SINGAPORE, April 2, 2025 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for 2024 and additional updates. Q4 and Recent Highlights Kenon In April 2025, Kenon's board of directors approved a cash dividend of approximately $250 million ($4.80 per share). In Q4 2024, Kenon sold all of its remaining interest in ZIM for net consideration of $394 million. Kenon has repurchased approximately 681 thousand shares for an amount of approximately $20 million pursuant to its ...

Financial Indebtedness and Capital Structure - OPC had outstanding indebtedness of $1,267 million as of December 31, 2024, and CPV's associated companies had a proportionate share of debt of $1,203 million[83]. - In 2024, CPV Renewables raised equity financing of $300 million in exchange for 33.33% of its equity interests, with $200 million funded as of March 31, 2025[59]. - Kenon participated in OPC equity raises in 2024, 2022, and 2021, indicating ongoing financial involvement and potential dilution risks[58]. - The company faces risks related to obtaining additional financing for construction and development projects, particularly in Israel and the United States[57]. - Financial market conditions were volatile in 2024, impacting the ability to access capital and the cost of debt financing[73]. - The company is dependent on cash flows from its businesses to meet existing and future obligations, particularly from dividends from OPC[78]. - The company may face competition for acquisition opportunities, which could increase costs or result in lost opportunities[68]. - Any funds used for acquisitions will reduce amounts available for investments in existing businesses and could require raising additional debt or equity financing[70]. - The company faces significant risks due to high leverage, with income and net assets being more sensitive to declines in earnings and increases in expenses and interest rates[84]. - As of December 31, 2024, OPC had consolidated indebtedness of $1,267 million, which requires compliance with certain financial covenants[124]. - High leverage levels pose risks for OPC, including difficulties in securing funding for strategic plans and potential adverse impacts on credit ratings[149]. - OPC's dependency on dividends from subsidiaries may limit cash flow availability, affecting its ability to meet liabilities[151]. Regulatory and Compliance Risks - The ability to consummate future investments and acquisitions may depend on obtaining required government and regulatory approvals[67]. - The company relies on the internal controls and financial reporting of its businesses, which could impact compliance with applicable reporting standards[82]. - The company is subject to legal compliance risks, including investigations by regulators that could lead to fines and operational disruptions[112]. - Changes in trade policies and international sanctions could adversely affect the company's ability to operate and repatriate profits[119]. - The company must maintain compliance with the U.S. Foreign Corrupt Practices Act and similar laws to avoid significant legal and financial repercussions[117]. - OPC's operations are subject to regulations regarding ties with hostile entities, which may expose the company to sanctions[197]. - CPV Group must obtain and renew various permits for its operations, with non-compliance potentially resulting in severe penalties and project delays[215]. Market and Economic Conditions - Economic conditions, including inflation and geopolitical events, could materially affect the company's business and operating results[99]. - The company operates in various geographic regions, exposing it to economic volatility and regulatory risks[104]. - The geopolitical landscape, including military actions and political instability, could materially impact the company's operations[109]. - Global geopolitical instability, including the War in Israel and the Russian invasion of Ukraine, may disrupt OPC's supply chain and financing availability[152][153]. - The political and security situation in Israel may adversely affect OPC's operations and financial results, including potential damage to facilities[154][155]. Operational Risks - The company faces potential disruptions from raw material shortages and supplier capacity constraints, particularly in natural gas and renewable energy components[107]. - Cybersecurity threats are increasing, with potential impacts on business operations and data integrity due to sophisticated attacks[110]. - The company is exposed to foreign exchange rate fluctuations, particularly with significant operations in Israel and the U.S., which could adversely affect earnings and balance sheet strength[94]. - Current high interest rates could hinder the company's ability to obtain future financing or service existing debt, impacting revenue and operating results[102]. - OPC faces risks related to gas supply agreements, including "take or pay" obligations that may expose the company to additional payment obligations[133]. - Natural disasters and climate change may impair OPC's operations and require significant investments for facility renovations[160][161]. - OPC's operations are subject to ongoing adjustments to minimize exposure to cyber risks, particularly in light of the current geopolitical situation[164]. - The integrity of national gas pipelines and electrical grids is critical for OPC's operations, with potential interruptions affecting electricity supply[195]. - The company faces risks related to recruitment and retention of skilled employees, which could impact project execution[171]. - OPC's operations may be adversely affected by pandemics, which could disrupt supply chains and project timelines[170]. Competitive Landscape - The company’s ability to withstand competitive pressures may be impaired due to covenants and limitations in financing agreements[85]. - OPC's competitive position is threatened by increasing competition in the Israeli electricity market, which may affect commercial arrangements[185]. - Revenues are highly sensitive to significant customers, and any default or failure to renew agreements could materially impact financial results[186]. - CPV's operations are influenced by energy market risks and regulatory changes in the U.S., affecting profitability and project development[201]. - CPV is exposed to market risks, including fluctuations in energy prices and capacity payments determined by auctions[204][205]. Environmental and Technological Risks - Environmental regulations may impose significant costs on CPV Group, requiring investments to comply with stricter standards related to emissions and waste management[214]. - The expected expansion of greenhouse gas regulations poses risks to CPV's gas-fired power plants while promoting renewable energy projects[219]. - New York's Climate Leadership and Community Protection Act mandates a 40% reduction in greenhouse gas emissions by 2030, impacting CPV's operational strategies[220]. - Severe weather conditions could adversely affect CPV's operations, leading to increased repair costs and potential revenue loss[223]. - Malfunctions and technical failures in CPV's facilities could adversely affect operational reliability and financial results[211]. - The reliance on external suppliers for construction and maintenance may lead to increased costs and operational challenges, particularly due to global events affecting raw material prices[213]. Corporate Governance and Shareholder Issues - The company is incorporated in Singapore and follows home country corporate governance practices, which may provide less investor protection compared to U.S. domestic issuers[236]. - The company is not required to maintain a board with a majority of independent directors or a fully independent nominating and corporate governance committee as per NYSE standards[237]. - The company may rely on foreign private issuer exemptions in the future, potentially reducing the scope of information and protection for investors[239]. - There is no treaty between the United States and Singapore for the reciprocal recognition and enforcement of judgments, complicating the enforcement of U.S. court judgments in Singapore[241]. - The company may be treated as a passive foreign investment company (PFIC) for U.S. federal income tax purposes, which could have adverse tax consequences for U.S. holders[247]. - The company believes it was not a PFIC for the taxable year ended December 31, 2024, but this status is subject to uncertainty and may change based on asset valuation and income composition[248]. - The company has general authority to allot and issue new shares, which may dilute existing shareholders[246]. - Shareholders may not benefit from the Singapore Code on Take-overs and Mergers due to a waiver, potentially affecting the value of ordinary shares[245]. - The company’s significant shareholder may influence the board to issue additional ordinary shares, which could dilute existing holdings[246]. - The company’s corporate governance practices may make it more difficult for shareholders to protect their interests compared to U.S. corporations[242].

Group 1: Company Overview - Kenon Holdings Ltd. announced its Q3 2024 results and additional updates [1] - The consolidated results primarily reflect the performance of OPC Energy Ltd. and the share of ZIM Integrated Shipping Ltd. is included under associated companies [3][4] Group 2: Financial Results of OPC - OPC reported a net profit of $23 million in Q3 2024, down from $27 million in Q3 2023, with a share in profit from CPV of $17 million compared to $22 million in the prior year [6] - Adjusted EBITDA for OPC in Q3 2024 was $108 million, slightly up from $104 million in Q3 2023 [6] - OPC's revenue increased by $8 million to $237 million in Q3 2024 compared to $229 million in Q3 2023 [10][13] Group 3: Financial Results of ZIM - ZIM reported a net profit of $1.1 billion in Q3 2024, a significant recovery from a net loss of $2.3 billion in Q3 2023 [8][36] - Adjusted EBITDA for ZIM in Q3 2024 was $1.5 billion, compared to $211 million in Q3 2023 [8][36] - ZIM's revenues surged approximately 117% to $2.8 billion in Q3 2024, driven by increased freight rates and volume [36] Group 4: Share Repurchase and Dividends - Kenon repurchased approximately 348,000 shares for about $10 million since September 2024 [7] - ZIM announced a cash dividend of $3.65 per share, totaling approximately $440 million, with Kenon expected to receive about $49 million net of tax [8] Group 5: Business Developments - Kenon plans to sell additional shares in ZIM and has terminated a collar transaction over 5 million ZIM shares, receiving net cash proceeds of approximately $93 million [7][44] - OPC completed the acquisition of additional interests in two natural gas-fired power plants, with total acquisition costs estimated between $200 million and $230 million [27][28]

Group 1 - Kenon Holdings Ltd. (NYSE: KEN) has seen a strong performance in 2024, with shares up 41% year-to-date, benefiting from higher global freight rates [1] - The Drewry World Container Index (WCI) has experienced high volatility, impacting the shipping industry [1] Group 2 - The article does not provide any additional relevant information regarding the company or industry [2][3]

Israel NOTE 4 – SEGMENT REPORTING (cont.) | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|-------|-------|-------|-------|-------| | Revenues from sales and provision of services | 761 | 448 | 49 | 69 | (448) | 879 | | EBITDA after adjusted | | | | | | | | proportionate consolidation 1 | 255 | 163 | 21 | 1 | (164) | 276 | | --- | --- | |---------------------------------------|-------| | | | | Total EBITDA | 301 | | | | | Depreciation and amortiz ...

SINGAPORE, Sept. 9, 2024 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for Q2 2024 and additional updates. Q2 and Recent Highlights Kenon 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, Ken ...

Exhibit 99.2 OPC Energy Ltd. Condensed Consolidated Interim Financial Statements As of June 30, 2024 (Unaudited) Condensed Consolidated Interim Financial Statements as of June 30, 2024 (Unaudited) Page OPC Energy Ltd. Table of Contents Independent Auditors' Review Report F - 3 F - 4 F - 5 F - 7 F - 8 F - 9 F - 12 F - 14 | --- | |---------------------------------------------------------------------| | | | Letter of consent in connection with the Company's shelf prospectus | | Condensed Consolidated Interim S ...

SINGAPORE, June 3, 2024 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) ("Kenon") announces its results for Q1 2024 and additional updates. Q1 and Recent Highlights Kenon OPC ZIM Discussion of Results for the Three Months ended March 31, 2024 Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC"). Our share of the results of ZIM Integrated Shipping Services Ltd. ("ZIM") are reflected under results from assoc ...

Core Viewpoint - Kenon Holdings Ltd., a significant shareholder in ZIM Integrated Shipping Services Ltd., presents an interesting investment opportunity due to its exposure to ZIM and its stable utility business through OPC Energy Ltd. [1] Group 1: Kenon Holdings Overview - Kenon Holdings owns a 21% stake in ZIM, a company that has seen its stock price nearly double recently [1] - Kenon's portfolio primarily consists of ZIM and a 55% majority interest in OPC Energy, a utility company [2][4] Group 2: ZIM Integrated Shipping Services - ZIM's business model is highly volatile due to its significant exposure to the spot market, which leads to disproportionate profits during high shipping rates and losses during low rates [2] - Recent disruptions in the Red Sea, caused by the Houthi militia, have resulted in high shipping rates, benefiting ZIM [2] - ZIM has a dividend policy of distributing 30% to 50% of net income, which means Kenon receives substantial cash distributions as long as ZIM remains profitable [3] Group 3: OPC Energy Ltd. - OPC Energy has a generation capacity of approximately 1300 MW in Israel and operates 278 MW of wind and solar capacity in the US [4][5] - For FY2023, OPC reported net profits of $47 million, adjusted EBITDA of $304 million, and revenues of $692 million [6] Group 4: Dividend and Financial Position - Kenon recently distributed an interim dividend of $3.8 per share, yielding over 15% based on the share price at the time [7] - As of March 26, Kenon had approximately $639 million in cash and equivalents, with a distribution of around $200 million reducing this amount [8] Group 5: Risks and Considerations - The primary risk for Kenon is tied to the performance of its portfolio companies, particularly ZIM, which faces high volatility and potential losses [9] - OPC Energy has outstanding debts of $1.53 billion, with cash and equivalents of $278 million, indicating some financial risk [11] - Geopolitical risks exist for both ZIM and OPC, particularly related to operations in Israel and potential boycotts [10][12] Group 6: Investment Thesis - Kenon is considered attractively valued, with potential for the stock price to increase by at least 50% if dividends are maintained or increased [13]

Exhibit 99.2 Financial Information for the Years Ended December 31, 2023 and 2022 of Kenon and OPC and Reconciliation of Certain non-IFRS Financial Information Table of Contents Appendix E: Definition of ZIM's Adjusted EBITDA and non-IFRS reconciliation Appendix A: Summary of Kenon's consolidated financial information Appendix B: Summary of OPC's consolidated financial information Appendix C: Definition of OPC's Adjusted EBITDA and non-IFRS reconciliation Appendix D: Summary of financial information of OPC' ...