Kenon Holdings Ltd (KEN) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Kenon Holdings Ltd. conference call to discuss the full year 2019 results of Kenon. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎來到基能控股有限公司。召開電話會議，討論凱能 2019 年全年業績。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

Kenon published its press release with full year results earlier today. The press release as well as summary financial information of Kenon and OPC have been publicly submitted to the Securities and Exchange Commission on Forms 6-K. Kenon is also filing today its annual report on Form 20-F for 2019 with the SEC, including audited financial statements for 2019. These documents can be accessed from the SEC's website and have been filed with the Tel Aviv Stock Exchange and are available on the company's website.

Kenon 今天早些時候發布了全年業績新聞稿。Kenon 和 OPC 的新聞稿以及財務資訊摘要已透過 6-K 表格公開提交給美國證券交易委員會。Kenon 今天也向 SEC 提交了 2019 年 20-F 表格年度報告，包括 2019 年經審計的財務報表。這些文件可從 SEC 網站訪問，並已向特拉維夫證券交易所備案，並可在該公司網站上查閱。

With us on the call today are the management of Kenon and OPC Energy. This includes Mr. Robert Rosen, CEO of Kenon; Mr. Mark Hasson, CFO of Kenon; and Mr. Giora Almogy, CEO of OPC.

今天參加電話會議的有 Kenon 和 OPC Energy 的管理階層。其中包括 Kenon 執行長 Robert Rosen 先生；馬克‧哈森先生，Kenon財務長；以及 OPC 首席執行官 Giora Almogy 先生。

Rob will first provide an update on Kenon and Qoros. Giora will then provide an update on OPC, followed by Mark, who will discuss the financial results of Kenon. We will then open the call for the question-and-answer session, followed by a concluding statement by Rob.

Rob 首先會介紹 Kenon 和 Qoros 的最新情況。Giora 隨後將介紹 OPC 的最新情況，隨後 Mark 將討論 Kenon 的財務表現。然後我們將開始問答環節，隨後由 Rob 進行總結發言。

Before we start, I would like to point out that this conference call may contain forward-looking statements, including statements regarding expected events, developments or the expected performance of the company and its subsidiaries and associated companies, including those statements identified as forward-looking in Kenon's full year 2019 results release and its annual report on Form 20-F for 2019. These statements are only estimates or plans, and there is no guarantee that they will, in fact, occur. Actual events or results may differ materially from those projected, including as a result of changing market trends as well as other risks and uncertainties identified in the full year release and the Risk Factors section of the company's annual report on Form 20-F filed with the Securities and Exchange Commission and in the section entitled Caution Concerning Forward-Looking Statements in the earnings release.

在開始之前，我想指出，本次電話會議可能包含前瞻性陳述，包括有關公司及其子公司和關聯公司的預期事件、發展或預期業績的陳述，包括那些被確定為前瞻性陳述的陳述見Kenon 2019 年全年業績發布及其2019 年20-F 表格年度報告。這些陳述只是估計或計劃，並不能保證它們實際上會發生。實際事件或結果可能與預測有重大差異，包括由於市場趨勢變化以及全年發布中確定的其他風險和不確定性以及公司向公司提交的20-F 表格年度報告的風險因素部分中確定的風險和不確定性。

In addition, this conference call includes certain non-IFRS measures, including OPC's EBITDA. For the definition of such terms and a reconciliation to their most directly comparable IFRS measures, see Exhibit 99.2 to the Form 6-K furnished to the SEC today. The Form 6-K is available on the SEC website as well as Kenon's website.

此外，本次電話會議也包括某些非 IFRS 指標，包括 OPC 的 EBITDA。有關此類術語的定義以及與其最直接可比較的 IFRS 衡量標準的調節，請參閱今天向 SEC 提供的表格 6-K 中的附件 99.2。6-K 表可在 SEC 網站以及 Kenon 網站上取得。

And with that, I will now hand over the call to Rob. Rob, please go ahead.

現在，我將把電話轉交給羅布。羅布，請繼續。

Thank you, operator. I'd like to welcome all of you, and thank you for joining us today for our investor conference call to discuss Kenon's full year 2019 results.

謝謝你，接線生。我歡迎大家，並感謝您今天參加我們的投資者電話會議，討論 Kenon 2019 年全年業績。

In light of the current global situation, we hope everyone is staying safe, and we thank you for making the effort to join us today.

鑑於當前的全球局勢，我們希望每個人都保持安全，我們感謝您今天努力加入我們。

Starting with Qoros. We have some very positive news. We previously announced an agreement to sell 50% of our remaining stake in Qoros, which was 12%, to the majority shareholder of Qoros. We are pleased to update that the sale has now been completed, and we have received a full payment of CNY 1.56 billion or $220 million. As a result, we now hold a 12% interest in Qoros. The majority shareholder holds 63%, and Chery owns 25%.

從觀致開始。我們有一些非常積極的消息。我們先前宣布達成協議，將所持觀致汽車剩餘股權的 50%（即 12%）出售給觀致汽車大股東。我們很高興地宣布，出售現已完成，我們已收到 15.6 億元人民幣（2.2 億美元）的全額付款。因此，我們現在持有觀致汽車12%的權益。大股東持股63%，奇瑞持股25%。

In addition, we've also received aggregate cash payments of $17 million in December 2019 and April 2020 from Chery as a result of repayments on Qoros bank loans and corresponding reductions in Chery's obligations under this guarantee. We expect to receive an additional $1 million from Chery in connection with the 12% sale. Once this is received, we will be fully reimbursed for the cash collateral of CNY 244 million or about USD 36 million that we had previously provided to Chery.

此外，由於償還觀致銀行貸款以及奇瑞在該擔保項下的義務相應減少，我們還在2019年12月和2020年4月從奇瑞收到了總計1700萬美元的現金付款。我們預計奇瑞將透過 12% 的出售額外獲得 100 萬美元。一旦收到，我們將全額償還先前向奇瑞提供的 2.44 億元人民幣（約 3,600 萬美元）的現金抵押品。

The sale was completed despite some very challenging and particularly unusual circumstances, especially in China, which caused some delay in the completion of the process. We are very proud of the efforts of our team, and we're very grateful for the efforts of our partners in China. As a reminder, Kenon retains the right to [cause] Qoros' majority shareholder to purchase Kenon's remaining 12% equity stake in Qoros.

儘管遇到了一些非常具有挑戰性和特別不尋常的情況，特別是在中國，這導致了該過程的完成有所延遲，但此次出售還是完成了。我們對我們團隊的努力感到非常自豪，也非常感謝中國合作夥伴的努力。需要提醒的是，凱能保留[促使]觀致大股東購買凱能在觀致汽車剩餘12%股權的權利。

And with that, I'd like to hand the call over to Giora to discuss the business developments and results of OPC. Giora, go ahead, please.

因此，我想將電話轉交給 Giora，討論 OPC 的業務發展和成果。吉奧拉，請繼續。

Thank you, Rob. In terms of business development, OPC-Hadera is in the process of commissioning 148-megawatt co-generation plant in Israel. The total cost of completing the OPC-Hadera plant is expected to be approximately ILS 1 billion or $289 million. Construction of this Hadera plant -- power plant has been completed and is currently in its late commissioning stage. Due to the spread of the COVID-19, Hadera EPC contractor expects a delay in the completion of the acceptance test of the power plant, which could result in a delay in the commercial operation of the Hadera power plant.

謝謝你，羅布。在業務發展方面，OPC-Hadera 正在以色列調試 148 兆瓦熱電聯產廠。完成 OPC-Hadera 工廠的總成本預計約為 10 億以色列新謝克爾或 2.89 億美元。哈德拉發電廠的建設已經完成，目前正處於後期調試階段。由於COVID-19的蔓延，Hadera EPC承包商預計發電廠驗收測試的完成將推遲，這可能導致Hadera發電廠商業運作的延遲。

On Tzomet, OPC is developing an open-cycle natural gas-fired power station with capacity of approximately 396 megawatts in Israel. We are progressing with the development of Tzomet project. In February 2020, the Electricity Authority notified OPC that Tzomet met the financial close milestone. In addition, as a result of reaching financial closing, we completed the purchase of 4 minority partners, and now OPC Energy holds 100% of Tzomet.

OPC 正在以色列 Tzomet 開發一座容量約 396 兆瓦的開式循環天然氣發電廠。我們正在推進 Tzomet 項目的開發。2020 年 2 月，電力局通知 OPC Tzomet 已達到財務結算里程碑。此外，由於完成了財務交割，我們完成了對 4 個少數合作夥伴的收購，現在 OPC Energy 持有 Tzomet 100% 的股份。

Last week, OPC issued a Bond Series B in the amount of ILS 400 million, which are approximately $113 million, bearing an annual interest rate of 2.75% linked to the Israeli CPI.

上週，OPC發行了金額為4億以色列新謝克爾的B系列債券，約合1.13億美元，年利率為2.75%，與以色列CPI掛鉤。

In terms of financial results, OPC's revenues in 2019 were $373 million as compared to $363 million in 2018, mainly due to higher availability of Rotem power plant in 2019 and an increase in electricity tariffs that was in the beginning of 2019.

就財務表現而言，OPC 2019 年的收入為 3.73 億美元，而 2018 年為 3.63 億美元，主要是由於 2019 年 Rotem 發電廠的可用性較高以及 2019 年初電價上漲。

OPC's EBITDA in 2019 was $105 million as compared to $91 million in 2018. OPC's net profit was $34 million as compared to $26 million in 2018. OPC's net profit attributable to equity shareholders in 2019 was $25 million as compared to $20 million in the previous year. Please note that OPC's results as published in Israeli shekels by OPC are slightly different from those published by Kenon in USD as they don't include the impact of exchange rate fluctuations on the translation of the results from shekels to U.S. dollars.

OPC 2019 年的 EBITDA 為 1.05 億美元，而 2018 年為 9,100 萬美元。OPC 的淨利潤為 3,400 萬美元，而 2018 年為 2,600 萬美元。OPC 2019 年歸屬於股東的淨利為 2,500 萬美元，而前一年為 2,000 萬美元。請注意，OPC 以以色列謝克爾發布的結果與 Kenon 以美元發布的結果略有不同，因為它們不包括匯率波動對謝克爾結果換算為美元的影響。

That ends my summary, and now I'll hand over to Mark, Kenon's CFO, for the financial summary. Mark, please go ahead.

我的總結到此結束，現在我將把財務總結交給 Kenon 的財務長馬克。馬克，請繼續。

Thank you, Giora. Kenon's consolidated results are largely made up of the consolidated results of OPC, which have just been described by Giora. The results of Qoros and ZIM are reflected under results from associates.

謝謝你，喬拉。Kenon的綜合業績主要由OPC的綜合業績組成，Giora剛才對此進行了描述。觀致和以星的業績反映在聯營公司的表現。

In 2019, Kenon earned a consolidated profit of $2 million, and you can find additional details in our earnings release on Form 6-K that we filed earlier today and our annual report on Form 20-F for 2019 that we plan to file later today.

2019 年，Kenon 的綜合利潤為200 萬美元，您可以在我們今天早些時候提交的6-K 表格收益發布以及我們計劃今天晚些時候提交的2019 年20-F 表格年度報告中找到更多詳細資訊.

In terms of liquidity and capital resources, Kenon's cash balance as at December 31, 2019 was $33 million, and Kenon does not have any material debt. The balance of $33 million is prior to the receipt of $220 million from the sale of Qoros and an additional $6 million received from Chery in April 2020.

在流動性和資本資源方面，Kenon截至2019年12月31日的現金餘額為3,300萬美元，Kenon沒有任何重大債務。餘額中的 3,300 萬美元是在從觀致汽車銷售中收到的 2.2 億美元以及 2020 年 4 月從奇瑞收到的另外 600 萬美元之前獲得的。

Finally, as a reminder, Kenon is the beneficiary of a 4-year deferred payment agreement reflecting deferred consideration from the sale of its Inkia Power business in 2017. Amounts under this agreement accrue interest at a rate of 8% per annum, and as at December 31, 2019, the accrued amount was $204 million.

最後提醒一下，Kenon 是 4 年延期付款協議的受益人，該協議反映了 2017 年出售其 Inkia Power 業務的延期對價。該協議項下的金額以年利率8%計息，截至2019年12月31日，應計金額為2.04億美元。

That ends our summary, and we will now be happy to take your questions. Operator?

我們的總結到此結束，現在我們很樂意回答您的問題。操作員？

(Operator Instructions) There are no questions at this time. Mr. Rosen, would you like to make your concluding statement?

（操作員說明） 目前沒有任何問題。羅森先生，您願意做一下總結發言嗎？

Thank you, operator. So on behalf of the management of Kenon Holdings, I would like to thank you for your interest in our company. If you have any follow-up questions after this call, please feel free to contact Kenon's Investor Relations team, whose contact details are on the press releases. I thank you again and farewell from me. Have a good day, and we hope you are staying safe.

謝謝你，接線生。因此，我謹代表凱能控股的管理階層，感謝您對我們公司的關注。如果您在本次電話會議後有任何後續問題，請隨時聯絡 Kenon 的投資者關係團隊，其聯絡資訊請見新聞稿。我再次感謝你並跟我告別。祝您有美好的一天，我們希望您保持安全。

Thank you. This concludes the Kenon Holdings Conference Call. Thank you for your participation. You may go ahead and disconnect.

謝謝。Kenon Holdings 電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。