|Over a month ago|
ICL says most manufacturing facilities continued to operate undisturbed in 1H » 05:4007/2907/29/20
ICL said in its Q2…
ICL said in its Q2 earnings release, "Since the emergence of the COVID-19 pandemic, ICL has taken measures to ensure the health and safety of our employees, suppliers, business partners and the communities in which we operate, to maintain the level of operations throughout our various facilities around the world, and to minimize the potential impact on our business. During the first half of 2020, most of our manufacturing facilities around the world continued to operate undisturbed and were deemed to be essential businesses by the relevant local government authorities. In Israel, our facilities continued to operate at full production levels, with ICL Dead Sea reaching record first half of the year production, following the upgrade of facilities in the fourth quarter of 2019 and despite the challenges imposed by the COVID-19 pandemic. Polysulphate mining activities in the UK were partially reduced, but production gradually ramped up and is now at normal capacity. In Spain, production in the Suria mine (Cabanasses) gradually ramped up to normal capacity, while the Sallent site (Vilafruns) was closed, at the end of June, with the intention to expedite the ICL Iberia site consolidation plan. In addition, some of our external contractors declared force majeure, delaying a few of our projects, including the construction of the access tunnel (ramp) in Spain, the Salt Harvesting Project and the P-9 pumping station in the Dead Sea. The financial impact due to the delay of these projects is not expected to be material. The COVID-19 pandemic had a negative impact on our business performance during the first half of the year, as revenues decreased mainly from lower demand for some of our Industrial Products segment products, including clear brine fluids, as a result of a significant decline in oil prices and demand, and certain flame retardants, due to lower activity in the automotive, electronics and construction industries. In addition, our operations were negatively impacted by about $35 million, mainly as a result of lower production in Europe and other operational costs related to COVID -19 pandemic. These negative impacts were partially mitigated by efficiency initiatives and measures implemented by the company. As a result of uncertainties caused by the COVID-19 pandemic, and in order to enhance its financial flexibility, the Company expanded during the quarter its series G bonds, issuing about $109 million. As of the end of the second quarter of 2020, ICL had $409 million in cash and deposits and $740 million in unused credit facilities. As the ultimate impact on the global economy of the pandemic remains unclear, we anticipate that it will have a continuing impact on our results for the second half of 2020, including but not limited to, affecting our revenues and operating income, as result of the decline in global demand in the end markets for some of our products and health and safety restriction measures affecting our operations. At this stage, we continue to respond to the evolving business environment, continue to adjust our business to the pandemic economy, and are taking appropriate measures to further enhance our operational efficiency to mitigate the impact of the pandemic on our business, including cross-segment cost saving initiatives."
ICL reports Q2 adj. EPS 6c, consensus 5c » 05:3707/2907/29/20
Reports Q2 revenue $1.2B,…
Reports Q2 revenue $1.2B, consensus $1.24B. ICL's President and CEO, Raviv Zoller, stated, "Amid low commodity prices and challenges caused by the COVID-19 pandemic, the resilience of ICL's business is reflected in our operating performance and cash flow generation for the second quarter. We remain focused on our strategic priorities, and the non-cash charges incurred during the second quarter are directly related to them. ICL's profitability will be further enhanced by annual savings of about $50 million from 2021, due to our strategic efficiency plans, which were accelerated by COVID-19 and implemented across all of our business segments, to further drive margin expansion and cash flow generation. Although COVID-19 will, most likely, continue to impact our results in the near term, we are well-positioned in our end markets. We are continuing to enhance our diverse portfolio of specialty products by leveraging our strong innovation capabilities, deep knowledge and dominant position in key end markets and global distribution platforms. Finally, the consolidation of our crop nutrition sales and marketing infrastructure has created a unified commercial platform facing the agriculture end-markets that will allow us to drive internal synergies, optimize distribution channels, and better leverage know-how, agronomic and R&D capabilities, logistical assets, and customer relationships. I believe that determined execution of our efficiency and cost reduction measures and our growth strategy, together with our strong financial position and balanced capital priorities will help us navigate well through these current global market challenges, as well as position ICL to execute on timely opportunities."
|Over a quarter ago|
ICL announces latest agreement to expand Polysulphate distribution network » 06:2307/0907/09/20
ICL announced the latest…
ICL announced the latest in a series of agreements that will broaden the availability of Polysulphate globally. Polysulphate, brand name for Polyhalite fertilizer, is a multi-nutrient, certified organic fertilizer with unique performance attributes that enable nitrogen nutrient efficiency and deliver a very low carbon footprint. ICL, the world's sole producer of Polyhalite, has conducted over 600 field trials of Polysulphate globally, which have resulted in yield increases and quality improvements in a wide variety of crops and soils. As part of ICL's strategy to enable and expand the adoption of Polysulphate globally, it has signed a five-year agreement with a Ukrainian fertilizer distributor for the distribution of an aggregate of 350,000 tons of Polysulphate fertilizers in the Ukraine. This follows the signing of several long-term distribution agreements that have grown ICL's global customer base for Polysulphate and Polysulphate-based added value fertilizers and increased total contracted volumes by 1.1M tons. These include: A 12-year agreement for the supply of an aggregate of over 500,000 tons of Polysulphate to Polcalc, a customer in Poland which uses technology to produce Polysulphate-based fertilizers, creating a long-term strategic partnership to develop and market Polysulphate-based specialty fertilizers; A renewable annual framework agreement with 16 regional distributors in China to sell 100,000 tons of Polysulphate and Polysulphate-based fertilizers and a three-year agreement, with an optional one-year extension to sell Polysulphate as raw material for added value fertilizer production by Fertiberia, a leading producer and distributor in Spain.
ICL to supply 410,000 metric tons of potash to IPL » 09:3205/1805/18/20
ICL announced that it has…
ICL announced that it has signed a contract with Indian Potash Limited, or IPL, India's largest importer of potash, to supply an aggregate 410,000 metric tons of potash, with mutual options for an additional 30,000 metric tons, to be supplied through December. The selling price stipulated in the contract is $50 per ton below the previous contract and are in line with the recent contract prices in India. The contract is part of the five-year supply agreements signed in 2018 between ICL and IPL.
ICL reports no notable impact on Q1 from COVID-19, annual results may see impact » 05:3505/1205/12/20
The COVID-19 pandemic did…
The COVID-19 pandemic did not have a notable impact on ICL's financial performance in the first quarter of 2020, although it is anticipated that 2020 annual results could be impacted. There has been a significant decline in global economic activity due in part to preventative measures taken by various government organizations around the world, many of which are ongoing. We believe this will result in a decline in demand for certain flame retardants products of the Industrial Products segment. The significant decline in crude oil prices, related to COVID-19, is also expected to result in decreased demand for clean brine fluids, which are used in oil and gas production. ICL has worked rapidly to ensure the health and safety of its employees, business partners and the communities in which we operate. ICL's global response was influenced by the early experience at its facilities in China, as mitigation efforts began in January when the spread of the pandemic was in its initial stage. As a provider of products and materials essential to food production and other industries. ICL's facilities have been operating at full capacity, except for our mining operations in the UK, which are currently operating at about 70% of capacity, and our mining operations in Spain, which were temporarily halted for 3 weeks, but have since been resumed at about 60% of capacity. ICL continues to gradually ramp up production in both sites, while ensuring the health and safety of its employees and complying with local regulations. As a direct response to the pandemic, ICL drew funds from its credit facilities to increase its cash and deposit balances. This was done to ensure the company would have significant flexibility to operate in a volatile business environment, as well as to seize opportunities. As of March 31, 2020, ICL had total liquidity of $1.1 billion, including $524 million in cash and deposits and $590 million in unutilized credit facilities.
ICL reports Q1 EPS 5c, consensus 5c » 05:3205/1205/12/20
Reports Q1 revenue $1.32B…
Reports Q1 revenue $1.32B vs. $1.42B last year. ICL's President & CEO, Raviv Zoller, stated "The resilience of ICL's diversified business portfolio is reflected in the financial performance achieved even in difficult market conditions. In the first quarter of 2020, when potash and phosphate commodity prices fell to what we believe are cyclically low levels, our results were supported by record operating income in our Industrial Products segment and by strong sales of specialty phosphates. Our continued emphasis on a value-based strategy resulted in continued strong cash generation. The COVID-19 pandemic has created a new, unprecedented challenge that will affect our results in the short term. We are taking appropriate measures to further enhance our operational efficiency to mitigate the impact of the pandemic on our business, including new cross-segment cost efficiency initiatives. We believe ICL's strong financial position, diversified business and dominant position in key markets will also act as a buffer against expected market challenges and allow us to continue to pursue timely growth opportunities."
ICL signs contracts for the sale of 91K metric tonnes of potash in China » 06:2805/0805/08/20
ICL announced that it has…
ICL announced that it has signed several contracts with its customers in China to supply an aggregate 910,000 metric tons of potash, with mutual options for additional 490,000 metric tons, by the end of 2020. The selling prices stipulated in the contracts are $70 per ton below the previous contracts and are in line with the recent contract prices in China. The contracts are part of the three-year framework agreements signed in 2018 between ICL and its Chinese customers.
ICL provides business and operational update related to COVID-19 pandemic » 13:0503/2503/25/20
ICL said in a statement:…
ICL said in a statement: "The outbreak of the COVID-19 virus in China and its worldwide spread has caused significant volatility and uncertainty in global markets. Accordingly, there has been a decline in global economic activity, and there is concern that economic activity will continue to moderate in light of the prevention measures being taken by the various governments around the world. Given these conditions, ICL has taken actions to maintain the health of its employees, suppliers, business partners and the communities in which it operates as well as to continue the proper and regular functioning of its facilities around the world to minimize the potential impact on its business. Specifically: Manufacturing continues at the Company's sites around the world, including the Company's Chinese operations that are working at full capacity. As of the date of this announcement, The Company's mining operations in Spain as well as the ramp project have been recently halted out of concern for the health of the Company's employees and in accordance with the instructions of the authorities. As of today, the extent of the capacity curtailment is immaterial to the Company's business. The downward trend in potash sales prices referenced in our 2019 Annual Report continues, inter alia due to the delay in the signing of an annual supply contract in China. However, the Company does not expect a continuous decline in demand for fertilizers, as global food demand is unchanged."
ICL to postpone analyst and investor events » 07:0203/0403/04/20
ICL announced its…
ICL announced its decision to postpone its analyst and investor events on March 18, 19 and 22 in London, New York and Tel Aviv, respectively, out of caution for the health and safety of all participants. ICL intends to reschedule the events for later dates and an official announcement will be distributed.
ICL announces acquisition of Growers Holdings » 05:4202/1902/19/20
ICL announced that it has…
ICL announced that it has acquired Growers Holdings. Growers' agronomic services platform enhances decision-making capabilities for farmers, agronomists and other agro-professionals by creating easily adaptable and executable data-driven recommendations.