Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Entity Information [Line Items] | |
Entity Registrant Name | KENON HOLDINGS LTD |
Entity Central Index Key | 0001611005 |
Document Type | 20-F |
Document Registration Statement | false |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer | No |
Is Entity a Voluntary Filer | No |
Is Entity's Reporting Status Current | Yes |
Entity Filer Category | Large Accelerated Filer |
ICFR Auditor Attestation Flag | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | U0 |
Entity File Number | 001-36761 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 53,887,154 |
Document Fiscal Year Focus | 2022 |
Entity Address, Address Line One | 1 Temasek Avenue #37-02B |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 039192 |
Title of 12(b) Security | Ordinary Shares, no par value |
Trading Symbol | KEN |
Security Exchange Name | NYSE |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address, City or Town | Millenia Tower |
Auditor Name | KPMG LLP |
Auditor Location | Singapore |
Auditor Firm ID | 1051 |
Business Contact [Member] | |
Document Entity Information [Line Items] | |
Entity Address, Address Line One | Skadden, Arps, Slate, Meagher and Flom (UK) LLP |
Entity Address, Address Line Two | 22 Bishopsgate |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | EC2N 4BQ |
City Area Code | 44 |
Local Phone Number | 20 7519 7000 |
Contact Personnel Name | James A. McDonald |
Entity Address, City or Town | London |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 535,171 | $ 474,544 | |
Short-term deposits and restricted cash | 45,990 | 229 | |
Trade receivables | 73,900 | 62,643 | |
Short-term derivative instruments | 2,918 | 798 | |
Other investments | 344,780 | 0 | |
Other current assets | 58,956 | 43,379 | |
Total current assets | 1,061,715 | 581,593 | |
Non-current assets | |||
Investment in ZIM (associated company) | 427,059 | 1,354,212 | |
Investment in OPC's associated companies | 652,358 | 545,242 | |
Long-term restricted cash | 15,146 | 21,463 | |
Long-term derivative instruments | 16,077 | 11,637 | |
Deferred taxes | 6,382 | 19,016 | [1] |
Property, plant and equipment, net | 1,222,421 | 1,125,820 | |
Intangible assets, net | 220,795 | 224,282 | |
Long-term prepaid expenses and other non-current assets | 50,814 | 57,266 | |
Right-of-use assets, net | 99,293 | 97,883 | |
Total non-current assets | 2,710,345 | 3,456,821 | |
Total assets | 3,772,060 | 4,038,414 | |
Current liabilities | |||
Current maturities of loans from banks and others | 39,262 | 38,311 | |
Trade and other payables | 133,415 | 171,537 | |
Dividend payable | 0 | 188,607 | |
Short-term derivative instruments | 889 | 8,688 | |
Current tax liabilities | 653 | 34 | |
Deferred taxes | 1,285 | 21,117 | |
Current maturities of lease liabilities | 17,474 | 18,991 | |
Total current liabilities | 192,978 | 447,285 | |
Non-current liabilities | |||
Long-term loans from banks and others | 610,434 | 596,489 | |
Debentures | 513,375 | 575,314 | |
Deferred taxes | 97,800 | 95,080 | [1] |
Other non-current liabilities | 41,388 | 28,817 | |
Long-term derivative instruments | 10 | 192 | |
Long-term lease liabilities | 20,157 | 14,951 | |
Total non-current liabilities | 1,283,164 | 1,310,843 | |
Total liabilities | 1,476,142 | 1,758,128 | |
Equity | |||
Share capital | 50,134 | 602,450 | |
Translation reserve | 1,206 | 25,680 | |
Capital reserve | 42,553 | 25,783 | |
Accumulated profit | 1,504,592 | 1,139,775 | |
Equity attributable to owners of the Company | 1,598,485 | 1,793,688 | |
Non-controlling interests | 697,433 | 486,598 | |
Total equity | 2,295,918 | 2,280,286 | |
Total liabilities and equity | $ 3,772,060 | $ 4,038,414 | |
[1]The Group reclassified a total of $30 million in non-current deferred taxes from assets to liabilities as at December 31, 2021. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) $ in Thousands | Dec. 31, 2021 USD ($) |
Statement of financial position [abstract] | |
Reclassification of non current deferred tax assets to liabilities | $ 30 |
Consolidated Statements of Prof
Consolidated Statements of Profit & Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Ifrs Statement Line Items | |||
Revenue | $ 573,957 | $ 487,763 | $ 386,470 |
Cost of sales and services (excluding depreciation and amortization) | (417,261) | (336,298) | (282,086) |
Depreciation and amortization | (56,853) | (53,116) | (33,135) |
Gross profit | 99,843 | 98,349 | 71,249 |
Selling, general and administrative expenses | (99,936) | (75,727) | (49,957) |
Other income/(expenses) | 2,918 | (81) | 1,721 |
Operating profit | 2,825 | 22,541 | 23,013 |
Financing expenses | (50,397) | (144,295) | (51,174) |
Financing income | 44,686 | 2,934 | 14,291 |
Financing expenses, net | (5,711) | (141,361) | (36,883) |
(Losses)/gains related to Qoros | 0 | (251,483) | 309,918 |
(Losses)/gains related to ZIM | (727,650) | (204) | 43,505 |
Share in profit/(losses) of associated companies, net | 1,118,175 | 1,250,149 | 160,894 |
Profit before income taxes | 387,639 | 879,642 | 500,447 |
Income tax expense | (37,980) | (4,325) | (4,698) |
Profit for the year from continuing operations | 349,659 | 875,317 | 495,749 |
Gain for the year from discontinued operations | |||
-Recovery of retained claims, net | 0 | 0 | 8,476 |
Profit for the year | 349,659 | 875,317 | 504,225 |
Attributable to: | |||
Kenon’s shareholders | 312,652 | 930,273 | 507,106 |
Non-controlling interests | 37,007 | (54,956) | (2,881) |
Profit for the year | $ 349,659 | $ 875,317 | $ 504,225 |
Basic/diluted profit per share attributable to Kenon’s shareholders (in dollars): | |||
Basic profit per share | $ 5.8 | $ 17.27 | $ 9.41 |
diluted profit per share | 5.8 | 17.27 | 9.41 |
Basic profit per share from continuing operations | 5.8 | 17.27 | 9.25 |
diluted profit per share from continuing operations | 5.8 | 17.27 | 9.25 |
Basic profit per share from discontinued operations | 0 | 0 | 0.16 |
diluted profit per share from discontinued operations | $ 0 | $ 0 | $ 0.16 |
ZIM [Member] | |||
Ifrs Statement Line Items | |||
Share in profit/(losses) of associated companies, net | $ 1,033,026 | $ 1,260,993 | $ 167,142 |
OPC's associated companies | |||
Ifrs Statement Line Items | |||
Share in profit/(losses) of associated companies, net | 85,149 | (10,844) | 0 |
Qoros [Member] | |||
Ifrs Statement Line Items | |||
Share in profit/(losses) of associated companies, net | $ 0 | $ 0 | $ (6,248) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Profit for the year | $ 349,659 | $ 875,317 | $ 504,225 |
Items that are or will be subsequently reclassified to profit or loss | |||
Foreign currency translation differences in respect of foreign operations | (40,694) | 17,489 | 36,354 |
Reclassification of foreign currency and capital reserve differences on loss of significant influence | 0 | 0 | (23,425) |
Group’s share in other comprehensive income of associated companies | 13,611 | 12,360 | 1,873 |
Effective portion of change in the fair value of cash-flow hedges | 14,774 | 8,772 | (45,322) |
Change in fair value of other investments at FVOCI | (2,100) | 0 | 0 |
Change in fair value of derivative financial instruments used for hedging cash flows recorded to the cost of the hedged item | (1,043) | 37,173 | 3,067 |
Change in fair value of derivatives financial instruments used to hedge cash flows transferred to the statement of profit & loss | (4,125) | (2,121) | 6,300 |
Income taxes in respect of components of other comprehensive income | (2,658) | (423) | 1,346 |
Total other comprehensive income for the year | (22,235) | 73,250 | (19,807) |
Total comprehensive income for the year | 327,424 | 948,567 | 484,418 |
Attributable to: | |||
Kenon’s shareholders | 290,985 | 969,862 | 486,165 |
Non-controlling interests | 36,439 | (21,295) | (1,747) |
Total comprehensive income for the year | $ 327,424 | $ 948,567 | $ 484,418 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share Capital [Member] | Translation reserve [Member] | Capital reserve [Member] | Accumulated profit [Member] | Total Equity Attributable to Kenon shareholders [Member] | Non-controlling interests [Member] | Total |
Balance at Dec. 31, 2019 | $ 602,450 | $ 17,889 | $ 13,962 | $ (10,949) | $ 623,352 | $ 88,436 | $ 711,788 |
Transactions With Owners, Recognized Directly In Equity Contributions By And Distributions To Owners | |||||||
Share-based payment transactions | 0 | 0 | 874 | 0 | 874 | 236 | 1,110 |
Dividend to holders of non-controlling interests in subsidiaries | 0 | 0 | |||||
Dividends declared and paid | 0 | 0 | 0 | (120,133) | (120,133) | (12,412) | (132,545) |
Total contributions by and distributions to owners | 0 | 0 | 874 | (120,133) | (119,259) | (12,176) | (131,435) |
Changes In Ownership Interests In Subsidiaries [Abstract] | |||||||
Dilution in investment in subsidiary | 0 | 0 | 0 | 80,674 | 80,674 | 136,170 | 216,844 |
Acquisition of non-controlling interests without a change in control | 0 | 0 | (4,109) | 0 | (4,109) | (1,498) | (5,607) |
Total changes in ownership interests in subsidiaries | 0 | 0 | (4,109) | 80,674 | 76,565 | 134,672 | 211,237 |
Total comprehensive income for the year | |||||||
Net profit for the year | 0 | 0 | 0 | 507,106 | 507,106 | (2,881) | 504,225 |
Other comprehensive income | (1,993) | (22,070) | 3,122 | (20,941) | 1,134 | (19,807) | |
Total comprehensive income for the year | 0 | (1,993) | (22,070) | 510,228 | 486,165 | (1,747) | 484,418 |
Balance at Dec. 31, 2020 | 602,450 | 15,896 | (11,343) | 459,820 | 1,066,823 | 209,185 | 1,276,008 |
Transactions With Owners, Recognized Directly In Equity Contributions By And Distributions To Owners | |||||||
Share-based payment transactions | 0 | 0 | 7,371 | 0 | 7,371 | 1,187 | 8,558 |
Dividends declared and paid | 0 | 0 | 0 | (288,811) | (288,811) | (10,214) | (299,025) |
Total contributions by and distributions to owners | 0 | 0 | 7,371 | (288,811) | (281,440) | (9,027) | (290,467) |
Changes In Ownership Interests In Subsidiaries [Abstract] | |||||||
Dilution in investment in subsidiary | 0 | 0 | 0 | 38,443 | 38,443 | 103,891 | 142,334 |
Non Controlling Interests In Respect Of Business Combination | 0 | 0 | 0 | 0 | 0 | 6,769 | 6,769 |
Acquisition of non-controlling interests without a change in control | 0 | 0 | 0 | 0 | 0 | 197,075 | 197,075 |
Total changes in ownership interests in subsidiaries | 0 | 0 | 0 | 38,443 | 38,443 | 307,735 | 346,178 |
Total comprehensive income for the year | |||||||
Net profit for the year | 0 | 0 | 0 | 930,273 | 930,273 | (54,956) | 875,317 |
Other comprehensive income | 0 | 9,784 | 29,755 | 50 | 39,589 | 33,661 | 73,250 |
Total comprehensive income for the year | 0 | 9,784 | 29,755 | 930,323 | 969,862 | (21,295) | 948,567 |
Balance at Dec. 31, 2021 | 602,450 | 25,680 | 25,783 | 1,139,775 | 1,793,688 | 486,598 | 2,280,286 |
Transactions With Owners, Recognized Directly In Equity Contributions By And Distributions To Owners | |||||||
Cash distribution to owners of the Company | (552,316) | 0 | 0 | 0 | (552,316) | 0 | (552,316) |
Share-based payment transactions | 0 | 8,502 | 8,502 | 2,104 | 10,606 | ||
Total contributions by and distributions to owners | (552,316) | 0 | 8,502 | 0 | (543,814) | 2,104 | (541,710) |
Changes In Ownership Interests In Subsidiaries [Abstract] | |||||||
Dilution in investment in subsidiary | 0 | 0 | 0 | 57,585 | 57,585 | 135,567 | 193,152 |
Acquisition Of Subsidiary With Non Controlling Interests | 0 | 0 | 41 | 0 | 41 | 0 | 41 |
Acquisition of non-controlling interests without a change in control | 0 | 0 | 0 | 0 | 0 | 36,725 | 36,725 |
Total changes in ownership interests in subsidiaries | 0 | 0 | 41 | 57,585 | 57,626 | 172,292 | 229,918 |
Total comprehensive income for the year | |||||||
Net profit for the year | 0 | 0 | 0 | 312,652 | 312,652 | 37,007 | 349,659 |
Other comprehensive income | 0 | (24,474) | 8,227 | (5,420) | (21,667) | (568) | (22,235) |
Total comprehensive income for the year | 0 | (24,474) | 8,227 | 307,232 | 290,985 | 36,439 | 327,424 |
Balance at Dec. 31, 2022 | $ 50,134 | $ 1,206 | $ 42,553 | $ 1,504,592 | $ 1,598,485 | $ 697,433 | $ 2,295,918 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit for the year | $ 349,659 | $ 875,317 | $ 504,225 |
Adjustments: | |||
Depreciation and amortization | 62,876 | 57,640 | 34,171 |
Financing expenses, net | 5,711 | 141,361 | 36,883 |
Share in profit of associated companies, net | (1,118,175) | (1,250,149) | (160,894) |
Gains on disposal of property, plant and equipment, net | 0 | 0 | (1,551) |
Losses/(gains) related to Qoros | 0 | 251,483 | (309,918) |
Losses/(gains) related to ZIM | 727,650 | 204 | (43,505) |
Recovery of retained claims | 0 | 0 | (9,923) |
Share-based payments | 18,855 | 18,369 | 1,110 |
Income taxes | 37,980 | 4,325 | 6,145 |
Total adjustments | 84,556 | 98,550 | 56,743 |
Change in trade and other receivables | (28,819) | (1,171) | (9,669) |
Change in trade and other payables | (10,100) | (429) | 45,061 |
Cash generated from operating activities | 45,637 | 96,950 | 92,135 |
Dividends received from associated companies, net | 727,309 | 143,964 | 0 |
Income taxes (paid)/refunded, net | (1,565) | (385) | 61 |
Net cash provided by operating activities | 771,381 | 240,529 | 92,196 |
Cash flows from investing activities | |||
Short-term deposits and restricted cash, net | (46,266) | 558,247 | (501,618) |
Short-term collaterals deposits, net | (19,180) | 0 | 0 |
Investment in long-term deposits, net | 12,750 | 51,692 | 6,997 |
Purchase of other investments | (650,777) | 0 | 0 |
Proceeds from sale of other investments | 308,829 | 0 | 0 |
Long-term advance deposits and prepaid expenses | (11,013) | (6,976) | (57,591) |
Long-term loan to an associate | 0 | (5,000) | 0 |
Proceeds from sale of subsidiary, net of cash disposed off | 0 | 0 | 407 |
Acquisition of subsidiary, less cash acquired | 0 | (659,169) | 0 |
Investments in associated companies, less cash acquired | (2,932) | (8,566) | 0 |
Acquisition of property, plant and equipment | (259,820) | (231,235) | (74,456) |
Acquisition of intangible assets | (10,453) | (1,452) | (368) |
Proceeds from sale of property, plant and equipment and intangible assets | 0 | 0 | 546 |
Reimbursement in respect of right-of-use asset | 0 | 4,823 | 0 |
Interest received | 6,082 | 269 | 709 |
Income tax paid | 0 | 0 | (32,332) |
Deferred consideration in respect of acquisition of subsidiary | 0 | 0 | (13,632) |
Proceeds from/(payment of) transactions in derivatives, net | 1,349 | (5,635) | (3,963) |
Proceeds from distribution from associated companies | 4,444 | 46,729 | 0 |
Proceeds from deferred payment | 0 | 217,810 | |
Proceeds from sales of interest in ZIM | 463,549 | 67,087 | 0 |
Proceeds from sale of interest in Qoros | 0 | 0 | 219,723 |
(Payment)/recovery of financial guarantee | 0 | (16,265) | 6,265 |
Recovery of retained claims | 0 | 0 | 9,923 |
Net cash used in investing activities | (203,438) | (205,451) | (221,580) |
Cash flows from financing activities | |||
Dividends paid to holders of non-controlling interests | 0 | (10,214) | (12,412) |
Cash distribution and dividends paid | (740,922) | (100,209) | (120,115) |
Investments from holders of non-controlling interests in equity of subsidiary | 36,725 | 197,076 | 32 |
Costs paid in advance in respect of taking out of loans | (2,845) | (4,991) | (8,556) |
Payment of early redemption commission with respect to the debentures | 0 | (75,820) | (11,202) |
Payment in respect of derivative financial instruments, net | (923) | (13,933) | 0 |
Proceeds from issuance of share capital by a subsidiary to non-controlling interests, net of issuance expenses | 193,148 | 142,334 | 216,844 |
Receipt of long-term loans | 102,331 | 343,126 | 73,236 |
Proceeds from issuance of debentures, less issuance expenses | 0 | 262,750 | 280,874 |
Repayment of long-term loans, debentures and lease liabilities | (55,762) | (562,016) | (130,210) |
Short-term credit from banks and others, net | 0 | 0 | (134) |
Acquisition of non-controlling interests | 0 | 0 | (7,558) |
Interest paid | (25,428) | (31,523) | (24,989) |
Net cash (used in)/provided by financing activities | (493,676) | 146,580 | 255,810 |
Increase in cash and cash equivalents | 74,267 | 181,658 | 126,426 |
Cash and cash equivalents at beginning of the year | 474,544 | 286,184 | 147,153 |
Effect of exchange rate fluctuations on balances of cash and cash equivalents | (13,640) | 6,702 | 12,605 |
Cash and cash equivalents at end of the year | $ 535,171 | $ 474,544 | $ 286,184 |
Financial Reporting Principles
Financial Reporting Principles and Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial reporting principles and accounting policies [Abstract] | |
Financial Reporting Principles and Accounting Policies | Note 1 – Financial Reporting Principles and Accounting Policies A. The Reporting Entity Kenon Holdings Ltd. (the “Company” or “Kenon”) was incorporated on March 7, 2014 in the Republic of Singapore under the Singapore Companies Act. Our principal place of business is located at 1 Temasek Avenue #37-02B, Millenia Tower, Singapore 039192. The Company is a holding company and was incorporated to receive investments spun-off from their former parent company, Israel Corporation Ltd. (“IC”). The Company serves as the holding company of several businesses (together referred to as the “Group”). Kenon shares are traded on New York Stock Exchange (“NYSE”) and on Tel Aviv Stock Exchange (“TASE”) (NYSE and TASE: KEN). B. Definitions In these consolidated financial statements - 1. Subsidiaries 2. Associates 3. Investee companies 4. Related parties |
Basis of Preparation of the Fin
Basis of Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of basis of preparation of the financial statements [Abstract] | |
Basis of Preparation of the Financial Statements | Note 2 – Basis of Preparation of the Financial Statements A. Declaration of compliance with International Financial Reporting Standards The consolidated financial statements were prepared by management of the Group in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were approved for issuance by the Company’s Board of Directors on March 30, 2023. B. Functional and presentation currency These consolidated financial statements are presented in US dollars (“$”), which is Kenon’s functional currency, and have been rounded to the nearest thousands, except where otherwise indicated. The US dollar is the currency that represents the principal economic environment in which Kenon operates. C. Basis of measurement The consolidated financial statements were prepared on the historical cost basis, with the exception of the following assets and liabilities: • Deferred tax assets and liabilities • Derivative instruments • Assets and liabilities in respect of employee benefits • Investments in associated companies • Long-term investment (Qoros) For additional information regarding measurement of these assets and liabilities – see Note 3 Significant Accounting Policies. D. Use of estimates and judgment The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. 1. Allocation of acquisition costs (CPV) The In addition, in determining the depreciation rates of the tangible, intangible assets and liabilities, the Group estimates the expected life of the asset or liability. 2. Long-term investment (Qoros) Following the sale of half of the Group’s remaining interest in Qoros (i.e. 12%) as described in Note 10.3, as at December 31, 2020, the Group owned a 12% interest in Qoros. The long-term investment (Qoros) was a combination of the Group’s remaining 12% interest in Qoros and the non-current portion of the put option (as described in Note 10.2). The long-term investment (Qoros) was determined using a combination of market comparison technique based on market multiples derived from the quoted prices of comparable companies adjusted for various considerations, and the binomial model. Fair value measurement of the long-term investment (Qoros) took into account the underlying asset’s price volatility. In April 2021, Quantum entered into an agreement to sell its remaining 12% equity interest in Qoros. As a result, Kenon accounted for the fair value of the long-term investment (Qoros) based on the present value of the expected cash flows. Refer to Note 10.5 for further details. 3. Recoverable amount of cash-generating unit that includes goodwill (CPV) The calculation of the recoverable amount of cash-generating units to which goodwill balances are allocated is based, among other things, on the projected expected cash flows and discount rate. For further information, see Note 13.C and 13.D. 4. Recoverable amount of cash-generating unit of investment in equity-accounted companies (ZIM) The carrying amounts of investments in equity-accounted companies are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the recoverable amount of the investments is estimated. For further information, see Note 9.B.a.5. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of significant accounting policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. The Group has consistently applied the following accounting policies to all periods presented in these consolidated financial statements, unless otherwise stated. A. First-time application of new accounting standards, amendments and interpretations The Group has adopted a few new standards which are effective from January 1, 2022, including those listed below. These new standards and amendments do not have a material effect on the Group’s consolidated financial statements. Amendments to IAS 16 – Property, plant and equipment: Proceeds before intended use The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, the company will recognize such sales proceeds and related cost in its consolidated profit or loss. The amendments require companies to apply the amendments retrospectively to items of property, plant and equipment that were brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the consolidated financial statements. The impact of the amendments to the Group are immaterial, hence prior year numbers are not restated. B. Basis for consolidation/combination (1) Business combinations The Group accounts for all business combinations according to the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The acquisition date is the date on which the Group obtains control over an acquiree. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Group and others are taken into account when assessing control. The Group recognizes goodwill on acquisition according to the fair value of the consideration transferred less the net amount of the fair value of identifiable assets acquired less the fair value of liabilities assumed. Goodwill is initially recognized as an asset based on its cost, and is measured in succeeding periods based on its cost less accrued losses from impairment of value. For purposes of examining impairment of value, goodwill is allocated to each of the Group’s cash‑generating units that is expected to benefit from the synergy of the business combination. Cash‑generating units to which goodwill was allocated are examined for purposes of assessment of impairment of their value every year or more frequently where there are signs indicating a possible impairment of value of the unit, as stated. Where the recoverable amount of a cash‑generating unit is less than the carrying value in the books of that cash‑generating unit, the loss from impairment of value is allocated first to reduction of the carrying value in the books of any goodwill attributed to that cash‑generating unit. Thereafter, the balance of the loss from impairment of value, if any, is allocated to other assets of the cash‑generating unit, in proportion to their carrying values in the books. A loss from impairment of value of goodwill is not reversed in subsequent periods. If the Group pays a bargain price for the acquisition (meaning including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. The Group recognizes contingent consideration at fair value at the acquisition date. The contingent consideration that meets the definition of a financial instrument that is not classified as equity will be measured at fair value through profit or loss; contingent consideration classified as equity shall not be remeasured and its subsequent settlement shall be accounted for within equity. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. Costs associated with acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (2) Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceased. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company. (3) Non-Controlling Interest (“NCI”) NCI comprises the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company, and they include additional components such as: share-based payments that will be settled with equity instruments of the subsidiaries and options for shares of subsidiaries. NCIs are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Measurement of non-controlling interests on the date of the business combination Non-controlling interests, which are instruments that convey a present ownership right and that grant to their holder a share in the net assets in a case of liquidation, are measured on the date of the business combination at fair value or based on their relative share in the identified assets and liabilities of the entity acquired, on the basis of every transaction separately. Transactions with NCI, while retaining control Transactions with NCI while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in NCI is included directly in equity. Allocation of comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Group and the NCI. Total comprehensive income is allocated to the owners of the Group and the NCI even if the result is a negative balance of NCI. Furthermore, when the holding interest in the subsidiary changes, while retaining control, the Group re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Group and the NCI. Cash flows deriving from transactions with holders of NCI while retaining control are classified under “financing activities” in the statement of cash flows. Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (4) Investments in equity-accounted investees Associates are entities in which the Group has the ability to exercise significant influence, but not control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint-ventures are arrangements in which the Group has joint control, whereby the Group has the rights to assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint-venture are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. The Group’s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Group’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the equity interests were reduced to zero. When the group’s share of losses in an associate equals or exceeds its interest in the associate, including any long-term interests that, in substance, form part of the entity’s net investment in the associate, the recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. (5) Loss of significant influence The Group discontinues applying the equity method from the date it loses significant influence in an associate and it accounts for the retained investment as a financial asset, as relevant. On the date of losing significant influence, the Group measures at fair value any retained interest it has in the former associate. The Group recognizes in profit or loss any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate or joint venture, and the carrying amount of the investment on that date. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (6) Change in interest held in equity accounted investees while retaining significant influence When the Group increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an equity accounted investee while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from the sale under other income or other expenses. Furthermore, on the same date, a proportionate part of the amounts recognized in equity through other comprehensive income with respect to the same equity accounted investee are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself realized the same assets or liabilities. (7) Intra-group transactions Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (8) Reorganizations under common control transactions Common control transactions that involve the setup of a new group company and the combination of entities under common control are recorded using the book values of the parent company. C. Foreign currency (1) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the exchange rate at that date. Non-monetary items measured at historical cost would be reported using the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss, except for differences relating to qualifying cash flow hedges to the extent the hedge is effective which are recognized in other comprehensive income. (2) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at average exchange rates over the relevant period. Foreign operation translation differences are recognized in other comprehensive income. When the foreign operation is a non-wholly-owned subsidiary of the Group, then the relevant proportionate share of the foreign operation translation difference is allocated to the NCI. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of the gain or loss on disposal. Furthermore, when the Group’s interest in a subsidiary that includes a foreign operation changes, while retaining control in the subsidiary, a proportionate part of the cumulative amount of the translation difference that was recognized in other comprehensive income is reattributed to NCI. When the Group disposes of only part of its investment in an associate that includes a foreign operation, while retaining significant influence, the proportionate part of the cumulative amount of the translation difference is reclassified to profit or loss. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the translation reserve. D. Cash and Cash Equivalents In the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and are subject to an insignificant risk of changes in their fair value. E. Financial Instruments a) Classification and measurement of financial assets and financial liabilities Initial recognition and measurement The Group initially recognizes trade receivables and other investments on the date that they are originated. All other financial assets and financial liabilities are initially recognized on the date on which the Group becomes a party to the contractual provisions of the instrument. As a rule, a financial asset, other than a trade receivable without a significant financing component, or a financial liability, is initially measured at fair value with the addition, for a financial asset or a financial liability that are not presented at fair value through profit or loss, of transaction costs that can be directly attributed to the acquisition or the issuance of the financial asset or the financial liability. Trade receivables that do not contain a significant financing component are initially measured at the transaction price. Trade receivables originating in contract assets are initially measured at the carrying amount of the contract assets on the date of reclassification from contract assets to receivables. Financial assets - classification and subsequent measurement On initial recognition, financial assets are classified as measured at amortized cost; fair value through other comprehensive income (“FVOCI”); or fair value through profit or loss (“FVTPL”). Financial assets are not reclassified in subsequent periods, unless, and only to the extent that the Group changes its business model for the management of financial assets, in which case the affected financial assets are reclassified at the beginning of the reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets the two following cumulative conditions and is not designated for measurement at FVTPL: - The objective of the entity's business model is to hold the financial asset to collect the contractual cash flows; and - The contractual terms of the financial asset create entitlement on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has balances of trade and other receivables and deposits that are held under a business model the objective of which is collection of the contractual cash flows. The contractual cash flows in respect of such financial assets comprise solely payments of principal and interest that reflects consideration for the time-value of the money and the credit risk. Accordingly, such financial assets are measured at amortized cost. b) Subsequent measurement In subsequent periods, financial assets at amortized cost are measured at amortized cost, using the effective interest method and net of impairment losses. Interest income, currency exchange gains or losses and impairment are recognized in profit or loss. Any gains or losses on derecognition are also recognized in profit or loss. Debt investments measured at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to the Group’s management; • the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. If the Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized. Financial liabilities – Initial classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. Financial liabilities are classified as measured at FVTPL if it is held for trading or it is designated as such on initial recognition, and are measured at fair value, and any net gains and losses, including any interest expenses, are recognized in profit or loss. Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are measured at amortized cost in subsequent periods, using the effective interest method. Interest expenses and currency exchange gains and losses are recognized in profit or loss. Any gains or losses on derecognition are also recognized in profit or loss. Derecognition of financial liabilities Financial liabilities are derecognized when the contractual obligation of the Group expires or when it is discharged or canceled. Additionally, a significant amendment of the terms of an existing financial liability, or an exchange of debt instruments having substantially different terms, between an existing borrower and lender, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the extinguished financial liability and the consideration paid (including any other non-cash assets transferred or liabilities assumed), is recognized in profit or loss. Interest rate benchmark reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changes as a result of interest rate benchmark reform, the Group updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No immediate gain or loss is recognized. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: - the change is necessary as a direct consequence of the reform; and - the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e. the basis immediately before the change. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, the Group first updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, the Group applies the policies on accounting for modifications to the additional changes. Offset Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. c) Impairment Financial assets, contract assets and receivables on a lease The Group creates a provision for expected credit losses in respect of: - Contract assets (as defined in IFRS 15); - Financial assets measured at amortized cost; - Financial guarantees; - Debt investments; - Lease receivables. Simplified approach The Group applies the simplified approach to provide for expected credit losses (“ECLs”) for all trade receivables (including lease receivables) and contract assets. The simplified approach requires the loss allowance to be measured at an amount equal to lifetime ECLs. General approach The Group applies the general approach to provide for ECLs on all other financial instruments and financial guarantees. Under the general approach, the loss allowance is measured at an amount equal to the 12-month ECLs at initial recognition. At each reporting date, the Group assess whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. In assessing whether the credit risk of a financial asset has significantly increased since initial recognition and in assessing expected credit losses, the Group takes into consideration information that is reasonable and verifiable, relevant and attainable at no excessive cost or effort. Such information comprises quantitative and qualitative information, as well as an analysis, based on the past experience of the Group and the reported credit assessment, and contains forward-looking information. If credit risk has not increased significantly since initial recognition or if the credit quality of the financial instruments improves such that there is no longer a significant increase in credit risk since initial recognition, loss allowance is measured at an amount equal to 12-month ECLs. The Group assumes that the credit risk of a financial asset has increased significantly since initial recognition whenever contractual payments are more than 30 days in arrears. The Group considers a financial asset to be in default if: - It is not probable that the borrower will fully meet its payment obligations to the Company, and the Company has no right to perform actions such as the realization of collaterals (if any); or - The contractual payments in respect of the financial asset are more than 90 days in arrears. The Group considers a contract asset to be in default when the customer is unlikely to pay its contractual obligations to the Group full, without recourse by the Group to actions such as realizing security. The Group considers a debt instrument as having a low credit risk if its credit risk coincides with the global structured definition of “investment rating”. The ECLs expected over the life of the instrument are ECLs arising from all potential default events throughout the life of the financial instrument. ECLs in a 12-month period are the portion of the ECLs arising from potential default events during the period of 12 months from the reporting date. The maximum period that is taken into account in assessing the ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs represent a probability-weighted estimate of credit losses. Credit losses are measured at the present value of the difference between the cash flows to which the Group is entitled under the contract and the cash flows that the Group expects to receive. Expected credit losses are discounted at the effective interest rate of the financial asset. The Group’s credit risk exposure for trade receivables and contract asset are set out in Note 29 Financial Instruments. Financial assets impaired by credit risk At each reporting date, the Group assesses whether financial assets that are measured at amortized cost and debt instruments that are measured at FVOCI have become impaired by credit risk. A financial asset is impaired by credit risk upon the occurrence of one or more of the events (i.e. significant financial difficulty of the debtor) that adversely affect the future cash flows estimated for such financial asset. Presentation of impairment and allowance for ECLs in the statement of financial position A provision for ECLs in respect of a financial asset that is measured at amortized cost is presented as a reduction of the gross carrying amount of the financial asset. For debt investments at FVOCI, loss allowances are charged to profit or loss and recognized in OCI. Loss allowances are presented under financing expenses. Impairment losses in respect of trade and other receivables, including contract assets and lease receivables, are presented separately in the statements of profit or loss and other comprehensive income. Impairment losses in respect of other financial assets are presented under financing expenses. Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments. Derivatives are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Hedge accounting As of December 31, 2022 and 2021, hedge relationships designated for hedge accounting under IAS 39 qualify for hedge accounting under IFRS 9, and are therefore deemed as continuing hedge relationships. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from Interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whe |
Determination of Fair Value
Determination of Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of determination of fair value [Abstract] | |
Determination of Fair Value | Note 4 – Determination of Fair Value A. Derivatives and Long-term investment (Qoros) See Note 29 Financial Instruments. B. Non-derivative financial liabilities Non-derivative financial liabilities are measured at their respective fair values, at initial recognition and for disclosure purposes, at each reporting date. Fair value for disclosure purposes, is determined based on the quoted trading price in the market for traded debentures, whereas for non-traded loans, debentures and other financial liabilities is determined by discounting the future cash flows in respect of the principal and interest component using the market interest rate as at the date of the report. C. Fair value of equity-accounted investments (ZIM) The fair value of equity-accounted investments may be accounted for based on: 1. the investment as a whole; or 2. each individual share making up the investment. In determining the fair value of equity-accounted investments, the Group has elected to account for as an individual share making up the investment and that no premium is added to the fair value of equity-accounted investments. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Note 5 – Cash and Cash Equivalents As at December 31, 2022 2021 $ Thousands Cash and cash equivalents in banks 361,580 425,017 Time deposits 173,591 49,527 535,171 474,544 The Group held cash and cash equivalents which are of investment grade based on Standard and Poor’s Ratings. |
Short-Term Deposits and Restric
Short-Term Deposits and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Short Term Investments And Deposits Abstract | |
Short Term Deposits And Restricted Cash | Note 6 – Short-Term Deposits and Restricted Cash As at December 31, 2022 2021 $ Thousands Short-term deposits with bank and others Short-term restricted cash 179 45,990 229 The Group held short-term deposits and restricted cash which are of investment grade based on Standard and Poor’s Ratings. |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Investments [Abstract] | |
Other Investments | Note 7 – Other Investments As at December 31, 2022 2021 $ Thousands Debt investments - at FVOCI 344,780 - The Group held debt investments at FVOCI which are of investment grade based on Standard and Poor’s Ratings and have stated interest rates of 0.26% to 5.94% (2021: Nil) with an average maturity of 2 years. These debt investments are expected to be realized within the next 12 months. Information about the Group’s exposure to credit and market risks, and fair value measurement, is included in Note 29 Financial Instruments. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other current assets [Abstract] | |
Other Current Assets | Note 8 – Other Current Assets As at December 31, 2022 2021 $ Thousands Advances to suppliers 1,219 459 Inventories 1,928 1,706 Prepaid expenses 10,004 6,639 Input tax receivable 4,660 5,029 Indemnification asset (1) - 9,047 Deposits in connection with projects under construction (2) 35,475 16,398 Others 5,670 4,101 58,956 43,379 (1) Relates to compensation receivable from OPC Hadera contractor as a result of the delay in the construction of the Hadera Power Plant. Please refer to Note 18.A.2.a for further details. (2) Relates to collateral provided to secure a hedging agreement in CPV Valley amounting to $20 million (2021: Nil) and collaterals provided in connection with renewable energy projects under development in the United States amounting to $15 million. |
Investment in Associated Compan
Investment in Associated Companies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Investment in Associated Companies | Note 9 – Investment in Associated Companies A. Condensed information regarding significant associated companies 1. Condensed financial information with respect to the statement of financial position CPV CPV CPV CPV CPV CPV ZIM Fairview Maryland Shore Towantic Valley Three Rivers As at December 31, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 $ Thousands Principal place of business International US US US US US US Proportion of ownership interest 21% 26% 25% 25% 25% 25% 37.5% 37.5% 26% 26% 50% 50% 10% 10% Current assets 4,271,600 5,084,865 98,942 107,380 73,985 26,649 92,808 45,538 86,698 38,558 59,191 35,783 32,626 2,997 Non-current assets 7,353,700 4,756,973 938,869 986,321 654,720 669,668 983,576 1,039,153 936,268 952,997 678,540 705,501 1,338,392 949,385 Current liabilities (2,662,200 ) (2,756,595 ) (166,468 ) (136,136 ) (73,883 ) (37,067 ) (53,619 ) (7,904 ) (133,746 ) (124,247 ) (542,176 ) (85,176 ) (47,939 ) (20,921 ) Non-current liabilities (3,067,200 ) (2,485,714 ) (400,309 ) (591,169 ) (320,518 ) (356,838 ) (649,860 ) (727,037 ) (490,610 ) (538,750 ) (6,450 ) (537,310 ) (820,943 ) (708,402 ) Total net assets 5,895,900 4,599,529 471,034 366,396 334,304 302,412 372,905 349,750 398,610 328,558 189,105 118,798 502,136 223,059 Group's share of net assets 1,217,797 1,182,810 117,759 91,599 83,576 75,603 139,951 131,261 103,639 85,425 94,553 59,399 60,609 56,021 Adjustments: Excess cost 138,071 171,402 80,414 81,678 (14,396 ) (14,854 ) (52,777 ) (56,330 ) 26,615 26,799 (806 ) (1,223 ) 8,379 8,379 Total impairment loss (928,809 ) - - - - - - - - - - - - - Book value of investment 427,059 1,354,212 198,173 173,277 69,180 60,749 87,174 74,931 130,254 112,224 93,747 58,176 68,988 64,400 Investments in associated companies 427,059 1,354,212 198,173 173,277 69,180 60,749 87,174 74,931 130,254 112,224 93,747 58,176 68,988 64,400 As at December 31, 2022, the Group also has interests in a number of individually immaterial associates. 2. Condensed financial information with respect to results of operations CPV CPV CPV CPV CPV CPV ZIM Fairview Maryland Shore Towantic Valley Three Rivers Qoros** For the year ended December 31, 2022 2021 2020 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2020*** $ Thousands Revenue 12,561,600 10,728,698 3,991,696 373,967 199,030 243,710 170,292 261,386 189,985 494,665 258,292 405,548 139,473 (2,722 ) 174 23,852 Income / loss* 4,619,400 4,640,305 517,961 98,907 9,666 33,249 5,420 6,853 16,247 47,436 18,520 69,138 (58,793 ) (7,934 ) (9,281 ) (52,089 ) Other comprehensive income * (41,200 ) (3,462 ) 5,854 15,730 11,192 6,419 10,983 16,301 7,779 22,616 11,140 1,178 3,710 53,814 19,361 (3 ) Total comprehensive income 4,578,200 4,636,843 523,815 114,637 20,858 39,668 16,403 23,154 24,026 70,052 29,660 70,316 (55,083 ) 45,880 10,080 (52,092 ) Kenon’s share of comprehensive income 1,023,567 1,258,913 167,621 28,659 5,214 9,917 4,101 8,690 9,017 18,214 7,711 35,158 (27,542 ) 4,588 1,008 (6,251 ) Adjustments 558 1,116 1,394 (1,267 ) (1,249 ) 458 2,354 3,554 3,644 (184 ) 50 413 681 - - 3 Kenon’s share of comprehensive income presented in the books 1,024,125 1,260,029 169,015 27,392 3,965 10,375 6,455 12,244 12,661 18,030 7,761 35,571 (26,861 ) 4,588 1,008 (6,248 ) * Excludes portion attributable to non-controlling interest. ** The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during 2020 were approximately $13 million, $1 million, $18 million and $nil thousand respectively. *** The 2020 equity accounted results reflect Kenon’s share of losses in Qoros until the completion date of the sale, i.e. April 29, 2020. Subsequent to that, Qoros was reclassified as to Long-term investment (Qoros). Refer to Note 10 for further details. B. Additional information a. ZIM 1. Financial position As of December 31, 2022, ZIM’s total equity amounted to $5.9 billion (2021: $4.6 billion) and its working capital amounted to $1.6 billion (2021: $2.3 billion). During the year ended December 31, 2022, ZIM recorded operating profit of $6.1 billion (2021: $5.8 billion; 2020: $722 million) and net profit of $4.6 billion (2021: 4.6 billion; 2020: $524 million). For the year ended December 31 2022 2021 2020 Note $ Thousands $ Thousands $ Thousands Gain on dilution from ZIM IPO 9.B.a.2 - 9,724 - Loss on dilution from ZIM options exercised 9.B.a.3 (3,475 ) (39,438 ) - Gain on sale of ZIM shares 9.B.a.4 204,634 29,510 - (Impairment)/write back of ZIM investment 9.B.a.5 (928,809 ) - 43,505 (727,650 ) (204 ) 43,505 2. Initial public offering In February 2021, ZIM completed its initial public offering (“IPO”) of 15,000,000 ordinary shares (including shares issued upon the exercise of the underwriters’ option), for gross consideration of $225 million (before deducting underwriting discounts and commissions or other offering expenses). ZIM’s ordinary shares began trading on the NYSE on January 28, 2021. Prior to the IPO, ZIM obtained waivers from its notes holders, subject to the completion of ZIM’s IPO, by which certain requirements and limitations in respect of repurchase of debt, incurrences of debt, vessel financing, reporting requirements and dividend distributions, were relieved or removed. As a result of the IPO, Kenon’s interest in ZIM was diluted from 32% to 28%. Following the IPO, Kenon recognized a gain on dilution of $10 million in its consolidated financial statements in 2021. 3. Exercise of ZIM options In 2022, ZIM issued approximately 407 thousand (2021: 5.2 million) shares as a result of options being exercised. As a result of the issuance, Kenon recognized a loss on dilution of approximately $3 million (2021: $39 million) in its consolidated financial statements. 4. Sales of ZIM shares Between September and November 2021, Kenon sold approximately 1.2 million ZIM shares at an average price of $58 per share for a total consideration of approximately $67 million. As a result, Kenon recognized a gain on sale of approximately $30 million in its consolidated financial statements. As at December 31, 2021, as a result of the sales of ZIM shares and the issuance of new shares described in Note 9.B.a.3, Kenon’s interest in ZIM reduced from 28% to 26%. In March 2022, Kenon sold approximately 6 million ZIM shares at an average price of $77 per share for total consideration of approximately $463 million. As a result of the sale, Kenon recognized a gain on sale of approximately $205 million in its consolidated financial statements. As at December 31, 2022, as a result of the sales of ZIM shares and the issuance of new shares described in Note 9.B.a.3, Kenon’s interest in ZIM reduced from 26% to 21%. 5. Impairment assessment For the purposes of Kenon’s impairment assessment of its investment, ZIM is considered one CGU, which consists of all of ZIM’s operating assets. The recoverable amount is based on the higher of the value-in-use and the fair value less cost of disposal (“FVLCOD”). Year Ended December 31, 2022 Kenon identified indicators of impairment in accordance with IAS 28 as a result of a significant decrease in ZIM’s market capitalization towards the end of 2022. Therefore, the carrying value of Kenon’s investment in ZIM was tested for impairment in accordance with IAS 36. Kenon assessed the fair value of ZIM to be its market value as at December 31, 2022 and also assessed that, based solely on publicly available information within the current volatile shipping industry, no reasonable VIU calculation could be performed. As a result, Kenon concluded that the recoverable amount of its investment in ZIM is the market value. ZIM is accounted for as an individual share making up the investment and therefore no premium is added to the fair value of ZIM. Kenon measures the recoverable amount based on FVLCOD, measured at Level 1 fair value measurement under IFRS 13. Given that market value is below carrying value Kenon recognized an impairment of $929 million. Year Ended December 31, 2021 Kenon did not identify any objective evidence that its net investment in ZIM was impaired as at 31 December 31, 2021 and therefore, in accordance with IAS 28, no assessment of the recoverable amount of ZIM was performed. Year Ended December 31, 2020 Due to an improvement in ZIM’s financial performance in 2020, Kenon, independently from ZIM, appointed a third-party to perform a valuation of its 32% equity investment in ZIM in accordance with IAS 28 and IAS 36. For the year ended December 31, 2020, Kenon concluded that the carrying amount of the investment in ZIM is lower than the recoverable amount, and therefore, a $44 million reversal of previously recorded impairment was recognized. The valuation was based on publicly available information and earnings of ZIM over the 12-month period to December 31, 2020. The independent valuer arrived at a range of equity for ZIM between $430 million and $585 million after adjustments for net debt. The fair value measurement was categorized as a Level 3 fair value based on the inputs in the valuation technique used. C. OPC’s associated companies Ownership interest as at December 31 Note Main location of company's activities 2022 2021 CPV, Three Rivers, LLC 9.C.1 Illinois 10 % 10 % CPV Fairview, LLC 9.C.2 Pennsylvania 25 % 25 % CPV Maryland, LLC 9.C.3 Maryland 25 % 25 % CPV Shore Holdings, LLC 9.C.4 New Jersey 38 % 38 % CPV Towantic, LLC 9.C.5 Connecticut 26 % 26 % CPV Valley Holdings, LLC 9.C.6 New York 50 % 50 % 1. CPV Three Rivers, LLC (“CPV Three Rivers”) CPV Three Rivers is a project under construction in Illinois, United States. The commercial operation date is expected to be in Q2 2023. In respect of an interest of 17.5% in the rights to the Three Rivers construction project (the “Construction Project”), a Sellers’ Loan in the amount of $95 million (the “Sellers’ Loan”) was provided to the CPV Group. The Seller’s Loan was granted for a period of up to two years from the Transaction Completion Date, bore interest at an annual rate of 4.5%, to be paid quarterly and was secured by a lien on shares of the holding company that owns the rights in the project under construction and rights pursuant to the management agreement of the project under construction. On February 3, 2021, the transaction for sale of 7.5% of the rights in the Construction Project was completed for a consideration of approximately $41 million which was served for repayment as part of the Sellers’ Loan. No gain or loss was recognized on the sale. The remaining 10% equity interest continued to be subject to the Sellers’ Loan of approximately $55 million, which was repaid in October 2021. 2. CPV Fairview, LLC (“CPV Fairview”) CPV Fairview is a power plant in Pennsylvania, United States using natural gas and combined cycle technology whose commercial operations started in 2019. 3. CPV Maryland, LLC (“CPV Maryland”) CPV Maryland is a power plant in Maryland, United States using natural gas and combined cycle technology whose commercial operations started in 2017. 4. CPV Shore Holdings, LLC (“CPV Shore”) CPV Shore is a power plant in New Jersey, United States using natural gas and combined cycle technology whose commercial operations started in 2016. 5. CPV Towantic, LLC (“CPV Towantic”) CPV Towantic is a power plant in Connecticut, United States using natural gas/dual-fuel and combined cycle technology whose commercial operations started in 2018. 6. CPV Valley Holdings, LLC (“CPV Valley”) CPV Valley is a power plant in New York, United States using natural gas/dual-fuel and combined cycle technology whose commercial operations started in 2018. CPV Valley’s financial statements as at December 31, 2022 included a disclosure of circumstances related to CPV Valley's ability to repay its liabilities under its credit agreement of over $400 million at the repayment date of the liabilities, i.e. June 30, 2023. CPV Valley's management is negotiating with its financing entities in an effort to defer or refinance its liabilities under the credit agreement. As of the approval date of the consolidated financial statements, CPV Valley is not expected to be able to repay its liabilities under the credit agreement using its cash flows from operating activities. However, CPV Valley management believes that it will be able to defer or refinance its credit agreement by June 30, 2023. As at December 31, 2022, there is no impact to the consolidated financial statements. |
Long-term investment (Qoros)
Long-term investment (Qoros) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Long-term investment (Qoros) | Note 10 – Long-term investment (Qoros) For the year ended December 31, 2022 2021 2020 Note $ Thousands Fair value (loss)/gain on remaining 12% interest in Qoros 10.3, 10.5 - (235,218 ) 154,475 (Payment)/recovery of financial guarantee 10.6 - (16,265 ) 6,195 Gain on sale of 12% interest in Qoros 10.3 - - 152,610 Fair value loss on put option 10.3 - - (3,362 ) - (251,483 ) 309,918 1. As at December 31, 2022, the Group holds a 12% (2021: 12%) equity interest in Qoros through a wholly-owned and controlled company, Quantum (2007) LLC (“Quantum”). Chery Automobiles Limited (“Chery”), a Chinese automobile manufacturer, holds a 25% (2021: 25%) equity interest and the remaining 63% (2021: 63%) interest is held by an entity related to the Baoneng Group (“New Qoros Investor” or “New Strategic Partner”). 2. Qoros introduced a New Strategic Partner In January 2018, the New Qoros Investor purchased 51% of Qoros from Kenon and Chery for RMB 3.315 billion (approximately $504 million), resulting in Kenon’s and Chery’s interest in Qoros dropping from 50% each to 24% and 25%, respectively. This was part of an investment structure (“Investment Agreement”) to invest a total of approximately RMB 6.63 billion (approximately $1,002 million) by the New Qoros Investor. The Investment Agreement provided Kenon with a put option over its remaining equity interest in Qoros. 3. Kenon sells down from 24% to 12% In January 2019, Kenon, on behalf of its wholly owned subsidiary Quantum (2007) LLC, announced that it had entered into an agreement to sell half (12%) of its remaining interest (24%) in Qoros to the New Qoros Investor for RMB1,560 million (approximately $220 million), which was based on the same post-investment valuation as the initial investment by the New Qoros Investor. In April 2020, Kenon completed the sale of this half of its remaining interest in Qoros and received payment of RMB1,560 million (approximately $220 million). Kenon recognized a gain of approximately $153 million from the sale of its 12% interest in Qoros and the derecognition of the current portion of the put option pertaining to the 12% interest sold. Subsequent to the sale, the remaining 12% interest in Qoros was accounted for on a fair value basis through profit and loss and, together with the non-current portion of the put option pertaining to the remaining 12% interest (see Note 10.2), was reclassified in the statement of financial position as a long-term investment (Qoros). Upon reclassification, Kenon immediately recognized a fair value gain of approximately $139 million and the long-term investment (Qoros) was initially measured at a combined fair value of approximately $220 million. By the end of 2020, primarily due to the appreciation of RMB against the USD, the fair value of the long-term investment (Qoros) increased by approximately $15 million to $235 million. In 2020 up until the completion date of the sale and prior to the reclass detailed above, the aggregate current and non-current put option fair value was reduced by approximately $3 million to $68 million. The sale was not made pursuant to the put option described above in Note 10.2. 4. Agreement to sell remaining 12% interest In April 2021, Quantum entered into an agreement with the New Qoros Investor to sell all of its remaining 12% interest in Qoros. The total purchase price is RMB1.56 billion (approximately $245 million). To date, the New Qoros Investor has failed to make any of the required payments under this agreement. In the fourth quarter of 2021, Kenon started arbitration proceedings against the New Qoros Investor for breach of the agreement and Kenon also started litigation proceedings against the New Qoros Investor with regards to the New Qoros Investor’s obligations to Kenon’s pledged shares in relation to Qoros’ RMB 1.2 billion loan (as described below). The outcomes of these legal proceedings and any related awards are uncertain. As a result of the payment delay, Quantum had exercised the Put Option it has to sell its remaining shares to the New Qoros Investor. 5. Fair value assessment In September 2021, in light of the events described above, Kenon performed an assessment of the fair value of the long-term investment (Qoros) under IFRS 13 Fair value measurement 6. Financial Guarantees Provision and Releases Following completion of the transaction in 2019 as described in Note 10.3, the New Qoros Investor assumed its proportionate obligations with respect to the Qoros loans. As a result of this and repayments by Qoros in relation to its loans, Chery’s obligations under the loan guarantees were reduced. As at December 31, 2019, Kenon’s back-to-back guarantee obligations to Chery were reduced to approximately $23 million. In April 2020, Kenon received $6 million from Chery following repayments by Qoros in relation to its loans. As at December 31, 2020, Kenon’s back-to-back guarantee obligations to Chery were reduced to approximately $16 million. In the fourth quarter of 2021, Chery paid the full amount of its guarantee obligations. As discussed above, Kenon had back-to-back guarantee obligations of approximately $16 million to Chery in respect of guarantees Chery had given for these two loans. Kenon paid the $16 million to Chery and recognized a corresponding $16 million expense in its consolidated statements of profit and loss. Following this payment, Kenon does not have any remaining guarantee obligations with respect to Qoros debt. As at December 31, 2022, Kenon has pledged substantially all of its interests in Qoros to secure Qoros’ RMB 1.2 billion loan facility. The New Qoros Investor was required to assume its pro rata share of pledge obligations. It has not yet provided all such pledges but has provided Kenon with a guarantee in respect of its pro rata share, and up to all, of Quantum's pledge obligations. Qoros continues to engage in discussions with the lenders and other relevant stakeholders relating to its other outstanding bank loans and resumption of manufacturing production which was shut down in 2021. 7. Restrictions Qoros has restrictions with respect to distribution of dividends and sale of assets deriving from legal and regulatory restrictions, restrictions under the joint venture agreement and the Articles of Association and restrictions stemming from credit received. |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | Note 11 – Subsidiaries A. Investments OPC Energy Ltd. OPC is a publicly-traded company whose securities are listed on the TASE. OPC is engaged in three reportable segments: i. generation and supply of electricity and energy (electricity, steam and charging services for electric vehicles) in Israel to private customers, Israel Electric Company (“IEC”) and Noga – The Israel Independent System Operator Ltd. (“System Operator” or “Noga’), including initiation, development, construction and operation of power plants and facilities for energy generation; ii. generation and supply of electricity and energy in the United States using renewable energy, including development, construction and management of renewable energy power plants; and iii. generation and supply of electricity and energy in the United States using conventional (natural gas) power plants, including development, construction and management of conventional energy power plants in the United States. In 2022, CPV Group supplied retail electricity sale activities that complement its electricity generation activity through CPV Group. OPC manages most of its operations in Israel through OPC Power Plants, and its operations in the United States through CPV Group, of which 70% is indirectly held by OPC. Material subsidiaries Set forth below are details regarding OPC’s material subsidiaries: Ownership interest as at December 31 Note Main location of company's activities 2022 2021 OPC Power Plants Ltd. (formerly OPC Israel Energy Ltd.) 11.A. 1 Israel 100 % 100 % CPV Group LP 11.A. 2 USA 70 % 70 % 1. OPC Power Plants Ltd. (“OPC Power Plants”) OPC Power Plants (formerly OPC Israel Energy Ltd.), holds most of OPC’s businesses in Israel, such as OPC’s interests in OPC Rotem, OPC Hadera, OPC Tzomet and OPC Sorek 2. a. OPC Rotem Ltd. (“OPC Rotem”) OPC Rotem operates the Rotem Power Plant located in the Rotem Plain. Its operations commenced on July 6, 2013, and OPC Rotem has a license which allows it to produce and sell electricity for a period of 30 years from that date. As at December 31, 2022, OPC Power Plants held 80% interest in OPC Rotem with the remaining 20% is held by Veridis Power Plants Ltd. (“Veridis”). Subsequent to the year-end, OPC Rotem became a wholly-owned subsidiary of OPC Power Plants. Refer to Note 30 for further details. b. OPC Hadera Ltd. (“OPC Hadera”) OPC Hadera holds a permanent power generation license using cogeneration technology for the Hadera Power Plant (i.e. generating both electricity and steam), with 144 MW installed capacity, and a supply license. The generation license has a validity of 20 years, and may be extended for an additional 10 years subject to regulatory approval. OPC Hadera owns the Energy Center (boilers and turbines on the premises of Infinya Ltd. (“Infinya”)). The Energy Center operates as a back-up for the supply of steam. OPC Hadera supplies all the electricity and steam needs of Infinya, which is located adjacent to the Hadera Power Plant, for a contracted period of 25 years, through the Hadera Power Plant and the Energy Center, which serves as a back-up for the supply of steam. In October 2021 the Hadera Power Plant was connected to Infinya by way of a direct electricity line. c. Tzomet Energy Ltd. (“OPC Tzomet”) In April 2019, OPC Tzomet received a conditional license for construction of the Tzomet power plant. In December 2019, OPC Tzomet received tariff approval from the IEA for the power plant. Under the tariff approval, the commercial operation date is expected to be 36 months from the completion of financial closing as described above. Subject to completion of the power plant and receipt of a permanent generation license, OPC Tzomet will be entitled to tariffs in respect of sale of availability and energy to the System Operator for a period of twelve months commencing from the date of receipt of the permanent generation license. It is noted that the connection study OPC Tzomet received included approval of a reduced availability tariff in 2023, pursuant to the decision of the IEA. Lease of OPC Tzomet land In January 2020, Israel Lands Authority (“ILA”) approved allotment of an area measuring about 8.5 hectares for the construction of the Tzomet Power Plant (hereinafter in this Section – the “Land”). ILA signed a development agreement with Kibbutz Netiv Halamed Heh (hereinafter – the “Kibbutz”) in connection with the Land, which is valid up to November 5, 2024 (hereinafter – the “Development Agreement”), which after fulfilment of its conditions a lease agreement will be signed for a period of 24 years and 11 months from approval of the transaction, i.e. up to November 4, 2044. Tzomet Netiv Limited Partnership (“Joint Company’) own the rights in the Land, and the composition is as follows i) General Partner of the Tzomet Netiv Limited Partnership holds 1%, in which the Kibbutz and OPC Tzomet hold 26% and 74% respectively, ii) Limited partners hold 99%, where the Kibbutz (26%) and OPC Tzomet (73%) hold rights as limited partners. In February 2020, an updated lease agreement was also signed whereby the Joint Company, as the owner of the Land, will lease the Land to OPC Tzomet, for the benefit of the project. In January 2020, a financial specification was received from ILA in respect of the capitalization fees, whereby value of the Land (not including development expenses) of about NIS 207 million (approximately $60 million) (not including VAT) was set (hereinafter – “the Initial Assessment”). OPC Tzomet, on behalf of the Joint Company, arranged payment of the Initial Assessment in January 2020 at the rate of 75% of amount of the Initial Assessment and provided through OPC, the balance, at the rate of 25% as a bank guarantee in favor of ILA. In January 2021, a final assessment was received from ILA where the value of the usage fees in the land for a period of 25 years, to construct a power plant with a capacity of 396 MW was NIS 200 million (approximately $62 million) (the “Final Assessment”). In March 2021, a reimbursement of NIS 7 million (approximately $2 million), which included linkage differences and interest in respect of the difference between capitalized fees paid and the Final Assessment amount, was received. In addition, the bank guarantee was also reduced by the amount of 25% of said difference. In February 2021, the Joint Company submitted a legal appeal regarding the Final Assessment amount, which the ILA dismissed in August 2021. In November 2021, the Joint Company filed an assessor objection. As at December 31, 2022, the amounts paid in respect of the land was classified in the consolidated statement of financial position under “Right‑of‑use assets, net”. The unpaid balance of the Initial Assessment of approximately NIS 4 million (approximately $2 million) [2021: NIS 52 million (approximately $17 million)] was classified in the consolidated statement of financial position as at December 31, 2022 as current maturities of lease liabilities. d. OPC Sorek 2 Ltd. (“OPC Sorek 2”) In May 2020, OPC Sorek 2 signed an agreement with SMS IDE Ltd., which won a tender of the State of Israel for construction, operation, maintenance and transfer of a seawater desalination facility on the “Sorek B” site (the “Sorek B Desalination Facility”), where OPC Sorek 2 will construct, operate and maintain an energy generation facility (“Sorek B Generation Facility) with a generation capacity of about 87 MW on the premises of the Sorek 2 Desalination Facility, and will supply the energy required for the Sorek B Desalination Facility for a period of 25 years after the operation date of the Sorek B Desalination Facility. At the end of the aforesaid period, ownership of the Sorek B Generation Facility will be transferred to the State of Israel. OPC undertook to construct the Sorek B Generation Facility within 24 months from the date of approval of the National Infrastructure Plan (approved in November 2021), and to supply energy at a specific scope of capacity to the Sorek B Desalination Facility. Establishment of the Sorek B Generation Facility is contingent on, among other things, completion of the planning and/or licensing processes and receipt of approval with respect to the ability to output electricity from the site, which as at the submission date of the report had not yet been received. e. Additional subsidiaries in Israel OPC Holdings Israel Ltd. (“OPC Holdings Israel”) In May 2022, OPC formed a new subsidiary, OPC Holdings Israel and entered into an investment and share exchange transaction with Veridis to hold and operate all of OPC’s business activities in the energy and electricity generation and supply sectors in Israel (“Veridis Transaction”). Refer to Note 30 for further details. OPC Operations Ltd. (“Hadera Operations Company”) In July 2016, OPC Hadera engaged in an agreement for the ongoing operation and maintenance of the Hadera Power Plant with Hadera Operations Company, for a period of 20 years from the date of commencement of commercial operation. Under the engagement, Hadera Operations Company undertook to provide services to the Hadera Power Plant in the construction, maintenance and operation of Hadera Power Plant after its commercial operation. In October 2019, OPC provided a corporate execution guarantee of NIS 21 million (approximately $6 million) to secure the commitments of Hadera Operations Company towards OPC Hadera. AGS Rotem Ltd. (“Rotem 2”) Rotem 2 is a privately-held company that is advancing the construction of a power plant on land adjacent to the Rotem Power Plant. As at December 31, 2022, OPC held 80% of the issued and paid up share capital of Rotem 2 and the remaining shares of Rotem 2 are held by Veridis. Subsequent to the year-end, Rotem 2 is a wholly-owned subsidiary of OPC Holdings Israel. Refer to Note 30 for further details. OPC Gas Limited Partnership (“OPC Gas”) OPC Gas is a limited partnership that, as part of the Group's energy production and supply activity, supplies natural gas for OPC’s needs, including for OPC’s projects to establish energy generation facilities at the consumer's premises, as well as selling natural gas to third parties. OPC Hadera Expansion Ltd. (“OPC Hadera 2”) OPC Hadera 2 is involved in the construction of a power plant for the generation of electricity using natural gas on land owned by Infinya located adjacent to the Hadera Power Plant. OPC Hadera 2 entered into an agreement with Infinya to lease a 6.8 hectares plot near the Hadera Power Plant, which had its lease option extended in December 2022 by 5 years. In December 2022, NIS 8 million (approximately $2 million) was paid to Infinya for the exercise of the option. Gnrgy Ltd. (“Gnrgy”) Gnrgy is a private company offering electric vehicles charging services. In April 2021, OPC entered into an agreement to purchase an interest in Gnrgy, whose business focuses on e-mobility charging stations. Pursuant to the purchase agreement, in May 2021 OPC acquired a 27% interest for a consideration of NIS 25 million (approximately $8 million), and in December 2021 acquired a further 24% interest for a consideration of NIS 42 million (approximately $14 million), of which NIS 13 million (approximately $4 million) was paid in installments bearing 5% additional interest. As at December 31, 2022, OPC held a 51% (2021: 51%) interest in Gnrgy. Gnrgy's founder retained the remaining interests in Gnrgy and entered into a shareholders’ agreement with OPC, which among other things gave OPC an option to acquire a 100% interest in Gnrgy (the “Purchase Option”). The exercise price of the Purchase Option will be derived from the fair value of Gnrgy on the exercise date, assuming an agreed‑to rate, but no less than a price based on the value of the original transaction. The exercise period of the Purchase Option will be the period of time determined after approval of Gnrgy’s financial statements for each of the years 2024 through 2026. To the extent the entire exercise period of the Purchase Option passes without OPC exercising the Purchase Option, and on the assumption that no capital investments have been made in Gnrgy so as to dilute the founder’s share and subject to additional conditions stipulated in the shareholders’ agreement, the founder has an option to acquire shares of Gnrgy from OPC such that after the acquisition, he will hold 2% more than OPC in Gnrgy’s share capital, and will once again become the controlling shareholder of Gnrgy. In addition, to the extent OPC does not exercise the Purchase Option within the first period for exercise of the Purchase Option, and the founder will hold less than 15% of Gnrgy’s share capital, the founder will have an option to require OPC purchase his shares based on the fair value that will be determined in accordance with that stated in the shareholders’ agreement at a discount rate as provided in the agreement. In July 2021, Gnrgy received a virtual supply license. 2. CPV Group LP (“CPV Group”) CPV Group is engaged in the development, construction and management of power plants using renewable energy and conventional energy (power plants running on natural gas of the advanced‑generation combined‑cycle type) in the United States. The CPV Group holds rights in active power plants that it initiated and developed – both in the area of conventional energy and in the area of renewable energy. In addition, through an asset management group the CPV Group is engaged in provision of management services to power plants in the United States using a range of technologies and fuel types, by means of signing asset‑management agreements, usually for short to medium periods. Refer to Note 9.C for further details on associates of CPV Group. 3. OPC Power Ventures LP (“OPC Power”) In October 2020, OPC signed a partnership agreement (the “Partnership Agreement” and the “Partnership”, where applicable) with three financial entities to form OPC Power, whereby the limited partners in the Partnership are OPC which holds a 70% interest, Clal Insurance Group which holds a 12.75% interest, Migdal Insurance Group which holds a 12.75% interest, and a corporation from Poalim Capital Markets which holds a 4.5% interest. The General Partner of the Partnership, a wholly-owned company of OPC, will manage the Partnership’s business as its General Partner, with certain material actions (or which may involve a conflict of interest between the General Partner and the limited partners), requiring approval of a majority a of special majority (according to the specific action) of the institutional investors which are limited partners. The General Partner is entitled to management fees and success fees subject to meeting certain achievements. OPC also entered into an agreement with entities from the Migdal Insurance Group with respect to their holdings in the Partnership, whereby OPC granted said entities a put option, and they granted OPC a call option (to the extent that the put option is not exercised), which is exercisable after 10 years in certain circumstances. The total investment undertakings and provision of shareholders’ loans provided by all partners under the Partnership Agreement pro rata to the holdings discussed above is $1,215 million. The amount is designated for acquisition of all the rights in the CPV Group and for financing additional investments. In 2021, OPC and the holders of the non-controlling interests provided OPC Power in partnership capital and loans of approximately $657 million and $204 million respectively. The loans are denominated in dollars and bear interest at an annual rate of 7%. The loan principal is repayable at any time, but not later than January 2028. The accrued interest is to be paid on a quarterly basis. To the extent the payment made by OPC Power is lower than the amount of the accrued interest, the payment in respect of the balance will be postponed to the next quarter, but not later than January 2028. In January 2021, the loans and rights of OPC Power were subsequently transferred to ICG Energy, Inc. OPC Power holds 99.99% of the CPV Group, and the remaining interest is held by the General Partner of the Partnership. In 2022, the Limited Partners in the Partnership provided OPC Power with equity investments totaling $122 million (NIS 409 million) and provided it with loans for a total amount of $38 million (NIS 127 million), respectively, each in accordance with its proportionate share. As December 31, 2022, total investments in the Partnership’s equity and the outstanding balance of the loans (including accrued interest) amount to $779 million (approximately NIS 2,741 million), and $271 million (approximately NIS 953 million), respectively. Subsequent to the reporting date, further investments in equity and shareholders’ loans totaling NIS 370 million ($103 million) and NIS 115 million ($32 million), respectively, were advanced. As at the date of the approval of the financial statements, the total balance of investment undertakings and shareholders’ loans of all partners is estimated at $135 million (NIS 475 million). 4. Acquisition of CPV Group On January 25, 2021 (“Transaction Completion Date”), the Group acquired 70% of the rights and holdings in CPV Power Holdings LP; Competitive Power Ventures Inc.; and CPV Renewable Energy Company Inc through the limited partnership, CPV Group LP (the “Buyer”). For the year ended December 31, 2021, the Group’s consolidated results comprised results of the CPV Group from Transaction Completion Date through to year end. On the Transaction Completion Date, in accordance with the mechanism for determination of the consideration as defined in the acquisition agreement, the Buyer paid the sellers approximately $648 million, and about $5 million for a deposit which remains in the CPV Group. OPC partially hedged its exposure to changes in the cash flows from payments in US dollars in connection with the agreement for acquisition of the CPV Group by means of forward transactions and dollar deposits. OPC chose to designate the forward transactions as an accounting hedge. On the Transaction Completion Date, OPC recorded an amount of approximately NIS 103 million (approximately $32 million) that was accrued in a hedge capital reserve to the investment cost in the CPV Group. The contribution of the CPV Group to the Group’s revenue and consolidated loss from the acquisition date until December 31, 2021 amounted to $51 million and $47 million, respectively. Following the acquisition of CPV Group, the fair value of identifiable assets and liabilities as of the acquisition date had been determined to be $580 million. Accordingly, goodwill of $105 million (including goodwill arising from hedging) was recognized, which reflects the potential of future activities of CPV Group in the market in which it operates. 5. Issuances of new shares by OPC In October 2020, OPC published a shelf offer report for issuance of ordinary shares of NIS 0.01 par value each to the public through a uniform offer with a range of quantities by means of a tender on the price per unit and the quantity. Kenon submitted bids for participation in the tender at prices not less than the uniform price determined in the tender, and as part of the issuance it was issued 10,700,200 shares for a consideration of approximately $101 million. A total of 23,022,100 shares were issued to the public. The gross proceeds from the issuance amount to approximately NIS 737 million (approximately $217 million) and the issuance expenses amounted to approximately NIS 5 million (approximately $1 million). In addition, in October 2020, OPC completed a private offer of 11,713,521 ordinary shares to institutional entities from the Clal group and Phoenix group. The price per ordinary share with respect to each of the offerees was NIS 29.88, which was determined through negotiations between the offerees. The gross proceeds from the issuance amount to approximately NIS 350 million (approximately $103 million) and the issuance expenses amount to approximately NIS 5 million (approximately $1 million). Following completion of the share issuances in 2020, as at December 31, 2020 Kenon registered a decrease of 8% in equity interest in OPC from 70% to 62%. Accordingly, in 2020 the Group recognized $136 million in non-controlling interests and $182 million in accumulated profits arising from changes in the Group’s proportionate share of OPC. In February 2021, OPC issued to Altshuler Shaham Ltd. and entities managed by Altschuler Shalam (collectively, the “Offerees”), 10,300,000 ordinary shares of NIS 0.01 par value each. The price of the shares issued to the Offerees was NIS 34 per ordinary share, and the gross proceeds from the issuance was about NIS 350 million (approximately $106 million). The issuance expenses were about NIS 4 million (approximately $1 million). Accordingly, the Group recognized $63 million in non-controlling interests and $42 million in accumulated profits arising from changes in the Group’s proportionate share of OPC. In July 2022, OPC issued to the public 9,443,800 ordinary shares of NIS0.01 par value each. The issuance was carried out by way of uniform offering with a quantity range, and a tender for the unit price and quantity. Gross issuance proceeds amounted to NIS 331 million (approximately $94 million), and issuance expenses were approximately NIS 9 million (approximately $2 million). Kenon took part in the issuance, and was issued 3,898,000 ordinary shares for a gross amount of $39 million. In September 2022, OPC issued to qualified investors 12,500,000 ordinary shares of NIS 0.01 par value each. Gross issuance proceeds amounted to NIS 500 million (approximately $141 million), and issuance expenses were approximately NIS 6 million (approximately $1 million). Kenon did not take part in the issuance. Following completion of the share issuances in 2022, Kenon registered a decrease of 4% in equity interest in OPC from 59% to 55%. Accordingly, the Group recognized $136 million in non-controlling interests and $58 million in accumulated profits arising from changes in the Group’s proportionate share of OPC. 6. Rights issuance In September 2021, OPC issued rights to purchase 13,174,419 ordinary OPC shares of NIS 0.01 per value each (hereinafter - the “Rights”), in connection with the development and expansion of OPC’s activity in the USA. The Rights were offered such that each holder of ordinary shares of OPC who held 43 ordinary shares was entitled to purchase one right unit comprising of three shares at a price of NIS 75 (NIS 25 per share). Through the deadline for exercising the rights, notices of exercise were received for the purchase of 13,141,040 ordinary shares (constituting approximately 99.7% of the total shares offered in the rights offering). The gross proceeds from the exercised rights amounted to approximately NIS 329 million (approximately $102 million). In October 2021, Kenon exercised rights for the purchase of approximately 8 million shares for total consideration of approximately NIS 206 million (approximately $64 million), which included its pro rata share and additional rights it purchased during the rights trading period plus the cost to purchase these additional rights. As a result, Kenon now holds approximately 58.8% of the outstanding shares of OPC. Accordingly, the Group recognized $41 million in non-controlling interests and $60 million in accumulated profits arising from changes in the Group’s proportionate share of OPC. Following completion of the share issuance as described in Note 11.5 and the above rights issuances in 2021, Kenon registered a decrease in equity interest in OPC from 59% to 55%. Accordingly, the Group recognized $104 million in non-controlling interests and $38 million in accumulated profits arising from changes in the Group’s proportionate share of OPC. B. The following table summarizes the information relating to the Group’s subsidiary in 2022, 2021 and 2020 that has material NCI: As at and for the year ended December 31, 2022 2021 2020 OPC Energy Ltd. OPC Energy Ltd. OPC Energy Ltd. $ Thousands NCI percentage * 56.20 % 53.14 % 39.09 % Current assets 419,636 346,380 693,913 Non-current assets 2,289,101 2,141,744 1,040,400 Current liabilities (184,418 ) (230,518 ) (221,975 ) Non-current liabilities (1,283,445 ) (1,341,962 ) (980,028 ) Net assets 1,240,874 915,644 532,310 Carrying amount of NCI 697,433 486,598 208,080 Revenue 573,957 487,763 385,625 Profit/(loss) after tax 65,352 (93,898 ) (12,583 ) Other comprehensive income (11,249 ) 74,219 (2,979 ) Profit/(loss) attributable to NCI 37,007 (54,022 ) (2,567 ) OCI attributable to NCI (568 ) 33,661 (616 ) Cash flows from operating activities 62,538 119,264 104,898 Cash flows from investing activities (328,610 ) (256,200 ) (643,942 ) Cash flows from financing activites excluding dividends paid to NCI 285,898 311,160 489,919 Dividends paid to NCI - (10,214 ) (12,412 ) Effect of changes in the exchange rate on cash and cash equivalents (13,545 ) 6,717 12,566 Net increase/(decrease) in cash and cash equivalents 6,281 170,727 (48,971 ) * The NCI percentage represents the effective NCI of the Group |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment, Net | Note 12 – Property, Plant and Equipment, Net A. Composition Roads, Facilities, Wind turbines Computers Office Assets under Other Total $ Thousands Cost Balance at January 1, 2021 72,222 763,828 - 763 1,132 127,116 43,840 1,008,901 Additions 5,709 2,527 894 - 240 252,096 5,761 267,227 Disposals (453 ) - (972 ) - (150 ) - (1,885 ) (3,460 ) Reclassification 2,242 - - (763 ) (808 ) - (671 ) - Acquisitions as part of a business 1,682 - 29,922 - - 18,990 - 50,594 Differences in translation reserves 2,554 25,920 - - - 11,578 1,097 41,149 Balance at December 31, 2021 83,956 792,275 29,844 - 414 409,780 48,142 1,364,411 Additions 3,442 18,657 191 - (8 ) 185,938 46,025 254,245 Disposals (160 ) (13,007 ) (43 ) - - (1,969 ) (12,769 ) (27,948 ) Reclassification - - - - - 3 (3 ) - Differences in translation reserves (9,633 ) (75,558 ) - - - (41,164 ) (6,016 ) (132,371 ) Balance at December 31, 2022 77,605 722,367 29,992 - 406 552,588 75,379 1,458,337 Accumulated depreciation Balance at January 1, 2021 12,799 175,633 - 511 757 - 640 190,340 Additions 3,453 36,620 634 - 71 - - 40,778 Disposals (240 ) - (71 ) - (151 ) - - (462 ) Reclassification 1,585 - - (511 ) (434 ) - (640 ) - Differences in translation reserves 551 7,384 - - - - - 7,935 Balance at December 31, 2021 18,148 219,637 563 - 243 - - 238,591 Additions 3,864 37,057 1,109 - 80 - - 42,110 Disposals (10 ) (13,007 ) (21 ) - (8 ) - - (13,046 ) Differences in translation reserves (3,557 ) (28,182 ) - - - - - (31,739 ) Balance at December 31, 2022 18,445 215,505 1,651 - 315 - - 235,916 Carrying amounts At January 1, 2021 59,423 588,195 - 252 375 127,116 43,200 818,561 At December 31, 2021 65,808 572,638 29,281 - 171 409,780 48,142 1,125,820 At December 31, 2022 59,160 506,862 28,341 - 91 552,588 75,379 1,222,421 B. The amount of borrowing costs capitalized in 2022 was approximately $16 million (2021: $7 million). C. Fixed assets purchased on credit in 2022 was approximately $47 million (2021: $39 million). D. The composition of depreciation expenses from continuing operations is as follows: As at December 31, 2022 2021 $ Thousands Depreciation and amortization included in gross profit 56,853 53,116 Depreciation and amortization charged to selling, general and administrative expenses 6,023 4,524 Depreciation and amortization from continuing operations 62,876 57,640 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets, Net | Note 13 – Intangible Assets, Net A. Composition: Goodwill* PPA** Others Total $Thousands Cost Balance as at January 1, 2021 21,596 - 2,372 23,968 Acquisitions as part of business combinations 118,458 110,446 3,410 232,314 Additions - - 1,451 1,451 Translation differences 158 - 237 395 Balance as at December 31, 2021 140,212 110,446 7,470 258,128 Additions - - 10,799 10,799 Translation differences (1,599 ) - (1,316 ) (2,915 ) Balance as at December 31, 2022 138,613 110,446 16,953 266,012 Amortization Balance as at January 1, 2021 21,455 - 1,061 22,516 Amortization for the year - 10,947 339 11,286 Translation differences - - 44 44 Balance as at December 31, 2021 21,455 10,947 1,444 33,846 Amortization for the year - 10,569 991 11,560 Translation differences - - (189 ) (189 ) Balance as at December 31, 2022 21,455 21,516 2,246 45,217 Carrying value As at January 1, 2021 141 - 1,311 1,452 As at December 31, 2021 118,757 99,499 6,026 224,282 As at December 31, 2022 117,158 88,930 14,707 220,795 * Relates mainly to goodwill arising from acquisition of CPV Group and Gnrgy of $105 million and $14 million respectively. Refer to Note 11.A.4 for further information. ** Relates to the power purchase agreement from the acquisition of CPV Keenan, which is part of the CPV Group. B. The total carrying amounts of intangible assets with a finite useful life and with an indefinite useful life or not yet available for use As at December 31, 2022 2021 $ Thousands Intangible assets with a finite useful life 103,637 105,525 Intangible assets with an indefinite useful life or not yet available for use 117,158 118,757 220,795 224,282 C. I mpairment testing of goodwill arising from acquisition of CPV Group As part of the acquisition of the CPV Group as described in Note 11.A.4, on the acquisition date, OPC recognized goodwill of $105 million, which reflects the future growth potential of the CPV Group’s operations. In 2022, OPC reallocated the goodwill to the renewable energies segment in the United States, since it believes that this allocation reflects fairly the nature of the goodwill that had arisen from the acquisition., especially through renewable energy, which OPC recognizes as a cash-generating unit. OPC conducted an impairment test as of December 31, 2022. OPC has considered the report from a qualified external valuer regarding the recoverable amount of the cash-generating unit based on discounted expected future cash flows provided by OPC. Projects under commercial operation and projects under construction were estimated by discounting expected future cash flows before tax by applying the discount rate, which is represented by the weighted average cost of capital (“WACC”) after tax. Projects under development were estimated at cost. Below are the main assumptions used in the valuation: 1. Forecast years - represents the period spanning from January 1, 2023 to December 31, 2054, based on the estimate of the economic life of the power plants and their value as at the end of the forecast period. 2. Market prices and capacity - market prices (electricity, gas, capacity, etc.) were provided by an external independent appraiser, the cash flow forecasts were made for each power plant separately, taking into account the relevant electricity market (NYISO, ISO-NE, PJM and SPP) and the relevant regulation. 3. The annual inflation rate of 2.3% equals the derived 10-year inflation rate as of the estimate date. 4. The WACC - calculated for each material project separately, and ranges between 6.75% (project with agreements for sale of the entire capacity) and 8%. OPC used a relevant discount rate reflecting the specific risks associated with the future cash flow of a cash-generating unit. As of December 31, 2022, the recoverable amount of the cash-generating unit of the CPV Group, which is relating to the renewable energies segment in the United States exceeds its book value and therefore, no impairment has been recognized for them. The fair value measurement was classified at Level 3 due to the use of input that is not based on observable market inputs in the assessment model. As of the report date, in accordance with management's assessments regarding future industry trends, which are based on external and internal sources, OPC has not identified any key assumptions in which possible likely changes may occur, which would cause the CPV Group's recoverable amount to decrease below its carrying amount. D. I mpairment testing of goodwill arising from acquisition of Gnrgy As part of the acquisition of Gnrgy in December 2021, as set out in Note 11.A.1.e, OPC recognized goodwill totaling $14 million, which reflects the potential of future activities of Gnrgy in the market in which it operates. As of December 31, 2022, the Company conducted annual impairment testing in accordance with the provisions of IAS 36. The recoverable amount of Gnrgy’s activity, which represents the lowest level in which goodwill is monitored, was set using the fair value method, net of costs to sell, based on discounting expected future cash flows. As of December 31, 2022, Gnrgy’s recoverable amount exceeds its carrying amount, and therefore, no impairment loss was recognized in respect of goodwill. As of the report date, in accordance with management’s assessments, a reasonable change in the key assumptions used to determine the recoverable amount will not cause a recognition of an impairment loss in respect of goodwill. |
Long-Term Prepaid Expenses and
Long-Term Prepaid Expenses and Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Long Term Prepaid Expenses Abstract | |
Long Term Prepaid Expenses and Other Non Current Assets | Note 14 – Long-Term Prepaid Expenses and Other Non-Current Assets As at December 31, 2022 2021 $ Thousands Deferred expenses, net (1) 32,840 42,840 Contract costs 4,337 5,119 Other non-current assets 13,637 9,307 50,814 57,266 (1) Relates to deferred expenses, net for OPC’s connection fees to the gas transmission network and the electricity grid. |
Loans and Debentures
Loans and Debentures | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Loans and Debentures | Note 15 – Loans and Debentures Following are the contractual conditions of the Group’s interest-bearing loans and credit, which are measured based on amortized cost. Additional information regarding the Group’s exposure to interest risks, foreign currency and liquidity risk is provided in Note 29, in connection with financial instruments. As at December 31 2022 2021 $ Thousands Current liabilities Current maturities of long-term liabilities: Loans from banks and others 26,113 21,861 Non-convertible debentures 9,497 7,125 Others 3,652 9,325 39,262 38,311 Non-current liabilities Loans from banks and others 610,434 596,489 Non-convertible debentures 513,375 575,314 1,123,809 1,171,803 Total 1,163,071 1,210,114 A.1 Classification based on currencies and interest rates Weighted- As at December 31, 2022 2022 2021 % $Thousands Debentures In shekels 2.50% - 2.75 % 522,872 582,439 Loans from banks and others In shekels 2.40% - 5.40 % 640,199 627,675 1,163,071 1,210,114 As at December 31, 2022 and December 31, 2021, all loans and debentures relate to liabilities incurred by OPC and its subsidiaries. A.2 Reconciliation of movements of liabilities to cash flows arising from financing activities Financial liabilities (including interest payable) Loans and Loans from Debentures Financial $ Thousands Balance as at January 1, 2022 488,455 139,838 586,600 (8,305 ) Changes as a result of cash flows from financing activities Payment in respect of derivative financial instruments, net - - - (923 ) Receipt of loans 88,651 13,680 - - Repayment of debentures and loans (21,601 ) (25,617 ) (5,972 ) - Interest paid (11,058 ) (2,094 ) (11,889 ) - Prepaid costs for loans taken (2,845 ) - - - Net cash provided by/(used in) financing activities 53,147 (14,031 ) (17,861 ) (923 ) Effect of changes in foreign currency exchange rates (51,435 ) (8,419 ) (68,696 ) 967 Interest and CPI expenses 27,444 6,764 26,728 - Changes in fair value, application of hedge accounting and other (1,416 ) - - (7,826 ) Balance as at December 31, 2022 516,195 124,152 526,771 (16,087 ) Financial liabilities (including interest payable) Loans and Loans from Debentures Financial $ Thousands Balance as at January 1, 2021 615,403 439 304,701 11,014 Changes as a result of cash flows from financing activities Payment in respect of derivative financial instruments - - - (13,933 ) Proceeds from issuance of debentures - - 262,750 - Receipt of long-term loans from banks 211,738 131,388 - - Repayment of loans, debentures and lease liabilities (601,474 ) - (5,876 ) - Interest paid (25,095 ) - (6,093 ) - Costs paid in advance in respect of taking out loans (4,991 ) - - - Net cash (used in)/provided by financing activities (419,822 ) 131,388 250,781 (13,933 ) Changes due to gain of control in subsidiaries 172,163 - - 12,176 Effect of changes in foreign exchange rates 10,820 2,497 17,993 (487 ) Changes in fair value - - - (13,726 ) Interest in the period 38,803 4,275 13,125 - Other changes and additions during the year 71,088 1,239 - (3,349 ) Balance as at December 31, 2021 488,455 139,838 586,600 (8,305 ) 1. Long-term loans from banks and others B. OPC Rotem OPC Rotem financing agreement The power plant project of OPC Rotem was financed by the project financing method (hereinafter – “Rotem Financing Agreement”) with a consortium of lenders led by Bank Leumi Le-Israel Ltd. (hereinafter respectively – “Rotem’s Lenders” and “Bank Leumi”). In October 2021, the early repayment of the full outstanding balance of OPC Rotem’s project financing of amount NIS 1,292 million (approximately $400 million) (including early repayment fees as described below) was completed. A debt service reserve and restricted cash of amount NIS 125 million (approximately $39 million) were also released. As part of the early repayment, OPC Rotem recognized a one-off expense totaling NIS 244 million (approximately $75 million) in 2021, in respect of an early repayment fee of approximately NIS 188 million (approximately $58 million), net of tax. In proportion to their interests in OPC Rotem, OPC and Veridis extended to OPC Rotem loans for the financing of the early repayment of amounts NIS 904 million (approximately $291 million) and NIS 226 million (approximately $72 million), respectively, totaling NIS 1,130 million (approximately $363 million) (hereinafter - the “Shareholders’ Loans”). The Shareholders' Loans bear annual interest at the higher of 2.65% or interest in accordance with Section 3(J) of the Israel Income Tax Ordinance, whichever is higher. The Shareholders’ Loans shall be repaid in quarterly unequal payments in accordance with the mechanism set in the Shareholders’ Loans agreement, and in any case no later than October 2031. A significant portion of OPC’s portion of NIS 904 million (approximately $280 million), was funded by the issuance of Series C debentures as described in Note 15.2.A. C. OPC Hadera Hadera financing agreement In July 2016, Hadera entered into a financing agreement for the senior debt (hereinafter – “the Hadera Financing Agreement”) with a consortium of lenders (hereinafter – “Hadera’s Lenders”), headed by Israel Discount Bank Ltd. (hereinafter – “Bank Discount”) and Harel Insurance Company Ltd. (hereinafter – “Harel”) to finance the construction of the Hadera Power Plant, whereby the lenders undertook to provide Hadera credit facilities, mostly linked to the CPI, in the amount of NIS 1,006 million (approximately $323 million) in several facilities (some of which are alternates): (1) a long‑term credit facility (including a facility for changes in construction and related costs); (2) a working capital facility; (3) a debt service reserves account and a VAT facility; (4) a guarantees facility; and (5) a hedge facility. Some of the loans in the Hadera Financing Agreement are linked to the CPI and some are unlinked. The loans bear interest rates between 2.4% and 3.9% on the CPI-linked loans, and between 3.6% and 5.4% on the unlinked loans, and are repaid in quarterly installments up to 2037 and commenced from the first quarter of 2020. In addition, OPC Hadera undertook, commencing from the commercial operation date, to provide a debt service reserve in an amount equal to the amount of the debt payments for two successive quarters (as at December 31, 2021, NIS 30 million (approximately $10 million)), and an owner’s guarantee fund of NIS 15 million (approximately $5 million). As at December 31, 2022, OPC Hadera and OPC were in compliance with all of the covenants pursuant to the Hadera Financing Agreement. OPC Hadera has a guarantee facility in the amount of NIS 60 million (approximately $17 million) [2021: NIS 60 million (approximately $19 million of which NIS 26 million (approximately $7 million)] [2021: NIS 26 million (approximately $8 million)] has been used, a hedge facility in the amount of NIS 68 million (approximately $19 million) [2021: NIS 68 million (approximately $22 million)] (of which an insignificant amount has been used), and a working capital facility of NIS 30 million (approximately $9 million) [2021: NIS 30 million (approximately $10 million)] which has not been used. D. OPC Tzomet Tzomet financing agreement In December 2019, a financing agreement for the senior debt (project financing) was signed between OPC Tzomet and a syndicate of financing entities led by Bank Hapoalim Ltd. (hereinafter – “Bank Hapoalim”, and together with the other financing entities hereinafter – “Tzomet’s Lenders”), to finance construction of the Tzomet power plant (hereinafter – “Tzomet Financing Agreement”). Under the Tzomet Financing Agreement, Tzomet’s Lenders undertook to provide OPC Tzomet a long‑term loan facility, a standby facility, a working capital facility, a debt service reserve, a VAT facility, third‑party guarantees and a hedge facility, in the aggregate amount of NIS 1.372 billion (approximately $441 million). Part of the amounts under these facilities will be CPI-linked and part of the amounts will be USD-linked. The loans accrue interest at the rates set out in the Tzomet Financing Agreement. As part of the Tzomet Financing Agreement, terms were provided with reference to conversion of interest on the long-term loans from variable interest to CPI linked interest. Such a conversion will take place in three cases: (a) automatically at the end of 6 years after the signing date of the Tzomet Financing Agreement; (b) at OPC Tzomet’s request during the first 6 years commencing from the signing date of the Tzomet Financing Agreement; (c) at Bank Hapoalim’s request, in certain cases, during the first 6 years commencing from the signing date of the Tzomet Financing Agreement. In addition, OPC Tzomet has the right to make early repayment of the loans within 6 years after the signing date of the Tzomet Financing Agreement, subject to a one time reduced payment (and without payment of an early repayment penalty), and provided that up to the time of the early repayment, the loans were not converted into loans bearing fixed interest linked to the CPI. The Tzomet Financing Agreement also includes certain restrictions with respect to distributions and repayment of shareholders’ loans. As at December 31, 2022, OPC Tzomet and OPC were in compliance with all the covenants in accordance with the Tzomet Financing Agreement. The loans are to be repaid quarterly, which will begin shortly before the end of the first or second quarter after the commencement date of the commercial operation up to the date of the final payment, which will take place on the earlier of the end of 19 years from the commencement date of the commercial operation or 23 years from the signing date of the Tzomet Financing Agreement (however not later than December 31, 2042). OPC Tzomet equity subscription agreement In December 2019, an equity subscription agreement (hereinafter – “Tzomet’s Equity Subscription Agreement”) was signed. As part of the said agreement, OPC undertook certain commitments to the Lenders in connection with OPC Tzomet and its activities, including investment of shareholders’ equity in OPC Tzomet of about NIS 293 million (approximately $94 million). As at December 31, 2021, OPC had provided OPC Tzomet with the amount of equity that it had undertaken. E. OPC Short-term loans As at December 31, 2022, OPC has a facility agreement for short-term credit loans of up to three years of NIS 300 million (approximately $85 million), of which NIS 100 million (approximately $28 million) is taken from Bank Mizrahi Tafahot Ltd. (“Bank Mizrahi”), a related party of the Group. The facility bore interest at the annual rate of prime plus 2% to 3%. At December 31, 2022, the unutilized credit facility was NIS 290 million (approximately $82 million). Hedge agreement In June 2019, OPC entered into a hedge agreement with Bank Hapoalim Ltd. for hedge of 80% of the exposure to the CPI with respect to the principal of loans from financial institutions, in exchange for payment of additional interest at the annual rate of between 1.7% and 1.76% (hereinafter – “the CPI Transactions”). OPC chose to designate the CPI Transactions as an “accounting hedge”. In 2020 and 2021, due to changes in the inflationary expectations and in light of the changes in the projected interest rates, OPC recorded an increase in the assets and liabilities, respectively, following revaluation of the financial derivative in respect of the CPI Transactions (hereinafter – “the Derivative”), in the amount of NIS 43 (approximately $13 million) million and NIS 42 million (approximately $13 million), respectively, which was recorded as part of other comprehensive income. OPC deposits collaterals to secure its loans from the bank in connection with the Derivative. The value of the Derivative was calculated by means of discounting the linked shekel cash flows expected to be received less the discounted fixed shekel cash flows payable. An adjustment was made to this valuation for the credit risks of the parties. F. CPV Keenan Keenan financing agreement In August 2021, CPV Keenan and a number of financial entities entered into a $120 million financing agreement (hereinafter - the “Keenan Financing Agreement”). Concurrently with the closing of the Keenan Financing Agreement, CPV Keenan repaid its former financing agreement entered into in 2014 (as of the repayment date, the outstanding principal was approximately $67 million). No financial penalties were imposed on the early repayment of the former financing agreement. The previous annual interest rate was LIBOR plus a 2.25%-2.75% spread on the Term Loan, and a 1% spread on the ancillary credit facilities. The loan and the ancillary credit facilities in the Keenan Financing Agreement shall be repaid in installments over the term of the agreement; the final repayment date is December 31, 2030. The loan and the ancillary credit facilities in the Keenan Financing Agreement shall carry an annual interest of LIBOR + 1% to 1.375%. As part of the Keenan Financing Agreement, collateral and pledges on the project's assets held by CPV Keenan were provided in favor of the lenders. It should be noted that the Keenan Financing Agreement includes, among other things, and as customary in agreements of this type, provisions regarding mandatory prepayments, fees in respect of credit facilities, annual fees relating to the issuance of LC and additional customary terms and conditions, including hedging of the base interest rate in respect of 70% of the loan. As at December 31, 2022, CPV Keenan utilized NIS 47 million ($13 million) of the said credit facilities. As part of the Keenan Financing Agreement, collateral and pledges on the project's assets held by CPV Keenan were provided in favor of the lenders. The Keenan Financing Agreement includes a number of restrictions, such as compliance with a minimum debt service coverage ratio of 1.15 during the 4 quarters that preceded the distribution, and a condition whereby no grounds for repayment or breach event exists (as defined in the financing agreement). The Keenan Financing Agreement includes grounds for calling for immediate repayment as customary in agreements of this type, including, among others – breach of representations and covenants that have a material adverse effect, non-payment events, non-compliance with certain obligations, various insolvency events, termination of the activities of the project or termination of significant parties in the project (as defined in the agreement), occurrence of certain events relating to the regulatory status of the project and maintaining of government approvals, certain changes in the project’s ownership, certain events in connection with the project, existence of legal proceedings relating to the project, and a situation wherein the project is not entitled to receive payments for electricity – all in accordance with and subject to the terms and conditions, definitions and cure periods detailed in the financing agreement. Completion of the Keenan Financing Agreement generated the CPV Group approximately $26 million in cash (after making payments in respect of: repayment of CPV Keenan's previous outstanding loan balance, transaction costs, early closing of an interest rate hedging transaction of approximately $11 million, and additional costs). Similarly, in light of the repayment of CPV Keenan’s previous financing, in the reporting period, the Group recognized a gain on derecognition of financial liability of $3 million under Financing income. G. OPC Power Shareholder loans In 2021, OPC (through a wholly-owned subsidiary) and non-controlling interests provided loans to OPC Power in the amounts of $143 million and $61 million, respectively. In 2022, OPC (through a wholly owned subsidiary) and non-controlling interests provided additional loans to OPC Power in the amounts of $27 million and $11 million, respectively. The loans bear annual interest at a rate of 7%. The loan principal will be repayable at any time as will be agreed on between the parties, but no later than January 2028. Accrued interest is payable on a quarterly basis. To the extent that payment made by OPC Power is lower than the amount of the accrued interest, payment in respect of the balance will be postponed to the following quarter – but not later than January 2028. 2. Debentures A. OPC Series B Debentures In April 2020, OPC issued debentures (Series B) with a par value of NIS 400 million (approximately $113 million), which were listed on the TASE. As a result, approximately $111 million representing the par value, net of issuance cost is recognized as debentures. The debentures are linked to the Israeli consumer price index and bear annual interest at the rate of 2.75%. The principal and interest of the debentures (Series B) are repayable every six months, commencing on March 31, 2021 (on March 31 and September 30 of every calendar year) through September 30, 2028. In October 2020, OPC issued additional Series B debentures of par value NIS 556 million (approximately $162 million) (the “Expansion of Series B”). The gross proceeds of the issuance amount to approximately NIS 584 million (approximately $171 million) and the issuance costs were approximately NIS 7 million (approximately $2 million). A trust certificate was signed between OPC and Reznik Paz Nevo Trusts Ltd. in April 2020, which details customary grounds for calling the debentures for immediate repayment (subject to cure periods), including insolvency events, liquidation proceedings, receivership, a stay of proceedings and creditors’ arrangements, certain structural changes, a significant worsening in OPC’s financial position, etc. The trust certificate also includes a commitment of OPC to comply with certain financial covenants and restrictions. At December 31, 2022, OPC meets the said financial covenants, as follows: (1) OPC’s equity is NIS 9,532 million (approximately $2,709) [2021: NIS 2,270 million (approximately $730 million) (minimum required is NIS 250 million, and for purposes of a distribution, NIS 350 million)]; (2) OPC's equity to asset ratio is 65% [2021: 55% (minimum required is 17%, and for purposes of distribution, 27%)]; (3) the ratio between net consolidated financial debt less the financial debt designated for the construction of projects that have not yet started generating EBITDA and adjusted EBITDA is 5.6 [2021: 7.3 (maximum allowed is 13, and for purposes of a distribution, 11)]. Series C Debentures In September 2021, OPC issued Series C debentures at a par value of NIS 851 million (approximately $266 million), with the proceeds designated primarily for the early repayment of OPC Rotem’s financing (refer to Note 15.1.B). The debentures are listed on the TASE, are not CPI-linked and bear annual interest of 2.5%. The debentures shall be repaid in twelve semi-annual and unequal installments (on February 28 and August 31) as set out in the amortization schedule, starting on February 28, 2024 through August 31, 2030 (the first interest payment is due on February 28, 2022). The issuance expenses amounted to about NIS 9 million (approximately $3 million). OPC is required to comply with certain financial covenants and restrictions. As at December 31, 2022, OPC meets the said financial covenants, as follows: (1) OPC’s shareholders’ equity was NIS 9,532 million (approximately $2,709 million [2021: NIS 2,270 million (approximately $730 million)] (minimum required is NIS 1 billion, and for purposes of a distribution, NIS 1.4 billion); (2) the ratio of OPC’s shareholders’ equity to OPC’s total assets was 65% (2021: 55% ) (minimum required is 20%, and for purposes of distribution, 30%); (3) the ratio of the net consolidated financial debt less the financial debt designated for construction of projects that have not yet commenced producing EBITDA and Adjusted EBITDA is 5.6 (2021 :7.3) (maximum allowed is 13, and for purposes of a distribution, 11); (4) equity to consolidated balance sheet ratio of 46% (2021: 37%) (minimum required is 17%). |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Trade and Other Payables | Note 16 – Trade and Other Payables As at December 31, 2022 2021 $ Thousands Trade Payables 95,036 136,505 Accrued expenses and other payables 10,833 11,479 Government institutions 2,083 2,459 Employees and payroll institutions 14,491 11,625 Interest payable 4,472 5,213 Others 6,500 4,256 133,415 171,537 |
Right-Of-Use Assets, Net and Le
Right-Of-Use Assets, Net and Lease Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Right-Of-Use Assets and Lease Liabilities | Note 17 – Right-Of-Use Assets, Net and Lease Liabilities A) The Group leases the following items: i) Land In Israel, the leases are typically entered into with government institutions for the construction and operation of OPC Power Plants’s power plants. They typically run for a period of more than 20 years, with an option for renewal. In the United States, the leases are typically entered into with private companies or individuals for the development, construction and operation of the CPV Group’s power plants. ii) OPC gas transmission infrastructure The lease for the gas Pressure Regulation and Measurement Station (“PRMS”) relates to the facility at OPC Hadera’s power plant. For further details, please refer to Note 18.B. iii) Offices The leases range from 3 to 9 years, with options to extend. iv) Low-value items The total for low-value items on short-term leases are not material. Accordingly, the Group has not recognized right-of-use assets and lease liabilities for these leases. B) Right-of-use assets As at December 31, 2022 Balance at Depreciation Adjustments Balance at $ Thousands Land 81,355 (3,484 ) (908 ) 76,963 PRMS facility 6,239 (660 ) 8,398 13,977 Offices 10,282 (2,142 ) 213 8,353 Others 7 (6 ) (1 ) - 97,883 (6,292 ) 7,702 99,293 As at December 31, 2021 Balance at Depreciation Adjustments Balance at $ Thousands Land 77,011 (3,375 ) 7,719 81,355 PRMS facility 6,514 (480 ) 205 6,239 Offices 2,499 (1,716 ) 9,499 10,282 Others - - 7 7 86,024 (5,571 ) 17,430 97,883 C) Amounts recognized in the consolidated statements of profit & loss and cash flows As at As at 2022 2021 $ Thousands $ Thousands Interest expenses in respect of lease liability 572 550 Total cash outflow for leases 2,572 1,993 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of contingent liabilities, commitments and concessions [Abstract] | |
Contingent Liabilities and Commitments | Note 18 – Contingent Liabilities and Commitments A. Contingent Liabilities 1. OPC Rotem Power Purchase Agreement In 2014 (commencing in August), letters were exchanged between OPC Rotem and IEC regarding the tariff to be paid by OPC Rotem to IEC in respect of electricity that it had purchased from the electric grid, in connection with sale of electricity to private customers, where the electricity generation in the power plant was insufficient to meet the electricity needs of such customers. It is OPC Rotem’s position that the applicable tariff is the “ex-post” tariff, whereas according to IEC in the aforesaid exchange of letters, the applicable tariff is the TAOZ tariff, and based on part of the correspondences even a tariff that is 25% higher than the TAOZ tariff (and some of the correspondences also raise allegations of default of the PPA with IEC). In order to avoid a specific dispute, Rotem paid IEC the TAOZ tariff for the aforesaid purchase of electricity and commencing from that date, it pays IEC the TAOZ tariff on the purchase of electricity from IEC for sale to private customers. IEC raised contentions regarding past accountings in respect of the acquisition cost of energy for OPC Rotem’s customers in a case of a load reduction of the plant by the System Operator, and collection differences due to non-transfer of meter data in the years 2013 through 2015. In addition, IEC stated its position with respect to additional matters in the arrangement between the parties relating to the acquisition price of surplus energy and the acquisition cost of energy by OPC Rotem during performance of tests. OPC Rotem’s position regarding the matters referred to by IEC, based on its legal advisors, is different and talks are being held between the parties. In March 2022, OPC Rotem and the IEC signed a settlement agreement regarding past accounting in respect of the acquisition cost of energy for OPC Rotem’s customers in a case of a load reduction of the plant by Noga, and collection differences due to non-transfer of meter data between 2013 and 2015. As part of the settlement, OPC Rotem paid a total of approximately $2 million (approximately NIS 5.5 million) to the IEC. Subsequent to this, the System Operator contacted OPC Rotem with a claim that OPC Rotem had transmitted excess energy without coordinating the transmission with the System Operator, to which OPC Rotem disputes the claim. As at December 31, 2022, in OPC Rotem’s estimation, it is more likely than not that OPC Rotem will not pay any additional amounts in respect of the period ended December 31, 2022. Therefore, no provision was included in the financial statements. 2. Construction agreements a. OPC Hadera In January 2016, an agreement was signed between OPC Hadera and SerIDOM Servicios Integrados IDOM, S.A.U (“IDOM”), for the design, engineering, procurement and construction of a cogeneration power plant, in consideration of about approximately $185 million (approximately NIS 639 million) (as amended several times as part of change orders, including an amendment made in 2019 and described below), which is payable on the basis of the progress of the construction and compliance with milestones (hereinafter – “the Hadera Construction Agreement”). IDOM has provided bank guarantees and a corporate guarantee of its parent company to secure the said obligations, and OPC has provided a corporate guarantee to IDOM, in the amount of $10.5 million, to secure part of OPC Hadera’s liabilities. In addition, as part of an addendum to OPC Hadera’s construction agreement which was signed in October 2018, the parties agreed to waiver of past claims up to the signing date of the addendum. In accordance with the construction agreement, OPC Hadera is entitled to certain compensation from IDOM in respect of the delay in completion of the construction of the Hadera Power Plant or compensation (limited to the amount of the limit set in the Agreement) in the event of failure to comply with the terms set out in the Agreement with regard to the Power Plant performance. The said compensation is capped by the amounts specified in the construction agreement, and up to an aggregate of $36 million. According to the Construction Agreement, OPC Hadera has a contractual right to deduct any amount due to it under the Construction Agreement, including for the foregoing compensation, from any amounts that it owes to the construction contractor. In 2022, OPC Hadera deducted a total of $14 million from amounts payable to the construction contractor in respect of the final milestones. As at December 31, 2022, an arbitration proceeding was conducted between OPC Hadera and the construction contractor, of which a hearing is scheduled for in June 2024. b. OPC Tzomet In September 2018, OPC Tzomet signed a planning, procurement and construction agreement (hereinafter – “the Agreement”) with PW Power Systems LLC (hereinafter – “Tzomet Construction Contractor” or “PWPS”), for construction of the Tzomet project. The Agreement is a “lump sum turnkey” agreement wherein the Tzomet Construction Contractor committed to construct the Tzomet project in accordance with the technical and engineering specifications determined and includes various undertakings of the contractor. In OPC Tzomet’s estimation, based on the work specifications, the aggregate consideration that will be paid in the framework of the Agreement is about $300 million, and it will be paid based on the milestones provided. Pursuant to the Agreement, the Tzomet Construction Contractor undertook to complete the construction work of the Tzomet project, including the acceptance tests by January 2023. The continuity of construction has been affected by COVID-19 due to the need to transport equipment and foreign crews to the site. As of December 31, 2022, the Company believes that the construction period of the OPC Tzomet Power Plant is expected to end in the first half of 2023. Delays in the completion of the construction work beyond the original date scheduled in OPC Tzomet’s conditional license might affect OPC Tzomet’s ability to meet its undertakings in connection with the construction of the project. 3. Agreements for the acquisition of natural gas a. OPC Rotem and OPC Hadera OPC Rotem and OPC Hadera has an agreement with Tamar Group in connection to the supply of natural gas to the power plants. Both OPC Rotem and OPC Hadera undertook to continue to consume all the gas required for its power plants from Tamar Group (including quantities exceeding the minimum quantities) up to the completion date of the commissioning of the Karish Reservoir, except for a limited consumption of gas during the commissioning period of the Karish Reservoir. In December 2017, OPC Rotem, OPC Hadera, Israel Chemicals Ltd. and Bazan Ltd., engaged in agreements with Energean Israel Ltd. (hereinafter – “Energean”), which has holdings in the Karish Reservoir, for the purchase natural gas. In 2020, Energean notified OPC that “force majeure” events happened during the year, in accordance with the clauses pursuant to the agreements, and that the flow of the first gas from the Karish reservoir is expected to take place during the second half of 2021. OPC rejected the contentions that a “force majeure” event is involved. Due to the delay in supply of the gas from the Karish Reservoir, OPC Rotem and OPC Hadera will be required to acquire the quantity of gas it had planned to acquire from Energean for purposes of operation of the power plants at present gas prices, which is higher than the price stipulated in the Energean agreement. The delays in the commercial operation date of Energean, and in turn, a delay in supply of the gas from the Karish Reservoir, will have an unfavorable impact on OPC’s profits. In the agreements with Energean, compensation for delays had been provided, the amount of which depends on the reasons for the delay, where the limit with respect to the compensation in a case where the damages caused is “force majeure” is lower. It is noted that the damages that will be caused to OPC stemming from a delay could exceed the amount of the said compensation. In 2021, OPC Rotem and OPC Hadera received reduced compensation of approximately $3 million (approximately NIS 9 million) and approximately $2 million (approximately NIS 7 million), respectively. In May 2022, an amendment to the Energean Agreements was signed, which set out, among other things, arrangements pertaining to bringing forward the reduction of the quantities of gas supplied by OPC Rotem and OPC Hadera, of which the scope of reduction was not yet determined as at December 31, 2022. 4. Other contingent liabilities a. Bazan electricity purchase claim In November 2017, a request was filed with the Tel Aviv-Jaffa District Court to approve a derivative claim on behalf of Bazan. The request is based on the petitioner's contention that the undertaking in the electricity purchase transaction between Bazan and OPC Rotem is an extraordinary interested party transaction that did not receive the approval of the general assembly of Bazan shareholders on the relevant dates. The respondents to the request include Bazan, OPC Rotem, the Israel Corporation Ltd. and the members of Bazan's Board of Directors at the time of entering into the electricity purchase transaction. The requested remedies include remedies such as an injunction and financial remedies. In July 2018, . b. Oil Refineries Ltd. (now known as “Bazan”) gas purchase claim In January 2018, a request was filed with the Tel Aviv-Jaffa District Court to approve a derivative claim by a shareholder of Bazan against former and current directors of Bazan, Israel Chemicals Ltd., OPC Rotem, OPC Hadera and IC (collectively the "Group Companies"), over: (1) a transaction of the Group Companies for the purchase of natural gas from Tamar Partners, (2) transactions of the Group Companies for the purchase of natural gas from Energean Israel Ltd. (“Energean”) and (3) transaction for sale of surplus gas to Bazan. In August 2018, the Group Companies submitted their response to the claim filed. OPC rejected the contentions appearing in the claim and requested summary dismissal of the claim. Evidentiary hearings were held in the second half of 2021, after which summations were submitted in November 2022. Based on advice from OPC’s legal advisors, it is more likely than not that the claim will not be accepted by the Court and, accordingly, no provision has been included in the financial statements in respect of the claim as at December 31, 2022. c. Purchase of rights in Alon Energy Centers Limited Partnership In June 2022, OPC Holdings Israel entered into an agreement with Dor Alon Energy Israel (1988) Ltd. and Dor Alon Gas Power Plants Limited Partnership for the purchase of rights in Alon Energy Centers Limited Partnership, a partnership which owns a combined-cycle power plant powered by conventional energy with installed capacity of 75 MW located in the Kiryat Gat Industrial Zone. The consideration of the purchase is NIS 535 million (approximately $160 million), subject to adjustments for cash balances and working capital. The consideration is also subject to adjustments in connection with repayment or non-repayment of senior debt extended to the power plant as agreed between the parties to the purchase agreement. In accordance with the terms of the Acquisition Agreement, including adjustments made thereto, the Acquirer will acquire the sold rights in consideration for NIS 870 million ($248 million) (hereinafter - the “Consideration”), which will be paid on the transaction completion date except for a total of NIS 300 million ($86 million) that will be paid by December 31, 2023. Completion of the transaction is subject to certain conditions being fulfilled and approvals obtained. As of the approval date of the financial statements, the completion of the transaction is subject to the fulfillment of conditions precedent on the dates set in the Acquisition Agreement and through March 31, 2023. As of the approval date of the financial statements, all of the conditions precedent have yet to be met. d. Inkia Energy Limited (liquidated in 2019) As part of the sale described in Note 26, Inkia Energy Limited (“Inkia”) agreed to indemnify the buyer and its successors, permitted assigns, and affiliates against certain losses arising from a breach of Inkia’s representations and warranties and certain tax matters, subject to certain time and monetary limits depending on the particular indemnity obligation. These indemnification obligations were supported by (a) a three-year pledge of shares of OPC which represented 25% of OPC’s outstanding shares, (b) a deferral of $175 million of the sale price in the form of a four-year $175 million Deferred Payment Agreement, accruing interest at 8% per year and payable in-kind, and (c) a three-year corporate guarantee from Kenon for all of the Inkia’s indemnification obligations, all of the foregoing periods running from the closing date of December 31, 2017. In December 2018, the indemnification commitment was assigned by Inkia to a fellow wholly owned subsidiary of Kenon. In October 2020, as part of an early repayment of the deferred payment agreement where Kenon received $218 million ($188 million net of taxes), Kenon agreed to increase the number of OPC shares pledged to the buyer of the Inkia business to 55,000,000 shares and to extend the pledge of OPC shares and the corporate guarantee from Kenon for all of Inkia’s indemnification obligations until December 31, 2021. In March 2022, 53,500,000 shares were released from pledge, and 1,500,000 shares of OPC remain pledged in light of an indemnity claim relating to a tax assessment claim in the amount of $11 million. B. Commitments OPC Power Plants OPC entered into long-term service maintenance contracts for its operating power plants. The number of maintenance hours and price are specified in the agreements. OPC entered into long-term infrastructure contracts with Israel National Gas Lines Ltd. (“INGL”) for use of PRMS at its operating power plants. The price is specified in the agreements. OPC entered into long-term PPAs with its customers (of which some included construction of generation facilities) for sale of electricity and gas. The supply quantity, period and pricing are specified in the agreements. OPC has also entered into long-term PPAs with its suppliers for purchase of electricity and gas. The minimum purchase quantity, period and pricing are specified in the agreements. OPC entered into long-term construction agreements for constructing its power plants. The price, technical and engineering specifications, and work milestones are specified in the agreements. For more information relating to the construction of the Tzomet power plant, refer to 18.A.2.b. |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Reserves | Note 19 – Share Capital and Reserves A. Share Capital Company No. of shares (’000) 2022 2021 Authorised and in issue at January, 1 53,879 53,871 Issued for share plan 8 8 Authorised and in issue at December. 31 53,887 53,879 All shares rank equally with regards to Company’s residual assets. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. All issued shares are fully paid with no par value. The capital structure of the Company comprises of issued capital and accumulated profits and the capital structure is managed to ensure that the Company will be able to continue to operate as a going concern. The Company is not subjected to externally imposed capital requirements. In 2022, 8,037 (2021: 7,958) ordinary shares were granted under the Share Incentive Plan to key management at an average price of $47.22 (2021: $29.41) per share. B. Translation reserve The translation reserve includes all the foreign currency differences stemming from translation of financial statements of foreign activities as well as from translation of items defined as investments in foreign activities commencing from January 1, 2007 (the date IC first adopted IFRS). C. Capital reserves The capital reserve reflects the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge (i.e. the portion that is offset by the change in the cash flow hedge reserve). Approximately 407 thousand (2021: 4.7 million) share options of ZIM were exercised, resulting in a proportionate share of increase in capital reserve attributable to owners of the Company of $5.5 million (2021: $5.4 million). Approximately 272 thousand (2021: 250 thousand) share options of OPC were exercised, resulting in an increase in capital reserve attributable to owners of the Company of $2.7 million (2021: $1.6 million). D. Dividends In October 2020, Kenon’s shareholders approved a cash dividend of $2.23 per share (an aggregate amount of approximately $120 million), to Kenon’s shareholders of record as of the close of trading on November 3, 2020, paid on November 10, 2020. In April 2021, Kenon’s board of directors approved a cash dividend of $1.86 per share (an aggregate amount of approximately $100 million), to Kenon’s shareholders of record as of the close of trading on April 29, 2021, paid on May 6, 2021. In November 2021, Kenon’s board of directors approved a cash dividend of $3.50 per share (an aggregate amount of approximately $189 million), to Kenon’s shareholders of record as of the close of trading on January 19, 2022, paid on January 27, 2022. E. Kenon's share plan Kenon has established a Share Incentive Plan for its directors and management. The plan provides grants of Kenon shares, as well as stock options in respect of Kenon’s shares, to directors and officers of the Company pursuant to awards, which may be granted by Kenon from time to time, representing up to 3% of the total issued shares (excluding treasury shares) of Kenon. During 2022, 2021 and 2020, Kenon granted awards of shares to certain members of its management. Such shares are vested upon the satisfaction of certain conditions, including the recipient’s continued employment in a specified capacity and Kenon’s listing on each of the NYSE and the TASE. The fair value of the shares granted in 2022 is $267 thousand (2021: $234 thousand, 2020: $267 thousand) and was determined based on the fair value of Kenon’s shares on the grant date. Kenon recognized $292 thousand as general and administrative expenses in 2022 (2021: $258 thousand, 2020: $350 thousand). F. Capital reduction In May 2022 and June 2022, Kenon received shareholder approval at its annual general meeting and approval of the High Court of the Republic of Singapore, respectively, for a capital reduction to return share capital amounting to $10.25 per share ($552 million in total) to Kenon’s shareholders of record as of the close of trading on June 27, 2022, paid on July 5, 2022. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Revenue [Abstract] | |
Revenue | Note 20 – Revenue For the Year Ended December 31, 2022 2021 2020 $ Thousands Revenue from sale of electricity and infrastructure services in Israel 486,680 419,395 369,421 Revenue from sale of electricity in US 25,780 25,605 - Revenue from sale of steam in Israel 18,476 17,648 16,204 Revenue from provision of services in US 31,509 25,115 - Other revenue in Israel 11,512 - 845 573,957 487,763 386,470 |
Cost of Sales and Services (exc
Cost of Sales and Services (excluding Depreciation and Amortization) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cost of sales and services [Abstract] | |
Cost of Sales and Services (excluding Depreciation and Amortization) | Note 21 – Cost of Sales and Services (excluding Depreciation and Amortization) For the Year Ended December 31, 2022 2021 2020 $ Thousands Fuels 155,760 153,122 135,706 Electricity and infrastructure services 192,723 133,502 125,782 Salaries and related expenses 30,598 21,095 7,244 Generation and operating expenses and outsourcing 17,283 16,798 8,625 Insurance 5,190 4,989 3,503 Others 15,707 6,792 1,226 417,261 336,298 282,086 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Selling General And Administrative Expenses Abstract | |
Selling, General and Administrative Expenses | Note 22 – Selling, General and Administrative Expenses For the Year Ended December 31, 2022 2021 2020 $ Thousands Payroll and related expenses (1) 46,660 41,930 11,360 Depreciation and amortization 3,259 2,623 1,023 Professional fees 15,798 16,069 8,386 Business development expenses 15,186 1,566 1,998 Expenses in respect of acquisition of CPV Group - 752 12,227 Office maintenance 4,581 3,022 936 Other expenses 14,452 9,765 14,027 99,936 75,727 49,957 (1) A portion of this relates to profit sharing for CPV Group employees The fair value of the CPV Group’s Profit-Sharing Plan is recognized as an expense, against a corresponding increase in liability, over the period in which the unconditional right to payment is achieved. The liability is remeasured at each reporting date until the settlement date. Any change in the fair value of the liability is recognized in the consolidated statements of profit and loss. In 2022, the CPV Group recorded expenses in the amount of approximately NIS 46 million (approximately $13 million) [2021: NIS 50 million (approximately $15 million)]. |
Financing Expenses, Net
Financing Expenses, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financing income (expenses), net [Abstract] | |
Financing Expenses, Net | Note 23 – Financing Expenses, Net For the Year Ended December 31, 2022 2021 2020 $ Thousands Interest income from bank deposits 12,108 167 780 Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges 4,125 2,121 - Net change in exchange rates 28,453 - - Net change in fair value of derivative financial instruments - 443 - Interest income from deferred payment - - 13,511 Other income - 203 - Financing income 44,686 2,934 14,291 Interest expenses to banks and others (47,542 ) (51,924 ) (24,402 ) Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges - - (6,300 ) Impairment loss on debt securities at FVOCI (732 ) - - Net change in fair value of financial assets held for trade (45 ) - - Net change in exchange rates - (5,997 ) (5,645 ) Net change in fair value of derivative financial instruments (291 ) - (1,569 ) Early repayment fee (Note 15.B, Note 15.E) - (84,196 ) (11,852 ) Other expenses (1,787 ) (2,178 ) (1,406 ) Financing expenses (50,397 ) (144,295 ) (51,174 ) Net financing expenses (5,711 ) (141,361 ) (36,883 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income taxes [Abstract] | |
Income Taxes | Note 24 – Income Taxes A. Components of the Income Taxes For the Year Ended December 31, 2022 2021 2020 $Thousands Current taxes on income In respect of current year 39,559 6,892 * 734 In respect of prior years - - 1 Deferred tax expense/(income) Creation and reversal of temporary differences (1,579 ) (2,567 )* 3,963 Total tax expense on income 37,980 4,325 4,698 * The Group made an immaterial correction of reclassification error of $21 million in income taxes on income and deferred tax income as at December 31, 2021. No previously unrecognized tax benefits were used in 2020, 2021 or 2022 to reduce our current tax expense. B. Reconciliation between the theoretical tax expense (benefit) on the pre-tax income (loss) and the actual income tax expenses For the Year Ended December 31, 2022 2021 2020 $ Thousands Profit from continuing operations before income taxes 387,639 879,642 500,447 Statutory tax rate 17.00 % 17.00 % 17.00 % Tax computed at the statutory tax rate 65,899 149,539 85,076 (Decrease) increase in tax in respect of: Elimination of tax calculated in respect of the Group’s share in profit of associated companies (45,464 ) (190,539 ) (27,353 ) Different tax rate applicable to subsidiaries operating overseas 6,429 (9,297 ) - Income subject to tax at a different tax rate 116 - 441 Non-deductible expenses 158,811 44,851 1,028 Exempt income (164,822 ) (23,937 ) (61,415 ) Taxes in respect of prior years (739 ) (361 ) 1 Tax in respect of foreign dividend 18,447 28,172 - Share of non-controlling interests in entities transparent for tax purposes (1,082 ) 5,528 - Tax losses and other tax benefits for the period regarding which deferred taxes were not recorded 511 95 7,647 Other differences (126 ) 274 (727 ) Tax expense on income included in the statement of profit and loss 37,980 4,325 4,698 C. Deferred tax assets and liabilities 1. Deferred tax assets and liabilities recognized The deferred taxes are calculated based on the tax rate expected to apply at the time of the reversal as detailed below. Deferred taxes in respect of subsidiaries were calculated based on the tax rates relevant for each country. The deferred tax assets and liabilities are derived from the following items: Property Carryforward Financial Other* Total $ Thousands Balance of deferred tax (liability) asset as at January 1, 2021 (95,674 ) 1,691 1,816 5,205 (86,962 ) Changes recorded on the statement of profit and loss (23,591 ) 106,643 49 (80,534 ) 2,567 Changes recorded in other comprehensive income - - (423 ) (2,847 ) (3,270 ) Change as a result of sale of subsidiary (4,050 ) 2,882 (232 ) (5,350 ) (6,750 ) Translation differences (3,915 ) 1,126 50 (27 ) (2,766 ) Balance of deferred tax (liability) asset as at December 31, 2021 (127,230 ) 112,342 1,260 (83,553 ) (97,181 ) Changes recorded on the statement of profit and loss (20,103 ) 8,116 (235 ) 13,801 1,579 Changes recorded in other comprehensive income - - (2,657 ) (4,439 ) (7,096 ) Translation differences 14,615 (4,370 ) (103 ) (147 ) 9,995 Balance of deferred tax (liability) asset as at December 31, 2022 (132,718 ) 116,088 (1,735 ) (74,338 ) (92,703 ) * This amount includes deferred tax arising from intangibles, undistributed profits, non-monetary items, associated companies and trade receivables distribution. 2. The deferred taxes are presented in the statements of financial position as follows: As at December 31, 2022 2021 $ Thousands As part of non-current assets 6,382 19,016 * As part of current liabilities (1,285 ) (21,117 ) As part of non-current liabilities (97,800 ) (95,080 )* (92,703 ) (97,181 ) * The Group made an immaterial correction of classification error of $30 million in non-current deferred taxes from assets to liabilities as at December 31, 2021. Income tax rate in Israel is 23% for the years ended December 31, 2022, 2021 and 2020. The tax rate applicable to US companies are (i) federal corporate tax of 21% and (ii) state tax ranging from 4% to 11.5%. According to the provisions of the tax treaty between Israel and the United States, interest payments are subject to withholding tax of 17.5%, and dividend payments are subject to withholding tax of 12.5%. In Singapore, the corporate tax rate is 17%. Dividends received by Kenon from ZIM, an associated company incorporated in Israel, is subject to a withholding tax rate of 5%. On January 4, 2016, Amendment 216 to the Income Tax Ordinance (New Version) – 1961 (hereinafter – “the Ordinance”) was passed in the Knesset. As part of the amendment, OPC’s and Hadera’s income tax rate was reduced by 1.5% to a rate of 25% as from 2016. Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as from January 2017 and the second step will be to a rate of 23% as from January 2018. As a result of reducing the tax rate to 23%, the deferred tax balance as at December 31, 2022 and 2021 were calculated according to the new tax rates specified in the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the years 2017 and 2018), at the tax rate expected to apply on the reversal date. 3. Tax and deferred tax balances not recorded Unrecognized deferred tax assets As at December 31, 2022 2021 $ Thousands Losses for tax purposes 153,907 167,758 According to Israeli tax law, there is no time limit on the utilization of tax losses and the utilization of the deductible temporary differences. Deferred tax assets were not recognized for these items, since it is not expected that there will be taxable income in the future, against which the tax benefits can be utilized. In the United States, as of December 31, 2022, the Group had loss carryforwards for which no deferred taxes have been created, as detailed below: • Net operating losses for tax purposes of $108 million, which may be offset for tax purposes in the United States against future income, subject to complying with the conditions of the law, some of which are not under the OPC’s control and, therefore, OPC did not recognize deferred tax assets in respect thereof. These losses will expire in 2027-2037. • $2 million in tax credits, offsetable for tax purposes in the United States against future profits in the United States, are subject to complying with the conditions of the law, some of which are not under the OPC’s control and, therefore, OPC did not recognize deferred tax assets. These losses will expire in 2027-2037. Unrecognized deferred tax liabilities The tax effect on taxable temporary differences of $32 million (2021: $112 million) has not been recorded as this arises from undistributed profits of the Group’s associated companies which the Group does not expect to incur. 4. Safe harbor rules Singapore does not impose taxes on disposal gains, which are considered to be capital in nature, but imposes tax on income and gains of a trading nature. As such, whenever a gain is realized on the disposal of an asset, the practice of the Inland Revenue Authority of Singapore is to rely upon a set of commonly-applied rules in determining the question of capital (not taxable) or revenue (taxable). Under Singapore tax laws, any gains derived by a divesting company from its disposal of ordinary shares in an investee company between June 1, 2012 and December 31, 2027 are generally not taxable if, immediately prior to the date of such disposal, the divesting company has held at least 20% of the ordinary shares in the investee company for a continuous period of at least 24 months. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per Share | Note 25 – Earnings per Share Data used in calculation of the basic / diluted earnings per share A. Profit allocated to the holders of the ordinary shareholders For the year ended December 31, 2022 2021 2020 $ Thousands Profit for the year attributable to Kenon’s shareholders 312,652 930,273 507,106 Profit for the year from discontinued operations (after tax) attributable to Kenon’s shareholders - - 8,476 Profit for the year from continuing operations attributable to Kenon’s shareholders 312,652 930,273 498,630 B. Number of ordinary shares For the year ended December 31 2022 2021 2020 Thousands Weighted Average number of shares used in calculation of basic/diluted earnings per share 53,885 53,879 53,870 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of discontinued operations [Abstract] | |
Discontinued Operations | Note 26 – Discontinued Operations (a) I.C. Power (Latin America businesses) In December 2017, Kenon, through its wholly-owned subsidiary Inkia, sold its Latin American and Caribbean power business to an infrastructure private equity firm, I Squared Capital (“ISQ”). As a result, the Latin American and Caribbean businesses were classified as discontinued operations. Kenon’s subsidiaries are entitled to receive payments in connection with certain claims held by companies within Inkia’s businesses. In 2020, following the completion of a tax review related to the sale, Kenon recognized income of $8 million, net of taxes. Set forth below are the results attributable to the discontinued operations Year ended Year ended Year ended $ Thousands Recovery of retained claims - - 9,923 Income taxes - - (1,447 ) Profit after income taxes - - 8,476 Net cash flows provided by investing activities - - 8,476 |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segment, Customer and Geographic Information | Note 27 – Segment, Customer and Geographic Information Financial information of the reportable segments is set forth in the following tables: OPC Israel CPV Group ZIM Others* Total $ Thousands 2022 Revenue 516,668 57,289 - - 573,957 Profit before taxes 23,728 61,039 305,376 (2,504 ) 387,639 Income tax expense (9,522 ) (9,892 ) - (18,566 ) (37,980 ) Profit/(loss) from continuing operations 14,206 51,147 305,376 (21,070 ) 349,659 Depreciation and amortization 47,134 15,519 - 223 62,876 Financing income (10,301 ) (25,197 ) - (9,188 ) (44,686 ) Financing expenses 42,062 7,521 - 814 50,397 Other items: Losses related to ZIM - - 727,650 - 727,650 Share in profit of associated companies - (85,149 ) (1,033,026 ) - (1,118,175 ) 78,895 (87,306 ) (305,376 ) (8,151 ) (321,938 ) Adjusted EBITDA 102,623 (26,267 ) - (10,655 ) 65,701 Segment assets 1,503,811 552,569 - 636,263 2,692,643 Investments in associated companies 652,358 427,059 - 1,079,417 3,772,060 Segment liabilities 1,226,395 241,468 - 8,279 1,476,142 OPC Israel CPV Group ZIM Others* Total $ Thousands 2021 Revenue 437,043 50,720 - - 487,763 (Loss)/profit before taxes (57,040 ) (60,709 ) 1,260,789 (263,398 ) 879,642 Income tax benefit/(expense) 10,155 13,696 - (28,176 ) (4,325 ) (Loss)/profit from continuing operations (46,885 ) (47,013 ) 1,260,789 (291,574 ) 875,317 Depreciation and amortization 44,296 13,102 - 242 57,640 Financing income (2,730 ) (37 ) - (167 ) (2,934 ) Financing expenses 119,392 24,640 - 263 144,295 Other items: Losses related to Qoros - - - 251,483 251,483 Losses related to ZIM - - 204 - 204 Share in losses/(profit) of associated companies 419 10,425 (1,260,993 ) - (1,250,149 ) 161,377 48,130 (1,260,789 ) 251,821 (799,461 ) Adjusted EBITDA 104,337 (12,579 ) - (11,577 ) 80,181 Segment assets 1,481,149 431,474 - 226,337 2,138,960 Investments in associated companies - 545,242 1,354,212 - 1,899,454 4,038,414 Segment liabilities 1,324,217 218,004 - 215,907 1,758,128 OPC Israel CPV Group ZIM Others* Total $ Thousands 2020 Revenue 385,625 - - 845 386,470 (Loss)/profit before taxes (8,620 ) - 210,647 298,420 500,447 Income tax expense (3,963 ) - - (735 ) (4,698 ) (Loss)/profit from continuing operations (12,583 ) - 210,647 297,685 495,749 Depreciation and amortization 33,981 - - 190 34,171 Financing income (354 ) - - (13,937 ) (14,291 ) Financing expenses 50,349 - - 825 51,174 Other items: Net gains related to Qoros - - - (309,918 ) (309,918 ) Write back of impairment of investment - - (43,505 ) - (43,505 ) Share in losses/(profit) of associated companies - - (167,142 ) 6,248 (160,894 ) 83,976 - (210,647 ) (316,592 ) (443,263 ) Adjusted EBITDA 75,356 - - (18,172 ) 57,184 Segment assets 1,723,967 - - 461,218 2,185,185 Investments in associated companies - - 297,148 - 297,148 2,482,333 Segment liabilities 1,200,363 - - 5,962 1,206,325 * A. Customer and Geographic Information Major customers Following is information on the total sales of the Group to material customers and the percentage of the Group’s total revenues (in $ Thousands): 2022 2021 2020 Customer Total revenues Percentage of revenues of the Group Total revenues Percentage of revenues of the Group Total revenues Percentage of revenues of the Group Customer 1 107,081 18.66 % 93,959 19.26 % 86,896 22.48 % Customer 2 73,518 12.81 % 70,801 14.52 % 74,694 19.33 % Customer 3 - * - * - * - * - * - * Customer 4 - * - * - * - * - * - * Customer 5 - * - * - * - * - * - * * Represents an amount less than 10% of the revenues. Information based on geographic areas The Group’s geographic revenues are as follows: For the year ended December 31, 2022 2021 2020 $ Thousands Israel 516,668 437,043 385,625 United States 57,289 50,720 - Others - - 845 Total revenue 573,957 487,763 386,470 The Group’s non-current assets* on the basis of geographic location: As at December 31, 2022 2021 $ Thousands Israel 1,050,386 1,039,505 United States 392,734 310,426 Others 96 171 Total non-current assets 1,443,216 1,350,102 * Composed of property, plant and equipment and intangible assets. |
Related-party Information
Related-party Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Related-party Information | Note 28 – Related-party Information A. Identity of related parties: The Group’s related parties include Kenon’s beneficial owners and Kenon’s subsidiaries, affiliates and associates companies. Kenon’s immediate holding company is Ansonia Holdings Singapore B.V. A discretionary trust, in which Mr. Idan Ofer is the ultimate beneficiary, indirectly holds 100% of Ansonia Holdings Singapore B.V. In the ordinary course of business, some of the Group’s subsidiaries and affiliates engage in business activities with each other. Ordinary course of business transactions are aggregated in this note. Other than disclosed elsewhere in the consolidated financial statements during the period, the Group engaged the following material related party transactions. Key management personnel of the Company are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company. The directors, CEO and CFO are considered key management personnel of the Company. B. Transactions with directors and officers (Kenon's directors and officers): Key management personnel compensation For the year ended 2022 2021 $ Thousands Short-term benefits 2,229 1,994 Share-based payments 292 258 2,521 2,252 C. Transactions with related parties (including associates): For the year ended December 31, 2022 2021 2020 $ Thousands Sale of electricity and revenues from provision of services 94,264 88,004 80,416 Cost of sales (658) 7,802 16 Dividend received from associate 727,309 143,964 - Other income, net - (337 ) (90 ) Financing expenses, net 580 39,901 2,156 Interest expenses capitalized to property plant and equipment - - 119 D. Balances with related parties (including associates): As at December 31, 2022 2021 Other related parties * $ Thousands Cash and cash equivalent 176,246 89,814 Short-term deposits and restricted cash 35,662 - Trade receivables and other receivables 15,421 14,860 Other payables (535 ) (424 ) Loans and Other Liabilities In US dollar or linked thereto (34,524 ) (27,587 ) * IC, Israel Chemicals Ltd (“ICL”), Oil Refineries Ltd (“Bazan”). These balances relate to amounts with entities that are related to Kenon's beneficial owners. E. For further investment by Kenon into OPC, see Note 11.A.5 and 11.A.6. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Note 29 – Financial Instruments A. General The Group has international activity in which it is exposed to credit, liquidity and market risks (including currency, interest, inflation and other price risks). In order to reduce the exposure to these risks, the Group holds derivative financial instruments, (including forward transactions, interest rate swap (“SWAP”) transactions, and options) for the purpose of economic (not accounting) hedging of foreign currency risks, inflation risks, commodity price risks, interest risks and risks relating to the price of inputs. This note presents information about the Group’s exposure to each of the above risks, and the Group’s objectives, policies and processes for measuring and managing the risk. The risk management of the Group companies is executed by them as part of the ongoing current management of the companies. The Group companies monitor the above risks on a regular basis. The hedge policies with respect to all the different types of exposures are discussed by the boards of directors of the companies. The comprehensive responsibility for establishing the base for the risk management of the Group and for supervising its implementation lies with the Board of Directors and the senior management of the Group. B. Credit risk Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on their obligations under the contract. This includes any cash amounts owed to the Group by those counterparties, less any amounts owed to the counterparty by the Group where a legal right of set-offs exists and also includes the fair values of contracts with individual counterparties which are included in the financial statements. The maximum exposure to credit risk at each reporting date is the carrying value of each class of financial assets mentioned in this note. (1) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk as at year end was: As at December 31, 2022 2021 $ Thousands Carrying amount Cash and cash equivalents 535,171 474,544 Short-term and long-term deposits and restricted cash 61,136 21,692 Trade receivables and other assets 122,797 97,580 Short-term and long-term derivative instruments 16,730 9,103 Other investments 344,780 - 1,080,614 602,919 Based on the credit risk profiles of the Group’s counterparties relating to the Group’s cash and cash equivalents, short-term and long-term deposits and restricted cash, trade receivables and other assets, short-term and long-term derivative instruments, the Group has assessed expected credit losses on the financial assets to be immaterial. The maximum exposure to credit risk for trade receivables as at year end, by geographic region was as follows: As at December 31, 2022 2021 $ Thousands Israel 67,177 56,632 Other regions 6,723 6,011 73,900 62,643 (2) Aging of debts Set forth below is an aging of the trade receivables: As at December 31 2022 2021 $ Thousands Not past due nor impaired 73,900 62,643 No ECL has been recorded on any trade receivable amounts based on historical credit loss data and the Group’s view of economic conditions over the expected lives of the receivables. Debt securities The following table provides information about the ECL on other investments as at December 31, 2022: For the year ended December 31, 2022 2021 2020 $ Thousands Impairment loss on debt securities at FVOCI 732 - - C. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and adverse credit and market conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group manages its liquidity risk by means of holding cash balances, short-term deposits, other liquid financial assets and credit lines. Set forth below are the anticipated repayment dates of the financial liabilities, including an estimate of the interest payments. This disclosure does not include amounts regarding which there are offset agreements: As at December 31, 2022 Book value Projected Up to 1 year 1-2 years 2-5 years More than 5 $ Thousands Non-derivative financial liabilities Trade payables 95,036 95,036 95,036 - - - Other current liabilities 17,681 17,681 17,681 - - - Lease liabilities including interest payable * 37,570 46,938 17,812 2,855 6,756 19,515 Debentures (including interest payable) * 526,771 588,997 22,413 66,467 223,939 276,178 Loans from banks and others including interest * 640,348 793,946 44,142 74,438 172,343 503,023 1,317,406 1,542,598 197,084 143,760 403,038 798,716 * Includes current portion of long-term liabilities. As at December 31, 2021 Book value Projected Up to 1 year 1-2 years 2-5 years More than 5 $ Thousands Non-derivative financial liabilities Trade payables 136,505 136,505 136,505 - - - Other current liabilities 204,686 204,686 204,686 - - - Lease liabilities including interest payable * 33,395 38,375 19,492 2,602 6,232 10,049 Debentures (including interest payable) * 586,600 669,883 21,326 24,431 236,364 387,762 Loans from banks and others including interest * 628,293 772,875 44,244 70,895 325,201 332,535 Financial liabilities – hedging instruments Forward exchange rate contracts 5,014 6,368 6,230 138 - - Other forward exchange rate contracts 1,199 1,790 1,790 - - - 1,595,692 1,830,482 434,273 98,066 567,797 730,346 * Includes current portion of long-term liabilities. D. Market risks Market risk is the risk that changes in market prices, such as foreign exchange rates, the CPI, interest rates and prices of capital products and instruments will affect the fair value of the future cash flows of a financial instrument. The Group buys and sells derivatives in the ordinary course of business, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Boards of Directors of the companies. For the most part, the Group companies enter into hedging transactions for purposes of avoiding economic exposures that arise from their operating activities. Most of the transactions entered into do not meet the conditions for recognition as an accounting hedge and, therefore, differences in their fair values are recorded on the statement of profit and loss. (1) CPI and foreign currency risk Currency risk The Group’s functional currency is the U.S. dollar. The exposures of the Group companies are measured with reference to the changes in the exchange rate of the dollar vis-à-vis the other currencies in which it transacts business. The Group is exposed to currency risk on sales, purchases, assets and liabilities that are denominated in a currency other than the respective functional currencies of the Group entities. The primary exposure is to the Shekel (“NIS”). The Group uses options and forward exchange contracts on exchange rates for purposes of hedging short-term currency risks, usually up to one year, in order to reduce the risk with respect to the final cash flows in dollars deriving from the existing assets and liabilities and sales and purchases of goods and services within the framework of firm or anticipated commitments, including in relation to future operating expenses. The Group is exposed to currency risk in relation to loans it has taken out and debentures it has issued in currencies other than the dollar. The principal amounts of these bank loans and debentures have been hedged by swap transactions the repayment date of which corresponds with the payment date of the loans and debentures. The Group has no exposure to foreign currency risk in respect of non-hedging derivative financial instruments in 2022, relevant information for 2021 is as follows: As at December 31, 2021 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 3,135 9,746 2022 3 Forward contracts on exchange rates EURO NIS 4,929 18,571 2022 (1,199 ) Call options on foreign currency Dollar NIS 17,828 67,231 2022 4 The Group’s exposure to foreign currency risk in respect of non‑hedging derivative financial instruments is as follows: As at December 31, 2022 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 5,566 18,912 2023 641 As at December 31, 2021 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 33,333 109,259 2022-2023 (5,014 ) Inflation risk The Group has CPI-linked loans. The Group is exposed to payments of higher interest and principal as the result of an increase in the CPI. It is noted that part of the Group’s anticipated revenues will be linked to the CPI. The Group does not hedge this exposure beyond the expected hedge included in its revenues. a. Breakdown of CPI-linked derivative instruments The Group’s exposure to index risk with respect to derivative instruments used for hedging purposes is shown below: As at December 31, 2022 Index Interest Expiration Amount of Fair value $ Thousands CPI-linked derivative instruments Interest exchange contract CPI 1.76 % 2036 89,619 9,353 As at December 31, 2021 Index Interest Expiration Amount of Fair value $ Thousands CPI-linked derivative instruments Interest exchange contract CPI 1.76 % 2036 107,598 7,369 For additional details, please refer to Note 15.1.E. b. Exposure to CPI and foreign currency risks The Group’s exposure to CPI and foreign currency risk, based on nominal amounts, is as follows: As at December 31, 2022 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 165,186 - 1,102 Short-term deposits and restricted cash 35,695 - - Trade receivables 10,007 - - Other current assets 58,006 - 212 Long-term deposits and restricted cash 15,146 - - Total financial assets 284,040 - 1,314 Trade payables 36,669 - 14,734 Other current liabilities 20,930 5,494 640 Loans from banks and others and debentures 583,651 414,071 - Total financial liabilities 641,250 419,565 15,374 Total non-derivative financial instruments, net (357,210 ) (419,565 ) (14,060 ) Derivative instruments - 9,353 - Net exposure (357,210 ) (410,212 ) (14,060 ) As at December 31, 2021 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 159,838 - 1,329 Short-term deposits and restricted cash 179 - 50 Trade receivables 56,632 - 81 Other current assets 1,308 - 4 Long-term deposits and restricted cash 21,463 - - Total financial assets 239,420 - 1,464 Trade payables 59,381 11,842 Other current liabilities 23,536 7,044 190 Loans from banks and others and debentures 592,102 459,732 - Total financial liabilities 675,019 466,776 12,032 Total non-derivative financial instruments, net (435,599 ) (466,776 ) (10,568 ) Derivative instruments - 7,369 (1,199 ) Net exposure (435,599 ) (459,407 ) (11,767 ) c. Sensitivity analysis A strengthening of the dollar exchange rate by 5%–10% against the following currencies and change of the CPI in rate of 1%–2% would have increased (decreased) the net income or net loss and the equity by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. As at December 31, 2022 10% increase 5% increase 5% decrease 10% decrease $ Thousands Non-derivative instruments Shekel/dollar (7,375 ) (3,687 ) 3,687 7,375 Shekel/EUR (1,094 ) (547 ) 547 1,094 As at December 31, 2022 2% increase 1% increase 1% decrease 2% decrease $ Thousands Non-derivative instruments CPI (6,306 ) (3,153 ) 3,153 6,306 As at December 31, 2021 10% increase 5% increase 5% decrease 10% decrease $ Thousands Non-derivative instruments Shekel/dollar (9,219 ) (4,609 ) 4,609 9,219 Shekel/EUR (728 ) (364 ) 364 728 As at December 31, 2021 2% increase 1% increase 1% decrease 2% decrease $ Thousands Non-derivative instruments CPI (6,639 ) (3,320 ) 3,320 6,201 (2) Interest rate risk The Group is exposed to changes in the interest rates with respect to loans bearing interest at variable rates, as well as in relation to swap transactions of liabilities in foreign currency for dollar liabilities bearing a variable interest rate. The Group has not set a policy limiting the exposure and it hedges this exposure based on forecasts of future interest rates. The Group enters into transactions mainly to reduce the exposure to cash flow risk in respect of interest rates. The transactions include interest rate swaps and “collars”. In addition, options are acquired and written for hedging the interest rate at different rates. Type of interest Set forth below is detail of the type of interest borne by the Group’s interest-bearing financial instruments: As at December 31, 2022 2021 Carrying amount $ Thousands Fixed rate instruments Financial assets 549,467 16,137 Financial liabilities (837,698 ) (941,733 ) (288,231 ) (925,596 ) Variable rate instruments Financial assets 4,827 55,033 Financial liabilities (324,887 ) (267,882 ) (320,060 ) (212,849 ) The Group’s assets and liabilities bearing fixed interest are not measured at fair value through the statement of profit and loss and the Group does not designate derivatives interest rate swaps as hedging instruments under a fair value hedge accounting model. Therefore, a change in the interest rates as at the date of the report would not be expected to affect the income or loss with respect to changes in the value of fixed – interest assets and liabilities. A change of 100 basis points in interest rate at reporting date would have (decreased)/increased profit and loss before tax by the amounts below. This analysis assumes that all variables, in particular foreign currency rates, remain constant. As at December 31, 2022 100bp increase 100 bp decrease $ Thousands Variable rate instruments (3,201 ) 3,201 As at December 31, 2021 100bp increase 100 bp decrease $ Thousands Variable rate instruments (2,128 ) 2,128 A change of 1.0%–1.5% in the LIBOR interest rate at reporting date As at December 31, 2022 1.5% decrease 1.0% decrease 1.0% increase 1.5% increase $ Thousands Long-term loans (US LIBOR) 1,357 904 (904 ) (1,357 ) Interest rate swaps (US LIBOR) (959 ) (638 ) 638 959 The Group’s exposure to LIBOR risk for derivative financial instruments used for hedging is as follows: As at December 31, 2022 Linkage Interest Expiration Amount of Fair value $ Thousands Interest rate swaps USD LIBOR interest 0.93 % 2030 62,256 6,734 E. Fair value (1) Fair value compared with carrying value The Group’s financial instruments include mainly non-derivative assets, such as: cash and cash equivalents, investments, deposits and short-term loans, receivables and debit balances, investments and long-term receivables; non-derivative liabilities: such as: short-term credit, payables and credit balances, long-term loans, finance leases and other liabilities; as well as derivative financial instruments. In addition, fair value disclosure of lease liabilities is not required. Due to their nature, the fair value of the financial instruments included in the Group’s working capital is generally identical or approximates the book value. The following table shows in detail the carrying amount and the fair value of financial instrument groups presented in the financial statements not in accordance with their fair value. As at December 31, 2022 Carrying Fair value Assets $ Thousands Other investments 344,780 344,780 Liabilities Non-convertible debentures 526,771 492,714 Long-term loans from banks and others (excluding interest) 516,195 528,011 Loans from non-controlling interests 124,153 113,673 As at December 31, 2021 Carrying Fair value Liabilities $ Thousands Non-convertible debentures 586,600 642,077 Long-term loans from banks and others (excluding interest) 488,455 545,806 Loans from non-controlling interests 138,050 141,596 The fair value of long-term loans from banks and others (excluding interest) is classified as level 2, and measured using the technique of discounting the future cash flows with respect to the principal component and the discounted interest using the market interest rate on the measurement date. (2) Hierarchy of fair value The following table presents an analysis of the financial instruments measured at fair value, using an evaluation method. The various levels were defined as follows: – Level 1: Quoted prices (not adjusted) in an active market for identical instruments. – Level 2: Observed data, direct or indirect, not included in Level 1 above. – Level 3: Data not based on observed market data. Other investments are measured at fair value through other comprehensive income (Level 1). Derivative instruments are measured at fair value using a Level 2 valuation method – observable data, directly or indirectly, which are not included in quoted prices in an active market for identical instruments. See Note 29.D.1 for further details. Level 3 financial instrument measured at fair value A s at December 31, 2022, the fair value of long-term investment (Qoros) remains at zero (2021: $nil). (3) Data and measurement of the fair value of financial instruments at Level 2 and 3 Level 2 The fair value of forward contracts on foreign currency is determined using trading programs that are based on market prices. The market price is determined based on a weighting of the exchange rate and the appropriate interest coefficient for the period of the transaction along with an index of the relevant currencies. The fair value of contracts for exchange (SWAP) of interest rates and fuel prices is determined using trading programs which incorporate market prices, the remaining term of the contract and the credit risks of the parties to the contract. The fair value of currency and interest exchange (SWAP) transactions is valued using discounted future cash flows at the market interest rate for the remaining term. The fair value of transactions used to hedge inflation is valued using discounted future cash flows which incorporate the forward CPI curve, and market interest rates for the remaining term. If the inputs used to measure the fair value of an asset or liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The fair value of marketable securities held for trade is determined using the ‘Discounts for Lack of Marketability’ (“DLOM”) valuation method, which is a method used to calculate the value of restricted securities. The method purports that the only difference between a company’s common stock and its restricted securities is the lack of marketability of the restricted securities which is derived from the price difference between both prices. Level 3 As at December 31, 2022 and 2021, the fair value of the long-term investment (Qoros) was based on the present value of the expected cash flows. Included in the long-term investment (Qoros) are the 12% interests in Qoros (as described in Note 10.3) and the put option (as described in Note 10.2). For the purposes of management’s fair value assessment of the long-term investment (Qoros), management takes into consideration factors including market risk and credit risk exposures, publicly available information and financial information of the New Qoros Investor and Qoros for the year ended December 31, 2022 and 2021. The following table shows the valuation techniques used in measuring Level 3 fair values as at December 31, 2022 and 2021, as well as the significant unobservable inputs used. Type Valuation technique Significant unobservable data Inter-relationship between significant unobservable inputs and fair value measurement Long-term investment (Qoros) The Group assessed the fair value of the long-term investment (Qoros) using the present value of the expected cash flows. The likelihood of expected cash flows. The estimated fair value would increase if the likelihood of expected cash flows increase. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 30 – Subsequent Events 1. Kenon A. Dividend In March 2023, Kenon’s board of directors approved a cash dividend of $2.79 per share (an aggregate amount of approximately $150 million), payable to Kenon’s shareholders of record as of the close of trading on April 10, 2023, for payment on or about April 19, 2023. B. Share repurchase plan In March 2023, Kenon’s board of directors authorized a share repurchase plan of up to $50 million. 2. OPC A. Veridis Transaction In May 2022, OPC had entered into an agreement with Veridis to form OPC Holdings Israel Ltd., which will hold and operate all of OPC's business activities in the energy and electricity generation and supply sectors in Israel (“Veridis Transaction”). In January 2023, the Veridis Transaction was completed. Following the completion of the Veridis Transaction, OPC transferred to OPC Holdings Israel, among other things, its 80% interest in OPC Rotem, its interest in Gnrgy Ltd., as well other operations in Israel including OPC Hadera, OPC Tzomet, OPC Sorek, energy generation facilities on consumers’ premises and virtual electricity supply activities, and Veridis transferred its 20% interests in OPC Rotem to OPC Holdings Israel. In addition, Veridis invested approximately $128 million (approximately NIS 452 million) in cash in OPC Holdings Israel (after adjustments to the original transaction amount which totaled NIS 425 million [$125 million]), of which approximately $118 million (approximately NIS 400 million) was used by OPC Rotem to repay a portion of the shareholders’ loans provided to OPC Rotem in 2021 by OPC and Veridis. As a result of the Veridis Transaction, OPC holds 80% and Veridis holds the remaining 20% of OPC Holdings Israel, which holds 100% of OPC Rotem and the other business activities in the energy and electricity generation and supply sectors in Israel transferred by OPC. The financial impact is still being assessed by Kenon. B. Agreement by CPV to Acquire Wind Energy Power Plants in the United States In January 2023, CPV Group through its 100% owned subsidiary entered into an agreement to acquire all rights in four operating wind-powered electricity power plants in Maine, United States, with an aggregate capacity of 81.5 MW. The purchase price for the acquisition is $172 million, subject to adjustments and the terms and conditions set forth in the agreement. CPV intends to finance approximately 50% of the purchase price using external financing. OPC intends to finance its portion of the remaining amount of the purchase price through its own resources, by raising equity and/or through external financing. The agreement contains certain representations of the parties, including the sellers’ representations on the power plants, which expire on the closing date and contains waivers of certain claims CPV Group may bring against the sellers. Due to such limits to the sellers’ liability, CPV intends to obtain a standard representations and warranties insurance policy, which would limit the coverage to 10% of the purchase price and for a limited period. The acquisition is subject to conditions, including the receipt of regulatory approvals, which are expected to be obtained within the next 2 to 5 months. 3. ZIM A. Dividend On March 13, 2023, ZIM announced a dividend for Q4 2022 of approximately $769 million, or $6.40 per ordinary share, to be paid on April 3, 2023. Kenon expects to receive $159 million ($151 million net of tax). B. Fair value of ZIM As at the date of approval of the consolidated financial statements, the fair value of ZIM, represented by its share price, had increased which may result in a reversal of impairment in 2023. The financial impact on Kenon from the increase in market capitalization of ZIM has yet to be determined. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of significant accounting policies [Abstract] | |
First-time application of new accounting standards, amendments and interpretations | A. First-time application of new accounting standards, amendments and interpretations The Group has adopted a few new standards which are effective from January 1, 2022, including those listed below. These new standards and amendments do not have a material effect on the Group’s consolidated financial statements. Amendments to IAS 16 – Property, plant and equipment: Proceeds before intended use The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, the company will recognize such sales proceeds and related cost in its consolidated profit or loss. The amendments require companies to apply the amendments retrospectively to items of property, plant and equipment that were brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the consolidated financial statements. The impact of the amendments to the Group are immaterial, hence prior year numbers are not restated. |
Basis for consolidation/combination | B. Basis for consolidation/combination (1) Business combinations The Group accounts for all business combinations according to the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a ‘concentration test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The acquisition date is the date on which the Group obtains control over an acquiree. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Group and others are taken into account when assessing control. The Group recognizes goodwill on acquisition according to the fair value of the consideration transferred less the net amount of the fair value of identifiable assets acquired less the fair value of liabilities assumed. Goodwill is initially recognized as an asset based on its cost, and is measured in succeeding periods based on its cost less accrued losses from impairment of value. For purposes of examining impairment of value, goodwill is allocated to each of the Group’s cash‑generating units that is expected to benefit from the synergy of the business combination. Cash‑generating units to which goodwill was allocated are examined for purposes of assessment of impairment of their value every year or more frequently where there are signs indicating a possible impairment of value of the unit, as stated. Where the recoverable amount of a cash‑generating unit is less than the carrying value in the books of that cash‑generating unit, the loss from impairment of value is allocated first to reduction of the carrying value in the books of any goodwill attributed to that cash‑generating unit. Thereafter, the balance of the loss from impairment of value, if any, is allocated to other assets of the cash‑generating unit, in proportion to their carrying values in the books. A loss from impairment of value of goodwill is not reversed in subsequent periods. If the Group pays a bargain price for the acquisition (meaning including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. The Group recognizes contingent consideration at fair value at the acquisition date. The contingent consideration that meets the definition of a financial instrument that is not classified as equity will be measured at fair value through profit or loss; contingent consideration classified as equity shall not be remeasured and its subsequent settlement shall be accounted for within equity. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. Costs associated with acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received. (2) Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date when control ceased. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company. (3) Non-Controlling Interest (“NCI”) NCI comprises the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company, and they include additional components such as: share-based payments that will be settled with equity instruments of the subsidiaries and options for shares of subsidiaries. NCIs are measured at their proportionate share of the acquiree’s identifiable net assets at the acquisition date. Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. Measurement of non-controlling interests on the date of the business combination Non-controlling interests, which are instruments that convey a present ownership right and that grant to their holder a share in the net assets in a case of liquidation, are measured on the date of the business combination at fair value or based on their relative share in the identified assets and liabilities of the entity acquired, on the basis of every transaction separately. Transactions with NCI, while retaining control Transactions with NCI while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in NCI is included directly in equity. Allocation of comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Group and the NCI. Total comprehensive income is allocated to the owners of the Group and the NCI even if the result is a negative balance of NCI. Furthermore, when the holding interest in the subsidiary changes, while retaining control, the Group re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Group and the NCI. Cash flows deriving from transactions with holders of NCI while retaining control are classified under “financing activities” in the statement of cash flows. Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. (4) Investments in equity-accounted investees Associates are entities in which the Group has the ability to exercise significant influence, but not control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint-ventures are arrangements in which the Group has joint control, whereby the Group has the rights to assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Associates and joint-venture are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. The consolidated financial statements include the Group’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. The Group’s share of post-acquisition profit or loss is recognized in the income statement, and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form part thereof, is reduced to zero. When the Group’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Group continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests, after the equity interests were reduced to zero. When the group’s share of losses in an associate equals or exceeds its interest in the associate, including any long-term interests that, in substance, form part of the entity’s net investment in the associate, the recognition of further losses is discontinued except to the extent that the Group has an obligation to support the investee or has made payments on behalf of the investee. (5) Loss of significant influence The Group discontinues applying the equity method from the date it loses significant influence in an associate and it accounts for the retained investment as a financial asset, as relevant. On the date of losing significant influence, the Group measures at fair value any retained interest it has in the former associate. The Group recognizes in profit or loss any difference between the sum of the fair value of the retained interest and any proceeds received from the partial disposal of the investment in the associate or joint venture, and the carrying amount of the investment on that date. Amounts recognized in equity through other comprehensive income with respect to such associates are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself disposed the related assets or liabilities. (6) Change in interest held in equity accounted investees while retaining significant influence When the Group increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When there is a decrease in the interest in an equity accounted investee while retaining significant influence, the Group derecognizes a proportionate part of its investment and recognizes in profit or loss a gain or loss from the sale under other income or other expenses. Furthermore, on the same date, a proportionate part of the amounts recognized in equity through other comprehensive income with respect to the same equity accounted investee are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the associate had itself realized the same assets or liabilities. (7) Intra-group transactions Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (8) Reorganizations under common control transactions Common control transactions that involve the setup of a new group company and the combination of entities under common control are recorded using the book values of the parent company. |
Foreign currency | C. Foreign currency (1) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency at the exchange rate at that date. Non-monetary items measured at historical cost would be reported using the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss, except for differences relating to qualifying cash flow hedges to the extent the hedge is effective which are recognized in other comprehensive income. (2) Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at average exchange rates over the relevant period. Foreign operation translation differences are recognized in other comprehensive income. When the foreign operation is a non-wholly-owned subsidiary of the Group, then the relevant proportionate share of the foreign operation translation difference is allocated to the NCI. When a foreign operation is disposed of such that control or significant influence is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as a part of the gain or loss on disposal. Furthermore, when the Group’s interest in a subsidiary that includes a foreign operation changes, while retaining control in the subsidiary, a proportionate part of the cumulative amount of the translation difference that was recognized in other comprehensive income is reattributed to NCI. When the Group disposes of only part of its investment in an associate that includes a foreign operation, while retaining significant influence, the proportionate part of the cumulative amount of the translation difference is reclassified to profit or loss. Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the translation reserve. |
Cash and Cash Equivalents | D. Cash and Cash Equivalents In the consolidated statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and are subject to an insignificant risk of changes in their fair value. |
Financial instruments | E. Financial Instruments a) Classification and measurement of financial assets and financial liabilities Initial recognition and measurement The Group initially recognizes trade receivables and other investments on the date that they are originated. All other financial assets and financial liabilities are initially recognized on the date on which the Group becomes a party to the contractual provisions of the instrument. As a rule, a financial asset, other than a trade receivable without a significant financing component, or a financial liability, is initially measured at fair value with the addition, for a financial asset or a financial liability that are not presented at fair value through profit or loss, of transaction costs that can be directly attributed to the acquisition or the issuance of the financial asset or the financial liability. Trade receivables that do not contain a significant financing component are initially measured at the transaction price. Trade receivables originating in contract assets are initially measured at the carrying amount of the contract assets on the date of reclassification from contract assets to receivables. Financial assets - classification and subsequent measurement On initial recognition, financial assets are classified as measured at amortized cost; fair value through other comprehensive income (“FVOCI”); or fair value through profit or loss (“FVTPL”). Financial assets are not reclassified in subsequent periods, unless, and only to the extent that the Group changes its business model for the management of financial assets, in which case the affected financial assets are reclassified at the beginning of the reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets the two following cumulative conditions and is not designated for measurement at FVTPL: - The objective of the entity's business model is to hold the financial asset to collect the contractual cash flows; and - The contractual terms of the financial asset create entitlement on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: - It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has balances of trade and other receivables and deposits that are held under a business model the objective of which is collection of the contractual cash flows. The contractual cash flows in respect of such financial assets comprise solely payments of principal and interest that reflects consideration for the time-value of the money and the credit risk. Accordingly, such financial assets are measured at amortized cost. b) Subsequent measurement In subsequent periods, financial assets at amortized cost are measured at amortized cost, using the effective interest method and net of impairment losses. Interest income, currency exchange gains or losses and impairment are recognized in profit or loss. Any gains or losses on derecognition are also recognized in profit or loss. Debt investments measured at FVOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Financial assets: Business model assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to the Group’s management; • the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated – e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Non-derivative financial assets: Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Group considers the contractual • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable rate features; • prepayment and extension features; and • terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially Derecognition of financial assets The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. If the Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized. Financial liabilities – Initial classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or at FVTPL. Financial liabilities are classified as measured at FVTPL if it is held for trading or it is designated as such on initial recognition, and are measured at fair value, and any net gains and losses, including any interest expenses, are recognized in profit or loss. Other financial liabilities are initially measured at fair value less directly attributable transaction costs. They are measured at amortized cost in subsequent periods, using the effective interest method. Interest expenses and currency exchange gains and losses are recognized in profit or loss. Any gains or losses on derecognition are also recognized in profit or loss. Derecognition of financial liabilities Financial liabilities are derecognized when the contractual obligation of the Group expires or when it is discharged or canceled. Additionally, a significant amendment of the terms of an existing financial liability, or an exchange of debt instruments having substantially different terms, between an existing borrower and lender, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. The difference between the carrying amount of the extinguished financial liability and the consideration paid (including any other non-cash assets transferred or liabilities assumed), is recognized in profit or loss. Interest rate benchmark reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changes as a result of interest rate benchmark reform, the Group updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No immediate gain or loss is recognized. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: - the change is necessary as a direct consequence of the reform; and - the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e. the basis immediately before the change. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, the Group first updates the effective interest rate of the financial asset or financial liability to reflect the change that is required by interest rate benchmark reform. After that, the Group applies the policies on accounting for modifications to the additional changes. Offset Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Group currently has a legally enforceable right to offset the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. c) Impairment Financial assets, contract assets and receivables on a lease The Group creates a provision for expected credit losses in respect of: - Contract assets (as defined in IFRS 15); - Financial assets measured at amortized cost; - Financial guarantees; - Debt investments; - Lease receivables. Simplified approach The Group applies the simplified approach to provide for expected credit losses (“ECLs”) for all trade receivables (including lease receivables) and contract assets. The simplified approach requires the loss allowance to be measured at an amount equal to lifetime ECLs. General approach The Group applies the general approach to provide for ECLs on all other financial instruments and financial guarantees. Under the general approach, the loss allowance is measured at an amount equal to the 12-month ECLs at initial recognition. At each reporting date, the Group assess whether the credit risk of a financial instrument has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. In assessing whether the credit risk of a financial asset has significantly increased since initial recognition and in assessing expected credit losses, the Group takes into consideration information that is reasonable and verifiable, relevant and attainable at no excessive cost or effort. Such information comprises quantitative and qualitative information, as well as an analysis, based on the past experience of the Group and the reported credit assessment, and contains forward-looking information. If credit risk has not increased significantly since initial recognition or if the credit quality of the financial instruments improves such that there is no longer a significant increase in credit risk since initial recognition, loss allowance is measured at an amount equal to 12-month ECLs. The Group assumes that the credit risk of a financial asset has increased significantly since initial recognition whenever contractual payments are more than 30 days in arrears. The Group considers a financial asset to be in default if: - It is not probable that the borrower will fully meet its payment obligations to the Company, and the Company has no right to perform actions such as the realization of collaterals (if any); or - The contractual payments in respect of the financial asset are more than 90 days in arrears. The Group considers a contract asset to be in default when the customer is unlikely to pay its contractual obligations to the Group full, without recourse by the Group to actions such as realizing security. The Group considers a debt instrument as having a low credit risk if its credit risk coincides with the global structured definition of “investment rating”. The ECLs expected over the life of the instrument are ECLs arising from all potential default events throughout the life of the financial instrument. ECLs in a 12-month period are the portion of the ECLs arising from potential default events during the period of 12 months from the reporting date. The maximum period that is taken into account in assessing the ECLs is the maximum contractual period over which the Group is exposed to credit risk. Measurement of ECLs ECLs represent a probability-weighted estimate of credit losses. Credit losses are measured at the present value of the difference between the cash flows to which the Group is entitled under the contract and the cash flows that the Group expects to receive. Expected credit losses are discounted at the effective interest rate of the financial asset. The Group’s credit risk exposure for trade receivables and contract asset are set out in Note 29 Financial Instruments. Financial assets impaired by credit risk At each reporting date, the Group assesses whether financial assets that are measured at amortized cost and debt instruments that are measured at FVOCI have become impaired by credit risk. A financial asset is impaired by credit risk upon the occurrence of one or more of the events (i.e. significant financial difficulty of the debtor) that adversely affect the future cash flows estimated for such financial asset. Presentation of impairment and allowance for ECLs in the statement of financial position A provision for ECLs in respect of a financial asset that is measured at amortized cost is presented as a reduction of the gross carrying amount of the financial asset. For debt investments at FVOCI, loss allowances are charged to profit or loss and recognized in OCI. Loss allowances are presented under financing expenses. Impairment losses in respect of trade and other receivables, including contract assets and lease receivables, are presented separately in the statements of profit or loss and other comprehensive income. Impairment losses in respect of other financial assets are presented under financing expenses. Derivative financial instruments, including hedge accounting The Group holds derivative financial instruments. Derivatives are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. The Group designates certain derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Hedge accounting As of December 31, 2022 and 2021, hedge relationships designated for hedge accounting under IAS 39 qualify for hedge accounting under IFRS 9, and are therefore deemed as continuing hedge relationships. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from Interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flows of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of benchmark interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: - the change is necessary as a direct consequence of the reform; and - the new basis for determining the contractual cash flows is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: - designating an alternative benchmark rate as the hedged risk; - updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or - updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: - it makes a change required by interest rate benchmark reform by using an approach other than changing the basis for determining the contractual cash flows of the hedging instrument; - it chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and - the original hedging instrument is not derecognized The Group also amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognized in OCI for that hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. Cash flow hedges The Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with highly probable forecast transactions arising from changes in foreign exchange rates and interest rates. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (‘forward points’) is separately accounted for as a cost of hedging and recognized in a cost of hedging reserve within equity. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve and the cost of hedging reserve remains in equity until, for a hedge of a transaction resulting in recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Financial guarantees The Group irrevocably elects on a contract by contract basis, whether to account for a financial guarantee in accordance with IFRS 9. The Group considers a financial guarantee to be in default when the debtor of the loan is unlikely to pay its credit obligations to the creditor. When the Group elects to account for financial guarantees in accordance with IFRS 9, they are initially measured at fair value. Subsequently, they are measured at the higher of the loss allowance determined in accordance with IFRS 9 and the amount initially recognized less, when appropriate, the cumulative amount of income recognized in accordance with the principles of IFRS 15. |
Property, plant and equipment, net | F. Property, plant and equipment, net (1) Recognition and measurement Items of property, plant and equipment comprise mainly power station structures, power distribution facilities and related offices. These items are measured at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. • The cost of materials and direct labor; • Any other costs directly attributable to bringing the assets to a working condition for their intended use; • Spare parts, servicing equipment and stand-by equipment; • When the Group has an obligation to remove the assets or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and • Capitalized borrowing costs. If significant parts of an item of property, plant and equipment items have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss in the year the asset is derecognized. (2) Subsequent Cost Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Group, and its cost can be measured reliably. (3) Depreciation Depreciation is calculated to reduce the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognized in profit or loss. Leasehold improvements are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated. Diesel oil and spare parts are expensed off when they are used or consumed. Depreciation methods, useful lives and residual values are reviewed by management of the Group at each reporting date and adjusted if appropriate. The following useful lives shown on an average basis are applied across the Group: Years Roads, buildings and leasehold improvements (*) 3 – 30 Facilities, machinery and equipment 5 – 30 Wind turbines 35 Computers 3 Office furniture and equipment 3 – 16 Others 5 – 15 * The shorter of the lease term and useful life |
Intangible assets, net | G. Intangible assets, net (1) Recognition and measurement Goodwill Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment; and any impairment loss is allocated to the carrying amount of the equity investee as a whole. Other intangible assets Other intangible assets, including licenses, patents and trademarks, which are acquired by the Group having finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. (2) Amortization Amortization is calculated to charge to expense the cost of intangible assets less their estimated residual values using the straight-line method over their useful lives, and is generally recognized in profit or loss. Goodwill is not amortized. The estimated useful lives for current and comparative year are as follows: • Power purchase agreement 10 years • Others 1-33 years Amortization methods and useful lives are reviewed by management of the Group at each reporting date and adjusted if appropriate. (3) Subsequent expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill is expensed as incurred. |
Leases | H. Leases Definition of a lease The Group assesses whether a contract is or contains a lease by assessing if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. For lease contracts that include components that are not lease components, such as services or maintenance which relate to the lease component, the Group elected to treat the lease component separately. As a lessee The Group recognizes right-of-use assets and lease liabilities for most leases – i.e. these leases are on-balance sheet. However, the Group has elected not to recognize right-of-use assets and lease liabilities for some leases of low-value assets. The Group recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term. The Group recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which affects the amount of lease liabilities and right-of-use assets recognized. Depreciation of right-of-use asset Subsequent to the commencement date of the lease, a right-of-use asset is measured using the cost method, less accumulated depreciation and accrued losses from decline in value and is adjusted in respect of re‑measurements of the liability in respect of the lease. The depreciation is calculated on the “straight‑line” basis over the useful life or the contractual lease period – whichever is shorter. Years Land 19 – 49 Pressure regulation and management system facility 24 Offices 3 – 9 |
Borrowing costs | I. Borrowing costs Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources which were not specifically capitalized. Foreign currency differences from credit in foreign currency are capitalized if they are considered an adjustment of interest costs. Other borrowing costs are expensed as incurred. Income earned on the temporary investment of specific credit received for investing in a qualifying asset is deducted from the borrowing costs eligible for capitalization. |
Impairment of non-financial assets | J. Impairment of non-financial assets At each reporting date, management of the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment, and whenever impairment indicators exist. For impairment testing, assets are grouped together into smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Goodwill arising from a business combination is allocated to CGUs or group of CGUs that are expected to benefit from these synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an assessment is performed at each reporting date for any indications that these losses have decreased or no longer exist. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount and is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Employee benefits | K. Employee benefits (1) Short-term employee benefits Short-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. The employee benefits are classified, for measurement purposes, as short-term benefits or as other long-term benefits depending on when the Group expects the benefits to be wholly settled. (2) Bonus plans transactions The Group’s senior executives receive remuneration in the form of share-appreciations rights, which can only be settled in cash (cash-settled transactions). The cost of cash-settled transactions is measured initially at the grant date and is recognized as an expense with a corresponding increase in liabilities over the period that the employees become unconditionally entitled to payment. With respect to grants made to senior executives of OPC, this benefit is calculated by determining the present value of the settlement (execution) price set forth in the plan. The liability is re-measured at each reporting date and at the settlement date based on the formulas described above. Any changes in the liability are recognized as operating expenses in profit or loss. (3) Termination Benefits Severance pay is charged to income statement when there is a clear obligation to pay termination of employees before they reach the customary age of retirement according to a formal, detailed plan, without any reasonable chance of cancellation. The benefits given to employees upon voluntary retirement are charged when the Group proposes a plan to the employees encouraging voluntary retirement, it is expected that the proposal will be accepted and the number of employee acceptances can be estimated reliably. (4) Defined Benefit Plans The calculation of defined benefit obligation is performed at the end of each reporting period by a qualified actuary using the projected unit credit method. Remeasurements of the defined benefit liability, which comprise actuarial gains and losses and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in OCI. Interest expense and other expenses related to defined benefit plan are recognized in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. The Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. (5) Share-based compensation plans Qualifying employees are awarded grants of the Group’s shares under the Group’s 2014 Share Incentive Plan (“Share Incentive Plan”). The fair value of the grants are recognized as an employee compensation expense, with a corresponding increase in equity over the service period – the period that the employee must remain employed to receive the benefit of the award. At each balance sheet date, the Group revises its estimates of the number of grants that are expected to vest. It recognizes the impact of the revision of original estimates in employee expenses and in a corresponding adjustment to equity over the remaining vesting period. |
Provisions | L. Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. |
Revenue recognition | M. Revenue recognition The Group recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Group expects to be entitled in exchange for the goods or services promised to the customer. Revenues from the sale of electricity and steam are recognized in the period in which the sale takes place in accordance with the price set in the electricity sale agreements and the quantities of electricity supplied. Furthermore, the Group’s revenues include revenues from the provision of asset management services to power plants and recognized in accordance to the service provision rate. When setting the transaction price, the Group takes into consideration fixed amounts and amounts that may vary as a result of discounts, credits, price concessions, penalties, claims and disputes and contract modifications that the consideration in their respect has not yet been agreed by the parties. The Group includes variable consideration, or part of it, in the transaction price only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. At the end of each reporting period and if necessary, the Group revises the amount of the variable consideration included in the transaction price. The Group recognizes compensation paid to customers in respect of delays in the commercial operation date of the power plant on payment date within long-term prepaid expenses, and amortizes them throughout the term of the contract, from the date of commercial operation of the power plant, against a decrease in revenue from contracts with customers. Key agent or a principal When another party is involved in providing goods or services to a customer, the Group shall determine whether the nature of its promise is a performance obligation to provide the specified or services itself (i.e., the Group is a principal) or to arrange for those services to be provided by the other party (i.e., the Group is an agent), and therefore recognizes the revenue as the net fee amount. The Group is a principal if it controls the specified service before that service is transferred to a customer. Indicators that the Group controls the specified service before it is transferred to the customer include the following: The Group is primarily responsible for fulfilling the promise to provide the specified service; the entity bears a risk before the specified service has been transferred to a customer; and the Group has discretion in establishing the price for the specified service. |
Government grants | N. Government grants Government grants related to distribution projects are not recognized until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recorded at the value of the grant received and any difference between this value and the actual construction cost is recognized in profit or loss of the year in which the asset is released. Government grants related to distribution assets are deducted from the related assets. They are recognized in statement of income on a systematic basic over the useful life of the related asset reducing the depreciation expense. |
Deposits received from consumers | O. Deposits received from consumers Deposits received from consumers, plus interest accrued and less any outstanding debt for past services, are refundable to the users when they cease using the electric energy service rendered by the Group. The Group has classified these deposits as current liabilities since the Group does not have legal rights to defer these payments in a period that exceed a year. However, the Group does not anticipate making significant payments in the next year. |
Financing income and expenses | P. Financing income and expenses Financing income includes income from interest on amounts invested and gains from exchange rate differences. Interest income is recognized as accrued, using the effective interest method. Financing expenses include interest on loans received, commitment fees on borrowings, and changes in the fair value of derivatives financial instruments presented at fair value through profit or loss, and exchange rate losses. Borrowing costs, which are not capitalized, are recorded in the income statement using the effective interest method. In the statements of cash flows, interest received is presented as part of cash flows from investing activities. Dividends received are presented as part of cash flows from operating activities. Interest paid and dividends paid are presented as part of cash flows from financing activities. Accordingly, financing costs that were capitalized to qualifying assets are presented together with interest paid as part of cash flows from financing activities. Gains and losses from exchange rate differences and gains and losses from derivative financial instruments are reported on a net basis as financing income or expenses, based on the fluctuations on the rate of exchange and their position (net gain or loss). The Group’s finance income and finance costs include: • Interest income; • Interest expense; • The net gain or loss on the disposal of held-for-sale financial assets; • The net gain or loss on financial assets at fair value through profit or loss; • The foreign currency gain or loss on financial assets and financial liabilities; • The fair value loss on contingent consideration classified as financial liability; • Impairment losses recognized on financial assets (other than trade receivables); • The net gain or loss on hedging instruments that are recognized in profit or loss; and • The reclassification of net gains previously recognized in OCI. Interest income or expense is recognized using the effective interest method. |
Income taxes | Q. Income taxes Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. (i) Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax liability arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. (ii) Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: • Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; • Temporary differences related to investments in subsidiaries and associates where the Group is able to control the timing of the reversal of the temporary differences and it is not probable that they will reverse it in the foreseeable future; and • Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profit improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent that it has become probable that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. Management of the Group regularly reviews its deferred tax assets for recoverability, taking into consideration all available evidence, both positive and negative, including historical pre-tax and taxable income, projected future pre-tax and taxable income and the expected timing of the reversals of existing temporary differences. In arriving at these judgments, the weight given to the potential effect of all positive and negative evidence is commensurate with the extent to which it can be objectively verified. Management believes the Group’s tax positions are in compliance with applicable tax laws and regulations. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The Group believes that its liabilities for unrecognized tax benefits, including related interest, are adequate in relation to the potential for additional tax assessments. There is a risk, however, that the amounts ultimately paid upon resolution of audits could be materially different from the amounts previously included in our income tax expense and, therefore, could have a material impact on our tax provision, net income and cash flows. (iii) Uncertain tax positions A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more probable than not that the Group will have to use its economic resources to pay the obligation. |
Earnings per share | R. Earnings per share The Group presents basic and diluted earnings per share data for its ordinary share capital. The basic earnings per share are calculated by dividing income or loss allocable to the Group’s ordinary equity holders by the weighted-average number of ordinary shares outstanding during the period. The diluted earnings per share are determined by adjusting the income or loss allocable to ordinary equity holders and the weighted-average number of ordinary shares outstanding for the effect of all potentially dilutive ordinary shares including options for shares granted to employees. |
Share capital - ordinary shares | S. Share capital – ordinary shares Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognized as a deduction from equity. |
Discontinued operations | T. Discontinued operations A discontinued operation is a component of the Group´s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which: • Represents a separate major line of business or geographic area of operations, • Is part of a single coordinated plan to dispose of a separate major line of business or geographic area of operations; or • Is a subsidiary acquired exclusively with a view to re-sell. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held-for-sale. When an operation is classified as a discontinued operation, the comparative statement of profit or loss and other comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year. The changes in each cash flow based on operating, investing and financing activities are reported in Note 26 Discontinued Operations. |
Operating segment and geographic information | U. Operating segment and geographic information The Company's CEO and CFO are considered to be the Group's chief operating decision maker ("CODM"). As at December 31, 2022, based on the internal financial information provided to the CODM, the Group has determined that it has three reportable segments, which are OPC Power Plants, CPV Group, and ZIM. These segments are based on the different services offered in different geographical locations and also based on how they are managed. The following summary describes the Group’s reportable segments: 1. OPC Power Plants – 2. CPV Group 3. ZIM In addition to the segments detailed above, the Group has other activities, such as investment holding categorized as Others. Apart from ZIM, the CODM evaluates the operating segments performance based on Adjusted EBITDA. Adjusted EBITDA is defined as the net income (loss) excluding depreciation and amortization, financing income, financing expenses, income taxes and other items. The CODM evaluates segment assets based on total assets and segment liabilities based on total liabilities. The CODM evaluates the operating segment performance of ZIM based on share of results and dividends received. The accounting policies used in the determination of the segment amounts are the same as those used in the preparation of the Group's consolidated financial statements, Inter-segment pricing is determined based on transaction prices occurring in the ordinary course of business. In determining the information to be presented on a geographical basis, revenue is based on the geographic location of the customer and non-current assets are based on the geographic location of the assets. |
Transactions with controlling shareholders | V. Transactions with controlling shareholders Assets, liabilities and benefits with respect to which a transaction is executed with the controlling shareholders are measured at fair value on the transaction date. The Group records the difference between the fair value and the consideration in equity. |
New standards and interpretations not yet adopted | W. New standards and interpretations not yet adopted A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after January 1, 2022 and have not been applied in preparing these consolidated financial statements. The following amended standards and interpretations are not expected to have a significant impact on the Group’s consolidated financial statements: - Classification of Liabilities as Current or Non-current (Amendments to IAS 1), - Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) - Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) - Definition of Accounting Estimate (Amendments to IAS 8) |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of useful lives for property, plant and equipment | Years Roads, buildings and leasehold improvements (*) 3 – 30 Facilities, machinery and equipment 5 – 30 Wind turbines 35 Computers 3 Office furniture and equipment 3 – 16 Others 5 – 15 * The shorter of the lease term and useful life |
Schedule of amortizable useful lives for intangible assets | • Power purchase agreement 10 years • Others 1-33 years |
Schedule of depreciation of right-of-use asset | Years Land 19 – 49 Pressure regulation and management system facility 24 Offices 3 – 9 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | As at December 31, 2022 2021 $ Thousands Cash and cash equivalents in banks 361,580 425,017 Time deposits 173,591 49,527 535,171 474,544 |
Short-Term Deposits and Restr_2
Short-Term Deposits and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Short Term Investments And Deposits Abstract | |
Schedule of short-term deposits and restricted cash | As at December 31, 2022 2021 $ Thousands Short-term deposits with bank and others Short-term restricted cash 179 45,990 229 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Investments [Abstract] | |
Schedule of other investments | As at December 31, 2022 2021 $ Thousands Debt investments - at FVOCI 344,780 - |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of other current assets [Abstract] | |
Schedule of other current assets | As at December 31, 2022 2021 $ Thousands Advances to suppliers 1,219 459 Inventories 1,928 1,706 Prepaid expenses 10,004 6,639 Input tax receivable 4,660 5,029 Indemnification asset (1) - 9,047 Deposits in connection with projects under construction (2) 35,475 16,398 Others 5,670 4,101 58,956 43,379 (1) Relates to compensation receivable from OPC Hadera contractor as a result of the delay in the construction of the Hadera Power Plant. Please refer to Note 18.A.2.a for further details. (2) Relates to collateral provided to secure a hedging agreement in CPV Valley amounting to $20 million (2021: Nil) and collaterals provided in connection with renewable energy projects under development in the United States amounting to $15 million. |
Investment in Associated Comp_2
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of associates [abstract] | |
Schedule of condensed financial information with respect to the statement of financial position | CPV CPV CPV CPV CPV CPV ZIM Fairview Maryland Shore Towantic Valley Three Rivers As at December 31, 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 $ Thousands Principal place of business International US US US US US US Proportion of ownership interest 21% 26% 25% 25% 25% 25% 37.5% 37.5% 26% 26% 50% 50% 10% 10% Current assets 4,271,600 5,084,865 98,942 107,380 73,985 26,649 92,808 45,538 86,698 38,558 59,191 35,783 32,626 2,997 Non-current assets 7,353,700 4,756,973 938,869 986,321 654,720 669,668 983,576 1,039,153 936,268 952,997 678,540 705,501 1,338,392 949,385 Current liabilities (2,662,200 ) (2,756,595 ) (166,468 ) (136,136 ) (73,883 ) (37,067 ) (53,619 ) (7,904 ) (133,746 ) (124,247 ) (542,176 ) (85,176 ) (47,939 ) (20,921 ) Non-current liabilities (3,067,200 ) (2,485,714 ) (400,309 ) (591,169 ) (320,518 ) (356,838 ) (649,860 ) (727,037 ) (490,610 ) (538,750 ) (6,450 ) (537,310 ) (820,943 ) (708,402 ) Total net assets 5,895,900 4,599,529 471,034 366,396 334,304 302,412 372,905 349,750 398,610 328,558 189,105 118,798 502,136 223,059 Group's share of net assets 1,217,797 1,182,810 117,759 91,599 83,576 75,603 139,951 131,261 103,639 85,425 94,553 59,399 60,609 56,021 Adjustments: Excess cost 138,071 171,402 80,414 81,678 (14,396 ) (14,854 ) (52,777 ) (56,330 ) 26,615 26,799 (806 ) (1,223 ) 8,379 8,379 Total impairment loss (928,809 ) - - - - - - - - - - - - - Book value of investment 427,059 1,354,212 198,173 173,277 69,180 60,749 87,174 74,931 130,254 112,224 93,747 58,176 68,988 64,400 Investments in associated companies 427,059 1,354,212 198,173 173,277 69,180 60,749 87,174 74,931 130,254 112,224 93,747 58,176 68,988 64,400 |
Schedule of condensed financial information with respect to results of operations | CPV CPV CPV CPV CPV CPV ZIM Fairview Maryland Shore Towantic Valley Three Rivers Qoros** For the year ended December 31, 2022 2021 2020 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2020*** $ Thousands Revenue 12,561,600 10,728,698 3,991,696 373,967 199,030 243,710 170,292 261,386 189,985 494,665 258,292 405,548 139,473 (2,722 ) 174 23,852 Income / loss* 4,619,400 4,640,305 517,961 98,907 9,666 33,249 5,420 6,853 16,247 47,436 18,520 69,138 (58,793 ) (7,934 ) (9,281 ) (52,089 ) Other comprehensive income * (41,200 ) (3,462 ) 5,854 15,730 11,192 6,419 10,983 16,301 7,779 22,616 11,140 1,178 3,710 53,814 19,361 (3 ) Total comprehensive income 4,578,200 4,636,843 523,815 114,637 20,858 39,668 16,403 23,154 24,026 70,052 29,660 70,316 (55,083 ) 45,880 10,080 (52,092 ) Kenon’s share of comprehensive income 1,023,567 1,258,913 167,621 28,659 5,214 9,917 4,101 8,690 9,017 18,214 7,711 35,158 (27,542 ) 4,588 1,008 (6,251 ) Adjustments 558 1,116 1,394 (1,267 ) (1,249 ) 458 2,354 3,554 3,644 (184 ) 50 413 681 - - 3 Kenon’s share of comprehensive income presented in the books 1,024,125 1,260,029 169,015 27,392 3,965 10,375 6,455 12,244 12,661 18,030 7,761 35,571 (26,861 ) 4,588 1,008 (6,248 ) * Excludes portion attributable to non-controlling interest. ** The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during 2020 were approximately $13 million, $1 million, $18 million and $nil thousand respectively. *** The 2020 equity accounted results reflect Kenon’s share of losses in Qoros until the completion date of the sale, i.e. April 29, 2020. Subsequent to that, Qoros was reclassified as to Long-term investment (Qoros). Refer to Note 10 for further details. |
Schedule of financial position | For the year ended December 31 2022 2021 2020 Note $ Thousands $ Thousands $ Thousands Gain on dilution from ZIM IPO 9.B.a.2 - 9,724 - Loss on dilution from ZIM options exercised 9.B.a.3 (3,475 ) (39,438 ) - Gain on sale of ZIM shares 9.B.a.4 204,634 29,510 - (Impairment)/write back of ZIM investment 9.B.a.5 (928,809 ) - 43,505 (727,650 ) (204 ) 43,505 |
Schedule of OPC’s associated companies | Ownership interest as at December 31 Note Main location of company's activities 2022 2021 CPV, Three Rivers, LLC 9.C.1 Illinois 10 % 10 % CPV Fairview, LLC 9.C.2 Pennsylvania 25 % 25 % CPV Maryland, LLC 9.C.3 Maryland 25 % 25 % CPV Shore Holdings, LLC 9.C.4 New Jersey 38 % 38 % CPV Towantic, LLC 9.C.5 Connecticut 26 % 26 % CPV Valley Holdings, LLC 9.C.6 New York 50 % 50 % |
Long-term investment (Qoros) (T
Long-term investment (Qoros) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |
Schedule of changes of interest in Qoros | For the year ended December 31, 2022 2021 2020 Note $ Thousands Fair value (loss)/gain on remaining 12% interest in Qoros 10.3, 10.5 - (235,218 ) 154,475 (Payment)/recovery of financial guarantee 10.6 - (16,265 ) 6,195 Gain on sale of 12% interest in Qoros 10.3 - - 152,610 Fair value loss on put option 10.3 - - (3,362 ) - (251,483 ) 309,918 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Schedule of information relating to each of the group's subsidiaries | Ownership interest as at December 31 Note Main location of company's activities 2022 2021 OPC Power Plants Ltd. (formerly OPC Israel Energy Ltd.) 11.A. 1 Israel 100 % 100 % CPV Group LP 11.A. 2 USA 70 % 70 % |
Schedule of material interest In subsidiaries | As at and for the year ended December 31, 2022 2021 2020 OPC Energy Ltd. OPC Energy Ltd. OPC Energy Ltd. $ Thousands NCI percentage * 56.20 % 53.14 % 39.09 % Current assets 419,636 346,380 693,913 Non-current assets 2,289,101 2,141,744 1,040,400 Current liabilities (184,418 ) (230,518 ) (221,975 ) Non-current liabilities (1,283,445 ) (1,341,962 ) (980,028 ) Net assets 1,240,874 915,644 532,310 Carrying amount of NCI 697,433 486,598 208,080 Revenue 573,957 487,763 385,625 Profit/(loss) after tax 65,352 (93,898 ) (12,583 ) Other comprehensive income (11,249 ) 74,219 (2,979 ) Profit/(loss) attributable to NCI 37,007 (54,022 ) (2,567 ) OCI attributable to NCI (568 ) 33,661 (616 ) Cash flows from operating activities 62,538 119,264 104,898 Cash flows from investing activities (328,610 ) (256,200 ) (643,942 ) Cash flows from financing activites excluding dividends paid to NCI 285,898 311,160 489,919 Dividends paid to NCI - (10,214 ) (12,412 ) Effect of changes in the exchange rate on cash and cash equivalents (13,545 ) 6,717 12,566 Net increase/(decrease) in cash and cash equivalents 6,281 170,727 (48,971 ) * The NCI percentage represents the effective NCI of the Group |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Schedule of Composition of Property, Plant and Equipment | Roads, Facilities, Wind turbines Computers Office Assets under Other Total $ Thousands Cost Balance at January 1, 2021 72,222 763,828 - 763 1,132 127,116 43,840 1,008,901 Additions 5,709 2,527 894 - 240 252,096 5,761 267,227 Disposals (453 ) - (972 ) - (150 ) - (1,885 ) (3,460 ) Reclassification 2,242 - - (763 ) (808 ) - (671 ) - Acquisitions as part of a business 1,682 - 29,922 - - 18,990 - 50,594 Differences in translation reserves 2,554 25,920 - - - 11,578 1,097 41,149 Balance at December 31, 2021 83,956 792,275 29,844 - 414 409,780 48,142 1,364,411 Additions 3,442 18,657 191 - (8 ) 185,938 46,025 254,245 Disposals (160 ) (13,007 ) (43 ) - - (1,969 ) (12,769 ) (27,948 ) Reclassification - - - - - 3 (3 ) - Differences in translation reserves (9,633 ) (75,558 ) - - - (41,164 ) (6,016 ) (132,371 ) Balance at December 31, 2022 77,605 722,367 29,992 - 406 552,588 75,379 1,458,337 Accumulated depreciation Balance at January 1, 2021 12,799 175,633 - 511 757 - 640 190,340 Additions 3,453 36,620 634 - 71 - - 40,778 Disposals (240 ) - (71 ) - (151 ) - - (462 ) Reclassification 1,585 - - (511 ) (434 ) - (640 ) - Differences in translation reserves 551 7,384 - - - - - 7,935 Balance at December 31, 2021 18,148 219,637 563 - 243 - - 238,591 Additions 3,864 37,057 1,109 - 80 - - 42,110 Disposals (10 ) (13,007 ) (21 ) - (8 ) - - (13,046 ) Differences in translation reserves (3,557 ) (28,182 ) - - - - - (31,739 ) Balance at December 31, 2022 18,445 215,505 1,651 - 315 - - 235,916 Carrying amounts At January 1, 2021 59,423 588,195 - 252 375 127,116 43,200 818,561 At December 31, 2021 65,808 572,638 29,281 - 171 409,780 48,142 1,125,820 At December 31, 2022 59,160 506,862 28,341 - 91 552,588 75,379 1,222,421 |
Disclosure Of Detailed Information About Composition Of Depreciation Expense Explanatory | As at December 31, 2022 2021 $ Thousands Depreciation and amortization included in gross profit 56,853 53,116 Depreciation and amortization charged to selling, general and administrative expenses 6,023 4,524 Depreciation and amortization from continuing operations 62,876 57,640 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets, Net | Goodwill* PPA** Others Total $Thousands Cost Balance as at January 1, 2021 21,596 - 2,372 23,968 Acquisitions as part of business combinations 118,458 110,446 3,410 232,314 Additions - - 1,451 1,451 Translation differences 158 - 237 395 Balance as at December 31, 2021 140,212 110,446 7,470 258,128 Additions - - 10,799 10,799 Translation differences (1,599 ) - (1,316 ) (2,915 ) Balance as at December 31, 2022 138,613 110,446 16,953 266,012 Amortization Balance as at January 1, 2021 21,455 - 1,061 22,516 Amortization for the year - 10,947 339 11,286 Translation differences - - 44 44 Balance as at December 31, 2021 21,455 10,947 1,444 33,846 Amortization for the year - 10,569 991 11,560 Translation differences - - (189 ) (189 ) Balance as at December 31, 2022 21,455 21,516 2,246 45,217 Carrying value As at January 1, 2021 141 - 1,311 1,452 As at December 31, 2021 118,757 99,499 6,026 224,282 As at December 31, 2022 117,158 88,930 14,707 220,795 * Relates mainly to goodwill arising from acquisition of CPV Group and Gnrgy of $105 million and $14 million respectively. Refer to Note 11.A.4 for further information. ** Relates to the power purchase agreement from the acquisition of CPV Keenan, which is part of the CPV Group. |
Schedule of Carrying Amounts of Intangible Assets | As at December 31, 2022 2021 $ Thousands Intangible assets with a finite useful life 103,637 105,525 Intangible assets with an indefinite useful life or not yet available for use 117,158 118,757 220,795 224,282 |
Long-Term Prepaid Expenses an_2
Long-Term Prepaid Expenses and Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits Loans And Other Receivables Including Derivative Instruments Abstract | |
Schedule of Long-Term Prepaid Expenses and Other Non-Current Assets | As at December 31, 2022 2021 $ Thousands Deferred expenses, net (1) 32,840 42,840 Contract costs 4,337 5,119 Other non-current assets 13,637 9,307 50,814 57,266 (1) Relates to deferred expenses, net for OPC’s connection fees to the gas transmission network and the electricity grid. |
Loans and Debentures (Tables)
Loans and Debentures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure Of Detailed Information About Current Liabilities And Noncurrent Liabilities Explanatory | As at December 31 2022 2021 $ Thousands Current liabilities Current maturities of long-term liabilities: Loans from banks and others 26,113 21,861 Non-convertible debentures 9,497 7,125 Others 3,652 9,325 39,262 38,311 Non-current liabilities Loans from banks and others 610,434 596,489 Non-convertible debentures 513,375 575,314 1,123,809 1,171,803 Total 1,163,071 1,210,114 |
Schedule of Composition of I.C. Power Loans from Banks and Others | Weighted- As at December 31, 2022 2022 2021 % $Thousands Debentures In shekels 2.50% - 2.75 % 522,872 582,439 Loans from banks and others In shekels 2.40% - 5.40 % 640,199 627,675 1,163,071 1,210,114 |
Schedule of Reconciliation of Movements of Liabilities to Cash Flows Arising from Financing Activities | Financial liabilities (including interest payable) Loans and Loans from Debentures Financial $ Thousands Balance as at January 1, 2022 488,455 139,838 586,600 (8,305 ) Changes as a result of cash flows from financing activities Payment in respect of derivative financial instruments, net - - - (923 ) Receipt of loans 88,651 13,680 - - Repayment of debentures and loans (21,601 ) (25,617 ) (5,972 ) - Interest paid (11,058 ) (2,094 ) (11,889 ) - Prepaid costs for loans taken (2,845 ) - - - Net cash provided by/(used in) financing activities 53,147 (14,031 ) (17,861 ) (923 ) Effect of changes in foreign currency exchange rates (51,435 ) (8,419 ) (68,696 ) 967 Interest and CPI expenses 27,444 6,764 26,728 - Changes in fair value, application of hedge accounting and other (1,416 ) - - (7,826 ) Balance as at December 31, 2022 516,195 124,152 526,771 (16,087 ) Financial liabilities (including interest payable) Loans and Loans from Debentures Financial $ Thousands Balance as at January 1, 2021 615,403 439 304,701 11,014 Changes as a result of cash flows from financing activities Payment in respect of derivative financial instruments - - - (13,933 ) Proceeds from issuance of debentures - - 262,750 - Receipt of long-term loans from banks 211,738 131,388 - - Repayment of loans, debentures and lease liabilities (601,474 ) - (5,876 ) - Interest paid (25,095 ) - (6,093 ) - Costs paid in advance in respect of taking out loans (4,991 ) - - - Net cash (used in)/provided by financing activities (419,822 ) 131,388 250,781 (13,933 ) Changes due to gain of control in subsidiaries 172,163 - - 12,176 Effect of changes in foreign exchange rates 10,820 2,497 17,993 (487 ) Changes in fair value - - - (13,726 ) Interest in the period 38,803 4,275 13,125 - Other changes and additions during the year 71,088 1,239 - (3,349 ) Balance as at December 31, 2021 488,455 139,838 586,600 (8,305 ) |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current payables [abstract] | |
Disclosure Of Detailed Information About Trade Payables Explanatory | As at December 31, 2022 2021 $ Thousands Trade Payables 95,036 136,505 Accrued expenses and other payables 10,833 11,479 Government institutions 2,083 2,459 Employees and payroll institutions 14,491 11,625 Interest payable 4,472 5,213 Others 6,500 4,256 133,415 171,537 |
Right-Of-Use Assets, Net and _2
Right-Of-Use Assets, Net and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Schedule Of Right Of Use Assets | As at December 31, 2022 Balance at Depreciation Adjustments Balance at $ Thousands Land 81,355 (3,484 ) (908 ) 76,963 PRMS facility 6,239 (660 ) 8,398 13,977 Offices 10,282 (2,142 ) 213 8,353 Others 7 (6 ) (1 ) - 97,883 (6,292 ) 7,702 99,293 As at December 31, 2021 Balance at Depreciation Adjustments Balance at $ Thousands Land 77,011 (3,375 ) 7,719 81,355 PRMS facility 6,514 (480 ) 205 6,239 Offices 2,499 (1,716 ) 9,499 10,282 Others - - 7 7 86,024 (5,571 ) 17,430 97,883 |
Disclosure Of Detailed Information About Amounts Recognized In Statements Of Profit Loss Explanatory | As at As at 2022 2021 $ Thousands $ Thousands Interest expenses in respect of lease liability 572 550 Total cash outflow for leases 2,572 1,993 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Company No. of shares (’000) 2022 2021 Authorised and in issue at January, 1 53,879 53,871 Issued for share plan 8 8 Authorised and in issue at December. 31 53,887 53,879 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Revenue [Abstract] | |
Disclosure Of Detailed Information About Revenue Explanatory | For the Year Ended December 31, 2022 2021 2020 $ Thousands Revenue from sale of electricity and infrastructure services in Israel 486,680 419,395 369,421 Revenue from sale of electricity in US 25,780 25,605 - Revenue from sale of steam in Israel 18,476 17,648 16,204 Revenue from provision of services in US 31,509 25,115 - Other revenue in Israel 11,512 - 845 573,957 487,763 386,470 |
Cost of Sales and Services (e_2
Cost of Sales and Services (excluding Depreciation and Amortization) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of cost of sales and services [Abstract] | |
Disclosure Of Detailed Information About Cost Of Sales And Services Explanatory | For the Year Ended December 31, 2022 2021 2020 $ Thousands Fuels 155,760 153,122 135,706 Electricity and infrastructure services 192,723 133,502 125,782 Salaries and related expenses 30,598 21,095 7,244 Generation and operating expenses and outsourcing 17,283 16,798 8,625 Insurance 5,190 4,989 3,503 Others 15,707 6,792 1,226 417,261 336,298 282,086 |
Selling, General and Administ_2
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Selling General And Administrative Expenses Abstract | |
Disclosure Of Detailed Information About Selling, General And Administrative Expenses Explanatory | For the Year Ended December 31, 2022 2021 2020 $ Thousands Payroll and related expenses (1) 46,660 41,930 11,360 Depreciation and amortization 3,259 2,623 1,023 Professional fees 15,798 16,069 8,386 Business development expenses 15,186 1,566 1,998 Expenses in respect of acquisition of CPV Group - 752 12,227 Office maintenance 4,581 3,022 936 Other expenses 14,452 9,765 14,027 99,936 75,727 49,957 (1) A portion of this relates to profit sharing for CPV Group employees |
Financing Expenses, Net (Tables
Financing Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financing income (expenses), net [Abstract] | |
Disclosure Of Detailed Information About Financing Income (Expenses), Net Explanatory | For the Year Ended December 31, 2022 2021 2020 $ Thousands Interest income from bank deposits 12,108 167 780 Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges 4,125 2,121 - Net change in exchange rates 28,453 - - Net change in fair value of derivative financial instruments - 443 - Interest income from deferred payment - - 13,511 Other income - 203 - Financing income 44,686 2,934 14,291 Interest expenses to banks and others (47,542 ) (51,924 ) (24,402 ) Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges - - (6,300 ) Impairment loss on debt securities at FVOCI (732 ) - - Net change in fair value of financial assets held for trade (45 ) - - Net change in exchange rates - (5,997 ) (5,645 ) Net change in fair value of derivative financial instruments (291 ) - (1,569 ) Early repayment fee (Note 15.B, Note 15.E) - (84,196 ) (11,852 ) Other expenses (1,787 ) (2,178 ) (1,406 ) Financing expenses (50,397 ) (144,295 ) (51,174 ) Net financing expenses (5,711 ) (141,361 ) (36,883 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income taxes [Abstract] | |
Disclosure Of Detailed Information About Components Of Income Taxes Explanatory | For the Year Ended December 31, 2022 2021 2020 $Thousands Current taxes on income In respect of current year 39,559 6,892 * 734 In respect of prior years - - 1 Deferred tax expense/(income) Creation and reversal of temporary differences (1,579 ) (2,567 )* 3,963 Total tax expense on income 37,980 4,325 4,698 * The Group made an immaterial correction of reclassification error of $21 million in income taxes on income and deferred tax income as at December 31, 2021. |
Disclosure Of Detailed Information About Reconciliation Between Theoretical Tax Expense Benefit On Pre Tax Income Loss And Actual Income Tax Expenses Explanatory | For the Year Ended December 31, 2022 2021 2020 $ Thousands Profit from continuing operations before income taxes 387,639 879,642 500,447 Statutory tax rate 17.00 % 17.00 % 17.00 % Tax computed at the statutory tax rate 65,899 149,539 85,076 (Decrease) increase in tax in respect of: Elimination of tax calculated in respect of the Group’s share in profit of associated companies (45,464 ) (190,539 ) (27,353 ) Different tax rate applicable to subsidiaries operating overseas 6,429 (9,297 ) - Income subject to tax at a different tax rate 116 - 441 Non-deductible expenses 158,811 44,851 1,028 Exempt income (164,822 ) (23,937 ) (61,415 ) Taxes in respect of prior years (739 ) (361 ) 1 Tax in respect of foreign dividend 18,447 28,172 - Share of non-controlling interests in entities transparent for tax purposes (1,082 ) 5,528 - Tax losses and other tax benefits for the period regarding which deferred taxes were not recorded 511 95 7,647 Other differences (126 ) 274 (727 ) Tax expense on income included in the statement of profit and loss 37,980 4,325 4,698 |
Schedule of Deferred Tax Assets and Liabilities Recognized | Property Carryforward Financial Other* Total $ Thousands Balance of deferred tax (liability) asset as at January 1, 2021 (95,674 ) 1,691 1,816 5,205 (86,962 ) Changes recorded on the statement of profit and loss (23,591 ) 106,643 49 (80,534 ) 2,567 Changes recorded in other comprehensive income - - (423 ) (2,847 ) (3,270 ) Change as a result of sale of subsidiary (4,050 ) 2,882 (232 ) (5,350 ) (6,750 ) Translation differences (3,915 ) 1,126 50 (27 ) (2,766 ) Balance of deferred tax (liability) asset as at December 31, 2021 (127,230 ) 112,342 1,260 (83,553 ) (97,181 ) Changes recorded on the statement of profit and loss (20,103 ) 8,116 (235 ) 13,801 1,579 Changes recorded in other comprehensive income - - (2,657 ) (4,439 ) (7,096 ) Translation differences 14,615 (4,370 ) (103 ) (147 ) 9,995 Balance of deferred tax (liability) asset as at December 31, 2022 (132,718 ) 116,088 (1,735 ) (74,338 ) (92,703 ) * This amount includes deferred tax arising from intangibles, undistributed profits, non-monetary items, associated companies and trade receivables distribution. |
Disclosure Of Detailed Information About Deferred Taxes Are Presented In Statements Of Financial Position Explanatory | As at December 31, 2022 2021 $ Thousands As part of non-current assets 6,382 19,016 * As part of current liabilities (1,285 ) (21,117 ) As part of non-current liabilities (97,800 ) (95,080 )* (92,703 ) (97,181 ) * The Group made an immaterial correction of classification error of $30 million in non-current deferred taxes from assets to liabilities as at December 31, 2021. |
Disclosure Of Detailed Information About Tax And Deferred Tax Liabilities Explanatory | As at December 31, 2022 2021 $ Thousands Losses for tax purposes 153,907 167,758 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Disclosure Of Detailed Information About Loss Income Allocated To Holders Of Ordinary Shareholders Explanatory | For the year ended December 31, 2022 2021 2020 $ Thousands Profit for the year attributable to Kenon’s shareholders 312,652 930,273 507,106 Profit for the year from discontinued operations (after tax) attributable to Kenon’s shareholders - - 8,476 Profit for the year from continuing operations attributable to Kenon’s shareholders 312,652 930,273 498,630 |
Disclosure Of Detailed Information About Number Of Ordinary Shares Explanatory | For the year ended December 31 2022 2021 2020 Thousands Weighted Average number of shares used in calculation of basic/diluted earnings per share 53,885 53,879 53,870 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of discontinued operations [Abstract] | |
Schedule of Results Attributable to Discontinued Operations | Year ended Year ended Year ended $ Thousands Recovery of retained claims - - 9,923 Income taxes - - (1,447 ) Profit after income taxes - - 8,476 Net cash flows provided by investing activities - - 8,476 |
Segment, Customer and Geograp_2
Segment, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of Information Regarding Reportable Segments | OPC Israel CPV Group ZIM Others* Total $ Thousands 2022 Revenue 516,668 57,289 - - 573,957 Profit before taxes 23,728 61,039 305,376 (2,504 ) 387,639 Income tax expense (9,522 ) (9,892 ) - (18,566 ) (37,980 ) Profit/(loss) from continuing operations 14,206 51,147 305,376 (21,070 ) 349,659 Depreciation and amortization 47,134 15,519 - 223 62,876 Financing income (10,301 ) (25,197 ) - (9,188 ) (44,686 ) Financing expenses 42,062 7,521 - 814 50,397 Other items: Losses related to ZIM - - 727,650 - 727,650 Share in profit of associated companies - (85,149 ) (1,033,026 ) - (1,118,175 ) 78,895 (87,306 ) (305,376 ) (8,151 ) (321,938 ) Adjusted EBITDA 102,623 (26,267 ) - (10,655 ) 65,701 Segment assets 1,503,811 552,569 - 636,263 2,692,643 Investments in associated companies 652,358 427,059 - 1,079,417 3,772,060 Segment liabilities 1,226,395 241,468 - 8,279 1,476,142 OPC Israel CPV Group ZIM Others* Total $ Thousands 2021 Revenue 437,043 50,720 - - 487,763 (Loss)/profit before taxes (57,040 ) (60,709 ) 1,260,789 (263,398 ) 879,642 Income tax benefit/(expense) 10,155 13,696 - (28,176 ) (4,325 ) (Loss)/profit from continuing operations (46,885 ) (47,013 ) 1,260,789 (291,574 ) 875,317 Depreciation and amortization 44,296 13,102 - 242 57,640 Financing income (2,730 ) (37 ) - (167 ) (2,934 ) Financing expenses 119,392 24,640 - 263 144,295 Other items: Losses related to Qoros - - - 251,483 251,483 Losses related to ZIM - - 204 - 204 Share in losses/(profit) of associated companies 419 10,425 (1,260,993 ) - (1,250,149 ) 161,377 48,130 (1,260,789 ) 251,821 (799,461 ) Adjusted EBITDA 104,337 (12,579 ) - (11,577 ) 80,181 Segment assets 1,481,149 431,474 - 226,337 2,138,960 Investments in associated companies - 545,242 1,354,212 - 1,899,454 4,038,414 Segment liabilities 1,324,217 218,004 - 215,907 1,758,128 OPC Israel CPV Group ZIM Others* Total $ Thousands 2020 Revenue 385,625 - - 845 386,470 (Loss)/profit before taxes (8,620 ) - 210,647 298,420 500,447 Income tax expense (3,963 ) - - (735 ) (4,698 ) (Loss)/profit from continuing operations (12,583 ) - 210,647 297,685 495,749 Depreciation and amortization 33,981 - - 190 34,171 Financing income (354 ) - - (13,937 ) (14,291 ) Financing expenses 50,349 - - 825 51,174 Other items: Net gains related to Qoros - - - (309,918 ) (309,918 ) Write back of impairment of investment - - (43,505 ) - (43,505 ) Share in losses/(profit) of associated companies - - (167,142 ) 6,248 (160,894 ) 83,976 - (210,647 ) (316,592 ) (443,263 ) Adjusted EBITDA 75,356 - - (18,172 ) 57,184 Segment assets 1,723,967 - - 461,218 2,185,185 Investments in associated companies - - 297,148 - 297,148 2,482,333 Segment liabilities 1,200,363 - - 5,962 1,206,325 * |
Schedule of Major Customers and Percentage of Group's Total Revenues | 2022 2021 2020 Customer Total revenues Percentage of revenues of the Group Total revenues Percentage of revenues of the Group Total revenues Percentage of revenues of the Group Customer 1 107,081 18.66 % 93,959 19.26 % 86,896 22.48 % Customer 2 73,518 12.81 % 70,801 14.52 % 74,694 19.33 % Customer 3 - * - * - * - * - * - * Customer 4 - * - * - * - * - * - * Customer 5 - * - * - * - * - * - * * Represents an amount less than 10% of the revenues. |
Schedule of Information Based on Geographic Areas | For the year ended December 31, 2022 2021 2020 $ Thousands Israel 516,668 437,043 385,625 United States 57,289 50,720 - Others - - 845 Total revenue 573,957 487,763 386,470 |
Disclosure Of Detailed Information About Groups Non Current Assets On Basis Of Geographic Location Explanatory | As at December 31, 2022 2021 $ Thousands Israel 1,050,386 1,039,505 United States 392,734 310,426 Others 96 171 Total non-current assets 1,443,216 1,350,102 * Composed of property, plant and equipment and intangible assets. |
Related-party Information (Tabl
Related-party Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions with Directors and Officers (Kenon's Directors and Officers) | For the year ended 2022 2021 $ Thousands Short-term benefits 2,229 1,994 Share-based payments 292 258 2,521 2,252 |
Disclosure Of Detailed Information About Transactions With Related Parties (Excluding Associates) Explanatory | For the year ended December 31, 2022 2021 2020 $ Thousands Sale of electricity and revenues from provision of services 94,264 88,004 80,416 Cost of sales (658) 7,802 16 Dividend received from associate 727,309 143,964 - Other income, net - (337 ) (90 ) Financing expenses, net 580 39,901 2,156 Interest expenses capitalized to property plant and equipment - - 119 |
Schedule of Transactions with Associates | As at December 31, 2022 2021 Other related parties * $ Thousands Cash and cash equivalent 176,246 89,814 Short-term deposits and restricted cash 35,662 - Trade receivables and other receivables 15,421 14,860 Other payables (535 ) (424 ) Loans and Other Liabilities In US dollar or linked thereto (34,524 ) (27,587 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Maximum Exposure to Credit Risk for Financial Assets | As at December 31, 2022 2021 $ Thousands Carrying amount Cash and cash equivalents 535,171 474,544 Short-term and long-term deposits and restricted cash 61,136 21,692 Trade receivables and other assets 122,797 97,580 Short-term and long-term derivative instruments 16,730 9,103 Other investments 344,780 - 1,080,614 602,919 |
Schedule of Maximum Exposure to Credit Risk for Trade Receivables By Geographic Region | As at December 31, 2022 2021 $ Thousands Israel 67,177 56,632 Other regions 6,723 6,011 73,900 62,643 |
Schedule of Aging of Trade Receivables | As at December 31 2022 2021 $ Thousands Not past due nor impaired 73,900 62,643 |
Schedule of f debt securities | For the year ended December 31, 2022 2021 2020 $ Thousands Impairment loss on debt securities at FVOCI 732 - - |
Schedule of Anticipated Repayment Dates of the Financial Liabilities | As at December 31, 2022 Book value Projected Up to 1 year 1-2 years 2-5 years More than 5 $ Thousands Non-derivative financial liabilities Trade payables 95,036 95,036 95,036 - - - Other current liabilities 17,681 17,681 17,681 - - - Lease liabilities including interest payable * 37,570 46,938 17,812 2,855 6,756 19,515 Debentures (including interest payable) * 526,771 588,997 22,413 66,467 223,939 276,178 Loans from banks and others including interest * 640,348 793,946 44,142 74,438 172,343 503,023 1,317,406 1,542,598 197,084 143,760 403,038 798,716 * Includes current portion of long-term liabilities. As at December 31, 2021 Book value Projected Up to 1 year 1-2 years 2-5 years More than 5 $ Thousands Non-derivative financial liabilities Trade payables 136,505 136,505 136,505 - - - Other current liabilities 204,686 204,686 204,686 - - - Lease liabilities including interest payable * 33,395 38,375 19,492 2,602 6,232 10,049 Debentures (including interest payable) * 586,600 669,883 21,326 24,431 236,364 387,762 Loans from banks and others including interest * 628,293 772,875 44,244 70,895 325,201 332,535 Financial liabilities – hedging instruments Forward exchange rate contracts 5,014 6,368 6,230 138 - - Other forward exchange rate contracts 1,199 1,790 1,790 - - - 1,595,692 1,830,482 434,273 98,066 567,797 730,346 * Includes current portion of long-term liabilities. |
Disclosure Of Exposure Foreign Currency Risk Non Hedging Derivative Financial Instruments Explanatory | The Group has no exposure to foreign currency risk in respect of non-hedging derivative financial instruments in 2022, relevant information for 2021 is as follows: As at December 31, 2021 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 3,135 9,746 2022 3 Forward contracts on exchange rates EURO NIS 4,929 18,571 2022 (1,199 ) Call options on foreign currency Dollar NIS 17,828 67,231 2022 4 The Group’s exposure to foreign currency risk in respect of non‑hedging derivative financial instruments is as follows: As at December 31, 2022 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 5,566 18,912 2023 641 As at December 31, 2021 Currency/ Currency/ Amount Amount Expiration Fair value $ Thousands Forward contracts on exchange rates Dollar NIS 33,333 109,259 2022-2023 (5,014 ) |
Disclosure Of Detailed Information About Exposure To Index Risk With Respect To Derivative Instruments Explanatory | As at December 31, 2022 Index Interest Expiration Amount of Fair value $ Thousands CPI-linked derivative instruments Interest exchange contract CPI 1.76 % 2036 89,619 9,353 As at December 31, 2021 Index Interest Expiration Amount of Fair value $ Thousands CPI-linked derivative instruments Interest exchange contract CPI 1.76 % 2036 107,598 7,369 |
Disclosure Of Detailed Information About Exposure To Cpi And Foreign Currency Risks Explanatory | As at December 31, 2022 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 165,186 - 1,102 Short-term deposits and restricted cash 35,695 - - Trade receivables 10,007 - - Other current assets 58,006 - 212 Long-term deposits and restricted cash 15,146 - - Total financial assets 284,040 - 1,314 Trade payables 36,669 - 14,734 Other current liabilities 20,930 5,494 640 Loans from banks and others and debentures 583,651 414,071 - Total financial liabilities 641,250 419,565 15,374 Total non-derivative financial instruments, net (357,210 ) (419,565 ) (14,060 ) Derivative instruments - 9,353 - Net exposure (357,210 ) (410,212 ) (14,060 ) As at December 31, 2021 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 159,838 - 1,329 Short-term deposits and restricted cash 179 - 50 Trade receivables 56,632 - 81 Other current assets 1,308 - 4 Long-term deposits and restricted cash 21,463 - - Total financial assets 239,420 - 1,464 Trade payables 59,381 11,842 Other current liabilities 23,536 7,044 190 Loans from banks and others and debentures 592,102 459,732 - Total financial liabilities 675,019 466,776 12,032 Total non-derivative financial instruments, net (435,599 ) (466,776 ) (10,568 ) Derivative instruments - 7,369 (1,199 ) Net exposure (435,599 ) (459,407 ) (11,767 ) |
Schedule of Sensitivity Analysis | As at December 31, 2022 10% increase 5% increase 5% decrease 10% decrease $ Thousands Non-derivative instruments Shekel/dollar (7,375 ) (3,687 ) 3,687 7,375 Shekel/EUR (1,094 ) (547 ) 547 1,094 As at December 31, 2022 2% increase 1% increase 1% decrease 2% decrease $ Thousands Non-derivative instruments CPI (6,306 ) (3,153 ) 3,153 6,306 As at December 31, 2021 10% increase 5% increase 5% decrease 10% decrease $ Thousands Non-derivative instruments Shekel/dollar (9,219 ) (4,609 ) 4,609 9,219 Shekel/EUR (728 ) (364 ) 364 728 As at December 31, 2021 2% increase 1% increase 1% decrease 2% decrease $ Thousands Non-derivative instruments CPI (6,639 ) (3,320 ) 3,320 6,201 |
Schedule of Type of Interest Borne by Financial Instruments | As at December 31, 2022 2021 Carrying amount $ Thousands Fixed rate instruments Financial assets 549,467 16,137 Financial liabilities (837,698 ) (941,733 ) (288,231 ) (925,596 ) Variable rate instruments Financial assets 4,827 55,033 Financial liabilities (324,887 ) (267,882 ) (320,060 ) (212,849 ) |
Disclosure Of Detailed Information About Increased Decreased Profit And Loss Before Tax By Amounts Explanatory | As at December 31, 2022 100bp increase 100 bp decrease $ Thousands Variable rate instruments (3,201 ) 3,201 As at December 31, 2021 100bp increase 100 bp decrease $ Thousands Variable rate instruments (2,128 ) 2,128 |
Schedule of sensitive analysis for change in LIBOR interest rate | As at December 31, 2022 1.5% decrease 1.0% decrease 1.0% increase 1.5% increase $ Thousands Long-term loans (US LIBOR) 1,357 904 (904 ) (1,357 ) Interest rate swaps (US LIBOR) (959 ) (638 ) 638 959 |
Schedule of derivative financial instruments used for hedging | As at December 31, 2022 Linkage Interest Expiration Amount of Fair value $ Thousands Interest rate swaps USD LIBOR interest 0.93 % 2030 62,256 6,734 |
Schedule of Carrying Amount and Fair Value of Financial Instrument Groups | As at December 31, 2022 Carrying Fair value Assets $ Thousands Other investments 344,780 344,780 Liabilities Non-convertible debentures 526,771 492,714 Long-term loans from banks and others (excluding interest) 516,195 528,011 Loans from non-controlling interests 124,153 113,673 As at December 31, 2021 Carrying Fair value Liabilities $ Thousands Non-convertible debentures 586,600 642,077 Long-term loans from banks and others (excluding interest) 488,455 545,806 Loans from non-controlling interests 138,050 141,596 |
Disclosure Of Detailed Information About Valuation Techniques Used In Measuring Level 2 Fair Values Explanatory | Type Valuation technique Significant unobservable data Inter-relationship between significant unobservable inputs and fair value measurement Long-term investment (Qoros) The Group assessed the fair value of the long-term investment (Qoros) using the present value of the expected cash flows. The likelihood of expected cash flows. The estimated fair value would increase if the likelihood of expected cash flows increase. |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Land [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 19 – 49 |
Pressure Regulation And Management System Facility Member | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 24 |
Offices [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 3 – 9 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Useful Lives for Property, Plant and Equipment) (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Roads, buildings and leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 3 – 30 | [1] |
Facilities, machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 5 – 30 | |
Wind Power Plants [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 35 | |
Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 3 | |
Office furniture and equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 3 – 16 | |
Others [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful lives (Years) | 5 – 15 | |
[1]The shorter of the lease term and useful life. |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Estimated Useful Lives for Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Power Purchase Agreement [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 10 years |
Others [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Estimated useful lives | 1-33 years |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash and cash equivalents in banks | $ 361,580 | $ 425,017 | ||
Time deposits | 173,591 | 49,527 | ||
Cash and cash equivalents | $ 535,171 | $ 474,544 | $ 286,184 | $ 147,153 |
Short-Term Deposits and Restr_3
Short-Term Deposits and Restricted Cash (Schedule of Short-Term Deposits and Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Short Term Investments And Deposits Abstract | ||
Short-term deposits with bank and others | $ 35,662 | $ 50 |
Short-term restricted cash | 10,328 | 179 |
Short-term deposits and restricted cash | $ 45,990 | $ 229 |
Other Investments (Narrative) (
Other Investments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | |
Other Investments [Line Items] | |
Interest rate of other investments | 0.26% |
Maximum [Member] | |
Other Investments [Line Items] | |
Interest rate of other investments | 5.94% |
Maturity of other investments | 2 years |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Investments [Abstract] | ||
Debt investments - at FVOCI | $ 344,780 | $ 0 |
Other Current Assets (Narrative
Other Current Assets (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of other current assets [Abstract] | ||
Hedging instrument, recognized amount | $ 20 | $ 0 |
Hedging instrument, collateral development | $ 15 |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other current assets [Abstract] | |||
Advances to suppliers | $ 1,219 | $ 459 | |
Inventories | 1,928 | 1,706 | |
Prepaid expenses | 10,004 | 6,639 | |
Input tax receivable | 4,660 | 5,029 | |
Indemnification asset | [1] | 0 | 9,047 |
Deposits in connection with projects under construction | [2] | 35,475 | 16,398 |
Others | 5,670 | 4,101 | |
Other current assets | $ 58,956 | $ 43,379 | |
[1]Relates to compensation receivable from OPC Hadera contractor as a result of the delay in the construction of the Hadera Power Plant. Please refer to Note 18.A.2.a for further details.[2]Relates to collateral provided to secure a hedging agreement in CPV Valley amounting to $20 million (2021: Nil) and collaterals provided in connection with renewable energy projects under development in the United States amounting to $15 million. |
Investment in Associated Comp_3
Investment in Associated Companies (Additional Information - ZIM) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 13, 2023 USD ($) | Mar. 31, 2022 ₪ / shares | Mar. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Feb. 28, 2021 USD ($) | Jan. 31, 2021 shares | Nov. 30, 2021 ₪ / shares | Nov. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure of associates [line items] | ||||||||||||
Initial public offering, shares issued | shares | 8,000 | 8,000 | ||||||||||
Total equity | $ 2,280,286 | $ 2,295,918 | $ 2,280,286 | $ 1,276,008 | $ 711,788 | |||||||
Operating profit/loss from continuing operations | 2,825 | 22,541 | 23,013 | |||||||||
Profit/loss for the year | 349,659 | 875,317 | 504,225 | |||||||||
Impairment loss recognised in profit or loss | 929,000 | 43,505 | ||||||||||
Borrowings | 1,210,114 | 1,163,071 | 1,210,114 | |||||||||
Proceeds from repurchase of notes | 0 | 262,750 | 280,874 | |||||||||
Z I M Member | ||||||||||||
Disclosure of associates [line items] | ||||||||||||
Initial public offering, shares issued | shares | 15,000,000 | |||||||||||
Total equity | 4,600,000 | 5,900,000 | 4,600,000 | |||||||||
Working capital | 2,300,000 | 1,600,000 | 2,300,000 | |||||||||
Operating profit/loss from continuing operations | 6,100,000 | 5,800,000 | 722,000 | |||||||||
Profit/loss for the year | 4,600,000 | 4,600,000 | 524,000 | |||||||||
Impairment loss recognised in profit or loss | 928,809 | 0 | (43,505) | |||||||||
Kenon's share of the dividends | $ 151,000 | |||||||||||
Investments in associates | 1,354,212 | 427,059 | $ 1,354,212 | |||||||||
Recognized gain (loss) on dilution | $ 39,000 | $ 3,000 | ||||||||||
Number of shares sold | shares | 6,000,000 | 1,200,000 | ||||||||||
Number of shares being exercised | shares | 407,000 | 5,200,000 | ||||||||||
Average price of shares sold | ₪ / shares | ₪ 77 | ₪ 58 | ||||||||||
Value of shares sold | $ 463,000 | $ 67,000 | ||||||||||
Gain on sale of shares by Kenon | $ 205 | $ 30 | ||||||||||
Proportion of ownership interest in associate | 26% | 28% | 21% | 26% | ||||||||
Z I M Member | Initial Public Offering [Member] | ||||||||||||
Disclosure of associates [line items] | ||||||||||||
Issue of equity | $ 225,000 | |||||||||||
Recognized gain (loss) on dilution | $ 10,000 | |||||||||||
Proportion of ownership interest in associate | 32% | |||||||||||
Z I M Member | Initial Public Offering [Member] | Fully diluted basis [Member] | ||||||||||||
Disclosure of associates [line items] | ||||||||||||
Proportion of ownership interest in associate | 28% | |||||||||||
Z I M Member | Minimum [Member] | ||||||||||||
Disclosure of associates [line items] | ||||||||||||
Total equity | 430 | |||||||||||
Z I M Member | Maximum [Member] | ||||||||||||
Disclosure of associates [line items] | ||||||||||||
Total equity | $ 585 |
Investment in Associated Comp_4
Investment in Associated Companies (Additional Information - OPC) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of associates [line items] | ||||||||
Gain on third party investment in Qoros | $ 0 | $ (251,483) | $ 309,918 | |||||
Borrowings | 1,163,071 | 1,210,114 | ||||||
Proceeds from sale of subsidiary, net of cash disposed off | 0 | $ 0 | $ 407 | |||||
CPV Valley [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Amount of outstanding debt | $ 400,000 | |||||||
Board of Director [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Shares Issuance Price Per Share | $ 3.5 | $ 1.86 | ||||||
Fair value of the shares granted | $ 189,000 | $ 100,000 | ||||||
Cpv Group Pursuant To Conditions Member | Three Rivers [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Proportion of ownership interest in associate | 17.50% | |||||||
Borrowings, interest rate | 4.50% | |||||||
Consideration transferred, acquisition-date fair value | $ 95,000 | |||||||
Shareholder loan | 55,000 | |||||||
Repayments of borrowings | $ 41,000 | |||||||
Percentage of extent to sale executed | 7.50% | |||||||
Remaining Equity Interest Percentage | 10% | |||||||
Quantum [Member] | Disposal of major subsidiary [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Proportion of ownership interest in joint venture | 12% | 12% | ||||||
New Qoros Investor [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Investments in joint ventures | $ 1,002,000 | |||||||
Proportion of ownership interest in joint venture | 51% | |||||||
Consideration transferred, acquisition-date fair value | $ 504,000 | |||||||
Sale of remaining interest | $ 220,000 | |||||||
New Qoros Investor in Qoros [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Sale of remaining interest | $ 220,000 | |||||||
Kenon put option in relation to Qoros [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Percentage of interest sold | 12% | 12% | ||||||
Kenon remaining interest in Qoros [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Proportion of ownership interest in joint venture | 12% | 24% | ||||||
Qoros to Chery [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Total Cash To Be Received From Chery | $ 16,000 | |||||||
Companys Back To Back Guarantee Obligations Upon Completion Of Sale | $ 23,000 |
Investment in Associated Comp_5
Investment in Associated Companies (Condensed Information Regarding Statement of Financial Position) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Apr. 30, 2021 | Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | ||||||
Current assets | $ 1,061,715 | $ 581,593 | ||||
Non-current assets | 2,710,345 | 3,456,821 | ||||
Current liabilities | (192,978) | (447,285) | ||||
Non-current liabilities | (1,283,164) | (1,310,843) | ||||
Non-controlling interests | (697,433) | $ (486,598) | ||||
Total impairment loss | $ 929,000 | $ 43,505 | ||||
Qoros [Member] | ||||||
Disclosure of associates [line items] | ||||||
Proportion of ownership interest | 12% | |||||
Z I M Member | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | International | International | ||||
Proportion of ownership interest | 26% | 28% | 21% | 26% | ||
Current assets | $ 4,271,600 | $ 5,084,865 | ||||
Non-current assets | 7,353,700 | 4,756,973 | ||||
Current liabilities | (2,662,200) | (2,756,595) | ||||
Non-current liabilities | (3,067,200) | (2,485,714) | ||||
Total net assets | 5,895,900 | 4,599,529 | ||||
Group's share of net assets | 1,217,797 | 1,182,810 | ||||
Excess cost | 138,071 | 171,402 | ||||
Total impairment loss | 928,809 | 0 | $ (43,505) | |||
Book value of investment | 427,059 | 1,354,212 | ||||
Investments in associated companies | $ 427,059 | $ 1,354,212 | ||||
Fairview [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 25% | 25% | ||||
Current assets | $ 107,380 | |||||
Non-current assets | $ 938,869 | 986,321 | ||||
Current liabilities | (136,136) | |||||
Non-current liabilities | (400,309) | (591,169) | ||||
Total net assets | 366,396 | |||||
Group's share of net assets | 117,759 | 91,599 | ||||
Excess cost | 80,414 | 81,678 | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 198,173 | 173,277 | ||||
Investments in associated companies | $ 198,173 | $ 173,277 | ||||
Maryland [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 25% | 25% | ||||
Current assets | $ 26,649 | |||||
Non-current assets | $ 654,720 | 669,668 | ||||
Current liabilities | (73,883) | (37,067) | ||||
Non-current liabilities | (320,518) | (356,838) | ||||
Total net assets | 302,412 | |||||
Group's share of net assets | 83,576 | 75,603 | ||||
Excess cost | (14,396) | (14,854) | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 69,180 | 60,749 | ||||
Investments in associated companies | $ 69,180 | $ 60,749 | ||||
Shore [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 37.50% | 37.50% | ||||
Current assets | $ 92,808 | $ 45,538 | ||||
Non-current assets | 983,576 | 1,039,153 | ||||
Current liabilities | (53,619) | (7,904) | ||||
Non-current liabilities | (649,860) | (727,037) | ||||
Total net assets | 372,905 | 349,750 | ||||
Group's share of net assets | 139,951 | 131,261 | ||||
Excess cost | (52,777) | (56,330) | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 87,174 | 74,931 | ||||
Investments in associated companies | $ 87,174 | $ 74,931 | ||||
Towantic [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 26% | 26% | ||||
Current assets | $ 86,698 | $ 38,558 | ||||
Non-current assets | 936,268 | 952,997 | ||||
Current liabilities | (133,746) | (124,247) | ||||
Non-current liabilities | (490,610) | (538,750) | ||||
Total net assets | 398,610 | 328,558 | ||||
Group's share of net assets | 103,639 | 85,425 | ||||
Excess cost | 26,615 | 26,799 | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 130,254 | 112,224 | ||||
Investments in associated companies | $ 130,254 | $ 112,224 | ||||
Valley [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 50% | 50% | ||||
Current assets | $ 59,191 | $ 35,783 | ||||
Non-current assets | 678,540 | 705,501 | ||||
Current liabilities | (542,176) | (85,176) | ||||
Non-current liabilities | (6,450) | (537,310) | ||||
Total net assets | 189,105 | 118,798 | ||||
Group's share of net assets | 94,553 | 59,399 | ||||
Excess cost | (806) | (1,223) | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 93,747 | 58,176 | ||||
Investments in associated companies | $ 93,747 | $ 58,176 | ||||
Three Rivers [Member] | ||||||
Disclosure of associates [line items] | ||||||
Principal place of business | US | |||||
Proportion of ownership interest | 10% | 10% | ||||
Current assets | $ 32,626 | $ 2,997 | ||||
Non-current assets | 1,338,392 | 949,385 | ||||
Current liabilities | (47,939) | (20,921) | ||||
Non-current liabilities | (820,943) | (708,402) | ||||
Total net assets | 502,136 | 223,059 | ||||
Group's share of net assets | 60,609 | 56,021 | ||||
Excess cost | 8,379 | 8,379 | ||||
Total impairment loss | 0 | 0 | ||||
Book value of investment | 68,988 | 64,400 | ||||
Investments in associated companies | $ 68,988 | $ 64,400 |
Investment in Associated Comp_6
Investment in Associated Companies (Condensed Information Regarding Results of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of associates [line items] | ||||
Revenue | $ 573,957 | $ 487,763 | $ 386,470 | |
(Loss) / income | 312,652 | 930,273 | 507,106 | |
Total comprehensive income | 290,985 | 969,862 | 486,165 | |
Depreciation and amortization | 62,876 | 57,640 | 34,171 | |
Income taxes | 37,980 | 4,325 | 4,698 | |
Qoros [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | [1],[2] | 23,852 | ||
(Loss) / income | [1],[2],[3] | (52,089) | ||
Other comprehensive income | [1],[2],[3] | (3) | ||
Total comprehensive income | [1],[2] | (52,092) | ||
Kenon's share of comprehensive income | [1],[2] | (6,251) | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | [1],[2] | 3 | ||
Kenon share of comprehensive income presented in the books | [1],[2] | (6,248) | ||
Depreciation and amortization | 13,000 | |||
Interest income | 1,000 | |||
Interest expense | 18 | |||
Income taxes | 0 | |||
Z I M Member | ||||
Disclosure of associates [line items] | ||||
Revenue | 12,561,600 | 10,728,698 | 3,991,696 | |
(Loss) / income | [3] | 4,619,400 | 4,640,305 | 517,961 |
Other comprehensive income | [3] | (41,200) | (3,462) | 5,854 |
Total comprehensive income | 4,578,200 | 4,636,843 | 523,815 | |
Kenon's share of comprehensive income | 1,023,567 | 1,258,913 | 167,621 | |
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 558 | 1,116 | 1,394 | |
Kenon share of comprehensive income presented in the books | 1,024,125 | 1,260,029 | $ 169,015 | |
Fairview [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | 373,967 | 199,030 | ||
(Loss) / income | [3] | 98,907 | 9,666 | |
Other comprehensive income | [3] | 15,730 | 11,192 | |
Total comprehensive income | 114,637 | 20,858 | ||
Kenon's share of comprehensive income | 28,659 | 5,214 | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | (1,267) | (1,249) | ||
Kenon share of comprehensive income presented in the books | (27,392) | 3,965 | ||
Cpv Maryland [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | 243,710 | 170,292 | ||
(Loss) / income | [3] | 33,249 | 5,420 | |
Other comprehensive income | [3] | 6,419 | 10,983 | |
Total comprehensive income | 39,668 | 16,403 | ||
Kenon's share of comprehensive income | 9,917 | 4,101 | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 458 | 2,354 | ||
Kenon share of comprehensive income presented in the books | 10,375 | 6,455 | ||
Shore [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | 261,386 | 189,985 | ||
(Loss) / income | [3] | 6,853 | 16,247 | |
Other comprehensive income | [3] | 16,301 | 7,779 | |
Total comprehensive income | 23,154 | 24,026 | ||
Kenon's share of comprehensive income | 8,690 | 9,017 | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 3,554 | 3,644 | ||
Kenon share of comprehensive income presented in the books | 12,244 | 12,661 | ||
Towantic [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | 494,665 | 258,292 | ||
(Loss) / income | [3] | 47,436 | 18,520 | |
Other comprehensive income | [3] | 22,616 | 11,140 | |
Total comprehensive income | 70,052 | 29,660 | ||
Kenon's share of comprehensive income | 18,214 | 7,711 | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | (184) | 50 | ||
Kenon share of comprehensive income presented in the books | 18,030 | 7,761 | ||
Valley [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | 405,548 | 139,473 | ||
(Loss) / income | [3] | 69,138 | (58,793) | |
Other comprehensive income | [3] | 1,178 | (3,710) | |
Total comprehensive income | 70,316 | (55,083) | ||
Kenon's share of comprehensive income | 35,158 | (27,542) | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 413 | 681 | ||
Kenon share of comprehensive income presented in the books | 35,571 | (26,861) | ||
Three Rivers [Member] | ||||
Disclosure of associates [line items] | ||||
Revenue | (2,722) | 174 | ||
(Loss) / income | [3] | (7,934) | (9,281) | |
Other comprehensive income | [3] | 53,814 | 19,361 | |
Total comprehensive income | 45,880 | 10,080 | ||
Kenon's share of comprehensive income | (4,588) | 1,008 | ||
Adjustments For Share Of Total Comprehensive Income Of Associates And Joint Ventures Accounted For Using Equity Method | 0 | 0 | ||
Kenon share of comprehensive income presented in the books | $ (4,588) | $ 1,008 | ||
[1]The 2020 equity accounted results reflect Kenon’s share of losses in Qoros until the completion date of the sale, i.e. April 29, 2020. Subsequent to that, Qoros was reclassified as to Long-term investment (Qoros). Refer to Note 10 for further details.[2]The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during 2020 were approximately $13 million, $1 million, $18 million and $nil thousand respectively.[3]Excludes portion attributable to non-controlling interest. |
Investment in Associated Comp_7
Investment in Associated Companies (Schedule of changes of interest in Zim) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | |||
(Impairment)/write back of ZIM investment | $ (929,000) | $ (43,505) | |
Net gains/(losses) related to the changes of interest in ZIM | 727,650 | $ 204 | (43,505) |
Z I M Member | |||
Disclosure of associates [line items] | |||
Gain on dilution from ZIM IPO | 0 | 9,724 | 0 |
Loss on dilution from ZIM options exercised | (3,475) | (39,438) | 0 |
Gain on sale of ZIM shares | 204,634 | 29,510 | 0 |
(Impairment)/write back of ZIM investment | (928,809) | 0 | 43,505 |
Net gains/(losses) related to the changes of interest in ZIM | $ (727,650) | $ (204) | $ 43,505 |
Investment in Associated Comp_8
Investment in Associated Companies (OPC's associated companies) (Details) - Opc Energy Ltd [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CPV, Three Rivers, LLC | ||
Disclosure of associates [line items] | ||
Principal place of business | Illinois | Illinois |
Proportion of ownership interest | 10% | 10% |
CPV Fairview, LLC | ||
Disclosure of associates [line items] | ||
Principal place of business | Pennsylvania | Pennsylvania |
Proportion of ownership interest | 25% | 25% |
CPV Maryland, LLC | ||
Disclosure of associates [line items] | ||
Proportion of ownership interest | 25% | 25% |
CPV Shore Holdings, LLC | ||
Disclosure of associates [line items] | ||
Principal place of business | New Jersey | New Jersey |
Proportion of ownership interest | 38% | 38% |
CPV Towantic, LLC | ||
Disclosure of associates [line items] | ||
Principal place of business | Connecticut | Connecticut |
Proportion of ownership interest | 26% | 26% |
CPV Valley Holdings, LLC | ||
Disclosure of associates [line items] | ||
Principal place of business | New York | New York |
Proportion of ownership interest | 50% | 50% |
Long-term investment (Qoros) (N
Long-term investment (Qoros) (Narrative) (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Apr. 30, 2021 CNY (¥) | Apr. 30, 2020 USD ($) | Jan. 31, 2019 USD ($) | Jan. 31, 2018 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Apr. 30, 2021 USD ($) | Apr. 30, 2020 CNY (¥) | Apr. 30, 2020 USD ($) | Jan. 31, 2019 CNY (¥) | Jan. 31, 2019 USD ($) | Jan. 31, 2018 USD ($) | |
Disclosure of associates [line items] | ||||||||||||||||
Gain on third party investment in Qoros | $ 0 | $ (251,483) | $ 309,918 | |||||||||||||
Borrowings | 1,210,114 | $ 1,163,071 | ||||||||||||||
Proceeds from sale of subsidiary, net of cash disposed off | $ 0 | $ 0 | $ 407 | |||||||||||||
Quantum [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Proportion of ownership interest in joint venture | 12% | 12% | ||||||||||||||
Chery [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Companys Back To Back Guarantee Obligations Upon Completion Of Sale | 16,000 | |||||||||||||||
Chery [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Proportion of ownership interest in joint venture | 25% | 25% | ||||||||||||||
Kenon [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Payments due in respect of loan facility | $ 16,000 | |||||||||||||||
Qoros [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Investments in joint ventures | $ 235,000 | |||||||||||||||
Gain on third party investment in Qoros | $ 153,000 | |||||||||||||||
Percentage of interest sold | 12% | |||||||||||||||
Total consideration transferred | $ 245,000 | |||||||||||||||
Fair Value Increase In Longterm Investment | 15,000 | |||||||||||||||
Gain loss on fair value assessment | $ 3,000 | |||||||||||||||
Aggregate put option value | $ 68,000 | |||||||||||||||
Proportion of ownership interest in associate | 12% | |||||||||||||||
Fair value loss on investements | $ 235,000 | |||||||||||||||
Qoros [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Total consideration transferred | ¥ | ¥ 1,560 | |||||||||||||||
Amount of loan against pledged shares | ¥ | ¥ 1,200 | |||||||||||||||
Qoros [Member] | China, Yuan Renminbi [Member] | Additional Funding [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Borrowings | ¥ | ¥ 1,200 | |||||||||||||||
Qoros [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Proportion of ownership interest in joint venture | 63% | 63% | ||||||||||||||
Qoros [Member] | Remaining interest in Qoros of Kenon [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Investments in joint ventures | 220,000 | |||||||||||||||
Proportion of ownership interest in joint venture | 12% | |||||||||||||||
Disposal gain | $ 139,000 | |||||||||||||||
New Qoros Investor [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Investments in joint ventures | $ 1,002,000 | |||||||||||||||
Proportion of ownership interest in joint venture | 51% | |||||||||||||||
Total consideration transferred | $ 504,000 | |||||||||||||||
Sale of remaining interest | $ 220,000 | |||||||||||||||
New Qoros Investor [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Investments in joint ventures | ¥ | ¥ 6,630 | |||||||||||||||
Total consideration transferred | ¥ | ¥ 3,315 | |||||||||||||||
Sale of remaining interest | ¥ | ¥ 1,560 | |||||||||||||||
New Qoros Investor in Qoros [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Sale of remaining interest | $ 220,000 | |||||||||||||||
New Qoros Investor in Qoros [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Sale of remaining interest | ¥ | ¥ 1,560 | |||||||||||||||
Kenon put option in relation to Qoros [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Percentage of interest sold | 12% | 12% | ||||||||||||||
Kenon remaining interest in Qoros [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Proportion of ownership interest in joint venture | 12% | 24% | ||||||||||||||
Qoros to Chery [Member] | ||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||
Total Cash To Be Received From Chery | $ 16,000 | |||||||||||||||
Companys Back To Back Guarantee Obligations Upon Completion Of Sale | $ 23,000 | |||||||||||||||
Additional cash received from Chery in connection with repayments | $ 6,000 |
Long-term investment (Qoros) (S
Long-term investment (Qoros) (Schedule of changes of interest in Qoros) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract] | |||
Fair value (loss)/gain on remaining 12% interest in Qoros | $ 0 | $ (235,218) | $ 154,475 |
(Payment)/recovery of financial guarantee | 0 | (16,265) | 6,195 |
Gain on sale of 12% interest in Qoros | 0 | 0 | 152,610 |
Fair Value Gain Loss On Put Option | 0 | 0 | (3,362) |
Net gains/(losses) related to the changes of interest in Qoros | $ 0 | $ (251,483) | $ (309,918) |
Subsidiaries (Investments - OPC
Subsidiaries (Investments - OPC Energy) (Narrative) (Details) ₪ / shares in Units, $ in Thousands, ₪ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Jan. 31, 2023 ILS (₪) | Jul. 31, 2022 ILS (₪) ₪ / shares shares | Jul. 31, 2022 USD ($) | Oct. 31, 2021 ILS (₪) | Oct. 31, 2021 USD ($) | Sep. 30, 2021 ILS (₪) ₪ / shares shares | Sep. 30, 2021 USD ($) shares | Mar. 31, 2021 ILS (₪) | Mar. 31, 2021 USD ($) | Jan. 31, 2021 ILS (₪) ₪ / shares shares | Jan. 31, 2021 USD ($) shares | Jan. 25, 2021 USD ($) | Oct. 31, 2020 ILS (₪) ₪ / shares shares | May 31, 2020 ILS (₪) | May 31, 2020 USD ($) | Jan. 31, 2020 | Jul. 31, 2016 ILS (₪) | Jul. 31, 2016 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 ₪ / shares shares | May 31, 2021 ILS (₪) | May 31, 2021 USD ($) | Jan. 31, 2021 USD ($) shares | Oct. 31, 2020 USD ($) shares | ||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Selling, general and administrative expense | $ 99,936 | $ 75,727 | $ 49,957 | ||||||||||||||||||||||||||||
Proportion of ownership interests held by non-controlling interests | 100% | ||||||||||||||||||||||||||||||
Non-controlling interests | 486,598 | $ 697,433 | |||||||||||||||||||||||||||||
Goodwill | 14,000 | 105,000 | |||||||||||||||||||||||||||||
Accumulated profit | 1,139,775 | 1,504,592 | |||||||||||||||||||||||||||||
Dividend payables | 188,607 | 0 | |||||||||||||||||||||||||||||
Distributed dividends | 299,025 | 132,545 | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Period of desalination facility | 25 years | 25 years | |||||||||||||||||||||||||||||
Final assessment | $ 62,000 | ||||||||||||||||||||||||||||||
Bank Guarantee By Opc [Member] | Lease Of Opct Zomet Land Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Percentage of reimbursement received | 25% | 25% | |||||||||||||||||||||||||||||
Final assessment | $ 2,000 | ||||||||||||||||||||||||||||||
Kenon [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Non-controlling interests | $ 104,000 | 136,000 | |||||||||||||||||||||||||||||
Accumulated profit | $ 38,000 | 58,000 | |||||||||||||||||||||||||||||
Number of shares issued | shares | 3,898,000 | ||||||||||||||||||||||||||||||
Kenon [Member] | Rights Issue [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Percentage of remaining shares sold | 58.80% | 58.80% | |||||||||||||||||||||||||||||
Non-controlling interests | $ 41,000 | ||||||||||||||||||||||||||||||
Accumulated profit | 60,000 | ||||||||||||||||||||||||||||||
Number of shares issued upon exercise of Rights | shares | 8,000,000 | 8,000,000 | |||||||||||||||||||||||||||||
CPV Group [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Approximate consideration transferred | $ 648,000 | ||||||||||||||||||||||||||||||
Deposits at acquisition date | $ 5,000 | ||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 70% | ||||||||||||||||||||||||||||||
Investment in subsidiary | ₪ 103 | $ 32,000 | |||||||||||||||||||||||||||||
Identifiable assets and liabilities | $ 580,000 | ||||||||||||||||||||||||||||||
Goodwill | $ 105,000 | ||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 70% | 70% | |||||||||||||||||||||||||||||
NIS [Member] | Lease Of Opct Zomet Land Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Final assessment | ₪ | ₪ 200 | ||||||||||||||||||||||||||||||
NIS [Member] | Bank Guarantee By Opc [Member] | Lease Of Opct Zomet Land Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Final assessment | ₪ | ₪ 7 | ||||||||||||||||||||||||||||||
NIS [Member] | Kenon [Member] | Rights Issue [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Issue of equity | ₪ 206 | $ 64,000 | |||||||||||||||||||||||||||||
OPC Rotem [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Purchase price | ₪ 400 | $ 118,000 | |||||||||||||||||||||||||||||
Period of license | 30 years | 30 years | |||||||||||||||||||||||||||||
Proportion of ownership interests held by non-controlling interests | 80% | 80% | |||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 80% | ||||||||||||||||||||||||||||||
Veridis [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interests held by non-controlling interests | 20% | 20% | 20% | ||||||||||||||||||||||||||||
O.P.C. Hadera Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Period of license | 20 years | 20 years | |||||||||||||||||||||||||||||
Additional period of license | 10 years | 10 years | |||||||||||||||||||||||||||||
Period of electricity and stream supplies | 25 years | 25 years | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Period of license | 24 years 11 months | 24 years 11 months | |||||||||||||||||||||||||||||
Capitalization fees for Land | $ 60,000 | ||||||||||||||||||||||||||||||
Unpaid balance of initial asssesment | $ 2,000 | $ 17,000 | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | Bank Guarantee By Opc [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Percentage of initial assessment | 25% | ||||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | Opc Guarantee In Opct Zomet Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Percentage of initial assessment | 75% | ||||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | General Partners Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 1% | 1% | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | General Partner Kibbutz Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 26% | 26% | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | General Partner Opct Zomet Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 74% | 74% | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | Limited Partners Kibbutz [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 26% | 26% | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | Limited Partners OPC Tzomet [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 73% | 73% | |||||||||||||||||||||||||||||
Lease Of Opct Zomet Land Member | NIS [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Capitalization fees for Land | ₪ | ₪ 207 | ||||||||||||||||||||||||||||||
Unpaid balance of initial asssesment | ₪ | 4 | ₪ 52 | |||||||||||||||||||||||||||||
Opc Sorek2 Ltd Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Period of desalination facility | 25 years | 25 years | |||||||||||||||||||||||||||||
Gnrgy Ltd. [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Purchase price | ₪ 42 | $ 14,000 | ₪ 25 | $ 8,000 | |||||||||||||||||||||||||||
Installments bearing additional annual interest | ₪ 13 | $ 4,000 | |||||||||||||||||||||||||||||
Bear Interest Rate | 5% | 5% | |||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 24% | 24% | 27% | 27% | |||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 51% | 51% | 51% | 51% | |||||||||||||||||||||||||||
Percentage of option to acquisition | 100% | 100% | |||||||||||||||||||||||||||||
Percentage of more than option to acquire shares | 2% | 2% | |||||||||||||||||||||||||||||
Percentage of less than option to acquire shares | 15% | 15% | |||||||||||||||||||||||||||||
Opc Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Increase Decrease In Equity Interest Percentage | 8% | 4% | 4% | ||||||||||||||||||||||||||||
Non-controlling interests | $ 486,598 | $ 208,080 | $ 697,433 | ||||||||||||||||||||||||||||
Number of shares issued | shares | 9,443,800 | 43 | 12,500,000 | ||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 0.01 | ₪ 0.01 | |||||||||||||||||||||||||||||
Issue of equity | ₪ 39 | $ 94,000 | $ 141,000 | ||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | [1] | 56.20% | 56.20% | 53.14% | 53.14% | 39.09% | |||||||||||||||||||||||||
Opc Member | Rights Issue [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Number of shares issued | shares | 13,174,419 | ||||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 0.01 | ||||||||||||||||||||||||||||||
Right unit price per share for three shares | ₪ / shares | 75 | ||||||||||||||||||||||||||||||
Right unit price per share | ₪ / shares | ₪ 25 | ||||||||||||||||||||||||||||||
Number of shares issued upon exercise of Rights | shares | 13,141,040 | 13,141,040 | |||||||||||||||||||||||||||||
Percentage of total shares offered in rights offering | 99.70% | 99.70% | |||||||||||||||||||||||||||||
Opc Member | Altshuler Shaham Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Number of shares issued | shares | 10,300,000 | ||||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 0.01 | ||||||||||||||||||||||||||||||
Opc Member | Offerees [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Non-controlling interests | $ 63,000 | ||||||||||||||||||||||||||||||
Accumulated profit | 42,000 | ||||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 34 | ||||||||||||||||||||||||||||||
Opc Member | Minimum [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Increase Decrease In Equity Interest Percentage | 59% | 59% | 62% | 55% | 55% | ||||||||||||||||||||||||||
Opc Member | Maximum [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Increase Decrease In Equity Interest Percentage | 55% | 55% | 70% | 59% | 59% | ||||||||||||||||||||||||||
Opc Member | Public [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Total consideration transferred | $ 101 | ||||||||||||||||||||||||||||||
Number of shares issued | shares | 10,700,200 | 23,022,100 | 10,700,200 | ||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 0.01 | ||||||||||||||||||||||||||||||
Issue of equity | $ 217,000 | ||||||||||||||||||||||||||||||
Issuance expenses | 1,000 | ||||||||||||||||||||||||||||||
Opc Member | Institutional Entites [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Number of shares issued | shares | 11,713,521 | 11,713,521 | |||||||||||||||||||||||||||||
Shares Issued Price Per Share 1 | ₪ / shares | ₪ 29.88 | ||||||||||||||||||||||||||||||
Issue of equity | 103,000 | ||||||||||||||||||||||||||||||
Issuance expenses | $ 1,000 | ||||||||||||||||||||||||||||||
Opc Member | Kenon [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Non-controlling interests | $ 136,000 | ||||||||||||||||||||||||||||||
Accumulated profit | $ 182,000 | ||||||||||||||||||||||||||||||
Opc Member | NIS [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Issue of equity | ₪ | 331 | ₪ 500 | |||||||||||||||||||||||||||||
Issuance expenses | ₪ 9 | $ 2,000 | ₪ 6 | $ 1,000 | |||||||||||||||||||||||||||
Opc Member | NIS [Member] | Rights Issue [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proceeds from exercise of rights | ₪ 329 | $ 102,000 | |||||||||||||||||||||||||||||
Opc Member | NIS [Member] | Offerees [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Issue of equity | ₪ 350 | $ 106,000 | |||||||||||||||||||||||||||||
Issuance expenses | ₪ 4 | $ 1,000 | |||||||||||||||||||||||||||||
Opc Member | NIS [Member] | Public [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Issue of equity | ₪ | ₪ 737 | ||||||||||||||||||||||||||||||
Issuance expenses | ₪ | 5 | ||||||||||||||||||||||||||||||
Opc Member | NIS [Member] | Institutional Entites [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Issue of equity | ₪ | 350 | ||||||||||||||||||||||||||||||
Issuance expenses | ₪ | ₪ 5 | ||||||||||||||||||||||||||||||
OPC Power [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 70% | ||||||||||||||||||||||||||||||
Additional period of license | 10 years | 10 years | |||||||||||||||||||||||||||||
Investment in subsidiary | 657,000 | $ 1,215,000 | |||||||||||||||||||||||||||||
Bear Interest Rate | 7% | 7% | |||||||||||||||||||||||||||||
Aggregate amount of investments and owners' loans | ₪ 127 | $ 38,000 | |||||||||||||||||||||||||||||
Percentage of loans holding and transferred | 99.99% | 99.99% | |||||||||||||||||||||||||||||
Equity investments | ₪ 409 | 122,000 | |||||||||||||||||||||||||||||
Total investments in Partnership’s equity | 2,741 | 779,000 | |||||||||||||||||||||||||||||
Outstanding Balance Of Loans | 953 | 271,000 | |||||||||||||||||||||||||||||
OPC Power [Member] | Subsequent Events [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Aggregate amount of investments and owners' loans | 115 | $ 32,000 | |||||||||||||||||||||||||||||
Equity investments | 370 | 103,000 | |||||||||||||||||||||||||||||
Total balance of investment undertakings and shareholders’ loans of all partners | ₪ 475 | $ 135,000 | |||||||||||||||||||||||||||||
OPC Power [Member] | Clal Insurance Group [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 12.75% | ||||||||||||||||||||||||||||||
OPC Power [Member] | Migdal Insurance Group [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 12.75% | ||||||||||||||||||||||||||||||
OPC Power [Member] | Poalim Capital Markets [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in joint venture | 4.50% | ||||||||||||||||||||||||||||||
Opc Holds Interest Member | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Investment in subsidiary | $ 204,000 | ||||||||||||||||||||||||||||||
CPV Group LP [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 70% | 70% | 70% | 70% | |||||||||||||||||||||||||||
Revenue of combined entity as if combination occurred at beginning of period | $ 51,000 | ||||||||||||||||||||||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 47,000 | ||||||||||||||||||||||||||||||
Opc Operations Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Period of commencement of commercial operation | 20 years | 20 years | |||||||||||||||||||||||||||||
Value of corporate execution guarantee | ₪ 21 | $ 6,000 | |||||||||||||||||||||||||||||
Ags Rotem Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 80% | 80% | |||||||||||||||||||||||||||||
Opc Hadera Expansion Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||||||||||||||
Lease option extended | 5 years | 5 years | |||||||||||||||||||||||||||||
Payment Of Exercise Of Option | ₪ 8 | $ 2,000 | |||||||||||||||||||||||||||||
[1]The NCI percentage represents the effective NCI of the Group |
Subsidiaries (Schedule of Mater
Subsidiaries (Schedule of Material Interest In Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Opc Israel Energy Ltd. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
CPV Group LP [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 70% | 70% |
Subsidiaries (Schedule of Subsi
Subsidiaries (Schedule of Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of subsidiaries [line items] | ||||
Current assets | $ 1,061,715 | $ 581,593 | ||
Non-current assets | 2,710,345 | 3,456,821 | ||
Current liabilities | (192,978) | (447,285) | ||
Non-current liabilities | (1,283,164) | (1,310,843) | ||
Carrying amount of NCI | 697,433 | 486,598 | ||
Revenue | 573,957 | 487,763 | $ 386,470 | |
Profit/(loss) after tax | 349,659 | 875,317 | 504,225 | |
Profit/(loss) attributable to NCI | 37,007 | (54,956) | (2,881) | |
Cash flows from operating activities | 771,381 | 240,529 | 92,196 | |
Cash flows from investing activities | (203,438) | (205,451) | (221,580) | |
Cash flows from financing activites excluding dividends paid to NCI | (493,676) | 146,580 | 255,810 | |
Effect of changes in the exchange rate on cash and cash equivalents | (13,640) | 6,702 | 12,605 | |
Net increase(decrease) in cash and cash equivalents | $ 74,267 | $ 181,658 | $ 126,426 | |
Opc Member | ||||
Disclosure of subsidiaries [line items] | ||||
NCI percentage | [1] | 56.20% | 53.14% | 39.09% |
Current assets | $ 419,636 | $ 346,380 | $ 693,913 | |
Non-current assets | 2,289,101 | 2,141,744 | 1,040,400 | |
Current liabilities | (184,418) | (230,518) | (221,975) | |
Non-current liabilities | 1,283,445 | (1,341,962) | (980,028) | |
Net exposure | 1,240,874 | 915,644 | 532,310 | |
Carrying amount of NCI | 697,433 | 486,598 | 208,080 | |
Revenue | 573,957 | 487,763 | 385,625 | |
Profit/(loss) after tax | 65,352 | (93,898) | (12,583) | |
Other comprehensive (loss)/income | (11,249) | (74,219) | (2,979) | |
Profit/(loss) attributable to NCI | 37,007 | (54,022) | (2,567) | |
OCI attributable to NCI | (568) | 33,661 | (616) | |
Cash flows from operating activities | 62,538 | 119,264 | 104,898 | |
Cash flows from investing activities | (328,610) | (256,200) | (643,942) | |
Cash flows from financing activites excluding dividends paid to NCI | 285,898 | 311,160 | (489,919) | |
Dividends paid to NCI | 0 | (10,214) | (12,412) | |
Effect of changes in the exchange rate on cash and cash equivalents | 13,545 | 6,717 | 12,566 | |
Net increase(decrease) in cash and cash equivalents | $ 6,281 | $ 170,727 | $ (48,971) | |
[1]The NCI percentage represents the effective NCI of the Group |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Borrowing costs capitalized | $ 16 | $ 7 |
Fixed assets purchased on credit | $ 47 | $ 39 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Schedule of Composition of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | $ 1,125,820 | |
Balance at end of year | 1,222,421 | $ 1,125,820 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,364,411 | 1,008,901 |
Additions | 254,245 | 267,227 |
Disposals | (27,948) | (3,460) |
Reclassification | 0 | 0 |
Acquisitions as part of a business | 50,594 | |
Differences in translation reserves | (132,371) | 41,149 |
Balance at end of year | 1,458,337 | 1,364,411 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | (238,591) | (190,340) |
Additions | 42,110 | 40,778 |
Disposals | (13,046) | (462) |
Reclassification | 0 | |
Differences in translation reserves | (31,739) | 7,935 |
Balance at end of year | (235,916) | (238,591) |
Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,125,820 | 818,561 |
Balance at end of year | 1,222,421 | 1,125,820 |
Roads, buildings and leasehold improvements [member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 83,956 | 72,222 |
Additions | 3,442 | 5,709 |
Disposals | (160) | (453) |
Reclassification | 0 | 2,242 |
Acquisitions as part of a business | 1,682 | |
Differences in translation reserves | (9,633) | 2,554 |
Balance at end of year | 77,605 | 83,956 |
Roads, buildings and leasehold improvements [member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | (18,148) | (12,799) |
Additions | 3,864 | 3,453 |
Disposals | (10) | (240) |
Reclassification | 1,585 | |
Differences in translation reserves | (3,557) | 551 |
Balance at end of year | (18,445) | (18,148) |
Roads, buildings and leasehold improvements [member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 65,808 | 59,423 |
Balance at end of year | 59,160 | 65,808 |
Facilities, machinery and equipment [member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 792,275 | 763,828 |
Additions | 18,657 | 2,527 |
Disposals | (13,007) | 0 |
Reclassification | 0 | 0 |
Acquisitions as part of a business | 0 | |
Differences in translation reserves | (75,558) | 25,920 |
Balance at end of year | 722,367 | 792,275 |
Facilities, machinery and equipment [member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | (219,637) | (175,633) |
Additions | 37,057 | 36,620 |
Disposals | (13,007) | 0 |
Reclassification | 0 | |
Differences in translation reserves | (28,182) | 7,384 |
Balance at end of year | (215,505) | (219,637) |
Facilities, machinery and equipment [member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 572,638 | 588,195 |
Balance at end of year | 506,862 | 572,638 |
Wind turbines [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 29,844 | 0 |
Additions | 191 | 894 |
Disposals | (43) | (972) |
Reclassification | 0 | 0 |
Acquisitions as part of a business | 29,922 | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 29,992 | 29,844 |
Wind turbines [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | (563) | 0 |
Additions | 1,109 | 634 |
Disposals | (21) | (71) |
Reclassification | 0 | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | (1,651) | (563) |
Wind turbines [Member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 29,281 | 0 |
Balance at end of year | 28,341 | 29,281 |
Computers [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 0 | 763 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Reclassification | 0 | (763) |
Acquisitions as part of a business | 0 | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 0 | 0 |
Computers [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 0 | (511) |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Reclassification | (511) | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 0 | 0 |
Computers [Member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 0 | 252 |
Balance at end of year | 0 | 0 |
Office furniture and equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 414 | 1,132 |
Additions | (8) | 240 |
Disposals | 0 | (150) |
Reclassification | 0 | (808) |
Acquisitions as part of a business | 0 | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 406 | 414 |
Office furniture and equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | (243) | (757) |
Additions | 80 | 71 |
Disposals | (8) | (151) |
Reclassification | (434) | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | (315) | (243) |
Office furniture and equipment [Member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 171 | 375 |
Balance at end of year | 91 | 171 |
Assets under construction [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 409,780 | 127,116 |
Additions | 185,938 | 252,096 |
Disposals | (1,969) | 0 |
Reclassification | 3 | 0 |
Acquisitions as part of a business | 18,990 | |
Differences in translation reserves | (41,164) | 11,578 |
Balance at end of year | 552,588 | 409,780 |
Assets under construction [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Reclassification | 0 | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 0 | 0 |
Assets under construction [Member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 409,780 | 127,116 |
Balance at end of year | 552,588 | 409,780 |
Other[Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 48,142 | 43,840 |
Additions | 46,025 | 5,761 |
Disposals | (12,769) | (1,885) |
Reclassification | (3) | (671) |
Acquisitions as part of a business | 0 | |
Differences in translation reserves | (6,016) | 1,097 |
Balance at end of year | 75,379 | 48,142 |
Other[Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 0 | (640) |
Additions | 0 | |
Disposals | 0 | 0 |
Reclassification | (640) | |
Differences in translation reserves | 0 | 0 |
Balance at end of year | 0 | 0 |
Other[Member] | Carrying Values [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 48,142 | 43,200 |
Balance at end of year | $ 75,379 | $ 48,142 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net (Schedule of Composition of Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Depreciation and amortization included in gross profit | $ 56,853 | $ 53,116 | |
Depreciation and amortization charged to selling, general and administrative expenses | 6,023 | 4,524 | |
Depreciation and amortization from continuing operations | $ 62,876 | $ 57,640 | $ 34,171 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill | $ 105 | $ 14 |
Annual inflation rate | 2.30% | |
Period of inflation rate | 10 years | |
Minimum [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
WACC | 6.75% | |
Maximum [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
WACC | 8% |
Intangible Assets, Net (Schedul
Intangible Assets, Net (Schedule of Intangible Assets, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | $ 224,282 | ||
Balance | 220,795 | $ 224,282 | |
Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 258,128 | 23,968 | |
Acquisitions as part of business combinations | 232,314 | ||
Additions | 10,799 | 1,451 | |
Translation differences | (2,915) | 395 | |
Balance | 266,012 | 258,128 | |
Amortization [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | (33,846) | 22,516 | |
Amortization for the year | 11,560 | 11,286 | |
Translation differences | (189) | 44 | |
Balance | 45,217 | (33,846) | |
Carrying Values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 224,282 | 1,452 | |
Balance | 220,795 | 224,282 | |
Goodwill [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [1] | 140,212 | 21,596 |
Acquisitions as part of business combinations | [1] | 118,458 | |
Additions | [1] | 0 | 0 |
Translation differences | [1] | (1,599) | 158 |
Balance | [1] | 138,613 | 140,212 |
Goodwill [Member] | Amortization [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [1] | (21,455) | 21,455 |
Amortization for the year | [1] | 0 | 0 |
Translation differences | [1] | 0 | 0 |
Balance | [1] | 21,455 | (21,455) |
Goodwill [Member] | Carrying Values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [1] | 118,757 | 141 |
Balance | [1] | 117,158 | 118,757 |
PPA [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [2] | 110,446 | 0 |
Acquisitions as part of business combinations | [2] | 110,446 | |
Additions | [2] | 0 | |
Translation differences | [2] | 0 | 0 |
Balance | [2] | 110,446 | 110,446 |
PPA [Member] | Amortization [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [2] | (10,947) | 0 |
Amortization for the year | [2] | 10,569 | 10,947 |
Translation differences | [2] | 0 | 0 |
Balance | [2] | 21,516 | (10,947) |
PPA [Member] | Carrying Values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | [2] | 99,499 | 0 |
Balance | [2] | 88,930 | 99,499 |
Others [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 7,470 | 2,372 | |
Acquisitions as part of business combinations | 3,410 | ||
Additions | 10,799 | 1,451 | |
Translation differences | (1,316) | 237 | |
Balance | 16,953 | 7,470 | |
Others [Member] | Amortization [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | (1,444) | 1,061 | |
Amortization for the year | 991 | 339 | |
Translation differences | (189) | 44 | |
Balance | 2,246 | (1,444) | |
Others [Member] | Carrying Values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 6,026 | 1,311 | |
Balance | $ 14,707 | $ 6,026 | |
[1]Relates mainly to goodwill arising from acquisition of CPV Group and Gnrgy of $105 million and $14 million respectively. Refer to Note 11.A.4 for further information.[2]Relates to the power purchase agreement from the acquisition of CPV Keenan, which is part of the CPV Group. |
Intangible Assets, Net (Sched_2
Intangible Assets, Net (Schedule of Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about intangible assets [abstract] | ||
Intangible assets with a finite useful life | $ 103,637 | $ 105,525 |
Intangible assets with an indefinite useful life or not yet available for use | 117,158 | 118,757 |
Goodwill and intangible assets, net | $ 220,795 | $ 224,282 |
Long-Term Prepaid Expenses an_3
Long-Term Prepaid Expenses and Other Non-Current Assets (Schedule of composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits Loans And Other Receivables Including Derivative Instruments | |||
Deferred expenses, net | [1] | $ 32,840 | $ 42,840 |
Contract costs | 4,337 | 5,119 | |
Other non-current assets | 13,637 | 9,307 | |
Long term prepaid expenses and other non current assets | $ 50,814 | $ 57,266 | |
[1]Relates to deferred expenses, net for OPC’s connection fees to the gas transmission network and the electricity grid. |
Loans and Debentures (Long-term
Loans and Debentures (Long-term loans from banks and others) (Narrative) (Details) $ in Thousands, ₪ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Oct. 31, 2021 ILS (₪) | Oct. 31, 2021 USD ($) | Aug. 31, 2021 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 ILS (₪) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 30, 2019 | Jul. 31, 2016 ILS (₪) | Jul. 31, 2016 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 1,163,071 | $ 1,210,114 | ||||||||||||||
Early repayment of financing | $ 55,762 | $ 562,016 | $ 130,210 | |||||||||||||
Issuance expense | 2,845 | 4,991 | 8,556 | |||||||||||||
Unutilized credit facilities | ₪ 47 | 13,000 | ||||||||||||||
Finance income | 44,686 | 2,934 | 14,291 | |||||||||||||
Finance costs | $ 50,397 | 144,295 | 51,174 | |||||||||||||
Opc Rotem Ltd Lenders Consortium Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings Reserve Account | $ 39,000 | |||||||||||||||
Borrowings | $ 400,000 | |||||||||||||||
Repayment fees | $ 75,000 | |||||||||||||||
Early repayment of fees, net of tax | 58,000 | |||||||||||||||
Early repayment of financing | 291,000 | |||||||||||||||
Opc Rotem Ltd Lenders Consortium Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | ₪ | ₪ 1,292 | |||||||||||||||
Repayment fees | ₪ | 244 | |||||||||||||||
Early repayment of fees, net of tax | ₪ | 188 | |||||||||||||||
Early repayment of financing | ₪ | 904 | |||||||||||||||
Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 85,000 | |||||||||||||||
Early repayment of financing | 72,000 | |||||||||||||||
Investment of shareholders' equity | $ 94,000 | |||||||||||||||
Annual facility rate | prime plus 2% to 3% | prime plus 2% to 3% | ||||||||||||||
Unutilized credit facilities | 82,000 | |||||||||||||||
Opc Member | Hadera Financing Agreement [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Guarantee facility | 17,000 | 19,000 | ||||||||||||||
Used guarantee facility | 7,000 | 8,000 | ||||||||||||||
Hedge facility | 19,000 | 22,000 | ||||||||||||||
Working capital facility | 10,000 | |||||||||||||||
Opc Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | ₪ | ₪ 300 | |||||||||||||||
Early repayment of financing | ₪ | ₪ 226 | |||||||||||||||
Unutilized credit facilities | ₪ | 290 | |||||||||||||||
Opc Member | NIS | Hadera Financing Agreement [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Guarantee facility | ₪ | 60 | ₪ 60 | ||||||||||||||
Used guarantee facility | ₪ | 26 | 26 | ||||||||||||||
Hedge facility | ₪ | 68 | 68 | ||||||||||||||
Working capital facility | ₪ | ₪ 30 | 30 | ||||||||||||||
Veridis [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Early repayment of financing | $ 363,000 | |||||||||||||||
Veridis [Member] | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.65% | 2.65% | ||||||||||||||
Early repayment of financing | ₪ | ₪ 1,130 | |||||||||||||||
Hadera Financing Agreement [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | $ 323,000 | |||||||||||||||
Corporate guarantees | 9,000 | 10,000 | ||||||||||||||
Hadera Financing Agreement [Member] | Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Corporate guarantees | $ 5,000 | |||||||||||||||
Hadera Financing Agreement [Member] | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | ₪ | ₪ 1,006 | |||||||||||||||
Corporate guarantees | ₪ | 30 | |||||||||||||||
Hadera Financing Agreement [Member] | NIS | Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Corporate guarantees | ₪ | 15 | |||||||||||||||
Hadera Financing Agreement [Member] | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.40% | 2.40% | ||||||||||||||
Hadera Financing Agreement [Member] | Minimum [Member] | Cpi Linked Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.60% | 3.60% | ||||||||||||||
Hadera Financing Agreement [Member] | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.90% | 3.90% | ||||||||||||||
Hadera Financing Agreement [Member] | Maximum [Member] | Cpi Linked Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 5.40% | 5.40% | ||||||||||||||
Opct Zomet Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | $ 441,000 | |||||||||||||||
Borrowings, maturity | end of 19 years from the commencement date of the commercial operation or 23 years from the signing date of the Tzomet Financing Agreement (however not later than December 31, 2042 | end of 19 years from the commencement date of the commercial operation or 23 years from the signing date of the Tzomet Financing Agreement (however not later than December 31, 2042 | ||||||||||||||
Opct Zomet Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | ₪ | ₪ 1,372 | |||||||||||||||
Investment of shareholders' equity | ₪ | ₪ 293 | |||||||||||||||
Credit Frame Work Agreement By Opc Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | ₪ | ₪ 125 | |||||||||||||||
Loan From Bank Mizrahi Tafahot Ltd By Opc [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 28,000 | |||||||||||||||
Loan From Bank Mizrahi Tafahot Ltd By Opc [Member] | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | ₪ | 100 | |||||||||||||||
Series C Debentures [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 280,000 | |||||||||||||||
Series C Debentures [Member] | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | ₪ | 904 | |||||||||||||||
Hedge agreement [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Increase derivative financial liabilities | $ 13,000 | $ 13,000 | ||||||||||||||
Hedge agreement [Member] | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Increase derivative financial liabilities | ₪ | ₪ 42 | ₪ 43 | ||||||||||||||
Hedge agreement [Member] | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.70% | |||||||||||||||
Hedge agreement [Member] | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.76% | |||||||||||||||
Keenan Financing Agreement [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Undrawn borrowing facilities | $ 67,000 | |||||||||||||||
Face amount | $ 120,000 | |||||||||||||||
Percentage spread on ancillary credit facilities | 1% | |||||||||||||||
Cash receipts from early repayment of outstanding loan | $ 26,000 | |||||||||||||||
Transaction costs for early closing of interest rate hedging transaction | 11,000 | |||||||||||||||
Finance income | $ 3,000 | |||||||||||||||
Percentage of hedging of interest rate | 70% | |||||||||||||||
Keenan Financing Agreement [Member] | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.25% | 1% | 1% | |||||||||||||
Keenan Financing Agreement [Member] | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.75% | 1.375% | 1.375% | |||||||||||||
OPC Power [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 7% | 7% | ||||||||||||||
Borrowings | $ 61,000 | |||||||||||||||
OPC Power [Member] | Subsequent Events [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 11,000 | |||||||||||||||
OPC owned subsidiary [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 143,000 | |||||||||||||||
OPC owned subsidiary [Member] | Subsequent Events [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 27,000 |
Loans and Debentures (Debenture
Loans and Debentures (Debentures) (Narrative) (Details) $ in Thousands, ₪ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2021 ILS (₪) | Sep. 30, 2021 USD ($) | Oct. 31, 2020 ILS (₪) | Oct. 31, 2020 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Oct. 31, 2020 USD ($) | Apr. 30, 2020 ILS (₪) | Apr. 30, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity | $ 1,276,008 | $ 2,295,918 | $ 2,280,286 | $ 711,788 | ||||||||||||
Payments for debt issue costs | $ 2,845 | $ 4,991 | 8,556 | |||||||||||||
Proceeds from issuance of debentures | 0 | $ 262,750 | 280,874 | |||||||||||||
Equity held for distribution | $ 0 | |||||||||||||||
Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity-to-balance sheet ratio | 65% | 65% | 55% | 55% | ||||||||||||
Opc Member | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity-to-balance sheet ratio | 20% | 20% | 17% | 17% | ||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization Ratio | 11% | 11% | ||||||||||||||
Opc Member | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity-to-balance sheet ratio | 30% | 30% | 27% | 27% | ||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization Ratio | 13% | 13% | ||||||||||||||
Series B debentures [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | ₪ 400 | $ 113,000 | ||||||||||||||
Series B debentures [Member] | Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | $ 162,000 | |||||||||||||||
Borrowings, interest rate | 5.60% | 5.60% | 7.30% | 7.30% | 2.75% | 2.75% | ||||||||||
Equity | $ 2,709,000 | $ 730,000 | ||||||||||||||
Payments for debt issue costs | $ 2,000 | |||||||||||||||
Debentures amount | $ 111,000 | |||||||||||||||
Proceeds from issuance of debentures | $ 171,000 | |||||||||||||||
Series B debentures [Member] | Opc Member | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity | ₪ | ₪ 250 | |||||||||||||||
Series B debentures [Member] | Opc Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | ₪ | ₪ 556 | |||||||||||||||
Equity | ₪ | 9,532 | ₪ 2,270 | ||||||||||||||
Payments for debt issue costs | ₪ | 7 | |||||||||||||||
Proceeds from issuance of debentures | ₪ | ₪ 584 | |||||||||||||||
Equity held for distribution | ₪ | ₪ 350 | |||||||||||||||
Series C Debentures [Member] | Opc Member | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | $ 266,000 | |||||||||||||||
Borrowings, interest rate | 2.50% | 2.50% | ||||||||||||||
Payments for debt issue costs | $ 3,000 | |||||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization Ratio | 5.60% | 5.60% | 7.30% | 7.30% | ||||||||||||
Series C Debentures [Member] | Opc Member | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity-to-balance sheet ratio | 17% | 17% | ||||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization Ratio | 11% | 11% | ||||||||||||||
Series C Debentures [Member] | Opc Member | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity-to-balance sheet ratio | 46% | 46% | 37% | 37% | ||||||||||||
Earnings Before Interest Taxes Depreciation And Amortization Ratio | 13% | 13% | ||||||||||||||
Series C Debentures [Member] | Opc Member | NIS | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Face amount | ₪ | ₪ 851 | |||||||||||||||
Payments for debt issue costs | ₪ | ₪ 9 | |||||||||||||||
Series C Debentures [Member] | Opc Member | NIS | Minimum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity held for distribution | ₪ | ₪ 1,000 | |||||||||||||||
Series C Debentures [Member] | Opc Member | NIS | Maximum [Member] | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Equity held for distribution | $ 1,400,000 |
Loans and Debentures (Schedule
Loans and Debentures (Schedule of Contractual Conditions) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current maturities of long-term liabilities: | ||
Loans from banks and others | $ 26,113 | $ 21,861 |
Non-convertible debentures | 9,497 | 7,125 |
Others | 3,652 | 9,325 |
Total current liabilities | 39,262 | 38,311 |
Non-current liabilities | ||
Loans from banks and others | 610,434 | 596,489 |
Non-convertible debentures | 513,375 | 575,314 |
Total non-current liabilities | 1,123,809 | 1,171,803 |
Total | $ 1,163,071 | $ 1,210,114 |
Loans and Debentures (Schedul_2
Loans and Debentures (Schedule of Classification Based on Currencies and Interest Rates) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | ||
Debentures | $ 513,375 | $ 575,314 |
Loans from banks and others | 610,434 | 596,489 |
Borrowings By Currency And Interest Rate Classification | 1,163,071 | 1,210,114 |
In Shekels [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Debentures | 522,872 | 582,439 |
Loans from banks and others | $ 640,199 | $ 627,675 |
In Shekels [Member] | Maximum [Member] | Debentures [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.75% | |
In Shekels [Member] | Maximum [Member] | Long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 5.40% | |
In Shekels [Member] | Minimum [Member] | Debentures [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.50% | |
In Shekels [Member] | Minimum [Member] | Long-term borrowings [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.40% |
Loans and Debentures (Schedul_3
Loans and Debentures (Schedule of Movements of Reconciliation Liabilities to Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes as a result of cash flows from financing activities | |||
Proceeds from issuance of debentures, less issuance expenses | $ 0 | $ 262,750 | $ 280,874 |
Receipt of long-term loans from banks | 102,331 | 343,126 | 73,236 |
Interest paid | (25,428) | (31,523) | (24,989) |
Costs paid in advance in respect of taking out of loans | (2,845) | (4,991) | (8,556) |
Loans and credit [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance as at January 1 | 488,455 | 615,403 | |
Changes as a result of cash flows from financing activities | |||
Payment in respect of derivative financial instruments | 0 | 0 | |
Proceeds from issuance of debentures, less issuance expenses | 0 | ||
Receipt of long-term loans from banks | 88,651 | 211,738 | |
Repayment of loans, debentures and lease liabilities | (21,601) | (601,474) | |
Interest paid | (11,058) | (25,095) | |
Costs paid in advance in respect of taking out of loans | (2,845) | (4,991) | |
Net cash (used in)/provided by financing activities | 53,147 | (419,822) | |
Changes due to gain of control in subsidiaries | 172,163 | ||
Effect of changes in foreign exchange rates | 51,435 | 10,820 | |
Changes in fair value, application of hedge accounting and other | (1,416) | 0 | |
Increase Decrease Through Interest In Period | 27,444 | 38,803 | |
Other changes and additions during the year | 71,088 | ||
Balance as at December 31 | 516,195 | 488,455 | 615,403 |
Loans from holders of interests that do not confer financial control [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance as at January 1 | 139,838 | 439 | |
Changes as a result of cash flows from financing activities | |||
Payment in respect of derivative financial instruments | 0 | 0 | |
Proceeds from issuance of debentures, less issuance expenses | 0 | ||
Receipt of long-term loans from banks | 13,680 | 131,388 | |
Repayment of loans, debentures and lease liabilities | (25,617) | 0 | |
Interest paid | (2,094) | 0 | |
Costs paid in advance in respect of taking out of loans | 0 | 0 | |
Net cash (used in)/provided by financing activities | (14,031) | 131,388 | |
Changes due to gain of control in subsidiaries | 0 | ||
Effect of changes in foreign exchange rates | 8,419 | 2,497 | |
Changes in fair value, application of hedge accounting and other | 0 | 0 | |
Increase Decrease Through Interest In Period | 6,764 | 4,275 | |
Other changes and additions during the year | 1,239 | ||
Balance as at December 31 | 124,152 | 139,838 | 439 |
Debentures [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance as at January 1 | 586,600 | 304,701 | |
Changes as a result of cash flows from financing activities | |||
Payment in respect of derivative financial instruments | 0 | 0 | |
Proceeds from issuance of debentures, less issuance expenses | 262,750 | ||
Receipt of long-term loans from banks | 0 | 0 | |
Repayment of loans, debentures and lease liabilities | (5,972) | (5,876) | |
Interest paid | (11,889) | (6,093) | |
Costs paid in advance in respect of taking out of loans | 0 | 0 | |
Net cash (used in)/provided by financing activities | (17,861) | 250,781 | |
Changes due to gain of control in subsidiaries | 0 | ||
Effect of changes in foreign exchange rates | 68,696 | 17,993 | |
Changes in fair value, application of hedge accounting and other | 0 | 0 | |
Increase Decrease Through Interest In Period | 26,728 | 13,125 | |
Other changes and additions during the year | 0 | ||
Balance as at December 31 | 526,771 | 586,600 | 304,701 |
Interest SWAP contracts designated for hedging [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance as at January 1 | (8,305) | 11,014 | |
Changes as a result of cash flows from financing activities | |||
Payment in respect of derivative financial instruments | (923) | (13,933) | |
Proceeds from issuance of debentures, less issuance expenses | 0 | ||
Receipt of long-term loans from banks | 0 | 0 | |
Repayment of loans, debentures and lease liabilities | 0 | 0 | |
Interest paid | 0 | ||
Costs paid in advance in respect of taking out of loans | 0 | 0 | |
Net cash (used in)/provided by financing activities | (923) | (13,933) | |
Changes due to gain of control in subsidiaries | 12,176 | ||
Effect of changes in foreign exchange rates | (967) | (487) | |
Changes in fair value, application of hedge accounting and other | (7,826) | (13,726) | |
Increase Decrease Through Interest In Period | 0 | 0 | |
Other changes and additions during the year | (3,349) | ||
Balance as at December 31 | $ (16,087) | $ (8,305) | $ 11,014 |
Trade and Other Payables (Sched
Trade and Other Payables (Schedule of Trade and Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other current payables [abstract] | ||
Trade Payables | $ 95,036 | $ 136,505 |
Accrued expenses and other payables | 10,833 | 11,479 |
Government institutions | 2,083 | 2,459 |
Employees And Payroll Institutions Liabilities Current | 14,491 | 11,625 |
Interest payable | 4,472 | 5,213 |
Others | 6,500 | 4,256 |
Other current liabilities | $ 133,415 | $ 171,537 |
Right-Of-Use Assets, Net and _3
Right-Of-Use Assets, Net and Lease Liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Land [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Description Of Lease Term | They typically run for a period of more than 20 years, with an option for renewal |
Offices [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Description Of Lease Term | The leases range from 3 to 9 years, with options to extend. |
Right-Of-Use Assets, Net and _4
Right-Of-Use Assets, Net and Lease Liabilities (schedule of right-of-use assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of year | $ 97,883 | $ 86,024 |
Depreciation charge for the year | (6,292) | (5,571) |
Adjustments | 7,702 | 17,430 |
Balance at end of year | 99,293 | 97,883 |
Land [member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of year | 81,355 | 77,011 |
Depreciation charge for the year | (3,484) | (3,375) |
Adjustments | (908) | 7,719 |
Balance at end of year | 76,963 | 81,355 |
Pressure Regulation And Management System Facility Member | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of year | 6,239 | 6,514 |
Depreciation charge for the year | (660) | (480) |
Adjustments | 8,398 | 205 |
Balance at end of year | 13,977 | 6,239 |
Offices [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of year | 10,282 | 2,499 |
Depreciation charge for the year | (2,142) | (1,716) |
Adjustments | 213 | 9,499 |
Balance at end of year | 8,353 | 10,282 |
Others [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Balance at beginning of year | 7 | 0 |
Depreciation charge for the year | (6) | 0 |
Adjustments | (1) | 7 |
Balance at end of year | $ 0 | $ 7 |
Right-Of-Use Assets, Net and _5
Right-Of-Use Assets, Net and Lease Liabilities (schedule of amounts recognized in statements of profit & loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | ||
Interest expenses in respect of lease liability | $ 572 | $ 550 |
Total cash outflow for leases | $ 2,572 | $ 1,993 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Narrative) (Details) $ in Thousands, ₪ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Jun. 30, 2022 ILS (₪) MW-M | Jun. 30, 2022 USD ($) MW-M | Mar. 31, 2022 USD ($) shares | Sep. 30, 2021 USD ($) shares | Sep. 30, 2018 USD ($) | Jan. 31, 2016 ILS (₪) | Jan. 31, 2016 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 31, 2023 ILS (₪) | Jan. 31, 2023 USD ($) | Sep. 30, 2022 shares | Jul. 31, 2022 shares | Oct. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Aggregate consideration paid | $ 36,000 | |||||||||||||||||||
Selling, general and administrative expense | $ 99,936 | $ 75,727 | $ 49,957 | |||||||||||||||||
Cash and cash equivalents | 535,171 | $ 474,544 | $ 286,184 | $ 147,153 | ||||||||||||||||
OPC Generation Facilities [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Aggregate consideration paid | $ 300,000 | |||||||||||||||||||
Cpv Group Pursuant To Conditions Member | Three Rivers [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Purchase price | $ 95,000 | |||||||||||||||||||
Nominal annual Interest rate | 4.50% | |||||||||||||||||||
Percentage of extent to sale executed | 7.50% | 7.50% | ||||||||||||||||||
Construction Agreement Between Opchadera And Idom Servicios Integrados [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Corporate guarantees | $ 10,500 | |||||||||||||||||||
Construction cost | ₪ 639 | $ 185,000 | ||||||||||||||||||
Amount payable to construction contractor | $ 14,000 | |||||||||||||||||||
Opc Shares Pledged Buyer Of Inkia Business Member | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Number of shares issued | shares | 55,000,000 | |||||||||||||||||||
Inkia Energy Limited [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Percentage of shares acquired | 25% | |||||||||||||||||||
Nominal annual Interest rate | 8% | |||||||||||||||||||
Deferred Payment Agreement | $ 175,000 | $ 218,000 | ||||||||||||||||||
Net Of Deferred Payment Agreement | $ 188,000 | |||||||||||||||||||
Period of purchase price | four-year | four-year | ||||||||||||||||||
Period of corporate guarantee | three-year | three-year | ||||||||||||||||||
Opc Member | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Number of shares issued | shares | 43 | 12,500,000 | 9,443,800 | |||||||||||||||||
Number of shares released from pledge | shares | 53,500,000 | |||||||||||||||||||
Number of shares remain in pledge | shares | 1,500,000 | |||||||||||||||||||
Tax assessment claim | $ 11,000 | |||||||||||||||||||
OPC Rotem [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Cash transferred | ₪ 400 | $ 118,000 | ||||||||||||||||||
Consideration amount reduced | ₪ 9 | $ 3,000 | ||||||||||||||||||
OPC Hadera [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Consideration amount reduced | ₪ 7 | $ 2,000 | ||||||||||||||||||
Iec Power Purchase Agreement [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Acquisition cost of energy paid | ₪ | ₪ 5.5 | |||||||||||||||||||
Percentage of correspondences tariff | 25% | 25% | ||||||||||||||||||
Alon Energy Centers Limited Partnership [Member] | ||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||
Consideration Value Of Sold Rights | ₪ 870 | $ 248,000 | ||||||||||||||||||
Aggregate consideration paid | ₪ 300 | $ 86,000 | ₪ 535 | $ 160,000 | ||||||||||||||||
Installed capacity of energy | MW-M | 75 | 75 |
Share Capital and Reserves (Nar
Share Capital and Reserves (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | |
Disclosure of classes of share capital [line items] | |||||||
General and administrative expenses | $ 99,936 | $ 75,727 | $ 49,957 | ||||
Share Incentive Plan [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 8,037 | 7,958 | |||||
Shares Issuance Price Per Share | $ 47.22 | $ 29.41 | |||||
Percentage Of Total Issued Shares Excluding Treasury Shares Of Kenon | 3% | ||||||
Fair value of the shares granted | $ 267 | $ 234 | 267 | ||||
General and administrative expenses | $ 292 | $ 258 | $ 350 | ||||
Capital reduction | $ 552,000 | ||||||
Capital distribution aggregate amount per share | $ 10.25 | ||||||
Board of Director [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares Issuance Price Per Share | $ 3.5 | $ 1.86 | |||||
Fair value of the shares granted | $ 189,000 | $ 100,000 | |||||
Parents Member | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares Issuance Price Per Share | $ 2.23 | ||||||
Fair value of the shares granted | $ 120,000 | ||||||
ZIM [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of share options exercised | 407 | 4.7 | |||||
Increase in capital reserve attributable to owners of the Company | $ 5,500 | $ 5,400 | |||||
Opc Member | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of share options exercised | 272 | 250 | |||||
Increase in capital reserve attributable to owners of the Company | $ 2,700 | $ 1,600 |
Share Capital and Reserves (Sch
Share Capital and Reserves (Schedule of Share Capital) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | ||
Authorised and in issue at January, 1 | 53,879 | 53,871 |
Issued for share plan | 8 | 8 |
Authorised and in issue at December, 31 | 53,887 | 53,879 |
Revenue (Schedule of Revenue) (
Revenue (Schedule of Revenue) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Revenue [Line Items] | |||
Total revenues | $ 573,957 | $ 487,763 | $ 386,470 |
Israel [Member] | |||
Disclosure Of Revenue [Line Items] | |||
Revenue from sale of electricity | 486,680 | 419,395 | 369,421 |
Revenue from sale of steam | 18,476 | 17,648 | 16,204 |
Others | 11,512 | 0 | 845 |
Total revenues | 516,668 | 437,043 | 385,625 |
United States [Member] | |||
Disclosure Of Revenue [Line Items] | |||
Revenue from sale of electricity | 25,780 | 25,605 | 0 |
Revenue from provision of services | 31,509 | 25,115 | 0 |
Total revenues | $ 57,289 | $ 50,720 | $ 0 |
Cost of Sales and Services (e_3
Cost of Sales and Services (excluding Depreciation and Amortization) (Schedule of Cost of Sales and Services) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of cost of sales and services [Abstract] | |||
Fuels | $ 155,760 | $ 153,122 | $ 135,706 |
Electricty And Infrastructure Services | 192,723 | 133,502 | 125,782 |
Salaries and related expenses | 30,598 | 21,095 | 7,244 |
Generation and operating expenses and outsourcing | 17,283 | 16,798 | 8,625 |
Insurance | 5,190 | 4,989 | 3,503 |
Other | 15,707 | 6,792 | 1,226 |
Cost of sales and services | $ 417,261 | $ 336,298 | $ 282,086 |
Selling, General and Administ_3
Selling, General and Administrative Expenses (Narrative) (Details) ₪ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | |
Disclosure Of Selling General And Administrative Expenses Abstract | ||||
Expenses in respect of acquisition of CPV Group | ₪ 46 | $ 13 | ₪ 50 | $ 15 |
Selling, General and Administ_4
Selling, General and Administrative Expenses (Schedule of Selling, General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Selling General And Administrative Expenses Abstract | ||||
Payroll and related expenses | [1] | $ 46,660 | $ 41,930 | $ 11,360 |
Depreciation and amortization | 3,259 | 2,623 | 1,023 | |
Professional fees | 15,798 | 16,069 | 8,386 | |
Business development expenses | 15,186 | 1,566 | 1,998 | |
Expenses In Respect Of Acquisition | 0 | 752 | 12,227 | |
Office Maintenance | 4,581 | 3,022 | 936 | |
Other Selling General And Administrative Expenses | 14,452 | 9,765 | 14,027 | |
Selling, General and Administrative Expenses | $ 99,936 | $ 75,727 | $ 49,957 | |
[1]A portion of this relates to profit sharing for CPV Group employees |
Financing Expenses, Net (Schedu
Financing Expenses, Net (Schedule of Financing Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financing income (expenses), net [Abstract] | |||
Interest income from bank deposits | $ 12,108 | $ 167 | $ 780 |
Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges | 4,125 | 2,121 | 0 |
Net change in exchange rates | 28,453 | 0 | 0 |
Net change in fair value of derivative financial instruments | 0 | 443 | 0 |
Interest income from deferred payment | 0 | 0 | 13,511 |
Other income | 0 | 203 | 0 |
Financing income | 44,686 | 2,934 | 14,291 |
Financing expenses | |||
Interest expenses to banks and others | (47,542) | (51,924) | (24,402) |
Amount reclassified to consolidated statements of profit & loss from capital reserve in respect of cash flow hedges | 0 | 0 | (6,300) |
Impairment loss on debt securities at FVOCI | (732) | 0 | 0 |
Net change in fair value of financial assets held for trade | (45) | 0 | 0 |
Net change in exchange rates | 0 | (5,997) | (5,645) |
Net change in fair value of derivative financial instruments | (291) | 0 | (1,569) |
Early repayment fee (Note 15.B, Note 15.E) | 0 | (84,196) | (11,852) |
Other expenses | (1,787) | (2,178) | (1,406) |
Financing expenses | (50,397) | (144,295) | (51,174) |
Net financing expenses | $ (5,711) | $ (141,361) | $ (36,883) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 04, 2016 | Jan. 31, 2018 | Dec. 22, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Unrecognized tax losses | $ 2 | |||||
Income tax rate | 23% | 23% | 23% | |||
Federal corporate tax rate | 21% | |||||
Withholding tax applicable on interest payments | 17.50% | |||||
Withholding tax applicable on dividend payments | 12.50% | |||||
Tax rate reduced | 25% to 23% | |||||
Net operating losses for tax purposes | $ 108 | |||||
Tax effect of taxable temporary differences from undistributed profits not recorded | $ 32 | $ 112 | ||||
Minimum [Member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
State tax rate | 4% | |||||
Maximum [Member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
State tax rate | 11.50% | |||||
Changes in tax rates or tax laws enacted or announced [Member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax rate reduced | 23% | |||||
Hadera Income Tax Rate Member | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax rate reduced | 1.5% to a rate of 25% | |||||
Israel [Member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Withholding Applicable Tax Rate | 5% | |||||
Singapore [Member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Corporate tax rate | 17% | |||||
Tax laws | Under Singapore tax laws, any gains derived by a divesting company from its disposal of ordinary shares in an investee company between June 1, 2012 and December 31, 2027 are generally not taxable if, immediately prior to the date of such disposal, the divesting company has held at least 20% of the ordinary shares in the investee company for a continuous period of at least 24 months. |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Current taxes on income | ||||
In respect of current year | $ 39,559 | $ 6,892 | [1] | $ 734 |
In respect of prior years | 0 | 0 | 1 | |
Deferred Tax Expense Income And Adjustments For Current Tax Of Prior Periods Abstract | ||||
Creation and reversal of temporary differences | (1,579) | (2,567) | [1] | 3,963 |
Total tax (benefit)/expense on income | $ 37,980 | 4,325 | $ 4,698 | |
Reclassification of deferred tax income | $ 21,000 | |||
[1]The Group made an immaterial correction of reclassification error of $21 million in income taxes on income and deferred tax income as at December 31, 2021. |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation between Theoretical Tax Expense (Benefit) on Pre-tax Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income taxes [Abstract] | |||
Profit from continuing operations before income taxes | $ 387,639 | $ 879,642 | $ (500,447) |
Statutory tax rate | 17% | 17% | 17% |
Tax computed at the statutory tax rate | $ 65,899 | $ 149,539 | $ 85,076 |
Increase (decrease) in tax in respect of: | |||
Elimination Of Tax Calculated In Respect Of Group Share In Losses Of Associated Companies | (45,464) | (190,539) | 27,353 |
Different tax rate applicable to subsidiaries operating overseas | 6,429 | (9,297) | 0 |
Income subject to tax at a different tax rate | 116 | 0 | 441 |
Non-deductible expenses | 158,811 | 44,851 | 1,028 |
Exempt income | (164,822) | (23,937) | (61,415) |
Tax Effect Of Taxes In Respect Of Prior Years | (739) | (361) | 1 |
Tax in respect of foreign dividend | 18,447 | 28,172 | 0 |
Share of non-controlling interests in entities transparent for tax purposes | (1,082) | 5,528 | 0 |
Tax Losses And Other Tax Benefits For Period Regarding Which Deferred Taxes Were Not Recorded | 511 | 95 | 7,647 |
Other differences | (126) | 274 | (727) |
Tax expense on income included in the statement of profit and loss | $ 37,980 | $ 4,325 | $ 4,698 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax (liability) asset | $ (97,181) | $ (86,962) |
Changes recorded on the statement of profit and loss | 1,579 | 2,567 |
Changes recorded in other comprehensive income | (7,096) | (3,270) |
Translation differences | (9,995) | (2,766) |
Change As Result Of Sale Of Subsidiary | (6,750) | |
Balance of deferred tax (liability) asset | (92,703) | (97,181) |
Property plant and equipment [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax (liability) asset | (127,230) | (95,674) |
Changes recorded on the statement of profit and loss | (20,103) | (23,591) |
Changes recorded in other comprehensive income | 0 | 0 |
Translation differences | (14,615) | (3,915) |
Change As Result Of Sale Of Subsidiary | (4,050) | |
Balance of deferred tax (liability) asset | (132,718) | (127,230) |
Carryforward of losses and deductions for tax purposes [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax (liability) asset | 112,342 | 1,691 |
Changes recorded on the statement of profit and loss | 8,116 | 106,643 |
Changes recorded in other comprehensive income | 0 | 0 |
Translation differences | (4,370) | 1,126 |
Change As Result Of Sale Of Subsidiary | 2,882 | |
Balance of deferred tax (liability) asset | 116,088 | 112,342 |
Financial Instruments [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax (liability) asset | 1,260 | 1,816 |
Changes recorded on the statement of profit and loss | (235) | 49 |
Changes recorded in other comprehensive income | (2,657) | (423) |
Translation differences | (103) | 50 |
Change As Result Of Sale Of Subsidiary | (232) | |
Balance of deferred tax (liability) asset | (1,735) | 1,260 |
Other [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax (liability) asset | (83,553) | 5,205 |
Changes recorded on the statement of profit and loss | 13,801 | (80,534) |
Changes recorded in other comprehensive income | (4,439) | (2,847) |
Translation differences | (147) | 27 |
Change As Result Of Sale Of Subsidiary | (5,350) | |
Balance of deferred tax (liability) asset | $ (74,338) | $ (83,553) |
Income Taxes (Schedule of Def_2
Income Taxes (Schedule of Deferred Taxes Presented in Statements of Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income taxes [Abstract] | ||||
As part of non-current assets | $ 6,382 | $ 19,016 | [1] | |
As part of current liabilities | (1,285) | (21,117) | ||
As part of non-current liabilities | (97,800) | (95,080) | [1] | |
Deferred tax asset (liability) | $ (92,703) | (97,181) | $ (86,962) | |
Non-current deferred taxes | $ 30,000 | |||
[1]The Group reclassified a total of $30 million in non-current deferred taxes from assets to liabilities as at December 31, 2021. |
Income Taxes (Schedule of Tax A
Income Taxes (Schedule of Tax And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of income taxes [Abstract] | ||
Losses for tax purposes | $ 153,907 | $ 167,758 |
Earnings per Share (Schedule of
Earnings per Share (Schedule of (Loss)/Income Allocated to Holders of Ordinary Shareholders) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Profit for the year attributable to Kenon’s shareholders | $ 312,652 | $ 930,273 | $ 507,106 |
Profit for the year from discontinued operations (after tax) attributable to Kenon’s shareholders | 0 | 0 | 8,476 |
Profit for the year from continuing operations attributable to Kenon’s shareholders | $ 312,652 | $ 930,273 | $ 498,630 |
Earnings per Share (Schedule _2
Earnings per Share (Schedule of Number of Ordinary Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Weighted Average number of shares used in calculation of basic/diluted earnings per share | 53,885 | 53,879 | 53,870 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
I.C. Power [Member] | Discontinued operations [member] | |
Disclosure of joint ventures [line items] | |
Certain payments from ISQ | $ 8 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Results Attributable to Discontinued Operations) (Details) - I.C. Power [Member] - Discontinued operations [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of joint ventures [line items] | |||
Recovery of retained claims | $ 0 | $ 0 | $ 9,923 |
Income taxes | 0 | 0 | (1,447) |
Profit after income taxes | 0 | 0 | 8,476 |
Net cash flows provided by investing activities | $ 0 | $ 0 | $ 8,476 |
Segment, Customer and Geograp_3
Segment, Customer and Geographic Information (Schedule of Information Regarding Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 573,957 | $ 487,763 | $ 386,470 |
(Loss)/profit before taxes | 387,639 | 879,642 | 500,447 |
Income tax benefit/(expense) | (37,980) | (4,325) | (4,698) |
(Loss)/profit from continuing operations | 349,659 | 875,317 | 495,749 |
Depreciation and amortization | 62,876 | 57,640 | 34,171 |
Financing income | (44,686) | (2,934) | (14,291) |
Financing expenses | 50,397 | 144,295 | 51,174 |
Disclosure Of Operating Segments Other Items Abstract | |||
Net gains (Losses) related to Qoros | 251,483 | (309,918) | |
Losses related to ZIM | 727,650 | 204 | (43,505) |
Write back of impairment of investment | 929,000 | 43,505 | |
Share in losses/(profit) of associated companies | (1,118,175) | (1,250,149) | (160,894) |
Gain from distribution of dividend in kind | |||
Other items | (321,938) | (799,461) | (443,263) |
Adjusted Earnings Before Income Tax Depreciation And Amortization | 65,701 | 80,181 | 57,184 |
Segment assets | 2,692,643 | 2,138,960 | 2,185,185 |
Investments in associated companies | 1,079,417 | 1,899,454 | 297,148 |
Total assets | 3,772,060 | 4,038,414 | 2,482,333 |
Segment liabilities | 1,476,142 | 1,758,128 | 1,206,325 |
OPC Israel [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 516,668 | 437,043 | 385,625 |
(Loss)/profit before taxes | 23,728 | (57,040) | (8,620) |
Income tax benefit/(expense) | (9,522) | 10,155 | (3,963) |
(Loss)/profit from continuing operations | 14,206 | (46,885) | (12,583) |
Depreciation and amortization | 47,134 | 44,296 | 33,981 |
Financing income | (10,301) | (2,730) | (354) |
Financing expenses | 42,062 | 119,392 | 50,349 |
Disclosure Of Operating Segments Other Items Abstract | |||
Net gains (Losses) related to Qoros | 0 | 0 | |
Losses related to ZIM | 0 | 0 | |
Write back of impairment of investment | 0 | ||
Share in losses/(profit) of associated companies | 0 | 419 | 0 |
Gain from distribution of dividend in kind | |||
Other items | 78,895 | 161,377 | 83,976 |
Adjusted Earnings Before Income Tax Depreciation And Amortization | 102,623 | 104,337 | 75,356 |
Segment assets | 1,503,811 | 1,481,149 | 1,723,967 |
Investments in associated companies | 0 | 0 | |
Segment liabilities | 1,226,395 | 1,324,217 | 1,200,363 |
CPV Group [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 57,289 | 50,720 | 0 |
(Loss)/profit before taxes | 61,039 | (60,709) | 0 |
Income tax benefit/(expense) | (9,892) | 13,696 | 0 |
(Loss)/profit from continuing operations | 51,147 | (47,013) | 0 |
Depreciation and amortization | 15,519 | 13,102 | 0 |
Financing income | (25,197) | (37) | 0 |
Financing expenses | 7,521 | 24,640 | 0 |
Disclosure Of Operating Segments Other Items Abstract | |||
Net gains (Losses) related to Qoros | 0 | 0 | |
Losses related to ZIM | 0 | 0 | |
Write back of impairment of investment | 0 | ||
Share in losses/(profit) of associated companies | (85,149) | 10,425 | 0 |
Gain from distribution of dividend in kind | |||
Other items | (87,306) | 48,130 | 0 |
Adjusted Earnings Before Income Tax Depreciation And Amortization | (26,267) | (12,579) | 0 |
Segment assets | 552,569 | 431,474 | 0 |
Investments in associated companies | 652,358 | 545,242 | 0 |
Segment liabilities | 241,468 | 218,004 | 0 |
Z I M Member | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 0 |
(Loss)/profit before taxes | 305,376 | 1,260,789 | 210,647 |
Income tax benefit/(expense) | 0 | 0 | 0 |
(Loss)/profit from continuing operations | 305,376 | 1,260,789 | 210,647 |
Depreciation and amortization | 0 | 0 | 0 |
Financing income | 0 | 0 | 0 |
Financing expenses | 0 | 0 | 0 |
Disclosure Of Operating Segments Other Items Abstract | |||
Net gains (Losses) related to Qoros | 0 | 0 | |
Losses related to ZIM | 727,650 | 204 | |
Write back of impairment of investment | 43,505 | ||
Share in losses/(profit) of associated companies | (1,033,026) | (1,260,993) | (167,142) |
Gain from distribution of dividend in kind | |||
Other items | (305,376) | (1,260,789) | (210,647) |
Adjusted Earnings Before Income Tax Depreciation And Amortization | 0 | 0 | 0 |
Segment assets | 0 | 0 | 0 |
Investments in associated companies | 427,059 | 1,354,212 | 297,148 |
Segment liabilities | 0 | 0 | 0 |
Other [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 0 | 0 | 845 |
(Loss)/profit before taxes | (2,504) | (263,398) | 298,420 |
Income tax benefit/(expense) | (18,566) | (28,176) | (735) |
(Loss)/profit from continuing operations | (21,070) | (291,574) | (297,685) |
Depreciation and amortization | 223 | 242 | 190 |
Financing income | (9,188) | (167) | (13,937) |
Financing expenses | 814 | 263 | 825 |
Disclosure Of Operating Segments Other Items Abstract | |||
Net gains (Losses) related to Qoros | 251,483 | (309,918) | |
Losses related to ZIM | 0 | 0 | |
Write back of impairment of investment | 0 | ||
Share in losses/(profit) of associated companies | 0 | 0 | 6,248 |
Gain from distribution of dividend in kind | |||
Other items | (8,151) | 251,821 | (316,592) |
Adjusted Earnings Before Income Tax Depreciation And Amortization | (10,655) | (11,577) | (18,172) |
Segment assets | 636,263 | 226,337 | 461,218 |
Investments in associated companies | 0 | 0 | 0 |
Segment liabilities | $ 8,279 | $ 215,907 | $ 5,962 |
Segment, Customer and Geograp_4
Segment, Customer and Geographic Information (Schedule of Major Customers and Percentage of Group's Total Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Total revenues | $ 573,957 | $ 487,763 | $ 386,470 |
Customer 1 [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues | $ 107,081 | $ 93,959 | $ 86,896 |
Percentage of revenues of the Group | 18.66% | 19.26% | 22.48% |
Customer 2 [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues | $ 73,518 | $ 70,801 | $ 74,694 |
Percentage of revenues of the Group | 12.81% | 14.52% | 19.33% |
Customer 3 [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues | $ 0 | $ 0 | $ 0 |
Percentage of revenues of the Group | 0% | 0% | 0% |
Customer 4 [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues | $ 0 | $ 0 | $ 0 |
Percentage of revenues of the Group | 0% | 0% | 0% |
Customer 5 [Member] | |||
Disclosure of operating segments [line items] | |||
Total revenues | $ 0 | $ 0 | $ 0 |
Percentage of revenues of the Group | 0% | 0% | 0% |
Segment, Customer and Geograp_5
Segment, Customer and Geographic Information (Schedule of Information Based on Geographic Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of geographical areas [line items] | |||
Total revenues | $ 573,957 | $ 487,763 | $ 386,470 |
Israel [Member] | |||
Disclosure of geographical areas [line items] | |||
Total revenues | 516,668 | 437,043 | 385,625 |
United States [Member] | |||
Disclosure of geographical areas [line items] | |||
Total revenues | 57,289 | 50,720 | 0 |
Others [Member] | |||
Disclosure of geographical areas [line items] | |||
Total revenues | $ 0 | $ 0 | $ 845 |
Segment, Customer and Geograp_6
Segment, Customer and Geographic Information (Schedule of Non-current Assets on the Basis of Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of geographical areas [line items] | |||
Total non-current assets | [1] | $ 1,443,216 | $ 1,350,102 |
Israel [Member] | |||
Disclosure of geographical areas [line items] | |||
Total non-current assets | 1,050,386 | 1,039,505 | |
United States [Member] | |||
Disclosure of geographical areas [line items] | |||
Total non-current assets | 392,734 | 310,426 | |
Others [Member] | |||
Disclosure of geographical areas [line items] | |||
Total non-current assets | $ 96 | $ 171 | |
[1]Composed of property, plant and equipment and intangible assets. |
Related-party Information (Sche
Related-party Information (Schedule of Transactions with Directors and Officers) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term benefits | $ 2,229 | $ 1,994 |
Share-based payments | 292 | 258 |
Key management personnel compensation | $ 2,521 | $ 2,252 |
Related-party Information (Sc_2
Related-party Information (Schedule of Transactions with Related Parties (Excluding Associates)) (Details) - Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Sale of electricity | $ 94,264 | $ 88,004 | $ 80,416 |
Cost Of Sales Amount | (658) | 7,802 | 16 |
Dividend received from associate | 727,309 | 143,964 | 0 |
Other Income Net Related Party Transactions | 0 | (337) | (90) |
Financing expenses, net | 580 | 39,901 | 2,156 |
Interest Expenses Capitalized To Property Plant And Equipment | $ 0 | $ 0 | $ 119 |
Related-party Information (Sc_3
Related-party Information (Schedule of Balances with Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||||
Cash and cash equivalent | $ 535,171 | $ 474,544 | $ 286,184 | $ 147,153 |
Total Related Parties [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Cash and cash equivalent | 176,246 | 89,814 | ||
Short-term deposits and restricted cash | 35,662 | 0 | ||
Trade receivables and other receivables | 15,421 | 14,860 | ||
Other payables | (535) | (424) | ||
Loans and Other Liabilities | ||||
In US dollar or linked thereto | $ (34,524) | $ (27,587) |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Description of sensitivity analysis exchange rate | A strengthening of the dollar exchange rate by 5%–10% against the following currencies and change of the CPI in rate of 1%–2% would have increased (decreased) the net income or net loss and the equity by the amounts | |
LIBOR interest rate description | A change of 1.0%–1.5% in the LIBOR interest | |
Level 3 [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Fair value of long-term investment | $ 0 | $ 0 |
Financial Instruments (Schedule
Financial Instruments (Schedule of Maximum Exposure to Credit Risk for Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Cash and cash equivalents | $ 535,171 | $ 474,544 | $ 286,184 | $ 147,153 |
Other investments | 344,780 | 0 | ||
Credit Risk [Member] | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Cash and cash equivalents | 535,171 | 474,544 | ||
Short-term and long-term deposits and restricted cash | 61,136 | 21,692 | ||
Trade receivables and other assets | 122,797 | 97,580 | ||
Short Term And Long Term Derivative Instruments | 16,730 | 9,103 | ||
Other investments | 344,780 | 0 | ||
Maximum exposure to credit risk | $ 1,080,614 | $ 602,919 |
Financial Instruments (Schedu_2
Financial Instruments (Schedule of Maximum Exposure to Credit Risk for Trade Receivables By Geographic Region) (Details) - Credit Risk [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | $ 1,080,614 | $ 602,919 |
Trade Receivables [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | 73,900 | 62,643 |
Trade Receivables [Member] | Israel [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | 67,177 | 56,632 |
Trade Receivables [Member] | Other regions [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | $ 6,723 | $ 6,011 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Aging of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Not past due nor impaired [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ 73,900 | $ 62,643 |
Financial Instruments (Schedu_4
Financial Instruments (Schedule of Debt Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Impairment loss on debt securities at FVOCI | $ 732 | $ 0 | $ 0 |
Financial Instruments (Schedu_5
Financial Instruments (Schedule of Anticipated Repayment Dates of the Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Book Value Non Derivative Financial Liabilities | ||
Trade payables | $ 95,036 | $ 136,505 |
Other current liabilities | 17,681 | 204,686 |
Lease Liabilities Including Interest | 37,570 | 33,395 |
Debentures (including interest payable) | 526,771 | 586,600 |
Loans from banks and others including interest | 640,348 | 628,293 |
Disclosure Of Financial Liabilities Hedging Instruments Abstract | ||
Forward exchange rate contracts | 5,014 | |
Other forward exchange rate contracts | 1,199 | |
Financial liabilities | 1,317,406 | 1,595,692 |
Projected cash fows: Non-derivative financial liabilities | ||
Trade payables | 95,036 | 136,505 |
Other current liabilities | 17,681 | 204,686 |
Lease liabilities including interest payable | 46,938 | 38,375 |
Debentures (including interest payable) | 588,997 | 669,883 |
Loans from banks and others including interest | 793,946 | 772,875 |
Financial liabilities - hedging instruments | ||
Forward exchange rate contracts | 6,368 | |
Other forward exchange rate contracts | 1,790 | |
Financial liabilities | 1,542,598 | 1,830,482 |
Up to 1 year [Member] | ||
Projected cash fows: Non-derivative financial liabilities | ||
Trade payables | 95,036 | 136,505 |
Other current liabilities | 17,681 | 204,686 |
Lease liabilities including interest payable | 17,812 | 19,492 |
Debentures (including interest payable) | 22,413 | 21,326 |
Loans from banks and others including interest | 44,142 | 44,244 |
Financial liabilities - hedging instruments | ||
Forward exchange rate contracts | 6,230 | |
Other forward exchange rate contracts | 1,790 | |
Financial liabilities | 197,084 | 434,273 |
1-2 years [Member] | ||
Projected cash fows: Non-derivative financial liabilities | ||
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Lease liabilities including interest payable | 2,855 | 2,602 |
Debentures (including interest payable) | 66,467 | 24,431 |
Loans from banks and others including interest | 74,438 | 70,895 |
Financial liabilities - hedging instruments | ||
Forward exchange rate contracts | 138 | |
Other forward exchange rate contracts | 0 | |
Financial liabilities | 143,760 | 98,066 |
2-5 years [Member] | ||
Projected cash fows: Non-derivative financial liabilities | ||
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Lease liabilities including interest payable | 6,756 | 6,232 |
Debentures (including interest payable) | 223,939 | 236,364 |
Loans from banks and others including interest | 172,343 | 325,201 |
Financial liabilities - hedging instruments | ||
Forward exchange rate contracts | 0 | |
Other forward exchange rate contracts | 0 | |
Financial liabilities | 403,038 | 567,797 |
More than five years [Member] | ||
Projected cash fows: Non-derivative financial liabilities | ||
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Lease liabilities including interest payable | 19,515 | 10,049 |
Debentures (including interest payable) | 276,178 | 387,762 |
Loans from banks and others including interest | 503,023 | 332,535 |
Financial liabilities - hedging instruments | ||
Forward exchange rate contracts | 0 | |
Other forward exchange rate contracts | 0 | |
Financial liabilities | $ 798,716 | $ 730,346 |
Financial Instruments (Schedu_6
Financial Instruments (Schedule of Exposure Foreign Currency Risk Non-Hedging Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Forward contracts on exchange rates [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Currency Linkage Receivable | Dollar | |
Currency Linkage Payable Financial Instruments | NIS | |
Amount Receivable Financial Instruments | $ 3,135 | |
Amount Payable Financial Instruments | $ 9,746 | |
Expiration Date Of Financial Instruments | 2022 | |
Fair Value Of Financial Instruments | $ 3 | |
Written Call Options [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Currency Linkage Receivable | EURO | |
Currency Linkage Payable Financial Instruments | NIS | |
Amount Receivable Financial Instruments | $ 4,929 | |
Amount Payable Financial Instruments | $ 18,571 | |
Expiration Date Of Financial Instruments | 2022 | |
Fair Value Of Financial Instruments | $ (1,199) | |
Put options on foreign currency [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Currency Linkage Receivable | Dollar | |
Currency Linkage Payable Financial Instruments | NIS | |
Amount Receivable Financial Instruments | $ 17,828 | |
Amount Payable Financial Instruments | $ 67,231 | |
Expiration Date Of Financial Instruments | 2022 | |
Fair Value Of Financial Instruments | $ 4 | |
Forward contracts on exchange rates [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Currency Linkage Receivable | Dollar | Dollar |
Currency Linkage Payable Financial Instruments | NIS | NIS |
Amount Receivable Financial Instruments | $ 5,566 | $ 33,333 |
Amount Payable Financial Instruments | $ 18,912 | $ 109,259 |
Expiration Date Of Financial Instruments | 2023 | 2022-2023 |
Fair Value Of Financial Instruments | $ 641 | $ (5,014) |
Financial Instruments (Schedu_7
Financial Instruments (Schedule of Exposure to Index Risk with Respect to Derivative Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Exchange Contract [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Index Receivable Financial Instruments | CPI | |
Interest payable | 1.76% | |
Expiration date | 2036 | |
Amount of linked principal | $ 89,619 | |
Fair value | $ 9,353 | |
Interest exchange contract One [Member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Index Receivable Financial Instruments | CPI | |
Interest payable | 1.76% | |
Expiration date | 2036 | |
Amount of linked principal | $ 107,598 | |
Fair value | $ 7,369 |
Financial Instruments (Schedu_8
Financial Instruments (Schedule of Exposure to CPI and Foreign Currency Risks) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non Derivative Instruments Abstract | ||||
Cash and cash equivalents | $ 535,171 | $ 474,544 | $ 286,184 | $ 147,153 |
Short-term deposits and restricted cash | 45,990 | 229 | ||
Trade receivables | 73,900 | 62,643 | ||
Investments in other companies | 427,059 | 1,354,212 | ||
Trade payables | 133,415 | 171,537 | ||
Other current liabilities | 10,833 | 11,479 | ||
Loans from banks and others and debentures | 1,123,809 | 1,171,803 | ||
Currency risk [Member] | Unlinked [Member] | ||||
Non Derivative Instruments Abstract | ||||
Cash and cash equivalents | 165,186 | 159,838 | ||
Short-term deposits and restricted cash | 35,695 | 179 | ||
Trade receivables | 10,007 | 56,632 | ||
Other current assets | 58,006 | 1,308 | ||
Long-term deposits and restricted cash | 15,146 | 21,463 | ||
Total financial assets | 284,040 | 239,420 | ||
Trade payables | 36,669 | 59,381 | ||
Other current liabilities | 20,930 | 23,536 | ||
Loans from banks and others and debentures | 583,651 | 592,102 | ||
Total financial liabilities | 641,250 | 675,019 | ||
Non Derivative Financial Assets Liabilities Net | (357,210) | (435,599) | ||
Derivative instruments | 0 | 0 | ||
Net exposure | (357,210) | (435,599) | ||
Currency risk [Member] | Cpi Linked Member | ||||
Non Derivative Instruments Abstract | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term deposits and restricted cash | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Long-term deposits and restricted cash | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Trade payables | 0 | |||
Other current liabilities | 5,494 | 7,044 | ||
Loans from banks and others and debentures | 414,071 | 459,732 | ||
Total financial liabilities | 419,565 | 466,776 | ||
Non Derivative Financial Assets Liabilities Net | (419,565) | (466,776) | ||
Derivative instruments | 9,353 | 7,369 | ||
Net exposure | (410,212) | (459,407) | ||
Currency risk [Member] | Other [Member] | ||||
Non Derivative Instruments Abstract | ||||
Cash and cash equivalents | 1,102 | 1,329 | ||
Short-term deposits and restricted cash | 0 | 50 | ||
Trade receivables | 0 | 81 | ||
Other current assets | 212 | 4 | ||
Long-term deposits and restricted cash | 0 | 0 | ||
Total financial assets | 1,314 | 1,464 | ||
Trade payables | 14,734 | 11,842 | ||
Other current liabilities | 640 | 190 | ||
Loans from banks and others and debentures | 0 | 0 | ||
Total financial liabilities | 15,374 | 12,032 | ||
Non Derivative Financial Assets Liabilities Net | (14,060) | (10,568) | ||
Derivative instruments | 0 | (1,199) | ||
Net exposure | $ (14,060) | $ (11,767) |
Financial Instruments (Schedu_9
Financial Instruments (Schedule of Sensitivity Analysis) (Details) - Currency risk [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Shekel/dollar [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Ten Percent Increase Effect On Net Income (Loss) And Equity | $ (7,375) | $ (9,219) |
Five Percent Increase Effect On Net Income Loss And Equity | (3,687) | (4,609) |
Five Percent Decrease Effect On Net Income Loss And Equity | 3,687 | 4,609 |
Ten Percent Decrease Effect On Net Income (Loss) And Equity | 7,375 | 9,219 |
Shekel/EUR [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Ten Percent Increase Effect On Net Income (Loss) And Equity | (1,094) | (728) |
Five Percent Increase Effect On Net Income Loss And Equity | (547) | (364) |
Five Percent Decrease Effect On Net Income Loss And Equity | 547 | 364 |
Ten Percent Decrease Effect On Net Income (Loss) And Equity | 1,094 | 728 |
Cpi Linked Member | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Two Percent Increase Effect On Net Income Loss And Equity | (6,306) | (6,639) |
One Percent Increase Effect On Net Income Loss And Equity | (3,153) | (3,320) |
One Percent Decrease Effect On Net Income Loss And Equity | 3,153 | 3,320 |
Two Percent Decrease Effect On Net Income Loss And Equity | $ 6,306 | $ 6,201 |
Financial Instruments (Sched_10
Financial Instruments (Schedule of Type of Interest Borne by Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | $ (1,317,406) | $ (1,595,692) |
Fixed interest rate [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 549,467 | 16,137 |
Financial liabilities | (837,698) | (941,733) |
Financial assets (liabilities), net | (288,231) | (925,596) |
Variable rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 4,827 | 55,033 |
Financial liabilities | (324,887) | (267,882) |
Financial assets (liabilities), net | $ (320,060) | $ (212,849) |
Financial Instruments (Sched_11
Financial Instruments (Schedule of Effect of 100 Basis Point Change on Profit and Loss) (Details) - Variable rate instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Effect Of 100 Basis Point Increase On Profit Loss Before Tax | $ (3,201) | $ (2,128) |
Effect Of 100 Basis Point Decrease On Profit Loss Before Tax | $ 3,201 | $ 2,128 |
Financial Instruments (Sched_12
Financial Instruments (Schedule of sensitive analysis for change in LIBOR interest rate) (Details) - US LIBOR [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Long-term loans [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
1.5% decrease effect on net income (loss) and equity | $ 1,357 |
1% decrease effect on net income (loss) and equity | 904 |
1% increase effect on net income (loss) and equity | (904) |
1.5% increase effect on net income (loss) and equity | (1,357) |
Interest rate swaps [Member] | |
Disclosure of risk management strategy related to hedge accounting [line items] | |
1.5% decrease effect on net income (loss) and equity | (959) |
1% decrease effect on net income (loss) and equity | (638) |
1% increase effect on net income (loss) and equity | 638 |
1.5% increase effect on net income (loss) and equity | $ 959 |
Financial Instruments (Sched_13
Financial Instruments (Schedule of exposure to LIBOR risk for derivative financial instruments used for hedging) (Details) - Interest Rates Swap [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of financial instruments by type of interest rate [line items] | |
Interest rate | 0.93% |
Expiration date | 2030 |
Amount of the linked reserve | $ 62,256 |
Fair value | $ 6,734 |
Financial Instruments (Sched_14
Financial Instruments (Schedule of Carrying Amount and Fair Value of Financial Instrument Groups) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Other investments | $ 344,780 | $ 0 |
Liabilities | ||
Long-term loans from banks and others (excluding interest) | 1,123,809 | 1,171,803 |
Carrying Value [Member] | ||
Assets | ||
Other investments | 344,780 | |
Liabilities | ||
Non-convertible debentures | 526,771 | 586,600 |
Long-term loans from banks and others (excluding interest) | 516,195 | 488,455 |
Loans from non-controlling interests | 124,153 | 138,050 |
At fair value [member] | ||
Assets | ||
Other investments | 344,780 | |
Liabilities | ||
Non-convertible debentures | 492,714 | 642,077 |
Long-term loans from banks and others (excluding interest) | 528,011 | 545,806 |
Loans from non-controlling interests | $ 113,673 | $ 141,596 |
Financial Instruments (Sched_15
Financial Instruments (Schedule of Valuation Techniques Used in Measuring Level 3 Fair Values) (Details) - Long-term investment [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of financial assets [line items] | |
Valuation technique | The Group assessed the fair value of the long-term investment (Qoros) using the present value of the expected cash flows |
Significant unobservable data | The likelihood of expected cash flows. |
Inter-relationship between significant unobservable inputs and fair value measurement | The estimated fair value would increase if the likelihood of expected cash flows increase. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) ₪ / shares in Units, ₪ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Mar. 13, 2023 USD ($) ₪ / shares | Mar. 13, 2023 USD ($) | Mar. 23, 2023 ₪ / shares | Mar. 23, 2023 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 | Jan. 31, 2023 ILS (₪) | Jan. 31, 2023 USD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 100% | |||||||
Z I M Member | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Cash dividend | $ 769 | $ 769 | ||||||
Cash dividend per share | ₪ / shares | $ 6.4 | |||||||
Value of expected dividend | 159 | |||||||
Kenon's share of the dividends | 151 | |||||||
Kenon [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Cash dividend | $ 150 | $ 150 | ||||||
Cash dividend per share | ₪ / shares | ₪ 2.79 | |||||||
Vale of share repurchase plan | $ 50 | |||||||
OPC Rotem [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proportion of ownership interest in subsidiary | 80% | |||||||
Cash transferred | ₪ 400 | $ 118 | ||||||
Proportion of ownership interests held by non-controlling interests | 80% | |||||||
Veridis [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proportion of ownership interests held by non-controlling interests | 20% | 20% | ||||||
OPC Israel [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Original Transaction Amount | 125 | 425 | ||||||
Proportion of ownership interest in subsidiary | 20% | |||||||
Cash transferred | ₪ 452 | $ 128 | ||||||
Proportion of ownership interests held by non-controlling interests | 80% | |||||||
CPV [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proportion of ownership interest in subsidiary | 100% | |||||||
Purchase price of acquisition | $ 172 | |||||||
Description of purchase price agreement | The acquisition is subject to conditions, including the receipt of regulatory approvals, which are expected to be obtained within the next 2 to 5 months |