UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2018
__________________
Commission File Number: 001-13742
ISRAEL CHEMICALS LTD.
(Exact name of registrant as specified in its charter)
Israel Chemicals Ltd.
Millennium Tower
23 Aranha Street
P.O. Box 20245
Tel Aviv, 61202 Israel
(972-3) 684-4400
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | X |
Form 40-F |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | No | X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | No | X |
ISRAEL CHEMICALS LTD.
| 1. | Alignment of ICL's Organizational Structure to its Strategy |
Item 1
Alignment of ICL's Organizational Structure to its Strategy
The Company hereby announces that on July 31, 2018, ICL's Board of Directors approved adjustments to ICL's organizational structure in order to align with its strategy, launched earlier this year.
ICL's strategy is based on enhancing market leadership across its three core mineral value chains of Bromine, Potash and Phosphate, as well as realizing the growth potential of Innovative Ag Solutions.
In accordance, the Company's operations will be divided into four business divisions: Industrial Products (Bromine); Potash; Phosphate Solutions; and Innovative Ag Solutions.
The organizational structure adjustment will enter into effect by the end of August 2018.
The Company is presently in the process of reviewing the accounting implications, including the reporting of its operational segments in its financial statements as required in accordance with the applicable accounting standards. In order to provide additional visibility, the Company has prepared an interim presentation of preliminary estimated sales and profit of the business divisions according to the new structure, for Q2 2018 and the comparable period in Q2 2017, reconciled to ICL's consolidated sales and adjusted operating profit. The divisions’ figures breakdown below have not been reviewed by the Company’s independent auditors and are provided solely for the convenience of ICL’s shareholders.
| Sales | Division profit | |||
| $ millions | ||||
| Q2 2018 | Q2 2017 | Q2 2018 | Q2 2017 | |
| Potash | 346 | 314 | 76 | 61 |
| Phosphate Solutions | 540 | 507 | 55 | 37 |
| Industrial Products (Bromine) | 331 | 291 | 94 | 76 |
| Innovative Ag Solutions | 212 | 190 | 23 | 19 |
| Set-off (including G&A and Other) | (58) | (48) | (60) | (65) |
| Sub-Total | 1,371 | 1,254 | 188* | 128* |
| Divested businesses | - | 68 | - | 25 |
| Total | 1,371 | 1,322 | 188* | 153* |
| *ICL Adjusted Operating Profit | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Israel Chemicals Ltd. | ||||||
| By: | /s/ Kobi Altman | |||||
| Name: | Kobi Altman | |||||
| Title: | Chief Financial Officer | |||||
| Israel Chemicals Ltd. | ||||||
| By: | /s/ Lisa Haimovitz | |||||
| Name: | Lisa Haimovitz | |||||
| Title: | Senior Vice President, Global General Counsel and Corporate Secretary | |||||
Date: August 1, 2018