Company continues to grow specialties impact by
building on existing momentum and targeting long-term leadership
opportunities
ICL (NYSE: ICL) (TASE: ICL), a leading global specialty
minerals company, today reported its financial results for the
third quarter ended September 30, 2022. Consolidated sales of
$2,519 million were up 41% year-over-year versus $1,790 million.
Operating income of $935 million was up 191% versus $321 million,
while adjusted operating income of $928 million was up 195% versus
$315 million. Net income of $633 million was up 181%, while
adjusted net income of $628 million was up 192%. Adjusted EBITDA of
$1,049 million was up 139% versus $438 million. Adjusted EBITDA
margin of 41.6% was up versus 24.5%. Earnings per share of $0.49
were up 188% versus $0.17.
Once again, ICL’s focus on long-term specialties solutions
benefitted the company, as did additional upside from commodity
prices, which began to ease following record-setting rates in the
first half of the year.
“ICL delivered another quarter of record results, with record
third quarter and year-to-date sales, operating income, EBITDA,
operating cash flow and net profit, as well as a new production
record at our Dead Sea site and year-to-date records for free cash
flow and EPS. All three of our specialties businesses delivered
record third quarter results, even with shifts in demand and
continued global supply chain challenges,” said Raviv Zoller,
president and CEO of ICL. “Our third quarter results reinforce our
recent investor day message, which stressed our commitment to
growing our leadership position across our differentiated
businesses, as these represent significant long-term opportunities
for ICL to deliver sustainable shareholder value.”
ICL expects to be at the upper end of its previously issued
guidance range, which called for full year adjusted EBITDA of
between $3,800 million to $4,000 million, with between $1,500
million to $1,600 million of this amount estimated to come from the
company’s specialties focused businesses. (1a)
Key Financials Third
Quarter 2022
US$M
Ex. per share data
3Q'22
3Q'21
YoY Change
Sales
$2,519
$1,790
41%
Gross profit
$1,315
$689
91%
Gross margin
52.2%
38.5%
1,371 bps
Operating income
$935
$321
191%
Operating margin
37.1%
17.9%
1,918 bps
Net income attributable to
shareholders
$633
$225
181%
Adjusted net income attributable to
shareholders (1)
$628
$215
192%
Adjusted EBITDA (2)
$1,049
$438
139%
Adjusted EBITDA margin (2)
41.6%
24.5%
1,717 bps
Diluted earnings per share
49¢
17¢
188%
Cash flows from operating activities
$606
$273
122%
(1) Adjusted net income attributed to shareholders is a non-GAAP
financial measure. Please refer to the adjustments table and the
disclaimer below. (2) Adjusted EBITDA is a non-GAAP financial
measure. Commencing in 2022, the company’s adjusted EBITDA
definition was updated, see consolidated EBITDA table and
disclaimer below.
Industrial Products
Third quarter 2022
- Record sales of $437 million were up $50 million or 13%.
- Record operating income of $154 million was up $49 million or
47%.
- Record EBITDA of $170 million was up $49 million or 40%.
- Maintained pricing, even as end-markets remained mixed and as
raw materials prices remained elevated.
Highlights
- Elemental bromine: Sales were in-line with the third quarter of
2021, on lower volumes and with moderating bromine prices.
- Bromine-based flame retardants: Sales were slightly higher
year-over-year, as pricing remained intact, however, electronics
end-market demand remained soft.
- Phosphorus-based flame retardants: Sales were lower
year-over-year, due to reduced construction activity and as Chinese
supply remained in the market, however, pricing was preserved.
- Clear brine fluids: Sales increased year-over-year on higher
prices, as the oil and gas industry maintained its positive
momentum.
- Specialty minerals: Continued strong demand, with higher sales
of magnesium chloride and potassium chloride for use in industrial
applications.
Potash
Third quarter 2022
- Sales of $854 million were up $454 million or 114%.
- Operating income of $496 million was up $412 million – a
significant increase.
- EBITDA of $537 million was up $416 million, also a significant
increase.
- Grain Price Index increased year-over-year, with corn up 28.5%,
rice up 23.5%, soybeans up 6.1% and wheat up 37.6%.
- Average potash realized price per ton of $652 was up 106%
year-over-year, as prices remained elevated, due to continued
uncertainty in global fertilizer markets.
Highlights
- ICL Dead Sea - Production increased year-over-year, as the site
set new production records and continued to benefit from
operational improvements and efficiencies.
- ICL Iberia - Production improvements continued to advance at
the Cabanasses mine, with performance improvement measures
on-track.
- Metal Magnesium - Higher prices contributed to record quarterly
sales and profit.
Phosphate Solutions
Third quarter 2022
- Record sales of $766 million were up $167 million or 28%. -
Phosphate specialties: Record sales of $455 million, up $110
million or 32%. - Phosphate commodities: Record sales of $311
million, up $57 million or 22%.
- Record operating income of $193 million was up $105 million or
119%.
- Record EBITDA of $239 million was up $98 million or 70%. -
Phosphate specialties: Record EBITDA of $111 million, up $60
million or 118%. - Phosphate commodities: Record EBITDA of $128
million, up $38 million or 42%.
- The global phosphates market remained imbalanced, with demand
outstripping supply in most regions and continued raw material and
logistical challenges.
- Demand continued to grow for the specialty raw materials used
for energy storage solutions.
Highlights
- Phosphate salts: Sales increased, with higher prices and strong
demand for food across all regions, while industrial applications
remained resilient in the U.S.
- White phosphoric acid: Sales benefitted from continued higher
prices in the Americas, which helped offset increases in raw
material costs and some softness in Europe.
- Dairy protein: Sales increased significantly year-over-year,
driven by strong demand for specialty milk powders.
- Phosphate fertilizers: Sales were in-line with the prior year,
as Russian exports impacted market prices.
Growing Solutions
Third quarter 2022
- Record sales of $629 million were up $125 million or 25%.
- Record operating income of $112 million was up $60 million or
115%.
- Record EBITDA of $127 million was up $60 million or 90%.
- Higher prices for premium products drove year-over-year
improvement, while prices for raw materials and other cost inputs
remained elevated.
Highlights
- Specialty fertilizers: Higher sales were driven by higher
prices across most regions.
- Turf and ornamental: Results slightly ahead of the prior year,
as both turf and landscape and ornamental horticulture markets were
positive.
- Brazil: Sales increased year-over-year, due to specialties
focus product range and related premium pricing, as region entered
peak season.
- Polysulphate: Sales continued to improve on higher prices and
volumes and as production increased nearly 10% year-over-year.
Financial Items
Financing Expenses
Net financing expenses for the third quarter of 2022 were $24
million, down versus $34 million in the corresponding quarter of
last year.
Tax Expenses
Tax expenses in the third quarter of 2022 were $276 million,
reflecting an effective tax rate of 30%, compared to $45 million in
the corresponding quarter of last year, reflecting an effective tax
rate of 16%. The relatively high tax rate for this quarter is the
result of tax expenses related to the surplus profit levy,
partially offset by the favorable impact of the devaluation of the
Israeli shekel against the U.S. dollar.
Liquidity and Capital Resources
ICL has long-term credit facilities of $1,100 million, of which
$325 million were utilized as of September 30, 2022.
Outstanding Net Debt
As of September 30, 2022, ICL’s net financial liabilities
amounted to $2,181 million, a decrease of $268 million compared to
December 31, 2021.
Dividend Distribution
In connection with ICL’s third quarter 2022 results, the Board
of Directors declared a dividend of 24.35 cents per share, or
approximately $314 million, up versus 8.37 cents per share, or
approximately $107 million, in the third quarter of last year. The
dividend will be payable on December 14, 2022, to shareholders of
record as of November 30, 2022.
About ICL
ICL Group Ltd. is a leading global specialty minerals company,
which creates impactful solutions for humanity's sustainability
challenges in the food, agriculture and industrial markets. ICL
leverages its unique bromine, potash and phosphate resources, its
global professional workforce, and its sustainability focused
R&D and technological innovation capabilities, to drive the
company's growth across its end markets. ICL shares are dual listed
on the New York Stock Exchange and the Tel Aviv Stock Exchange
(NYSE and TASE: ICL). The company employs more than 12,500 people
worldwide, and its 2021 revenues totaled approximately $7
billion.
For more information, visit ICL's website at
www.icl-group.com.
To access ICL's interactive Corporate Social Responsibility
report, please click here.
You can also learn more about ICL on Facebook, LinkedIn and
Instagram.
Guidance
(1a) The company only provides guidance on a non-GAAP basis. The
company does not provide a reconciliation of forward-looking
adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the
inherent difficulty in forecasting and quantifying certain amounts
that are necessary for such reconciliation, in particular because
special items such as restructuring, litigation and other matters,
used to calculate projected net income (loss) vary dramatically
based on actual events, the company is not able to forecast on a
GAAP basis with reasonable certainty all deductions needed in order
to provide a GAAP calculation of projected net income (loss) at
this time. The amount of these deductions may be material and,
therefore, could result in projected GAAP net income (loss) being
materially less than projected adjusted EBITDA (non-GAAP). The
guidance speaks only as of the date hereof. We undertake no
obligation to update any of these forward-looking statements to
reflect events or circumstances after the date of this news release
or to reflect actual outcomes, unless required by law. Specialties
focused businesses are represented by the Industrial Products and
Growing Solutions segments and the specialties part of the
Phosphate Solutions segment. We present EBITDA from the phosphate
specialties part of the Phosphate Solutions segment, as we believe
this information is useful to investors in reflecting the specialty
portion of our business.
Non-GAAP Statement
The company discloses in this quarterly announcement non-IFRS
financial measures titled adjusted operating income, adjusted net
income attributable to the company’s shareholders, diluted adjusted
earnings per share and adjusted EBITDA. The management uses
adjusted operating income, adjusted net income attributable to the
company’s shareholders, diluted adjusted earnings per share and
adjusted EBITDA to facilitate operating performance comparisons
from period to period. The company calculates adjusted operating
income by adjusting operating income to add certain items, as set
forth in the reconciliation table under "adjustments to reported
operating and net income (non-GAAP)", in the appendix below.
Certain of these items may recur. The company calculates adjusted
net income attributable to the company’s shareholders by adjusting
net income attributable to the company’s shareholders to add
certain items, as set forth in the reconciliation table under
"adjustments to reported operating and net income (non-GAAP)", in
the appendix below, excluding the total tax impact of such
adjustments. The company calculates diluted adjusted earnings per
share by dividing adjusted net income by the weighted-average
number of diluted ordinary shares outstanding. The company
calculates adjusted EBITDA as net income before financing expenses,
net, taxes on income, share in earnings of equity-accounted
investees, depreciation and amortization and adjust items presented
in the reconciliation table under "consolidated adjusted EBITDA and
diluted adjusted earnings per share for the periods of activity" in
the appendix below, which were adjusted for in calculating the
adjusted operating income. Commencing with the year 2022, the
company’s adjusted EBITDA calculation is no longer adding back
minority and equity income, net. While minority and equity income,
net reflects the share of an equity investor in one of the
company’s owned operations, since adjusted EBITDA measures the
company’s performance as a whole, its operations and its ability to
satisfy cash needs before profit is allocated to the equity
investor, management believes that adjusted EBITDA before deduction
of such item is more reflective.
You should not view adjusted operating income, adjusted net
income attributable to the company’s shareholders, diluted adjusted
earnings per share or adjusted EBITDA as a substitute for operating
income or net income attributable to the company’s shareholders
determined in accordance with IFRS, and you should note that the
definitions of adjusted operating income, adjusted net income
attributable to the company’s shareholders, diluted adjusted
earnings per share and adjusted EBITDA may differ from those used
by other companies. Additionally, other companies may use other
measures to evaluate their performance, which may reduce the
usefulness of ICL’s non-IFRS financial measures as tools for
comparison. However, the company believes adjusted operating
income, adjusted net income attributable to the company’s
shareholders, diluted adjusted earnings per share and adjusted
EBITDA provide useful information to both management and investors
by excluding certain items management believes are not indicative
of ongoing operations. Management uses these non-IFRS measures to
evaluate the company's business strategies and management's
performance. The company believes these non‑IFRS measures provide
useful information to investors because they improve the
comparability of financial results between periods and provide for
greater transparency of key measures used to evaluate
performance.
The company presents a discussion in the period-to-period
comparisons of the primary drivers of changes in the results of
operations. This discussion is based in part on management’s best
estimates of the impact of the main trends on its businesses. The
company has based the following discussion on its financial
statements. You should read such discussion together with the
financial statements.
Forward Looking Statements
This announcement contains statements that constitute
forward‑looking statements, many of which can be identified by the
use of forward‑looking words such as anticipate, believe, could,
expect, should, plan, intend, estimate, strive, forecast, target,
and potential, among others.
Forward‑looking statements appear in a number of places in this
announcement and include, but are not limited to, our 2022 adjusted
EBITDA guidance, statements regarding our intent, belief or current
expectations. Forward‑looking statements are based on our
management’s beliefs and assumptions and on information currently
available to our management. Such statements are subject to risks
and uncertainties, and the actual results may differ materially
from those expressed or implied in the forward‑looking statements
due to various factors, including, but not limited to:
Changes in exchange rates or prices compared to those we are
currently experiencing; loss or impairment of business licenses or
mineral extractions permits or concessions; volatility of supply
and demand and the impact of competition; the difference between
actual reserves and our reserve estimates; natural disasters;
global unrest and conflict; failure to harvest salt, which could
lead to accumulation at the bottom of evaporation Pond 5 in the
Dead Sea; construction of a new pumping station; disruptions at our
seaport shipping facilities or regulatory restrictions affecting
our ability to export our products overseas; general market,
political or economic conditions in the countries in which we
operate; price increases or shortages with respect to our principal
raw materials; delays in the completion of major projects by third
party contractors and/or termination of engagements with
contractors and/or governmental obligations; the inflow of
significant amounts of water into the Dead Sea could adversely
affect production at our plants; labor disputes, slowdowns and
strikes involving our employees; pension and health insurance
liabilities; the ongoing COVID-19 pandemic, which has impacted, and
may continue to impact our sales, operating results and business
operations by disrupting our ability to purchase raw materials, by
negatively impacting the demand and pricing for some of our
products, by disrupting our ability to sell and/or distribute
products, impacting customers' ability to pay us for past or future
purchases and/or temporarily closing our facilities or the
facilities of our suppliers or customers and their contract
manufacturers, or restricting our ability to travel to support our
sites or our customers around the world; changes to governmental
incentive programs or tax benefits, creation of new fiscal or tax
related legislation; changes in our evaluations and estimates,
which serve as a basis for the recognition and manner of
measurement of assets and liabilities; higher tax liabilities;
failure to integrate or realize expected benefits from mergers and
acquisitions, organizational restructuring and joint ventures;
currency rate fluctuations; rising interest rates; government
examinations or investigations; disruption of our, or our service
providers', information technology systems or breaches of our, or
our service providers', data security; failure to retain and/or
recruit key personnel; inability to realize expected benefits from
our cost reduction program according to the expected timetable;
inability to access capital markets on favorable terms; cyclicality
of our businesses; changes in demand for our fertilizer products
due to a decline in agricultural product prices, lack of available
credit, weather conditions, government policies or other factors
beyond our control; sales of our magnesium products being affected
by various factors that are not within our control; our ability to
secure approvals and permits from the authorities in Israel to
continue our phosphate mining operations in Rotem; volatility or
crises in the financial markets; uncertainties surrounding the
withdrawal of the United Kingdom from the European Union; hazards
inherent to mining and chemical manufacturing; the failure to
ensure the safety of our workers and processes; cost of compliance
with environmental, regulatory, legislative, and licensing
restrictions; laws and regulations related to, and physical impacts
of climate change and greenhouse gas emissions; litigation,
arbitration and regulatory proceedings; exposure to third party and
product liability claims; product recalls or other liability claims
as a result of food safety and food-borne illness concerns;
insufficiency of insurance coverage; closing of transactions,
mergers and acquisitions; war or acts of terror and/or political,
economic and military instability in Israel and its region; filing
of class actions and derivative actions against the Company, its
executives and Board members; the company is exposed to risks
relating to its current and future activity in emerging markets;
and other risk factors discussed under Item 3 - Key Information -
D. Risk Factors in the company's annual report on Form 20-F for the
year ended December 31, 2021, filed with the U.S. Securities and
Exchange Commission (SEC) on February 23, 2022 (the Annual
Report).
Forward‑looking statements speak only as of the date they are
made, and the company does not undertake any obligation to update
them in light of new information or future developments or to
release publicly any revisions to these statements in order to
reflect later events or circumstances or to reflect the occurrence
of unanticipated events.
This announcement for the third quarter of 2022 (herein after
the quarterly announcement) should be read in conjunction with the
annual report, including the description of the events occurring
subsequent to the date of the statement of financial position, as
filed with the SEC.
Appendix
Condensed Consolidated Statements of
Income (Unaudited)
$ millions
Three-months ended
Nine-months ended
Year ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
December 31, 2021
Sales
2,519
1,790
7,924
4,917
6,955
Cost of sales
1,204
1,101
3,825
3,163
4,344
Gross profit
1,315
689
4,099
1,754
2,611
Selling, transport and marketing
expenses
300
288
900
763
1,067
General and administrative expenses
70
69
213
198
276
Research and development expenses
18
16
53
45
64
Other expenses
-
9
6
39
57
Other income
(8)
(14)
(49)
(40)
(63)
Operating income
935
321
2,976
749
1,210
Finance expenses
57
54
262
116
216
Finance income
(33)
(20)
(190)
(32)
(94)
Finance expenses, net
24
34
72
84
122
Share in earnings of equity-accounted
investees
-
-
-
1
4
Income before taxes on income
911
287
2,904
666
1,092
Taxes on income
276
45
1,027
132
260
Net income
635
242
1,877
534
832
Net income attributable to the
non-controlling interests
2
17
49
34
49
Net income attributable to the
shareholders of the Company
633
225
1,828
500
783
Earnings per share attributable to the
shareholders of the Company:
Basic earnings per share (in dollars)
0.49
0.18
1.42
0.40
0.61
Diluted earnings per share (in
dollars)
0.49
0.17
1.42
0.39
0.60
Weighted-average number of ordinary
shares outstanding:
Basic (in thousands)
1,287,881
1,283,563
1,286,698
1,282,171
1,282,807
Diluted (in thousands)
1,290,131
1,287,267
1,288,948
1,285,875
1,287,051
Condensed Consolidated Statements of
Financial Position as of (Unaudited)
$ millions
September 30, 2022
September 30, 2021
December 31, 2021
Current assets
Cash and cash equivalents
498
301
473
Short-term investments and deposits
92
88
91
Trade receivables
1,672
1,210
1,418
Inventories
1,982
1,409
1,570
Prepaid expenses and other receivables
361
453
357
Total current assets
4,605
3,461
3,909
Non-current assets
Deferred tax assets
152
157
147
Property, plant and equipment
5,764
5,632
5,754
Intangible assets
825
927
867
Other non-current assets
252
395
403
Total non-current assets
6,993
7,111
7,171
Total assets
11,598
10,572
11,080
Current liabilities
Short-term debt
481
597
577
Trade payables
1,066
885
1,064
Provisions
45
56
59
Other payables
1,040
740
912
Total current liabilities
2,632
2,278
2,612
Non-current liabilities
Long-term debt and debentures
2,290
2,426
2,436
Deferred tax liabilities
412
391
384
Long-term employee liabilities
398
606
564
Long-term provisions and accruals
262
276
278
Other
61
73
70
Total non-current liabilities
3,423
3,772
3,732
Total liabilities
6,055
6,050
6,344
Equity
Total shareholders’ equity
5,310
4,328
4,527
Non-controlling interests
233
194
209
Total equity
5,543
4,522
4,736
Total liabilities and equity
11,598
10,572
11,080
Condensed Consolidated Statements of Cash Flows (Unaudited)
$ millions
Three-months ended
Nine-months ended
Year ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
December 31, 2021
Cash flows from operating
activities
Net income
635
242
1,877
534
832
Adjustments for:
Depreciation and amortization
121
123
362
364
490
Reversal of fixed assets impairment
-
-
-
(9)
(6)
Exchange rate, interest and derivative,
net
45
29
161
82
99
Tax expenses
276
45
1,027
132
260
Change in provisions
(16)
(4)
(75)
(13)
(4)
Other
(5)
(12)
(19)
(2)
(21)
421
181
1,456
554
818
Change in inventories
(160)
(139)
(455)
(112)
(267)
Change in trade receivables
84
(34)
(364)
(208)
(426)
Change in trade payables
(41)
33
58
108
274
Change in other receivables
32
20
(58)
(20)
9
Change in other payables
68
55
59
26
107
Net change in operating assets and
liabilities
(17)
(65)
(760)
(206)
(303)
Interest paid, net
(13)
(18)
(68)
(73)
(89)
Income taxes paid, net of refund
(420)
(67)
(947)
(88)
(193)
Net cash provided by operating
activities
606
273
1,558
721
1,065
Cash flows from investing
activities
Proceeds (payments) from deposits, net
1
109
(37)
207
355
Business combinations
-
(303)
(18)
(367)
(365)
Purchases of property, plant and equipment
and intangible assets
(184)
(128)
(535)
(426)
(611)
Proceeds from divestiture of assets and
businesses, net of transaction expenses
7
25
29
25
39
Other
-
1
14
4
3
Net cash used in investing
activities
(176)
(296)
(547)
(557)
(579)
Cash flows from financing
activities
Dividends paid to the Company's
shareholders
(376)
(68)
(852)
(169)
(276)
Receipt of long-term debt
201
620
734
1,117
1,230
Repayments of long-term debt
(183)
(458)
(798)
(913)
(1,120)
Receipts (repayments) of short-term debt,
net
21
(92)
(51)
(108)
(58)
Receipts (payments) from transactions in
derivatives
-
-
19
(18)
(17)
Other
-
-
-
-
(3)
Net cash provided by (used in)
financing activities
(337)
2
(948)
(91)
(244)
Net change in cash and cash
equivalents
93
(21)
63
73
242
Cash and cash equivalents as of the
beginning of the period
426
318
473
214
214
Net effect of currency translation on cash
and cash equivalents
(21)
4
(38)
14
17
Cash and cash equivalents as of the end
of the period
498
301
498
301
473
Adjustments to Reported Operating and
Net Income (non-GAAP)
$ millions
Three-months ended
Nine-months ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Operating income
935
321
2,976
749
Divestment related items and transaction
costs from acquisitions (1)
(7)
(6)
(29)
(6)
Dispute and other settlement expenses
(2)
-
-
-
(8)
Impairment and disposal of assets,
provision for closure and restoration costs (3)
-
-
-
1
Total adjustments to operating
income
(7)
(6)
(29)
(13)
Adjusted operating income
928
315
2,947
736
Net income attributable to the
shareholders of the Company
633
225
1,828
500
Total adjustments to operating
income
(7)
(6)
(29)
(13)
Total tax adjustments (4)
2
(4)
193
(2)
Total adjusted net income -
shareholders of the Company
628
215
1,992
485
(1)
For 2022, reflects a capital gain related
to the sale of an asset in Israel and related to the Company’s
divestment of a 50%-owned joint venture, Novetide. For 2021,
reflects a capital gain related to the sale of an asset in Israel
and the divestment by the Company’s Industrial Products segment of
its Zhapu site in China, partially offset by an earnout adjustment
relating to divestment in previous years, as well as transaction
costs related to acquisitions in Brazil.
(2)
For 2021, reflects 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, which was partially offset by a
reversal of a VAT provision following a court ruling in Brazil.
(3)
For 2021, reflects the write-off of a
pilot investment in Spain that did not materialize and an increase
in restoration costs, offset by a reversal of impairment due to the
strengthening of phosphate prices.
(4)
For 2022, reflects tax expenses in respect
of prior years following a settlement with Israeli’s Tax Authority
regarding Israel's surplus profit levy which outlines
understandings for the calculation of the levy, including the
measurement of fixed assets and the tax impact of adjustments made
to operational income. For additional information, see Note 7 to
the Company’s interim Financial Statements. For 2021, the amount
includes tax expenses related to the release of accumulated profits
of the Company and certain Israeli subsidiaries that were exempt
from tax until their distribution as a dividend, following a
temporary provision to the Israeli Encouragement Law, as well as
the tax impact of adjustments made to operational income.
Consolidated EBITDA for the Periods of Activity
$ millions
Three-months ended
Nine-months ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Net income
635
242
1,877
534
Financing expenses, net
24
34
72
84
Taxes on income
276
45
1,027
132
Less: Share in earnings of
equity-accounted investees
-
-
-
(1)
Operating income
935
321
2,976
749
Depreciation and amortization
121
123
362
364
Adjustments (1)
(7)
(6)
(29)
(13)
Total adjusted EBITDA (2)
1,049
438
3,309
1,100
(1)
See "Adjustments to Reported Operating and
Net income (non-GAAP)" above.
(2)
Commencing 2022, the Company’s adjusted
EBITDA definition was updated. See the statement above.
Calculation of Segment EBITDA
Industrial Products
Potash
Phosphate Solutions
Growing Solutions
Three-months ended
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Segment operating income
154
105
496
84
193
88
112
52
Depreciation and amortization
16
16
41
37
46
53
15
15
Segment EBITDA
170
121
537
121
239
141
127
67
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005905/en/
Investor and Press Contact – Global Peggy Reilly Tharp
VP, Global Investor Relations +1-314-983-7665
Peggy.ReillyTharp@icl-group.com
Investor and Press Contact - Israel Adi Bajayo ICL
Spokesperson +972-3-6844459 Adi.Bajayo@icl-group.com
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