Dead Sea Works Ld - Final Results

RNS Number:2543H
Dead Sea Works Ld
14 March 2000


DEAD SEA WORKS LTD
(the "Company")

Results for fourth quarter 1999 and for the fiscal year 1999


Following are the financial results for Dead Sea Works Ltd to 31st December
1999 on a consolidated basis. 

The consolidated reports include primarily Iberpotash S.A.  The results for
Dead Sea Magnesium Ltd ("DSM"), are being reported separately under the
heading "discontinued segment operation".

In order to allow for increased compatibility with reports of the parent
company, the revenues of DSW are being reported for the first time on a FOB
basis instead of CIF as was done in the past, meaning that shipping expenses
have been deducted from the revenues. The reports for the previous year have
also been updated.

Effective January 1st 2000, the company's share in DSM has been sold to the
parent company Israel Chemicals Limited ("ICL"). DSW's share in DSM (65%
ownership, 67% control) was sold to ICL for $66.3 million. Of this amount $1.3
was for the estimated value of shares of the company and $65 million for the
increase in the owners' equity of the company. ICL also took over the
guarantees that DSW had provided for loans given to DSM. The book value of the
company was $34.8 million greater than the sale value and this amount was
debited to owners equity.

Consolidated Results
($ U.S. millions)

                                     1999                         1998        
            

Net turnover                        504.8                        440.5

Income before tax                   129.8                        109.3

Tax on Income                       (43.6)                       (38.6) 

Discontinued 
segment operation                   (11.1)                       (20.1)

Net profit                           74.7                         49.9   

Number of 
shares (millions)                   297.2                        297.2  

EPS ($)                              0.25                         0.17        



Financial Statements for the period to 31st  December 1999 will be posted to
shareholders.

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