SINGAPORE, Nov. 27, 2017 /PRNewswire/ — Kenon Holdings Ltd. (NYSE: KEN, TASE: KEN) (“Kenon”) announces its results for Q3 2017 and additional updates on its businesses.
In connection with the contemplated investment, the new investor has advanced funds to Qoros in a total amount of RMB1.05 billion (approximately $158 million) to date, and, together with its affiliates, has also deposited substantial funds into certain designated accounts (which accounts are subject to contractual restrictions), including certain amounts that may be used to support certain funding needs of Qoros prior to the closing of the transaction, subject to certain contractual limitations.
Discussion of Results for the Three Months Ended September 30, 2017
Kenon’s consolidated results of operations from its operating companies essentially comprise the consolidated results of IC Power Ltd. (“IC Power“). The results of Qoros Automotive Co., Ltd. (“Qoros“) and ZIM Integrated Shipping Ltd. (“ZIM“) are reflected under results from associates.
See Exhibit 99.2 of Kenon’s Form 6-K dated November 27, 2017, for summary consolidated financial information for Kenon, IC Power and Qoros and a reconciliation of non-IFRS measures to the nearest IFRS measure.
IC Power’s segments are Generation and Distribution. IC Power’s Generation business is further segmented by geography: Peru, Israel, Central America and Other.
The following discussion of IC Power’s results of operations is derived from IC Power’s consolidated financial statements.
Summary Financial Information of IC Power by Segment
1. IC Power’s Other segment includes the results of certain of IC Power’s generation assets. In addition, IC Power’s Other segment also includes expenses and other adjustments relating to its headquarters and intermediate holding companies, including amortization of purchase price allocations recorded in connection with IC Power’s acquisition of Energuate, which allocations were recorded by Inkia, one of IC Power’s intermediate holding companies.
2. Excludes depreciation and amortization.
IC Power’s net loss attributable to Kenon in Q3 2017 was $1 million, as compared to net income of $1 million in Q3 2016. IC Power’s net income attributable to Kenon (excluding finance expenses due to intercompany loans owing to Kenon) in Q3 2017 was $2 million as compared to $5 million during Q3 2016; and
A discussion of revenues, cost of sales, net income and Adjusted EBITDA for IC Power’s generation business by segment for Q3 2017, as compared to Q3 2016, is as follows:
Generation – Peru Segment
1. Kallpa merged with CDA in August 2017, with the surviving entity renamed Kallpa Generación SA.
Generation – Israel Segment
1. Prior to OPC’s IPO in August 2017,