Kenon Holdings(KEN) - 2023 Q4 - Annual Report

Revenue and Profitability - Kenon reported a revenue of $692 million for the year ended December 31, 2023, representing a 20.6% increase from $574 million in 2022[7] - Gross profit increased to $120 million in 2023, up from $100 million in 2022, reflecting a gross margin improvement[7] - The company incurred a net loss of $211 million in 2023, compared to a profit of $350 million in the previous year, primarily due to losses related to ZIM[7] - For the year ended December 31, 2023, OPC reported a profit of $47 million, down from $65 million in 2022, representing a decrease of approximately 27.7%[21] - OPC's EBITDA for 2023 was $301 million, an increase of 22.9% from $245 million in 2022[21] - Adjusted EBITDA for 2023 was $304 million, up 21.6% compared to $250 million in 2022[21] Cash and Liquidity - Cash and cash equivalents at the end of 2023 were $697 million, an increase from $535 million at the end of 2022[8] - Cash flows from operating activities were $277 million in 2023, down from $771 million in 2022, primarily due to lower dividends received from associated companies[8] - Cash and cash equivalents for OPC's subsidiaries as of December 31, 2023, totaled $195 million, compared to $291 million in 2022, indicating a decrease of 32.9%[22] Assets and Liabilities - Total assets grew to $4,108 million in 2023, up from $3,772 million in 2022, indicating a strong asset base[6] - Total liabilities increased to $2,038 million in 2023, compared to $1,476 million in 2022, driven by higher long-term loans[6] - The company’s equity attributable to owners decreased to $1,203 million in 2023 from $1,598 million in 2022, reflecting the net loss for the year[6] - Total debt for OPC's subsidiaries as of December 31, 2023, was $899 million, a decrease from $1,043 million in 2022[22] - Net debt for OPC as of December 31, 2023, was $688 million, down from $752 million in 2022, reflecting a reduction of 8.5%[22] Expenses - Financing expenses, net for OPC increased to $53 million in 2023 from $14 million in 2022, marking a significant rise of 278.6%[21] - Depreciation and amortization expenses rose to $91 million in 2023, up from $63 million in 2022, an increase of 44.4%[21] - Income tax expense for OPC was $19 million in 2023, slightly down from $20 million in 2022[21] - Changes in net expenses not in the ordinary course of business and/or of a non-recurring nature amounted to $5 million in 2023, compared to $2 million in 2022[21] Associated Companies - Kenon’s share in losses from associated companies, particularly ZIM, amounted to $266 million in 2023, a significant decline from a profit of $1,033 million in 2022[7] - The adjusted EBITDA for Kenon was reported at $294 million for 2023, compared to $239 million in 2022, indicating operational improvement[11]