Kenon Holdings Ltd. | CIK:0001611005 | 3

  • Filed: 4/9/2018
  • Entity registrant name: Kenon Holdings Ltd. (CIK: 0001611005)
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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1611005/000117891318001140/0001178913-18-001140-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1611005/000117891318001140/ken-20171231.xml
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    • ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory

    Note 29 – Discontinued Operations
     
    (a)
    I.C. Power (Latin America businesses)
     
    In December 2017, Inkia, a wholly-owned subsidiary of IC Power completed the sale of its Latin American and Caribbean businesses to ISQ, an infrastructure private equity firm.
     
    The sale generated proceeds of approximately $1,332 million consisting of $1,110 million proceeds paid by ISQ plus retained unconsolidated cash at Inkia of $222 million. This reflects the base purchase price of $1,177 million after certain adjustments, including estimated working capital, debt and cash at closing. The purchase price is subject to adjustments, including a final adjustment based on actual working capital, debt and cash amounts as of the closing date.
     
    As part of the transaction, ISQ have assumed Inkia’s $600 million of bonds, which were issued in November and December 2017.
     
    At the date of closing, ISQ paid $935 million and entered into a four year $175 million deferred payment obligation accruing 8% interest payable in kind.
     
    In addition, Kenon’s subsidiaries is entitled to receive certain payments from ISQ in connection with certain insurance and other claims held by companies within the Inkia’s businesses. Included in the financials for FY2017, is $12 million that has been recognized in discontinued operations.
     
    Set forth below are the results attributable to the discontinued operations
     
       
    Year Ended December 31, 2017
    		    
    Year Ended December 31, 2016
    		    
    Year Ended December 31, 2015
    		  
       
    $ thousands
    		  
    Revenue
    		    
    1,777,232
    		      
    1,517,391
    		      
    962,677
    		  
    Cost of sales and services (excluding depreciation and amortization)
    		    
    (1,235,214
    )
    		    
    (1,076,563
    )
    		    
    (620,180
    )
    Depreciation and amortization
    		    
    (135,733
    )
    		    
    (132,998
    )
    		    
    (85,482
    )
    Gross profit
    		    
    406,285
    		      
    307,830
    		      
    257,015
    		  
    Income before taxes on income
    		    
    152,280
    		      
    92,233
    		      
    126,116
    		  
    Taxes on income
    		    
    (73,141
    )
    		    
    (57,083
    )
    		    
    (53,335
    )
    Income after taxes on income
    		    
    79,139
    		      
    35,150
    		      
    72,781
    		  
    Gain on sale of discontinued operations
    		    
    529,923
    		      
    -
    		      
    -
    		  
    Tax on gain on sale of discontinued operations
    		    
    (132,497
    )
    		    
    -
    		      
    -
    		  
    Income from discontinued operations
    		    
    476,565
    		      
    35,150
    		      
    72,781
    		  
                             
    Net cash flows provided by operating activities
    		    
    319,637
    		      
    176,515
    		      
    229,757
    		  
    Net cash flows provided by/(used in) investing activities
    		    
    816,544
    		      
    (300,833
    )
    		    
    (637,994
    )
    Net cash flows (used in)/provided by financing activities
    		    
    (103,524
    )
    		    
    25,308
    		      
    163,714
    		  
    Cash and cash equivalents provided by/(used in) discontinued operations
    		    
    1,032,657
    		      
    (99,010
    )
    		    
    (244,523
    )
                             
    Property, plant and equipment
    		    
    2,937,005
    		                  
    Goodwill and intangible assets
    		    
    357,835
    		                  
    Investments in associated companies
    		    
    9,155
    		                  
    Deferred taxes, net
    		    
    25,450
    		                  
    Income tax receivable
    		    
    112,457
    		                  
    Trade and other receivables
    		    
    379,143
    		                  
    Inventories
    		    
    91,718
    		                  
    Cash and cash equivalents
    		    
    138,708
    		                  
    Trade and other liabilities
    		    
    (2,753,476
    )
    		                
    Net asset
    		    
    1,297,995
    		                  
                             
    Consideration received, satisfied in cash
    		    
    934,573
    		                  
    Transaction costs
    		    
    (3,280
    )
    		                
    Cash and cash equivalents disposed off
    		    
    (138,708
    )
    		                
    Net cash inflow
    		    
    792,585