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Kenon Holdings Reports Full Year 2020 Results and Additional Updates

·2 min read

Agreement to sell remaining 12% of Qoros; Cash dividend of $100 million

SINGAPORE, April 19, 2021 /PRNewswire/ — Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for 2020 and updates to its businesses.

Recent Highlights

Qoros

  • Kenon's subsidiary Quantum has entered into an agreement to sell all of its remaining 12% interest in Qoros for a total purchase price of RMB1.56 billion (approximately $238 million).

Kenon

  • In April 2021, Kenon's board of directors approved an interim cash dividend of $1.86 per share (approximately $100 million in total) (the "Dividend"). 

  • Kenon's net profit in 2020 was $496 million, as compared to a net loss of $22 million in 2019.

ZIM

  • In February 2021, ZIM completed an initial public offering of its shares raising $204 million in net proceeds.

  • Financial results:

     - ZIM's net profit in 2020 was $524 million, as compared to a net loss of $13 million in 2019.

OPC

  • In January 2021, OPC completed the acquisition of Competitive Power Ventures group ("CPV").

  • Financial results:

     - OPC's revenues in 2020 increased to $386 million, as compared to $373 million in 2019.

     - OPC's net loss in 2020 was $13 million, as compared to net profit of $34 million in 2019 (including the negative impact of $12 million relating to non-recurring acquisition expenses in 2020 and $4 million relating to non-recurring revenue in 2019).

     - OPC's EBITDA[1] in 2020 decreased to $75 million, as compared to $105 million in 2019.


2020

2019


$ millions

Revenue

386

373

Cost of sales (excluding depreciation and amortization)

282

256

Finance expenses, net

50

26

Net (loss)/profit

(13)

34

EBITDA1

75

105




1 Includes non-recurring acquisition expenses of $12 million in 2020, and non-recurring revenue of $4 million in 2019.



For the year ended
December 31,




2020



2019




$ millions


Revenue from energy generated by OPC and sold to private customers



246




261


Revenue from energy purchased by OPC and sold to private customers



29




16


Revenue from private customers in respect of infrastructures services



80




76


Revenue from energy sold to the System Administrator



15




3


Revenue from sale of steam



16




17


Total



386




373




For the year ended
December 31,




2020



2019




$ millions


Natural gas and diesel oil consumption



135




138


Payment to IEC for infrastructure services and purchase of electricity



116




92


Natural gas transmission



10




9


Operating expenses



21




17


Total



282




256


Installment

Amount

(RMB)

Percentage of the
Aggregate Purchase
Price

Payment Date

Deposit

78,000,000

5%

July 31, 2021, or
earlier if certain
conditions are met1

First Payment

312,000,000

20%

September 30, 20211

Second Payment

390,000,000

25%

March 31, 20221

Third Payment

390,000,000

25%

September 30, 2022

Fourth Payment

390,000,000

25%

March 31, 2023


1 Payments to a designated account.

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Kenon Holdings Ltd.


Mark Hasson

Chief Financial Officer

markh@kenon-holdings.com

Tel: +65 9726 8628






Cision
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