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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kenon Holdings Ltd | NYSE:KEN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.41 | -1.54% | 26.23 | 26.6899 | 25.68 | 26.64 | 5,586 | 23:18:10 |
|
KENON HOLDINGS LTD.
|
|
Date: June 3, 2024
|
By:
|
/s/ Robert L. Rosen
|
|
Name:
|
Robert L. Rosen
|
|
Title:
|
Chief Executive Officer
|
• |
Kenon has obtained a favorable decision in our litigation proceedings against Shenzhen Baoneng Investment Group Co., Ltd. in the Supreme People’s Court of China in relation to its claim for breach of guarantee.
|
• |
Kenon and its wholly-owned subsidiary IC Power Ltd. obtained a favorable decision in its arbitration proceedings against the Republic of Peru with respect to pre- and post-award interest on the award, further to the tribunal’s prior
award in favor of Kenon.
|
• |
In April 2024, Kenon distributed a cash dividend of approximately $200 million ($3.80 per share).
|
• |
In April 2024, CPV Renewable Power (in which OPC has an indirect 70% interest), which operates, constructs and develops renewable energy projects in the U.S., entered into a non-binding term sheet with a North American infrastructure
private equity fund regarding a potential investment of $300 million.
|
• |
Financial results:
|
• |
OPC’s net profit in Q1 2024 was $4 million, as compared to $22 million in Q1 2023. OPC’s Q1 2024 net profit included share in profit of CPV of $20 million as compared to $24 million in Q1 2023.
|
• |
OPC’s Adjusted EBITDA1 (including proportionate share in EBITDA of associated companies) in Q1 2024 was $95 million, as compared to $75 million in Q1 2023.
|
• |
ZIM announced a cash dividend, to be paid on June 11, 2024, of $0.23 per share, or approximately $28 million in aggregate, of which Kenon’s share would be approximately $5 million net of tax.
|
• |
Financial results:
|
• |
ZIM reported a net profit in Q1 2024 of $92 million, as compared to net loss $58 million in Q1 2023.
|
• |
ZIM reported Adjusted EBITDA1 in Q1 2024 of $427 million, as compared to $373 million in Q1 2023.
|
For the three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Revenue
|
174
|
147
|
||||||
Cost of sales (excluding depreciation and amortization)
|
(117
|
)
|
(103
|
)
|
||||
Finance expenses, net
|
(17
|
)
|
(5
|
)
|
||||
Share in profit of associated companies, net
|
20
|
24
|
||||||
Profit for the period
|
4
|
22
|
||||||
Attributable to:
|
||||||||
Equity holders of OPC
|
5
|
18
|
||||||
Non-controlling interest
|
(1
|
)
|
4
|
|||||
Adjusted EBITDA2
|
95
|
75
|
For the three months ended
March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Israel
|
145
|
131
|
||||||
U.S.
|
29
|
16
|
||||||
Total
|
174
|
147
|
• |
Revenue from sale of energy to the System Operator and to other suppliers – Such revenues increased by $9 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC’s
revenue from NIS to USD, such revenues increased by $9 million primarily due to the consolidation of results of the Tzomet Power Plant which commenced operations in Q2 2023 and the Gat Power Plant which was consolidated starting in Q2 2023;
|
• |
Revenue from capacity payments – Such revenues increased by $11 million in Q1 2024 as compared to Q1 2023, primarily as a result of the commencement of commercial operations of the Tzomet Power
Plant from Q2 2023;
|
• |
Revenue from private customers in respect of infrastructure services – Such revenues decreased by $5 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC’s revenue
from NIS to USD, such revenues decreased by $4 million primarily due to a decrease in the infrastructure tariff of $2 million and a decrease of customer consumption of $4 million, offset by an increase of $2 million due to the consolidation
of results of the Gat Power Plant which was consolidated starting in Q2 2023; and
|
• |
Revenue from sale of renewable energy in U.S. – Such revenues increased by $9 million primarily due to the consolidation of results of Mountain Wind and Maple Hill projects starting in Q2 2023 and
Q4 2023, respectively.
|
For the three months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Israel
|
101
|
94
|
||||||
U.S.
|
16
|
9
|
||||||
Total
|
117
|
103
|
• |
Natural gas and diesel oil consumption in Israel – Increased by $4 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC’s
cost of sales (excluding depreciation and amortization) from NIS to USD, such costs increased by $6 million primarily due to an increase of $12 million from the consolidation of results of the Gat Power Plant beginning in Q2 2023, offset by
a decrease of $7 million as a result of decrease in the quantity of gas consumed in Q1 2024 as compared to Q1 2023 and a decrease of $5 million as a result of the commencement of delivery of gas from Energean from Q2 2023;
|
• |
Expenses for infrastructure services in Israel – Increased by $4 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and
amortization) from NIS to USD, such costs increased by $4 million primarily due to an increase of $10 million as a result of maintenance work carried out at Rotem Power Plant during Q1 2024, offset by a decrease of $7 million as a result of
decrease in the quantity of gas consumed in Q1 2024 as compared to Q1 2023; and
|
• |
Other operating expenses in Israel – Increased by $4 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization)
from NIS to USD, such costs increased by $4 million primarily due to the consolidation of results of the Tzomet Power Plant which commenced operations in Q2 2023 and the Gat Power Plant which was consolidated starting in Q2 2023.
|
• |
OPC (55% interest) – a leading owner, operator and developer of power generation facilities in the Israeli and U.S. power markets; and
|
• |
ZIM (21% interest) – an international shipping company.
|
Kenon Holdings Ltd.
|
|
Deepa Joseph
Chief Financial Officer
deepaj@kenon-holdings.com
Tel: +65 9669 4761
|
March 31,
|
December 31,
|
|||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
677
|
697
|
||||||
Short-term deposits and restricted cash
|
1
|
1
|
||||||
Trade receivables
|
67
|
68
|
||||||
Short-term derivative instruments
|
4
|
3
|
||||||
Other investments
|
192
|
216
|
||||||
Other current assets
|
102
|
111
|
||||||
Total current assets
|
1,043
|
1,096
|
||||||
Non-current assets
|
||||||||
Investment in ZIM (associated company)
|
-
|
-
|
||||||
Investment in OPC’s associated companies
|
700
|
703
|
||||||
Long-term restricted cash
|
16
|
16
|
||||||
Long-term derivative instruments
|
16
|
14
|
||||||
Deferred taxes, net
|
9
|
16
|
||||||
Property, plant and equipment, net
|
1,731
|
1,715
|
||||||
Intangible assets, net
|
311
|
321
|
||||||
Long-term prepaid expenses and other non-current assets
|
56
|
52
|
||||||
Right-of-use assets, net
|
171
|
175
|
||||||
Total non-current assets
|
3,010
|
3,012
|
||||||
Total assets
|
4,053
|
4,108
|
||||||
Current liabilities
|
||||||||
Current maturities of loans from banks and others
|
107
|
170
|
||||||
Trade and other payables
|
179
|
182
|
||||||
Dividend payable
|
201
|
-
|
||||||
Short-term derivative instruments
|
2
|
2
|
||||||
Current maturities of lease liabilities
|
7
|
5
|
||||||
Total current liabilities
|
496
|
359
|
||||||
Non-current liabilities
|
||||||||
Long-term loans from banks and others
|
907
|
906
|
||||||
Debentures
|
474
|
454
|
||||||
Deferred taxes, net
|
132
|
137
|
||||||
Other non-current liabilities
|
113
|
110
|
||||||
Long-term derivative instruments
|
13
|
16
|
||||||
Long-term lease liabilities
|
55
|
56
|
||||||
Total non-current liabilities
|
1,694
|
1,679
|
||||||
Total liabilities
|
2,190
|
2,038
|
||||||
Equity
|
||||||||
Share capital
|
50
|
50
|
||||||
Translation reserve
|
(5
|
)
|
(4
|
)
|
||||
Capital reserve
|
66
|
70
|
||||||
Accumulated profit
|
895
|
1,087
|
||||||
Equity attributable to owners of the Company
|
1,006
|
1,203
|
||||||
Non-controlling interests
|
857
|
867
|
||||||
Total equity
|
1,863
|
2,070
|
||||||
Total liabilities and equity
|
4,053
|
4,108
|
For the three months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Revenue
|
174
|
147
|
||||||
Cost of sales and services (excluding depreciation and amortization)
|
(117
|
)
|
(103
|
)
|
||||
Depreciation and amortization
|
(20
|
)
|
(14
|
)
|
||||
Gross profit
|
37
|
30
|
||||||
Selling, general and administrative expenses
|
(23
|
)
|
(23
|
)
|
||||
Other expenses, net
|
(8
|
)
|
-
|
|||||
Operating profit
|
6
|
7
|
||||||
Financing expenses
|
(21
|
)
|
(14
|
)
|
||||
Financing income
|
12
|
13
|
||||||
Financing expenses, net
|
(9
|
)
|
(1
|
)
|
||||
Share in profit/(losses) of associated companies, net
|
||||||||
- ZIM
|
-
|
(12
|
)
|
|||||
- OPC’s associated companies
|
20
|
24
|
||||||
Profit before income taxes
|
17
|
18
|
||||||
Income tax expense
|
(7
|
)
|
(13
|
)
|
||||
Profit for the period
|
10
|
5
|
||||||
Attributable to:
|
||||||||
Kenon’s shareholders
|
8
|
(8
|
)
|
|||||
Non-controlling interests
|
2
|
13
|
||||||
Profit for the period
|
10
|
5
|
||||||
Basic/diluted profit/(loss) per share attributable to Kenon’s shareholders (in dollars):
|
||||||||
Basic/diluted profit/(loss) per share
|
0.15
|
(0.14
|
)
|
For the three months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Cash flows from operating activities
|
||||||||
Profit for the period
|
10
|
5
|
||||||
Adjustments:
|
||||||||
Depreciation and amortization
|
22
|
15
|
||||||
Financing expenses, net
|
9
|
1
|
||||||
Share in profit of associated companies, net
|
(20
|
)
|
(12
|
)
|
||||
Share-based payments
|
2
|
3
|
||||||
Other expenses, net
|
15
|
-
|
||||||
Income tax expense
|
7
|
13
|
||||||
45
|
25
|
|||||||
Change in trade and other receivables
|
11
|
26
|
||||||
Change in trade and other payables
|
9
|
(25
|
)
|
|||||
Cash generated from operating activities
|
65
|
26
|
||||||
Dividend received from associate companies, net
|
5
|
-
|
||||||
Net cash provided by operating activities
|
70
|
26
|
For the three months ended March 31,
|
||||||||
2024
|
2023
|
|||||||
$ millions
|
||||||||
Cash flows from investing activities
|
||||||||
Short-term deposits and restricted cash, net
|
(1
|
)
|
39
|
|||||
Short-term collaterals deposits, net
|
3
|
20
|
||||||
Investment in associated companies, less cash acquired
|
(3
|
)
|
(1
|
)
|
||||
Acquisition of subsidiary, less cash acquired
|
-
|
(75
|
)
|
|||||
Acquisition of property, plant and equipment
|
(69
|
)
|
(53
|
)
|
||||
Acquisition of intangible assets
|
-
|
(4
|
)
|
|||||
Proceeds from distribution from associated company
|
-
|
2
|
||||||
Proceeds from sale of other investments
|
27
|
90
|
||||||
Purchase of other investments
|
-
|
(50
|
)
|
|||||
Long-term advance deposits and prepaid expenses
|
-
|
(6
|
)
|
|||||
Interest received
|
8
|
5
|
||||||
Proceeds from transactions in derivatives, net
|
-
|
2
|
||||||
Net cash used in investing activities
|
(35
|
)
|
(31
|
)
|
||||
Cash flows from financing activities
|
||||||||
Repayment of long-term loans, debentures and lease liabilities
|
(48
|
)
|
(106
|
)
|
||||
Investments of holders of non-controlling interests in the capital of a subsidiary
|
-
|
129
|
||||||
Investment of non-controlling interest in subsidiary
|
-
|
45
|
||||||
Proceeds from issuance of debentures, less issuance expenses
|
52
|
-
|
||||||
Proceeds from long-term loans
|
13
|
162
|
||||||
Proceeds from derivative financial instruments, net
|
1
|
-
|
||||||
Costs paid in advance in respect of taking out of loans
|
-
|
(1
|
)
|
|||||
Repayment of short-term loans
|
(55
|
)
|
-
|
|||||
Interest paid
|
(19
|
)
|
(9
|
)
|
||||
Net cash (used in)/provided by financing activities
|
(56
|
)
|
220
|
|||||
(Decrease)/increase in cash and cash equivalents
|
(21
|
)
|
215
|
|||||
Cash and cash equivalents at beginning of the year
|
697
|
535
|
||||||
Effect of exchange rate fluctuations on balances of cash and cash equivalents
|
1
|
-
|
||||||
Cash and cash equivalents at end of the period
|
677
|
750
|
|
For the three months ended March 31, 2024
|
|||||||||||||||||||
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
$ millions
|
||||||||||||||||||||
Revenue
|
145
|
29
|
-
|
-
|
174
|
|||||||||||||||
Depreciation and amortization
|
(16
|
)
|
(6
|
)
|
-
|
-
|
22
|
|||||||||||||
Financing income
|
3
|
1
|
-
|
8
|
12
|
|||||||||||||||
Financing expenses
|
(15
|
)
|
(6
|
)
|
-
|
-
|
(21
|
)
|
||||||||||||
Share in profit of associated companies
|
-
|
20
|
-
|
-
|
20
|
|||||||||||||||
Profit before taxes
|
4
|
7
|
-
|
6
|
17
|
|||||||||||||||
Income tax expense
|
(6
|
)
|
(1
|
)
|
-
|
-
|
(7
|
)
|
||||||||||||
(Loss)/profit for the period
|
(2
|
)
|
6
|
-
|
6
|
10
|
|
For the three months ended March 31, 2023
|
|||||||||||||||||||
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
$ millions
|
||||||||||||||||||||
Revenue
|
131
|
16
|
-
|
-
|
147
|
|||||||||||||||
Depreciation and amortization
|
(12
|
)
|
(3
|
)
|
-
|
-
|
(15
|
)
|
||||||||||||
Financing income
|
6
|
1
|
-
|
6
|
13
|
|||||||||||||||
Financing expenses
|
(10
|
)
|
(2
|
)
|
-
|
(2
|
)
|
(14
|
)
|
|||||||||||
Share in profit of associated companies
|
-
|
24
|
(12
|
)
|
-
|
12
|
||||||||||||||
Profit/(loss) before taxes
|
14
|
14
|
(12
|
)
|
2
|
18
|
||||||||||||||
Income tax expense
|
(2
|
)
|
(4
|
)
|
-
|
(7
|
)
|
(13
|
)
|
|||||||||||
Profit/(loss) for the period
|
12
|
10
|
(12
|
)
|
(5
|
)
|
5
|
|
For the three months ended
March 31,
|
|||||||
|
2024
|
2023
|
||||||
|
$ millions
|
|||||||
Revenue
|
174
|
147
|
||||||
Cost of sales (excluding depreciation and amortization)
|
(117
|
)
|
(103
|
)
|
||||
Depreciation and amortization
|
(20
|
)
|
(14
|
)
|
||||
Gross profit
|
37
|
30
|
||||||
Selling, general and administrative expenses
|
(21
|
)
|
(21
|
)
|
||||
Other expenses, net
|
(8
|
)
|
-
|
|||||
Operating profit
|
8
|
9
|
||||||
Financing expenses
|
(21
|
)
|
(12
|
)
|
||||
Financing income
|
4
|
7
|
||||||
Financing expenses, net
|
(17
|
)
|
(5
|
)
|
||||
Share in profit of associated companies, net
|
20
|
24
|
||||||
Profit before income taxes
|
11
|
28
|
||||||
Income tax expense
|
(7
|
)
|
(6
|
)
|
||||
Profit for the period
|
4
|
22
|
||||||
Attributable to:
|
||||||||
Equity holders of the company
|
5
|
18
|
||||||
Non-controlling interest
|
(1
|
)
|
4
|
|||||
Profit for the period
|
4
|
22
|
|
For the three months ended
March 31,
|
|||||||
|
2024
|
2023
|
||||||
|
$ millions
|
|||||||
Cash flows provided by operating activities
|
72
|
28
|
||||||
Cash flows used in investing activities
|
(68
|
)
|
(74
|
)
|
||||
Cash flows (used in)/provided by financing activities
|
(55
|
)
|
221
|
|||||
(Decrease)/increase in cash and cash equivalents
|
(51
|
)
|
175
|
|||||
Cash and cash equivalents at end of the period
|
228
|
416
|
|
As at
|
|||||||
|
March 31, 2024
|
December 31, 2023
|
||||||
|
$ millions
|
|||||||
Total financial liabilities1
|
1,488
|
1,530
|
||||||
Total monetary assets2
|
244
|
278
|
||||||
Investment in associated companies
|
700
|
703
|
||||||
Total equity attributable to the owners
|
1,056
|
1,061
|
||||||
Total assets
|
3,418
|
3,479
|
1.
|
Including loans from banks and others and debentures
|
2.
|
Including cash and cash equivalents, term deposits and restricted cash
|
For the three months ended March 31,
|
||||||||
|
2024
|
2023
|
||||||
|
$ millions
|
|||||||
Profit for the period
|
4
|
22
|
||||||
Depreciation and amortization
|
22
|
15
|
||||||
Financing expenses, net
|
17
|
5
|
||||||
Share of depreciation and amortization and financing expenses, net, included within share of profit of associated companies, net
|
30
|
27
|
||||||
Income tax expense
|
7
|
6
|
||||||
EBITDA
|
80
|
75
|
||||||
Changes in net expenses, not in the ordinary course of business and/or of a non-recurring nature
|
15
|
-
|
||||||
Adjusted EBITDA
|
95
|
75
|
As at March 31, 2024
|
OPC Energy
|
OPC-Rotem
|
OPC-Hadera
|
OPC-Tzomet
|
OPC-Gat
|
CPV Keenan
|
Others
|
Total
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Debt (including accrued interest)
|
2
|
-
|
164
|
301
|
118
|
76
|
171
|
832
|
||||||||||||||||||||||||
Cash and cash equivalents (including restricted cash used for debt service)
|
20
|
10
|
19
|
12
|
10
|
1
|
70
|
142
|
||||||||||||||||||||||||
Derivative financial instruments for hedging principal and/or interest
|
-
|
-
|
11
|
-
|
-
|
5
|
2
|
18
|
||||||||||||||||||||||||
Net debt*
|
(17
|
)
|
(10
|
)
|
134
|
289
|
108
|
70
|
100
|
674
|
As at December 31, 2023
|
OPC Energy
|
OPC-Rotem
|
OPC-Hadera
|
OPC-Tzomet
|
OPC-Gat
|
CPV Keenan
|
Others
|
Total
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Debt (including accrued interest)
|
56
|
-
|
177
|
306
|
120
|
79
|
161
|
899
|
||||||||||||||||||||||||
Cash and cash equivalents (including restricted cash used for debt service)
|
44
|
2
|
27
|
26
|
3
|
-
|
93
|
195
|
||||||||||||||||||||||||
Derivative financial instruments for hedging principal and/or interest
|
-
|
-
|
10
|
-
|
-
|
5
|
(1
|
)
|
14
|
|||||||||||||||||||||||
Net debt*
|
12
|
(2
|
)
|
140
|
280
|
116
|
73
|
69
|
688
|
For the three months ended March 31,
|
||||||||
|
2024
|
2023
|
||||||
|
$ millions
|
|||||||
Profit/(loss) for the period
|
92
|
(58
|
)
|
|||||
Depreciation and amortization
|
261
|
387
|
||||||
Financing expenses, net
|
70
|
51
|
||||||
Income tax expense/(benefits)
|
4
|
(7
|
)
|
|||||
EBITDA
|
427
|
373
|
||||||
Adjusted EBITDA
|
427
|
373
|
1 Year Kenon Chart |
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