Kenon Holdings(KEN) - 2024 Q4 - Annual Report

Revenue and Profitability - Kenon reported a revenue increase to $751 million in 2024, up from $692 million in 2023, representing an 8.5% growth[5] - Gross profit rose to $144 million in 2024, compared to $120 million in 2023, reflecting a 20% increase[5] - The company achieved a profit of $634 million for the year, a significant turnaround from a loss of $211 million in 2023[5] - Basic profit per share attributable to Kenon's shareholders increased to $11.34 in 2024, compared to a loss of $4.42 in 2023[5] Cash and Assets - Cash and cash equivalents at the end of 2024 reached $1,016 million, up from $697 million in 2023, marking a 46% increase[6] - Total assets increased to $4,213 million in 2024, compared to $4,108 million in 2023, a growth of 2.6%[4] - Cash and cash equivalents, including restricted cash, totaled $97 million as of December 31, 2024, compared to $195 million in 2023, a decline of about 50.26%[19] Liabilities and Debt - Total liabilities decreased to $1,554 million in 2024, down from $2,038 million in 2023, a reduction of 23.7%[4] - As of December 31, 2024, total debt for OPC's subsidiaries was $612 million, compared to $899 million in 2023, showing a decrease of approximately 31.93%[19] - Net debt as of December 31, 2024, was $503 million, down from $688 million in 2023, indicating a reduction of approximately 26.93%[19] Investment and Financial Performance - Investment in OPC's associated companies rose significantly to $1,459 million in 2024, compared to $703 million in 2023, an increase of 107%[4] - For the year ended December 31, 2024, OPC reported a profit of $53 million, an increase from $47 million in 2023, representing a growth of approximately 12.77%[17] - EBITDA for the same period was $386 million, up from $301 million in 2023, indicating a year-over-year increase of about 28.19%[17] - Adjusted EBITDA, including the proportionate share of associated companies, was $332 million in 2024, compared to $304 million in 2023, reflecting an increase of approximately 9.21%[17] Expenses and Taxation - Financing expenses, net, rose to $82 million in 2024 from $53 million in 2023, marking a significant increase of about 54.72%[17] - Income tax expense increased to $37 million in 2024 from $19 million in 2023, which is an increase of approximately 94.74%[17] - Changes in net expenses not in the ordinary course of business resulted in a negative impact of $54 million in 2024, compared to a positive impact of $5 million in 2023[17] Other Financial Metrics - The company reported a gain of $69 million from the loss of control in CPV Renewable, contributing to the overall profit[5] - The share of changes in fair value of derivative financial instruments was negligible in 2024, with no impact reported, compared to a negative impact of $2 million in 2023[17] - Cash flows from operating activities totaled $265 million in 2024, slightly down from $277 million in 2023[6]