1) Ecology (cont'd)
ICL Group LimitedConsolidated Financial Statements71 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
(1) Ecology (cont'd)
ICL Group LimitedConsolidated Financial Statements72 Notes to the Consolidated Financial Statements as of December 31, 2023 Note 18 - Commitments, Concessions and Contingent Liabilities (cont’d)
(1) Ecology (cont'd)
ICL Group LimitedConsolidated Financial Statements73 Notes to the Consolidated Financial Statements as Note
(1) Ecology (cont'd)
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