Kenon Holdings(US:KEN)2025-11-19 11:00Financial Performance - Revenues from sales and provision of services for the nine-month period ended September 30, 2025, were NIS 2,256 million, a 3% increase from NIS 2,190 million in the same period of 2024[14] - Gross income for the nine-month period was NIS 433 million, compared to NIS 452 million in the previous year, reflecting a decrease of 4%[14] - Operating profit increased to NIS 570 million for the nine-month period, up 53% from NIS 372 million in the same period of 2024[14] - Profit for the period attributable to the Company's shareholders was NIS 254 million, significantly higher than NIS 83 million in the same period of 2024, marking a 206% increase[14] - Profit for the nine-month period ended September 30, 2025, increased to NIS 333 million, compared to NIS 74 million for the same period in 2024, representing a growth of 350%[15] - The profit for the three-month period ended September 30, 2025, was NIS 236 million, compared to NIS 86 million for the same period in 2024, reflecting a growth of 174%[15] - The total comprehensive income for the three-month period ended September 30, 2025, was NIS 134 million, compared to NIS 36 million in the same period of 2024[15] Assets and Equity - Total assets as of September 30, 2025, were NIS 13,635 million, a slight increase from NIS 13,455 million as of September 30, 2024[10] - Total equity attributable to the Company's shareholders rose to NIS 6,274 million, up from NIS 4,763 million in the previous year, representing a 32% increase[11] - The balance of total equity as of September 30, 2025, was NIS 7,872 million, an increase from NIS 6,187 million as of September 30, 2024[17] Liabilities - Current liabilities increased to NIS 1,000 million from NIS 879 million in the previous year, reflecting a 14% rise[11] - Long-term loans from banking corporations and financial institutions decreased to NIS 2,569 million from NIS 2,953 million, a reduction of 13%[11] Earnings Per Share - Basic diluted earnings per share for the nine-month period were NIS 0.95, compared to NIS 0.36 in the same period of 2024, indicating a significant increase[14] Cash Flow - Net cash provided by operating activities for the nine-month period ended September 30, 2025, was NIS 745 million, compared to NIS 338 million in the same period of 2024, indicating a 120% increase[27] - Net cash used for investing activities for the nine-month period ended September 30, 2025, was NIS 668 million, a decrease from NIS 1,097 million in the same period of 2024[27] - Net cash provided by financing activities for the nine-month period ended September 30, 2025, was NIS 1,450 million, compared to NIS 467 million in the same period of 2024, marking a 210% increase[27] - The balance of cash and cash equivalents as of the end of the period was NIS 2,300 million, up from NIS 1,151 million at the end of the same period in 2024[27] Investments and Acquisitions - The company completed the acquisition of an additional 20% stake in the Shore Power Plant, increasing its holding to approximately 89%[50] - Construction of the Basin Ranch Power Plant, a 1.35 GW project in Texas, commenced with the company holding a 70% stake, and total equity financing provided was approximately NIS 1.5 billion (approximately USD 470 million)[55] - The company provided approximately NIS 1 billion (approximately USD 300 million) as a loan for the Basin Ranch project, demonstrating its commitment to expanding its renewable energy portfolio[55] Financial Agreements and Covenants - A senior loan agreement with Texas Energy Fund (TEF) was entered into for approximately USD 1.1 billion (approximately NIS 3.6 billion) to finance the project's construction[63] - The interest rate for the TEF Loan is fixed at 3% annually, with a final repayment date set for September 30, 2045[63] - The financial covenants for the CPV Group include maintaining total equity of more than USD 750 million and an adjusted net debt to adjusted EBITDA ratio of less than 7.0[77] Shareholder Information - The Parent Company's stake in the Company decreased from approximately 54.53% to 53.20% after the June issuance and from 53.16% to 49.79% after the August private placement[95] Profit Sharing and Employee Compensation - The fair value of the profit-sharing compensation plan for CPV Group employees was estimated at approximately NIS 224 million (approximately USD 68 million) as of the report date[102] - The Company recognized a liability of approximately NIS 208 million (approximately USD 63 million) related to the profit-sharing plan, included in Other payables and credit balances[103] Revenue from Associates - The Company reported a share in profits of associates amounting to NIS 423 million for the nine-month period, compared to NIS 150 million in the previous year, a 182% increase[14] - CPV Group received dividends and capital distributions from associates totaling approximately NIS 206 million during the reporting period, with NIS 83 million from Maryland, NIS 62 million from Fairview, and NIS 54 million from Towantic[121]