ICL Reports Record First Quarter 2022 Results and Raises Guidance

Company expanding long-term specialties focus, while benefitting from market upside

ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the first quarter ended March 31, 2022. Consolidated sales of $2,525 million were up 67% year-over-year versus $1,510 million. Operating income of $902 million was up 388%, while adjusted operating income of $880 million was up 376%. Net income attributed of $632 million was up 368%, while adjusted net income attributed of $613 million was up 354%. Adjusted EBITDA of $1,002 million was up 232% versus $302 million.

ICL’s quarterly results continued to benefit from its long-term strategic focus on specialty solutions and on expanding customer relationships, which were bolstered by significant commodity upside. The strong performance was supported by increased demand and higher prices in most markets, despite higher overall costs and worldwide supply chain challenges.

“ICL delivered record results, even with global uncertainty, and leveraged its agility and diversity in the face of continuing supply chain challenges. Once again, all our specialty businesses achieved new quarterly results records, as all four of our divisions contributed to our significant growth and new ICL record sales and EBITDA,” said Raviv Zoller, president and CEO of ICL. “We continued to focus on long term cash generation by innovating within our specialty businesses product portfolio and by driving cost efficiencies. The disruptions caused by the pandemic, sanctions and the conflict in Ukraine have radically shifted market dynamics and could continue to significantly impact global agriculture, food and industrial markets in the near term. We will continue to optimize our customer and supplier relationships, to manage through global supply challenges and to work to ensure consistent and reliable product supply for our customers.”

Due to very strong results in the first quarter, and significant changes in market dynamics, ICL is raising its expectations for full year adjusted EBITDA to a range of $3,500 million to $3,750 million, with between $1,300 million to $1,400 million coming from its specialties focused businesses. (1a)

Key Financials

First Quarter 2022

US$M

Ex. per share data

1Q'22

1Q'21

YoY

Change

Sales

$2,525

$1,510

67%

Gross profit

$1,245

$495

152%

Gross margin

49.3%

32.8%

1,653 bps

Operating income

$902

$185

388%

Operating margin

35.7%

12.3%

2,347 bps

Net income attributable to shareholders

$632

$135

368%

Adjusted EBITDA *

$1,002

$302

232%

Adjusted EBITDA margin

39.7%

20.0%

1,968 bps

Diluted earnings per share

49¢

11¢

345%

Cash flows from operating activities

$325

$206

58%

* Adjusted EBITDA is a non-GAAP financial measure; see updated definition in non-GAAP statement below. Adjusted EBITDA under the prior definition for the periods ended 3.31.22 and 3.31.21 was $977 million and $295 million, respectively.

Industrial Products

First quarter 2022

  • Record sales of $494 million were up $96 million or 24%.
  • Record segment operating income of $188 million was up $83 million or 79%.
  • Record EBITDA of $203 million was up $81 million or 66%.
  • Pricing was up year-over-year, with some end-markets continuing to moderate, as supply chain and raw material supply issues – along with higher costs – continued to impact the global marketplace.

Highlights

  • Elemental bromine: While sales increased year-over-year, as did market prices in China, overall bromine prices stabilized in the first quarter and were down from fourth-quarter 2021 record highs.
  • Bromine-based flame retardants: Solid demand was higher year-over-year, due to a strategic shift to long-term customer agreements, however, some end-markets showed continuing signs of moderation, following a very strong 2021.
  • Phosphorus-based flame retardants: Higher sales were driven by higher pricing in the quarter, even as Chinese production of phosphorous-based flame retardants increased following the easing of restrictions enacted in the second half of 2021.
  • Clear brine fluids: Sales declined year-over-year, as some orders shifted into the second quarter, however, the oil and gas industry maintained its momentum.
  • Specialty minerals: Continued strong demand from the dietary supplements and pharmaceutical end-markets, combined with increased sales of industrial potassium chloride for the oil and gas industry, drove record sales.

Potash

First quarter 2022

  • Sales of $795 million were up $446 million or 128%.
  • Segment operating income of $410 million was up $381 million – a significant increase.
  • EBITDA of $450 million was up $388 million or 626%.
  • Grain Price Index increased year-over-year, with corn up 27.2%, rice up 10.0%, soybeans up 28.7% and wheat up 38.4%, due to continued global concerns about the food supply chain and recent unrest in Ukraine.
  • Average potash realized price per ton of $601 was up 134% year-over-year, as prices continued to increase, due to global disruptions in fertilizer availability, which have been exacerbated by the conflict in Ukraine.
  • ICL signed framework agreements with customers in India and China to supply 600,000 and 700,000 metric tons of potash, respectively, in 2022 at $590 per ton.

Highlights

  • ICL Dead Sea

    - Production declined year-over-year, as the annual maintenance shutdown was completed in March of this year versus in April of the prior year.
  • ICL Iberia

    - Production improvements continued to advance at the Cabanasses mine, following the completion of the ramp project in 2021.
  • Metal Magnesium

    - Sales increased, due to higher prices, following a competitors’ production constraints, in conjunction with the recovery of global end-market demand.

Phosphate Solutions

First quarter 2022

  • Record sales of $798 million were up $296 million or 59%.

    - Phosphate specialties: Record sales of $437 million, up $143 million or 49%.

    - Phosphate commodities: Record sales of $361 million, up $153 million or 74%.
  • Record segment operating income of $200 million was up $158 million or 376%.
  • Record EBITDA of $247 million was up $153 million or 163%.

    - Phosphate specialties: Record EBITDA of $115 million, up $67 million or 140%.

    - Phosphate commodities: Record EBITDA of $132 million, up $86 million or 187%.
  • The YPH joint venture delivered record results and continued growth in profitability, with strength in pricing for both specialties and commodities.
  • Commodity market prices continued to trend higher, as did raw material prices, while continuing global supply chain challenges were exacerbated by the conflict in Ukraine.

Highlights

  • Phosphate salts: Both prices and demand increased significantly, as did cost inputs and transportation issues, however, consistent and reliable supply to global customers was maintained in the quarter.
  • White phosphoric acid: Sales benefitted from elevated prices across all major regions, due to continued high demand compounded by persistent supply chain issues.
  • Dairy protein: Sales increased with higher demand for goat ingredients and specialty milk powders, including an innovative milk protein, which yields better taste and texture for yogurt and other dairy products.
  • Phosphate fertilizers: Sales responded to surging prices amidst reduced supply, while the market for sulfur and other raw materials remained tight.
  • Specialty mono ammonium phosphate (MAP): Demand continued to grow for use in cathode active materials (CAM), such as lithium iron phosphate (LFP), destined for electric vehicles and other energy storage offerings.

Innovative Ag Solutions

First quarter 2022

  • Record sales of $566 million were up $226 million or 66%.
  • Record segment operating income of $93 million was up $73 million or 365%.
  • Record EBITDA of $110 million was up $77 million or 233%.
  • Existing fertilizer momentum was aided by increases in commodity prices related to Russia’s invasion of Ukraine – two substantial participants in the commodity and food supply chains – while raw material prices escalated and supply chain issues continued.

Highlights

  • Specialty fertilizers: Record sales were driven by higher prices, however, raw material cost inflation and logistics challenges continued.
  • Turf and ornamental: Good start to ornamental horticulture season with solid distributor demand for a majority of products, especially in North America. Turf and landscape also saw strong distributor buy-in, ahead of expected price increases.
  • Brazil: Integration of new businesses remains on-track, with results ahead of expectations and driven by higher prices, even as raw material and energy costs also increased.
  • Polysulphate: Production was up 30% year-over-year to 238 thousand tons.

Financial Items

Financing Expenses

Net financing expenses for the first quarter of 2022 were $34 million, up versus $20 million in the corresponding quarter of last year.

Tax Expenses

Tax expenses in the first quarter of 2022 were $211 million, reflecting an effective tax rate of 24%, versus $23 million and 14% in the corresponding quarter of last year. The company’s relatively low effective tax rate in the corresponding quarter was affected by the devaluation of the shekel against the U.S. dollar, which had a positive effect on shekel denominated tax provisions.

Liquidity and Capital Resources

ICL has long-term credit facilities of $1,200 million, of which $322 million were utilized as of March 31, 2022.

Outstanding Net Debt

As of March 31, 2022, ICL’s net financial liabilities amounted to $2,376 million, a decrease of $73 million compared to December 31, 2021.

Dividend Distribution

In connection with ICL’s first quarter 2022 results, the Board of Directors declared a dividend of 23.83 cents per share, or approximately $306.5 million, up versus 5.25 cents per share, or approximately $67 million, in the first quarter of last year. The dividend will be payable on June 15, 2022, to shareholders of record as of June 1, 2022.

Segment Change

ICL has consolidated its specialty agriculture businesses under Innovative Ag Solutions (IAS), as the company continues to focus on targeting long-term growth through its diversified specialty solutions. As a result, ICL Boulby and other European business components were allocated from the Potash and Phosphate Solutions segments, respectively, to the IAS segment. The 2021 quarterly and annual restated segment data and 2020 annual restated segment data is available below.

Potash US$M

FY'20

1Q'21

2Q'21

3Q'21

4Q'21

FY'21

Segment sales

1,268

349

380

400

647

1,776

Sales to external customers

979

254

296

310

541

1,401

Sales to internal customers

96

22

27

27

18

94

Other and eliminations(1)

193

73

57

63

88

281

Gross profit

472

135

154

209

372

870

Segment operating income

121

29

42

84

244

399

Depreciation and amortization

152

33

38

37

40

148

Segment EBITDA

273

62

80

121

284

547

(1) Primarily includes salt produced in underground mine in Spain, metal magnesium-based products, and sales of excess electricity produced in Israel.

Phosphate Solutions US$M

FY'20

1Q'21

2Q'21

3Q'21

4Q'21

FY'21

Segment sales

1,816

502

582

599

571

2,254

Sales to external customers

1,663

467

539

554

527

2,087

Sales to internal customers

153

35

43

45

44

167

Segment operating income

88

42

77

88

87

294

Depreciation and amortization

204

52

56

53

46

207

Segment EBITDA

292

94

133

141

133

501

Innovative Ag Solutions US$M

FY'20

1Q'21

2Q'21

3Q'21

4Q'21

FY'21

Segment sales

1,033

 

340

334

504

492

1,670

Sales to external customers

1,016

 

337

331

495

481

1,644

Sales to internal customers

17

 

3

3

9

11

26

Segment operating income

17

 

20

21

52

42

135

Depreciation and amortization

45

 

13

13

15

21

62

Segment EBITDA

62

 

33

34

67

63

197

About ICL

ICL Group is a leading global specialty minerals company, which also benefits from commodity upside. The company creates impactful solutions for humanity's sustainability challenges in the global food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its passionate team of talented employees, and its strong focus on R&D and technological innovation, to drive growth across its end markets. ICL shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 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 Innovative Ag 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. For additional information regarding this adjustment for prior periods, please see the reconciliation table under "consolidated adjusted EBITDA and diluted adjusted earnings per share for the periods of activity", in the appendix below.

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 first 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

Year ended

 

March 31,

2022

March 31,

2021

December 31,

2021

Sales

2,525

 

1,510

 

6,955

 

Cost of sales

1,280

 

1,015

 

4,344

 

 

 

 

 

Gross profit

1,245

 

495

 

2,611

 

 

 

 

 

Selling, transport and marketing expenses

279

 

229

 

1,067

 

General and administrative expenses

69

 

62

 

276

 

Research and development expenses

18

 

15

 

64

 

Other expenses

-

 

5

 

57

 

Other income

(23

)

(1

)

(63

)

 

 

 

 

Operating income

902

 

185

 

1,210

 

 

 

 

 

Finance expenses

67

 

60

 

216

 

Finance income

(33

)

(40

)

(94

)

 

 

 

 

Finance expenses, net

34

 

20

 

122

 

 

 

 

 

Share in earnings of equity-accounted investees

-

 

-

 

4

 

 

 

 

 

Income before taxes on income

868

 

165

 

1,092

 

 

 

 

 

Taxes on income

211

 

23

 

260

 

 

 

 

 

Net income

657

 

142

 

832

 

 

 

 

 

Net income attributable to the non-controlling interests

25

 

7

 

49

 

 

 

 

 

Net income attributable to the shareholders of the Company

632

 

135

 

783

 

 

 

 

 

Earnings per share attributable to the shareholders of the Company:

 

 

 

 

 

 

 

Basic earnings per share (in dollars)

0.49

 

0.11

 

0.61

 

 

 

 

 

Diluted earnings per share (in dollars)

0.49

 

0.11

 

0.60

 

 

 

 

 

Weighted-average number of ordinary shares outstanding:

 

 

 

 

 

 

 

Basic (in thousands)

1,285,811

 

1,280,700

 

1,282,807

 

 

 

 

 

Diluted (in thousands)

1,290,965

 

1,282,912

 

1,287,051

 

 

Condensed Consolidated Statements of Financial Position as of (Unaudited)

$ millions

March 31,

2022

March 31,

2021

December 31,

2021

Current assets

 

 

 

Cash and cash equivalents

439

 

157

 

473

 

Short-term investments and deposits

93

 

99

 

91

 

Trade receivables

1,898

 

1,056

 

1,418

 

Inventories

1,673

 

1,195

 

1,570

 

Prepaid expenses and other receivables

355

 

481

 

357

 

Total current assets

4,458

 

2,988

 

3,909

 

 

 

 

 

Non-current assets

 

 

 

Deferred tax assets

142

 

136

 

147

 

Property, plant and equipment

5,797

 

5,531

 

5,754

 

Intangible assets

889

 

709

 

867

 

Other non-current assets

378

 

356

 

403

 

Total non-current assets

7,206

 

6,732

 

7,171

 

 

 

 

 

Total assets

11,664

 

9,720

 

11,080

 

 

 

 

 

Current liabilities

 

 

 

Short-term debt

506

 

617

 

577

 

Trade payables

1,078

 

752

 

1,064

 

Provisions

56

 

54

 

59

 

Other payables

1,049

 

735

 

912

 

Total current liabilities

2,689

 

2,158

 

2,612

 

 

 

 

 

Non-current liabilities

 

 

 

Long-term debt and debentures

2,402

 

2,121

 

2,436

 

Deferred tax liabilities

406

 

320

 

384

 

Long-term employee liabilities

511

 

620

 

564

 

Long-term provisions and accruals

275

 

262

 

278

 

Other

64

 

75

 

70

 

Total non-current liabilities

3,658

 

3,398

 

3,732

 

 

 

 

 

Total liabilities

6,347

 

5,556

 

6,344

 

 

 

 

 

Equity

 

 

 

Total shareholders’ equity

5,083

 

4,000

 

4,527

 

Non-controlling interests

234

 

164

 

209

 

Total equity

5,317

 

4,164

 

4,736

 

 

 

 

 

Total liabilities and equity

11,664

9,720

11,080

 
Condensed Consolidated Statements of Cash Flows (Unaudited)

$ millions

Three-months ended

Year ended

March 31,

2022

March 31,

2021

December 31,

2021

Cash flows from operating activities

 

 

 

Net income

657

 

142

 

832

 

Adjustments for:

 

 

 

Depreciation and amortization

122

 

117

 

490

 

Reversal of fixed assets impairment

-

 

-

 

(6

)

Exchange rate, interest and derivative, net

41

 

53

 

99

 

Tax expenses

211

 

23

 

260

 

Change in provisions

(18

)

(21

)

(4

)

Other

(20

)

2

 

(21

)

 

336

 

174

 

818

 

 

 

 

 

Change in inventories

(87

)

30

 

(267

)

Change in trade receivables

(469

)

(147

)

(426

)

Change in trade payables

(6

)

39

 

274

 

Change in other receivables

(1

)

(9

)

9

 

Change in other payables

43

 

(12

)

107

 

Net change in operating assets and liabilities

(520

)

(99

)

(303

)

 

 

 

 

Interest paid, net

(16

)

(18

)

(89

)

Income taxes paid, net of refund

(132

)

7

 

(193

)

 

 

 

 

Net cash provided by operating activities

325

 

206

 

1,065

 

 

 

 

 

Cash flows from investing activities

 

 

 

Proceeds (payments) from deposits, net

(8

)

8

 

355

 

Business combinations

-

 

(64

)

(365

)

Purchases of property, plant and equipment and intangible assets

(131

)

(147

)

(611

)

Proceeds from divestiture of assets and businesses, net of transaction expenses

20

 

-

 

39

 

Other

12

 

-

 

3

 

Net cash used in investing activities

(107

)

(203

)

(579

)

 

 

 

 

Cash flows from financing activities

 

 

 

Dividends paid to the Company's shareholders

(169

)

(34

)

(276

)

Receipt of long-term debt

343

 

310

 

1,230

 

Repayments of long-term debt

(356

)

(311

)

(1,120

)

Repayments of short-term debt, net

(97

)

(41

)

(58

)

Receipts (payments) from transactions in derivatives

19

 

14

 

(17

)

Other

-

 

-

 

(3

)

Net cash used in financing activities

(260

)

(62

)

(244

)

 

 

 

 

Net change in cash and cash equivalents

(42

)

(59

)

242

 

Cash and cash equivalents as of the beginning of the period

473

 

214

 

214

 

Net effect of currency translation on cash and cash equivalents

8

 

2

 

17

 

 

Cash and cash equivalents as of the end of the period

439

 

157

 

473

 

Adjustments to Reported Operating and Net Income (non-GAAP)

$ millions

Three-months ended

March 31, 2022

March 31, 2021

Operating income

902

 

185

 

Divestment related items and transaction costs from acquisitions (1)

(22

)

-

 

Adjusted operating income

880

 

185

 

 

Net income attributable to the shareholders of the Company

632

 

135

 

Total adjustments to operating income

(22

)

-

 

Total tax adjustments (2)

3

 

-

 

Total adjusted net income - shareholders of the Company

613

 

135

 

(1) For 2022, reflects a capital gain related to the divestment of Novetide, a 50% owned joint venture.

(2) For 2022, reflects the tax impact of adjustments made to operational income.

Consolidated EBITDA for the Periods of Activity

$ millions

Three-months ended

March 31, 2022

March 31, 2021

Net income

657

 

142

 

Financing expenses, net

34

 

20

 

Taxes on income

211

 

23

 

Less: Share in earnings of equity-accounted investees

-

 

-

 

Operating income

902

 

185

 

Depreciation and amortization

122

 

117

 

Adjustments (1)

(22

)

-

 

Total adjusted EBITDA (2)

1,002

 

302

 

(1) See "Adjustments to Reported Operating and Net income (non-GAAP)" above.

(2) “Adjusted EBITDA” under the prior definition for the period ended March 31, 2022, and March 31, 2021, was $977 million and $295 million, respectively.

Calculation of Segment EBITDA

Industrial Products

 

Potash

 

Phosphate

Solutions

 

Innovative Ag

Solutions

Three-months ended

March 31,

2022

 

March 31,

2021

 

March 31,

2022

 

March 31,

2021

 

March 31,

2022

 

March 31,

2021

 

March 31,

2022

 

March 31,

2021

Segment operating income

188

 

105

 

410

 

29

 

200

 

42

 

93

 

20

Depreciation and amortization

15

 

17

 

40

 

33

 

47

 

52

 

17

 

13

Segment EBITDA

203

 

122

 

450

 

62

 

247

 

94

 

110

 

33

 

 

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