SINGAPORE, June 3, 2024 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) ("Kenon") announces its results for Q1 2024 and additional updates. Q1 and Recent Highlights Kenon Kenon has obtained a favorable decision in our litigation proceedings against Shenzhen Baoneng Investment Group Co., Ltd. in the Supreme People's Court of China in relation to its claim for breach of guarantee. Kenon and its wholly-owned subsidiary IC Power Ltd. obtained a favorable decision in its arbitration proceedings against the Republic of Peru with respect to pre- and post-award interest on the award, further to the tribunal's prior award in favor of Kenon. In April 2024, Kenon distributed a cash dividend of approximately $200 million ($3.80 per share). OPC In April 2024, CPV Renewable Power (in which OPC has an indirect 70% interest), which operates, constructs and develops renewable energy projects in the U.S., entered into a non-binding term sheet with a North American infrastructure private equity fund regarding a potential investment of $300 million. Financial results: OPC's net profit in Q1 2024 was $4 million, as compared to $22 million in Q1 2023. OPC's Q1 2024 net profit included share in profit of CPV of $20 million as compared to $24 million in Q1 2023. OPC's Adjusted EBITDA[1] (including proportionate share in EBITDA of associated companies) in Q1 2024 was $95 million, as compared to $75 million in Q1 2023.  ZIM ZIM announced a cash dividend, to be paid on June 11, 2024, of $0.23 per share, or approximately $28 million in aggregate, of which Kenon's share would be approximately $5 million net of tax. Financial results: ZIM reported a net profit in Q1 2024 of $92 million, as compared to net loss $58 million in Q1 2023. ZIM reported Adjusted EBITDA1 in Q1 2024 of $427 million, as compared to $373 million in Q1 2023. Discussion of Results for the Three Months ended March 31, 2024 Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC"). Our share of the results of ZIM Integrated Shipping Services Ltd. ("ZIM") are reflected under results from associated companies.  See Exhibit 99.2 of Kenon's Form 6-K dated June 3, 2024 for a summary of Kenon's consolidated financial information; summary of OPC's consolidated financial information; a reconciliation of OPC's EBITDA and Adjusted EBITDA (which is a non-IFRS measure) to net profit; a summary of financial information of OPC's subsidiaries; and a reconciliation of ZIM's Adjusted EBITDA (which is a non-IFRS measure) to net profit/(loss). OPC  The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements, translated into US dollars.   Summary Financial Information of OPC For the three months ended March 31, 2024 2023 $ millions Revenue 174 147 Cost of sales (excluding depreciation and amortization) (117) (103) Finance expenses, net (17) (5) Share in profit of associated companies, net 20 24 Profit for the period 4 22 Attributable to: Equity holders of OPC 5 18 Non-controlling interest (1) 4 Adjusted EBITDA[2] 95 75 For details of OPC's results by segment, please refer to Appendix A. Revenue For the three months ended March 31, 2024 2023 $ millions Israel 145 131 U.S. 29 16 Total 174 147   OPC's revenue increased by $27 million in Q1 2024 as compared to Q1 2023. Excluding the impact of translating OPC's revenue from NIS to USD[3] in both periods, OPC's revenue increased by $32 million in Q1 2024 as compared to Q1 2023. OPC's revenue from the sale of electricity to private customers is derived from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority ("EA"), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid by customers under Power Purchase Agreements of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff in Q1 2024 was NIS 30.18 per KW hour, which is approximately 3% lower than the weighted-average generation component tariff in Q1 2023 of NIS 30.94 per KW hour. Set forth below is a discussion of significant changes in revenue between Q1 2024 and Q1 2023. Revenue from sale of energy to the System Operator and to other suppliers – Such revenues increased by $9 million in Q1 ...