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v3.22.4

Credit from Banks and Others (Tables) | 12 Months Ended
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Dec. 31, 2022
Credit From Banks And Others [Abstract] |
Schedule of composition |
| As of December 31
| 2022 | 2021
| $ millions | $ millions
Short-term debt |  |
From financial institutions | 313 | 327
Current maturities of: |  |
Debentures | 116 | 131
Long-term loans from financial institutions | 15 | 56
Lease Liability | 68 | 63
| 199 | 250
Total Short-Term debt | 512 | 577
Long- term debt and debentures |  |
Long term lease liability | 270 | 299
Loans from financial institutions | 721 | 679
| 991 | 978
Marketable debentures | 1,329 | 1,517
Non-marketable debentures | 191 | 191
| 1,520 | 1,708
| 2,511 | 2,686
Less – current maturities of: |  |
Debentures | 116 | 131
Long-term loans from financial institutions | 15 | 56
Lease liability | 68 | 63
| 199 | 250
Total Long- term debt and debentures | 2,312 | 2,436
Schedule of yearly movement in credit from banks and others |
| As of December 31
| 2022 | 2021
| $ millions | $ millions
Balance as of January 1 | 2,914 | 2,660
Changes from financing cash flows |  |
Additions in respect of business combination | - | 171
Receipt of long-term debts | 1,045 | 1,230
Repayment of long-term debt | (1,181) | (1,120)
Repayment of short-term credit | (21) | (58)
Interest paid | (113) | (112)
Receipt (payments) from transaction in derivatives | 20 | (17)
Total net financing cash flows | (250) | 94
Initial recognition of lease liability | 64 | 37
Interest expenses | 148 | 126
Effect of changes in foreign exchange rates | (97) | (21)
Change in fair value of derivatives | 67 | (24)
Other changes | (33) | 42
Balance as of December 31 | 2,813 | 2,914
(*) The balance includes Short-term debt, derivatives on loans and debentures, loans and debentures and interest payables.
Schedule of information on material loans and debentures |
Instrument type | Loan date | Original principal (millions) | Currency | Carrying amount ($ millions) | Interest rate | Principal repayment date | Additional information
Debentures - Series F | May 2018, December 2020 | 693 | US Dollar | 714 | 6.38% | May 2038 | (3), (4)
Debentures - Series E | April 2016 | 1,569 | Israeli Shekel | 223 | 2.45% | 2021- 2024 (Annual installment) | Partially repaid (1), (3)
Debentures (private offering) – 3 series | January 2014 | 275 | US Dollar | 145 46 | 5.16% 5.31% | January 2024 January 2026 | (3), (4)
Debentures - Series G | January/May 2020 | 766 | Israeli Shekel | 208 | 2.40% | 2022- 2034 (Annual installment) | (1), (3)
Debentures - Series D | December 2014 | 184 | US Dollar | 184 | 4.50% | December 2024 | (3), (4)
SLL | September 2021 | 250 | Euro | 266 | 0.80% | September 2026 | (5)
Loan - European Bank | September 2021 | 25 | Euro | 27 | 0.95% | June 2025 |
Loan-Israeli institutions | November 2013 | 300 | Israeli Shekel | 40 | 4.74% | 2015-2024 (Annual installment) | Partially repaid
Schedule of credit facilities |
Issuer | Group of international banks | European bank
Date of the credit facility | March 2015 | December 2016
Date of credit facility termination | March 2025 | May 2024
The amount of the credit facility | USD 1,100 million (1) | USD 30 million
Credit facility has been utilized | Euro 330 million | USD 30 million
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | Libor + 0.80%
Loan currency type | USD and Euro loans | USD loans
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | Financial covenants - see Section D and a negative pledge.
Non-utilization fee | 0.21% | -
| (1) | In July 2022, the long-term credit facility decreased by $100 million following an agreement on early termination with one of the banks, a few months prior to the official termination date. The updated total credit facility is $1,100 million. most banks signed on to continue the credit facility agreement, and from March 2023 to March 2025, the total credit facility will amount to $1,000 million.
Schedule of restrictions on the group relating to the receipt of credit |
Financial Covenants (1) | Financial Ratio Required under the Agreement | Financial Ratio December 31, 2022
Total shareholder’s equity | Equity greater than $2,000 million | $5,464 million
Ratio of EBITDA to the net interest expenses | Equal to or greater than 3.5 | 39.79
Ratio of the net financial debt to EBITDA | Less than 3.5 | 0.53
Ratio of certain subsidiaries loans to the total assets of the consolidated company | Less than 10% | 2.69%
| (1) | The examination of compliance with the financial covenants is based on the Company’s consolidated financial statements. As of December 31, 2022, the Company complies with all of its financial covenants.

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