News Article | May 10, 2017
Consolidated sales for the first quarter were $1.295 billion compared to $1.265 billion recorded for the comparable period in 2016. First quarter results were supported by growth in ICL's Specialty Solutions industrial division, led by strong performance in the division's bromine business and operating margin improvements in Advanced Additives' business lines. The stronger performance by Specialty Solutions was offset by weaker pricing in the Company's Essential Minerals agro division, primarily in the commodity phosphate fertilizers market, notwithstanding a moderate increase in potash volumes. The Company reported operating income of $116 million compared to $107 million for the first quarter of 2016 and adjusted operating income of $116 million compared to $115 million in the prior-year quarter. 64% of operating income derived from the Specialty Solutions division compared with 52% for the comparable quarter in 2016. During the quarter the Company continued to reduce G&A expenses, working capital and strictly manage capital expenditures thereby increasing free cash flow to mitigate the challenging business environment, primarily, lower commodity prices in the Company's agro division. This resulted in free cash flow of $104 million in the first quarter, compared to $38 million in free cash flow recorded for the comparable quarter in 2016. ICL's Acting CEO, Asher Grinbaum, stated, "The first quarter was highlighted by the continued strong performance of several of our Specialty businesses, especially our bromine business, which was supported by the unit's favorable pricing strategy and cost reductions. In addition, our YPH JV in China began to benefit from operational improvements, including efficiency measures it has undertaken, as well as from steps to reduce exposure to phosphate commodity prices, thereby reducing its operating loss. Notwithstanding a moderate increase in potash volumes during the first quarter, our Essential Minerals agro division continued to be affected by the challenging business environment, particularly in the commodity phosphate fertilizer market, as well as by technical problems at our ICL UK mine, which were subsequently resolved following the quarter." Mr. Grinbaum continued, "During the quarter, we continued to shape our business into Agro and Industrial divisions, organizing our internal structure to focus on our customers' needs in these two markets. As part of this re-focus, we moved our Specialty Fertilizers business into the Essential Minerals division, thereby creating an agro-oriented division and our Specialty Solutions industrial-oriented division. Mr. Grinbaum concluded, "During the first several months of 2017, we also continued our determined efforts to generate strong cash flow by reducing expenses and CapEx. However, we continue to invest in programs which strengthen our competitive positioning and offer attractive rates of return. The cash flow derived from these efforts will enable us to further improve our balance sheet and support our future growth. We believe that these efforts position the Company for success in the ongoing challenging environment that we and our industry face, and will serve to enhance our long-term stability and profitability." Higher sales in Q1 2017 derived mainly from sales of clear brine fluids, sales of phosphoric acid, mainly related to an increase in the YPH JV, and an increase in quantities of potash sold, mainly in North America. The increase was offset mainly by a decline in the selling price of phosphate fertilizers and phosphoric acid in ICL phosphate and a decline in the selling price of Acids in ICL Advanced Additives and potash, as well as a devaluation of the euro and the Chinese yuan against the dollar. The increase in adjusted operating income stems mainly from higher quantities sold primarily at ICL Phosphates and ICL Industrial Products, lower raw material costs deriving mainly from a decline in sulfur prices used in ICL Phosphate and ICL Advanced Additives products, and reduced G&A expenses due to efficiency contributions, offset by a decline in commodity fertilizers prices, higher transportation costs and exchange rate fluctuations, mainly from the devaluation of the euro and the pound against the dollar, partly offset by the upward revaluation of the Israeli shekel. Financing expenses, net: Net financing expenses in the first quarter of 2017 totaled $14 million compared with $28 million in the first quarter of 2016. The decrease includes a decline of $16 million deriving mainly from an increase of the income in respect of the fair value of foreign currency hedging transactions, energy and marine shipping, net of revaluation of net liabilities and a decrease in interest expenses due to a decrease in short term and long term debt. On the other hand, there was an increase in financing expenses in the amount of $2 million, stemming mainly from exchange rate differences relating to provisions for employee benefits. Tax expenses: Tax expenses in the first quarter of 2017 amounted to $42 million, compared with tax expenses of $22 million in the corresponding quarter last year. The increased tax expenses in the current quarter was mainly a result of differences in the measurement base of property, plant and equipment for tax purposes and the measurement base thereof for financial reporting purposes due to the strengthening of the shekel against the dollar. The effective tax rate, without the impact of the above‑mentioned differences, is about 29%, compared with an effective tax rate of about 24%, in the corresponding quarter last year. The increase in the effective tax rate stems primarily from the application of the Israeli Natural Resources Tax to bromine and potash activities in Israel. Net income: Net income for the first quarter of 2017 totaled $68 million compared to net income of $66 million for the comparable period in 2016. Adjusted net income for Q1 2017 totaled $68 million compared with $85 million for Q1 2016. Cash flow: First quarter net operating cash flow of $195 million decreased by $27 million compared to the prior-year period. The decrease stemmed mostly from changes to working capital in each of the comparable periods. The Specialty Solutions division, which serves as ICL's industrial division, targets industrial markets and concentrates on achieving growth through a highly tailored customer focus, product innovation and commercial excellence. The segment includes three business lines: ICL Industrial Products, ICL Advanced Additives and ICL Food Specialties. ICL's Specialty Solutions division accounted for 47% of ICL's overall sales and 64% of operating income in the first quarter of 2017, resulting from the continued strong performance of ICL's bromine business which was supported by its value based pricing strategy, cost reductions and long-term commercial engagements with customers. The industrial division also recorded solid performance and operating margin improvements in its fire safety and oil additives business lines (P2S5). These positive results were partially offset by a significant decline in dairy protein sales due to de-stocking activity of a customer delivering proteins to China, partially offset by an increase in phosphate-based food additives in Europe and 40% growth of new products. The performance of the Advanced Additives business unit was favorable compared to the corresponding quarter last year and was impacted by several factors: Quantities: The increase stemmed mainly from the quantities of clear brines solutions and bromine-based flame retardants sold combined with P2S5 products. Price: The decrease stemmed mainly from lower selling prices of acids and a different product mix of clear brines fluids sold. Exchange Rate: The decrease stemmed mainly from devaluation of the euro against the dollar. Raw materials: The increase stemmed mainly from a decrease in sulfur prices used for products in ICL Advanced Additives. Other: The increase derived, among others, from an increase in royalties paid as a result of increased sales. The Essential Minerals division, which serves as the company's agro division, includes three business lines (as of January 2017): ICL Potash & Magnesium, ICL Phosphate and ICL Specialty Fertilizers. The agro division focuses on efficiency, process innovation and operational excellence in order to improve the competitive position of its assets. During Q1 the division experienced a moderate increase in potash volumes compared to Q1 2016. In addition, potash prices increased moderately in spot markets such as Brazil, the US and Europe during the first quarter of 2017 compared with Q4 2016, and are currently stable. However, operating income of potash operations was negatively impacted by a production outage at the division's ICL UK potash facility resulting from technical difficulties in the mine in December 2016 (subsequently resolved after the end of the quarter), as well as by maintenance expenses and increased seaborne transportation costs. The commodity phosphate fertilizer market continues to operate under a challenging business environment, offset somewhat by a sequential decrease in the operating loss at the division's YPH JV resulting from continued efficiency and cost reduction efforts. The division's Specialty Fertilizers business unit benefited from strong growth in Latin America and China, as well as from operational efficiency and cost reduction initiatives. Note that comparative data for the division has been restated to reflect that ICL Specialty Fertilizers business line became a part of the Essential Minerals agro division as of January 2017. For additional details regarding potash– see 'Potash – Stand-Alone Activities'. The quantity of potash sold to external customers in the first quarter of 2017, was 49,000 tonnes higher than in the corresponding quarter last year, mainly due to an increase in sales to India and USA. Production of potash in the first quarter of 2017 was 291,000 tonnes lower than in the corresponding quarter last year, due to a decrease in the production of ICL UK as a result of an operational breakdown in the mine tailing channel. Production was renewed at the beginning of the second quarter of 2017, and the Company estimates that the under-production will be made up during the course of the year. The quantity of fertilizers sold in the first quarter of 2017 was 143,000 tonnes higher than in the corresponding quarter last year. The increase stems mainly from an increase in sales to Brazil and China. The quantity of phosphate rock sold in the first quarter decreased significantly due to increased internal use for fertilizer production in China, as well as low global demand and an unattractive price environment.The production of phosphate rock was higher by 59,000 tonnes mainly due to increased production in ICL Rotem in Israel. Quantities: The increase derived mainly from potash and specialty agriculture products sold. Price: The decrease stemmed mainly from a decline in phosphate fertilizers and phosphoric acid selling prices, from lower commodity fertilizers prices and from a decline in potash selling prices. Exchange Rate: The decrease derived primarily from the upward revaluation of the Israeli shekel against the dollar. Raw materials: The increase stemmed mainly from a decline in sulfur prices (used in the production of green phosphoric acid) and a decline in commodity fertilizers prices (used for ICL Specialty Fertilizers products). Transportation: The decrease resulted mainly from an increase in transportation prices and from an increase in quantities sold. Other: The increase derived primarily from income from insurance in respect of a fire at ICL Rotem facilities and from income from a capital gain due to the sale of an office building in Israel. Potash stand-alone activities include, among others, Polysulphate® produced in a mine in the UK, and salt produced in underground mines in the UK and Spain. Quantities: The increase derived mainly from potash sales in India and the US. Price: The decrease stemmed from a decline in potash selling prices. Transportation: The decrease resulted mainly from an increase in transportation prices and from the increase in quantities of potash sold. ICL is a global manufacturer of products based on specialty minerals that fulfill humanity's essential needs primarily in three markets: agriculture, food and engineered materials. ICL produces approximately a third of the world's bromine, and is the sixth largest potash producer, as well as the leading provider of pure phosphoric acid. It is a major manufacturer of specialty fertilizers, specialty phosphates and flame retardants. ICL's mining and manufacturing activities are located in Israel, Europe, the Americas and China, and are supported by global distribution and supply networks. The agricultural products that ICL produces help to feed the world's growing population. The potash and phosphates that it mines and manufactures are used as ingredients in fertilizers and serve as an essential component in the pharmaceutical and food additives industries. The food additives that ICL produces enable people to have greater access to more varied and higher quality food. ICL's water treatment products supply clean water to millions of people as well industry around the world. Other substances, based on bromine and phosphates help to create energy that is more efficient and environmentally friendly, prevent the spread of forest fires and allow the safe and widespread use of a variety of products and materials. ICL benefits from a number of unique advantages, including its vertically integrated activities and complementary and synergistic downstream operations for the production of unique end products; its balanced and varied product portfolio in growing markets; broad presence throughout the world and proximity to large markets, including in emerging regions. ICL operates within a strategic framework of sustainability that includes a commitment to the environment, support of communities in which ICL's manufacturing operations are located and where its employees live, and a commitment to all its employees, customers, suppliers and other stakeholders. ICL is a public company whose shares are dually listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs approximately 13,000 people worldwide, and its sales in 2016 totaled US$5.4 billion. For more information, visit the company's website at www.icl-group.com. This press release 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" and "potential" among others. Forward-looking statements include, but are not limited to assessments and judgments regarding macro-economic conditions and the Group's markets, operations and financial results. Forward-looking assessments and judgments are based on our management's current beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, market fluctuations, especially in ICL's manufacturing locations and target markets ;the difference between actual resources and our resources estimates ;changes in the demand and price environment for ICL's products as well as the cost of shipping and energy, whether caused by actions of governments, manufacturers or consumers ;changes in the capital markets, including fluctuations in currency exchange rates, credit availability, interest rates;changes in the competition structure in the market;and the factors in "Item 3. Key Information—D. Risk Factors" in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 16, 2017. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update or revise them or any other information contained in this press release, whether as a result of new information, future developments or otherwise. We disclose in this Quarterly Report non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the Company's shareholders and adjusted EBITDA. Our management uses adjusted operating income, adjusted net income attributable to the Company's shareholders and adjusted EBITDA to facilitate operating performance comparisons from period to period. We calculate our adjusted operating income by adjusting our operating income to add certain items, as set forth in the reconciliation table below. Certain of these items may recur. We calculate our adjusted net income attributable to the Company's shareholders by adjusting our net income attributable to the Company's shareholders to add certain items, as set forth in the reconciliation table below, excluding the total tax impact of such adjustments and adjustments attributable to the non-controlling interests. We calculate our adjusted EBITDA by adding back to the net income attributable to the Company's shareholders the depreciation and amortization, financing expenses, net, taxes on income and the items presented in the reconciliation table above which were adjusted for in calculating the adjusted operating income and adjusted net income attributable to the Company's shareholders. You should not view adjusted operating income, adjusted net income attributable to the Company's shareholders 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 our definitions of adjusted operating income, adjusted net income attributable to the Company's shareholders and adjusted EBITDA may differ from those used by other companies. However, we believe adjusted operating income, adjusted net income attributable to the Company's shareholders and adjusted EBITDA provide useful information to both management and investors by excluding certain expenses that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS measures to evaluate the Company's business strategies and management's performance. We believe that these non-IFRS measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate our performance. We present a discussion in the period-to-period comparisons of the primary drivers of changes in the company's results of operations. These discussions are based in part on management's best estimates of the impact of the main trends in its businesses. We have based the following discussion on our financial statements. You should read the following discussion together with our financial statements. The accompanying notes are an integral part of these condensed consolidated financial statements. The accompanying notes are an integral part of these condensed consolidated financial statements. The following table sets forth sales by geographical regions based on the location of the customer: The breakdown of the sales in the first quarter of 2017 indicates a decrease in sales in Europe, stemming mainly from a decline in the selling prices of potash and phosphate products together with a decline in the quantities of phosphate rock sold. This decrease was partly offset by an increase in sales of ICL Industrial Products. The increase in sales in North America stems mainly from an increase in the quantities of potash and clear brines solutions sold, partly offset by a decrease in sales due to divestiture of non-core businesses last year. The increase in sales in Asia stems mainly from an increase in quantities sold of potash, phosphoric acid, bromine-based flame retardants and specialty agriculture products. The increase in sales in South America stems mainly from an increase in the quantities of phosphate fertilizers sold, partly offset by a decrease in potash quantities sold. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/icl-reports-q1-2017-results-300455096.html
News Article | May 11, 2017
According to the U.S. Department of Health and Human Services, the number of people in the United States waiting for a transplant of a critical, life-saving organ such as a kidney, liver or pancreas, is approximately 118,000, and the organ transplant waiting list grows every year. BioInk is a significant component of the burgeoning 3D bioprinting market, which is expected to grow to approximately USD 1.8 billion by 2022, and to increase substantially as the printing technology, and all its components, continue to mature. CollPlant is a regenerative medicine company leveraging its proprietary, plant-based recombinant human collagen (rhCollagen) technology for the development and commercialization of tissue repair products, initially for the orthobiologics, 3D Bio-printing of tissue and organs, and advanced wound care markets. The Company's cutting-edge technology is designed to generate and process proprietary rhCollagen, among other patent-protected recombinant proteins. Given that CollPlant's rhCollagen is identical to the type I collagen produced by the human body, it offers significant advantages compared to currently marketed tissue-derived collagen, including improved biofunctionality, superior homogeneity and reduced risk of immune response. The Company's broad development pipeline includes biomaterials indicated for orthopedics and advanced wound healing. Lead products include: Vergenix™STR (Soft Tissue Repair Matrix), for the treatment of tendinopathy; and Vergenix™FG (Flowable Gel) wound filler, for treatment of acute and chronic wounds. CollPlant's business strategy includes proprietary development and manufacture of tissue repair products and their commercialization and distribution, together with leading third parties, alongside alliances with leading companies for joint development, manufacture and marketing of additional products. For more information about CollPlant, visit http://www.collplant.com Contact at CollPlant: Eran Rotem Chief Financial Officer Tel: + 972-73-2325600/612 Email: Eran@collplant.com Contact at Rx Communications Group, LLC Paula Schwartz (for US Investors) Managing Director Tel: 917-322-2216 Email: email@example.com
News Article | May 15, 2017
"We are fortunate to have such exceptional strategic investors support us and our vision of developing novel therapies for unmet medical needs based on our proprietary understanding and modulation of the microbiome," stated Jonathan Solomon, CEO of BiomX. "We are committed to utilize our technological capabilities for the accelerated development of our pipeline towards clinical stage products." BiomX focuses on developing novel therapeutics to alleviate human diseases stemming from dysbiosis of the microbiome. The Company offers a complete end-to-end solution from target discovery to development of therapeutic compounds, with flexible capabilities to precisely modulate the microbiome and restore microbial balance through adding or eradicating bacteria with both native and synthetically altered phages (viruses that attack bacteria). BiomX's microbiome modulation technologies are based on the pioneer science and research of its scientific collaborators: Professor Rotem Sorek, PhD and Dr. Eran Elinav, MD, PhD both of the Weizmann Institute of Science and Professor Timothy K. Lu, MD, PhD of the Massachusetts Institute of Technology. The Company's therapeutic pipeline consists of products for the treatment of acne, Inflammatory Bowel Disease (IBD), cancer, and therapeutics that modulate the microbiome for improved performance of immuno-oncology drugs. Anya Eldan, General Manager, Start-Up Division, Israel Innovation Authority, commented, "The Israel Innovation Authority's support of risky early-stage projects with large potential enables establishment of such a promising company at the forefront of delivering microbiome therapeutics." Einat Zisman, PhD, CEO of FutuRx, added, "This investment reflects FutuRx's role in establishing and supporting start-up companies that turn break-through technologies into innovative therapeutics. Such support enables FutuRx's portfolio companies to build strategic collaborations and compete in the global market." Gil Granot Mayer, CEO of Yeda, the commercialization arm of the Weizmann Institute of Science, responded, "This is yet another example of the scientific excellence that prevails at the Weizmann institute of Science and of the ability of Yeda to effectively commercialize this scientific excellence towards life-changing products." The microbiome, all the bacteria that reside in and on the human body, is an exciting and fast-developing new field at the interface of pharmaceuticals and nutrition, offering abundant opportunities for developing new medicines. The composition of bacteria forming the microbiome, mainly gut bacteria, has been linked to various health conditions, from acne and allergies, through gastrointestinal ailments, obesity and cancer. The multitude of biological processes and indications affected by the microbiome make the bacteria in the human microbiome critical to health, yet the microbiome's diversity presents a challenge for identifying specific targets and developing new medicines to treat imbalance of the microbiome. BiomX discovers and develops innovative microbiome therapeutics. The Company's mission is to develop novel therapeutics for preventing and treating diseases in which microbiome imbalances have been implicated. BiomX's microbiome modulation technologies are based on the cutting-edge innovative research of its scientific collaborators: Professor Rotem Sorek, PhD and Dr. Eran Elinav, MD, PhD both of the Weizmann Institute of Science and Professor Timothy K. Lu, MD, PhD of the Massachusetts Institute of Technology. For additional information, please visit http://www.biomx.com.
Yoon S.-C.,Korea Railroad Research Institute |
Kim Y.-S.,Korea Railroad Research Institute |
Ryu J.-H.,Korea Railroad Research Institute |
Park S.-H.,Korea Railroad Research Institute |
Park G.-S.,Rotem Company
Applied Mechanics and Materials | Year: 2013
This paper describes the structural analysis, load tests and combined stress of the bogie frame. It seeks to identify the structural safety of the bogie frame when the bogie is assembled on the train and a train service is implemented. The bogie consists of the bogie frame, suspension, wheels, brakes and transmission, etc. The bogie frame can be considered as the most important part of the bogie. The analysis and tests were evaluated using JIS E 4207 standards and performance test standards for urban rail vehicles. © (2013) Trans Tech Publications, Switzerland.
Yoon S.-C.,Korea Railroad Research Institute |
Yoon S.-C.,Rotem Company |
Kim J.,Korea Railroad Research Institute |
Kim J.,Rotem Company |
And 6 more authors.
Key Engineering Materials | Year: 2010
In this paper, we describe a carbody structural analysis and the result of its stress test. The purpose of this study is to evaluate the safety and functionality of the body structure operating under maximum load. The body structure was made of aluminum alloy and consisted of the side frame, under frame, roof frame, and end frame. Of these components, the side frame and under frame were the most important components in consideration of the vehicle and passenger loads. Both the structural analysis and stress test were performed under the condition that was based on the "Performance Test Standard for Electrical Multiple Units." The test results showed that the body tructure is safe and stable under the condition of the designed load. © (2010) Trans Tech Publications, Switzerland.
Rotem Inc. | Date: 2011-04-26
Rotem Inc. | Date: 2013-05-14
Rotem Inc. | Date: 2016-04-01
Cooked Brisket, Cooked Beef Roasts, chili, stew, breakfast sausage, beef bacon, deli meats, meatloaf, pastrami, tongue, corned beef.
Rotem Inc. | Date: 2011-05-17
Rotem Inc. | Date: 2011-05-17