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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.32 | 1.09% | 29.66 | 30.1999 | 28.7401 | 28.80 | 16,175 | 01:00:00 |
|
|
KENON HOLDINGS LTD.
|
|
|
Date: September 9, 2024
|
By:
|
/s/ Robert L. Rosen
|
|
|
Name:
|
Robert L. Rosen
|
|
|
Title:
|
Chief Executive Officer
|
| • |
In June 2024, Kenon sold 5 million ZIM shares for total consideration of $111 million. Following the sale, Kenon remains the single largest shareholder in ZIM.
|
| • |
Also in June 2024, Kenon entered into a collar transaction with an investment bank relating to an additional 5 million ZIM shares owned by Kenon.
|
| • |
In September 2024, Kenon’s board of directors authorized an increase in its share repurchase plan by $10 million to up to $60 million (including shares already
purchased under the plan), and Kenon has entered into a mandate for repurchases under the plan of up to $30 million through March 31, 2025.
|
| • |
In July 2024, OPC raised proceeds of NIS 800 million (approximately $220 million) in a share offering. Kenon participated in the offering for a total investment of approximately NIS 428 million (approximately $120 million) and now holds
54.5% of OPC’s shares.
|
| • |
In August 2024, OPC announced agreements pursuant to which Harrison Street, a U.S. private equity infrastructure fund, has agreed to invest $300 million in CPV Renewable Power LP (“CPV Renewable”), a
wholly-owned subsidiary of CPV Group LP (“CPV”), for 33.33% of the ordinary equity interests in CPV Renewable.
|
| • |
In July 2024, OPC announced that capacity price for power plants of CPV in the PJM market was set at $269.92/MW-day, a significant increase compared to the prior price.
|
| • |
Financial results:
|
| • |
OPC reported net loss in Q2 2024 of $7 million, as compared to $11 million in Q2 2023. OPC’s Q2 2024 and Q2 2023 net loss included share in profit of CPV of $4 million in the respective periods.
|
| • |
OPC reported Adjusted EBITDA (including proportionate share in EBITDA of associated companies)1 in Q2 2024 of $66 million, as compared to $47 million in Q2 2023.
|
| • |
In August 2024, ZIM announced a cash dividend, of $0.93 per share, or approximately $112 million in the aggregate, of which approximately $15 million (approximately
$14 million net of tax) is payable to Kenon.
|
| • |
Financial results2:
|
| • |
ZIM reported a net profit in Q2 2024 of $373 million, as compared to net loss of $213 million in Q2 2023.
|
| • |
ZIM reported Adjusted EBITDA1 in Q2 2024 of $766 million, as compared to $275 million in Q2 2023.
|
|
For the three months ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Revenue
|
181
|
165
|
||||||
|
Cost of sales (excluding depreciation and amortization)
|
(129
|
)
|
(129
|
)
|
||||
|
Finance expenses, net
|
(23
|
)
|
(16
|
)
|
||||
|
Share in profit of associated companies, net
|
4
|
4
|
||||||
|
Loss for the period
|
(7
|
)
|
(11
|
)
|
||||
|
Attributable to:
|
||||||||
|
Equity holders of OPC
|
(4
|
)
|
(6
|
)
|
||||
|
Non-controlling interest
|
(3
|
)
|
(5
|
)
|
||||
|
Adjusted EBITDA (including proportionate share in Adjusted EBITDA of associated companies) 3
|
66
|
47
|
||||||
|
For the three months ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Israel
|
146
|
147
|
||||||
|
U.S.
|
35
|
18
|
||||||
|
Total
|
181
|
165
|
||||||
| • |
Revenue from sale of energy to the System Operator and to other suppliers – Such revenues increased by $5 million in Q2 2024 as compared to Q2 2023 primarily due to the consolidation of results of
the Tzomet Power Plant which was consolidated at the end of Q2 2023;
|
| • |
Revenue from availability payments – Such revenues increased by $11 million in Q2 2024 as compared to Q2 2023, primarily as a result of the commencement of commercial operations of the Tzomet Power
Plant at the end of Q2 2023;
|
| • |
Other revenue – Such revenues decreased by $5 million in Q2 2024 as compared to Q2 2023 primarily due to the sale of electricity prior to commercial operation of Tzomet Power Plant 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 Maple Hill and Stagecoach starting in Q4 2023 and Q2 2024,
respectively.
|
|
For the three months ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Israel
|
110
|
118
|
||||||
|
U.S.
|
19
|
11
|
||||||
|
Total
|
129
|
129
|
||||||
| • |
Natural gas and diesel oil consumption in Israel – Increased by $5 million in Q2 2024 as compared to Q2 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 $8 million from the consolidation of results of the Tzomet Power Plant at the end of Q2 2023, offset
by a decrease of $3 million as a result of the commencement of delivery of gas from Energean from Q2 2023;
|
| • |
Other operating expenses in Israel – Increased by $4 million in Q2 2024 as compared to Q2 2023. Excluding the impact of translating OPC’s cost of sales (excluding depreciation and amortization)
from NIS to USD, such costs increased by $3 million primarily due to the consolidation of results of the Tzomet Power Plant which was consolidated at the end of Q2 2023; and
|
| • |
Expenses for acquisition of energy in Israel – Decreased by $7 million in Q2 2024 as compared to Q2 2023 primarily due to a decrease in customer consumption.
|
| • |
OPC (54.5% interest) – a leading owner, operator and developer of power generation facilities in the Israeli and U.S. power markets; and
|
| • |
ZIM (16.58% interest) – an international shipping company.
|
|
Kenon Holdings Ltd.
|
|
|
Deepa Joseph
Chief Financial Officer
deepaj@kenon-holdings.com
Tel: +65 9669 4761
|
| A-1 |
|
|
|
|
| B-1 |
|
|
|
|
| C-1 |
|
|
|
|
| D-1 |
|
|
|
|
| E-1 |
|
June 30,
|
December 31,
|
|||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
586
|
697
|
||||||
|
Short-term deposits and restricted cash
|
1
|
1
|
||||||
|
Trade receivables
|
96
|
68
|
||||||
|
Short-term derivative instruments
|
4
|
3
|
||||||
|
Other investments
|
164
|
216
|
||||||
|
Other current assets
|
97
|
111
|
||||||
|
Total current assets
|
948
|
1,096
|
||||||
|
Non-current assets
|
||||||||
|
Investment in ZIM (associated company)
|
-
|
-
|
||||||
|
Investment in OPC’s associated companies
|
708
|
703
|
||||||
|
Long-term restricted cash
|
15
|
16
|
||||||
|
Long-term derivative instruments
|
16
|
14
|
||||||
|
Deferred taxes, net
|
10
|
16
|
||||||
|
Property, plant and equipment, net
|
1,771
|
1,715
|
||||||
|
Intangible assets, net
|
311
|
321
|
||||||
|
Long-term prepaid expenses and other non-current assets
|
49
|
52
|
||||||
|
Right-of-use assets, net
|
166
|
175
|
||||||
|
Total non-current assets
|
3,046
|
3,012
|
||||||
|
Total assets
|
3,994
|
4,108
|
||||||
|
Current liabilities
|
||||||||
|
Current maturities of loans from banks and others
|
101
|
170
|
||||||
|
Trade and other payables
|
198
|
182
|
||||||
|
Short-term derivative instruments
|
2
|
2
|
||||||
|
Current maturities of lease liabilities
|
7
|
5
|
||||||
|
Total current liabilities
|
308
|
359
|
||||||
|
Non-current liabilities
|
||||||||
|
Long-term loans from banks and others
|
891
|
906
|
||||||
|
Debentures
|
467
|
454
|
||||||
|
Deferred taxes, net
|
130
|
137
|
||||||
|
Other non-current liabilities
|
151
|
110
|
||||||
|
Long-term derivative instruments
|
17
|
16
|
||||||
|
Long-term lease liabilities
|
54
|
56
|
||||||
|
Total non-current liabilities
|
1,710
|
1,679
|
||||||
|
Total liabilities
|
2,018
|
2,038
|
||||||
|
Equity
|
||||||||
|
Share capital
|
50
|
50
|
||||||
|
Translation reserve
|
(7
|
)
|
(4
|
)
|
||||
|
Capital reserve
|
67
|
70
|
||||||
|
Accumulated profit
|
1,007
|
1,087
|
||||||
|
Equity attributable to owners of the Company
|
1,117
|
1,203
|
||||||
|
Non-controlling interests
|
859
|
867
|
||||||
|
Total equity
|
1,976
|
2,070
|
||||||
|
Total liabilities and equity
|
3,994
|
4,108
|
||||||
|
For the six months ended
June 30, |
For the three months ended
June 30,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
$ millions
|
$ millions
|
|||||||||||||||
|
Revenue
|
355
|
312
|
181
|
165
|
||||||||||||
|
Cost of sales and services (excluding depreciation and amortization)
|
(247
|
)
|
(232
|
)
|
(129
|
)
|
(129
|
)
|
||||||||
|
Depreciation and amortization
|
(42
|
)
|
(30
|
)
|
(22
|
)
|
(17
|
)
|
||||||||
|
Gross profit
|
66
|
50
|
30
|
19
|
||||||||||||
|
Selling, general and administrative expenses
|
(43
|
)
|
(47
|
)
|
(22
|
)
|
(23
|
)
|
||||||||
|
Other (expenses)/income, net
|
(7
|
)
|
(1
|
)
|
1
|
(2
|
)
|
|||||||||
|
Operating profit
|
16
|
2
|
9
|
(6
|
)
|
|||||||||||
|
Financing expenses
|
(51
|
)
|
(32
|
)
|
(31
|
)
|
(18
|
)
|
||||||||
|
Financing income
|
20
|
24
|
8
|
11
|
||||||||||||
|
Financing expenses, net
|
(31
|
)
|
(8
|
)
|
(23
|
)
|
(7
|
)
|
||||||||
|
Gains/(losses) related to ZIM
|
111
|
(1
|
)
|
111
|
-
|
|||||||||||
|
Dividend income
|
6
|
-
|
6
|
-
|
||||||||||||
|
Share in profit/(losses) of associated companies, net
|
||||||||||||||||
|
- ZIM
|
-
|
(43
|
)
|
-
|
(31
|
)
|
||||||||||
|
- OPC’s associated companies
|
23
|
28
|
4
|
4
|
||||||||||||
|
Profit/(loss) before income taxes
|
125
|
(22
|
)
|
107
|
(40
|
)
|
||||||||||
|
Income tax expense
|
(8
|
)
|
(10
|
)
|
-
|
3
|
||||||||||
|
Profit/(loss) for the period
|
117
|
(32
|
)
|
107
|
(37
|
)
|
||||||||||
|
Attributable to:
|
||||||||||||||||
|
Kenon’s shareholders
|
121
|
(37
|
)
|
112
|
(30
|
)
|
||||||||||
|
Non-controlling interests
|
(4
|
)
|
5
|
(5
|
)
|
(7
|
)
|
|||||||||
|
Profit/(loss) for the period
|
117
|
(32
|
)
|
107
|
(37
|
)
|
||||||||||
|
Basic/diluted profit/(loss) per share attributable to Kenon’s shareholders (in dollars):
|
||||||||||||||||
|
Basic/diluted profit/(loss) per share
|
2.28
|
(0.70
|
)
|
2.13
|
(0.56
|
)
|
||||||||||
|
For the six months ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Cash flows from operating activities
|
||||||||
|
Profit for the period
|
117
|
(32
|
)
|
|||||
|
Adjustments:
|
||||||||
|
Depreciation and amortization
|
46
|
38
|
||||||
|
Financing expenses, net
|
31
|
8
|
||||||
|
Gains related to ZIM
|
(111
|
)
|
1
|
|||||
|
Share in (profit)/losses of associated companies, net
|
(23
|
)
|
15
|
|||||
|
Share-based payments
|
3
|
5
|
||||||
|
Other expenses, net
|
8
|
-
|
||||||
|
Income tax expense
|
8
|
10
|
||||||
|
79
|
45
|
|||||||
|
Change in trade and other receivables
|
(28
|
)
|
4
|
|||||
|
Change in trade and other payables
|
24
|
(11
|
)
|
|||||
|
Cash generated from operating activities
|
75
|
38
|
||||||
|
Income taxes paid, net
|
(1
|
)
|
(1
|
)
|
||||
|
Dividend received from associate companies, net
|
13
|
152
|
||||||
|
Net cash provided by operating activities
|
87
|
189
|
||||||
|
For the six months ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
$ millions
|
||||||||
|
Cash flows from investing activities
|
||||||||
|
Short-term deposits and restricted cash, net
|
(1
|
)
|
30
|
|||||
|
Short-term collaterals deposits, net
|
2
|
20
|
||||||
|
Investment in long-term deposits, net
|
1
|
-
|
||||||
|
Investment in associated companies, less cash acquired
|
(8
|
)
|
(2
|
)
|
||||
|
Acquisition of subsidiary, less cash acquired
|
-
|
(250
|
)
|
|||||
|
Acquisition of property, plant and equipment
|
(137
|
)
|
(139
|
)
|
||||
|
Acquisition of intangible assets
|
-
|
(5
|
)
|
|||||
|
Proceeds from sale of interest in ZIM
|
111
|
-
|
||||||
|
Proceeds from distribution from associated company
|
-
|
2
|
||||||
|
Proceeds from sale of other investments
|
56
|
139
|
||||||
|
Purchase of other investments
|
-
|
(50
|
)
|
|||||
|
Long-term advance deposits
|
-
|
(7
|
)
|
|||||
|
Long-term loans to an associate
|
-
|
(24
|
)
|
|||||
|
Interest received
|
13
|
12
|
||||||
|
Proceeds from transactions in derivatives, net
|
-
|
2
|
||||||
|
Net cash provided by/(used in) investing activities
|
37
|
(272
|
)
|
|||||
|
Cash flows from financing activities
|
||||||||
|
Repayment of long-term loans, debentures and lease liabilities
|
(66
|
)
|
(124
|
)
|
||||
|
Repayment of short-term loans, net
|
(55
|
)
|
-
|
|||||
|
Investments of holders of non-controlling interests in the capital of a subsidiary
|
-
|
129
|
||||||
|
Investment of non-controlling interest in subsidiary
|
9
|
54
|
||||||
|
Tax equity investment
|
41 |
- |
||||||
|
Proceeds from issuance of debentures, less issuance expenses
|
52
|
267
|
||||||
|
Proceeds from long-term loans
|
16
|
1
|
||||||
|
Proceeds from derivative financial instruments, net
|
1
|
(14
|
)
|
|||||
|
Costs paid in advance in respect of taking out of loans
|
-
|
(5
|
)
|
|||||
|
Dividend paid
|
(201
|
)
|
(150
|
)
|
||||
|
Interest paid
|
(31
|
)
|
(16
|
)
|
||||
|
Net cash (used in)/provided by financing activities
|
(234
|
)
|
142
|
|||||
|
(Decrease)/increase in cash and cash equivalents
|
(110
|
)
|
59
|
|||||
|
Cash and cash equivalents at beginning of the year
|
697
|
535
|
||||||
|
Effect of exchange rate fluctuations on balances of cash and cash equivalents
|
(1
|
)
|
(4
|
)
|
||||
|
Cash and cash equivalents at end of the period
|
586
|
590
|
||||||
|
|
For the six months ended June 30, 2024
|
|||||||||||||||||||
|
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
|
$ millions
|
||||||||||||||||||||
|
Revenue
|
291
|
64
|
-
|
-
|
355
|
|||||||||||||||
|
Depreciation and amortization
|
(33
|
)
|
(13
|
)
|
-
|
-
|
(46
|
)
|
||||||||||||
|
Financing income
|
4
|
2
|
-
|
14
|
20
|
|||||||||||||||
|
Financing expenses
|
(32
|
)
|
(15
|
)
|
-
|
(4
|
)
|
(51
|
)
|
|||||||||||
|
Gains related to ZIM
|
-
|
-
|
111
|
-
|
111
|
|||||||||||||||
|
Share in profit of associated companies
|
-
|
23
|
-
|
-
|
23
|
|||||||||||||||
|
Profit before taxes
|
3
|
1
|
111
|
10
|
125
|
|||||||||||||||
|
Income tax expense
|
(7
|
)
|
-
|
-
|
(1
|
)
|
(8
|
)
|
||||||||||||
|
(Loss)/profit for the period
|
(4
|
)
|
1
|
111
|
9
|
117
|
||||||||||||||
|
|
For the six months ended June 30, 2023
|
|||||||||||||||||||
|
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
|
$ millions
|
||||||||||||||||||||
|
Revenue
|
278
|
34
|
-
|
-
|
312
|
|||||||||||||||
|
Depreciation and amortization
|
(31
|
)
|
(7
|
)
|
-
|
-
|
(38
|
)
|
||||||||||||
|
Financing income
|
8
|
3
|
-
|
13
|
24
|
|||||||||||||||
|
Financing expenses
|
(25
|
)
|
(6
|
)
|
-
|
(1
|
)
|
(32
|
)
|
|||||||||||
|
Loss related to ZIM
|
-
|
-
|
(1
|
)
|
-
|
(1
|
)
|
|||||||||||||
|
Share in profit of associated companies
|
-
|
28
|
(43
|
)
|
-
|
(15
|
)
|
|||||||||||||
|
Profit/(loss) before taxes
|
8
|
7
|
(44
|
)
|
7
|
(22
|
)
|
|||||||||||||
|
Income tax expense
|
-
|
(3
|
)
|
-
|
(7
|
)
|
(10
|
)
|
||||||||||||
|
Profit/(loss) for the period
|
8
|
4
|
(44
|
)
|
-
|
(32
|
)
|
|||||||||||||
|
|
For the three months ended June 30, 2024
|
|||||||||||||||||||
|
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
|
$ millions
|
||||||||||||||||||||
|
Revenue
|
146
|
35
|
-
|
-
|
181
|
|||||||||||||||
|
Depreciation and amortization
|
(17
|
)
|
(7
|
)
|
-
|
-
|
(24
|
)
|
||||||||||||
|
Financing income
|
1
|
1
|
-
|
6
|
8
|
|||||||||||||||
|
Financing expenses
|
(17
|
)
|
(8
|
)
|
-
|
(6
|
)
|
(31
|
)
|
|||||||||||
|
Gains related to ZIM
|
-
|
-
|
111
|
-
|
111
|
|||||||||||||||
|
Share in profit of associated companies
|
-
|
4
|
-
|
-
|
4
|
|||||||||||||||
|
(Loss)/profit before taxes
|
(1
|
)
|
(6
|
)
|
111
|
3
|
107
|
|||||||||||||
|
Income tax expense
|
(1
|
)
|
1
|
-
|
-
|
-
|
||||||||||||||
|
(Loss)/profit for the period
|
(2
|
)
|
(5
|
)
|
111
|
3
|
107
|
|||||||||||||
|
|
For the three months ended June 30, 2023
|
|||||||||||||||||||
|
OPC Israel
|
CPV Group
|
ZIM
|
Other
|
Consolidated Results
|
||||||||||||||||
|
$ millions
|
||||||||||||||||||||
|
Revenue
|
147
|
18
|
-
|
-
|
165
|
|||||||||||||||
|
Depreciation and amortization
|
(19
|
)
|
(4
|
)
|
-
|
-
|
(23
|
)
|
||||||||||||
|
Financing income
|
2
|
1
|
-
|
8
|
11
|
|||||||||||||||
|
Financing expenses
|
(15
|
)
|
(4
|
)
|
-
|
1
|
(18
|
)
|
||||||||||||
|
Share in profit of associated companies
|
-
|
4
|
(31
|
)
|
-
|
(27
|
)
|
|||||||||||||
|
(Loss)/profit before taxes
|
(6
|
)
|
(8
|
)
|
(31
|
)
|
5
|
(40
|
)
|
|||||||||||
|
Income tax expense
|
2
|
1
|
-
|
-
|
3
|
|||||||||||||||
|
(Loss)/profit for the period
|
(4
|
)
|
(7
|
)
|
(31
|
)
|
5
|
(37
|
)
|
|||||||||||
|
For the six months ended
June 30,
|
For the three months ended
June 30,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
$ millions
|
$ millions
|
|||||||||||||||
|
Revenue
|
355
|
312
|
181
|
165
|
||||||||||||
|
Cost of sales (excluding depreciation and amortization)
|
(247
|
)
|
(232
|
)
|
(129
|
)
|
(129
|
)
|
||||||||
|
Depreciation and amortization
|
(42
|
)
|
(30
|
)
|
(24
|
)
|
(17
|
)
|
||||||||
|
Gross profit
|
66
|
50
|
28
|
19
|
||||||||||||
|
Selling, general and administrative expenses
|
(38
|
)
|
(42
|
)
|
(17
|
)
|
(21
|
)
|
||||||||
|
Other (expenses)/income
|
(7
|
)
|
(1
|
)
|
1
|
-
|
||||||||||
|
Operating profit/(loss)
|
21
|
7
|
12
|
(2
|
)
|
|||||||||||
|
Financing expenses
|
(47
|
)
|
(31
|
)
|
(25
|
)
|
(19
|
)
|
||||||||
|
Financing income
|
6
|
11
|
2
|
3
|
||||||||||||
|
Financing expenses, net
|
(41
|
)
|
(20
|
)
|
(23
|
)
|
(16
|
)
|
||||||||
|
Share in profit of associated companies, net
|
23
|
28
|
4
|
4
|
||||||||||||
|
Profit/(loss) before income taxes
|
4
|
15
|
(7
|
)
|
(14
|
)
|
||||||||||
|
Income tax (expense)/benefit
|
(7
|
)
|
(3
|
)
|
-
|
3
|
||||||||||
|
(Loss)/profit for the period
|
(3
|
)
|
12
|
(7
|
)
|
(11
|
)
|
|||||||||
|
Attributable to:
|
||||||||||||||||
|
Equity holders of the company
|
1
|
11
|
(4
|
)
|
(6
|
)
|
||||||||||
|
Non-controlling interest
|
(4
|
)
|
1
|
(3
|
)
|
(5
|
)
|
|||||||||
|
(Loss)/profit for the period
|
(3
|
)
|
12
|
(7
|
)
|
(11
|
)
|
|||||||||
|
|
For the six months ended
June 30,
|
For the three months ended
June 30,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
$ millions
|
$ millions
|
|||||||||||||||
|
Cash flows provided by operating activities
|
89
|
45
|
17
|
17
|
||||||||||||
|
Cash flows used in investing activities
|
(139
|
)
|
(369
|
)
|
(71
|
)
|
(295
|
)
|
||||||||
|
Cash flows (Used in)/provided by financing activities
|
(34
|
)
|
307
|
21
|
86
|
|||||||||||
|
Decrease in cash and cash equivalents
|
(84
|
)
|
(17
|
)
|
(33
|
)
|
(192
|
)
|
||||||||
|
Cash and cash equivalents at end of the period
|
192
|
221
|
192
|
221
|
||||||||||||
|
|
As at
|
|||||||
|
|
June 30,
2024
|
December 31, 2023
|
||||||
|
|
$ millions
|
|||||||
|
Total financial liabilities1
|
1,458
|
1,530
|
||||||
|
Total monetary assets2
|
209
|
278
|
||||||
|
Investment in associated companies
|
708
|
703
|
||||||
|
Total equity attributable to the owners
|
1,050
|
1,061
|
||||||
|
Total assets
|
3,441
|
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 June 30,
|
||||||||
|
|
2024
|
2023
|
||||||
|
|
$ millions
|
|||||||
|
Loss for the period
|
(7
|
)
|
(11
|
)
|
||||
|
Depreciation and amortization
|
24
|
23
|
||||||
|
Financing expenses, net
|
23
|
16
|
||||||
|
Share of depreciation and amortization and financing expenses, net, included within share of profit/(losses) of associated companies, net
|
26
|
20
|
||||||
|
Income tax expense
|
-
|
(3
|
)
|
|||||
|
Share of changes in fair value of derivative financial instruments
|
-
|
(2
|
)
|
|||||
|
Changes in net expenses, not in the ordinary course of business and/or of a non-recurring nature
|
-
|
3
|
||||||
|
Other expenses
|
-
|
1
|
||||||
|
Adjusted EBITDA (including proportionate share in EBITDA of associated companies)
|
66
|
47
|
||||||
|
As at June 30, 2024
|
OPC Energy
|
OPC-Rotem
|
OPC-Hadera
|
OPC-Tzomet
|
OPC-Gat
|
CPV Keenan
|
Others
|
Total
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
D Debt (including accrued interest)
|
54
|
-
|
171
|
296
|
115
|
76
|
155
|
867
|
||||||||||||||||||||||||
|
Cash and cash equivalents (including restricted cash used for debt service)
|
43
|
2
|
26
|
25
|
3
|
-
|
94
|
193
|
||||||||||||||||||||||||
|
Derivative financial instruments for hedging principal and/or interest
|
-
|
-
|
10
|
-
|
-
|
5
|
(1
|
)
|
14
|
|||||||||||||||||||||||
|
Net debt*
|
11
|
2
|
135
|
271
|
112
|
71
|
59
|
661
|
||||||||||||||||||||||||
|
As at December 31, 2023
|
OPC Energy
|
OPC-Rotem
|
OPC-Hadera
|
OPC-Tzomet
|
OPC-Gat
|
CPV Keenan
|
Others
|
Total
|
||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
D 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 June 30,
|
||||||||
|
|
2024
|
2023
|
||||||
|
|
$ millions
|
|||||||
|
Profit/(loss) for the period
|
373
|
(213
|
)
|
|||||
|
Depreciation and amortization
|
278
|
422
|
||||||
|
Financing expenses, net
|
93
|
104
|
||||||
|
Income tax expense/(benefits)
|
2
|
(59
|
)
|
|||||
|
EBITDA
|
746
|
254
|
||||||
|
Capital loss, beyond the ordinary course of business
|
-
|
21
|
||||||
|
Expenses related to legal contingencies
|
20
|
-
|
||||||
|
Adjusted EBITDA
|
766
|
275
|
||||||
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