{"id":477682,"date":"2021-04-19T06:30:06","date_gmt":"2021-04-19T10:30:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/"},"modified":"2021-04-19T06:30:06","modified_gmt":"2021-04-19T10:30:06","slug":"kenon-holdings-reports-full-year-2020-results-and-additional-updates","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/","title":{"rendered":"Kenon Holdings Reports Full Year 2020 Results and Additional Updates"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Agreement to sell remaining 12% of Qoros; Cash dividend of $100 million<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SINGAPORE<\/span>, <span class=\"xn-chron\">April 19, 2021<\/span> \/PRNewswire\/ &#8212; <b>Kenon Holdings Ltd. <\/b>(NYSE: KEN) (TASE: KEN) (&#8220;<b>Kenon<\/b>&#8220;)\u00a0announces its results for 2020 and updates to its businesses.<\/p>\n<p>\n        <b><br \/>\n          <u>Recent Highlights <\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Qoros<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Kenon&#8217;s subsidiary Quantum has entered into an agreement to sell all of its remaining 12% interest in Qoros for a total purchase price of <span class=\"xn-money\">RMB1.56 billion<\/span> (approximately <span class=\"xn-money\">$238 million<\/span>).<\/li>\n<\/ul>\n<p>\n        <b>Kenon<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>In <span class=\"xn-chron\">April 2021<\/span>, Kenon&#8217;s board of directors approved an interim cash dividend of <span class=\"xn-money\">$1.86<\/span> per share (approximately <span class=\"xn-money\">$100 million<\/span> in total) (the &#8220;<b>Dividend<\/b>&#8220;). <\/li>\n<li>Kenon&#8217;s net profit in 2020 was <span class=\"xn-money\">$496 million<\/span>, as compared to a net loss of <span class=\"xn-money\">$22 million<\/span> in 2019.<\/li>\n<\/ul>\n<p>\n        <b>ZIM<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>In <span class=\"xn-chron\">February 2021<\/span>, ZIM completed an initial public offering of its shares raising <span class=\"xn-money\">$204 million<\/span> in net proceeds. <\/li>\n<li>Financial results: <\/li>\n<ul type=\"circle\">\n<li>ZIM&#8217;s net profit in 2020 was <span class=\"xn-money\">$524 million<\/span>, as compared to a net loss of <span class=\"xn-money\">$13 million<\/span> in 2019.<\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b>OPC<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>In <span class=\"xn-chron\">January 2021<\/span>, OPC completed the acquisition of Competitive Power Ventures group (&#8220;<b>CPV<\/b>&#8220;). <\/li>\n<li>Financial results: <\/li>\n<ul type=\"circle\">\n<li>OPC&#8217;s revenues in 2020 increased to <span class=\"xn-money\">$386 million<\/span>, as compared to <span class=\"xn-money\">$373 million<\/span> in 2019. <\/li>\n<li>OPC&#8217;s net loss in 2020 was <span class=\"xn-money\">$13 million<\/span>, as compared to net profit of <span class=\"xn-money\">$34 million<\/span> in 2019 (including the negative impact of <span class=\"xn-money\">$12 million<\/span> relating to non-recurring acquisition expenses in 2020 and <span class=\"xn-money\">$4 million<\/span> relating to non-recurring revenue in 2019). <\/li>\n<li>OPC&#8217;s EBITDA<sup>[1]<\/sup> in 2020 decreased to <span class=\"xn-money\">$75 million<\/span>, as compared to <span class=\"xn-money\">$105 million<\/span> in 2019. <\/li>\n<\/ul>\n<\/ul>\n<p>\n        <b><br \/>\n          <u>Discussion of Results for the Year ended <span class=\"xn-chron\">December 31, 2020<\/span><\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Kenon&#8217;s consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd (&#8220;<b>OPC<\/b>&#8220;). The results of Qoros Automotive Co., Ltd. (&#8220;<b>Qoros<\/b>&#8220;) (for four months until we reduced our stake in Qoros to 12% on <span class=\"xn-chron\">April 29, 2020<\/span>) and ZIM Integrated Shipping Ltd. (&#8220;<b>ZIM<\/b>&#8220;) are reflected under results from associates. <\/p>\n<p>See Exhibit 99.2 of Kenon&#8217;s Form 6-K dated <span class=\"xn-chron\">April 19, 2021<\/span> for summary Kenon consolidated financial information; summary OPC consolidated financial information; a reconciliation of OPC&#8217;s EBITDA (which is a non-IFRS measure) to net profit and summary operational information of each of OPC&#8217;s generation businesses.<\/p>\n<p>\n        <b><br \/>\n          <i><br \/>\n            <u>OPC<\/u><br \/>\n          <\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>\u00a0<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>The following discussion of OPC&#8217;s results of operations is derived from OPC&#8217;s consolidated financial statements, as translated into US dollars. <\/p>\n<p>\n        <b>Summary Financial Information of OPC<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntac prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ millions<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">386<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">373<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cost of sales (excluding depreciation and amortization)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">282<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">256<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Finance expenses, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">50<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">26<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net (loss)\/profit <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(13)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">34<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">EBITDA<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">75<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">105<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1\u00a0 <\/sup>Includes non-recurring acquisition expenses of $12 million in 2020, and non-recurring revenue of $4 million in 2019.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Revenue<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the year ended <br \/>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ millions<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from energy generated by OPC and sold to private customers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">246<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">261<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from energy purchased by OPC and sold to private customers<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">29<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from private customers in respect of infrastructures services<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">80<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">76<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from energy sold to the System Administrator<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from sale of steam<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>386<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>373<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen8\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>OPC&#8217;s revenue from the sale of electricity to private customers derives from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority (<b>&#8220;EA&#8221;<\/b>), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid under PPAs by customers of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff for 2020, as published by the EA, was <span class=\"xn-money\">NIS 0.2678<\/span> per KW hour. In 2019, the weighted-average generation component tariff was approximately 8% higher at <span class=\"xn-money\">NIS 0.2909<\/span> per KW hour. OPC&#8217;s revenues from sale of steam are linked partly to the price of gas and partly to the Israeli Consumer Price Index.<\/p>\n<p>Set forth below is a discussion of the changes in revenues by category between 2020 and 2019.<\/p>\n<ul type=\"disc\">\n<li>\n          <i>Revenue from energy generated by OPC and sold to private customers<\/i> \u2013 decreased by <span class=\"xn-money\">$15 million<\/span> in 2020, as compared to 2019. As OPC&#8217;s revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of <span class=\"xn-money\">$10 million<\/span>. Excluding the impact of exchange rate fluctuations, these revenues decreased by <span class=\"xn-money\">$25 million<\/span> primarily as a result of (i) a <span class=\"xn-money\">$21 million<\/span> decrease in revenues due to a decrease in the generation component tariff, (ii) a <span class=\"xn-money\">$14 million<\/span> decrease due to maintenance of the OPC-Rotem power plant and (iii) a <span class=\"xn-money\">$4 million<\/span> decrease due to lower consumption of OPC&#8217;s customers, partially offset by an <span class=\"xn-money\">$14 million<\/span> increase in revenues due to the commercial operation of the OPC-Hadera power plant which started in <span class=\"xn-chron\">July 2020<\/span>. <\/li>\n<li>\n          <i>Revenue from energy purchased by OPC and sold to private customers \u2013 <\/i>increased\u00a0by <span class=\"xn-money\">$13 million<\/span> in 2020, as compared to 2019, primarily as a result of an increase in acquisition of energy for customers of the OPC-Hadera power plant and the OPC-Rotem power plant during maintenance periods for those plants. <\/li>\n<li>\n          <i>Revenue from private customers in respect of infrastructure services<\/i> \u2013 increased by <span class=\"xn-money\">$4 million<\/span> in 2020, as compared to 2019. As OPC&#8217;s revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of <span class=\"xn-money\">$3 million<\/span>. Excluding the impact of exchange rate fluctuations, these revenues increased by <span class=\"xn-money\">$1 million<\/span> primarily as a result of a <span class=\"xn-money\">$7 million<\/span> increase due to the commercial operation of the OPC-Hadera power plant partially offset by (i) a <span class=\"xn-money\">$3 million<\/span> decrease due to lower consumption of OPC-Rotem&#8217;s customers and (ii) a <span class=\"xn-money\">$3 million<\/span> decrease in infrastructure tariffs. <\/li>\n<li>\n          <i>Revenue from energy sold to the System Administrator <\/i>\u2013 increased by <span class=\"xn-money\">$12 million<\/span> in 2020, as compared to 2019, primarily as a result of increases in sale of energy by OPC-Rotem power plant and OPC-Hadera power plant to the System Administrator.<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p>\n        <b>Cost of Sales (Excluding Depreciation and Amortization)<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen2\">\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the year ended <br \/>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen9\">\n              \n            <\/td>\n<td colspan=\"6\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ millions<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Natural gas and diesel oil consumption<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">135<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">138<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Payment to IEC for infrastructure services and purchase of electricity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">116<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">92<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Natural gas transmission<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>282<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>256<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<ul type=\"disc\">\n<li>\n          <i>Natural gas and diesel oil consumption \u2013<\/i> decreased by <span class=\"xn-money\">$3 million<\/span> in 2020, as compared to 2019. As OPC&#8217;s cost of sales is denominated in NIS, translation of its cost of sales into US Dollars had a negative impact of <span class=\"xn-money\">$5 million<\/span>. Excluding the impact of exchange rate fluctuations, OPC&#8217;s cost of sales decreased by <span class=\"xn-money\">$8 million<\/span> primarily as a result of (i) a <span class=\"xn-money\">$12 million<\/span> decrease in electricity generation due to maintenance and load reduction at the OPC-Rotem power plant and (ii) a <span class=\"xn-money\">$7 million<\/span> decrease due to a decrease in the gas price as a result of the drop in generation component and USD-NIS exchange rate fluctuations, partially offset by an <span class=\"xn-money\">$11 million<\/span> increase in gas expenses due to the commencement of commercial operations of the OPC-Hadera power plant. <\/li>\n<li>\n          <i>Payment to IEC for infrastructures services and purchase of electricity \u2013 <\/i>increased by <span class=\"xn-money\">$24 million<\/span> in 2020, as compared to 2019. As OPC&#8217;s cost of sales is denominated in NIS, translation of its cost of sales into US Dollars had a negative impact of <span class=\"xn-money\">$4 million<\/span>. Excluding the impact of exchange rate fluctuations, OPC&#8217;s cost of sales increased by <span class=\"xn-money\">$20 million<\/span> primarily as a result of (i) a <span class=\"xn-money\">$13 million<\/span> increase due to the commencement of commercial operation of the OPC-Hadera power plant and start of sales to customers and (ii) a <span class=\"xn-money\">$10 million<\/span> increase due to an increase in acquisition of energy as a result of maintenance and corresponding load reductions on the OPC-Rotem power plant, partially offset by a <span class=\"xn-money\">$3 million<\/span> decrease due to a decline in infrastructure tariffs.<\/li>\n<\/ul>\n<p>\n        <b>Finance Expenses, net<\/b>\u00a0<\/p>\n<p>Finance expenses, net increased by approximately <span class=\"xn-money\">$24 million<\/span> in 2020 as compared to 2019, primarily as a result of (i) a <span class=\"xn-money\">$12 million<\/span> one-off expense due to early repayment of Series A debentures, (ii) a <span class=\"xn-money\">$6 million<\/span> increase as a result of commercial operation of the OPC-Hadera power plant and the related discontinuance of capitalisation of financing expenses, and (iii) a <span class=\"xn-money\">$5 million<\/span> increase as a result of US Dollar \u2013 Israeli Shekel exchange rate fluctuations.<\/p>\n<p>\n        <b>Liquidity and Capital Resources <\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">December 31, 2020<\/span>, OPC had cash and cash equivalents and short-term deposits of <span class=\"xn-money\">$562 million<\/span>, debt service reserves (out of restricted cash) of <span class=\"xn-money\">$46 million<\/span>, and total outstanding consolidated indebtedness of <span class=\"xn-money\">$921 million<\/span>, consisting of <span class=\"xn-money\">$49 million<\/span> of short-term indebtedness and <span class=\"xn-money\">$872 million<\/span> of long-term indebtedness. All of OPC&#8217;s debt at <span class=\"xn-chron\">December 31, 2020<\/span> was denominated in NIS.<\/p>\n<p>\n        <b>Recent Business Developments<\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>CPV transaction<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>On <span class=\"xn-chron\">January 25, 2021<\/span>, OPC announced that it has completed the acquisition of CPV. The details of the acquisition are discussed in more detail in Kenon&#8217;s Form 6-K dated <span class=\"xn-chron\">January 24, 2021<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i>Private Placement<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>In <span class=\"xn-chron\">January 2021<\/span>, OPC issued 10,300,000 new shares in a private placement for a purchase price of approximately <span class=\"xn-money\">$107 million<\/span>, at a per share price of <span class=\"xn-money\">NIS 34.0<\/span>. The issuance of the shares resulted in Kenon&#8217;s stake in OPC being diluted to 58.6%.<\/p>\n<p>\n        <b><br \/>\n          <i>Update on Tzomet Project<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Tzomet Energy Ltd. (<b>&#8220;Tzomet&#8221;<\/b>) is developing an open-cycle natural gas-fired power station with capacity of approximately 396 MW in <span class=\"xn-location\">Israel<\/span>. OPC expects that the total cost of completing the Tzomet project will be approximately <span class=\"xn-money\">NIS 1<\/span>-1.5 billion (approximately <span class=\"xn-money\">$0.3<\/span>-0.5 billion). Construction of the Tzomet project began in 2020, and is expected to reach commercial operation in <span class=\"xn-chron\">January 2023<\/span>. As of <span class=\"xn-chron\">December 31, 2020<\/span>, OPC had invested an aggregate of <span class=\"xn-money\">NIS 694 million<\/span> (approximately <span class=\"xn-money\">$216 million<\/span>) in the project. <\/p>\n<p>\n        <b><br \/>\n          <i><br \/>\n            <u>ZIM<\/u><br \/>\n          <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>IPO<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>In <span class=\"xn-chron\">February 2021<\/span>, ZIM successfully completed an initial public offering of its shares\u00a0raising <span class=\"xn-money\">$204 million<\/span> in net proceeds.\u00a0The issuance of shares in the IPO resulted in Kenon&#8217;s stake being diluted to 27.8%.<\/p>\n<p>\n        <b><br \/>\n          <i>Discussion of ZIM&#8217;s Results for 2020<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>For the year ended <span class=\"xn-chron\">December 31, 2020<\/span>, ZIM&#8217;s net profit was <span class=\"xn-money\">$524 million<\/span>, as compared to a loss of <span class=\"xn-money\">$13 million<\/span> in 2019.<\/p>\n<p>ZIM carried approximately 2,841 thousand TEUs in 2020 representing a 0.7% increase as compared to 2019, in which ZIM carried approximately 2,821 thousand TEUs. The average freight rate per TEU in 2020 was <span class=\"xn-money\">$1,229<\/span> per TEU, as compared to <span class=\"xn-money\">$1,009<\/span> per TEU in 2019. <\/p>\n<p>ZIM&#8217;s revenues increased by 21.0% in 2020 to approximately <span class=\"xn-money\">$4.0 billion<\/span>, as compared to approximately <span class=\"xn-money\">$3.3 billion<\/span> in 2019, primarily due to (i) an increase of <span class=\"xn-money\">$645 million<\/span> in revenues from containerized cargo due to an increase in average freight rate, (ii) an increase of <span class=\"xn-money\">$33 million<\/span> in income from related services, and (iii) an increase of <span class=\"xn-money\">$22 million<\/span> in income from slots and chartered vessels.<\/p>\n<p>ZIM&#8217;s operating expenses and cost of services increased by 0.9% to approximately <span class=\"xn-money\">$2.84 billion<\/span>, as compared to approximately <span class=\"xn-money\">$2.81 billion<\/span> in 2019, primarily due to (i) an increase in expenses of related service and sundry of <span class=\"xn-money\">$39 million<\/span>, (ii) an increase in cargo handling expenses of <span class=\"xn-money\">$12 million<\/span>, offset by (iii) a decrease in bunker expenses of <span class=\"xn-money\">$25 million<\/span>.<\/p>\n<p>\n        <b><br \/>\n          <i><br \/>\n            <u>Qoros<\/u><br \/>\n          <\/i><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <i>\u00a0<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Kenon&#8217;s\u00a0subsidiary Quantum (2007) LLC (&#8220;<b>Quantum<\/b>&#8220;) has entered into an agreement with the <span class=\"xn-location\">China<\/span>-based investor related to the Baoneng Group that holds 63% of Qoros (the &#8220;<b>Majority Shareholder in Qoros<\/b>&#8220;) to sell all of its remaining 12% interest in Qoros. The key terms of the agreement are set forth below.<\/p>\n<p>The total purchase price is <span class=\"xn-money\">RMB1.56 billion<\/span> (approximately <span class=\"xn-money\">$238 million<\/span>), which is the same valuation as the previous sales by Quantum to the Majority Shareholder in Qoros. The deal is subject to certain conditions, including a release of the share pledge over the shares to be sold (substantially all of which have been pledged to Qoros&#8217; lending banks), approval of the transaction by the National Development and Reform Commission and registration with the State Administration of Market Regulation.<\/p>\n<p>An entity within the Baoneng Group has guaranteed the obligations of the Majority Shareholder in Qoros under this agreement.<\/p>\n<p>The purchase price is to be paid over time pursuant to the following schedule:<\/p>\n<p>\u00a0<\/p>\n<div class=\"prntac\">\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Installment<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Amount<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(RMB)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Percentage of the <br \/>Aggregate Purchase <br \/>Price<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Payment Date<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deposit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">78,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">July 31, 2021, or<br \/>earlier if certain <br \/>conditions are met<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">First Payment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">312,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30, 2021<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Second Payment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">390,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">March 31, 2022<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Third Payment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">390,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">September 30, 2022<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Fourth Payment<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">390,000,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">March 31, 2023<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntar prnpl6 prnsblb0 prnpr14\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <sup>1 <\/sup>Payments to a designated account.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>The first and second payments, including the deposit, will be paid into a designated account set up in the name of the Majority Shareholder in Qoros over which Quantum has joint control. According to the agreement, the transfer of these payments to Quantum will occur by the end of Q2 2022, provided that the relevant conditions are met in connection with the registration of the shares to the purchaser subject to receipt by Quantum of collateral acceptable to it. The agreement provides that the third and fourth payments will be paid directly to Quantum.<\/p>\n<p>\n        <b><br \/>\n          <i>Car Sales <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>Qoros sold approximately 12,600\u00a0cars in 2020 as compared to approximately 26,000 cars in 2019. Qoros sold approximately 700 cars in Q1 2021 as compared to approximately 500 cars in Q1 2020.<\/p>\n<p>\n        <b><br \/>\n          <i><br \/>\n            <u>Additional Kenon Updates <\/u><br \/>\n          <\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Kenon&#8217;s (Unconsolidated) Liquidity and Capital Resources<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>As of <span class=\"xn-chron\">December 31, 2020<\/span>, Kenon&#8217;s unconsolidated cash balance was <span class=\"xn-money\">$222 million<\/span>. Following the payment of a dividend as described below, Kenon&#8217;s unconsolidated cash balance will be approximately <span class=\"xn-money\">$122 million<\/span>. There is no material debt at the Kenon level.<\/p>\n<p>\n        <b><br \/>\n          <i>Interim dividend for the year ending <span class=\"xn-chron\">December 31, 2021<\/span><\/i><br \/>\n        <\/b>\n      <\/p>\n<p>In <span class=\"xn-chron\">April 2021<\/span>, Kenon&#8217;s board of directors approved an interim cash dividend of <span class=\"xn-money\">$1.86<\/span> per share (an aggregate amount of approximately <span class=\"xn-money\">$100 million<\/span>) relating to the year ending <span class=\"xn-chron\">December 31, 2021<\/span>, payable to Kenon&#8217;s shareholders of record as of the close of trading on <span class=\"xn-chron\">April 29, 2021<\/span> (the &#8220;<b>Record Date<\/b>&#8220;), to be paid on or about <span class=\"xn-chron\">May 6, 2021<\/span> (the &#8220;<b>Payment Date<\/b>&#8220;).<\/p>\n<p>In <span class=\"xn-chron\">November 2020<\/span>, Kenon paid a dividend of approximately <span class=\"xn-money\">$120 million<\/span> (<span class=\"xn-money\">$2.23<\/span> per share).<\/p>\n<p>These dividends are consistent with Kenon&#8217;s strategy of realizing the value of its businesses for its shareholders.<\/p>\n<p>The New York Stock Exchange&#8217;s (the &#8220;<b>NYSE<\/b>&#8220;) ex-dividend date, which is the date on which Kenon&#8217;s shares will begin trading on the NYSE without the entitlement to the Dividend, is <span class=\"xn-chron\">April 28, 2021<\/span> (the &#8220;<b>NYSE Ex-Dividend Date<\/b>&#8220;). The NYSE will adjust the price of Kenon&#8217;s shares on the NYSE Ex-Dividend Date to reflect the Dividend.<\/p>\n<p>The Tel Aviv Stock Exchange&#8217;s (&#8220;<b>TASE<\/b>&#8220;) ex-dividend date, which is the date on which Kenon&#8217;s shares will begin trading on the TASE without the entitlement to the Dividend, is <span class=\"xn-chron\">April 29, 2021<\/span> (the &#8220;<b>TASE Ex-Dividend Date<\/b>&#8220;). The TASE will adjust the price of Kenon&#8217;s shares on the TASE Ex-Dividend Date to reflect the Dividend.<\/p>\n<p>We encourage you to contact your bank, broker, nominee or other institution if you have any questions regarding the mechanics and timing of having the Dividend attributable to your shares credited to your account.<\/p>\n<p>\n        <span class=\"xn-location\">Singapore<\/span> tax is not expected to be imposed on Kenon&#8217;s shareholders in connection with the Dividend. Nevertheless, the Dividend may constitute a taxable event to Kenon&#8217;s shareholders according to their jurisdiction and the relevant tax law applicable (including for the purpose of withholding tax in accordance with applicable law and\/or regulation). Kenon&#8217;s shareholders should consult their tax advisors with respect to the federal, state, and\/or any other applicable tax consequences of the Dividend, and the potential imposition of withholding taxes in connection with the Dividend.<\/p>\n<p>\n        <b><br \/>\n          <u>About Kenon <\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Kenon is a holding company that operates dynamic, primarily growth-oriented businesses. The companies it owns, in whole or in part, are at various stages of development: <\/p>\n<ul type=\"disc\">\n<li>OPC (58% interest) \u2013 a leading owner, developer and operator of power generation facilities in the Israeli and US power markets; <\/li>\n<li>ZIM (28% interest) \u2013 an international shipping company; and <\/li>\n<li>Qoros (12% interest<sup>[2]<\/sup>) \u2013 a <span class=\"xn-location\">China<\/span>-based automotive company.<\/li>\n<\/ul>\n<p>For further information on Kenon&#8217;s businesses and strategy, see Kenon&#8217;s publicly available filings, which can be found on the SEC&#8217;s website at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">www.sec.gov<\/a>. Please also see <a target=\"_blank\" href=\"http:\/\/www.kenon-holdings.com\/\" rel=\"nofollow noopener\">http:\/\/www.kenon-holdings.com<\/a> for additional information.<\/p>\n<p \/>\n<hr \/>\n<p \/>\n<p>\n        <sup>[1]<\/sup> EBITDA is a non-IFRS measure. See Exhibit 99.2 of Kenon&#8217;s Form 6-K dated <span class=\"xn-chron\">April 19, 2021<\/span> for the definition of OPC&#8217;s EBITDA and a reconciliation to its net profit for the applicable period.<\/p>\n<p>\n        <sup>[2]<\/sup> Kenon has agreed to sell its remaining 12% interest to the majority shareholder in Qoros; upon completion of this sale, Kenon will no longer be a shareholder of Qoros.<\/p>\n<p>\n        <b><br \/>\n          <u>Caution Concerning Forward-Looking Statements <\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <i>This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, <\/i><br \/>\n        <i>statements relating to Kenon&#8217;s subsidiary Quantum&#8217;s agreement to sell its remaining interest in Qoros and related statements, including statements relating to the terms of the transaction, the timing for payments and transfer of shares and conditions to the parties&#8217; obligations,<\/i><br \/>\n        <i>\u00a0statements <\/i><br \/>\n        <i>about the Dividend, including the Payment Date, the Record Date, the NYSE Ex-Dividend Date, the TASE Ex-Dividend Date, the crediting of accounts with the Dividend, the amount of cash to be retained by <\/i><br \/>\n        <i>Kenon following the Dividend and statements about the expected <span class=\"xn-location\">Singapore<\/span> tax treatment of the Dividend<\/i><br \/>\n        <i>, as well as statements relating to the Tzomet project, including expected installed capacity and expected cost and timing for completion of the project, and other non-historical matters. These statements are based on current expectations or beliefs and are subject to uncertainty and changes in circumstances. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Kenon&#8217;s control, which could cause the actual results to differ materially from those indicated in such forward-looking statements. Such risks include risks relating to <\/i><br \/>\n        <i>completion of the transaction, including risks relating to meeting the conditions to the obligations under the transaction including risks relating to regulatory approvals and the condition that the pledge over the shares to be sold be released, and risks relating to the payments to be made to Quantum and released from the designated account and the timing thereof and risks related to the <\/i><br \/>\n        <i>payment of the Dividend and that the amounts retained by <\/i><br \/>\n        <i>Kenon are not sufficient to meet its cash needs, statements relating to the expected tax treatment of the Dividend in <span class=\"xn-location\">Singapore<\/span>,<\/i><br \/>\n        <i>\u00a0potential failure to complete the development and reach commercial operation of the Tzomet project as described or at all, including risks related to costs associated with delays or higher costs in reaching commercial operation and other risks and factors <\/i><br \/>\n        <i>including<\/i><br \/>\n        <i>\u00a0those risks set forth under the heading &#8220;Risk Factors&#8221; in Kenon&#8217;s Annual Report on Form 20-F filed with the SEC and other filings. Except as required by law, Kenon undertakes no obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise.<\/i>\n      <\/p>\n<p>\n        <b><br \/>\n          <u>Contact Info<\/u><br \/>\n        <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Kenon Holdings Ltd.<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Mark Hasson<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Chief Financial Officer<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"mailto:markh@kenon-holdings.com\" class=\"prnews_a\" rel=\"nofollow noopener\">markh@kenon-holdings.com<\/a><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Tel: +65 9726 8628<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen7\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\">\n              \n            <\/td>\n<td class=\"prngen18\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO46624&amp;sd=2021-04-19\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/kenon-holdings-reports-full-year-2020-results-and-additional-updates-301271392.html\">http:\/\/www.prnewswire.com\/news-releases\/kenon-holdings-reports-full-year-2020-results-and-additional-updates-301271392.html<\/a><\/p>\n<p>SOURCE  Kenon Holdings Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO46624&amp;Transmission_Id=202104190626PR_NEWS_USPR_____IO46624&amp;DateId=20210419\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Agreement to sell remaining 12% of Qoros; Cash dividend of $100 million PR Newswire SINGAPORE, April 19, 2021 \/PRNewswire\/ &#8212; Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) (&#8220;Kenon&#8220;)\u00a0announces its results for 2020 and updates to its businesses. Recent Highlights Qoros Kenon&#8217;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&#8217;s board of directors approved an interim cash dividend of $1.86 per share (approximately $100 million in total) (the &#8220;Dividend&#8220;). Kenon&#8217;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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Kenon Holdings Reports Full Year 2020 Results and Additional Updates&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-477682","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kenon Holdings Reports Full Year 2020 Results and Additional Updates - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kenon Holdings Reports Full Year 2020 Results and Additional Updates - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Agreement to sell remaining 12% of Qoros; Cash dividend of $100 million PR Newswire SINGAPORE, April 19, 2021 \/PRNewswire\/ &#8212; Kenon Holdings Ltd. (NYSE: KEN) (TASE: KEN) (&#8220;Kenon&#8220;)\u00a0announces its results for 2020 and updates to its businesses. Recent Highlights Qoros Kenon&#8217;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&#8217;s board of directors approved an interim cash dividend of $1.86 per share (approximately $100 million in total) (the &#8220;Dividend&#8220;). Kenon&#8217;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 &hellip; Continue reading &quot;Kenon Holdings Reports Full Year 2020 Results and Additional Updates&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T10:30:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO46624&amp;sd=2021-04-19\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"14 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Kenon Holdings Reports Full Year 2020 Results and Additional Updates\",\"datePublished\":\"2021-04-19T10:30:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/\"},\"wordCount\":2820,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=IO46624&amp;sd=2021-04-19\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\\\/\",\"name\":\"Kenon Holdings Reports Full Year 2020 Results and Additional Updates - 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(NYSE: KEN) (TASE: KEN) (&#8220;Kenon&#8220;)\u00a0announces its results for 2020 and updates to its businesses. Recent Highlights Qoros Kenon&#8217;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&#8217;s board of directors approved an interim cash dividend of $1.86 per share (approximately $100 million in total) (the &#8220;Dividend&#8220;). Kenon&#8217;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 &hellip; Continue reading \"Kenon Holdings Reports Full Year 2020 Results and Additional Updates\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-19T10:30:06+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO46624&amp;sd=2021-04-19","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"14 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Kenon Holdings Reports Full Year 2020 Results and Additional Updates","datePublished":"2021-04-19T10:30:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/"},"wordCount":2820,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO46624&amp;sd=2021-04-19","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/kenon-holdings-reports-full-year-2020-results-and-additional-updates\/","name":"Kenon Holdings Reports Full Year 2020 Results and Additional Updates - 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