Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | Kenon Holdings Ltd. |
Entity Central Index Key | 1,611,005 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
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 |
Entity Common Stock, Shares Outstanding | 53,807,578 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,017 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash and cash equivalents | $ 1,417,388 | $ 326,635 | |
Short-term investments and deposits | 7,144 | 89,545 | |
Trade receivables, net | 44,137 | 284,532 | |
Other current assets, including derivatives | 35,752 | 49,773 | |
Income tax receivable | 220 | 11,459 | |
Inventories | [1] | 91,659 | |
Total current assets | 1,504,641 | 853,603 | |
Non-current assets | |||
Investments in associated companies | 121,694 | 208,233 | |
Deposits, loans and other receivables, including derivative instruments | 106,717 | 176,775 | |
Deferred payment receivable | 175,000 | ||
Deferred taxes, net | 25,104 | ||
Property, plant and equipment, net | 616,164 | 3,497,300 | |
Goodwill and intangible assets, net | 1,641 | 376,778 | |
Total non-current assets | 1,021,216 | 4,284,190 | |
Total assets | 2,525,857 | 5,137,793 | |
Current liabilities | |||
Loans and debentures | 447,956 | 482,813 | |
Trade payables | 58,895 | 285,612 | |
Other payables, including derivative instruments | 82,522 | 91,303 | |
Guarantee deposits from customers | 56,833 | ||
Provisions | 44,342 | 119,531 | |
Income tax payable | 172,607 | 8,671 | |
Total current liabilities | 806,322 | 1,044,763 | |
Non-current liabilities | |||
Loans, excluding current portion | 503,785 | 1,972,926 | |
Debentures, excluding current portion | 84,758 | 856,670 | |
Derivative instruments | 44,637 | ||
Deferred taxes, net | 52,753 | 225,354 | |
Trade payables | [2] | 44,057 | |
Income tax payable | 26,811 | ||
Other non-current liabilities | 81 | 55,182 | |
Total non-current liabilities | 668,188 | 3,198,826 | |
Total liabilities | 1,474,510 | 4,243,589 | |
Equity | |||
Share capital | 1,267,210 | 1,267,450 | |
Shareholder transaction reserve | 3,540 | 26,559 | |
Translation reserve | (1,592) | (21,745) | |
Capital reserve | 19,297 | 11,575 | |
Accumulated deficit | (305,337) | (602,598) | |
Equity attributable to owners of the Company | 983,118 | 681,241 | |
Non-controlling interests | 68,229 | 212,963 | |
Total equity | 1,051,347 | 894,204 | |
Total liabilities and equity | $ 2,525,857 | $ 5,137,793 | |
[1] | Inventories as at December 31, 2016 belongs to discontinued operations. | ||
[2] | As of December 31, 2016, non-current trade payables correspond mainly to spare parts, used for major maintenance of facilities of discontinued operations, acquired according to a long-term program (LTP) agreement signed with Siemens. During 2016, these trade payables have not generated interests and no specific guarantee have been granted. |
Consolidated Statements of Prof
Consolidated Statements of Profit & Loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Continuing Operations | |||||
Revenue | $ 365,704 | $ 324,253 | $ 325,899 | ||
Cost of sales and services (excluding depreciation) | (267,136) | (251,666) | [2] | (244,816) | [2] |
Depreciation | (30,102) | (26,697) | (25,435) | ||
Gross profit | 68,466 | 45,890 | 55,648 | ||
Selling, general and administrative expenses | (56,292) | (47,095) | [2] | (49,726) | [2] |
Gain from distribution of dividend in kind | 209,710 | ||||
Write back/(impairment) of assets and investments | 28,758 | (72,263) | (6,541) | ||
Dilution gains from reductions in equity interest held in associates | 32,829 | ||||
Other expenses | (51) | (229) | [2] | (802) | [2] |
Other income | 1,410 | 2,757 | [2] | 3,742 | [2] |
Operating profit/(loss) from continuing operations | 42,291 | (70,940) | 244,860 | ||
Financing expenses | (70,166) | (47,276) | (36,394) | ||
Financing income | 2,904 | 7,724 | 10,721 | ||
Financing expenses, net | (67,262) | (39,552) | (25,673) | ||
Provision of financial guarantee | (130,193) | ||||
Share in losses of associated companies, net of tax | (110,665) | (186,215) | (187,033) | ||
(Loss)/profit from continuing operations before income taxes | (135,636) | (426,900) | 32,154 | ||
Income taxes | (72,809) | (2,252) | (9,043) | ||
(Loss)/Profit for the year from continuing operations | (208,445) | (429,152) | 23,111 | ||
Profit and gain from sale of discontinued operations | 476,565 | 35,150 | 72,781 | ||
Profit/(loss) for the year | 268,120 | (394,002) | 95,892 | ||
Attributable to: | |||||
Kenon's shareholders | 236,590 | (411,937) | 72,992 | ||
Non-controlling interests | 31,530 | 17,935 | 22,900 | ||
Profit/(loss) for the year | $ 268,120 | $ (394,002) | $ 95,892 | ||
Basic/diluted profit/(loss) per share attributable to Kenon's shareholders (in dollars): | |||||
Basic/diluted profit/(loss) per share | $ 4.40 | $ (7.67) | $ 1.36 | ||
Basic/diluted (loss)/profit per share from continuing operations | (4) | (8.08) | 0.24 | ||
Basic/diluted profit per share from discontinued operations | $ 8.40 | $ 0.41 | $ 1.12 | ||
[1] | Restated (See note 2.E and 28) | ||||
[2] | Restated (See note 2.E) |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Statement of comprehensive income [abstract] | |||||
Profit/(loss) for the year | $ 268,120 | $ (394,002) | [1] | $ 95,892 | [1] |
Items that are or will be subsequently reclassified to profit or loss | |||||
Foreign currency translation differences in respect of foreign operations | 29,320 | 157 | (18,132) | ||
Change in fair value of derivatives used to hedge cash flows | 19,489 | 14,397 | (6,365) | ||
Group's share in other comprehensive loss of associated companies | (1,239) | (3,968) | (623) | ||
Income taxes in respect of components other comprehensive (loss)/income | (6,142) | (1,507) | 773 | ||
Total other comprehensive income/(loss) for the year | 41,428 | 9,079 | (24,347) | ||
Total comprehensive income/(loss) for the year | 309,548 | (384,923) | 71,545 | ||
Attributable to: | |||||
Kenon's shareholders | 270,175 | (407,749) | 52,423 | ||
Non-controlling interests | 39,373 | 22,826 | 19,122 | ||
Total comprehensive income/(loss) for the year | $ 309,548 | $ (384,923) | $ 71,545 | ||
[1] | Restated (See note 2.E and 28) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share Capital [Member] | Shareholder transaction reserve [Member] | Former Parent company investment [Member] | Translation reserve [Member] | Capital reserves [Member] | Accumulated deficit [Member] | Total Equity Attributable to Kenon shareholders [Member] | Non-controlling interests [Member] | Total | |
Balance at Dec. 31, 2014 | $ 1,227,325 | $ 28,440 | $ (25,274) | $ 1,230,491 | $ 207,207 | $ 1,437,698 | ||||
Share based payments | 556 | 556 | 320 | 876 | ||||||
Dividend to holders of non-controlling interests subsidiaries | (12,340) | (12,340) | ||||||||
Sale of colombian assets | (1,222) | (1,222) | (18,078) | (19,300) | ||||||
Reclassification of net loss (pre spin-off) | 8,552 | (8,552) | ||||||||
Contribution from former parent company | 34,271 | 34,271 | 34,271 | |||||||
Issuance of shares of subsidiary to holders of non-controlling interests | 6,110 | 6,110 | ||||||||
Distribution of dividend in kind | (14,062) | 498 | (241,741) | (255,305) | (255,305) | |||||
Issuance of common stock and reclassification of former parent company investment in connection with the spin-off | 1,281,272 | (1,283,550) | (28,440) | 30,718 | ||||||
Post spin-off restatement | 13,402 | (13,402) | ||||||||
Total comprehensive income for the year | ||||||||||
Net profit for the year | 72,992 | 72,992 | 22,900 | 95,892 | [1] | |||||
Other comprehensive income/(loss) for the year, net of tax | (17,414) | (3,788) | 633 | (20,569) | (3,778) | (24,347) | ||||
Balance at Dec. 31, 2015 | 1,267,210 | (16,916) | 2,212 | (191,292) | 1,061,214 | 202,341 | 1,263,555 | |||
Share based payments | 240 | 307 | 547 | 285 | 832 | |||||
Dividend to holders of non-controlling interests subsidiaries | (35,255) | (35,255) | ||||||||
Sale of colombian assets | 670 | 670 | 20,325 | 20,995 | ||||||
Non-controlling interests in respect of business combination | 2,441 | 2,441 | ||||||||
Transactions with controlling shareholders | 3,540 | 3,540 | 3,540 | |||||||
Gain in fair value of shareholder loan | 23,019 | 23,019 | 23,019 | |||||||
Total comprehensive income for the year | ||||||||||
Net profit for the year | (411,937) | (411,937) | 17,935 | (394,002) | [1] | |||||
Other comprehensive income/(loss) for the year, net of tax | (4,829) | 9,056 | (39) | 4,188 | 4,891 | 9,079 | ||||
Balance at Dec. 31, 2016 | 1,267,450 | 26,559 | (21,745) | 11,575 | (602,598) | 681,241 | 212,963 | 894,204 | ||
Share based payments | (240) | 748 | 508 | 449 | 957 | |||||
Dividend to holders of non-controlling interests subsidiaries | (33,848) | (33,848) | ||||||||
Capital reduction to non-controlling interests in subsidiaries | (13,805) | (13,805) | ||||||||
Sale of colombian assets | (8,890) | (8,890) | ||||||||
Non-controlling interests in respect of business combination | (50) | (50) | ||||||||
Sale of subsidiaries - Latin America and Caribbean businesses | (5,650) | 2,045 | (3,605) | (170,513) | (174,118) | |||||
Dilution of investment in subsidiary | 299 | (4,691) | 62,210 | 57,818 | 42,550 | 100,368 | ||||
Fair value of shareholder loan | (23,019) | (23,019) | (23,019) | |||||||
Total comprehensive income for the year | ||||||||||
Net profit for the year | 236,590 | 236,590 | 31,530 | 268,120 | ||||||
Other comprehensive income/(loss) for the year, net of tax | 25,504 | 9,620 | (1,539) | 33,585 | 7,843 | 41,428 | ||||
Balance at Dec. 31, 2017 | $ 1,267,210 | $ 3,540 | $ (1,592) | $ 19,297 | $ (305,337) | $ 983,118 | $ 68,229 | $ 1,051,347 | ||
[1] | Restated (See note 2.E and 28) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Cash flows from operating activities | ||||||
Profit/(loss) for the year | $ 268,120 | $ (394,002) | [1] | $ 95,892 | [1] | |
Adjustments: | ||||||
Depreciation and amortization | 178,461 | 172,381 | 120,047 | |||
(Write back)/impairment of assets and investments | (8,314) | 72,263 | 6,541 | |||
Financing expenses, net | 275,799 | 171,118 | 110,816 | |||
Share in losses of associated companies, net | 109,980 | 185,592 | 186,759 | |||
Capital (gains)/losses, net | [2] | (25,529) | 2,534 | 4,506 | ||
Gain from changes in interest held in associates | [1] | (32,829) | [1] | |||
Gain from distribution of dividend in kind | [1] | (209,710) | [1] | |||
Provision for financial guarantee | 130,193 | [1] | [1] | |||
Bad debt expense | 7,866 | 4,896 | ||||
Share-based payments | 957 | 832 | 876 | |||
Income taxes | 278,447 | 59,334 | 62,378 | |||
Total adjustments | 1,085,787 | 405,141 | 345,276 | |||
Change in inventories | 1,291 | (40,076) | 4,361 | |||
Change in trade and other receivables | (62,436) | (68,634) | 35,491 | |||
Change in trade and other payables | (568,364) | 22,835 | (29,800) | |||
Change in provisions and employee benefits | 2,021 | (41,243) | (33,426) | |||
Cash generated from operating activities | 458,299 | 278,023 | 321,902 | |||
Income taxes paid, net | (66,830) | (116,429) | (36,218) | |||
Dividends received from investments in associates | 382 | 743 | 4,487 | |||
Net cash provided by operating activities | 391,851 | 162,337 | 290,171 | |||
Cash flows from investing activities | ||||||
Proceeds from sale of property, plant and equipment and intangible assets | 4,727 | 426 | 539 | |||
Short-term deposits and loans, net | (4,876) | 222,451 | (83,408) | |||
Cash paid for businesses purchased, less cash acquired | (206,059) | (9,441) | ||||
Sale of subsidiaries - Latin America and Caribbean businesses, net of cash disposed off | 792,585 | |||||
Sale of Colombian assets, net of cash disposed off | 600 | |||||
Investment in associates | (111,153) | (129,241) | ||||
Sale of securities held for trade and available for sale, net | 17,334 | 13,217 | ||||
Acquisition of property, plant and equipment | (227,601) | (280,955) | (515,838) | |||
Acquisition of intangible assets | (10,412) | (9,598) | (16,844) | |||
Proceeds from realization of long-term deposits | 4,655 | |||||
Interest received | 6,825 | 6,143 | 7,924 | |||
Payment of consideration retained | (2,204) | (3,795) | ||||
Payment to release financial guarantee | (72,278) | (36,023) | ||||
Energuate Purchase Adjustment | 10,272 | [3] | [3] | |||
Insurance claim received | 80,000 | |||||
Net cash provided by/(used in) investing activities | 584,497 | (399,638) | (736,887) | |||
Cash flows from financing activities | ||||||
Dividend paid to non-controlling interests | (29,443) | (32,694) | (12,340) | |||
Proceeds from issuance of shares to holders of non-controlling interests in subsidiaries | 100,478 | 9,468 | 6,110 | |||
Payment of issuance expenses related to long term debt | (34,391) | |||||
Payment of consent fee | (4,547) | |||||
Receipt of long-term loans and issuance of debentures | 1,938,877 | 799,481 | 333,549 | |||
Repayment of long-term loans and debentures | (1,506,553) | (444,976) | (138,270) | |||
Short-term credit from banks and others, net | (126,287) | (5,477) | 123,053 | |||
Contribution from former parent company | 34,271 | |||||
Payment of swap unwinding and early repayment fee | (46,966) | |||||
Purchase of non-controlling interest | (13,805) | (20,000) | ||||
Interest paid | (180,242) | (151,241) | (93,858) | |||
Net cash provided by financing activities | 97,121 | 174,561 | 232,515 | |||
Increase/(decrease) in cash and cash equivalents | 1,073,469 | (62,740) | (214,201) | |||
Cash and cash equivalents at beginning of the year | 326,635 | 383,953 | 610,056 | |||
Effect of exchange rate fluctuations on balances of cash and cash equivalents | 17,284 | 5,422 | (11,902) | |||
Cash and cash equivalents at end of the year | $ 1,417,388 | $ 326,635 | $ 383,953 | |||
[1] | Restated (See note 2.E and 28) | |||||
[2] | Mainly relate to (gains)/losses from disposal of property, plant and equipment. | |||||
[3] | Restated (See note 2.E) |
Financial Reporting Principles
Financial Reporting Principles and Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 registered office and principal place of business is located at 1 Temasek Avenue #36-01, 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 was formed to serve 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. Sale of power business In December 2017, Kenon, through its wholly-owned subsidiary Inkia Energy Limited (“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. Associated results of operations are separately reported for all periods presented. See note 29 for further information. C. Definitions In these consolidated financial statements - 1. Subsidiaries 2. Associates 3. Investee companies 4. Related parties “Related Parties” |
Basis of Preparation of the Fin
Basis of Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2017 | |
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 (IFRS) 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 27, 2018. 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 when 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: • Derivative financial instruments. • Deferred tax assets and liabilities. • Provisions. • Assets and liabilities in respect of employee benefits. • Investments in associates. 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. The preparation of accounting estimates used in the preparation of the consolidated financial statements requires management of the Group to make assumptions regarding circumstances and events that involve considerable uncertainty. Management prepares the estimates based on past experience, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. 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. Following the Group’s business combination (“Note 11.A.1”), the Group had implemented additional accounting policies under the group of companies and information about assumptions made by management of the Group with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities in the next financial year are set forth below: 1. Useful life of property, plant and equipment Property, plant and equipment is depreciated using the straight-line method over its estimated useful life. At every year-end, or more often if necessary, management examines the estimated useful life of the property, plant and equipment by comparing it to the benchmark in the relevant industry, taking into account the level of maintenance and functioning over the years. If necessary, on the basis of this evaluation, the Group adjusts the estimated useful life of the property, plant and equipment. A change in estimates in subsequent periods could materially increase or decrease future depreciation expense. 2. Recoverable amount of non-financial assets and Cash Generating Units Each reporting date, the management of the Group examines whether there have been any events or changes in circumstances which would indicate impairment of one or more of its non-financial assets or Cash Generating Units (“CGUs”). When there are indications of impairment, an examination is made as to whether the carrying amount of the non-financial assets or CGUs exceeds their recoverable amount, and if necessary, an impairment loss is recognized. Assessment of the impairment of goodwill and of other intangible assets having an indeterminable life is performed at least once a year or when signs of impairment exist. The recoverable amount of the asset or CGU is determined based on the higher of the fair value less selling costs of the asset or CGU and the present value of the future cash flows expected from the continued use of the asset or CGU in its present condition, including the cash flows expected upon retiring the asset from service and its eventual sale (value in use). The future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The estimates regarding future cash flows are based on past experience with respect to this asset or similar assets (or CGUs), and on the Group’s best possible assessments regarding the economic conditions that will exist during the remaining useful life of the asset or CGU. The estimate of the future cash flows relies on the Group’s budget and other forecasts. Since the actual cash flows may differ, the recoverable amount determined could change in subsequent periods, such that an additional impairment loss needs to be recognized or a previously recognized impairment loss needs to be reversed. 3. Fair value of derivative financial instruments The Group is a party to derivative financial instruments used to hedge foreign currency risks, interest risks and price risks. The derivatives are recorded based on their respective fair values. The fair value of the derivative financial instruments is determined using acceptable valuation techniques that characterize the different derivatives, maximizing the use of observable inputs. Fair value measurement of long-term derivatives takes into account the counterparties credit risks. Changes in the economic assumptions and/or valuation techniques could give rise to significant changes in the fair value of the derivatives. 4. Separation of embedded derivatives Management of the Group exercises significant judgment in determining whether it is necessary to separate an embedded derivative from a host contract. If it is determined that the embedded derivative is not closely related to the host contract and that it is necessary to separate the embedded derivative, this component is measured separately from the host contract as a financial instrument at fair value through profit or loss. Otherwise, the entire instrument is measured in accordance with the measurement principles applicable to the host contract. Changes in the fair value of separable embedded derivatives are recognized immediately in profit or loss, as financing income or expenses. 5. Deferred tax assets Deferred tax assets are recorded in relation to unutilized tax losses, as well as with respect to deductible temporary differences. Since such deferred tax assets may only be recognized where it is probable that there will be future taxable income against which said losses may be utilized, use of discretion by management of the Group is required in order to assess the probability that such future taxable income will exist. Management’s assessment is re-examined on a current basis and deferred tax assets are recognized if it is probable that future taxable income will permit recovery of the deferred tax assets. 6. Business Combinations The Group accounts for business combinations using the acquisition method when control is transferred to the Group. The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase gain is recognized in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are recognized in profit or loss. Any contingent consideration is measured at fair value at the acquisition date. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognized in profit or loss. 7. Loss of control Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, any NCI and the other components of equity related to the subsidiary. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between the sum of the proceeds and fair value of the retained interest, and the derecognized balances is recognized in profit or loss under other income or other expenses. Subsequently, the retained interest is accounted for as an equity-accounted investee or as an available-for-sale asset depending on the level of influence retained by the Group in the relevant company. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. 8. Contingent Liabilities From time to time, the Group is involved in routine litigation that arises in the ordinary course of business. Provisions for litigation are recognized as set out in Note 3(P). Contingent liabilities for litigation and other claims do not result in provisions, but are disclosed in Note 21. The outcomes of legal proceedings with the Group are subjected to significant uncertainty and changes in factors impacting management’s assessments could materially impact the consolidated financial statements. E. Revision of the comparative figures During the last quarter of 2017 the Group sold its IC Power businesses in Latin America. Comparative figures were restated to ensure comparability with current year’s presentation (see Note 29). |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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. Basis for consolidation/ combination (1) Business combinations The Group accounts for all business combinations according to the acquisition method. 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. 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 measured 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; except for non-derivative financial instrument contingent consideration which will be measured through other comprehensive income. 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. The Company has no interest in structured entities as of December 31, 2017 and 2016. (3) Non-Controlling Interest (“NCI”) NCI 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. 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. (4 ) Investments in equity-accounted investees The Group’s interests in equity-accounted investees comprise interests in associates and a joint-venture. 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-venture is an arrangement 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 aforesaid 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. B. 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 exchange rates at the dates of the transactions. 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. 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. C. Financial instruments The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit and loss, held-to-maturity financial assets, loans and receivables and available-for-sale financial assets. The Group classifies non- financial liabilities into the other financial liabilities categories. (1) Non-derivative financial assets and financial liabilities - recognition and de-recognition The Group initially recognizes loans and receivables and debt securities issued on the date that they are originated. All other financial assets and financial liabilities are recognized initially on the trade date. The Group derecognizes a financial asset when the contractual rights to the cash flows from the 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 ownership are transferred The Group derecognizes a financial liability when its contractual obligations are discharged, or cancelled or expire. 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. (2) Non-derivative financial assets – measurement Financial assets at fair value through profit and loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Directly attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, including any interest or dividend income, are recognized in profit or loss. Held-to-maturity financial assets These assets are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method. Loans and receivables These assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment losses. Available-for-sale financial assets These assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on debt instruments, are recognized in Other Comprehensive Income (“OCI”) and accumulated in the fair value reserve. When these assets are derecognized, the gain or loss accumulated in equity is reclassified to profit or loss. (3) Non-derivative financial liabilities - Measurement Non-derivative financial liabilities include loans and credit from banks and others, debentures, trade and other payables and finance lease liabilities. Non-derivative financial liabilities are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. (4) Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivatives are recognized initially at fair value; any directly attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. (5) Cash flow hedges 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 in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The amount accumulated in equity is retained in OCI and reclassified to profit or loss in the same period or periods during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the amount accumulated in equity is reclassified to profit or loss. (6) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods, a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and the liability initially recognized under IAS 39 Financial Instruments: Recognition and Measurement and subsequently amortized in accordance with the guidelines of IAS 18 Revenue. Any resulting adjustment of the liability is recognized in profit or loss. 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. E. 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; • 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 write off 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. Leased assets 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. Land is not depreciated. The following useful lives shown on an average basis are applied across the Group: Years Roads, buildings and leasehold improvements 2 – 50 Installations, machinery and equipment: Thermal power plants 10 – 35 Hydro-electric plants 70 – 90 Wind power plants 25 Power generation and electrical 20 Dams 18 – 80 Office furniture, motor vehicles and other equipment 3 – 16 Substations, medium voltage equipment and transf.MV/LV 30 – 40 Meters and connections 10 – 25 Depreciation methods, useful lives and residual values are reviewed by management of the Group at each reporting date and adjusted if appropriate. F. 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. Research and development Expenditures on research activities is recognized in profit and loss as incurred. Development activities involve expenditures incurred in relation to the design and evaluation of future power plant projects before the technical feasibility and commercial viability is fully completed, however the Group intends to and has sufficient resources to complete the development and to use or sell the asset. At each reporting date, the management of the Group performs an evaluation of each project in order to identify facts and circumstances that suggest that the carrying amount of the assets may exceed their recoverable amount. Concessions Intangible assets granted by the Energy and Mining Ministry of Guatemala to DEORSA and DEOCSA to operate power distribution business in defined geographic areas, and acquired as part of business combination. The Group measures Concessions at cost less accumulated amortization and any accumulated impairment losses. Customer relationships Intangible assets acquired as part of a business combination and are recognized separately from goodwill if the assets are separable or arise from contractual or other legal rights and their fair value can be measured reliably. Customer relationships are measured at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets, including licenses, patents and trademarks, which are acquired by the Group and have 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: · Concessions 33 years* · Customer relationships 1-12 years · Software costs 5 years · Others 5-27 years * The concessions are amortized over the remaining life of the licenses from the date of the business combination. Amortization methods and useful lives are reviewed by management of the Group at each reporting date and adjusted if appropriate. G. 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. H. Transfer of assets from customers In the distribution industry, an entity may receive from its customers items of property, plant and equipment that must be used to connect those customers to a network and provide them with ongoing access to supply electricity. Alternatively, an entity may receive cash from customers for the acquisition or construction of such items of property, plant and equipment. In these cases, where the Group determines that the items qualify for recognition as an asset, the transferred assets are recognized as part of the property plant and equipment in the statement of financial position in accordance with IAS 16 and measured the cost on initial recognition at its fair value. The transfer of an item of property, plant and equipment is an exchange for dissimilar goods or services. Consequently, the Group recognize revenue in accordance with IAS 18. The timing of the recognition of the revenue arising from the transfer will take place once the Company has control on the assets and the customers are connected to the distribution network. I. Service Concession arrangements The Group has examined the characteristics, conditions and terms currently in effect under its electric energy distribution license and the guidelines established by IFRIC 12. On the basis of such analysis, the Group concluded that its license is outside the scope of IFRIC 12, primarily because the grantor does not control any significant residual interest in the infrastructure at the end of the term of the arrangement and the possibility of renewal. The Group accounts for the assets acquired or constructed in connection with the Concessions in accordance with IAS 16 Property, plant and equipment. J. Leases (1) Leased assets Assets held by the Group under leases that transfer Asset held under other leases are classified as operating leases and are not recognized in the Group’s consolidated statement of financial position. (2) Lease payments Payments made under operating leases, other than conditional lease payments, are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate if interest on the remaining balance of the liability. K. Inventories Inventories are measured at the lower of cost and net realizable value. Inventories consist of fuel, spare parts, materials and supplies. Cost is determined by using the average cost method. L. Trade Receivable, net Trade receivables are amounts due from customers for the energy and capacity in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Evidence of impairment of financial assets The Group considers evidence of impairment for trade receivables at both a specific asset and collective level. All individually significant trade receivables are assessed for specific impairment. All individually significant trade receivables found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Trade receivables with similar risk characteristics that are not individually significant are collectively assessed for impairment. In assessing collective impairment, the Group uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. M. 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. N. Impairment (1) Non-derivative financial assets Financial assets not classified as at fair value through profit or loss, including an interest in an equity- account investee, are assessed by management of the Group at each reporting date to determine whether there is objective evidence of impairment. Objective evidence that financial assets are impaired includes: · Default or delinquency by a debtor; · Restructuring of an amount due to the Group on terms that the Group would not consider otherwise; · Indications that a debtor or issuer will enter bankruptcy; · Adverse changes in the payment status of borrowers or issuers; · The disappearance of an active market for a security; or · Observable data indicating that there is measurable decrease in expected cash flows from a group of financial assets. For an investment in an equity security, objective evidence of impairment includes a significant or prolonged decline in its fair value below its cost. Financial Assets measured at amortized costs The Group considers evidence of impairment for these assets at both an individual asset and a collective level. All individually significant assets are individually assessed for impairment. Those found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet individually identified. Assets that are not individually significant are collectively assessed for impairment. Collective assessment is carried out by grouping together assets with similar risk characteristics. In assessing collective impairment, the group uses historical information on the timing of recoveries and the amount of loss incurred, and makes an adjustment if current economic and credit conditions are such that the actual losses are likely to be greater or lesser than suggested by historical trends. An impairment loss is calculated as the difference between an asset's carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognized by reclassifying the losses accumulated in the fair value reserve to profit or loss. The amount reclassified is the difference between the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any impairment loss previously recognized in profit or loss. If the fair value of an impaired available-for-sale debt security subsequently increases and the increase can be related objectively to an event occurring after the impairment loss was recognized, then the impairment loss is reversed through profit or loss; otherwise, it is reversed through OCI. Equity-account investees An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognized in profit or loss, and is reversed if there has been a favorable change in the estimates used to determine the recoverable amount and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized. (2) 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 or 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 recover |
Determination of Fair Value
Determination of Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of determination of fair value [Abstract] | |
Determination of Fair Value | Note 4 – Determination of Fair Value A. Business Combinations The Group measures the value of the acquired assets, liabilities, and contingent liabilities considering the fair value basis from the date on which the Group took control. The criteria considered to measure the fair value of the main items were the following: · Fixed assets were valued considering the market value provided by an appraiser; · Intangibles consider the valuation of Concessions; · Deferred taxes were valued based on the temporary differences between the accounting and tax basis of the business combination; · Non-controlling interests were measured as a proportional basis of the net assets identified on the acquisition date · Intangibles consider the valuation of its Power Purchase Agreements (PPAs); and, · Contingent liabilities were determined over the average probability established by third party legal processes. B. Cash Generating Unit for impairment testing See Note 15.C. C. Derivatives See Note 32 regarding “Financial Instruments”. D. 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. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Note 5 – Cash and Cash Equivalents As at December 31 2017 2016 $ thousands Cash in banks 1,313,710 320,199 Time deposits 103,678 6,436 Cash and cash equivalents 1,417,388 326,635 The Group’s exposure to credit risk, interest rate risk and currency risk and a sensitivity analysis with respect to the financial assets and liabilities is detailed in Note 32 “Financial Instruments”. |
Short-Term investments and depo
Short-Term investments and deposits | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of short-term investments and deposits [Abstract] | |
Short-Term investments and deposits | Note 6 – Short-Term investments and deposits As at December 31 2017 2016 $ thousands Restricted cash and short-term deposits (1) 7,085 89,475 Other 59 70 7,144 89,545 (1) As at December 31, 2017, it mainly corresponds to the amount held in escrow account as collateral for contractual obligations, see note 21.B(a). It earns interest at a market interest rate of 0.07% |
Trade Receivables, Net
Trade Receivables, Net | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current receivables [abstract] | |
Trade Receivables, Net | Note 7 – Trade Receivables, Net As at December 31 2017 2016 $ thousands Trade Receivables 44,137 285,100 Less – allowance for doubtful debts - (568 ) 44,137 284,532 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other current assets [Abstract] | |
Other Current Assets | Note 8 – Other Current Assets As at December 31 2017 2016 $ thousands Advances to suppliers 673 141 Prepaid expenses 1,818 6,039 Derivative instruments 1,471 1,831 Government agencies 7,408 14,677 Contingent consideration (a) 18,004 - Other receivables (b) 6,378 27,085 35,752 49,773 (a) This represents the receivable from ISQ (b) As at December 31, 2016, this includes discontinued operations’ receivables of $16 million from insurance claims, transmission line sale, transaction costs and selective consumption tax on heavy fuel oil. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
Inventories | Note 9 – Inventories As at December 31 2017 2016 $ thousands Fuel and spare parts (a) - 91,659 (a) Inventories as at December 31, 2016 belongs to discontinued operations. |
Investment in Associated Compan
Investment in Associated Companies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of associates [abstract] | |
Investment in Associated Companies | Note 10 – Investment in Associated Companies A. Condensed information regarding significant associated companies 1. Condensed financial information with respect to the statement of financial position ZIM Qoros* As at December 31 2017 2016 2017 2016 $ thousands Principal place of business International China Proportion of ownership interest 32 % 32 % 50 % 50 % Current assets 579,595 465,892 235,237 259,804 Non-current assets 1,222,743 1,237,740 1,259,762 1,273,862 Current liabilities (686,693 ) (530,842 ) ( 870,192 ) (773,946 ) Non-current liabilities (1,209,137 ) (1,273,447 ) ( 804,062 ) (695,484 ) Non-controlling interests (6,509 ) (3,125 ) - — Total net assets attributable to the Group (100,001 ) (103,782 ) ( 179,255 ) 64,236 Share of Group in net assets (32,000 ) (33,210 ) (89,627 ) 32,118 Adjustments: Write back/(impairment) of assets and investments 28,758 (72,263 ) — — Excess cost 123,242 187,216 — — Loans — — 61,645 55,798 Financial guarantee — — 29,676 29,677 Book value of investment 120,000 81,743 1,694 117,593 * Qoros is a joint venture (See Note 10.C.b). The current assets include cash and cash equivalent of $12 million (2016: $67 million). The current and non-current liabilities excluding trade and other payables and provisions amount to $1 billion (2016: $1.1 billion). In January 2018, the Group’s equity interest in Qoros was reduced to 24% (see Note 33.2.A). ZIM Tower* Qoros** For the year ended December 31 2017 2016 2015 2015 2017 2016 2015 $ thousands Revenues 2,978,291 2,539,296 2,991,135 461,778 280,079 377,456 232,114 (Loss) / income *** 6,235 (168,290 ) 2,253 (737 ) ( 242,395 ) (285,069 ) (392,427 ) Other comprehensive (loss) / income *** (3,871 ) (12,351 ) (1,948 ) — 31 7 (19 ) Total comprehensive (loss) / income 2,364 (180,641 ) 305 (737 ) ( 242,364 ) (285,062 ) (392,446 ) Kenon’s share of comprehensive (loss) / income 756 (57,805 ) 98 (189 ) (121,182 ) (142,531 ) (196,223 ) Adjustments 8,538 9,856 9,418 (609 ) (16 ) (3 ) — Kenon’s share of comprehensive (Loss) / Income presented in the books 9,294 (47,949 ) 9,516 (798 ) (121,198 ) (142,534 ) (196,223 ) * Distributed as dividend-in-kind in July 2015 (see Note 10.C.c). Results of operations for 2015 corresponds to the six months ended June 30, 2015. ** Qoros is a joint venture (See Note 10.C.b). The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during the year were $ 102 50 *** Excludes portion attributable to non-controlling interest. B. Associated companies that are individually immaterial Associated Companies As at December 31 2017 2016 2015 $ thousands Book value of investments as at December 31 - 8,897 9,008 C. Additional information a. ZIM 1. The container shipping industry is dynamic and volatile and has been marked in recent years by instability, which is characterized by slower growth of demand and worsening overcapacity. This situation combined with carriers’ ambitions to increase and protect their market share led, freight rates to fall sharply in most of the trades, mainly since the second half of 2015. The first half of 2016 continued to be very challenging. Container freight rates hit historical lows across major trades, as new vessel capacity was added, while market demand remained weak. Since the second half of 2016 and through third quarter , marginally, while partially decreased towards the end of 2017 In view of the aforementioned business environment, the volatile bunker prices and in order to improve ZIM’s ZIM’s ZIM’s As of December 31, 2017 ZIM’s $ $ $ $ During the year ended December 31, 2017, ZIM $ $ $ $ $ $ As at December 31, 2017, ZIM ZIM’s $ $ In order to improve its financial position and liquidity, during the second half of 2016, ZIM (a) ZIM Below are the main components of the agreements reached: 1) Deferral of payments in a total amount of $116 million (the “Deferred Amounts”), during a period of up to 12 months starting on September 30, 2016, each creditor with relation to its specific contracts. The repayment of the Deferred Amounts will begin as from January 1, 2018 on a straight line basis and will end on December 31, 2020 (the “Repayment Period”). In case any respective agreement expires before the end of the Repayment Period, the unpaid balance of Deferred Amounts will be paid in full upon expiration. 2) The Deferred Amounts bear interest, at an annual rate of Libor + 2.8% paid quarterly in cash. 3 ) ZIM $ 4 ) In case of excess cash, as defined in the rescheduling agreements, a mechanism of mandatory prepayments of the abovementioned rescheduled amounts and their related accrued interest, will apply. Further to such rescheduling, certain agreements of containers leases previously classified as operational leases were reclassified as financial leases, resulting in recognition of additional assets and liabilities in a total amount of US$ 73 million. (b) ZIM obtained amendments to its financial covenants in 2016. Below are the current financial covenants of ZIM: 1) Fixed Charge Cover ratio - The required ratio will be examined on March 31, 2018 onwards, and will gradually increase from 0.78:1 as required on March 31, 2018 to 0.99:1 as required on March 31, 2019 and remain in that level thereafter. 2) Total Leverage ratio - The required ratio will be examined on March 31, 2018 onwards, and will gradually decrease from 23.69:1 as required on March 31, 2018 to 6.64:1 as required on December 31, 2018 and remain in that level thereafter. 3) Minimum Liquidity - This covenant was amended as from March 31, 2016 to include all cash and cash equivalents available to ZIM ZIM $ $ As at December 31, 2017, ZIM ZIM’s $ $ ZIM’s financial position, liquidity and the risk of deviation from financial covenants depend on the recovery of the shipping industry and especially the freight rates. Current economic conditions make forecasting difficult, and there is possibility that actual performance may be materially different from Management plans and expectations. In the opinion of ZIM’s management and its Board of Directors, the updated forecast and the abovementioned actions with regards to rescheduling of payments and covenants amendment, enables ZIM 2. Further to the recent trends in the shipping industry, ZIM tested its assets for impairment based on IAS 36, where ZIM operates an integrated liner network, as one cash-generating unit (“CGU”). ZIM estimated its recoverable amount on the basis of fair value less costs to sell, using the discounted cash flow (“DCF”) method, measured at Level 3 fair value measurement under IFRS 13. The impairment test resulted with a recoverable amount exceeding the carrying amount of the CGU with a range between $ 418 543 Kenon independently and separately from ZIM, appointed a third-party to perform a valuation of its 32% equity investment in ZIM in accordance with IAS 28 Investments in Associates Impairment of Assets For the purposes of management’s impairment evaluation of the Group’s investment, ZIM, which operates integrated network liner activity, has one CGU, which consists of all of ZIM’s assets. The recoverable amount is based on the higher of the value in use and the fair value less cost of disposal (“FVLCOD”). The valuation is predominantly based on publicly available information and earnings of ZIM over the 12-month periods to September 2017. The valuation approach was based on the equity method, recognizing the cost of investment and share of losses in ZIM, and subsequently to assess a maintainable level of earnings to form a view on the appropriate valuation range as at December 31, 2017. During the recent valuation, due to the uncertainty experienced in shipping sector, and a limited evidence of a sustained industry recovery as at December 31, 2017, the following data points and benchmarks were considered by the independent valuer: A. The implied EV/EBITDA range based on the indicative range of fair values for Kenon’s 32% stake in ZIM and the actual EBITDA for the 12-month to December 31, 2017; and, B. The implied EV/EBITDA range based on the indicative range of fair values for Kenon’s 32% stake in ZIM and the estimated sustainable EBITDA computed based on a 9% margin and actual revenue for the 12-month to September 30, 2017. The estimated maintainable margin was based on a 30% discount applied to analyst estimate of the industry margin. The independent valuer arrived at a range of equity valued between $ 120 million and $180 For the year ended December 31, 2016, Kenon recognized an impairment loss of $72 million in ZIM. Based on the above assessment, Kenon will record a in write back/(impairment) of assets and investments 3. In 2015, ZIM recognized an impairment of the vessels held for sale in an amount of $7 million as impairment under other operating expenses. 4. During 2015, ZIM sold all of its holdings in an associated company which resulted in a disposal gain of $32 million recognized in ZIM’s financial statements. Kenon's share of the disposal gain is $10 million and is recognized in share of net income and losses from associated companies. 5. During 2016, ZIM sold a portion of its holdings in an associated company and ceased to have significant influence over such investee. ZIM recognized a disposal gain in an amount of $16 million, Kenon's share of the disposal gain is $5 million and is recognized in share of net income and losses from associated companies. 6. During 2017, ZIM did not sell any of its holdings. b. Qoros Automotive Co. Ltd. (“Qoros”) 1. As at December 31, 2017, the Group holds, through a wholly-owned and controlled company, Quantum (2007) LLC (“Quantum”) the equity interest of Qoros in a 50/50 agreement with a Chinese vehicle manufacturer – Chery Automobiles Limited (“Chery”), which is engaged in manufacture of vehicles using advanced technology, and marketing and distribution of the vehicles worldwide under a quality brand name. 2. Qoros introduces a new strategic partner In January 2018, Quantum and Chery diluted their shares in Qoros to an entity related to Baoneng Group, giving it a 51% equity interest in Qoros. Quantum and Chery’s equity interest in Qoros were reduced to 24% and 25%, respectively (see Note 33.2.A). 3. As at December 31, 2017, Kenon’s investment in Qoros amounts to $1.7 million (December 31, 2016 – $117 million). 4. In January and February 2016, Kenon and Wuhu Chery each, through Quantum, a Kenon subsidiary, provided a RMB275 million ($42 million) convertible loan to Qoros to support its working capital requirements. During 2015, Kenon and Chery each, through a subsidiary, provided a RMB800 million ($130 million) convertible loan to Qoros to support its ongoing development. 5. Qoros incurred a net loss of RMB 1.4 billion (approximately $211 million) and had net current liabilities of approximately RMB 3.7 billion (approximately $555 million) for the year ended December 31, 2017 (RMB 1.9 billion (approximately $284 million) and RMB 3.57 billion (approximately $515 million) as of December 31, 2016 respectively). Qoros has given careful consideration to the future of its liquidity. With its available sources of finance and the addition of the new strategic partner (see Note 33.2.A), Qoros believes it will have sufficient financial resources to continue as a going concern for the next twelve months. 6. Ansonia Loans a. Overview On April 22 and September 2, 2016, Ansonia Holdings Singapore B.V. ("Ansonia"), which owns approximately 58% of the outstanding shares of Kenon, entered an agreement to provide loans (“Ansonia loans”) in an aggregate amount of up to RMB 450 million ($69 million) with an interest rate of 6% per annum, through Quantum, to support Qoros. Wuhu Chery completed its provision of loans to Qoros in the same amount and on similar conditions. Set forth below is an overview of the Ansonia loans as of December 31, 2017: Date Granted RMB million Plus certain interest Convertible into Equity 1 Loan Transfer Date from 2 Tranche 1 / Apr 2016 150 6% 10% May 20, 2016 Tranche 2 / Apr 2016 150 June 28, 2016 Tranche 3 / Sep 2016 150 25% September 6, 2016 Total 450 1. 2. b. Repayment of the Ansonia loans i. Ansonia loans to Quantum are non-recourse to Kenon, and limited recourse to Quantum. Quantum’s obligations to repay these loans when Quantum receives loan repayments from Qoros; or Quantum sells all or portion of its interest in Qoros. ii. Qoros has agreed to secure and undertaken to enter into the pledge for the Quantum and Wuhu Chery loans with certain collateral. The pledge is subjected to approvals to be received. Qoros' pledge of this collateral will be released upon a conversion of the shareholder loans into equity (as described below) or upon repayment. iii. Quantum agreed to assign its rights, title and interests in the collateral securing these loans to Ansonia. iv. Ansonia loans can be repaid by Quantum without penalty or premium prior to the conversion into Equity of Quantum. v. Repayment of Ansonia loan of $20 million was made in January 2018 by Quantum. The remaining outstanding balance will be repaid upon repayment of shareholder loans owing from Qoros to Quantum, which is expected to occur c. Conversion of the Ansonia loans into Equity (“Conversion”) Upon a 7. Financial Guarantees Provision and Releases a. On June 30, 2016, Kenon increased its previously recognized provision of $30 million to $160 million in respect to Kenon’s “back-to-back” guarantee obligations to Chery (RMB1,100 million), in respect of guarantees that Chery has given for Qoros’ bank debt and has pledged a portion of its interests in Qoros to secure Qoros’ bank debt. In addition to the current liquidity needs of Qoros, its financial position and Kenon’s strategic intent, the provision was made due to uncertainty in the Chinese automobile market. As a result, Kenon recognized a $130 million charge to expense for such financial guarantees in its consolidated statement of profit or loss in 2016. These back-to-back guarantees consist of (i) a back-to-back guarantee of one-half of the principal amount of Chery’s guarantee of RMB1.5 billion with respect to Qoros’ RMB3 billion facility, and (ii) a back-to-back guarantee of one-half of the principal amount of Chery’s guarantee of Qoros’ RMB700 million facility, and interest and fees, if applicable. b. On December 25, 2016. Kenon has agreed to provide a RMB250 million (approximately $36 million) shareholder loan to Qoros, and in relation to this loan, the maximum amount of Kenon’s back-to-back guarantee obligations to Chery has been reduced by RMB250 million. As part of the loan to Qoros, Kenon’s back-to-back guarantee obligations to Chery with respect to Chery’s guarantee of Qoros’ RMB3 billion loan facility with the Export-Import Bank of China (“EXIM Bank”) have been reduced by one third, and the maximum amount of Kenon’s obligations under this back-to-back guarantee (subject to certain obligations to negotiate fees and interest described in the table below) has been reduced from RMB750 million to RMB500 million (approximately $72 million). In addition, Ansonia has committed to fund RMB25 million (approximately $4 million) of Kenon’s remaining back-to-back guarantee obligations to Chery in certain circumstances (“Ansonia Commitment”). Chery has agreed to make a corresponding RMB250 million loan to Qoros. The proceeds of these loans were used to support Qoros’ ordinary course working capital requirements and Qoros’ investments in new initiatives, such as new-energy vehicles, while it continues its fund raising efforts. As part of this transaction, Quantum pledged approximately 9% of the outstanding shares of Qoros to Chery to secure the amount of the back-to-back guarantee reduction. Chery may also borrow from Quantum up to 5% of Qoros’ outstanding shares to meet its pledge obligations under a Qoros RMB 1.2 billion loan facility with EXIM Bank. The number of Qoros shares pledged to Chery is subject to adjustment from time to time. In certain circumstances Quantum must pledge additional shares (to the extent it has unencumbered shares), and in other circumstances the pledged shares may be released and the borrowed shares must be returned, e.g., in the event that Quantum is required to pledge additional shares to secure the RMB1.2 billion EXIM Bank facility (Quantum has previously pledged a significant portion of its Qoros shares to secure Qoros’ obligations under Qoros’ RMB 1.2 billion loan facility with EXIM Bank). Kenon has been informed that, in order to facilitate Kenon’s above mentioned reduction in Kenon’s back-to-back guarantee obligations to Chery, an affiliate of Kenon’s major shareholder has given certain undertakings to Chery with respect to the released guarantee obligations. c. On March 10, 2017, Kenon announces that it has agreed to fund up to RMB777 million (approximately $114 million) to Qoros in relation to the full release of its remaining RMB825 million (approximately $125 million) back-to-back guarantee obligations to Chery in two tranches, which releases Kenon from commitments to pay any related interest and fees to Chery under the guarantees. On March 10, 2017, Kenon transferred RMB388.5 million (approximately $57 million) ("First Tranche Loans") to Qoros in relation to a reduction of RMB425 million (approximately $63 million) of Kenon's back-to-back guarantee obligations to Chery, including related interest and fees and the provision of the Second Tranche Loans shall be at Kenon's discretion. As part of the First Tranche Loans, in relation to 50% reduction of the guarantee, Kenon funded 50% for Kenon and 50% on behalf of Chery. On April 25, 2017, Kenon funded RMB100 million (approximately $15 million) as part of the remaining provision of RMB388.5 million to Qoros (the “Second Tranche Loans”) on similar terms in connection with the remaining RMB425 million reduction in its back-to-back guarantees. Kenon’s remaining liability under its guarantee obligations totals RMB320 million in respect of principal amount of debt In the event that Chery's obligations under its guarantees are reduced, through amortization of the loans or guarantee releases, Kenon is entitled to the proportionate return from Chery of the loans provided on Chery's behalf (i.e., up to RMB388.5 million (approximately $57 million) with respect to the First Tranche Loans and the Second Tranche Loans) and the release of the pledges described above. Quantum will pledge approximately 10.3% of the outstanding shares of Qoros to Chery in relation to 50% of the guarantee releases, which pledges are enforceable to the extent Kenon would have been required to make payments under such guarantees but for the guarantee releases. In addition, Chery may also borrow from Quantum 5% of Qoros' outstanding shares in relation to Kenon's provision of the First Tranche Loans and the Second Tranche Loans. The number of Qoros shares pledged to Chery which are borrowed from Quantum is subject to adjustment from time to time. Set forth below is an overview of the RMB850 million back-to-back guarantees provided by Kenon in respect of Qoros' indebtedness, reflecting the reduction of the back-to-back guarantees described above: Loans Timing Amount of Loans to Qoros Amount of Guarantee Obligations Prior to Investment Release of Kenon Guarantees to Chery Remaining Guarantee Obligations Post-Investment Pledge of Qoros Shares in relation to Investment in RMB million First Tranche March 2017 388.5 850 1 425 3 425 5.17% Second Tranche April 2017 100 425 105 3 320 5.17% Third Tranche At Kenon's discretion 288.5 320 320 3 — Total 777 — 850 3 — 10.3% 2 1. Kenon's major shareholder Ansonia Holdings Singapore B.V. has committed to fund RMB25 million (approximately $4 million) of Kenon's back-to-back guarantee obligations 2. Excludes up to 5% of Qoros shares which Chery may borrow from Quantum to meet its pledge obligations under the Qoros RMB1.2 billion loan facility, as discussed above. 3. Plus interest Following the pledges above, and taking account of prior pledges by Quantum of Qoros shares to Qoros' lenders and to Chery, substantially all of Kenon's interest in Qoros will be pledged, or could be pledged pursuant to the equity borrowing arrangements with Chery described above. The proceeds of the First Tranche Loans was used to support Qoros' ordinary course working capital requirements, debt service requirements and investments in new initiatives, such as new-energy vehicles, while Qoros continues its fund raising efforts. The transactions enabled Due to the in equity holdings of Qoros in 2018, adjustments to the respective parties’ pro rata obligations under the Qoros’ bank guarantees and pledges were made (see Note 33.2.A). 8. Background of Financial Guarantees The guarantees by Kenon described below have been amended and released as described in paragraph 7 above a. In July 2012, Chery provided a guarantee to the banks, in the amount of RMB1.5 billion ($242 million), in relation to an agreement with the banks to provide Qoros a loan, in the amount of RMB3 billion ($482 million). In November 2015, Kenon has provided back-to-back guarantees to Chery of RMB750 million (approximately $115 million) in respect of certain of Qoros’ indebtedness and has committed to negotiate with Chery in good faith to find a solution so that Kenon’s and Chery’s liabilities for the indebtedness of Qoros under Qoros’ RMB3 billion credit facility are equal in proportion; Kenon has similarly agreed to try to find an acceptable solution in respect of Kenon’s and Chery’s liabilities for the indebtedness of Qoros under Qoros’ 1.5 RMB billion facility, but without any obligation on Kenon to be liable for more than the amount set forth in its back-to-back guarantee to Chery. As a result, if Qoros is unable to meet its operating expenses or is unable to comply with the terms of certain of its debt agreements, Kenon may be required to make payments under its guarantees to Chery. In a back-to-back arrangement Kenon committed to Chery to pay half of every amount it will be required to pay with respect to the above-mentioned guarantee (“the 2012 Guarantee"). The fair value of the guarantee has been recorded in the financial statements. Prior to Kenon’s spin-off from IC, IC provided the 2012 Guarantee to Qoros. This guarantee by IC is a back-to-back guarantee of Chery’s guarantee of up to RMB1.5 billion (approximately $240 million) under this credit facility, and the obligation of IC under this back-to-back guarantee is up to RMB888 million (approximately $142 million), including related interest and fees. On February 12, 2015, Kenon has agreed to provide a RMB400 million (approximately $64 million) loan to Qoros to support its ongoing development, and in relation to the provision of this loan, IC’s back-to-back guarantee of Qoros’ debt was released in full. Chery’s guarantee under the Qoros facility of up to RMB1.5 billion (approximately $240 million) is not being released in relation to the release of IC’s back-to-back guarantees and, as described above, in November 2015 Kenon has provided back-to-back guarantees to Chery of RMB750 million b. On May 12, 2015, Qoros has signed a Consortium Loan Agreement with the Export-Import Bank of China, and China Construction Bank Co., LTD, Suzhou Branch, concerning the Project of Research and Development of Hybrid Model (“Loan Agreement”), for an amount of RMB700 million ($108 million) or in USD not exceeding the equivalent to RMB480 million ($78 million) (the “Facility”). c. On June 15, 2015, this Facility was secured by Chery Automobile Co., Ltd (“Chery Guarantee Deed”) and pledged with Qoros’ 90 vehicle patents with an appraisal value of minimum RMB3.1 billion ($ 500 million With relation to the above, Kenon provided a RMB350 million ($54 million) guarantee of this financing agreement to Chery for up to 50% of Chery’s Guarantee. As at December 31, 2016, Qoros had drawn down the Facility of RMB700 million ($108 million) with an interest rate of 5.39% (RMB 700 million as at December 31, 2015). The fair value of the guarantee has been recorded in the financial statements. d. On May 15, 2015, Kenon and Chery each provided a RMB400 million ($65 million) loan to Qoros to support its ongoing development. RMB25 million ($5 million) of each loan can be converted into equity on conditions set out in the agreement. As a result, Kenon’s ownership percentage in Qoros will not increase upon Qoros’ full, or partial, conversion of Kenon’s RMB400 million ($65 million) shareholder loan into equity. Kenon expects all, or a portion, of the shareholder loans to convert into additional equity in Qoros upon the satisfaction of certain conditions, including the approval by the relevant Chinese authority. Kenon funded the RMB400 million ($65 million) shareholder loan through drawdowns of $65 million under a Credit Facility with its former parent, IC. e. On July 31, 2014, in order to secure additional funding for Qoros of approximately RMB 1.2 billion ($200 million as of August 7, 2014) IC pledged a portion of its shares (including dividends derived therefrom) in Qoros, in proportion to its share in Qoros’s capital, in favor of the Chinese bank providing Qoros with such financing. Simultaneously, the subsidiary of Chery that holds Chery’s rights in Qoros also pledged a proportionate part of its rights in Qoros. Such financing agreement includes, inter alia, liabilities, provisions regarding covenants, events of immediate payment and/or early payment for violations and/or events specified in the agreement. The lien agreement includes, inter alia, provisions concerning the ratio of securities and the pledging of further securities in certain circumstances, including pledges of up to all of Quantum’s shares in Qoros (or cash), provisions regarding events that would entitle the Chinese Bank to exercise the lien, certain representations and covenants, and provisions regarding the registration and approval of the lien. As part of the reduction of guarantee obligations in Note 10.C.b.7, Kenon has pledged approximately 9% of the outstanding shares of Qoros to Chery to secure the amount of the back-to-back guarantee reduction. Chery may also borrow from Kenon up to 5% of Qoros' outstanding shares to meet its pledge obligations under the abovementioned RMB 1.2 billion loan facility. As of December 31, 2016, in relation to this loan facility of RMB 1.2 billion, Kenon and Chery have each pledged 22.6% of its equity interest in Qoros. Due to the introduction of the additional investor in January 2018, financial guarantees will be adjusted to the respective parties pro rata obligation based on the change in equity holdings of Qoros (see Note 33.2.A). 9. Business Plans a. In September 2014, Qoros’ board of directors reviewed a business development plan for the next ten years. Subsequently, Qoros’ board of directors approved a five-year business plan, which reflected lower forecasted sales volumes and assumed the minimal level of capital expenditure necessary for such sales volumes. As a result, Qoros management performed impairment tests in October 2015 and February 2016. In March 2017, Qoros’ board of directors approved a new business development plan for the next five years. As a result, Qoros management performed impairment tests in March 2017 on Qoros’ operating assets as of December 31, 2016 and intangible assets. As at December 31, 2017, Kenon concluded that the recoverable amount of its CGU, based on the 3rd-party transaction with Baoneng Group (see Note 33.2.A), was higher than the carrying value (adjusted for depreciation and amortization). The recoverable amount was determined based on fair value of Qoros’ assets less the costs of disposal. Therefore, no impairment was recognized in Qoros’ December 31, 2017 financial statements in respect of its CGU. c. Tower 1. In March 2015, Tower accelerated the conversion of $80 million of its outstanding Series F Bonds into ordinary shares of Tower. As a result of the issuance of shares, Kenon's interest in Tower was reduced from 29% to 23% of Tower’s equity and Kenon realized a dilution gain of $32 million. 2. On May 27, 2015, Kenon’s shareholders approved a capital reduction, contingent upon the approval of the High Court of the Republic of Singapore, to enable Kenon to distribute, on a pro rata basis, some, or all, of the 18,030,041 ordinary shares of Tower held by Kenon, as well as 1,669,795 ordinary shares of Tower underlying the 1,669,795 Series 9 Warrants of Tower held by Kenon, to holders of Kenon’s ordinary shares. On June 25, 2015, the High Court of the Republic of Singapore approved the reduction of Kenon’s issued share capital, enabling Kenon to declare a distribution of some, or all, of its interest in Tower by distribution in specie. On June 30, 2015, the investment in Tower was reclassified to Assets held for distribution. 3. On July 7, 2015, Kenon’s board of directors declared a pro rata distribution (the “Distribution”) in specie of 18,030,041 ordinary shares of Tower (the “Tower Shares”) to Kenon’s shareholders of record as of the close of trading on July 20, 2015 (the “Record Date”). The Distribution occurred on July 23, 2015 (the “Distribution Date”) and is one of the first key steps in the implementation of Kenon’s strategy, which provided Kenon Shareholders with direct access to Tower, which Kenon believes is in the best interests of its shareholders. 4. The Tower Shares to be distributed in the Distribution represent all of the shares in Tower owned by Kenon, excluding the 1,669,795 shares in Tower underlying certain warrants held by Kenon. As of July 7, 2015, Kenon had 53,682,994 ordinary shares outstanding. Accordingly, each Kenon Shareholder as of the Record Date received approximately 0.335861 of a Tower Share for every Kenon Share held by such shareholder as of the Record Date. The fair value of the distribution in kind amounts to $255 million. As a result of this distribution, the Group recognized a gain from distribution of dividend in kind of $210 million. The gain arose from the difference between the fair value of the distribution and the carrying amount of the investment as required by IFRIC 17 Distributions of non-cash assets to owners 5. After the distribution, Kenon beneficially owned 1,669,795 Warrants representing approximately 2.0% of outstanding Ordinary Shares of Tower. On August 5, 2016, Kenon sold 1,699,795 Series 9 Warrants of Tower for proceeds of approximately $11.4 million. D. Details regarding dividends received from associated companies For the Year Ended December 31 2017 2016 2015 $ thousands From associated companies 382 743 4,487 E. Restrictions Qoros 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. ZIM The holders of ordinary shares of ZIM are entitled to receive dividends when declared and are entitled to one vote per share at meetings of ZIM. All shares rank equally with regard to the ZIM's residual assets, except as disclosed below. In the framework of the process of privatizing ZIM, all the State of Israel’s holdings in ZIM (about 48.6%) were acquired by IC pursuant to an agreement from February 5, 2004. As part of the process, ZIM allotted to the State of Israel a special State share so that it could protect the vital interests of the State. On July 14, 2014 the State and ZIM have reached a settlement agreement (the “Settlement Agreement”) that has been validated as a judgment by the Supreme Court. The Settlement Agreement provides, inter alia, the following arrangement shall apply The Special State Share, and the permit which accompanies it, also imposes transferability restrictions on our equity interest in ZIM. Furthermore, although there are no contractual restrictions on any sales of our shares by our controlling shareholders, if major shareholders’ ownership interest in Kenon (controlling shareholders of Kenon) is less than 36%, or major shareholders cease to be the controlling shareholder, or sole controlling shareholder of Kenon, then Kenon’s rights with respect to its shares in ZIM (e.g., Kenon’s right to vote and receive dividends in respect of its ZIM shares),will be limited to the rights applicable to an ownership of 24% of ZIM, until or unless the State of Israel provides its consent, or does not object to, this decrease in major shareholders’ ownership or “control” (as defined in the State of Israel consent received by IC in relation to the spin-off). The State of Israel may also revoke Kenon’s permit if there is a materia |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | Note 11 – Subsidiaries A. Investments 1. I.C. Power a. Subsidiaries acquired in 2016 On December 29, 2015, IC Power Distribution Holdings Pte, Limited (hereinafter - “ICP Distribution”), a wholly owned subsidiary of I.C Power $ $ $ On April 28, 2017, Ernst & Young LLP (“the consultant”) issued the Accountant Ruling in connection with the disagreement between Actis and the Company on the final working capital adjustment purchase price-consideration. As a result of the consultant ruling, a $ On May 12 and May 17, 2017, Actis paid $ $ As at December 31, 2017, these subsidiaries were disposed (See Note 29). 1. Consideration transferred The following table summarizes the acquisition-date fair value of each major class of consideration transferred: In thousands of $ Cash consideration 242,536 Deferred payment 23,750 Total consideration transferred 266,286 In thousands of $ Total consideration transferred 266,286 Cash and cash equivalent acquired (60,227 ) Total 206,059 2. Identifiable assets acquired and liabilities assumed The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition: In thousands of $ Property, plant and equipment 392,495 Intangibles 195,148 Deferred income tax assets, net 20,289 Trade receivables, net 100,508 Cash and cash equivalent 60,227 Other assets 22,457 Credit from bank and others (288,290 ) Deferred income tax liabilities (54,642 ) Trade payables (108,193 ) Guarantee deposits from customers (51,072 ) Other liabilities (39,418 ) Total identifiable net assets acquired 249,509 3. Measurement of fair value The Company has measured the value of the acquired assets and liabilities at fair value on January 22, 2016, the date in which the Company gained control over Estrella Cooperatief BA. Additional information regarding the fair value measurement of the main items acquired is as follows: § Fixed assets were valued considering the market value provided by an appraiser; § Intangibles were measured based on the valuation of its Concessions; § Deferred taxes were recorded based on the temporary differences between the carrying amount of the assets and liabilities and their tax basis; and, § Non-controlling interests were measured as a proportion of the net assets identified on the acquisition date. 4. Goodwill Goodwill arising from the acquisition has been recognized as follows: In thousands of $ Total consideration transferred 266,286 Non-controlling interest 20,325 Fair value of identifiable net assets (249,509 ) Goodwill* 37,102 (*) This amount is not deductible for tax purposes and was determined in Quetzales. Goodwill is explained by the strategic interest of the Company to expand its presence in distribution business. The goodwill is attributable mainly to the synergies expected to be achieved from integrating this business into the Group. 5. Recognition of revenues and profit or loss During the period from the acquisition date to December 31, 2016 the revenues and profit contributed by Estrella Cooperatief BA. to the consolidated results are $ $ $ $ b. Subsidiaries acquired in 2015 Advanced Integrated Energy Ltd. - On June 8, 2015, IC Power executed an agreement with Hadera Paper Ltd., pursuant to which IC Power agreed to acquire from Hadera Paper 100% of the shares in Advanced Integrated Energy Ltd. (hereinafter “AIE”) and the Hadera Paper’s energy center. AIE holds a conditional license for the construction of a 120MW cogeneration power station in Israel. The total payment amounted to NIS 60 million (approximately $15.6 million) which involved two transactions: i. A business combination in the amount of NIS 36 million ($ $ $ The purchase price allocation was as follows: Property, plant and equipment: $ ii. AIE acquired Hadera Paper’s energy center in the aggregate amount of NIS 24,000 (approximately $ During 2016, AIE issued to IC Power several capital notes of NIS 130 million (approximately $ 2. I.C. Green Energy Ltd (I.C. Green) a. As of December 31, 2017, I.C. Green held 90.85% of the shares of Primus Green Energy Inc. (“PGE”). In 2016, I.C. Green granted PGE additional $7.5 million as convertible bridge financing agreement. On December 10, 2016, all of the convertible loans including interest have been consolidated to a convertible bridge financing agreement in the amount of $26 million with interest of 7% annually. During 2017 I.C. Green $ $ B. The following table summarizes the information relating to each of the Group’s subsidiaries in 2017, 2016 and 2015 that has material NCI: As at and for the year ended December 31 2017 2016* 2015* OPC Energy Ltd. Samay I.S.A Nicaragua Energy Holding Kallpa Generacion S.A. Cerro del Aguila S.A. Samay I.S.A Nicaragua Energy Holding Kallpa Generacion S.A. Cerro del Aguila S.A. $ thousands NCI percentage 24.18 % 25.10 % 35.42 % 25.10 % 25.10 % 25.10 % 35.42 % 25.10 % 25.10 % Current assets 204,461 75,485 41,630 108,246 53,843 47,766 43,390 92,120 23,841 Non-current assets 736,123 380,947 144,313 611,928 949,440 344,052 172,917 638,325 847,015 Current liabilities (99, 441 ) (73,846 ) (26,053 ) (55,323 ) (85,935 ) (36,075 ) (22,044 ) (188,291 ) (25,909 ) Non-current liabilities ( 667,996 ) (311,030 ) (100,834 ) (511,277 ) (618,219 ) (289,560 ) (121,142 ) (356,900 ) (556,277 ) Net assets 173,147 71,556 59,056 153,574 299,129 66,183 73,121 185,254 288,670 Carrying amount of NCI 41,863 17,961 20,918 38,547 75,081 16,612 25,899 46,499 72,456 Revenues 365,395 40,000 90,017 438,475 49,646 — 111,428 447,679 — Profit/(loss) 5,896 548 7,511 35,820 9 (4,049 ) 14,469 44,088 (8,579 ) Other comprehensive income/(loss) 8,514 4,825 — — 10,449 (6,057 ) — (53 ) (1,079 ) Profit attributable to NCI 1,425 138 2,660 8,991 2 (1,016 ) 5,125 11,066 (2,153 ) OCI attributable to NCI 2,058 1,211 — — 2,623 (1,520 ) — (13 ) (271 ) Cash flows from operating activities 110,290 (1,276 ) 17,737 114,838 25,629 — 42,480 120,438 — Cash flows from investing activities ( 154,194 ) (60,468 ) (931 ) (16,082 ) (69,372 ) (236,207 ) (5,088 ) (13,589 ) (180,771 ) Cash flows from financing activities excluding dividends paid to non-controlling interests 165,107 — (4,004 ) (16,943 ) — 138,000 (26,139 ) (91,084 ) 95,000 Dividends paid to non-controlling interests ( 4,159 ) 47,088 (26,440 ) (88,911 ) 62,823 — (4,401 ) (7,530 ) — Effect of changes in the exchange rate on cash and cash equivalents 7,126 373 (348 ) 198 369 (3,266 ) (489 ) (5,334 ) (2,929 ) Net increase/(decrease) in cash equivalents 124,170 (14,283 ) (13,986 ) (6,900 ) 19,449 (101,473 ) 6,363 2,901 (88,700 ) * These entities are discontinued operations in 2017. C. Restrictions I.C. Power As at December 31, 2017, IC Power´s subsidiaries have no restrictions to transfer cash or other assets to the parent company as long as each subsidiary is in compliance with the covenants derived from the borrowing agreements described in Note 16. OPC had originally restrictions to transfer cash or paid dividends up to the third anniversary of Construction Completion. On October 13, 2015, OPC and its seniors lenders amended this restriction to pay dividends, which ended on June 30, 2015. Therefore, on October 19, 2015, OPC paid NIS 295 million (equivalent to $77 million). Out of this total, NIS 222 million (equivalent to $58 million) was paid as repayment of capital notes and NIS 72.5 million (equivalent to $19 million) as intercompany loan. |
Deposits, Loans and Other Recei
Deposits, Loans and Other Receivables, including Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deposits, loans and other receivables including derivative instruments [Abstract] | |
Deposits, Loans and Other Receivables, including Derivative Instruments | Note 12 – Deposits, Loans and Other Receivables, including Derivative Instruments Composition: As at December 31 2017 2016 $ thousands Deposits in banks and others – restricted cash 76,459 16,690 Long-term trade receivable - 10,120 Financial derivatives not used for hedging - 1,342 Income tax receivables and tax claims (1) - 99,892 Other receivables ( 2 30,258 48,731 106 176,775 (1) Mainly from discontinued operations. (2) Mainly relates to OPC’s connectivity fees to the gas transmission network and the electricity grid classified as long-term deferred expenses. |
Deferred Payment Obligation Rec
Deferred Payment Obligation Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deferred payment obligation receivable [Abstract] | |
Deferred Payment Obligation Receivable | Note 13 – Deferred Payment Obligation Receivable As at December 31 2017 2016 $ thousands Deferred payment receivable 175,000 - As part of the sale of IC Power’s Latin America businesses, proceeds from I Squared Capital (“ISQ”) include a four year deferred payment obligation accruing 8% interest per annum. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment, Net | Note 14 – Property, Plant and Equipment, Net A. Composition As at December 31, 2017 Balance at beginning of year Additions Disposals Differences in translation reserves Sale of subsidiaries* Balance at end of year $ thousands Cost Land, roads, buildings and leasehold improvements 1,041,723 4,139 (1,615 ) 4,167 (1,005,625 ) 42,789 Installations, machinery and equipment 2,445,579 68,410 (70,142 ) 49,825 (1,994,241 ) 499,431 Dams 164,469 105 (5 ) - (164,569 ) - Office furniture and equipment and motor vehicles 455,352 43,744 (4,954 ) 11,589 (500,163 ) 5,568 4,107,123 116,398 (76,716 ) 65,581 (3,664,598 ) 547,788 Plants under construction 131,178 109,709 (15 ) 9,356 (85,609 ) 164,619 Spare parts for installations 68,854 4,364 (186 ) 1,487 (61,129 ) 13,390 4,307,155 230,471 (76,917 ) 76,424 (3,811,336 ) 725,797 Accumulated depreciation Land, roads, buildings and leasehold improvements 83,737 20,523 (807 ) 530 (96,690 ) 7,293 Installations, machinery and equipment 637,794 112,416 (13,466 ) 8,547 (644,458 ) 100,833 Dams 48,385 8,097 (250 ) - (56,232 ) - Office furniture and equipment and motor vehicles 39,939 23,824 (1,307 ) 484 (61,433 ) 1,507 809,855 164,860 (15,830 ) 9,561 (858,813 ) 109,633 Balance as at December 31, 2017 3,497,300 65,611 (61,087 ) 66,863 (2,952,523 ) 616,164 * This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million. As at December 31, 2016 Balance at beginning of year Additions Disposals Differences in translation reserves Acquisition as part of business combination Transfers and Reclassifications Balance at end of year $ thousands Cost Land, roads, buildings and leasehold improvements 288,538 7,759 (1,244 ) 629 2,441 743,600 1,041,723 Installations, machinery and equipment 1,840,754 46,652 (35,616 ) 7,350 — 586,439 2,445,579 Dams 138,310 159 (965 ) — — 26,965 164,469 Office furniture and equipment and motor vehicles 52,124 25,866 (8,958 ) 12,129 375,063 (872 ) 455,352 2,319,726 80,436 (46,783 ) 20,108 377,504 1,356,132 4,107,123 Plants under construction 1,260,375 217,278 (167 ) 385 7,839 (1,354,532 ) 131,178 Spare parts for installations 44,299 20,139 (477 ) 281 7,152 (2,540 ) 68,854 3,624,400 317,853 (47,427 ) 20,774 392,495 (940 ) 4,307,155 Accumulated depreciation Land, roads, buildings and leasehold improvements 71,953 13,169 (1,434 ) 48 — 1 83,737 Installations, machinery and equipment 530,324 123,275 (16,512 ) 970 — (263 ) 637,794 Dams 46,764 1,742 (121 ) — — — 48,385 Office furniture and equipment and motor vehicles 21,538 20,591 (2,665 ) 212 — 263 39,939 670,579 158,777 (20,732 ) 1,230 — 1 809,855 Balance as at December 31, 2016 2,953,821 159,076 (26,695 ) 19,544 392,495 (941 ) 3,497,300 Prepayments on account of property, plant & equipment 6,057 — 2,959,878 3,497,300 B. Net carrying values As at December 31 2017 2016 $ thousands Land, roads 35,496 957,986 Installations, machinery and equipment 398,598 1,807,785 Dams - 116,084 Office furniture and equipment, motor vehicles and other equipment 4,061 415,413 Plants under construction 164,619 131,178 Spare parts for installations 13,390 68,854 616,164 3,497,300 C. When there is any indication of impairment, the Group’s entities perform impairment tests for their long lived assets using fair values less cost to sell based on independent appraisals or value in use estimations, with similar assumptions as those described (Note 15.D). D. The amount of borrowing costs capitalized during 2017 was $3 million ($14 million during 2016). E. In I.C. Power, property, plant and equipment includes assets acquired through financing leases. As at December 31, 2017 and 2016, the cost and corresponding accumulated depreciation of such assets are as follows: As of December 31, 2017 As of December 31, 2016 Cost Accumulated depreciation Net cost Cost Accumulated Depreciation Net cost $ thousands Land, roads, buildings and leasehold improvements - - - 42,288 (6,602 ) 35,686 Installations, machinery and equipment - - - 275,852 (117,368 ) 158,484 Motor vehicles - - - 410 (46 ) 364 - - - 318,550 (124,016 ) 194,534 F. Fixed assets purchased on credit in 2017, 2016 and 2015 were $31 million, $25 million and $46 million respectively. G. The composition of the depreciation expense from continuing operations As at December 31 2017 2016 $ thousands Depreciation charged to results 30,794 27,286 As at December 31 2017 2016 $ thousands Depreciation charged to cost of sales 30,102 26,697 Depreciation charged to general, selling and administrative expenses 597 468 Depreciation charged to results 30,699 27,165 Amortization of intangibles charged to cost of sales - - Amortization of intangibles charged to general, selling and administrative expenses 95 121 Depreciation and amortization from continuing operations 30,794 27,286 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets, Net | Note 15 – Intangible Assets, Net A. Composition: Goodwill Concessions licenses Customer relationships Software Others Total $ thousands Cost Balance as at January 1, 2017 117,550 189,351 41,074 1,771 83,897 433,643 Acquisitions as part of business combinations 296 - - 195 - 491 Acquisitions – self development - - - 179 10,280 10,459 Disposals - - - - (82 ) (82 ) Sale of subsidiaries (97,167 ) (189,351 ) (41,074 ) (1,066 ) (93,842 ) (422,500 ) Translation differences 1,235 - - 74 256 1,565 Balance as at December 31, 2017 21,914 - - 1,153 509 23,576 Amortization and impairment Balance as at January 1, 2017 21,455 5,434 20,942 1,015 8,019 56,865 Amortization for the year - 5,759 3,970 209 2,984 12,922 Disposals - - - 25 - 25 Sale of subsidiaries* - (11,193 ) (24,912 ) ( 804 ) ( 11,021 ) ( 47,930 ) Translation differences - - - - 53 53 Balance as at December 31, 2017 21,455 - - 445 35 21,935 Carrying value As at January 1, 2017 96,095 183,917 20,132 756 75,878 376,778 As at December 31, 2017 459 - - 708 474 1,641 Goodwill Concessions licenses Customer relationships Software Others Total $ thousands Cost Balance as at January 1, 2016 79,581 — 41,074 1,776 68,806 191,237 Acquisitions as part of business combinations 37,102 189,351 — — 5,796 232,249 Acquisitions – self development — — — 138 9,331 9,469 Disposals — — — (153 ) — (153 ) Reclassification — — — — (161 ) (161 ) Translation differences 867 — — 10 125 1,002 Balance as at December 31, 2016 117,550 189,351 41,074 1,771 83,897 433,643 Amortization and impairment Balance as at January 1, 2016 21,455 — 16,888 937 4,713 43,993 Amortization for the year — 5,434 4,054 227 3,287 13,002 Disposals — — — (153 ) — (153 ) Translation differences — — — 4 19 23 Balance as at December 31, 2016 21,455 5,434 20,942 1,015 8,019 56,865 Carrying value As at January 1, 2016 58,126 — 24,186 839 64,093 147,244 As at December 31, 2016 96,095 183,917 20,132 756 75,878 376,778 * This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million ($3 million in Others and $7 million in Goodwill). 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 2017 2016 $ thousands Intangible assets with a finite useful life 1,182 280,683 Intangible assets with an indefinite useful life or not yet available for use 459 96,095 1,641 376,778 C. Examination of impairment of cash generating units containing goodwill For the purpose of testing impairment, goodwill is allocated to the Group’s cash-generating units that represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. Goodwill is calculated based on the local currencies of the countries that the subsidiaries operate in and translated into US dollars at the exchange rate at the reporting date. Goodwill arises from the following Group entities in I.C. Power (cash generating unit): As at December 31 2017 2016 $ thousands Nejapa* - 40,693 Kallpa* - 10,934 Energuate* - 37,651 Surpetroil* - 6,699 OPC Rotem (former AIE) 459 118 459 96,095 * Discontinued operations D. Impairment testing The recoverable amount of each CGU is based on the estimated value in use using discounted cash flows. The cash flows are derived from the 5-year budget. The key assumptions used in the estimation of the recoverable amount are shown below. The values assigned to key assumptions represent management of the Group´s assessment of future trends in the power sector and have been based on historic data from external and internal sources. 2017 2016 Discount rate In percent Peru* - 6.7 Energuate* - 8.9 El Salvador* - 9.8 Colombia* - 8.2 Terminal value growth rate - 2 * Discontinued The discount rate is a post-tax measure based on the characteristics of each CGU with a possible debt leveraging of of 32% in 2016. The cash flow projections included specific estimates for five years and a terminal growth rate thereafter. The terminal growth rate was determined based on management´s estimate of the long term inflation In addition to the discount and growth rates, the key assumptions used to estimate future cash flows, based on past experience and current sector forecasts, are as follows: • Existing power purchase agreements (PPAs) signed and existing number of customers • Investment schedule—I.C. Power Management has used the updated investment schedule in countries in which those companies operate, in order that the supply satisfies the demand growth in an efficient manner. • The production mix of each country was determined using specifically-developed internal forecast models that consider factors such as prices and availability of commodities, forecast demand of electricity, planned construction or the commissioning of new capacity in the country’s various technologies. • The distribution business profits were determined using specifically-developed internal forecast models that consider factors such as forecasted demand, fuel prices, energy purchases, collection rates, percentage of losses, quality service improvement, among others. • Fuel prices have been calculated based on existing supply contracts and on estimated future prices including a price differential adjustment specific to every product according to local characteristics. • Assumptions for energy sale and purchase prices and output of generation facilities are made based on complex specifically-developed internal forecast models for each country. • Demand—Demand forecast has taken into consideration the most probable economic performance as well as growth forecasts of different sources. • Technical performance—The forecast takes into consideration that the power plants have an appropriate preventive maintenance that permits their proper functioning and the distribution business has the required capital expenditure to expand and perform properly in order to reach the targeted quality levels. Sensitivity to changes in assumptions With regard to the assessment of value in use of the CGUs, |
Loans and Debentures
Loans and Debentures | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [abstract] | |
Loans and Debentures | Note 16 – 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 32, in connection with financial instruments. As at December 31 2017 2016 $ thousands Current liabilities Short-term loans from banks, financial institutions and others (1) 317,684 213,417 317,684 213,417 Current maturities of long-term liabilities: Loans from banks, financial institutions and others 123,908 251,803 Non-convertible debentures 6,364 10,617 Liability in respect of financing lease - 6,976 130,272 269,396 Total current liabilities 447,956 482,813 Non-current liabilities Loans from banks and financial institutions 627,150 1,903,323 Non-convertible debentures 91,122 867,287 Liability in respect of financing lease - 88,169 Other long-term balances 543 240,213 Total other long-term liabilities 718,815 3,098,992 Less current maturities (130,272 ) (269,396 ) Total non-current liabilities 588,543 2,829,596 (1) Balances as at December 31, 2017 mainly relates to loans from related parties (see Note 31.E). As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Short-term loans from banks I.C. Power Distribution Holdings Credit Suisse LIBOR + 4% USD 2017 — — 119,487 — Samay Interbank 2.9% USD 2017 — — 31,945 — DEOCSA Various entities LIBOR + 4.75% USD 2017 — — 18,000 — DEORSA Various entities LIBOR + 4.75% USD 2017 — — 12,000 — CDA Banco de Crédito del Perú 0.83% USD 2017 — — 14,000 — PQP Banco Industrial Guatemala 4.75% USD 2017 — — 6,000 — Cobee Various entities 4.2% / 5.5% BOB 2016/2017 — — 4,499 — Nejapa Scotiabank El Salvador 5.50% USD 2017 — — 4,200 — Empresa Energética Corinto Ltd Banco de América Central (BAC) 5.25% USD 2017 — — 1,586 — Cepp Scotiabank 2.4% USD 2017 — — 1,000 — BHD Bank 2.53% USD 2017 — — 200 — Surenergy Banco Davivienda DTF + 4.5% COP 2017 — — 500 — Short-term loans from banks Subtotal — — 213,417 — Loans from Banks and others Financial institutions: Cerro del Aguila Tranche A LIBOR+4.25% - LIBOR +5.50% USD 2024 — — 15,344 320,437 Tranche B LIBOR+4.25% - LIBOR +6.25% USD 2024 — — — 180,896 Tranche 1D LIBOR+2.75% - LIBOR +3.60% USD 2024 — — 1,760 38,697 Tranche 2D LIBOR+2.75% - LIBOR +3.60% USD 2027 — — — 21,959 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Samay I Sumitomo /HSBC / Bank of Tokyo LIBOR+2.125% - LIBOR +2.625% USD 2021 — — 5,047 302,247 Central Cardones Tranche One BCI / Banco Itaú LIBOR+1.90% USD 2021 — — 3,781 18,228 Tranche Two BCI / Banco Itaú LIBOR+2.75% USD 2021 — — — 13,383 Colmito Banco Bice 7.90% CLP 2028 — — 625 16,121 Consorcio Eólico Amayo, S.A. Banco Centroamericano de Integración Económica 8.45% - LIBOR +4% USD 2023 — — 5,307 37,376 Consorcio Eólico Amayo (Fase II), S.A. Various entities LIBOR+5.75%, 8.53%,10.76% USD 2025 — — 3,029 28,250 Empresa Energética Corinto, Ltd. Banco de América Central (BAC) 8.35% USD 2018 — — 3,124 3,402 Tipitapa Power Company, Ltd. Banco de América Central (BAC) 8.35% USD 2018 — — 2,801 3,328 Jamaica Private Power Company Royal Bank of Canada LIBOR + 5.50% USD 2017 — — 824 — Burmeister & Wain Scandinavian Contractor A/S 3.59% USD 2018 — — 338 233 PQP Banco Industrial LIBOR + 4.50% USD 2021 — — 2,374 9,632 Surpetroil S.A.S Banco de Occidente S.A IBR + 5.87% COP 2018 — — 504 375 Banco Pichincha DTF + 3% COP 2017 — — 100 — Kanan Scotiabank LIBOR + 3.5% USD 2021 — — 46,094 — Overseas Investments Peru Credit Suisse (D) LIBOR + 5%-6.5% USD 2017 99,964 — 97,274 — DEORSA Syndicated Loan – various banks LIBOR + 4.7% - LIBOR + 4.75% USD 2021/2025 — — 10,167 67,857 Syndicated Loan - various banks TAPP minus 5.6% - TAPP minus 6.1% GTQ 2021/2025 — — 4,687 30,653 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current DEOCSA Syndicated Loan – various banks LIBOR + 4.7% - LIBOR + 4.75% USD 2021/2025 — — 16,876 107,488 Syndicated Loan - various banks TAPP minus 5.6% - TAPP minus 6.1% GTQ 2021/2025 — — 6,215 43,127 RECSA Banco G&T Continental TAPP + 6.63% GTQ 2020 — — 931 3,722 OPC Rotem Ltd Lenders Consortium (E) 4.85% - 5.36% NIS 2031 23,944 463,160 20,290 344,240 OPC Hadera Facility B—Amitim and Menora Pension Funds (F) 7.75% NIS 2029 — 40,092 4,311 47,425 IC Power Asua Development Ltd Bank Hapoalim New York 0.75% USD 2019 — — — 12,000 AGS Veolia Energy Israel Ltd NIS 2019 — — — 444 Sub total 123,908 503,242 251,803 1,651,520 Liabilities in respect of finance leases: Kallpa Generación Banco de Crédito del Perú 7.15% USD 2023 — — 6,624 81,193 Surpetroil S.A.S. Banco de Occidente S.A. DTF + 3.5% COP 2017 — — 223 — DEORSA Arrendadora Agromercantil TAPP minus 2.47% GTQ 2017 — — 129 — Sub total — — 6,976 81,193 Debentures Cobee Bonds Cobee III-1B 6.50% USD 2017 — — 1,750 — Bonds Cobee III-1C (bolivianos) 9.00% BOB 2020 — — 1,586 4,757 Bonds Cobee III-2 6.75% USD 2017 — — 5,000 — Bonds Cobee III-3 (bolivianos) 7.00% BOB 2022 — — — 6,160 Bonds Cobee IV-1A 6.00% USD 2018 — — — 3,988 Bonds Cobee IV-1B 7.00% USD 2020 — — — 3,980 Bonds Cobee IV-1C (bolivianos) 7.80% BOB 2024 — — — 12,030 Cobee Bonds-IV Issuance 3 6.70% USD 2019 — — — 4,973 Cobee Bonds-IV Issuance 4 (bolivianos) 7.80% BOB 2024 — — — 15,039 Cobee Bonds-IV Issuance 5 (bolivianos) 5.75% BOB 2026 — — 1,950 17,697 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Inkia Energy Ltd Inkia Bonds 8.38% USD 2021 — — — 447,904 Kallpa Generación Kallpa Bonds 4.88% USD 2026 — — — 325,970 Cepp Cepp Bonds 6.00% USD 2019 — — — 9,945 Cobee Cobee Bonds (Premium) USD-BOB 2017-2024 — — 331 4,227 OPC Energy Ltd Bonds – Series A (G) 4.45% NIS 2030 6,364 84,758 — — Sub total 6,364 84,758 10,617 856,670 Total 130,272 588,000 482,813 2,589,383 DTF: “ Depósitos a Término Fijo IBR: “ Indicador Bancario de Referencia s TAB: “ Tasa Activa Bancaria TRE: “Tasa de Referencia” B. Classification based on currencies and interest rates Weighted-average interest rate December 31 As at December 31 2017 2017 2016 % $ thousands Current liabilities (without current maturities) Short-term loans from financial institutions In dollars - 208,418 In other currencies - 4,999 - 213,417 Non-current liabilities (including current maturities) Debentures In dollars - 804,052 In other currencies 4.80 % 91,122 63,235 91,122 867,287 Loans from financial institutions (including financing lease) In dollars 7.90 % 99,964 1,467,369 In shekels 4.80 % 527,186 416,710 In quetzales - 89,464 In other currencies - 17,948 627,150 1,991,491 718,272 2,858,778 C. Liability in respect of financing lease Information regarding the financing lease liability broken down by payment dates is presented below: As at December 31, 2017 As at December 31, 2016 Minimum future lease rentals Interest component Present value of minimum lease rentals Minimum future lease rentals Interest component Present value of minimum lease rentals $ thousands Less than one year - - - 13,016 6,040 6,976 From one year to five years - - - 85,849 19,217 66,632 More than five years - - - 15,207 646 14,561 - - - 114,072 25,903 88,169 Long term loans from banks and others D. Overseas Facility On January 3 E. OPC Lenders Consortium - In January 2011, OPC entered into a financing agreement with a consortium of lenders led by Bank Leumi L’Israel Ltd (“Bank Leumi”) (shareholder of Kenon - 14% shareholding) for the financing of its power plant project. The financing consortium includes Bank Leumi and institutional entities from the following groups: Clal Insurance Company Ltd.; Amitim Senior Pension Funds; Phoenix Insurance Company Ltd.; and Harel Insurance Company Ltd (“OPC’s lenders”). As part of the financing agreement, the lenders committed to provide OPC a long-term credit facility (including a facility for variances in the construction costs), a working capital facility, and a facility for financing the debt service, in the overall amount of approximately NIS 1,800 million (approximately $460 million). The loans are CPI linked and are repaid on a quarterly basis beginning in the fourth quarter of 2013 until 2031. As part of the financing agreement, OPC had certain restrictions to make distributions of dividends and repayments of shareholders’ loans, only after the third year after the completion of OPC’s power plant. On October 13, 2015, OPC and the senior lenders amended the Facility Agreement to remove this restriction. As part of the Facility Agreement, OPC is required to keep a Debt Service Reserve equivalent to the following two quarterly debt payments (hereinafter- “the reserve”) within the period of two years following power plant construction completion. As of December 31, 2017 and 2016, the amount of the reserve is NIS72 million (equivalent to $21 million) and NIS73 million (equivalent to $19 million) respectively. As of December 31, 2017 and 2016, OPC used NIS5 million ($1.4 million) and NIS4 million ($1.2 million), respectively from the guarantee. Under the Facility Agreement, OPC and IC Power Asia Development Ltd (“ICPAD”) together and the non-controlling interests in Rotem ("Veridis"), issued corporate guarantees in favor of Rotem in amounts of NIS92 million ($26.5 million) and NIS23 million ($6.6 million), respectively. In December 2017, an amended credit facility agreement was signed, according to which ICPAD was released from the corporate guarantee, in return for the accumulation of an additional fund in Rotem in the amount of NIS 57.5 million ($16.6 million) ("the owners' guarantee fund") and in return from the corporate guarantee of OPC and Veridis of NIS 57.5 million ($16.6 million), according to their relative portion in holdings. The owners' guarantee fund is subject to an adjustment mechanism under which in certain coverage ratios it can exceed a maximum amount of NIS115 million ($33 million). ICPAD's guarantee fund will accumulate in the following manner – NIS20 million ($5.8 million) upon signing the amended credit agreement and the balance will accumulate over 24 months in semi-annual deposits. After the completion of the accumulation of ICPAD's guarantee fund, Veridis and OPC will be released from the corporate guarantee. As at December 31, 2017, ICPAD's guarantee fund amounted to NIS20 million ($5.8 million). F. OPC Energy Ltd. —On June 22, 2014, OPC entered into a mezzanine financing agreement with Mivtachim Social Insurance and Makefet Fund Pension (“Amitim”) and Menora Mivtachim Insurance Ltd (“Menora”) in the aggregate amount of NIS350 million ($93 million), consisting of three Facilities: (i) Tranche A bridge loan for NIS150 million, bearing interest of 4.85% p.a. to be repaid until March 31, 2017; (ii) Tranche B long-term loan for NIS200 million, bearing interest of 7.75% p.a., repayable on annual basis until March 2029. These loans are linked to CPI. During the year ended December 31, 2016, Tranche A was prepaid for a total of NIS162 million (approximately $41 million) and Tranche B was prepaid for a total of NIS38 million (approximately $10 million). In May 2017, Tranche B was prepaid for a total of NIS23 million (approximately $7 million). Debentures G. In May , 2017, OPC issued Bonds (Series A) to classified investors under a private placement, which were listed for trade on the Institutional Continuous Trading Platform. The bonds, with a par value of NIS 320 million ($92 million), bear annual interest at the rate of 4.95% and are redeemable, principal and interest, every six months, commencing on June 30, 2018 (on June 30th and December 30th of every calendar year) through December 30, 2030. Under the terms, the interest on the bonds will be reduced by 0.5% in the event of their listing for trade on the main list of the TASE. The bonds have received a rating of A3 from Midroog and A- from S&P Global Ratings Maalot Ltd. (hereinafter -– “Maalot”). On August 20, 2017, OPC listed the bonds for trade in the stock exchange under an issuance and the listing of its shares for trade and accordingly, from that date, interest on the bonds (series A) was reduced by 0.5% and is 4.45% per year. According to the trust deed from May 2017, OPC has registered, in favor of the trustee on behalf of the bond holders, a first-ranking floating charge, unlimited in amount, on all of its assets. The floating charge will not preclude OPC from pledging specific assets and the performance of other asset dispositions by OPC. Additionally, OPC has created a reserve for the servicing of the debt, out of the issuance consideration, in the amount of 12 months of interest up to the commencement of repayment of the principal of the bonds, and will pay 12 months of principal and interest payments subsequent to the commencement of the bonds' principal repayment. The trust account in which the reserve was deposited will be pledged in favor of the trustee on behalf of the bond holders. As of December 31, 2017, the deposit for the debt service fund amounts to NIS 18 million ($5 million) and is presented in the Statement of Financial Position under “Deposits, loans and other receivables”. The trust deed contains customary clauses for calling for the immediate redemption of the bonds, including events of breach, insolvency, liquidation proceedings, receivership, stay of proceedings and creditors' arrangements, certain types of restructuring, material downturn in the position of OPC. The right to call for immediate redemption also arises upon: (1) the occurrence of certain events of loss of control by Kenon; (2) the call for immediate repayment of other debts (or guarantees) of the Company or of Hadera or Rotem in certain predefined minimum amounts; (3) a change in the area of operation of OPC such that OPC's main area of activity is not in the energy sector in Israel, including electricity generation in power plants and with renewable energy sources; (4) in the event that a rating is discontinued over a certain period of time, and the rating of the bond falls below the level of Baa3 (or BBB); and (5) in the event of suspending trading for a certain time period if the bonds are listed for trade on the main list of the Stock Exchange. All of such conditions, pursuant to the terms set out in the trust deed. Furthermore, the trust deed includes an undertaking by OPC to comply with covenants on the basis of its stand-alone financial statements: debt coverage ratio of at least 1.05 (to be reviewed commencing in the financial statements as at June 30, 2018), minimum equity of NIS 80,000,000, and an equity-to-balance sheet ratio of at least 12.5%. As at December 31, 2017, the equity attributed to OPC’s shareholders amounted to approx. NIS 600 thousand and the equity-to-balance sheet ratio was 65%. The trust deed also includes an undertaking by OPC to monitor the rating by a rating agency and for mandatory early redemption in the event of the sale of means of control in Rotem and Hadera. Additionally, restrictions imposed on distributions, provision of loans to related parties and repayment of loans to related parties, are included as set forth in the trust deed, including compliance with certain covenants. The terms of the bonds also provide for the possible raising of the interest rate in certain cases of lowering the rating, in certain cases of breach of financial covenants, and in certain cases of use of the reserve for servicing the debt where the reserve is not sufficiently funded within the time frame that is set forth in the trust deed. The ability of OPC to expand the series of the bonds has been limited under certain circumstances, including maintaining the rating of the bonds at its level shortly prior to the expansion of the series and the lack of breach. Additionally, should OPC raise additional bonds that are not secured (or that are secured with a pari passu ranking floating charge), these will not have preference over the bonds (Series A) upon liquidation. H. As at December 31, 2017, the main covenants that certain Group entities must comply with during the term of the debts were as follows: Covenant Group entities Debt service to coverage ratio OPC Rotem Not less than 1.25 Compliance with the covenants referred to above is overseen by OPC’s management. As of December 31, 2017 OPC complied with all the covenants mentioned above. |
Trade Payables
Trade Payables | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current payables [abstract] | |
Trade Payables | Note 17 – Trade Payables As at December 31 2017 2016 $ thousands Current Trade Payables 36,994 264,720 Accrued expenses and other payables 21,901 20,892 58,895 285,612 Non-current Trade Payables* - 44,057 (*) As of December 31, 2016, non-current trade payables correspond mainly to spare parts, used for major maintenance of facilities of discontinued operations, acquired according to a long-term program (LTP) agreement signed with Siemens. During 2016, these trade payables have not generated interests and no specific guarantee have been granted. |
Other Payables including Deriva
Other Payables including Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other payables including derivative instruments [Abstract] | |
Other Payables including Derivative Instruments | Note 18 – Other Payables including Derivative Instruments As at December 31 2017 2016 $ thousands Current liabilities: Financial derivatives not used for hedging 73 783 Financial derivatives used for hedging 439 11,563 The State of Israel and government agencies 1,208 4,206 Employees and payroll-related agencies 179 4,846 Customer advances and deferred income - 944 Accrued expenses 14, 915 23,563 Dividend payable to non-controlling interest - 2,893 Interest payable 21 23,038 Transaction costs on of subsidiaries 59,000 - Other 6,687 19,467 82, 522 91,303 Non-current liabilities: Financial derivatives not used for hedging - 1,342 Financial derivatives used for hedging - 13,701 Other financial derivatives - 29,594 - 44,637 |
Guarantee Deposits from Custome
Guarantee Deposits from Customers | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of guarantee deposits from customers [Abstract] | |
Guarantee Deposits from Customers | Note 19 - Guarantee Deposits from Customers Deposits in cash are received from distribution customers. These deposits bear interest at a weighted average interest rate published by the Guatemalan Central Bank and are refundable to clients when they cease using the electric energy service. Such deposits relate to the power distribution business sold to ISQ in December 2017. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Provisions [abstract] | |
Provisions | Note 20 – Provisions Financial Guarantee* Others Total Financial Guarantee* Others** Total 2017 2016 $ thousands $ thousands Balance at January, 1 118,763 768 119,531 - 41,686 41,686 Reclassified from long-term liabilities - - - 34,263 - 34,263 Provision made during the year - - - 130,193 - 130,193 Provision reversed to profit/(loss) during the year - - - (4,587 ) - (4,587 ) Provision paid/ released (74,421 ) (768 ) (75,189 ) (36,023 ) (40,170 ) (76,193 ) Effects of foreign currency - - - (5,083 ) (748 ) (5,831 ) Balance at December, 31 44,342 - 44,342 118,763 768 119,531 * Relates to Kenon’s provision of financial guarantees to Chery in respect of an obligation of Qoros (see Note 10.C.b.7). ** Corresponds to a provision made by an I.C. Power’s subsidiary as a result of a regulator charge. Expenses related to this provision were recognized in the cost of sales in the amount of $15 million in 2015. |
Contingent Liabilities, Commitm
Contingent Liabilities, Commitments and Concessions | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of contingent liabilities, commitments and concessions [Abstract] | |
Contingent Liabilities, Commitments and Concessions | Note 21 – Contingent Liabilities, Commitments and Concessions A. Claims I.C. Power a. OPC Rotem – Tamar In July 2013, the EA published four generation component tariffs/power cost indicators, ranging from NIS 386 per megawatt hour, or MWh, to NIS 333.2 per MWh, instead of the single tariff that had previously been used. In January 2015, the EA published new tariffs, which reduced the tariff rates by approximately 10%. In connection with the indexation of their natural gas price formula for OPC’s gas supply agreement with the Tamar Partner, OPC and the Tamar Partners disagreed as to which of the EA’s July 2013 tariffs applied to the Tamar’s supply agreement and have a similar disagreement with respect to the tariffs published in January 2015. Subsequent to the period of the report, on February 2, 2017, OPC received a letter from Tamar's attorney claiming a debt of $ 24.6 million (including accrued interest) and requesting that such amount be deposited in escrow pursuant to the GSPA. Based on the OPC's legal consultant’s opinion it is not more likely than not that OPC will pay this claim and therefore no provision was included in the financial statements. On June 21, 2017, the Tamar Partners filed a request for arbitration against OPC Rotem in accordance with the gas supply agreement b. ORL Claim In November 2017, a request was filed with the Tel Aviv-Jaffa District Court to approve a derivative claim on behalf of Oil Refineries Ltd. ("ORL"). The request is based on the petitioner's contention that the undertaking in the electricity purchase transaction B. Commitments I.C. Power (a) IC Power Asia Development Ltd (“ICPAD”) As of December Guarantee party Description In thousands of NIS In thousands of $ Cash Collateral in thousands of $ Advanced Integrated Energy Ltd IDOM - EPC Agreement — 10,500 — Advanced Integrated Energy Ltd GE - CSA Agreement — 21,000 — OPC Rotem Ltd. Facility agreement 45,000 12,980 6,505 (b) OPC Rotem, Israel Power Purchase Agreements (PPA) On November 2, 2009, OPC signed a 20 year power purchase agreement (“the PPA”) with Israel Electric Company Ltd. (“IEC”) to purchase capacity and energy from OPC over a period of twenty (20) years from the commencement date of commercial PPA with end users The PPA with IEC provides OPC Rotem with the option to allocate and sell the generated electricity of the power station directly to end users. OPC Rotem has exercised this option and sells all of its energy and capacity directly to end users. Most If the consideration is less than a minimum tariff of the generation component, the Company has the right to terminate the agreements. The agreements guaranty a certain level of availability of the power plant below which, customers are entitled to compensation Natural supply gas agreement On November 25, 2012, OPC Rotem signed an agreement with Noble Energy Mediterranean Ltd., Delek Drilling Limited Partnership, Isramco Negev 2 Limited Partnership, Avner Oil Exploration Limited Partnership and Dor Gas Exploration Limited Partnership ("Tamar Partners") regarding the natural gas supply to the power plant. The agreement shall terminate upon the earlier The price of the gas is linked to changes in the "Production Cost" Tariff, which is part of the TAOZ, and partially linked to the USD representative On December 28, 2015 the agreement received the Israeli Antitrust Authority, ("Authority") approval. The agreement between Tamar and OPC During the years 2015 and 2016, the EA updated the generation component of the TAOZ. This tariff is used to determine the price calculation between the OPC Rotem and the end users, and for the natural gas price indexation. As a result of these adjustments, the generation component was reduced in about 10% starting February 2015 and in about 5% starting September 13, 2015. A decline in generation component will result in a corresponding decline in the rates OPC Rotem charges its customers and, accordingly, its revenues. In December 2016, the EA published its decision regarding an update of the generation component of the TAOZ, which became effective on January 1, 2017, and further reduced the generation component tariff by approximately 0.5% from NIS 265.2 per MWh to NIS 264 per MWh (as opposed to the 8% reduction that was initially proposed in the October 2016 EA draft decision). However, as part of the December 2016 EA decision, TAOZ was also adjusted to reflect a decrease in certain payments made by IPPs to the IEC. As a result of such adjustment, OPC Rotem’s tariffs effectively increased by approximately 2% (despite the 0.5% reduction in the generation component tariff). On January 8, 2018, the EA published a resolution which entered into force and effect on January 15, 2018, regarding the update of tariffs for 2018 (“2018 Tariff Update”), in which the rate of the production component was raised by 6.7% from NIS 265 per MWh to (b) OPC Rotem, Israel (cont´d) System Management Charges Since 2013, the EA had been in the process of determining a system cost tariff. In August 2015, the EA published a decision that IPPs in Israel would be obligated to pay system management service charges, which charges are retroactively effective as of June 1, 2013. According to the EA decision, as amended in September 2015, the amount of system management service charges that would be payable by OPC Rotem from the effective date of June 1, 2013 to June 30, 2015, was approximately NIS 159 million (approximately $41 million), excluding interest rate and linkage costs, based upon the “average rate” of the system management service charges. However, as the rate of the new system management service charges, like other rates of the EA, varies by season (e.g., summer and winter) and by demand period (peak, shoulder and off-peak), IEC’s final calculation of the amount payable by OPC Rotem was based upon the applicable time of use rates, which provides different energy rates for different seasons (e.g., summer and winter) and different periods of time during the day, or “Time of Use” rates. In December 2015, OPC Rotem received an invoice from IEC (in its capacity as the system manager) regarding the NIS 162.6 million (approximately $41.6 million) amount of system management service charges that would be payable by OPC Rotem for such period, including interest rate and linkage costs. In February 2016, OPC Rotem paid NIS154 million (approximately $40 million) to IEC in satisfaction of this amount (excluding the interest rate, and linkage costs). In August 2016, the EA published a decision to change the method of calculation of the interest rate and to reduce the interest rate payable by IPPs (including OPC Rotem) with respect to system management service charges payable by them from the effective date of June 1, 2013 to September 13, 2015 (amounting to approximately 2.5% of the total amounts payable by IPPs in respect of the system management charges). As a result of the resolution, the system management cost provision was updated to a total amount of NIS 3 million ($ (c) OPC Hadera, Israel Power and Steam Purchase Agreement (“PSPA”) On August 10, 2015, OPC Hadera and Hadera Paper entered into two agreements for the supply of electricity and steam to Hadera - Short Term PSPA - Pursuant this agreement, OPC Hadera will supply steam and electricity until COD of the power plant, which shall be done through the existing energy center. - Long Term PSPA – Pursuant this agreement, OPC Hadera will supply steam and electricity during the period commencing upon COD of the power plant and for a period of 18 years thereafter. In consideration for electricity purchased under each of the PSPAs, Hadera Paper will pay an electricity tariff which is based on a certain discount in comparison with the electricity tariffs charged by the Israeli Electric Company Ltd. The steam price paid by Hadera Paper is subject to adjustment based upon Hadera Paper’s annual steam consumption. Hadera Paper PPA with end users OPC Hadera completed the signing of agreements for the sale of most of the generation capacity of the power plant to end users. The agreements are for a period of 10 years, and under most of the agreements the end user has an early termination right in accordance If the consideration is less than the minimum tariff set for the generation component, OPC Hadera has the right to terminate the agreements (c) OPC Hadera, Israel (cont’d) Gas Sale and Purchase Agreement (“GSPA”) On January 25, 2012, Hadera Paper entered into a gas sale and purchase agreement (hereinafter- the “GSPA”) with Noble Energy Mediterranean Ltd., Delek Drilling Limited Partnership, Isramco Negev 2 Limited Partnership, Dor Gas Exploration Limited Partnership and Everest Infrastructures Limited Partnership (hereinafter- the “Tamar Partners”) regarding the natural gas supply to Hadera Paper’s existing gas consuming facilities (i.e. the Energy Center) as well as the additional capacity of the power plant under construction. The agreement was amended on October 16, 2012. On August 10, 2015, the GSPA was assigned to OPC Hadera pursuant to the terms of the share purchase agreement. The GSPA will terminate upon the earlier of 15 years following the commencement of supply from the Tamar reservoir (April 2013) or until the date of consuming the total contract quantity (118,000,000 MMBTU). In addition, both parties have an option to extend the GSPA by up to two years in the event the total contract quantity was not yet consumed by the end of the GSPA term. The price of the gas is linked to the weighted average generation cost tariff, published by the EA, and includes a “floor price”. In addition In addition, on September 6, 2016, OPC Hadera and the Tamar Partners entered into an additional GSPA (“Additional GSPA”) for the supply of additional quantities of natural gas (in addition to the original GSPA) as of the commissioning of the intended power plant. The additional GSPA will terminate upon the earlier of 15 years following the completion of the commissioning of the power plant ( which The price of the gas is linked to the weighted average generation cost tariff, published by the EA, and includes a “floor price.” As a part of Tamar Agreement with OPC Hadera, OPC Hadera has provided bank guarantees in the amount of $6 million ( approximately Israel Natural Gas Lines Ltd. Agreement for the Transmission of Natural Gas On July 11, 2007, Hadera Paper signed a gas transmission agreement with Israel Natural Gas Lines Ltd. (hereinafter- “INGL”), which was assigned to OPC Hadera on August 10, 2015, in accordance to the SPA. The agreement as amended on June As part of the agreement, OPC Hadera extended to INGL a bank guarantee in the amount of approximately NIS 296 thousand In addition Gas Sale Agreement with Oil Refineries Ltd. (“ORL”) On December 23, 2015, OPC Hadera contracted with ORL for the sale of surplus gas quantities supplied to it pursuant to the Tamar IDOM Servicios Integrados On January 21, 2016, an agreement was signed between OPC Hadera and SerIDOM Servicios Integrados IDOM, S.A.U (hereinafter - “IDOM”), for the design, engineering, procurement and construction of a cogeneration power plant in consideration General Electric International and GE Global Parts On June 27, 2016, OPC Hadera entered into a long-term service agreement (hereinafter - “the Service Agreement”) with General Electric International Ltd. (hereinafter - “GEI”) and GE Global Parts & Products GmbH (hereinafter - “GEGPP”), pursuant to which these two companies will provide maintenance treatments for the two gas turbines of GEI, generators and auxiliary The Service Agreement contains a guarantee of reliability and other obligations concerning the performance of the Power Plant (d) OPC Energy Ltd., Israel Option agreement with Hadera Paper On April 5, 2017, OPC Energy signed an option agreement with Hadera Paper, effective from February 9, 2017, concerning the lease of an area of some 68,000 sq.m. in proximity to the Hadera Power Plant, pending the approval of the competent organs. The option period commenced on the date of signing and expires on December 31, 2022. The option period is divided into three periods for which the option fees will be payable: NIS 500 thousand (approximately $ $ $ Additionally, OPC Energy is required to notify, at least 90 days prior to the end of each option year, of its intention to extent the option for an additional year. Otherwise, the option will expire at the end of the same year. According to the agreement, the option will expire if the National Infrastructure Committee refuses to approve the statutory plan and OPC Energy will not initiate legal proceedings in connection with such refusal. The agreement also prescribes the principles of the lease agreement that would be signed subject to the exercise of the option and stipulates that the option will expire if, at the end of 120 days of the date of signing of the option agreement, the parties fail to agree on the wording of the lease agreement. According to the principles that are set forth in the option agreement in relation to the lease agreement, the lease period will be 25 years less one month, starting on the handing over of possession in the leasehold (i.e. the date of exercising the option) or on the date of commencement of commercial operation, as set forth in the agreement, with an option to extend the engagement. It is further stipulated that the lease agreement will not include a liability limit and that OPC Energy will bear all fees, taxes and payments that are imposed in respect of the construction of a power plant on the leasehold. Zomet Energy Ltd. On April 6, 2017, OPC Energy (formerly IC Power Israel) entered into a series of agreements to acquire 95% of the shares of Zomet Zomet Zomet The total transaction consideration under the aforesaid agreements is expected to aggregate approximately $24 million, subject to adjustments pertaining to the volume of the Zomet Project and subject to the payment milestones that are stipulated in the agreement. On August 7, 2017, OPC Energy received a letter from the Israel Antitrust Authority and the Chairman of the Committee for the Reduction Negotiations were held between OPC Energy and the Concentration Committee, including Kenon and interested parties therein In March 2018, OPC completed the acquisition of 95% of the shares of Zomet Energy, although Zomet still requires the necessary regulatory approvals, the approval for a new conditional licenses for electricity generation of the Electricity Authority and the approval of the Anti-Trust Commissioner. (e) OPC Rotem and OPC Hadera Energean agreement On December 6, 2017, OPC Rotem and OPC Hadera signed an agreement with Energean Israel Ltd. (hereinafter - "Energean"), which have holdings in the Karish and Tanin gas reservoirs (hereinafter - "the gas reservoir"), subject to the fulfillment The agreements include additional provisions and arrangements for the purchase of natural gas, and with regard to maintenance The agreements are valid for 15 years from the date the agreement comes into effect or until completion of the supply of the total contractual quantity from Energean to each of the subsidiaries (OPC Rotem and OPC Hadera ). According to each of the agreements, if after the elapse of 14 years from the date the agreement comes into effect, the contracting company did not take As for the consideration (f) Inkia Energy Limited Under the share purchase agreement, our subsidiary Inkia has 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 are supported by (a) a three-year pledge of shares of OPC which represent 25% of OPC’s outstanding shares, (b) a deferral of $175 million of the purchase 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. |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Reserves | Note 22 – Share Capital and Reserves A. Share Capital Company No. of shares (’000) 2017 2016 Authorised and in issue at January, 1 53,720 53,694 Authorised and in issued as part of the spin-off from IC — — 53,720 53,694 Issued for share plan 88 26 Authorised and in issue at December. 31 53,808 53,720 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 share are fully paid with no par value. The capital structure of the Company comprises of issued capital and accumulated profits. The management manages its capital structure 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 requirement. In 2017, 87,911 (2016: 25,692) ordinary shares were granted under the Share Incentive Plan to key management at an average price of $12.51 (2016: $9.34) per share. Capital reduction In December 2017, Kenon's shareholders approved a capital reduction to permit a distribution to shareholders of a portion of the proceeds received from the sale of Kenon's Latin American and Caribbean power generation and distribution businesses (the "Sale"). The capital reduction of up to $750 million was approved by the High Court of the Republic of Singapore on February 20, 2018. Kenon's Board of Directors considered a number of factors in determining the amount of the distribution, including the amount of proceeds from the Sale remaining after the repayment of debt, the payment of tax and other expenses, and Kenon's anticipated cash needs after the distribution. On March 22, 2018, Kenon distributed an aggregate amount of $665 million, or $12.35 per share, to Kenon’s shareholders. The share capital and total equity of Kenon will be reduced by $665 million in 2018. Following Kenon’s payment of the distribution, repayment of debt, payment of tax and other expenses, Kenon will retain cash in excess of $50 million at the holding company level (see Note 33.1.A). 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 Capital reserves reflect the unrealized portion of the effective part of the accrued net change in the fair value of hedging derivative instruments that have not yet been recorded in the statement of profit or loss. D. 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, and IC 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 2015 and 2014, 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 2017 is $1 million (2016: $240 thousand, 2015: $ 940 thousand) and was determined based on the fair value of Kenon’s shares on the grant date. Kenon recognized $508 thousand as general and administrative expenses in 2017 (2016: $547 thousand, 2015: $566 thousand). |
OPC Energy Ltd's Initial Public
OPC Energy Ltd's Initial Public Offering | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of OPC energy ltd's initial public offering [Abstract] | |
OPC Energy Ltd's Initial Public Offering | Note 23 – OPC Energy Ltd’s Initial Public Offering On August 10, 2017, OPC Energy Ltd (“OPC”) completed the issuance of 31,866,700 ordinary shares on the Tel Aviv Stock Exchange to the public at a price of NIS 12.5 per share (approximately US$ 3.47 per share). The proceeds of the issuance amount to approximately NIS 399 million (approximately $ 111 million), net of issuance costs of NIS 39 million (approximately $11 million). After the completion of the issuance, the public holds 24.2% of OPC’s shares, while the Group’s equity interest was diluted to 75.8% of the total issued shares of OPC. As a result of the dilution, the Group, registered $57 million, net of capital reserves realization, in equity attributable to equity holders and $42 million in non-controlling interest. |
Cost of Sales and Services
Cost of Sales and Services | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cost of sales and services [Abstract] | |
Cost of Sales and Services | Note 24 – Cost of Sales and Services For the Year Ended December 31 2017 2016* 2015* $ thousands Capacity and energy purchases and transmission costs 50,973 57,310 93,196 Fuel, gas and lubricants 137,832 133,012 142,967 Payroll and related expenses 6,269 5,942 4,325 Regulatory expenses 62,908 48,509 - Third party services 2,670 2,890 - Other 6,484 4,003 4,328 267,136 251,666 244,816 * Restated (See note 2.E) |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of selling, general and administrative expenses [Abstract] | |
Selling, General and Administrative Expenses | Note 25 – Selling, General and Administrative Expenses For the Year Ended December 31 2017 2016* 2015* $ thousands Payroll and related expenses 21,380 14,830 17,085 Depreciation and amortization 691 641 817 Professional fees 20,334 23,863 9,576 Other expenses 13,887 7,761 22,248 56,292 47,095 49,726 * Restated (See note 2.E) |
Financing Income (Expenses), Ne
Financing Income (Expenses), Net | 12 Months Ended |
Dec. 31, 2017 | |
Financing Income Expenses Net Schedule Of Financing Income Expenses Net Details | |
Financing Income (Expenses), Net | Note 26 – Financing Income (Expenses), Net For the Year Ended December 31 2017 2016 2015 $ thousands Financing income Interest income from bank deposits 640 2,269 4,772 Net change from change in exchange rates 2,259 5,448 521 Net changes in fair value of Tower options series 9 - - 2,119 Net change in fair value of derivative financial instruments - 6 2,720 Other income 5 1 589 Financing income 2,904 7,724 10,721 Financing expenses Interest expenses to banks and others (59,514 ) (45,317 ) (34,378 ) Net change from change in exchange rates - - (648 ) Net change in fair value of derivative financial instruments (1,168 ) - - Other expenses (9,484 ) (1,959 ) (1,368 ) Financing expenses (70,166 ) (47,276 ) (36,394 ) Net financing expenses recognized in the statement of profit and loss (67,262 ) (39,552 ) (25,673 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income taxes [Abstract] | |
Income Taxes | Note 27 – Income Taxes A. Components of the Income Taxes For the Year Ended December 31 2017 2016 2015 $ thousands Current taxes on income In respect of current year* 64,291 1,687 25 In respect of prior years 44 92 (294 ) Deferred tax income Creation and reversal of temporary differences 8,474 473 9,312 Total taxes on income 72,809 2,252 9,043 No previously unrecognized tax benefits were used in 2015, 2016 or 2017 to reduce our current tax expense. * Current taxes on income for the current year includes $61 million taxes payable in connection with a planned restructuring to simplify the holding structure of some of the companies remaining in the Kenon group subsequent to the Inkia transaction. As a result of this restructuring (which was substantially completed in January 2018), Kenon will hold its interest in OPC directly. Kenon does not expect any further tax liability in relation to any future sales of its interest in OPC. 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 2017 2016 2015 $ thousands (Loss)/profit from continuing operations before income taxes (135,636 ) (426,900 ) 32,154 Statutory tax rate 17.00 % 17.00 % 17.00 % Tax computed at the statutory tax rate (23,058 ) (72,573 ) 5,466 Increase (decrease) in tax in respect of: Elimination of tax calculated in respect of the Group’s share in losses of associated companies 20,924 31,651 18,880 Income subject to tax at a different tax rate 63,446 (2,548 ) 7,218 Non-deductible expenses 12,850 41,960 3,944 Exempt income (7,006 ) - (35,651 ) Taxes in respect of prior years 44 92 (294 ) Impact of change in tax rate - - - Changes in temporary differences in respect of which deferred taxes are not recognized 4,285 1,419 580 Tax losses and other tax benefits for the period regarding which deferred taxes were not recorded 350 2,449 8,335 Differences between the measurement base of income reported for tax purposes and the income reported in the financial statements 13 - (419 ) Other differences 961 (198 ) 984 Taxes on income included in the statement of profit and loss 72,809 2,252 9,043 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 The deferred Property plant and equipment Employee benefits Carryforward of losses and deductions for tax purposes Other* Total $ thousands Balance of deferred tax asset (liability) as at January 1, 2016 (123,968 ) 601 61,943 (73,966 ) (135,390 ) Changes recorded on the statement of profit and loss (48,212 ) 286 28,014 1,741 (18,171 ) Changes recorded to equity reserve — 61 — (5,249 ) (5,188 ) Translation differences (1,495 ) 15 398 791 (291 ) Impact of change in tax rate 7,638 — (5,620 ) (8,875 ) (6,857 ) Changes in respect of business combinations (41,456 ) 748 — 6,355 (34,353 ) Balance of deferred tax asset (liability) as at December 31, 2016 (207,493 ) 1,711 84,735 (79,203 ) (200,250 ) Changes recorded on the statement of profit and loss (13,940 ) (1,097 ) (13,919 ) 15,845 (13,111 ) Changes recorded to equity reserve - 882 - (7,024 ) (6,142 ) Translation differences (10,046 ) 24 4,397 1,253 (4,372 ) Impact of change in tax rate 575 - - - 575 Sale of subsidiaries 140,736 (1,520 ) (39,764 ) 71,095 170,547 Balance of deferred tax asset (liability) as at December 31, 2017 (90,168 ) - 35,449 1,966 (52,753 ) * This amount includes deferred tax arising 2. The deferred taxes are presented in the statements of financial position as follows: As at December 31 2017 2016 $ thousands As part of non-current assets - 25,104 As part of non-current liabilities (52,753 ) (225,354 ) (52,753 ) (200,250 ) Income tax rate in Israel is 24%, 25% and 26.5% for the years ended December 31, 2017 and December 31, 2016 and 2015, respectively On January 4, 2016, Amendment 216 to the Income Tax Ordinance (New Version) – 1961 (hereinafter – “the Ordinance”) was passed in As a result of reducing the tax rate to 25%, the deferred tax balances as at January 4, 2016 were calculated according to the new tax rate specified in the Law for the Amendment of the Income Tax Ordinance, at the tax rate expected to apply on the reversal date. In Singapore, under its one-tier corporate taxation system, profits are taxed at the corporate level at 17% and this is a final tax. Dividends paid by a Singapore resident company under the one-tier corporate tax system should not be taxable. A Company is liable to pay tax in Singapore on income that is: · Accrued in or derived from Singapore; or · Received in Singapore from outside of Singapore. Certain categories of foreign sourced income including, · dividend income; · trade or business profits of a foreign branch; or · service fee income derived from a business, trade or · profession carried on through a fixed place of operation in a foreign jurisdiction. may be exempted from tax in Singapore. Tax exemption should be granted when all of the three conditions below are met: 1. The highest corporate tax rate (headline tax rate) of the foreign jurisdiction from which the income is received is at least 15% at the time the foreign income is received in Singapore; 2. The foreign income had been subjected to tax in the foreign jurisdiction from which they were received (known as the "subject to tax" condition). The rate at which the foreign income was taxed can be different from the headline tax rate; and 3. The Tax Comptroller is satisfied that the tax exemption would be beneficial to the person resident in Singapore. The Comptroller will regard the "subject to tax" condition as having met if the income is exempt from tax in the foreign jurisdiction due to tax incentive granted for substantive business activities carried out in that jurisdiction. Extension of safe habour under Singapore Budget 2016 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 IRAS 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 May 31, 2022 (extended from May 31, 2017 to May 31, 2022) 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. Deferred tax liability on undistributed earnings Subsidiaries pay dividends on quarterly basis as long as they are in compliance with covenants derived from the borrowings agreements described in Note 16. Deferred tax is recognized for temporary differences related to undistributed earnings in subsidiaries that will reverse it in the foreseeable future. During 2017, the Group recorded an expense of $3 million in relation to this timing difference ($1 million in 2016). Distributions of the earnings of foreign subsidiaries are subject to the withholding taxes imposed by the foreign subsidiaries´ jurisdictions of incorporation. I.C. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Earnings per Share | Note 28 – Earnings per Share Data used in calculation of the basic / diluted earnings per share A. Income/(Loss) allocated to the holders of the ordinary shareholders For the Year Ended December 31 2017 2016 2015 $ thousands Income/(Loss) for the year attributable to Kenon’s shareholders 236,590 (411,937 ) 72,992 Income for the year from discontinued operations (after tax) 476,565 35,150 72,781 Less: NCI (24,928 ) (13,250 ) (12,872 ) Income for the year from discontinued operations (after tax) attributable to Kenon’s shareholders 451,637 21,900 59,909 (Loss)/Income for the year from continuing operations attributable to Kenon’s shareholders (215,047 ) (433,837 ) 13,083 B. Number of ordinary shares For the Year Ended December 31 2017 2016 2015 ('000) Weighted Average number of shares used in calculation of basic/diluted earnings per share 53,761 53,720 53,649 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of discontinued operations [Abstract] | |
Discontinued Operations | 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 , 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 At the date of closing, paid $935 million and entered into 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 /( 816,544 ( 300,833 ) ( 637,994 ) Net cash flows (used in)/ (103,524 ) 25,308 163,714 Cash and cash equivalents provided by/( ) 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 |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Segment, Customer and Geographic Information | Note 30 – Segment, Customer and Geographic Information A. General The following summary describes the Group’s reportable segments in 2017: 1. OPC – 2. Qoros Automotive In addition to the segments detailed above, the Group has other activities, such as the discontinued power businesses in Latin America and Caribbean, container shipping Evaluation of the operating segments performance is based on Adjusted EBITDA. Adjusted EBITDA is defined as the net income (loss) excluding depreciation and amortization, financing income, income taxes and other items as presented in the tables below. There were no intersegment sales in 2017, 2016 and 2015. B. Information regarding reportable segments Financial information of the reportable segments is set forth in the following table. OPC Qoros* Other Adjustments Total $ thousands 2017 Total sales 365,395 - 309 - 365,704 Income/(loss) before taxes 22,708 (121,198 ) (37,146 ) - (135,636 ) Income Taxes (8,945 ) - (63,864 ) - (72,809 ) Income/(loss) from continuing operations 13,763 (121,198 ) (101,010 ) - (208,445 ) Depreciation and amortization 30,102 - 692 - 30,794 Financing income (1,088 ) - (13,230 ) 11,414 (2,904 ) Financing expenses 33,753 - 47,827 (11,414 ) 70,166 Other items: Share in losses/(income) of associated companies - 121,198 (10,533 ) - 110,665 Write back of impairment of investments - - (28,758 ) - (28,758 ) 62,767 121,198 (4,002 ) - 179,963 Adjusted EBITDA 85,475 - (41,148 ) - 44,327 Segment assets 939,809 - 1,464,354 - 2,404,163 Investments in associated companies - 1,694 120,000 - 121,694 2,525,857 Segment liabilities 742,692 - 731,818 - 1,474,510 Capital expenditure 109,226 - 121,245 - 230,471 * Associated Company – See Note 10.A.2 and 10.C.b. OPC Qoros* Other Adjustments Total $ thousands 2016 Total sales 324,188 - 65 - 324,253 Income/(loss) before taxes 20,450 (142,534 ) (304,816 ) - (426,900 ) Income Taxes (67 ) - (2,185 ) - (2,252 ) Income/(loss) from continuing operations 20,383 (142,534 ) (307,001 ) - (429,152 ) Depreciation and amortization 26,697 - 589 - 27,286 Financing income (2,988 ) - (17,081 ) 12,345 (7,724 ) Financing expenses 22,838 - 36,783 (12,345 ) 47,276 Other items: Share in losses/(income) of associated companies - 142,534 43,681 - 186,215 Provision of financial guarantee - - 130,193 - 130,193 Impairment of investments - - 72,263 - 72,263 46,547 142,534 266,428 - 455,509 Adjusted EBITDA 66,997 - (38,388 ) - 28,609 Segment assets 667,631 - 4,261,929 - 4,929,560 Investments in associated companies - 117,593 90,640 - 208,233 5,137,793 Segment liabilities 533,684 - 3,709,905 - 4,243,589 Capital expenditure 72,540 - 245,313 - 317,853 * Associated Company – See Note 10.A.2 and 10.C.b. OPC Qoros* Other Adjustments Total $ thousands 2015 Total sales 325,570 - 329 - 325,899 Income/(loss) before taxes 29,975 (196,223 ) 198,402 - 32,154 Income Taxes (8,151 ) - (892 ) - (9,043 ) Income/(loss) from continuing operations 21,824 (196,223 ) 197,510 - 23,111 Depreciation and amortization 25,435 - 1,605 - 27,040 Financing income (3,140 ) - (7,581 ) - (10,721 ) Financing expenses 26,315 - 10,079 - 36,394 Other items: Share in losses/(income) of associated companies - 196,223 (9,190 ) - 187,033 Gain from distribution of dividend in kind - - (209,710 ) - (209,710 ) Asset impairment - - 6,541 - 6,541 48,610 196,223 (208,256 ) - 36,577 Adjusted EBITDA 78,585 - (9,854 ) - 68,731 Segment assets 810,551 - 3,303,204 - 4,113,755 Investments in associated companies - 158,729 210,293 - 369,022 4,482,777 Segment liabilities 676,832 - 2,542,390 - 3,219,222 Capital expenditure 18,273 - 556,116 - 574,389 * Associated Company – See Note 10.A.2 and 10.C.b. C. 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 $ thousand): 2017 2016 2015 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 75,735 20.71 % 59,880 18.47 % 70,545 21.65 % Customer 2 * * * * 35,760 10.97 % Customer 3 53,605 14.66 % 39,355 12.14 % 43,904 13.47 % Customer 4 50,447 13.79 % 32,446 10.01 % 35,650 10.94 % Customer 5 38,212 10.45 % 36,391 11.22 % * * (*) Represents an amount less than 10% of revenues. Information based on geographic areas The Group’s geographic revenues are as follows: For the year ended December 31 2017 2016 2015 $ thousands Israel 365,395 324,188 325,570 Others 309 65 329 Total revenues 365,704 324,253 325,899 The Group’s non-current assets* on the basis of geographic location: As at December 31 2017 2016 $ thousands Peru - 1,910,421 Guatemala - 682,985 Israel 617,358 495,639 Others 447 785,033 Total non-current assets 617,805 3,874,078 * Composed of property, plant and equipment and intangible assets. |
Related-party Information
Related-party Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
Related-party Information | Note 31 – Related-party Information A. Identity of related parties: The Group’s related parties are as defined in IAS 24 – Related Party Disclosures 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, co-CEOs B. Transactions with directors and officers (Kenon's directors and officers): B. Key management personnel compensation 2017 2016 $ thousands Short-term benefits 5,632 4,352 Share-based payments 508 547 6,140 4,899 C. Transactions with related parties (excluding associates): For the year ended December 31 2017 2016 2015 $ thousands Sales of electricity 102,443 148,119 135,655 Administrative expenses 331 614 329 Sales of gas 31,296 29,873 — Financing expenses, net 18,444 14,475 10,716 D. Transactions with associates: For the year ended December 31 2017 2016 2015 $ thousands Sales of electricity — — 5,115 Operating expenses — — 204 Other income, net 198 178 95 E. Balances with related parties: As at December As at December 2017 2016 Ansonia Other related parties * Total Ansonia Other related parties * Total $ thousands $ thousands Cash and short-term deposit — — — — 2,462 2,462 Trade receivables — 12,778 12,778 — 12,245 12,245 Loans and Other Liabilities In US dollar or linked thereto 75,081 242,598 317,679 45,735 222,971 268,706 Weighted-average interest rates (%) 6.00 % 7.69 % 7. 29 % 6.00 % 7.24 % 6.62 % Repayment years Current maturities 75,081 242,598 — — Second year — — 45,735 — Third year — — — — Fourth year — — — — Fifth year — — — — Sixth year and thereafter — — — 222,971 75,081 242,598 45,735 222,971 * IC, Israel Chemicals Ltd (“ICL”), Oil Refineries Ltd (“ORL”). These balances relate to amounts with entities that are related to Kenon's beneficial owners. F. Regarding the ZIM's restructuring and IC’s part in the restructuring, see Note 10.C.a. G. Regarding the convertible loan from Ansonia to Quantum, see Note 10.C.b.6. H. Gas Sale Agreement with ORL, see Note 21.B.(c). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Note 32 – 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 exist 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 at the reporting date was: As at December 31 2017 2016 $ thousands Carrying amount Cash and cash equivalents 1,417,388 326,635 Short-term investments 7,144 89,545 Trade receivables , net 44,137 284,532 Long-term trade receivables - 10,120 Other current assets 35, 752 28,462 Deposits and other long-term receivables including derivative instruments 281,717 66,434 1,786, 138 805,728 The maximum exposure to credit risk for trade receivables, as of the date of the report, by geographic region was as follows: As at December 31 2017 2016 $ thousands Israel 44,058 34,779 South America - 93,293 Central America - 155,142 Other regions 79 11,438 44,137 294,652 (2) Aging of debts and impairment losses Set below is an aging of the trade receivables: As at December 31, 2017 As at December 31, 2016 For which impairment was not recorded For which impairment was recorded For which impairment was not recorded For which impairment was recorded Gross Impairment Gross Impairment $ thousands $ thousands Not past due 50 — — 233,787 8 (8 ) Past due up to 3 months 40,879 — — 50,723 — — Past due 3 – 6 months 3,208 — — 9,160 282 (282 ) Past due 6 – 9 months — — — 83 — — Past due 9 – 12 months — — — 652 — — Past due more than one year — — — 247 4,714 (4,714 ) 44,137 — — 294,652 5,004 (5,004 ) 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, 2017 Book value Projected cash flows Up to 1 year 1-2 years 2-5 years More than 5 years $ thousands Non-derivative financial liabilities Loans from banks and others * 317,684 317,786 317,786 - - - Trade payables 58,895 58,895 58,895 - - - Other payables 77,869 77,964 77,964 - - - Non-convertible debentures ** 91,122 125,089 13,153 7,086 34,033 70,817 Loans from banks and others ** 627,150 846,652 157,805 50,768 173,222 464,857 Liabilities in respect of financing lease - - - - - - Financial guarantee *** 44,342 44,342 44,342 - - - Financial liabilities – hedging instruments Forward exchange rate contracts 439 439 439 - - - Financial liabilities not for hedging Derivatives on exchange rates 73 73 73 - - - 1,217,574 1,471,240 670,457 57,854 207,255 535,674 * Excludes current portion of long-term liabilities. ** Includes current portion of long-term liabilities. *** Financial Guarantees contractual period in Qoros is dependent on Qoros’s timeliness to meet the obligation of current loans payable. As at December 31, 2016 Book value Projected cash flows Up to 1 year 1-2 years 2-5 years More than 5 years $ thousands Non-derivative financial liabilities Loans from banks and others * 213,417 219,651 219,651 - - - Trade payables 285,612 285,612 285,612 - - - Other payables 160,540 160,540 59,650 10,121 21,718 69,051 Non-convertible debentures ** 867,287 1,190,032 58,113 57,217 616,765 457,937 Loans from banks and others ** 2,143,499 2,756,851 340,684 244,508 977,251 1,194,408 Liabilities in respect of financing lease 88,169 114,069 13,013 12,171 57,432 31,453 Financial guarantee *** 118,763 118,763 118,763 - - - Financial liabilities – hedging instruments Interest SWAP contracts 22,865 22,865 9,930 5,788 4,192 2,955 Forward exchange rate contracts 2,399 2,399 1,627 772 - - Financial liabilities not for hedging Interest SWAP contracts and options 2,125 2,125 783 570 688 84 Derivatives from debt restructure 29,594 29,594 - 29,594 - - 3,934,270 4,902,501 1,107,826 360,741 1,678,046 1,755,888 * Excludes current portion of long-term liabilities and long-term liabilities which were classified to short-term. ** Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. *** Financial Guarantees contractual period in Qoros is dependent on Qoros’s timeliness to meet the obligation of current loans payable. 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 in the exchange rate of the dollar vis-à-vis the other currencies in which it transacts business. The 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, euro, pound, Peruvian Nuevo Sol and yuan (RMB). The Group 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 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. Inflation risk The Group has CPI-linked loans. The Group is exposed to high payments of interest and principal as the result of an increase in the CPI. It (a) Exposure to CPI and foreign currency risks As at December 31, 2017 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 158,679 — 18,593 Short-term investments, deposits and loans 60,855 — — Trade receivables 42,004 — — Other receivables 2,686 — 3,603 Long-term deposits and loans 25,600 — — Total financial assets 289,824 — 22,196 Loans from banks and others — — 30,308 Trade payables 31,286 — 86 Other payables 3,178 — 1,316 Long-term loans from banks and others and debentures 109,629 478,891 — Total financial liabilities 144,093 478,891 31,710 Total non-derivative financial instruments, net 145,731 478,891 (9,514 ) Derivative instruments — — (439 ) Net exposure 145,731 478,891 (9,953 ) As at December 31, 2016 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 11,810 — 24,240 Short-term investments, deposits and loans 29,137 — 26,198 Trade receivables 34,779 — 172,664 Other receivables 665 — 6,964 Long-term deposits and loans 20,349 — 16,412 Total financial assets 96,740 — 246,478 Loans from banks and others — — 34,998 Trade payables 26,913 — 128,512 Other payables 1,093 1,205 17,266 Long-term loans from banks and others and debentures 444 416,266 465,262 Total financial liabilities 28,450 417,471 646,038 Total non-derivative financial instruments, net 68,290 (417,471 ) (399,560 ) Derivative instruments — — (2,421 ) Net exposure 68,290 (417,471 ) (401,981 ) (b) Sensitivity analysis A strengthening of the dollar exchange rate by 5%–10% against the following currencies and change of the CPI in rate of 5%–10% 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. The analysis is performed on the same basis for 2015. As at December 31, 2017 10% increase 5% increase 5% decrease 10% decrease $ thousands Non-derivative instruments Shekel/dollar 13,248 6,940 (6,940 ) (13,248 ) CPI (43,536 ) (22,804 ) 22,804 43,536 Dollar/other (2,559 ) (1,269 ) 1,269 2,559 As at December 31, 2016 10% increase 5% increase 5% decrease 10% decrease $ thousands Non-derivative instruments Shekel/dollar 6,208 3,252 (3,252 ) (6,208 ) CPI (37,952 ) (19,880 ) 19,880 37,952 Dollar/other (44,447 ) (21,044 ) 19,037 36,332 (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 to swap transactions of liabilities in foreign currency for dollar liabilities bearing a variable interest rate. The has not set a policy limiting the exposure and it hedges this exposure based on forecasts of future interest rates. The 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 As at December 31 2017 2016 Carrying amount $ thousands Fixed rate instruments Financial assets 1,438,243 157,121 Financial liabilities - (1,530,715 ) 1,438,243 (1,373,594 ) Variable rate instruments Financial assets - 20,167 Financial liabilities (239,876 ) (2,600,799 ) (239,876 ) (2,580,632 ) Type of interest (Cont’d) The Group’s assets and liabilities bearing fixed interest are not measured at fair value through the statement of profit and loss and A change As at December 31, 2017 100bp increase 100 bp decrease $ thousands Variable rate instruments (2,399 ) 2,399 As at December 31, 2016 100bp increase 100 bp decrease $ thousands Variable rate instruments (25,806 ) 25,806 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 : such as: short-term credit, payables and credit balances, long-term loans, finance leases and other liabilities; as well as derivative financial instruments. Due to their nature, the fair value of the financial instruments included in the Group’s working capital is generally identical or approximates The following table shows in detail the carrying amount and the fair value of financial instrument groups presented in the financial statements As at December 31, 2017 Carrying amount Level 2 $ thousands Non-convertible debentures 91,122 105,488 Long-term loans from banks and others (excluding interests) 527,706 649,487 As at December 31, 2016 Carrying amount Level 2 $ thousands Non-convertible debentures 867,287 947,786 Long-term loans from banks and others (excluding interests) 2,116,740 2,354,612 * The fair value is 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. As at As at December 31, 2017 December 31, 2016 Level 2 Level 2 $ thousands $ thousands Assets Derivatives not used for accounting hedge (a) 1,471 3,173 1,471 3,173 Liabilities Financial guarantee - - Derivatives used for accounting hedge 439 25,264 Derivatives not used for accounting hedge 73 2,125 Other financial derivatives - 29,594 512 56,983 (a) Includes (3) Data and measurement of the fair value of financial instruments at Level 2 Level 2 The fair value of forward contracts on foreign currency is determined using trading programs that are based on market . 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 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 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 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 of marketable securities held for trade is determined using the ‘Discounts for Lack of Marketability’ (“DLOM”) valuation The following Type Valuation technique Significant unobservable data Inter-relationship between significant unobservable inputs and fair value measurement Interest rate Swaps The Group applies standard valuation techniques such as: discounted cash flows projected LIBOR zero coupon curve Not applicable Not applicable Foreign Exchange Forwards The Group applies standard valuation techniques which include market observable parameters such as the implicit exchange rate calculated with forward points. These variables are obtained through market information suppliers. Not applicable Not applicable Credit from banks, others and debentures Discounted cash flows with market interest rate Not applicable Not applicable Marketable Securities held for trade DLOM valuation method Not applicable Not applicable |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 33 – Subsequent Events 1. Kenon A. Kenon distributed, by way of a capital distribution, an aggregate amount of $665 million, or $12.35 per share, to Kenon’s shareholders on March 22, 2018. The share capital and total equity of Kenon will be reduced by $665 million in 2018 (See Note 22). B. On January 2, 2018, Kenon fully repaid the loan from IC for a total amount of $242 million (including the interest accrued). 2. Qoros A. On January 8, 2018 Kenon announced that approvals for the ownership changes in Qoros had been obtained from the relevant office of the Chinese Ministry of Commerce and the new shareholding structure was registered with the relevant regulatory authority. As a result, the Baoneng group owns 51% of Qoros, and Kenon and Chery’s equity interest in Qoros is 24% and 25% respectively. The investment is based on an RMB6.5 billion pre-investment valuation of Qoros (approximately $1 billion), excluding RMB1 The Investment Agreement provides for total funding by the Investor of RMB6.63 billion, of which RMB6.5 billion will be ultimately invested in Qoros’ equity and RMB130 million (approximately $20 million) of the Investment will be paid to Kenon. In addition, Qoros will be required to repay outstanding shareholder loans to each of Kenon and Chery in the principal As part of the Investment Agreement, Kenon has has As a result of the transaction, Kenon will recognise an estimated half Kenon Any changes in the equity holdings of Qoros as among Kenon, Chery and Baoneng Group, including as a result of exercising the put option or investment right, will result in adjustments to the respective parties’ pro rata obligations under the Qoros’ bank guarantees and pledges. 3. IC Power A. Overseas Investment Peru S.A. On January 3 $ $ B. OPC Hadera, Israel On January 10, 2018, an application was filed with the Tel Aviv-Jaffa District Court for the approval of a derivative claim by a shareholder of ORL against former directors of ORL, which include OPC Energy Ltd., OPC Rotem, OPC Hadera, Israel Chemicals The subject of the request is the gas purchase transactions of ORL, Israel Chemicals Ltd., OPC Rotem and OPC Hadera ( hereinafter As for the transaction with Energean, the plaintiff contends that beyond the Group's transaction with a third party (i.e., Energean), a transaction is required among the Group Companies themselves regarding the distribution of the economic benefits achieved in the joint negotiations in a manner that suits the purchasing and bargaining power of each The plaintiff contends that the alleged absence of such an inter-company transaction (or the alleged absence of a proper procedure regarding the distribution of the benefit) discriminates against ORL (the inter-company dimension is not at market conditions) and ORL does not receive its share in the economic benefits due to its large purchasing power and its contribution to the negotiations with Energean (inter alia, in view of the fact that the transaction was made at similar prices for the Group Companies.) The main remedies for which the plaintiff is petitioning in relation to the Energean deal are a number of declarative and financial measures, and With respect to the Tamar transaction, the petitioner claims that the Tamar transaction was not approved by ORL as required and additional claims regarding this transaction, including the question of its being beneficial to ORL and at market conditions; with respect to the Tamar transaction, declaratory remedies and compensatory remedies were requested from ORL and/or the refund of the amounts of the benefits that the OPC Hadera OPC Hadera is currently unable to determine the financial impact. C. IC Power Asia Development Ltd. (“ICPAD”) – Investment treaty agreement IC Power Asia Development Ltd. (hereinafter ICPAD) has instituted a claim against the Government of Guatemala in respect of tax payments On February 20, 2018, ICPAD filed a claim against the government of Guatemala under the Agreement between the Government of the State of Israel and the Government of the Republic of Guatemala for the Reciprocal Promotion and Protection of Investments, or the Treaty, seeking restitution on the basis that the government of Guatemala has breached several of its obligations of treatment towards Israeli investors under the Treaty. ICPAD is seeking damages for the taxes paid by former subsidiaries DEORSA and DEOCSA and related costs and expenses, including interest on the taxes paid. |
Significant Accounting Polici40
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Basis for consolidation/ combination | A. Basis for consolidation/ combination (1) Business combinations The Group accounts for all business combinations according to the acquisition method. 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. 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 measured 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; except for non-derivative financial instrument contingent consideration which will be measured through other comprehensive income. 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. The Company has no interest in structured entities as of December 31, 2017 and 2016. (3) Non-Controlling Interest (“NCI”) NCI 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. 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. (4 ) Investments in equity-accounted investees The Group’s interests in equity-accounted investees comprise interests in associates and a joint-venture. 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-venture is an arrangement 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 aforesaid 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 | B. 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 exchange rates at the dates of the transactions. 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. 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. |
Financial instruments | C. Financial instruments The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit and loss, held-to-maturity financial assets, loans and receivables and available-for-sale financial assets. The Group classifies non- financial liabilities into the other financial liabilities categories. (1) Non-derivative financial assets and financial liabilities - recognition and de-recognition The Group initially recognizes loans and receivables and debt securities issued on the date that they are originated. All other financial assets and financial liabilities are recognized initially on the trade date. The Group derecognizes a financial asset when the contractual rights to the cash flows from the 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 ownership are transferred The Group derecognizes a financial liability when its contractual obligations are discharged, or cancelled or expire. 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. (2) Non-derivative financial assets – measurement Financial assets at fair value through profit and loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Directly attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, including any interest or dividend income, are recognized in profit or loss. Held-to-maturity financial assets These assets are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method. Loans and receivables These assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at amortized cost using the effective interest method, less any impairment losses. Available-for-sale financial assets These assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on debt instruments, are recognized in Other Comprehensive Income (“OCI”) and accumulated in the fair value reserve. When these assets are derecognized, the gain or loss accumulated in equity is reclassified to profit or loss. (3) Non-derivative financial liabilities - Measurement Non-derivative financial liabilities include loans and credit from banks and others, debentures, trade and other payables and finance lease liabilities. Non-derivative financial liabilities are initially recognized at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortized cost using the effective interest method. (4) Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Derivatives are recognized initially at fair value; any directly attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. (5) Cash flow hedges 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 in equity. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The amount accumulated in equity is retained in OCI and reclassified to profit or loss in the same period or periods during which the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the amount accumulated in equity is reclassified to profit or loss. (6) Financial guarantees A financial guarantee is initially recognized at fair value. In subsequent periods, a financial guarantee is measured at the higher of the amount recognized in accordance with the guidelines of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, and the liability initially recognized under IAS 39 Financial Instruments: Recognition and Measurement and subsequently amortized in accordance with the guidelines of IAS 18 Revenue. Any resulting adjustment of the liability is recognized in profit or loss. |
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. |
Property, plant and equipment, net | E. 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; • 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 write off 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. Leased assets 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. Land is not depreciated. The following useful lives shown on an average basis are applied across the Group: Years Roads, buildings and leasehold improvements 2 – 50 Installations, machinery and equipment: Thermal power plants 10 – 35 Hydro-electric plants 70 – 90 Wind power plants 25 Power generation and electrical 20 Dams 18 – 80 Office furniture, motor vehicles and other equipment 3 – 16 Substations, medium voltage equipment and transf.MV/LV 30 – 40 Meters and connections 10 – 25 Depreciation methods, useful lives and residual values are reviewed by management of the Group at each reporting date and adjusted if appropriate. |
Intangible assets, net | F. 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. Research and development Expenditures on research activities is recognized in profit and loss as incurred. Development activities involve expenditures incurred in relation to the design and evaluation of future power plant projects before the technical feasibility and commercial viability is fully completed, however the Group intends to and has sufficient resources to complete the development and to use or sell the asset. At each reporting date, the management of the Group performs an evaluation of each project in order to identify facts and circumstances that suggest that the carrying amount of the assets may exceed their recoverable amount. Concessions Intangible assets granted by the Energy and Mining Ministry of Guatemala to DEORSA and DEOCSA to operate power distribution business in defined geographic areas, and acquired as part of business combination. The Group measures Concessions at cost less accumulated amortization and any accumulated impairment losses. Customer relationships Intangible assets acquired as part of a business combination and are recognized separately from goodwill if the assets are separable or arise from contractual or other legal rights and their fair value can be measured reliably. Customer relationships are measured at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets, including licenses, patents and trademarks, which are acquired by the Group and have 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: · Concessions 33 years* · Customer relationships 1-12 years · Software costs 5 years · Others 5-27 years * The concessions are amortized over the remaining life of the licenses from the date of the business combination. Amortization methods and useful lives are reviewed by management of the Group at each reporting date and adjusted if appropriate. |
Subsequent expenditure | G. 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. |
Transfer of assets from customers | H. Transfer of assets from customers In the distribution industry, an entity may receive from its customers items of property, plant and equipment that must be used to connect those customers to a network and provide them with ongoing access to supply electricity. Alternatively, an entity may receive cash from customers for the acquisition or construction of such items of property, plant and equipment. In these cases, where the Group determines that the items qualify for recognition as an asset, the transferred assets are recognized as part of the property plant and equipment in the statement of financial position in accordance with IAS 16 and measured the cost on initial recognition at its fair value. The transfer of an item of property, plant and equipment is an exchange for dissimilar goods or services. Consequently, the Group recognize revenue in accordance with IAS 18. The timing of the recognition of the revenue arising from the transfer will take place once the Company has control on the assets and the customers are connected to the distribution network. |
Service Concession arrangements | I. Service Concession arrangements The Group has examined the characteristics, conditions and terms currently in effect under its electric energy distribution license and the guidelines established by IFRIC 12. On the basis of such analysis, the Group concluded that its license is outside the scope of IFRIC 12, primarily because the grantor does not control any significant residual interest in the infrastructure at the end of the term of the arrangement and the possibility of renewal. The Group accounts for the assets acquired or constructed in connection with the Concessions in accordance with IAS 16 Property, plant and equipment. |
Leases | J. Leases (1) Leased assets Assets held by the Group under leases that transfer Asset held under other leases are classified as operating leases and are not recognized in the Group’s consolidated statement of financial position. (2) Lease payments Payments made under operating leases, other than conditional lease payments, are recognized in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate if interest on the remaining balance of the liability. |
Inventories | K. Inventories Inventories are measured at the lower of cost and net realizable value. Inventories consist of fuel, spare parts, materials and supplies. Cost is determined by using the average cost method. |
Trade Receivable, net | L. Trade Receivable, net Trade receivables are amounts due from customers for the energy and capacity in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets. Evidence of impairment of financial assets The Group considers evidence of impairment for trade receivables at both a specific asset and collective level. All individually significant trade receivables are assessed for specific impairment. All individually significant trade receivables found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Trade receivables with similar risk characteristics that are not individually significant are collectively assessed for impairment. In assessing collective impairment, the Group uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management’s judgment as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. |
Borrowing costs | M. 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 | N. Impairment (1) Non-derivative financial assets Financial assets not classified as at fair value through profit or loss, including an interest in an equity- account investee, are assessed by management of the Group at each reporting date to determine whether there is objective evidence of impairment. Objective evidence that financial assets are impaired includes: · Default or delinquency by a debtor; · Restructuring of an amount due to the Group on terms that the Group would not consider otherwise; · Indications that a debtor or issuer will enter bankruptcy; · Adverse changes in the payment status of borrowers or issuers; · The disappearance of an active market for a security; or · Observable data indicating that there is measurable decrease in expected cash flows from a group of financial assets. For an investment in an equity security, objective evidence of impairment includes a significant or prolonged decline in its fair value below its cost. Financial Assets measured at amortized costs The Group considers evidence of impairment for these assets at both an individual asset and a collective level. All individually significant assets are individually assessed for impairment. Those found not to be impaired are then collectively assessed for any impairment that has been incurred but not yet individually identified. Assets that are not individually significant are collectively assessed for impairment. Collective assessment is carried out by grouping together assets with similar risk characteristics. In assessing collective impairment, the group uses historical information on the timing of recoveries and the amount of loss incurred, and makes an adjustment if current economic and credit conditions are such that the actual losses are likely to be greater or lesser than suggested by historical trends. An impairment loss is calculated as the difference between an asset's carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognized in profit or loss and reflected in an allowance account. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss is reversed through profit or loss. Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognized by reclassifying the losses accumulated in the fair value reserve to profit or loss. The amount reclassified is the difference between the acquisition cost (net of any principal repayment and amortization) and the current fair value, less any impairment loss previously recognized in profit or loss. If the fair value of an impaired available-for-sale debt security subsequently increases and the increase can be related objectively to an event occurring after the impairment loss was recognized, then the impairment loss is reversed through profit or loss; otherwise, it is reversed through OCI. Equity-account investees An impairment loss in respect of an equity-accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognized in profit or loss, and is reversed if there has been a favorable change in the estimates used to determine the recoverable amount and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized. (2) 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 or 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 | O. 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. With respect to grants made to senior executives of OPC Energy Ltd (“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. The fair value of the grants are recognized as an employee compensation expense, with a corresponding increase in equity. The expense is amortised 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 recognises the impact of the revision of original estimates in employee expenses and in a corresponding adjustment to equity over the remaining vesting period. |
Provisions | P. 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 | Q. Revenue recognition (1) Revenue from electricity Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue comprises the fair value for the sale of electricity, net of value-added-tax, rebates and discounts and after eliminating sales within the Group. Revenues from the sale of energy are recognized in the period during which the sale occurs. The revenues of the Company are primarily from the sale of electricity to private customers and to Israel Electric Company Ltd. (“IEC”). (2) Revenue from shipping services and related expenses (in associated company) Revenue from cargo traffic is recognized in profit or loss in proportion to the stage of completion of the transaction at the balance sheet date. The stage of completion is assessed for each cargo by the reference to the time-based proportion. The operating expenses related to cargo traffic are recognized immediately as incurred. If the incremental expenses related to the cargo exceed the related revenue, the loss is recognized immediately in income statement. (3) Revenue from vehicles (in associated company) (i) Sales of vehicles Revenue from the sale of vehicles in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of value-added tax (“VAT”), consumption tax and other sales taxes, returns or allowances, trade discounts and volume rebates. Revenue is recognized when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks and rewards of ownership have been transferred to the customers, recovery of the consideration is probable, the associated costs and possible return of vehicles can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. (ii) Rental income of vehicles Rental income from operating leases is recognized as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognized as an integral part of the total rental income, over the term of the lease. (iii) Licensing income License fee and royalties received for the use of the Group’s assets (such as platform technology and patent) are normally recognized in accordance with the substance of the agreement. (4) Revenue from biodiesel Revenues are recorded if the material risks and rewards associated with ownership of the goods/merchandise sold have been assigned to the buyer. This usually occurs upon the delivery of products and merchandise. Revenue is recorded to the extent that it is probable that the economic benefits will flow to the Group and the amount of the revenues can be reliably measured. |
Government grants | R. 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 | S. 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. |
Transfer of assets from customers | T. Transfer of assets from customers In the power distribution industry, an entity may receive from its customer items in the form of property, plant and equipment that are used to connect these customers to a network with continuous access to power supply. Alternatively, an entity may receive cash from customers in return for the acquisition or construction of such items of property, plant and equipment. In such cases, where the Group determines that these items qualify for recognition as an asset, the transferred assets are recognized as part of the property plant and equipment in the statement of financial position in accordance with IAS 16 and measured its cost on initial recognition at its fair value. |
Guarantee deposits from customers | U. Guarantee deposits from customers Deposits received from customers, 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. |
Energy purchase | V. Energy purchase Costs from energy purchases either acquired in the spot market or from contracts with suppliers are recorded on an accrual basis according to the energy actually delivered. Purchases of electric energy, including those which have not yet been billed as of the reporting date, are recorded based on estimates of the energy supplied at the prices prevailing in the spot market or agreed-upon in the respective purchase agreements, as the case may be. |
Financing income and expenses | W. 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 available-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 | X. 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 | Y. 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 | Z. 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. Distribution of Non-Cash Assets to owners of the Company The Group measures a liability to distribute non-cash assets as a dividend to the owners of the Group at the fair value of the assets to be distributed. The carrying amount of the dividend is remeasured at each reporting date and at the settlement date, with any changes recognized directly in equity as adjustments to the amount of the distribution. On settlement of the transaction, the Group recognized the difference, if any, between the carrying amounts of the assets distributed and the carrying amount of the liability in profit or loss. Distribution of non-cash assets are distributed to shareholders when the shareholder is given a choice of taking cash in lieu of the non-cash assets. |
Discontinued operation | AA. Discontinued operation 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. In the cash flow, the net proceeds from discontinued operation is disclosed in a separate line. The changes based on operating, investing and financing activities are reported in Note 29. |
Operating Segment and Geographic Information | AB. Operating Segment and Geographic Information The Company's co-CEOs and CFO are considered to be the Group's chief operating decision maker ("CODM"). Based on the internal financial information provided to the CODM, the Group has determined that it has two reportable segments in 2017, which are OPC segment and Qoros segment. In addition to the segments detailed above, the Group has other activities, such as a shipping services and renewable energy businesses categorized as Other. 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, income taxes and other items. Qoros is an associated company of the Group and the CODM evaluates the performance of Qoros based on the share of profit/loss. The CODM evaluates segment assets based on total assets and segment liabilities based on total liabilities. 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 statement, Inter-segment pricing is determined based on transaction prices occurring in the ordinary course of business. In determining of the information to be presented on a geographic basis, revenues are based on the geographic location of the customer and non-current assets are based on the geographic location of the assets. The segment information were restated to only present results from continuing operations following the discontinued operations. |
Transactions with controlling shareholders | AC. 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 | AD. 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 1 January 2018, and have not been applied in preparing these consolidated financial statements. The impact is described below: 1) International Financial Reporting Standard IFRS 9 (2014) “ Financial Instruments ” Financial Instruments: Recognition and Measurement The Standard is to be applied for annual periods commencing on or after January 1, 2018, with the possibility of early adoption. The Standard is to be applied retroactively, except in a number of circumstances. Management of the Group is examining the effects of IFRS 9 on the financial statements with no plans for early adoption. The Group has examined IFRS 9 in order to determine the qualitative impacts of the implementation. As of 31 December 2017, the Group considers that the overall impact of the implementation of IFRS 9 will be immaterial to the Group. The examination of the potential qualitative impacts was conducted, considering the following two a) Classification of financial assets There are no material impacts expected concerning the classification and measurement of financial assets due to the types of financial assets held by the Group entities. The Group does not hold complex financial assets nor enters in complex structured financing transaction such as securitization transactions or b) Impairment of financial assets In general, the most important financial assets of the Group, trade receivables, do not contain a significant financing component. Therefore, the simplified approach as established in IFRS 9 is recommended to be applied. According to IFRS 9, provision matrix may be used to estimate expected credit losses (“ECL”) for these financial instruments without the use of hindsight of a default, and the matrix would include expectations of variations in credit risks of customers for the lifetime. Thus, the recognition of losses would be based on the maximum period over which ECL which is the maximum contractual period over which the entity is exposed to credit risk from the first day of the recognition of the receivable. The Group expects that the application of IFRS 9 will impact its deferred payment obligations impairment assessment using the expected credit loss method 2) International Financial Reporting Standard IFRS 15 “Revenues from Contracts with Customers” – The Standard replaces the presently existing guidelines regarding recognition of revenue from contracts with customers and provides two approaches for recognition of revenue: at one point in time or over time. The model includes five stages for analysis of transactions in order to determine the timing of recognition of the revenue and the amount thereof. In addition, the Standard provides new disclosure requirements that are more extensive that those currently in effect. The Standard is to be applied for annual periods commencing on January 1, 2018. The Group has examined the implications of implementation of the standard and does not expect its implementation to have a material effect on the financial statements. 3) International Financial Reporting Standard IFRS 16 “ Leases ” – The standard replaces IAS 17 – Leases and its related interpretations. The standard's instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all leases according to which the lessee has to recognize an asset and liability in respect of the lease in its financial statements. Similarly, the standard determines new and expanded disclosure requirements from those required at present. The standard will become effective for annual periods commencing on or after January 1, 2019, with the possibility of early adoption, so long as the Group has also early adopted IFRS 15 – Revenue from contracts with customers. The standard includes a number of alternatives for the implementation of transitional provisions, so that companies can choose one of the following alternatives at the implementation date: full retrospective implementation or implementation from the effective date while adjusting the balance of retained earnings at that date. The Group examined the expected effects of the implementation of the Standard, but is unable at this stage to reliably estimate the quantitative impact on its financial statements. 4) International Financial Reporting Standard IFRS 2 “ Share-based payments” – The amendment clarify that the measurement of cash-settled share-based payments (SBP) should follow the same approach as for equity-settled SBP; as an exception, for classification purposes, a SBP transaction with employees is accounted for as equity-settled if the terms of the arrangement permit or require an entity to settle the transaction net by withholding a specified portion of the equity instruments to meet the statutory tax withholding requirement, and the entire SBP transaction would otherwise be classified as equity-settled if not for the net settlement feature; and for modification of awards from cash-settled to equity-settled: - at the modification date, derecognise the liability for the original cash-settled SBP; and measure the equity-settled SBP at its fair value and recognise in equity to the extent that the goods or services have been received up to that date. - recognise in profit or loss immediately the difference between the carrying amount of the liability derecognised and the amount recognised in equity as at modification date. As a practical simplification, the amendments can be applied prospectively so that prior periods do not have to be restated. Retrospective, or early, application is permitted if entities have the required information. 5) International Accounting Standard IAS 28 “ Investments in Associates and Joint Ventures” – The amendment clarifies that: - a venture capital organisation, or other qualifying entity, may elect to measure its investments in an associate or joint venture at fair value through profit or loss on an investment-by-investment basis. - a non-investment entity investor may elect to retain the fair value accounting applied by an investment entity associate or investment entity joint venture to its subsidiaries. This election can be made separately for each investment entity associate or joint venture. 6) International Financial Reporting Interpretations Committee IFRIC 22 “ Foreign Currency Transactions and Advance Consideration” – The Interpretation stipulates that the date of the transaction for the purpose of determining the exchange rate for recording a transaction in foreign currency that includes advance payments will be the date on which the Company first recognizes a non-monetary asset/liability in respect of the advance payment. When there are several payments or receipts in advance, the Company will set a transaction date for each payment/receipt separately. The Interpretation will be applied for annual periods commencing January 1, 2018, with the possibility of early adoption. The interpretation includes various alternatives for the implementation of the transitional provisions, such that companies may choose one of the following alternatives upon initial application: retroactive implementation; A prospective application from the first reporting period in which the entity first applied the Interpretation; Or a prospective application from the first reporting period presented in the comparative figures in the financial statements for the period in which the entity first applied the Interpretation. The Group examined the implications of applying the interpretation on its financial statements and intends to choose the transition alternative of prospective application effective from January 1, 2018. The Group has determined in the past that the "transaction date" used to determine the exchange rate for recording a foreign currency transaction that includes advance payments will be the date on which the Group first recognizes the non - monetary asset/liability in respect of the advance. As a result, it is not expected to have a material effect on the Group's financial statements. |
Significant Accounting Polici41
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of Useful Lives for Property, Plant and Equipment | The following useful lives shown on an average basis are applied across the Group: Years Roads, buildings and leasehold improvements 2 – 50 Installations, machinery and equipment: Thermal power plants 10 – 35 Hydro-electric plants 70 – 90 Wind power plants 25 Power generation and electrical 20 Dams 18 – 80 Office furniture, motor vehicles and other equipment 3 – 16 Substations, medium voltage equipment and transf.MV/LV 30 – 40 Meters and connections 10 – 25 |
Schedule of Amortizable Useful Lives for Intangible Assets | The estimated useful lives for current and comparative year are as follows: · Concessions 33 years* · Customer relationships 1-12 years · Software costs 5 years · Others 5-27 years |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | As at December 31 2017 2016 $ thousands Cash in banks 1,313,710 320,199 Time deposits 103,678 6,436 Cash and cash equivalents 1,417,388 326,635 |
Short-Term investments and de43
Short-Term investments and deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of short-term investments and deposits [Abstract] | |
Schedule of Short-Term Investments and Deposits | As at December 31 2017 2016 $ thousands Restricted cash and short-term deposits (1) 7,085 89,475 Other 59 70 7,144 89,545 (1) As at December 31, 2017, it mainly corresponds to the amount held in escrow account as collateral for contractual obligations, see note 20.B(a). It earns interest at a market interest rate of 0.07% |
Trade Receivables, Net (Tables)
Trade Receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current receivables [abstract] | |
Schedule of Trade Receivables, Net | As at December 31 2017 2016 $ thousands Trade Receivables 44,137 285,100 Less – allowance for doubtful debts - (568 ) 44,137 284,532 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other current assets [Abstract] | |
Schedule of Other Current Assets | As at December 31 2017 2016 $ thousands Advances to suppliers 673 141 Prepaid expenses 1,818 6,039 Derivative instruments 1,471 1,831 Government agencies 7,408 14,677 Contingent consideration (a) 18,004 - Other receivables (b) 6,378 27,085 35,752 49,773 (a) This represents the receivable from ISQ (b) As at December 31, 2016, this includes discontinued operations’ receivables of $16 million from insurance claims, transmission line sale, transaction costs and selective consumption tax on heavy fuel oil. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | As at December 31 2017 2016 $ thousands Fuel and spare parts (a) - 91,659 (a) Inventories as at December 31, 2016 belongs to discontinued operations. |
Investment in Associated Comp47
Investment in Associated Companies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of associates [abstract] | |
Schedule of Condensed Financial Information with Respect to the Statement of Financial Position | Condensed financial information with respect to the statement of financial position ZIM Qoros* As at December 31 2017 2016 2017 2016 $ thousands Principal place of business International China Proportion of ownership interest 32 % 32 % 50 % 50 % Current assets 579,595 465,892 235,237 259,804 Non-current assets 1,222,743 1,237,740 1,259,762 1,273,862 Current liabilities (686,693 ) (530,842 ) (884,025 ) (773,946 ) Non-current liabilities (1,209,137 ) (1,273,447 ) (817,895 ) (695,484 ) Non-controlling interests (6,509 ) (3,125 ) - — Total net assets attributable to the Group (100,001 ) (103,782 ) (206,921 ) 64,236 Share of Group in net assets (32,000 ) (33,210 ) (89,627 ) 32,118 Adjustments: Write back/(impairment) of assets and investments 28,758 (72,263 ) — — Excess cost 123,242 187,216 — — Loans — — 61,645 55,798 Financial guarantee — — 29,676 29,677 Book value of investment 120,000 81,743 1,694 117,593 * Qoros is a joint venture (See Note 10.C.b). The current assets include cash and cash equivalent of $12 million (2016: $67 million). The current and non-current liabilities excluding trade and other payables and provisions amount to $1 billion (2016: $1.1 billion). In January 2018, the Group’s equity interest in Qoros was reduced to 24% (see Note 33.2.A). |
Schedule of Condensed Financial Information with Respect to Results of Operations | Condensed financial information with respect to results of operations ZIM Tower* Qoros** For the year ended December 31 2017 2016 2015 2015 2017 2016 2015 $ thousands Revenues 2,978,291 2,539,296 2,991,135 461,778 253,353 377,456 232,114 (Loss) / income *** 6,235 (168,290 ) 2,253 (737 ) (269,121 ) (285,069 ) (392,427 ) Other comprehensive (loss) / income *** (3,871 ) (12,351 ) (1,948 ) — 31 7 (19 ) Total comprehensive (loss) / income 2,364 (180,641 ) 305 (737 ) (269,090 ) (285,062 ) (392,446 ) Kenon’s share of comprehensive (loss) / income 756 (57,805 ) 98 (189 ) (121,182 ) (142,531 ) (196,223 ) Adjustments 8,538 9,856 9,418 (609 ) (16 ) (3 ) — Kenon’s share of comprehensive (Loss) / Income presented in the books 9,294 (47,949 ) 9,516 (798 ) (121,198 ) (142,534 ) (196,223 ) * Distributed as dividend-in-kind in July 2015 (see Note 10.C.c). Results of operations for 2015 corresponds to the six months ended June 30, 2015. ** Qoros is a joint venture (See Note 10.C.b). The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during the year were $ 102 50 *** Excludes portion attributable to non-controlling interest. |
Schedule of Associated Companies that are Individually Immaterial | Associated companies that are individually immaterial Associated Companies As at December 31 2017 2016 2015 $ thousands Book value of investments as at December 31 - 8,897 9,008 |
Schedule of Ansonia Loans | Set forth below is an overview of the Ansonia loans as of December 31, 2017: Date Granted RMB million Plus certain interest Convertible into Equity 1 Loan Transfer Date from 2 Tranche 1 / Apr 2016 150 6% 10% May 20, 2016 Tranche 2 / Apr 2016 150 June 28, 2016 Tranche 3 / Sep 2016 150 25% September 6, 2016 Total 450 1. 2. |
Schedule of Back-To-Back Guarantees | Set forth below is an overview of the RMB850 million back-to-back guarantees provided by Kenon in respect of Qoros' indebtedness, reflecting the reduction of the back-to-back guarantees described above: Loans Timing Amount of Loans to Qoros Amount of Guarantee Obligations Prior to Investment Release of Kenon Guarantees to Chery Remaining Guarantee Obligations Post-Investment Pledge of Qoros Shares in relation to Investment in RMB million First Tranche March 2017 388.5 850 1 425 3 425 5.17% Second Tranche April 2017 100 425 105 3 320 5.17% Third Tranche At Kenon's discretion 288.5 320 320 3 — Total 777 — 850 3 — 10.3% 2 1. Kenon's major shareholder Ansonia Holdings Singapore B.V. has committed to fund RMB25 million (approximately $4 million) of Kenon's back-to-back guarantee obligations 2. Excludes up to 5% of Qoros shares which Chery may borrow from Quantum to meet its pledge obligations under the Qoros RMB1.2 billion loan facility, as discussed above. 3. Plus interest |
Schedule of Details Regarding Dividends Received from Associated Companies | Details regarding dividends received from associated companies For the Year Ended December 31 2017 2016 2015 $ thousands From associated companies 382 743 4,487 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |
Schedule of Acquisition-Date Fair Value of each Major Class of Consideration Transferred | The following table summarizes the acquisition-date fair value of each major class of consideration transferred: In thousands of $ Cash consideration 242,536 Deferred payment 23,750 Total consideration transferred 266,286 In thousands of $ Total consideration transferred 266,286 Cash and cash equivalent acquired (60,227 ) Total 206,059 |
Schedule of Goodwill Arising from the Acquisition | Goodwill arising from the acquisition has been recognized as follows: In thousands of $ Total consideration transferred 266,286 Non-controlling interest 20,325 Fair value of identifiable net assets (249,509 ) Goodwill* 37,102 (*) This amount is not deductible for tax purposes and was determined in Quetzales. |
Schedule of Information Relating to each of the Group's Subsidiaries | The following table summarizes the information relating to each of the Group’s subsidiaries in 2017, 2016 and 2015 that has material NCI: As at and for the year ended December 31 2017 2016* 2015* OPC Energy Ltd. Samay I.S.A Nicaragua Energy Holding Kallpa Generacion S.A. Cerro del Aguila S.A. Samay I.S.A Nicaragua Energy Holding Kallpa Generacion S.A. Cerro del Aguila S.A. $ thousands NCI percentage 24.18 % 25.10 % 35.42 % 25.10 % 25.10 % 25.10 % 35.42 % 25.10 % 25.10 % Current assets 204,461 75,485 41,630 108,246 53,843 47,766 43,390 92,120 23,841 Non-current assets 736,123 380,947 144,313 611,928 949,440 344,052 172,917 638,325 847,015 Current liabilities (99, 441 ) (73,846 ) (26,053 ) (55,323 ) (85,935 ) (36,075 ) (22,044 ) (188,291 ) (25,909 ) Non-current liabilities ( 667,996 ) (311,030 ) (100,834 ) (511,277 ) (618,219 ) (289,560 ) (121,142 ) (356,900 ) (556,277 ) Net assets 173,147 71,556 59,056 153,574 299,129 66,183 73,121 185,254 288,670 Carrying amount of NCI 41,863 17,961 20,918 38,547 75,081 16,612 25,899 46,499 72,456 Revenues 365,395 40,000 90,017 438,475 49,646 — 111,428 447,679 — Profit/(loss) 5,896 548 7,511 35,820 9 (4,049 ) 14,469 44,088 (8,579 ) Other comprehensive income/(loss) 8,514 4,825 — — 10,449 (6,057 ) — (53 ) (1,079 ) Profit attributable to NCI 1,425 138 2,660 8,991 2 (1,016 ) 5,125 11,066 (2,153 ) OCI attributable to NCI 2,058 1,211 — — 2,623 (1,520 ) — (13 ) (271 ) Cash flows from operating activities 110,290 (1,276 ) 17,737 114,838 25,629 — 42,480 120,438 — Cash flows from investing activities ( 154,194 ) (60,468 ) (931 ) (16,082 ) (69,372 ) (236,207 ) (5,088 ) (13,589 ) (180,771 ) Cash flows from financing activities excluding dividends paid to non-controlling interests 165,107 — (4,004 ) (16,943 ) — 138,000 (26,139 ) (91,084 ) 95,000 Dividends paid to non-controlling interests ( 4,159 ) 47,088 (26,440 ) (88,911 ) 62,823 — (4,401 ) (7,530 ) — Effect of changes in the exchange rate on cash and cash equivalents 7,126 373 (348 ) 198 369 (3,266 ) (489 ) (5,334 ) (2,929 ) Net increase/(decrease) in cash equivalents 124,170 (14,283 ) (13,986 ) (6,900 ) 19,449 (101,473 ) 6,363 2,901 (88,700 ) * These entities are discontinued operations in 2017. |
Estrella Cooperatief BA [Member] | |
Disclosure of subsidiaries [line items] | |
Schedule of Fair Value of the Assets Acquired and Liabilities Assumed at the Date of Acquisition | The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition: In thousands of $ Property, plant and equipment 392,495 Intangibles 195,148 Deferred income tax assets, net 20,289 Trade receivables, net 100,508 Cash and cash equivalent 60,227 Other assets 22,457 Credit from bank and others (288,290 ) Deferred income tax liabilities (54,642 ) Trade payables (108,193 ) Guarantee deposits from customers (51,072 ) Other liabilities (39,418 ) Total identifiable net assets acquired 249,509 |
Deposits, Loans and Other Rec49
Deposits, Loans and Other Receivables, including Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deposits, loans and other receivables including derivative instruments [Abstract] | |
Schedule of Composition of Deposits, Loans and Other Receivables, including Derivative Instruments | Composition: As at December 31 2017 2016 $ thousands Deposits in banks and others – restricted cash 76,459 16,690 Long-term trade receivable - 10,120 Financial derivatives not used for hedging - 1,342 Income tax receivables and tax claims (1) - 99,892 Other receivables ( 2 30,258 48,731 106 176,775 (1) Mainly from discontinued operations. (2) Mainly relates to OPC’s connectivity fees to the gas transmission network and the electricity grid classified as long-term deferred expenses. |
Deferred Payment Obligation R50
Deferred Payment Obligation Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of deferred payment obligation receivable [Abstract] | |
Schedule of Deferred Payment Obligation Receivable | As at December 31 2017 2016 $ thousands Deferred payment receivable 175,000 - |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Schedule of Composition of Property, Plant and Equipment | Composition As at December 31, 2017 Balance at beginning of year Additions Disposals Differences in translation reserves Sale of subsidiaries* Balance at end of year $ thousands Cost Land, roads, buildings and leasehold improvements 1,041,723 4,139 (1,615 ) 4,167 (1,005,625 ) 42,789 Installations, machinery and equipment 2,445,579 68,410 (70,142 ) 49,825 (1,994,241 ) 499,431 Dams 164,469 105 (5 ) - (164,569 ) - Office furniture and equipment and motor vehicles 455,352 43,744 (4,954 ) 11,589 (500,163 ) 5,568 4,107,123 116,398 (76,716 ) 65,581 (3,664,598 ) 547,788 Plants under construction 131,178 109,709 (15 ) 9,356 (85,609 ) 164,619 Spare parts for installations 68,854 4,364 (186 ) 1,487 (61,129 ) 13,390 4,307,155 230,471 (76,917 ) 76,424 (3,811,336 ) 725,797 Accumulated depreciation Land, roads, buildings and leasehold improvements 83,737 20,523 (807 ) 530 (96,690 ) 7,293 Installations, machinery and equipment 637,794 112,416 (13,466 ) 8,547 (644,458 ) 100,833 Dams 48,385 8,097 (250 ) - (56,232 ) - Office furniture and equipment and motor vehicles 39,939 23,824 (1,307 ) 484 (61,433 ) 1,507 809,855 164,860 (15,830 ) 9,561 (858,813 ) 109,633 Balance as at December 31, 2017 3,497,300 65,611 (61,087 ) 66,863 (2,952,523 ) 616,164 * This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million. As at December 31, 2016 Balance at beginning of year Additions Disposals Differences in translation reserves Acquisition as part of business combination Transfers and Reclassifications Balance at end of year $ thousands Cost Land, roads, buildings and leasehold improvements 288,538 7,759 (1,244 ) 629 2,441 743,600 1,041,723 Installations, machinery and equipment 1,840,754 46,652 (35,616 ) 7,350 — 586,439 2,445,579 Dams 138,310 159 (965 ) — — 26,965 164,469 Office furniture and equipment and motor vehicles 52,124 25,866 (8,958 ) 12,129 375,063 (872 ) 455,352 2,319,726 80,436 (46,783 ) 20,108 377,504 1,356,132 4,107,123 Plants under construction 1,260,375 217,278 (167 ) 385 7,839 (1,354,532 ) 131,178 Spare parts for installations 44,299 20,139 (477 ) 281 7,152 (2,540 ) 68,854 3,624,400 317,853 (47,427 ) 20,774 392,495 (940 ) 4,307,155 Accumulated depreciation Land, roads, buildings and leasehold improvements 71,953 13,169 (1,434 ) 48 — 1 83,737 Installations, machinery and equipment 530,324 123,275 (16,512 ) 970 — (263 ) 637,794 Dams 46,764 1,742 (121 ) — — — 48,385 Office furniture and equipment and motor vehicles 21,538 20,591 (2,665 ) 212 — 263 39,939 670,579 158,777 (20,732 ) 1,230 — 1 809,855 Balance as at December 31, 2016 2,953,821 159,076 (26,695 ) 19,544 392,495 (941 ) 3,497,300 Prepayments on account of property, plant & equipment 6,057 — 2,959,878 3,497,300 |
Schedule of Net Carrying Values of Property, Plant and Equipment | Net carrying values As at December 31 2017 2016 $ thousands Land, roads 35,496 957,986 Installations, machinery and equipment 398,598 1,807,785 Dams - 116,084 Office furniture and equipment, motor vehicles and other equipment 4,061 415,413 Plants under construction 164,619 131,178 Spare parts for installations 13,390 68,854 616,164 3,497,300 |
Schedule of Composition of Depreciation Expense | The composition of the depreciation expense from continuing operations As at December 31 2017 2016 $ thousands Depreciation charged to results 30,794 27,286 |
Schedule of Composition of Depreciation and Amortization Expense | As at December 31 2017 2016 $ thousands Depreciation charged to cost of sales 30,102 26,697 Depreciation charged to general, selling and administrative expenses 597 468 Depreciation charged to results 30,699 27,165 Amortization of intangibles charged to cost of sales - - Amortization of intangibles charged to general, selling and administrative expenses 95 121 Depreciation and amortization from continuing operations 30,794 27,286 |
I.C. Power [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Schedule of Composition of Property, Plant and Equipment | In I.C. Power, property, plant and equipment includes assets acquired through financing leases. As at December 31, 2017 and 2016, the cost and corresponding accumulated depreciation of such assets are as follows: As of December 31, 2017 As of December 31, 2016 Cost Accumulated depreciation Net cost Cost Accumulated Depreciation Net cost $ thousands Land, roads, buildings and leasehold improvements - - - 42,288 (6,602 ) 35,686 Installations, machinery and equipment - - - 275,852 (117,368 ) 158,484 Motor vehicles - - - 410 (46 ) 364 - - - 318,550 (124,016 ) 194,534 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets, Net | Composition: Goodwill Concessions licenses Customer relationships Software Others Total $ thousands Cost Balance as at January 1, 2017 117,550 189,351 41,074 1,771 83,897 433,643 Acquisitions as part of business combinations 296 - - 195 - 491 Acquisitions – self development - - - 179 10,280 10,459 Disposals - - - - (82 ) (82 ) Sale of subsidiaries (97,167 ) (189,351 ) (41,074 ) (1,066 ) (93,842 ) (422,500 ) Translation differences 1,235 - - 74 256 1,565 Balance as at December 31, 2017 21,914 - - 1,153 509 23,576 Amortization and impairment Balance as at January 1, 2017 21,455 5,434 20,942 1,015 8,019 56,865 Amortization for the year - 5,759 3,970 209 2,984 12,922 Disposals - - - 25 - 25 Sale of subsidiaries* - (11,193 ) (24,912 ) ( 804 ) ( 11,021 ) ( 47,930 ) Translation differences - - - - 53 53 Balance as at December 31, 2017 21,455 - - 445 35 21,935 Carrying value As at January 1, 2017 96,095 183,917 20,132 756 75,878 376,778 As at December 31, 2017 459 - - 708 474 1,641 Goodwill Concessions licenses Customer relationships Software Others Total $ thousands Cost Balance as at January 1, 2016 79,581 — 41,074 1,776 68,806 191,237 Acquisitions as part of business combinations 37,102 189,351 — — 5,796 232,249 Acquisitions – self development — — — 138 9,331 9,469 Disposals — — — (153 ) — (153 ) Reclassification — — — — (161 ) (161 ) Translation differences 867 — — 10 125 1,002 Balance as at December 31, 2016 117,550 189,351 41,074 1,771 83,897 433,643 Amortization and impairment Balance as at January 1, 2016 21,455 — 16,888 937 4,713 43,993 Amortization for the year — 5,434 4,054 227 3,287 13,002 Disposals — — — (153 ) — (153 ) Translation differences — — — 4 19 23 Balance as at December 31, 2016 21,455 5,434 20,942 1,015 8,019 56,865 Carrying value As at January 1, 2016 58,126 — 24,186 839 64,093 147,244 As at December 31, 2016 96,095 183,917 20,132 756 75,878 376,778 * This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million ($3 million in Others and $7 million in Goodwill). |
Schedule of Carrying Amounts of Intangible Assets | 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 2017 2016 $ thousands Intangible assets with a finite useful life 1,182 280,683 Intangible assets with an indefinite useful life or not yet available for use 459 96,095 1,641 376,778 |
Schedule of Goodwill from Cash Generating Units | Goodwill arises from the following Group entities in I.C. Power (cash generating unit): As at December 31 2017 2016 $ thousands Nejapa* - 40,693 Kallpa* - 10,934 Energuate* - 37,651 Surpetroil* - 6,699 OPC Rotem (former AIE) 459 118 459 96,095 * Discontinued operations |
Schedule of Key Assumptions Used for Estimating Recoverable Amounts of Cash Generating Units | The key assumptions used in the estimation of the recoverable amount are shown below. The values assigned to key assumptions represent management of the Group´s assessment of future trends in the power sector and have been based on historic data from external and internal sources. 2017 2016 Discount rate In percent Peru* - 6.7 Energuate* - 8.9 El Salvador* - 9.8 Colombia* - 8.2 Terminal value growth rate - 2 * Discontinued |
Loans and Debentures (Tables)
Loans and Debentures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Current Liabilities and Non-Current Liabilities | 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 31, in connection with financial instruments. As at December 31 2017 2016 $ thousands Current liabilities Short-term loans from banks, financial institutions and others (1) 317,684 213,417 317,684 213,417 Current maturities of long-term liabilities: Loans from banks, financial institutions and others 123,908 251,803 Non-convertible debentures 6,364 10,617 Liability in respect of financing lease - 6,976 130,272 269,396 Total current liabilities 447,956 482,813 Non-current liabilities Loans from banks and financial institutions 627,150 1,903,323 Non-convertible debentures 91,122 867,287 Liability in respect of financing lease - 88,169 Other long-term balances 543 240,213 Total other long-term liabilities 718,815 3,098,992 Less current maturities (130,272 ) (269,396 ) Total non-current liabilities 588,543 2,829,596 (1) Balances as at December 31, 2017 mainly relates to loans from related parties (see Note 30.E). |
Schedule of Composition of I.C. Power Loans from Banks and Others | Composition of I.C. Power loans from Banks and Others As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Short-term loans from banks I.C. Power Distribution Holdings Credit Suisse LIBOR + 4% USD 2017 — — 119,487 — Samay Interbank 2.9% USD 2017 — — 31,945 — DEOCSA Various entities LIBOR + 4.75% USD 2017 — — 18,000 — DEORSA Various entities LIBOR + 4.75% USD 2017 — — 12,000 — CDA Banco de Crédito del Perú 0.83% USD 2017 — — 14,000 — PQP Banco Industrial Guatemala 4.75% USD 2017 — — 6,000 — Cobee Various entities 4.2% / 5.5% BOB 2016/2017 — — 4,499 — Nejapa Scotiabank El Salvador 5.50% USD 2017 — — 4,200 — Empresa Energética Corinto Ltd Banco de América Central (BAC) 5.25% USD 2017 — — 1,586 — Cepp Scotiabank 2.4% USD 2017 — — 1,000 — BHD Bank 2.53% USD 2017 — — 200 — Surenergy Banco Davivienda DTF + 4.5% COP 2017 — — 500 — Short-term loans from banks Subtotal — — 213,417 — Loans from Banks and others Financial institutions: Cerro del Aguila Tranche A LIBOR+4.25% - LIBOR +5.50% USD 2024 — — 15,344 320,437 Tranche B LIBOR+4.25% - LIBOR +6.25% USD 2024 — — — 180,896 Tranche 1D LIBOR+2.75% - LIBOR +3.60% USD 2024 — — 1,760 38,697 Tranche 2D LIBOR+2.75% - LIBOR +3.60% USD 2027 — — — 21,959 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Samay I Sumitomo /HSBC / Bank of Tokyo LIBOR+2.125% - LIBOR +2.625% USD 2021 — — 5,047 302,247 Central Cardones Tranche One BCI / Banco Itaú LIBOR+1.90% USD 2021 — — 3,781 18,228 Tranche Two BCI / Banco Itaú LIBOR+2.75% USD 2021 — — — 13,383 Colmito Banco Bice 7.90% CLP 2028 — — 625 16,121 Consorcio Eólico Amayo, S.A. Banco Centroamericano de Integración Económica 8.45% - LIBOR +4% USD 2023 — — 5,307 37,376 Consorcio Eólico Amayo (Fase II), S.A. Various entities LIBOR+5.75%, 8.53%,10.76% USD 2025 — — 3,029 28,250 Empresa Energética Corinto, Ltd. Banco de América Central (BAC) 8.35% USD 2018 — — 3,124 3,402 Tipitapa Power Company, Ltd. Banco de América Central (BAC) 8.35% USD 2018 — — 2,801 3,328 Jamaica Private Power Company Royal Bank of Canada LIBOR + 5.50% USD 2017 — — 824 — Burmeister & Wain Scandinavian Contractor A/S 3.59% USD 2018 — — 338 233 PQP Banco Industrial LIBOR + 4.50% USD 2021 — — 2,374 9,632 Surpetroil S.A.S Banco de Occidente S.A IBR + 5.87% COP 2018 — — 504 375 Banco Pichincha DTF + 3% COP 2017 — — 100 — Kanan Scotiabank LIBOR + 3.5% USD 2021 — — 46,094 — Overseas Investments Peru Credit Suisse (D) LIBOR + 5%-6.5% USD 2017 99,964 — 97,274 — DEORSA Syndicated Loan – various banks LIBOR + 4.7% - LIBOR + 4.75% USD 2021/2025 — — 10,167 67,857 Syndicated Loan - various banks TAPP minus 5.6% - TAPP minus 6.1% GTQ 2021/2025 — — 4,687 30,653 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current DEOCSA Syndicated Loan – various banks LIBOR + 4.7% - LIBOR + 4.75% USD 2021/2025 — — 16,876 107,488 Syndicated Loan - various banks TAPP minus 5.6% - TAPP minus 6.1% GTQ 2021/2025 — — 6,215 43,127 RECSA Banco G&T Continental TAPP + 6.63% GTQ 2020 — — 931 3,722 OPC Rotem Ltd Lenders Consortium (E) 4.85% - 5.36% NIS 2031 23,944 463,160 20,290 344,240 OPC Hadera Facility B—Amitim and Menora Pension Funds (F) 7.75% NIS 2029 — 40,092 4,311 47,425 IC Power Asua Development Ltd Bank Hapoalim New York 0.75% USD 2019 — — — 12,000 AGS Veolia Energy Israel Ltd NIS 2019 — — — 444 Sub total 123,908 503,242 251,803 1,651,520 Liabilities in respect of finance leases: Kallpa Generación Banco de Crédito del Perú 7.15% USD 2023 — — 6,624 81,193 Surpetroil S.A.S. Banco de Occidente S.A. DTF + 3.5% COP 2017 — — 223 — DEORSA Arrendadora Agromercantil TAPP minus 2.47% GTQ 2017 — — 129 — Sub total — — 6,976 81,193 Debentures Cobee Bonds Cobee III-1B 6.50% USD 2017 — — 1,750 — Bonds Cobee III-1C (bolivianos) 9.00% BOB 2020 — — 1,586 4,757 Bonds Cobee III-2 6.75% USD 2017 — — 5,000 — Bonds Cobee III-3 (bolivianos) 7.00% BOB 2022 — — — 6,160 Bonds Cobee IV-1A 6.00% USD 2018 — — — 3,988 Bonds Cobee IV-1B 7.00% USD 2020 — — — 3,980 Bonds Cobee IV-1C (bolivianos) 7.80% BOB 2024 — — — 12,030 Cobee Bonds-IV Issuance 3 6.70% USD 2019 — — — 4,973 Cobee Bonds-IV Issuance 4 (bolivianos) 7.80% BOB 2024 — — — 15,039 Cobee Bonds-IV Issuance 5 (bolivianos) 5.75% BOB 2026 — — 1,950 17,697 As at As at December 31,2017 December 31,2016 $ thousands Nominal annual Interest rate Currency Maturity Current Non-Current Current Non-Current Inkia Energy Ltd Inkia Bonds 8.38% USD 2021 — — — 447,904 Kallpa Generación Kallpa Bonds 4.88% USD 2026 — — — 325,970 Cepp Cepp Bonds 6.00% USD 2019 — — — 9,945 Cobee Cobee Bonds (Premium) USD-BOB 2017-2024 — — 331 4,227 OPC Energy Ltd Bonds – Series A (G) 4.45% NIS 2030 6,364 84,758 — — Sub total 6,364 84,758 10,617 856,670 Total 130,272 588,000 482,813 2,589,383 |
Schedule of Classification based on Currencies and Interest Rates | Classification based on currencies and interest rates Weighted-average interest rate December 31 As at December 31 2017 2017 2016 % $ thousands Current liabilities (without current maturities) Short-term loans from financial institutions In dollars - 208,418 In other currencies - 4,999 - 213,417 Non-current liabilities (including current maturities) Debentures In dollars - 804,052 In other currencies 4.80 % 91,122 63,235 91,122 867,287 Loans from financial institutions (including financing lease) In dollars 7.90 % 99,964 1,467,369 In shekels 4.80 % 527,186 416,710 In quetzales - 89,464 In other currencies - 17,948 627,150 1,991,491 718,272 2,858,778 |
Schedule of Information Regarding the Financing Lease Liability Broken Down by Payment Dates | Information regarding the financing lease liability broken down by payment dates is presented below: As at December 31, 2017 As at December 31, 2016 Minimum future lease rentals Interest component Present value of minimum lease rentals Minimum future lease rentals Interest component Present value of minimum lease rentals $ thousands Less than one year - - - 13,016 6,040 6,976 From one year to five years - - - 85,849 19,217 66,632 More than five years - - - 15,207 646 14,561 - - - 114,072 25,903 88,169 |
Schedule of Main Covenants that the Group and Certain Group Entities must Comply with During the Term of the Debts | As at December 31, 2017, the main covenants that certain Group entities must comply with during the term of the debts were as follows: Covenant Group entities Debt service to coverage ratio OPC Rotem Not less than 1.25 |
Trade Payables (Tables)
Trade Payables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other current payables [abstract] | |
Schedule of Trade Payables | As at December 31 2017 2016 $ thousands Current Trade Payables 36,994 264,720 Accrued expenses and other payables 21,901 20,892 58,895 285,612 Non-current Trade Payables* - 44,057 (*) As of December 31, 2016, non-current trade payables correspond mainly to spare parts, used for major maintenance of facilities of discontinued operations, acquired according to a long-term program (LTP) agreement signed with Siemens. During 2016, these trade payables have not generated interests and no specific guarantee have been granted. |
Other Payables including Deri55
Other Payables including Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Payables Including Derivative Instruments | |
Schedule of Other Payables including Derivative Instruments | As at December 31 2017 2016 $ thousands Current liabilities: Financial derivatives not used for hedging 73 783 Financial derivatives used for hedging 439 11,563 The State of Israel and government agencies 1,208 4,206 Employees and payroll-related agencies 179 4,846 Customer advances and deferred income - 944 Accrued expenses 14, 915 23,563 Dividend payable to non-controlling interest - 2,893 Interest payable 21 23,038 Transaction costs on of subsidiaries 59,000 - Other 6,687 19,467 82, 522 91,303 Non-current liabilities: Financial derivatives not used for hedging - 1,342 Financial derivatives used for hedging - 13,701 Other financial derivatives - 29,594 - 44,637 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Provisions [abstract] | |
Schedule of Provisions | Financial Guarantee* Others Total Financial Guarantee* Others** Total 2017 2016 $ thousands $ thousands Balance at January, 1 118,763 768 119,531 - 41,686 41,686 Reclassified from long-term liabilities - - - 34,263 - 34,263 Provision made during the year - - - 130,193 - 130,193 Provision reversed to profit/(loss) during the year - - - (4,587 ) - (4,587 ) Provision paid/ released (74,421 ) (768 ) (75,189 ) (36,023 ) (40,170 ) (76,193 ) Effects of foreign currency - - - (5,083 ) (748 ) (5,831 ) Balance at December, 31 44,342 - 44,342 118,763 768 119,531 * Relates to Kenon’s provision of financial guarantees to Chery in respect of an obligation of Qoros (see Note 10.C.b.7). ** Corresponds to a provision made by an I.C. Power’s subsidiary as a result of a regulator charge. Expenses related to this provision were recognized in the cost of sales in the amount of $15 million in 2015. |
Contingent Liabilities, Commi57
Contingent Liabilities, Commitments and Concessions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of contingent liabilities, commitments and concessions [Abstract] | |
Schedule of Guarantees | As of December Guarantee party Description In thousands of NIS In thousands of $ Cash Collateral in thousands of $ Advanced Integrated Energy Ltd. IDOM - EPC Agreement — 10,500 — Advanced Integrated Energy Ltd. GE - CSA Agreement — 21,000 — OPC Rotem Ltd. Facility agreement 45,000 12,980 6,505 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Share Capital Company No. of shares (’000) 2017 2016 Authorised and in issue at January, 1 53,720 53,694 Authorised and in issued as part of the spin-off from IC — — 53,720 53,694 Issued for share plan 88 26 Authorised and in issue at December. 31 53,808 53,720 |
Cost of Sales and Services (Tab
Cost of Sales and Services (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of cost of sales and services [Abstract] | |
Schedule of Cost of Sales and Services | For the Year Ended December 31 2017 2016* 2015* $ thousands Capacity and energy purchases and transmission costs 50,973 57,310 93,196 Fuel, gas and lubricants 137,832 133,012 142,967 Payroll and related expenses 6,269 5,942 4,325 Regulatory expenses 62,908 48,509 - Third party services 2,670 2,890 - Other 6,484 4,003 4,328 267,136 251,666 244,816 * Restated (See note 2.E) |
Selling, General and Administ60
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of selling, general and administrative expenses [Abstract] | |
Schedule of Selling, General and Administrative Expenses | For the Year Ended December 31 2017 2016* 2015* $ thousands Payroll and related expenses 21,380 14,830 17,085 Depreciation and amortization 691 641 817 Professional fees 20,334 23,863 9,576 Other expenses 13,887 7,761 22,248 56,292 47,095 49,726 * Restated (See note 2.E) |
Financing Income (Expenses), 61
Financing Income (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financing Income Expenses Net Schedule Of Financing Income Expenses Net Details | |
Schedule of Financing Income (Expenses), Net | For the Year Ended December 31 2017 2016 2015 $ thousands Financing income Interest income from bank deposits 640 2,269 4,772 Net change from change in exchange rates 2,259 5,448 521 Net changes in fair value of Tower options series 9 - - 2,119 Net change in fair value of derivative financial instruments - 6 2,720 Other income 5 1 589 Financing income 2,904 7,724 10,721 Financing expenses Interest expenses to banks and others (59,514 ) (45,317 ) (34,378 ) Net change from change in exchange rates - - (648 ) Net change in fair value of derivative financial instruments (1,168 ) - - Other expenses (9,484 ) (1,959 ) (1,368 ) Financing expenses (70,166 ) (47,276 ) (36,394 ) Net financing expenses recognized in the statement of profit and loss (67,262 ) (39,552 ) (25,673 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income taxes [Abstract] | |
Schedule of Components of Income Taxes | Components of the Income Taxes For the Year Ended December 31 2017 2016 2015 $ thousands Current taxes on income In respect of current year* 64,291 1,687 25 In respect of prior years 44 92 (294 ) Deferred tax income Creation and reversal of temporary differences 8,474 473 9,312 Total taxes on income 72,809 2,252 9,043 No previously unrecognized tax benefits were used in 2015, 2016 or 2017 to reduce our current tax expense. * Current taxes on income for the current year includes $61 million taxes payable in connection with a planned restructuring to simplify the holding structure of some of the companies remaining in the Kenon group subsequent to the Inkia transaction. As a result of this restructuring (which was substantially completed in January 2018), Kenon will hold its interest in OPC directly. Kenon does not expect any further tax liability in relation to any future sales of its interest in OPC. |
Schedule of Reconciliation between Theoretical Tax Expense (Benefit) on Pre-tax Income (Loss) and Actual Income Tax Expenses | 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 2017 2016 2015 $ thousands (Loss)/profit from continuing operations before income taxes (135,636 ) (426,900 ) 32,154 Statutory tax rate 17.00 % 17.00 % 17.00 % Tax computed at the statutory tax rate (23,058 ) (72,573 ) 5,466 Increase (decrease) in tax in respect of: Elimination of tax calculated in respect of the Group’s share in losses of associated companies 20,924 31,651 18,880 Income subject to tax at a different tax rate 63,446 (2,548 ) 7,218 Non-deductible expenses 12,850 41,960 3,944 Exempt income (7,006 ) - (35,651 ) Taxes in respect of prior years 44 92 (294 ) Impact of change in tax rate - - - Changes in temporary differences in respect of which deferred taxes are not recognized 4,285 1,419 580 Tax losses and other tax benefits for the period regarding which deferred taxes were not recorded 350 2,449 8,335 Differences between the measurement base of income reported for tax purposes and the income reported in the financial statements 13 - (419 ) Other differences 961 (198 ) 984 Taxes on income included in the statement of profit and loss 72,809 2,252 9,043 |
Schedule of Deferred Tax Assets and Liabilities Recognized | The deferred Property plant and equipment Employee benefits Carryforward of losses and deductions for tax purposes Other* Total $ thousands Balance of deferred tax asset (liability) as at January 1, 2016 (123,968 ) 601 61,943 (73,966 ) (135,390 ) Changes recorded on the statement of profit and loss (48,212 ) 286 28,014 1,741 (18,171 ) Changes recorded to equity reserve — 61 — (5,249 ) (5,188 ) Translation differences (1,495 ) 15 398 791 (291 ) Impact of change in tax rate 7,638 — (5,620 ) (8,875 ) (6,857 ) Changes in respect of business combinations (41,456 ) 748 — 6,355 (34,353 ) Balance of deferred tax asset (liability) as at December 31, 2016 (207,493 ) 1,711 84,735 (79,203 ) (200,250 ) Changes recorded on the statement of profit and loss (13,940 ) (1,097 ) (13,919 ) 15,845 (13,111 ) Changes recorded to equity reserve - 882 - (7,024 ) (6,142 ) Translation differences (10,046 ) 24 4,397 1,253 (4,372 ) Impact of change in tax rate 575 - - - 575 Sale of subsidiaries 140,736 (1,520 ) (39,764 ) 71,095 170,547 Balance of deferred tax asset (liability) as at December 31, 2017 (90,168 ) - 35,449 1,966 (52,753 ) * This amount includes deferred tax arising from derivative instruments, intangibles, undistributed profits, non-monetary items and trade receivables distribution. |
Schedule of Deferred Taxes Presented in Statements of Financial Position | The deferred taxes are presented in the statements of financial position as follows: As at December 31 2017 2016 $ thousands As part of non-current assets - 25,104 As part of non-current liabilities (52,753 ) (225,354 ) (52,753 ) (200,250 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Schedule of (Loss)/Income Allocated to Holders of Ordinary Shareholders | Income/(Loss) allocated to the holders of the ordinary shareholders For the Year Ended December 31 2017 2016 2015 $ thousands Income/(Loss) for the year attributable to Kenon’s shareholders 236,590 (411,937 ) 72,992 Income for the year from discontinued operations (after tax) 476,565 35,150 72,781 Less: NCI (24,928 ) (13,250 ) (12,872 ) Income for the year from discontinued operations (after tax) attributable to Kenon’s shareholders 451,637 21,900 59,909 (Loss)/Income for the year from continuing operations attributable to Kenon’s shareholders (215,047 ) (433,837 ) 13,083 |
Schedule of Number of Ordinary Shares | Number of ordinary shares For the Year Ended December 31 2017 2016 2015 ('000) Weighted Average number of shares used in calculation of basic/diluted earnings per share 53,761 53,720 53,649 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of discontinued operations [Abstract] | |
Schedule of Results Attributable to 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 /( 816,544 ( 300,833 ) ( 637,994 ) Net cash flows (used in)/ (103,524 ) 25,308 163,714 Cash and cash equivalents provided by/( ) 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 |
Segment, Customer and Geograp65
Segment, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of operating segments [abstract] | |
Schedule of Information Regarding Reportable Segments | Financial information of the reportable segments is set forth in the following table. OPC Qoros* Other Adjustments Total $ thousands 2017 Total sales 365,395 - 309 - 365,704 Income/(loss) before taxes 22,708 (121,198 ) (37,146 ) - (135,636 ) Income Taxes (8,945 ) - (63,864 ) - (72,809 ) Income/(loss) from continuing operations 13,763 (121,198 ) (101,010 ) - (208,445 ) Depreciation and amortization 30,102 - 692 - 30,794 Financing income (1,088 ) - (13,230 ) 11,414 (2,904 ) Financing expenses 33,753 - 47,827 (11,414 ) 70,166 Other items: Share in losses/(income) of associated companies - 121,198 (10,533 ) - 110,665 Write back of impairment of investments - - (28,758 ) - (28,758 ) 62,767 121,198 (4,002 ) - 179,963 Adjusted EBITDA 85,475 - (41,148 ) - 44,327 Segment assets 939,809 - 1,464,354 - 2,404,163 Investments in associated companies - 1,694 120,000 - 121,694 2,525,857 Segment liabilities 742,692 - 731,818 - 1,474,510 Capital expenditure 109,226 - 121,245 - 230,471 * Associated Company – See Note 10.A.2 and 10.C.b. OPC Qoros* Other Adjustments Total $ thousands 2016 Total sales 324,188 - 65 - 324,253 Income/(loss) before taxes 20,450 (142,534 ) (304,816 ) - (426,900 ) Income Taxes (67 ) - (2,185 ) - (2,252 ) Income/(loss) from continuing operations 20,383 (142,534 ) (307,001 ) - (429,152 ) Depreciation and amortization 26,697 - 589 - 27,286 Financing income (2,988 ) - (17,081 ) 12,345 (7,724 ) Financing expenses 22,838 - 36,783 (12,345 ) 47,276 Other items: Share in losses/(income) of associated companies - 142,534 43,681 - 186,215 Provision of financial guarantee - - 130,193 - 130,193 Impairment of investments - - 72,263 - 72,263 46,547 142,534 266,428 - 455,509 Adjusted EBITDA 66,997 - (38,388 ) - 28,609 Segment assets 667,631 - 4,261,929 - 4,929,560 Investments in associated companies - 117,593 90,640 - 208,233 5,137,793 Segment liabilities 533,684 - 3,709,905 - 4,243,589 Capital expenditure 72,540 - 245,313 - 317,853 * Associated Company – See Note 10.A.2 and 10.C.b. OPC Qoros* Other Adjustments Total $ thousands 2015 Total sales 325,570 - 329 - 325,899 Income/(loss) before taxes 29,975 (196,223 ) 198,402 - 32,154 Income Taxes (8,151 ) - (892 ) - (9,043 ) Income/(loss) from continuing operations 21,824 (196,223 ) 197,510 - 23,111 Depreciation and amortization 25,435 - 1,605 - 27,040 Financing income (3,140 ) - (7,581 ) - (10,721 ) Financing expenses 26,315 - 10,079 - 36,394 Other items: Share in losses/(income) of associated companies - 196,223 (9,190 ) - 187,033 Gain from distribution of dividend in kind - - (209,710 ) - (209,710 ) Asset impairment - - 6,541 - 6,541 48,610 196,223 (208,256 ) - 36,577 Adjusted EBITDA 78,585 - (9,854 ) - 68,731 Segment assets 810,551 - 3,303,204 - 4,113,755 Investments in associated companies - 158,729 210,293 - 369,022 4,482,777 Segment liabilities 676,832 - 2,542,390 - 3,219,222 Capital expenditure 18,273 - 556,116 - 574,389 * Associated Company – See Note 10.A.2 and 10.C.b. |
Schedule of Major Customers and Percentage of Group's Total Revenues | Following is information on the total sales of the Group to material customers and the percentage of the Group’s total revenues (in $ thousand): 2017 2016 2015 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 75,735 20.71 % 59,880 18.47 % 70,545 21.65 % Customer 2 * * * * 35,760 10.97 % Customer 3 53,605 14.66 % 39,355 12.14 % 43,904 13.47 % Customer 4 50,447 13.79 % 32,446 10.01 % 35,650 10.94 % Customer 5 38,212 10.45 % 36,391 11.22 % * * (*) Represents an amount less than 10% of revenues. |
Schedule of Information Based on Geographic Areas | The Group’s geographic revenues are as follows: For the year ended December 31 2017 2016 2015 $ thousands Israel 365,395 324,188 325,570 Others 309 65 329 Total revenues 365,704 324,253 325,899 |
Schedule of Non-current Assets on the Basis of Geographic Location | The Group’s non-current assets* on the basis of geographic location: As at December 31 2017 2016 $ thousands Peru - 1,910,421 Guatemala - 682,985 Israel 617,358 495,639 Others 447 785,033 Total non-current assets 617,805 3,874,078 * Composed of property, plant and equipment and intangible assets. |
Related-party Information (Tabl
Related-party Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions with Directors and Officers (Kenon's Directors and Officers) | Key management personnel compensation 2017 2016 $ thousands Short-term benefits 5,632 4,352 Share-based payments 508 547 6,140 4,899 |
Schedule of Transactions with Related Parties (Excluding Associates) | Transactions with related parties (excluding associates): For the year ended December 31 2017 2016 2015 $ thousands Sales of electricity 102,443 148,119 135,655 Administrative expenses 331 614 329 Sales of gas 31,296 29,873 — Financing expenses, net 18,444 14,475 10,716 |
Schedule of Transactions with Associates | Transactions with associates: For the year ended December 31 2017 2016 2015 $ thousands Sales of electricity — — 5,115 Operating expenses — — 204 Other income, net 198 178 95 |
Schedule of Balances with Related Parties | Balances with related parties: As at December As at December 2017 2016 Ansonia Other related parties * Total Ansonia Other related parties * Total $ thousands $ thousands Cash and short-term deposit — — — — 2,462 2,462 Trade receivables — 12,778 12,778 — 12,245 12,245 Loans and Other Liabilities In US dollar or linked thereto 75,081 242,598 317,679 45,735 222,971 268,706 Weighted-average interest rates (%) 6.00 % 7.69 % 7. 29 % 6.00 % 7.24 % 6.62 % Repayment years Current maturities 75,081 242,598 — — Second year — — 45,735 — Third year — — — — Fourth year — — — — Fifth year — — — — Sixth year and thereafter — — — 222,971 75,081 242,598 45,735 222,971 * IC, Israel Chemicals Ltd (“ICL”), Oil Refineries Ltd (“ORL”). |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Maximum Exposure to Credit Risk for Financial Assets | The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As at December 31 2017 2016 $ thousands Carrying amount Cash and cash equivalents 1,417,388 326,635 Short-term investments 7,144 89,545 Trade receivables , net 44,137 284,532 Long-term trade receivables - 10,120 Other current assets 35, 752 28,462 Deposits and other long-term receivables including derivative instruments 281,717 66,434 1,786, 138 805,728 |
Schedule of Maximum Exposure to Credit Risk for Trade Receivables By Geographic Region | The maximum exposure to credit risk for trade receivables, as of the date of the report, by geographic region was as follows: As at December 31 2017 2016 $ thousands Israel 44,058 34,779 South America - 93,293 Central America - 155,142 Other regions 79 11,438 44,137 294,652 |
Schedule of Aging of Trade Receivables | Set below is an aging of the trade receivables: As at December 31, 2017 As at December 31, 2016 For which impairment was not recorded For which impairment was recorded For which impairment was not recorded For which impairment was recorded Gross Impairment Gross Impairment $ thousands $ thousands Not past due 50 — — 233,787 8 (8 ) Past due up to 3 months 40,879 — — 50,723 — — Past due 3 – 6 months 3,208 — — 9,160 282 (282 ) Past due 6 – 9 months — — — 83 — — Past due 9 – 12 months — — — 652 — — Past due more than one year — — — 247 4,714 (4,714 ) 44,137 — — 294,652 5,004 (5,004 ) |
Schedule of Anticipated Repayment Dates of the Financial Liabilities | This disclosure does not include amounts regarding which there are offset agreements: As at December 31, 2017 Book value Projected cash flows Up to 1 year 1-2 years 2-5 years More than 5 years $ thousands Non-derivative financial liabilities Loans from banks and others * 317,684 317,786 317,786 - - - Trade payables 58,895 58,895 58,895 - - - Other payables 77,869 77,964 77,964 - - - Non-convertible debentures ** 91,122 125,089 13,153 7,086 34,033 70,817 Loans from banks and others ** 627,150 846,652 157,805 50,768 173,222 464,857 Liabilities in respect of financing lease - - - - - - Financial guarantee *** 44,342 44,342 44,342 - - - Financial liabilities – hedging instruments Forward exchange rate contracts 439 439 439 - - - Financial liabilities not for hedging Derivatives on exchange rates 73 73 73 - - - 1,217,574 1,471,240 670,457 57,854 207,255 535,674 * Excludes current portion of long-term liabilities. ** Includes current portion of long-term liabilities. *** Financial Guarantees contractual period in Qoros is dependent on Qoros’s timeliness to meet the obligation of current loans payable. As at December 31, 2016 Book value Projected cash flows Up to 1 year 1-2 years 2-5 years More than 5 years $ thousands Non-derivative financial liabilities Loans from banks and others * 213,417 219,651 219,651 - - - Trade payables 285,612 285,612 285,612 - - - Other payables 160,540 160,540 59,650 10,121 21,718 69,051 Non-convertible debentures ** 867,287 1,190,032 58,113 57,217 616,765 457,937 Loans from banks and others ** 2,143,499 2,756,851 340,684 244,508 977,251 1,194,408 Liabilities in respect of financing lease 88,169 114,069 13,013 12,171 57,432 31,453 Financial guarantee *** 118,763 118,763 118,763 - - - Financial liabilities – hedging instruments Interest SWAP contracts 22,865 22,865 9,930 5,788 4,192 2,955 Forward exchange rate contracts 2,399 2,399 1,627 772 - - Financial liabilities not for hedging Interest SWAP contracts and options 2,125 2,125 783 570 688 84 Derivatives from debt restructure 29,594 29,594 - 29,594 - - 3,934,270 4,902,501 1,107,826 360,741 1,678,046 1,755,888 * Excludes current portion of long-term liabilities and long-term liabilities which were classified to short-term. ** Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. *** Financial Guarantees contractual period in Qoros is dependent on Qoros’s timeliness to meet the obligation of current loans payable. |
Schedule of Exposure to CPI and Foreign Currency Risks | Exposure to CPI and foreign currency risks As at December 31, 2017 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 158,679 — 18,593 Short-term investments, deposits and loans 60,855 — — Trade receivables 42,004 — — Other receivables 2,686 — 3,603 Long-term deposits and loans 25,600 — — Total financial assets 289,824 — 22,196 Loans from banks and others — — 30,308 Trade payables 31,286 — 86 Other payables 3,178 — 1,316 Long-term loans from banks and others and debentures 109,629 478,891 — Total financial liabilities 144,093 478,891 31,710 Total non-derivative financial instruments, net 145,731 478,891 (9,514 ) Derivative instruments — — (439 ) Net exposure 145,731 478,891 (9,953 ) As at December 31, 2016 Foreign currency Shekel Unlinked CPI linked Other Non-derivative instruments Cash and cash equivalents 11,810 — 24,240 Short-term investments, deposits and loans 29,137 — 26,198 Trade receivables 34,779 — 172,664 Other receivables 665 — 6,964 Long-term deposits and loans 20,349 — 16,412 Total financial assets 96,740 — 246,478 Loans from banks and others — — 34,998 Trade payables 26,913 — 128,512 Other payables 1,093 1,205 17,266 Long-term loans from banks and others and debentures 444 416,266 465,262 Total financial liabilities 28,450 417,471 646,038 Total non-derivative financial instruments, net 68,290 (417,471 ) (399,560 ) Derivative instruments — — (2,421 ) Net exposure 68,290 (417,471 ) (401,981 ) |
Schedule of Sensitivity Analysis | A strengthening of the dollar exchange rate by 5%–10% against the following currencies and change of the CPI in rate of 5%–10% 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. The analysis is performed on the same basis for 2015. As at December 31, 2017 10% increase 5% increase 5% decrease 10% decrease $ thousands Non-derivative instruments Shekel/dollar 13,248 6,940 (6,940 ) (13,248 ) CPI (43,536 ) (22,804 ) 22,804 43,536 Dollar/other (2,559 ) (1,269 ) 1,269 2,559 As at December 31, 2016 10% increase 5% increase 5% decrease 10% decrease $ thousands Non-derivative instruments Shekel/dollar 6,208 3,252 (3,252 ) (6,208 ) CPI (37,952 ) (19,880 ) 19,880 37,952 Dollar/other (44,447 ) (21,044 ) 19,037 36,332 |
Schedule of Type of Interest Borne by Financial Instruments | Set As at December 31 2017 2016 Carrying amount $ thousands Fixed rate instruments Financial assets 1,438,243 157,121 Financial liabilities - (1,530,715 ) 1,438,243 (1,373,594 ) Variable rate instruments Financial assets - 20,167 Financial liabilities (239,876 ) (2,600,799 ) (239,876 ) (2,580,632 ) |
Schedule of Effect of 100 Basis Point Change on Profit and Loss | A change As at December 31, 2017 100bp increase 100 bp decrease $ thousands Variable rate instruments (2,399 ) 2,399 As at December 31, 2016 100bp increase 100 bp decrease $ thousands Variable rate instruments (25,806 ) 25,806 |
Schedule of Carrying Amount and Fair Value of Financial Instrument Groups | The following table shows in detail the carrying amount and the fair value of financial instrument groups presented in the financial statements As at December 31, 2017 Carrying amount Level 2 $ thousands Non-convertible debentures 91,122 105,488 Long-term loans from banks and others (excluding interests) 527,706 649,487 As at December 31, 2016 Carrying amount Level 2 $ thousands Non-convertible debentures 867,287 947,786 Long-term loans from banks and others (excluding interests) 2,116,740 2,354,612 * The fair value is 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. |
Schedule of Financial Instruments Measured at 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. As at As at December 31, 2017 December 31, 2016 Level 2 Level 2 $ thousands $ thousands Assets Derivatives not used for accounting hedge (a) 1,471 3,173 1,471 3,173 Liabilities Financial guarantee - - Derivatives used for accounting hedge 439 25,264 Derivatives not used for accounting hedge 73 2,125 Other financial derivatives - 29,594 512 56,983 (a) Includes |
Schedule of Valuation Techniques Used in Measuring Level 2 Fair Values | The following Type Valuation technique Significant unobservable data Inter-relationship between significant unobservable inputs and fair value measurement Interest rate Swaps The Group applies standard valuation techniques such as: discounted cash flows projected LIBOR zero coupon curve Not applicable Not applicable Foreign Exchange Forwards The Group applies standard valuation techniques which include market observable parameters such as the implicit exchange rate calculated with forward points. These variables are obtained through market information suppliers. Not applicable Not applicable Credit from banks, others and debentures Discounted cash flows with market interest rate Not applicable Not applicable Marketable Securities held for trade DLOM valuation method Not applicable Not applicable |
Significant Accounting Polici68
Significant Accounting Policies (Schedule of Useful Lives for Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Roads, buildings and leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 2 50 |
Thermal power plants [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 10 35 |
Hydro-electric plants [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 70 90 |
Wind power plants [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 25 |
Power generation and electrical [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 20 |
Dams [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 18 80 |
Office furniture, motor vehicles and other equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 3 16 |
Substations, medium voltage equipment and transf.MV/LV [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 30 40 |
Meters and connections [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives (Years) | 10 25 |
Significant Accounting Polici69
Significant Accounting Policies (Schedule of Estimated Useful Lives for Intangible Assets) (Details) | 12 Months Ended | |
Dec. 31, 2017 | ||
Others [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives | 5-27 years | |
Concessions [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives | 33 years | [1] |
Customer relationships [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives | 1-12 years | |
Software costs [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Estimated useful lives | 5 years | |
[1] | The concessions are amortized over the remaining life of the licenses from the date of the business combination. |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents [abstract] | ||||
Cash in banks | $ 1,313,710 | $ 320,199 | ||
Time deposits | 103,678 | 6,436 | ||
Cash and cash equivalents | $ 1,417,388 | $ 326,635 | $ 383,953 | $ 610,056 |
Short-Term investments and de71
Short-Term investments and deposits (Narrative) (Details) | Dec. 31, 2017 |
Fixed interest rate [Member] | |
Disclosure of financial assets [line items] | |
Market interest rates | 0.07% |
Short-Term investments and de72
Short-Term investments and deposits (Schedule of Short-Term Investments and Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of short-term investments and deposits [Abstract] | |||
Restricted cash and short-term deposits | [1] | $ 7,085 | $ 89,475 |
Other | 59 | 70 | |
Short-term investments and deposits | $ 7,144 | $ 89,545 | |
[1] | As at December 31, 2017, it mainly corresponds to the amount held in escrow account as collateral for contractual obligations, see note 21.B(a). It earns interest at a market interest rate of 0.07% |
Trade Receivables, Net (Schedul
Trade Receivables, Net (Schedule of Trade Receivables, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other current receivables [abstract] | ||
Trade Receivables | $ 44,137 | $ 285,100 |
Less - allowance for doubtful debts | (568) | |
Trade receivables, net | $ 44,137 | $ 284,532 |
Other Current Assets (Narrative
Other Current Assets (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | |||
Discontinued operations' receivables | [1] | $ 6,378 | $ 27,085 |
Insurance claims [Member] | |||
Disclosure of financial assets [line items] | |||
Discontinued operations' receivables | $ 16,000 | ||
[1] | As at December 31, 2016, this includes discontinued operations' receivables of $16 million from insurance claims, transmission line sale, transaction costs and selective consumption tax on heavy fuel oil. |
Other Current Assets (Schedule
Other Current Assets (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other current assets [Abstract] | |||
Advances to suppliers | $ 673 | $ 141 | |
Prepaid expenses | 1,818 | 6,039 | |
Derivative instruments | 1,471 | 1,831 | |
Government agencies | 7,408 | 14,677 | |
Contingent consideration | [1] | 18,004 | |
Other receivables | [2] | 6,378 | 27,085 |
Other current assets | $ 35,752 | $ 49,773 | |
[1] | This represents the contingent consideration receivable from ISQ as a part of the transaction described in Note 29. | ||
[2] | As at December 31, 2016, this includes discontinued operations' receivables of $16 million from insurance claims, transmission line sale, transaction costs and selective consumption tax on heavy fuel oil. |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Classes of current inventories [abstract] | |||
Fuel and spare parts | [1] | $ 91,659 | |
[1] | Inventories as at December 31, 2016 belongs to discontinued operations. |
Investment in Associated Comp77
Investment in Associated Companies (Additional Information - ZIM) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2014 | |||
Disclosure of associates [line items] | |||||||
Liabilities | $ 1,474,510 | $ 4,243,589 | $ 3,219,222 | ||||
Total consideration transferred | (3,280) | ||||||
Goodwill | 459 | 96,095 | |||||
Total equity | 1,051,347 | 894,204 | 1,263,555 | $ 1,437,698 | |||
Operating profit from continuing operations | 42,291 | (70,940) | [1] | 244,860 | [1] | ||
Profit/(loss) for the year | (268,120) | 394,002 | [1] | (95,892) | [1] | ||
Write back/(impairment) of assets and investments | $ (28,758) | 72,263 | [1] | 6,541 | [1] | ||
Disposal gain | $ 5,000 | 10,000 | |||||
ZIM [Member] | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest | 32.00% | 32.00% | |||||
Lease contracts | $ 73,000 | ||||||
Total equity | (93,000) | $ (101,000) | |||||
Working capital | (107,000) | (65,000) | |||||
Operating profit from continuing operations | 135,000 | 52,000 | 98,000 | ||||
Profit/(loss) for the year | 11,000 | 164,000 | 7,000 | ||||
Liquidity | 182,000 | ||||||
Deferred Amounts | 116,000 | ||||||
Secured deferred amount | $ 108,000 | ||||||
Margin | 9.00% | ||||||
Discount rate | 30.00% | ||||||
Write back/(impairment) of assets and investments | $ 28,758 | (72,263) | 7,000 | ||||
Disposal gain | 16,000 | $ 32,000 | |||||
Write-back impairment | 29,000 | ||||||
Borrowings | 120,000 | ||||||
ZIM [Member] | ZIM Deferred Amounts [Member] | |||||||
Disclosure of associates [line items] | |||||||
Interest rate basis | LIBOR | ||||||
Adjustment to interest rate basis | 2.80% | ||||||
ZIM [Member] | Bottom of range [member] | |||||||
Disclosure of associates [line items] | |||||||
Liquidity | $ 125,000 | $ 125,000 | $ 150,000 | ||||
Fixed charge coverage ratio | 0.78 | ||||||
Total leverage ratio | 6.64 | ||||||
Recoverable amount excess | $ 418,000 | ||||||
ZIM [Member] | Bottom of range [member] | Level 3 of fair value hierarchy [member] | |||||||
Disclosure of associates [line items] | |||||||
Net Debt | 120,000 | ||||||
ZIM [Member] | Top of range [Member] | |||||||
Disclosure of associates [line items] | |||||||
Liquidity | $ 182,000 | ||||||
Fixed charge coverage ratio | 0.99 | ||||||
Total leverage ratio | 23.69 | ||||||
Recoverable amount excess | $ 543,000 | ||||||
ZIM [Member] | Top of range [Member] | Level 3 of fair value hierarchy [member] | |||||||
Disclosure of associates [line items] | |||||||
Net Debt | $ 180,000 | ||||||
[1] | Restated (See note 2.E and 28) |
Investment in Associated Comp78
Investment in Associated Companies (Additional Information - Qoros) (Narrative) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Jan. 31, 2018 | Apr. 30, 2017CNY (¥) | Mar. 31, 2017CNY (¥) | Nov. 30, 2015USD ($) | Nov. 30, 2015CNY (¥) | May 15, 2015USD ($) | May 12, 2015USD ($) | May 12, 2015CNY (¥) | Jul. 31, 2012USD ($) | Jul. 31, 2012CNY (¥) | Mar. 10, 2017USD ($) | Mar. 10, 2017CNY (¥) | Mar. 10, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016USD ($) | Dec. 31, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2017CNY (¥) | Mar. 10, 2017CNY (¥) | Dec. 31, 2016CNY (¥) | Dec. 25, 2016USD ($) | Dec. 25, 2016CNY (¥) | Dec. 24, 2016CNY (¥) | Jun. 30, 2016USD ($) | Jun. 29, 2016USD ($) | Feb. 29, 2016USD ($) | Feb. 29, 2016CNY (¥) | Dec. 31, 2015CNY (¥) | May 15, 2015CNY (¥) | May 12, 2015CNY (¥) | Feb. 12, 2015USD ($) | Feb. 12, 2015CNY (¥) | Jul. 31, 2014USD ($) | Jul. 31, 2014CNY (¥) | Dec. 31, 2012USD ($) | Dec. 31, 2012CNY (¥) | Jul. 31, 2012CNY (¥) | |||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Profit/(loss) for the year | $ | $ 268,120 | $ (394,002) | [1] | $ 95,892 | [1] | |||||||||||||||||||||||||||||||||||||||
Nominal annual interest rate | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||||||
Guarantee provision | $ | $ 160,000 | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||
Provision of financial guarantee | $ | (130,193) | [1] | [1] | |||||||||||||||||||||||||||||||||||||||||
Receipt of long-term loans and issuance of debentures | $ | 1,938,877 | $ 799,481 | 333,549 | |||||||||||||||||||||||||||||||||||||||||
Additional Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 22.60% | 22.60% | ||||||||||||||||||||||||||||||||||||||||||
2012 Guarantee [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | $ 142,000 | $ 240,000 | ||||||||||||||||||||||||||||||||||||||||||
Ansonia Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of borrowings | $ | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest | 58.00% | 58.00% | ||||||||||||||||||||||||||||||||||||||||||
China, Yuan Renminbi [Member] | 2012 Guarantee [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | ¥ 888,000 | ¥ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||||
Ansonia Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | $ 69,000 | |||||||||||||||||||||||||||||||||||||||||||
Nominal annual interest rate | 6.00% | 6.00% | ||||||||||||||||||||||||||||||||||||||||||
Maturity term | 9 months | 9 months | ||||||||||||||||||||||||||||||||||||||||||
Ansonia Holdings [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | ¥ 450,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | $ | $ 114,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | $ 44,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 10.30% | 10.30% | ||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | First Tranche [Member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | $ | $ 57,000 | |||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | $ | 63,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | Second Tranche [Member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | $ | 15,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | 425,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | Financial guarantee contracts [member] | After Guarantee Release [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | $ 125,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | 777,000 | ¥ 777,000 | ||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | 288,500 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | [2] | 10.30% | 10.30% | |||||||||||||||||||||||||||||||||||||||||
Release of guarantees | ¥ 850,000 | ¥ 850,000 | [3] | |||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | Spin-Off/November 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | May/November 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | 700,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | First Tranche [Member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 388,500 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | [4] | ¥ 850,000 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 5.17% | |||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | ¥ 425,000 | [3] | ¥ 425,000 | |||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | Second Tranche [Member] | Entering into significant commitments or contingent liabilities [member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | ¥ 425,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 5.17% | |||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | ¥ 105,000 | [3] | ¥ 425,000 | |||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | Financial guarantee contracts [member] | Prior to Guarantee Release [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | 1,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | 1,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros Credit Facility Member [member] | China, Yuan Renminbi [Member] | Financial guarantee contracts [member] | After Guarantee Release [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | ¥ 825,000 | |||||||||||||||||||||||||||||||||||||||||||
Consortium Loan Agreement [Member] | Loan One [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Receipt of long-term loans and issuance of debentures | $ | $ 65,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Total investment | $ | $ 1,700 | 117,000 | ||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | $ 130,000 | $ 64,000 | ||||||||||||||||||||||||||||||||||||||||||
Profit/(loss) for the year | $ | (211,000) | (284,000) | ||||||||||||||||||||||||||||||||||||||||||
Net current liabilities | $ | $ 555,000 | $ 515,000 | ||||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest | [5] | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||
Shareholder loan | $ | $ 36,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest | 51.00% | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Additional Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | ¥ 800,000 | ¥ 400,000 | ||||||||||||||||||||||||||||||||||||||||||
Profit/(loss) for the year | ¥ (1,400,000) | ¥ (1,900,000) | ||||||||||||||||||||||||||||||||||||||||||
Net current liabilities | ¥ 3,700,000 | ¥ 3,570,000 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder loan | ¥ 250,000 | |||||||||||||||||||||||||||||||||||||||||||
Change in guarantee amount | $ | $ 250,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | China, Yuan Renminbi [Member] | Additional Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | ¥ 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Convertible Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | $ 42,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Convertible Loan [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | ¥ 275,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | EXIM Bank [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 9.00% | 9.00% | ||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing percentage | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | EXIM Bank [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 1,200,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | $ 108,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | $ | 78,000 | |||||||||||||||||||||||||||||||||||||||||||
Nominal annual interest rate | 5.39% | 5.39% | ||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ | $ 108,000 | |||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | $ | $ 54,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate basis | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 3.50% | 3.50% | ||||||||||||||||||||||||||||||||||||||||||
Maturity term | 102 months | 102 months | ||||||||||||||||||||||||||||||||||||||||||
Pledged patents | ¥ 500,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | Loan One [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | 65,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity derivative, fair value | $ | 5,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | Loan Two [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | 65,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity derivative, fair value | $ | $ 5,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | 700,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowing capacity | ¥ 480,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | ¥ 700,000 | ¥ 700,000 | ||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | ¥ 350,000 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate basis | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||
Adjustment to interest rate basis | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Pledged patents | ¥ 3,100,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | China, Yuan Renminbi [Member] | Loan One [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | ¥ 400,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity derivative, fair value | 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Qoros [Member] | Consortium Loan Agreement [Member] | China, Yuan Renminbi [Member] | Loan Two [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | 400,000 | |||||||||||||||||||||||||||||||||||||||||||
Equity derivative, fair value | ¥ 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | $ | $ 482,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | $ 72,000 | |||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | $ | $ 242,000 | |||||||||||||||||||||||||||||||||||||||||||
Receipt of guarantees | $ | $ 115,000 | |||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest | 25.00% | |||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | Additional Funding [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Percentage of shares pledged | 22.60% | 22.60% | ||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | Ansonia Commitment [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | $ | $ 4,000 | |||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | China, Yuan Renminbi [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Face amount | ¥ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | ¥ 500,000 | ¥ 750,000 | ||||||||||||||||||||||||||||||||||||||||||
Release of guarantees | ¥ 1,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Receipt of guarantees | ¥ 750,000 | |||||||||||||||||||||||||||||||||||||||||||
Chery [Member] | China, Yuan Renminbi [Member] | Ansonia Commitment [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Guarantee amount | ¥ 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Quantum [Member] | Disposal of major subsidiary [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest | 24.00% | |||||||||||||||||||||||||||||||||||||||||||
[1] | Restated (See note 2.E and 28) | |||||||||||||||||||||||||||||||||||||||||||
[2] | Excludes up to 5% of Qoros shares which Chery may borrow from Quantum to meet its pledge obligations under the Qoros RMB1.2 billion loan facility, as discussed above. | |||||||||||||||||||||||||||||||||||||||||||
[3] | Plus interest and fees. | |||||||||||||||||||||||||||||||||||||||||||
[4] | Kenon's major shareholder Ansonia Holdings Singapore B.V. has committed to fund RMB25 million (approximately $4 million) of Kenon's back-to-back guarantee obligations in certain circumstances. | |||||||||||||||||||||||||||||||||||||||||||
[5] | Qoros is a joint venture (See Note 10.C.b). The current assets include cash and cash equivalent of $12 million (2016: $67 million). The current and non-current liabilities excluding trade and other payables and provisions amount to $1 billion (2016: $1.1 billion). In January 2018, the Group's equity interest in Qoros was reduced to 24% (see Note 33.2.A). |
Investment in Associated Comp79
Investment in Associated Companies (Additional Information - Tower) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Aug. 05, 2016 | Jul. 23, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 07, 2015 | May 27, 2015 | |||
Disclosure of associates [line items] | |||||||||||
Number of shares held | 53,682,994 | ||||||||||
Gain from distribution of dividend in kind | [1] | $ 209,710 | [1] | ||||||||
Proceeds from issuance of shares | $ 100,478 | $ 9,468 | $ 6,110 | ||||||||
Tower Series F Bonds [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Amount converted | $ 80,000 | ||||||||||
Proportion of ownership interest | 23.00% | ||||||||||
Dilution gain | $ 32,000 | ||||||||||
Tower Series 9 Warrants [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Number of shares held | 1,669,795 | ||||||||||
Tower [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Proportion of ownership interest | 2.00% | 29.00% | |||||||||
Number of shares held | 1,669,795 | 18,030,041 | |||||||||
Shares per share | 0.335861 | ||||||||||
Fair value of distribution in kind | $ 255,000 | ||||||||||
Gain from distribution of dividend in kind | $ 210,000 | ||||||||||
Shares issued | (1,699,795) | ||||||||||
Proceeds from issuance of shares | $ 11,400 | ||||||||||
[1] | Restated (See note 2.E and 28) |
Investment in Associated Comp80
Investment in Associated Companies (Restrictions) (Narrative) (Details) - ZIM [Member] | Jul. 14, 2014 | Feb. 05, 2004 |
Disclosure of associates [line items] | ||
Percentage acquired | 48.60% | |
Settlement Agreement [Member] | ||
Disclosure of associates [line items] | ||
Minimum holding percentage, consent to transfer | 35.00% | |
Minimum holding percentage, prior notice | 24.00% | |
Minimum shareholder interest | 36.00% |
Investment in Associated Comp81
Investment in Associated Companies (Condensed Information Regarding Statement of Financial Position) (Details) - USD ($) $ in Thousands | Jan. 08, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Disclosure of associates [line items] | ||||||||
Current assets | $ 1,504,641 | $ 853,603 | ||||||
Non-current assets | 1,021,216 | 4,284,190 | ||||||
Current liabilities | (806,322) | (1,044,763) | ||||||
Non-current liabilities | (668,188) | (3,198,826) | ||||||
Non-controlling interests | (68,229) | (212,963) | ||||||
Write back/(impairment) of assets and investments | (28,758) | 72,263 | [1] | $ 6,541 | [1] | |||
Cash and cash equivalents included in current assets | $ 1,417,388 | $ 326,635 | 383,953 | $ 610,056 | ||||
Kenon equity interest in Qoros [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Proportion of ownership interest | 24.00% | |||||||
Qoros [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Principal place of business | [2] | China | China | |||||
Proportion of ownership interest | [2] | 50.00% | 50.00% | |||||
Current assets | [2] | $ 235,237 | $ 259,804 | |||||
Non-current assets | [2] | 1,259,762 | 1,273,862 | |||||
Current liabilities | [2] | (870,192) | (773,946) | |||||
Non-current liabilities | [2] | (804,062) | (695,484) | |||||
Non-controlling interests | [2] | |||||||
Total net assets attributable to the Group | [2] | (179,255) | 64,236 | |||||
Share of Group in net assets | [2] | (89,627) | 32,118 | |||||
Write back/(impairment) of assets and investments | [2] | |||||||
Excess cost | [2] | |||||||
Loans | [2] | 61,645 | 55,798 | |||||
Financial guarantee | [2] | 29,676 | 29,677 | |||||
Book value of investment | [2] | 1,694 | 117,593 | |||||
Cash and cash equivalents included in current assets | 12,000 | 67,000 | ||||||
Total current and noncurrent liabilities net of trade and other payables and provisions | $ 1,000,000 | $ 1,100,000 | ||||||
ZIM [Member] | ||||||||
Disclosure of associates [line items] | ||||||||
Principal place of business | International | International | ||||||
Proportion of ownership interest | 32.00% | 32.00% | ||||||
Current assets | $ 579,595 | $ 465,892 | ||||||
Non-current assets | 1,222,743 | 1,237,740 | ||||||
Current liabilities | (686,693) | (530,842) | ||||||
Non-current liabilities | (1,209,137) | (1,273,447) | ||||||
Non-controlling interests | (6,509) | (3,125) | ||||||
Total net assets attributable to the Group | (100,001) | (103,782) | ||||||
Share of Group in net assets | (32,000) | (33,210) | ||||||
Write back/(impairment) of assets and investments | 28,758 | (72,263) | $ 7,000 | |||||
Excess cost | 123,242 | 187,216 | ||||||
Loans | ||||||||
Financial guarantee | ||||||||
Book value of investment | $ 120,000 | $ 81,743 | ||||||
[1] | Restated (See note 2.E and 28) | |||||||
[2] | Qoros is a joint venture (See Note 10.C.b). The current assets include cash and cash equivalent of $12 million (2016: $67 million). The current and non-current liabilities excluding trade and other payables and provisions amount to $1 billion (2016: $1.1 billion). In January 2018, the Group's equity interest in Qoros was reduced to 24% (see Note 33.2.A). |
Investment in Associated Comp82
Investment in Associated Companies (Condensed Information Regarding Results of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of associates [line items] | ||||||
Revenues | $ 365,704 | $ 324,253 | [1] | $ 325,899 | [1] | |
(Loss) / income | (208,445) | (429,152) | [1] | 23,111 | [1] | |
Other comprehensive (loss) / income | 41,428 | 9,079 | (24,347) | |||
Total comprehensive income/(loss) for the year | 309,548 | (384,923) | 71,545 | |||
Depreciation and amortization | 178,461 | 172,381 | 27,040 | |||
Income taxes | 72,809 | 2,252 | [1] | 9,043 | [1] | |
Qoros [Member] | ||||||
Disclosure of associates [line items] | ||||||
Revenues | [2] | 280,079 | 377,456 | 232,114 | ||
(Loss) / income | [2],[3] | (242,395) | (285,069) | (392,427) | ||
Other comprehensive (loss) / income | [2],[3] | 31 | 7 | (19) | ||
Total comprehensive income/(loss) for the year | [2] | (242,364) | (285,062) | (392,446) | ||
Kenon's share of comprehensive (loss) / income | [2] | (121,182) | (142,531) | (196,223) | ||
Adjustments | [2] | (16) | (3) | |||
Kenon's share of comprehensive (Loss) / Income presented in the books | [2] | (121,198) | (142,534) | (196,223) | ||
Depreciation and amortization | 102,000 | 119,000 | 75,000 | |||
Interest income | 2,000 | 2,000 | 2,000 | |||
Interest expense | 50,000 | 63,000 | 2,000 | |||
Income taxes | 14 | 37 | 92 | |||
ZIM [Member] | ||||||
Disclosure of associates [line items] | ||||||
Revenues | 2,978,291 | 2,539,296 | 2,991,135 | |||
(Loss) / income | [3] | 6,235 | (168,290) | 2,253 | ||
Other comprehensive (loss) / income | [3] | (3,871) | (12,351) | (1,948) | ||
Total comprehensive income/(loss) for the year | 2,364 | (180,641) | 305 | |||
Kenon's share of comprehensive (loss) / income | 756 | (57,805) | 98 | |||
Adjustments | 8,538 | 9,856 | 9,418 | |||
Kenon's share of comprehensive (Loss) / Income presented in the books | $ 9,294 | $ (47,949) | 9,516 | |||
Tower [Member] | ||||||
Disclosure of associates [line items] | ||||||
Revenues | [4] | 461,778 | ||||
(Loss) / income | [3],[4] | (737) | ||||
Other comprehensive (loss) / income | [3],[4] | |||||
Total comprehensive income/(loss) for the year | [4] | (737) | ||||
Kenon's share of comprehensive (loss) / income | [4] | (189) | ||||
Adjustments | [4] | (609) | ||||
Kenon's share of comprehensive (Loss) / Income presented in the books | [4] | $ (798) | ||||
[1] | Restated (See note 2.E and 28) | |||||
[2] | Qoros is a joint venture (See Note 10.C.b). The depreciation and amortization, interest income, interest expense and income tax expenses recorded by Qoros during the year were $102 million, $2 million, $50 million and $14 thousand (2016: $119 million, $2 million, $63 million and $37 thousand; 2015: $75 million, $2 million, $2 million and $92 thousand) respectively. | |||||
[3] | Excludes portion attributable to non-controlling interest. | |||||
[4] | Distributed as dividend-in-kind in July 2015 (see Note 10.C.c). Results of operations for 2015 corresponds to the six months ended June 30, 2015. |
Investment in Associated Comp83
Investment in Associated Companies (Schedule of Associated Companies that are Individually Immaterial) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Aggregated individually immaterial associates [member] | |||
Disclosure of associates [line items] | |||
Book value of investments as at December 31 | $ 8,897 | $ 9,008 |
Investment in Associated Comp84
Investment in Associated Companies (Schedule of Ansonia Loans) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | |||
Disclosure of associates [line items] | ||||
Nominal annual interest rate | 8.00% | 8.00% | ||
Ansonia Holdings [Member] | ||||
Disclosure of associates [line items] | ||||
Amount | $ | $ 69,000 | |||
Nominal annual interest rate | 6.00% | 6.00% | ||
Maturity term | 9 months | |||
Ansonia Holdings [Member] | China, Yuan Renminbi [Member] | ||||
Disclosure of associates [line items] | ||||
Amount | ¥ 450,000 | |||
Ansonia Holdings [Member] | Tranche 1 [Member] | ||||
Disclosure of associates [line items] | ||||
Convertible into Equity Discount Rate | 10.00% | [1] | 10.00% | [1] |
Loan Transfer Date | May 20, 2016 | [2] | ||
Ansonia Holdings [Member] | Tranche 1 [Member] | China, Yuan Renminbi [Member] | ||||
Disclosure of associates [line items] | ||||
Amount | ¥ 150,000 | |||
Ansonia Holdings [Member] | Tranche 2 [Member] | ||||
Disclosure of associates [line items] | ||||
Convertible into Equity Discount Rate | 10.00% | [1] | 10.00% | [1] |
Loan Transfer Date | June 28, 2016 | [2] | ||
Ansonia Holdings [Member] | Tranche 2 [Member] | China, Yuan Renminbi [Member] | ||||
Disclosure of associates [line items] | ||||
Amount | ¥ 150,000 | |||
Ansonia Holdings [Member] | Tranche 3 [Member] | ||||
Disclosure of associates [line items] | ||||
Convertible into Equity Discount Rate | 25.00% | [1] | 25.00% | [1] |
Loan Transfer Date | September 6, 2016 | [2] | ||
Ansonia Holdings [Member] | Tranche 3 [Member] | China, Yuan Renminbi [Member] | ||||
Disclosure of associates [line items] | ||||
Amount | ¥ 150,000 | |||
[1] | To facilitate potential investment by a third party in Qoros, Ansonia loans are automatically convertible into equity in Quantum in the event of a third-party financing at Qoros meets certain conditions, or when Ansonia loans are repaid in relation to such third-party financing. The loans will be convertible into equity of Quantum at a 10% (Tranche 1 and 2) and at a 25% discount (Tranche 3) discount to the implied value of Qoros based upon the third-party financing. | |||
[2] | Loans carry the same term of 9 months from the first transfer date |
Investment in Associated Comp85
Investment in Associated Companies (Schedule of Guarantees Provided) (Details) - Qoros Credit Facility Member [member] - Entering into significant commitments or contingent liabilities [member] ¥ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2017CNY (¥) | Mar. 31, 2017CNY (¥) | Mar. 10, 2017CNY (¥) | Mar. 10, 2017USD ($) | Mar. 10, 2017CNY (¥) | Dec. 31, 2017CNY (¥) | Mar. 10, 2017CNY (¥) | |||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | $ | $ 114,000 | ||||||||||
Guarantee amount | $ | $ 44,000 | ||||||||||
Pledge of Qoros Shares in relation to Investment | 10.30% | 10.30% | |||||||||
China, Yuan Renminbi [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | ¥ 777,000 | ¥ 777,000 | |||||||||
Guarantee amount | 288,500 | ||||||||||
Release of Kenon Guarantees to Chery | ¥ 850,000 | 850,000 | [1] | ||||||||
Remaining Guarantee Obligations Post-Investment | |||||||||||
Pledge of Qoros Shares in relation to Investment | [2] | 10.30% | |||||||||
First Tranche [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | $ | $ 57,000 | ||||||||||
Release of Kenon Guarantees to Chery | $ | 63,000 | ||||||||||
First Tranche [Member] | China, Yuan Renminbi [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | ¥ 388,500 | ||||||||||
Guarantee amount | [3] | 850,000 | |||||||||
Release of Kenon Guarantees to Chery | 425,000 | [1] | ¥ 425,000 | ||||||||
Remaining Guarantee Obligations Post-Investment | ¥ 425,000 | ||||||||||
Pledge of Qoros Shares in relation to Investment | 5.17% | ||||||||||
Second Tranche [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | $ | 15,000 | ||||||||||
Guarantee amount | $ | $ 425,000 | ||||||||||
Second Tranche [Member] | China, Yuan Renminbi [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | ¥ 100,000 | ¥ 100,000 | |||||||||
Guarantee amount | 425,000 | ||||||||||
Release of Kenon Guarantees to Chery | 105,000 | [1] | ¥ 425,000 | ||||||||
Remaining Guarantee Obligations Post-Investment | ¥ 320,000 | ||||||||||
Pledge of Qoros Shares in relation to Investment | 5.17% | ||||||||||
Third Tranche [Member] | China, Yuan Renminbi [Member] | |||||||||||
Disclosure of associates [line items] | |||||||||||
Credit facility/Amount of Loans | ¥ 288,500 | ||||||||||
Guarantee amount | 320,000 | ||||||||||
Release of Kenon Guarantees to Chery | [1] | 320,000 | |||||||||
Remaining Guarantee Obligations Post-Investment | |||||||||||
Pledge of Qoros Shares in relation to Investment | 5.17% | ||||||||||
[1] | Plus interest and fees. | ||||||||||
[2] | Excludes up to 5% of Qoros shares which Chery may borrow from Quantum to meet its pledge obligations under the Qoros RMB1.2 billion loan facility, as discussed above. | ||||||||||
[3] | Kenon's major shareholder Ansonia Holdings Singapore B.V. has committed to fund RMB25 million (approximately $4 million) of Kenon's back-to-back guarantee obligations in certain circumstances. |
Investment in Associated Comp86
Investment in Associated Companies (Schedule of Dividends Received) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment In Associated Companies Schedule Of Dividends Received Details | |||
From associated companies | $ 382 | $ 743 | $ 4,487 |
Subsidiaries (Investments - I.C
Subsidiaries (Investments - I.C. Power) (Narrative) (Details) ₪ in Thousands, $ in Thousands | May 17, 2017USD ($) | Apr. 28, 2017USD ($) | Jan. 22, 2016USD ($) | Aug. 10, 2015USD ($) | Aug. 10, 2015ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016ILS (₪) | Aug. 10, 2015ILS (₪) | |
Disclosure of subsidiaries [line items] | |||||||||||
Total consideration transferred | $ (3,280) | ||||||||||
Post-closing purchase price adjustments | $ 10,200 | ||||||||||
Goodwill | $ 96,095 | $ 96,095 | $ 459 | ||||||||
AIE Capital Notes [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Face amount | 33,700 | $ 33,700 | |||||||||
Maturity term | 5 years | ||||||||||
NIS [Member] | AIE Capital Notes [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Face amount | ₪ | ₪ 130,000 | ||||||||||
Estrella Cooperatief BA [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Percentage acquired | 100.00% | ||||||||||
Total consideration transferred | $ 266,286 | ||||||||||
Cash consideration paid | 242,536 | ||||||||||
Fair value of total identifiable net assets acquired | 249,509 | ||||||||||
Deferred payment | $ 23,750 | ||||||||||
Acquisition date | Jan. 22, 2016 | ||||||||||
Revenues - since acquisition date | 515,000 | ||||||||||
Profit (loss) - since acquisition date | $ 29,000 | ||||||||||
Revenues - as if acquired at beginning of period | $ 551,000 | ||||||||||
Profit (loss) - as if acquired at beginning of period | $ 30,000 | ||||||||||
Property, plant and equipment | $ 392,495 | ||||||||||
Intangibles | 195,148 | ||||||||||
Deferred income tax liabilities | (54,642) | ||||||||||
Goodwill | [1] | $ 37,102 | |||||||||
Estrella Cooperatief BA [Member] | DEOCSA [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Ownership percentage | 90.60% | ||||||||||
Estrella Cooperatief BA [Member] | DEORSA [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Ownership percentage | 92.68% | ||||||||||
Energuate [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Percentage acquired | 100.00% | ||||||||||
Advanced Integrated Energy Ltd. [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Percentage acquired | 100.00% | 100.00% | |||||||||
Cash consideration paid | $ 15,600 | ||||||||||
Repayment of loan | $ 9,000 | ||||||||||
Acquisition date | Aug. 10, 2015 | Aug. 10, 2015 | |||||||||
Property, plant and equipment | $ 9,000 | ||||||||||
Intangibles | 464 | ||||||||||
Deferred income tax liabilities | 123 | ||||||||||
Goodwill | 119 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | Transaction One [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | 9,400 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | Transaction Two [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | 460 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | Hadera Paper Energy Center [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | $ 6,000 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | NIS [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | ₪ | ₪ 60,000 | ||||||||||
Repayment of loan | ₪ | ₪ 34,000 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | NIS [Member] | Transaction One [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | ₪ | 36,000 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | NIS [Member] | Transaction Two [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | ₪ | 1,700 | ||||||||||
Advanced Integrated Energy Ltd. [Member] | NIS [Member] | Hadera Paper Energy Center [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Cash consideration paid | ₪ | ₪ 24,000 | ||||||||||
Actis [Member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Amount paid | $ 272 | ||||||||||
Escrow account amount paid | $ 10,000 | ||||||||||
[1] | This amount is not deductible for tax purposes and was determined in Quetzales. |
Subsidiaries (Investments - I88
Subsidiaries (Investments - I.C. Green) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 10, 2016 | |
Disclosure of subsidiaries [line items] | ||||
Nominal annual Interest rate | 8.00% | |||
Primus Green Energy (PGE) [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Ownership percentage | 90.85% | |||
Primus Green Energy (PGE) [Member] | Bridge Financing [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Face amount | $ 35,000 | $ 7,400 | $ 7,500 | $ 26,000 |
Nominal annual Interest rate | 7.00% | 7.00% |
Subsidiaries (Investments - I89
Subsidiaries (Investments - I.C. Power Pte Ltd Restrictions) (Narrative) (Details) - 1 months ended Oct. 19, 2015 - OPC [Member] ₪ in Thousands, $ in Thousands | USD ($) | ILS (₪) |
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | $ | $ 77,000 | |
Repayment of Capital Notes [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | $ | 58,000 | |
Intercompany Loan [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | $ | $ 19,000 | |
NIS [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | ₪ | ₪ 295,000 | |
NIS [Member] | Repayment of Capital Notes [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | ₪ | 222,000 | |
NIS [Member] | Intercompany Loan [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash transferred and dividends paid | ₪ | ₪ 72,500 |
Subsidiaries (Schedule of Consi
Subsidiaries (Schedule of Consideration Transferred) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jan. 22, 2016 |
Disclosure of subsidiaries [line items] | ||
Total consideration transferred | $ (3,280) | |
Estrella Cooperatief BA [Member] | ||
Disclosure of subsidiaries [line items] | ||
Cash consideration | $ 242,536 | |
Deferred payment | 23,750 | |
Total consideration transferred | 266,286 | |
Cash and cash equivalent acquired | (60,227) | |
Total | $ 206,059 |
Subsidiaries (Schedule of Asset
Subsidiaries (Schedule of Assets Acquired and Liabilities Assumed) (Details) - Estrella Cooperatief BA [Member] $ in Thousands | Jan. 22, 2016USD ($) |
Disclosure of subsidiaries [line items] | |
Property, plant and equipment | $ 392,495 |
Intangibles | 195,148 |
Deferred income tax assets, net | 20,289 |
Trade receivables, net | 100,508 |
Cash and cash equivalent | 60,227 |
Other assets | 22,457 |
Credit from bank and others | (288,290) |
Deferred income tax liabilities | (54,642) |
Trade payables | (108,193) |
Guarantee deposits from customers | (51,072) |
Other liabilities | (39,418) |
Total identifiable net assets acquired | $ 249,509 |
Subsidiaries (Schedule of Goodw
Subsidiaries (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 22, 2016 | |
Disclosure of subsidiaries [line items] | ||||
Total consideration transferred | $ (3,280) | |||
Goodwill | $ 459 | $ 96,095 | ||
Estrella Cooperatief BA [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Total consideration transferred | $ 266,286 | |||
Non-controlling interest | 20,325 | |||
Fair value of identifiable net assets | (249,509) | |||
Goodwill | [1] | $ 37,102 | ||
[1] | This amount is not deductible for tax purposes and was determined in Quetzales. |
Subsidiaries (Schedule of Subsi
Subsidiaries (Schedule of Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of subsidiaries [line items] | ||||||
Current assets | $ 1,504,641 | $ 853,603 | ||||
Non-current assets | 1,021,216 | 4,284,190 | ||||
Current liabilities | (806,322) | (1,044,763) | ||||
Non-current liabilities | (668,188) | (3,198,826) | ||||
Net assets | 1,297,995 | |||||
Carrying amount of NCI | 68,229 | 212,963 | ||||
Revenues | 365,704 | 324,253 | [1] | $ 325,899 | [1] | |
Profit/(loss) for the year | 268,120 | (394,002) | [1] | 95,892 | [1] | |
Other comprehensive income/(loss) | 41,428 | 9,079 | (24,347) | |||
Profit attributable to NCI | 31,530 | 17,935 | [1] | 22,900 | [1] | |
Cash flows from operating activities | 391,851 | 162,337 | 290,171 | |||
Cash flows from investing activities | 584,497 | (399,638) | (736,887) | |||
Cash flows from financing activities excluding dividends paid to non-controlling interests | 97,121 | 174,561 | 232,515 | |||
Effect of changes in the exchange rate on cash and cash equivalents | 17,284 | 5,422 | (11,902) | |||
Net increase/(decrease) in cash equivalents | $ 1,073,469 | $ (62,740) | $ (214,201) | |||
OPC [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
NCI percentage | [2] | 24.18% | ||||
Current assets | $ 204,461 | |||||
Non-current assets | 736,123 | |||||
Current liabilities | (99,441) | |||||
Non-current liabilities | (667,996) | |||||
Net assets | 173,147 | |||||
Carrying amount of NCI | 41,863 | |||||
Revenues | [2] | 365,395 | ||||
Profit/(loss) for the year | [2] | 5,896 | ||||
Other comprehensive income/(loss) | [2] | 8,514 | ||||
Profit attributable to NCI | [2] | 1,425 | ||||
OCI attributable to NCI | [2] | 2,058 | ||||
Cash flows from operating activities | [2] | 110,290 | ||||
Cash flows from investing activities | [2] | (154,194) | ||||
Cash flows from financing activities excluding dividends paid to non-controlling interests | [2] | 165,107 | ||||
Dividends paid to non-controlling interests | [2] | (4,159) | ||||
Effect of changes in the exchange rate on cash and cash equivalents | [2] | 7,126 | ||||
Net increase/(decrease) in cash equivalents | [2] | $ 124,170 | ||||
Samay I.S.A [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
NCI percentage | [2] | 25.10% | 25.10% | |||
Current assets | [2] | $ 75,485 | $ 47,766 | |||
Non-current assets | [2] | 380,947 | 344,052 | |||
Current liabilities | [2] | (73,846) | (36,075) | |||
Non-current liabilities | [2] | (311,030) | (289,560) | |||
Net assets | [2] | 71,556 | 66,183 | |||
Carrying amount of NCI | [2] | 17,961 | 16,612 | |||
Revenues | [2] | 40,000 | ||||
Profit/(loss) for the year | [2] | 548 | (4,049) | |||
Other comprehensive income/(loss) | [2] | 4,825 | (6,057) | |||
Profit attributable to NCI | [2] | 138 | (1,016) | |||
OCI attributable to NCI | [2] | 1,211 | (1,520) | |||
Cash flows from operating activities | [2] | (1,276) | ||||
Cash flows from investing activities | [2] | (60,468) | (236,207) | |||
Cash flows from financing activities excluding dividends paid to non-controlling interests | [2] | 138,000 | ||||
Dividends paid to non-controlling interests | [2] | 47,088 | ||||
Effect of changes in the exchange rate on cash and cash equivalents | [2] | 373 | (3,266) | |||
Net increase/(decrease) in cash equivalents | [2] | $ (14,283) | $ (101,473) | |||
Nicaragua Energy Holding [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
NCI percentage | [2] | 35.42% | 35.42% | |||
Current assets | [2] | $ 41,630 | $ 43,390 | |||
Non-current assets | [2] | 144,313 | 172,917 | |||
Current liabilities | [2] | (26,053) | (22,044) | |||
Non-current liabilities | [2] | (100,834) | (121,142) | |||
Net assets | [2] | 59,056 | 73,121 | |||
Carrying amount of NCI | [2] | 20,918 | 25,899 | |||
Revenues | [2] | 90,017 | 111,428 | |||
Profit/(loss) for the year | [2] | 7,511 | 14,469 | |||
Other comprehensive income/(loss) | [2] | |||||
Profit attributable to NCI | [2] | 2,660 | 5,125 | |||
OCI attributable to NCI | [2] | |||||
Cash flows from operating activities | [2] | 17,737 | 42,480 | |||
Cash flows from investing activities | [2] | (931) | (5,088) | |||
Cash flows from financing activities excluding dividends paid to non-controlling interests | [2] | (4,004) | (26,139) | |||
Dividends paid to non-controlling interests | [2] | (26,440) | (4,401) | |||
Effect of changes in the exchange rate on cash and cash equivalents | [2] | (348) | (489) | |||
Net increase/(decrease) in cash equivalents | [2] | $ (13,986) | $ 6,363 | |||
Kallpa Generacion S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
NCI percentage | [2] | 25.10% | 25.10% | |||
Current assets | [2] | $ 108,246 | $ 92,120 | |||
Non-current assets | [2] | 611,928 | 638,325 | |||
Current liabilities | [2] | (55,323) | (188,291) | |||
Non-current liabilities | [2] | (511,277) | (356,900) | |||
Net assets | [2] | 153,574 | 185,254 | |||
Carrying amount of NCI | [2] | 38,547 | 46,499 | |||
Revenues | [2] | 438,475 | 447,679 | |||
Profit/(loss) for the year | [2] | 35,820 | 44,088 | |||
Other comprehensive income/(loss) | [2] | (53) | ||||
Profit attributable to NCI | [2] | 8,991 | 11,066 | |||
OCI attributable to NCI | [2] | (13) | ||||
Cash flows from operating activities | [2] | 114,838 | 120,438 | |||
Cash flows from investing activities | [2] | (16,082) | (13,589) | |||
Cash flows from financing activities excluding dividends paid to non-controlling interests | [2] | (16,943) | (91,084) | |||
Dividends paid to non-controlling interests | [2] | (88,911) | (7,530) | |||
Effect of changes in the exchange rate on cash and cash equivalents | [2] | 198 | (5,334) | |||
Net increase/(decrease) in cash equivalents | [2] | $ (6,900) | $ 2,901 | |||
Cerro del Aguila S.A. [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
NCI percentage | [2] | 25.10% | 25.10% | |||
Current assets | [2] | $ 53,843 | $ 23,841 | |||
Non-current assets | [2] | 949,440 | 847,015 | |||
Current liabilities | [2] | (85,935) | (25,909) | |||
Non-current liabilities | [2] | (618,219) | (556,277) | |||
Net assets | [2] | 299,129 | 288,670 | |||
Carrying amount of NCI | [2] | 75,081 | 72,456 | |||
Revenues | [2] | 49,646 | ||||
Profit/(loss) for the year | [2] | 9 | (8,579) | |||
Other comprehensive income/(loss) | [2] | 10,449 | (1,079) | |||
Profit attributable to NCI | [2] | 2 | (2,153) | |||
OCI attributable to NCI | [2] | 2,623 | (271) | |||
Cash flows from operating activities | [2] | 25,629 | ||||
Cash flows from investing activities | [2] | (69,372) | (180,771) | |||
Cash flows from financing activities excluding dividends paid to non-controlling interests | [2] | 95,000 | ||||
Dividends paid to non-controlling interests | [2] | 62,823 | ||||
Effect of changes in the exchange rate on cash and cash equivalents | [2] | 369 | (2,929) | |||
Net increase/(decrease) in cash equivalents | [2] | $ 19,449 | $ (88,700) | |||
[1] | Restated (See note 2.E and 28) | |||||
[2] | These entities are discontinued operations in 2017. |
Deposits, Loans and Other Rec94
Deposits, Loans and Other Receivables, including Derivative Instruments (Schedule of Composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of deposits, loans and other receivables including derivative instruments [Abstract] | |||
Deposits in banks and others - restricted cash | $ 76,459 | $ 16,690 | |
Long-term trade receivable | 10,120 | ||
Financial derivatives not used for hedging | 1,342 | ||
Income tax receivables and tax claims | [1] | 99,892 | |
Other receivables | [2] | 30,258 | 48,731 |
Deposits, Loans and Other Receivables, including Derivative Instruments | $ 106,717 | $ 176,775 | |
[1] | Mainly from discontinued operations. | ||
[2] | Mainy relates to OPC's connectivity fees to the gas transmission network and the electricity grid classified as long-term deferred expenses. |
Deferred Payment Obligation R95
Deferred Payment Obligation Receivable (Schedule of Deferred Payment Obligation Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of deferred payment obligation receivable [Abstract] | ||
Deferred payment receivable | $ 175,000 | |
Nominal annual interest rate | 8.00% |
Property, Plant and Equipment96
Property, Plant and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Assets impaired of Colombian assets | $ 10,000 | ||
Borrowing costs capitalized | 3,000 | $ 14,000 | |
Fixed assets purchased on credit | $ 31,000 | $ 25,000 | $ 46,000 |
Property, Plant and Equipment97
Property, Plant and Equipment, Net (Schedule of Composition of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | $ 3,497,300 | $ 2,953,821 | |
Additions | 65,611 | 159,076 | |
Disposals | (61,087) | (26,695) | |
Differences in translation reserves | 66,863 | 19,544 | |
Acquisition as part of business combination | 392,495 | ||
Transfers and Reclassifications | (941) | ||
Sale of subsidiaries | [1] | (2,952,523) | |
Balance at end of year | 616,164 | 3,497,300 | |
Prepayments on account of property, plant & equipment | 6,057 | ||
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 4,307,155 | 3,624,400 | |
Additions | 230,471 | 317,853 | |
Disposals | (76,917) | (47,427) | |
Differences in translation reserves | 76,424 | 20,774 | |
Acquisition as part of business combination | 392,495 | ||
Transfers and Reclassifications | (940) | ||
Sale of subsidiaries | [1] | (3,811,336) | |
Balance at end of year | 725,797 | 4,307,155 | |
Cost [Member] | Land, roads, buildings and leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 1,041,723 | 288,538 | |
Additions | 4,139 | 7,759 | |
Disposals | (1,615) | (1,244) | |
Differences in translation reserves | 4,167 | 629 | |
Acquisition as part of business combination | 2,441 | ||
Transfers and Reclassifications | 743,600 | ||
Sale of subsidiaries | [1] | (1,005,625) | |
Balance at end of year | 42,789 | 1,041,723 | |
Cost [Member] | Installations, machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 2,445,579 | 1,840,754 | |
Additions | 68,410 | 46,652 | |
Disposals | (70,142) | (35,616) | |
Differences in translation reserves | 49,825 | 7,350 | |
Acquisition as part of business combination | |||
Transfers and Reclassifications | 586,439 | ||
Sale of subsidiaries | [1] | (1,994,241) | |
Balance at end of year | 499,431 | 2,445,579 | |
Cost [Member] | Dams [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 164,469 | 138,310 | |
Additions | 105 | 159 | |
Disposals | (5) | (965) | |
Differences in translation reserves | |||
Acquisition as part of business combination | |||
Transfers and Reclassifications | 26,965 | ||
Sale of subsidiaries | [1] | (164,569) | |
Balance at end of year | 164,469 | ||
Cost [Member] | Office furniture and equipment and motor vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 455,352 | 52,124 | |
Additions | 43,744 | 25,866 | |
Disposals | (4,954) | (8,958) | |
Differences in translation reserves | 11,589 | 12,129 | |
Acquisition as part of business combination | 375,063 | ||
Transfers and Reclassifications | (872) | ||
Sale of subsidiaries | [1] | (500,163) | |
Balance at end of year | 5,568 | 455,352 | |
Cost [Member] | Cost of depreciable property, plant and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 4,107,123 | 2,319,726 | |
Additions | 116,398 | 80,436 | |
Disposals | (76,716) | (46,783) | |
Differences in translation reserves | 65,581 | 20,108 | |
Acquisition as part of business combination | 377,504 | ||
Transfers and Reclassifications | 1,356,132 | ||
Sale of subsidiaries | [1] | (3,664,598) | |
Balance at end of year | 547,788 | 4,107,123 | |
Cost [Member] | Plants under construction [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 131,178 | 1,260,375 | |
Additions | 109,709 | 217,278 | |
Disposals | (15) | (167) | |
Differences in translation reserves | 9,356 | 385 | |
Acquisition as part of business combination | 7,839 | ||
Transfers and Reclassifications | (1,354,532) | ||
Sale of subsidiaries | [1] | (85,609) | |
Balance at end of year | 164,619 | 131,178 | |
Cost [Member] | Spare parts for installations [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 68,854 | 44,299 | |
Additions | 4,364 | 20,139 | |
Disposals | (186) | (477) | |
Differences in translation reserves | 1,487 | 281 | |
Acquisition as part of business combination | 7,152 | ||
Transfers and Reclassifications | (2,540) | ||
Sale of subsidiaries | [1] | (61,129) | |
Balance at end of year | 13,390 | 68,854 | |
Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 809,855 | 670,579 | |
Additions | 164,860 | 158,777 | |
Disposals | (15,830) | (20,732) | |
Differences in translation reserves | 9,561 | 1,230 | |
Acquisition as part of business combination | |||
Transfers and Reclassifications | 1 | ||
Sale of subsidiaries | [1] | (858,813) | |
Balance at end of year | 109,633 | 809,855 | |
Accumulated depreciation [Member] | Land, roads, buildings and leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 83,737 | 71,953 | |
Additions | 20,523 | 13,169 | |
Disposals | (807) | (1,434) | |
Differences in translation reserves | 530 | 48 | |
Acquisition as part of business combination | |||
Transfers and Reclassifications | 1 | ||
Sale of subsidiaries | [1] | (96,690) | |
Balance at end of year | 7,293 | 83,737 | |
Accumulated depreciation [Member] | Installations, machinery and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 637,794 | 530,324 | |
Additions | 112,416 | 123,275 | |
Disposals | (13,466) | (16,512) | |
Differences in translation reserves | 8,547 | 970 | |
Acquisition as part of business combination | |||
Transfers and Reclassifications | (263) | ||
Sale of subsidiaries | [1] | (644,458) | |
Balance at end of year | 100,833 | 637,794 | |
Accumulated depreciation [Member] | Dams [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 48,385 | 46,764 | |
Additions | 8,097 | 1,742 | |
Disposals | (250) | (121) | |
Differences in translation reserves | |||
Acquisition as part of business combination | |||
Transfers and Reclassifications | |||
Sale of subsidiaries | [1] | (56,232) | |
Balance at end of year | 48,385 | ||
Accumulated depreciation [Member] | Office furniture and equipment and motor vehicles [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 39,939 | 21,538 | |
Additions | 23,824 | 20,591 | |
Disposals | (1,307) | (2,665) | |
Differences in translation reserves | 484 | 212 | |
Acquisition as part of business combination | |||
Transfers and Reclassifications | 263 | ||
Sale of subsidiaries | [1] | (61,433) | |
Balance at end of year | 1,507 | 39,939 | |
Carrying amount before prepayments [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning of year | 3,497,300 | 2,959,878 | |
Additions | |||
Balance at end of year | $ 616,164 | $ 3,497,300 | |
[1] | This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million. |
Property, Plant and Equipment98
Property, Plant and Equipment, Net (Schedule of Net Carrying Values of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment, net | $ 616,164 | $ 3,497,300 | $ 2,953,821 |
Carrying amount before prepayments [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Land, roads, buildings and leasehold improvements | 35,496 | 957,986 | |
Installations, machinery and equipment | 398,598 | 1,807,785 | |
Dams | 116,084 | ||
Office furniture and equipment, motor vehicles and other equipment | 4,061 | 415,413 | |
Plants under construction | 164,619 | 131,178 | |
Spare parts for installations | 13,390 | 68,854 | |
Property, plant and equipment, net | $ 616,164 | $ 3,497,300 | $ 2,959,878 |
Property, Plant and Equipment99
Property, Plant and Equipment, Net (Schedule of Property, Plant and Equipment Acquired Through Financing Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | $ 616,164 | $ 3,497,300 | $ 2,953,821 |
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 725,797 | 4,307,155 | 3,624,400 |
Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 109,633 | 809,855 | $ 670,579 |
I.C. Power [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Land, roads, buildings and leasehold improvements | 35,686 | ||
Installations, machinery and equipment | 158,484 | ||
Motor vehicles | 364 | ||
Property, plant and equipment | 194,534 | ||
I.C. Power [Member] | Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Land, roads, buildings and leasehold improvements | 42,288 | ||
Installations, machinery and equipment | 275,852 | ||
Motor vehicles | 410 | ||
Property, plant and equipment | 318,550 | ||
I.C. Power [Member] | Accumulated depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Land, roads, buildings and leasehold improvements | (6,602) | ||
Installations, machinery and equipment | (117,368) | ||
Motor vehicles | (46) | ||
Property, plant and equipment | $ (124,016) |
Property, Plant and Equipmen100
Property, Plant and Equipment, Net (Schedule of Composition of Depreciation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Depreciation charged to results | $ 30,794 | $ 27,286 |
Property, Plant and Equipmen101
Property, Plant and Equipment, Net (Schedule of Composition of Depreciation and Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Depreciation charged to cost of sales | $ 30,102 | $ 26,697 |
Depreciation charged to general, selling and administrative expenses | 597 | 468 |
Depreciation charged to results | 30,699 | 27,165 |
Amortization of intangibles charged to cost of sales | ||
Amortization of intangibles charged to general, selling and administrative expenses | 95 | 121 |
Depreciation and amortization from continuing operations | $ 30,794 | $ 27,286 |
Intangible Assets, Net (Narrati
Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Discount rate | 32.00% | |
Cost of sales [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment | $ 10,000 | |
Others [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment | 3,000 | |
Goodwill [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Impairment | $ 7,000 |
Intangible Assets, Net (Schedul
Intangible Assets, Net (Schedule of Intangible Assets, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | $ 376,778 | ||
Balance | 1,641 | $ 376,778 | |
Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 433,643 | 191,237 | |
Acquisitions as part of business combinations | 491 | 232,249 | |
Acquisitions - self development | 10,459 | 9,469 | |
Disposals | (82) | (153) | |
Reclassification | (161) | ||
Sale of subsidiaries | (422,500) | ||
Translation differences | 1,565 | 1,002 | |
Balance | 23,576 | 433,643 | |
Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 56,865 | 43,993 | |
Amortization for the year | 12,922 | 13,002 | |
Disposals | 25 | (153) | |
Sale of subsidiaries | [1] | (47,930) | |
Translation differences | 53 | 23 | |
Balance | 21,935 | 56,865 | |
Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 376,778 | 147,244 | |
Balance | 376,778 | 376,778 | |
Goodwill [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment | 7,000 | ||
Goodwill [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 117,550 | 79,581 | |
Acquisitions as part of business combinations | 296 | 37,102 | |
Acquisitions - self development | |||
Disposals | |||
Reclassification | |||
Sale of subsidiaries | (97,167) | ||
Translation differences | 1,235 | 867 | |
Balance | 21,914 | 117,550 | |
Goodwill [Member] | Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 21,455 | 21,455 | |
Amortization for the year | |||
Disposals | |||
Sale of subsidiaries | [1] | ||
Translation differences | |||
Balance | 21,455 | 21,455 | |
Goodwill [Member] | Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 96,095 | 58,126 | |
Balance | 96,095 | 96,095 | |
Concessions licenses [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 189,351 | ||
Acquisitions as part of business combinations | 189,351 | ||
Acquisitions - self development | |||
Disposals | |||
Reclassification | |||
Sale of subsidiaries | (189,351) | ||
Translation differences | |||
Balance | 189,351 | ||
Concessions licenses [Member] | Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 5,434 | ||
Amortization for the year | 5,759 | 5,434 | |
Disposals | |||
Sale of subsidiaries | [1] | (11,193) | |
Translation differences | |||
Balance | 5,434 | ||
Concessions licenses [Member] | Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 183,917 | ||
Balance | 183,917 | 183,917 | |
Customer relationships [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 41,074 | 41,074 | |
Acquisitions as part of business combinations | |||
Acquisitions - self development | |||
Disposals | |||
Reclassification | |||
Sale of subsidiaries | (41,074) | ||
Translation differences | |||
Balance | 41,074 | ||
Customer relationships [Member] | Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 20,942 | 16,888 | |
Amortization for the year | 3,970 | 4,054 | |
Disposals | |||
Sale of subsidiaries | [1] | (24,912) | |
Translation differences | |||
Balance | 20,942 | ||
Customer relationships [Member] | Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 20,132 | 24,186 | |
Balance | 20,132 | 20,132 | |
Software costs [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 1,771 | 1,776 | |
Acquisitions as part of business combinations | 195 | ||
Acquisitions - self development | 179 | 138 | |
Disposals | (153) | ||
Reclassification | |||
Sale of subsidiaries | (1,066) | ||
Translation differences | 74 | 10 | |
Balance | 1,153 | 1,771 | |
Software costs [Member] | Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 1,015 | 937 | |
Amortization for the year | 209 | 227 | |
Disposals | 25 | (153) | |
Sale of subsidiaries | [1] | (804) | |
Translation differences | 4 | ||
Balance | 445 | 1,015 | |
Software costs [Member] | Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 756 | 839 | |
Balance | 756 | 756 | |
Others [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment | 3,000 | ||
Others [Member] | Cost [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 83,897 | 68,806 | |
Acquisitions as part of business combinations | 5,796 | ||
Acquisitions - self development | 10,280 | 9,331 | |
Disposals | (82) | ||
Reclassification | (161) | ||
Sale of subsidiaries | (93,842) | ||
Translation differences | 256 | 125 | |
Balance | 509 | 83,897 | |
Others [Member] | Amortization and impairment [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 8,019 | 4,713 | |
Amortization for the year | 2,984 | 3,287 | |
Disposals | |||
Sale of subsidiaries | [1] | (11,021) | |
Translation differences | 53 | 19 | |
Balance | 35 | 8,019 | |
Others [Member] | Carrying values [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Balance | 75,878 | 64,093 | |
Balance | $ 75,878 | $ 75,878 | |
[1] | This amount includes impairment as a result of the sale of Colombian assets. The Company recorded the impairment in cost of sales of $ 10 million ($3 million in Others and $7 million in Goodwill). |
Intangible Assets, Net (Sche104
Intangible Assets, Net (Schedule of Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about intangible assets [abstract] | ||
Intangible assets with a finite useful life | $ 1,182 | $ 280,683 |
Intangible assets with an indefinite useful life or not yet available for use | 459 | 96,095 |
Goodwill and intangible assets, net | $ 1,641 | $ 376,778 |
Intangible Assets, Net (Sche105
Intangible Assets, Net (Schedule of Goodwill from Cash Generating Units) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | $ 459 | $ 96,095 | |
Nejapa [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | [1] | 40,693 | |
Kallpa [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | [1] | 10,934 | |
Energuate [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | [1] | 37,651 | |
Surpetroil [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | [1] | 6,699 | |
AIE [Member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill | [1] | $ 459 | $ 118 |
[1] | Discontinued operations |
Intangible Assets, Net (Sche106
Intangible Assets, Net (Schedule of Key Assumptions Used for Estimating Recoverable Amounts of Cash Generating Units) (Details) | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | 32.00% | ||
Peru [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | [1] | 6.70% | |
Energuate [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | [1] | 8.90% | |
El Salvador [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | [1] | 9.80% | |
Colombia [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | [1] | 8.20% | |
Terminal value growth rate [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate | 2.00% | ||
[1] | Discontinued operations |
Loans and Debentures (Long-term
Loans and Debentures (Long-term loans from banks and others) (Narrative) (Details) ₪ in Thousands, $ in Thousands | Jan. 09, 2018USD ($) | Jan. 03, 2018 | Sep. 08, 2017 | Jun. 22, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017ILS (₪) | May 31, 2017USD ($) | May 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | May 09, 2016USD ($) | Jun. 22, 2014ILS (₪) | Jan. 31, 2011USD ($) | Jan. 31, 2011ILS (₪) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Short-term loans from banks - Current | $ 317,684 | $ 213,417 | |||||||||||||
Nominal annual Interest rate | 8.00% | 8.00% | |||||||||||||
Proceeds received | $ 1,938,877 | 799,481 | $ 333,549 | ||||||||||||
Top of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | 33,000 | ||||||||||||||
Top of range [member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | ₪ 115,000 | ||||||||||||||
Accumulate over 24 months in semi-annual deposits [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | $ 5,800 | ||||||||||||||
Accumulate over 24 months in semi-annual deposits [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | ₪ 20,000 | ||||||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | $ 100,000 | ||||||||||||||
Interest rate basis | LIBOR | ||||||||||||||
Adjustment to interest rate basis | 5.00% | 5.00% | |||||||||||||
Maturity | May 9, 2019 | 2,017 | |||||||||||||
Borrowings | $ 100,000 | 97,000 | |||||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | Prepayment of debt [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maturity | February 2,019 | ||||||||||||||
Repayments | $ 101,000 | ||||||||||||||
Prepayments | $ 101,000 | ||||||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | Bottom of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Adjustment to interest rate basis | 5.00% | 5.00% | |||||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | Middle of range [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Adjustment to interest rate basis | 5.75% | 5.75% | |||||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | Top of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Adjustment to interest rate basis | 6.50% | 6.50% | |||||||||||||
OPC Rotem Ltd Lenders Consortium (E) [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | $ 460,000 | ||||||||||||||
Reserve account | $ 21,000 | 19,000 | |||||||||||||
Maturity | 2,031 | ||||||||||||||
Shareholder ownership percentage | 14.00% | ||||||||||||||
Amount used from guarantee | $ 1,400 | 1,200 | |||||||||||||
OPC Rotem Ltd Lenders Consortium (E) [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | ₪ | ₪ 1,800,000 | ||||||||||||||
Reserve account | ₪ | ₪ 72,000 | ₪ 73,000 | |||||||||||||
Amount used from guarantee | ₪ | ₪ 4,000 | ₪ 5,000 | |||||||||||||
OPC Rotem Ltd Lenders Consortium (E) [Member] | Bottom of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Nominal annual Interest rate | 4.85% | 4.85% | |||||||||||||
OPC Rotem Ltd Lenders Consortium (E) [Member] | Top of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Nominal annual Interest rate | 5.36% | 5.36% | |||||||||||||
IC Power Asia Development Ltd [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | $ 6,600 | ||||||||||||||
IC Power Asia Development Ltd [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | ₪ 23,000 | ||||||||||||||
OPC [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | 26,500 | ||||||||||||||
OPC [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | 92,000 | ||||||||||||||
Amitim and Menora [Member] | OPC Energy Ltd [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | $ 93,000 | ||||||||||||||
Amitim and Menora [Member] | OPC Energy Ltd [Member] | Tranche A Bridge Loan [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | ₪ | ₪ 150,000 | ||||||||||||||
Maturity | March 31, 2017 | ||||||||||||||
Nominal annual Interest rate | 4.85% | 4.85% | |||||||||||||
Prepayments | 41,000 | $ 7,000 | |||||||||||||
Amitim and Menora [Member] | OPC Energy Ltd [Member] | Tranche B Long Term Loan [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | ₪ | ₪ 200,000 | ||||||||||||||
Maturity | March 2,029 | ||||||||||||||
Nominal annual Interest rate | 7.75% | 7.75% | |||||||||||||
Prepayments | $ 10,000 | ||||||||||||||
Amitim and Menora [Member] | NIS [Member] | OPC Energy Ltd [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Face amount | ₪ | ₪ 350,000 | ||||||||||||||
Amitim and Menora [Member] | NIS [Member] | OPC Energy Ltd [Member] | Tranche A Bridge Loan [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Prepayments | ₪ | ₪ 23,000 | 162,000 | |||||||||||||
Amitim and Menora [Member] | NIS [Member] | OPC Energy Ltd [Member] | Tranche B Long Term Loan [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Prepayments | ₪ | ₪ 38,000 | ||||||||||||||
ICPAD [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | 5,800 | ||||||||||||||
ICPAD [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | 20,000 | ||||||||||||||
OPC and Verdis [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | 16,600 | ||||||||||||||
OPC and Verdis [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | 57,500 | ||||||||||||||
Rotem [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | $ 16,600 | ||||||||||||||
Rotem [Member] | NIS [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Corporate guarantees | ₪ | ₪ 57,500 |
Loans and Debentures (Debenture
Loans and Debentures (Debentures) (Narrative) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2018ILS (₪) | Dec. 31, 2017ILS (₪) | Aug. 20, 2017 | May 31, 2017USD ($) | May 31, 2017ILS (₪) | Dec. 31, 2014USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Proceeds received | $ 1,938,877 | $ 799,481 | $ 333,549 | ||||||
Nominal annual Interest rate | 8.00% | 8.00% | |||||||
Deposit for debt service fund | $ 106,717 | 176,775 | |||||||
Equity | $ 1,051,347 | $ 894,204 | $ 1,263,555 | $ 1,437,698 | |||||
OPC [Member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Equity | ₪ | ₪ 600 | ||||||||
Equity-to-balance sheet ratio | 65.00% | 65.00% | |||||||
OPC [Member] | Basis of its stand-alone financial statements [Member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt coverage ratio | 105.00% | ||||||||
OPC [Member] | Basis of its stand-alone financial statements [Member] | Bottom of range [member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Equity | ₪ | ₪ 80,000 | ||||||||
Equity-to-balance sheet ratio | 12.50% | ||||||||
Bonds (Series A) [Member] | OPC [Member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | $ 92,000 | ||||||||
Nominal annual Interest rate | 4.45% | 4.95% | 4.95% | ||||||
Nominal annual Interest rate reduced | 0.50% | 0.50% | |||||||
Deposit for debt service fund | $ 5,000 | ||||||||
Bonds (Series A) [Member] | OPC [Member] | NIS [Member] | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount | ₪ | ₪ 320,000 | ||||||||
Deposit for debt service fund | ₪ | ₪ 18,000 |
Loans and Debentures (Schedule
Loans and Debentures (Schedule of Contractual Conditions) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Current liabilities | ||||
Short-term loans from banks, financial institutions and others | $ 317,684 | [1],[2] | $ 213,417 | [3] |
Total current liabilities | 317,684 | 213,417 | ||
Loans from banks, financial institutions and others | 123,908 | 251,803 | ||
Non-convertible debentures | 6,364 | 10,617 | ||
Liability in respect of financing lease | 6,976 | |||
Total current maturities of long-term liabilities | 130,272 | 269,396 | ||
Total current liabilities | 447,956 | 482,813 | ||
Non-current liabilities | ||||
Loans from banks and financial institutions | 627,150 | 1,903,323 | ||
Non-convertible debentures | 91,122 | [4] | 867,287 | [5] |
Liability in respect of financing lease | 88,169 | |||
Other long-term balances | 543 | 240,213 | ||
Total other long-term liabilities | 718,815 | 3,098,992 | ||
Less current maturities | (130,272) | (269,396) | ||
Total non-current liabilities | $ 588,543 | $ 2,829,596 | ||
[1] | Balances as at December 31, 2017 mainly relates to loans from related parties (see Note 31.E). | |||
[2] | Excludes current portion of long-term liabilities. | |||
[3] | Excludes current portion of long-term liabilities and long-term liabilities which were classified to short-term. | |||
[4] | Includes current portion of long-term liabilities. | |||
[5] | Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. |
Loans and Debentures (Schedu110
Loans and Debentures (Schedule of Composition of I.C. Power Loans) (Details) - USD ($) $ in Thousands | Sep. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.00% | ||
Short-term loans from banks - Current | $ 317,684 | $ 213,417 | |
Loans from Banks and others - Current | 123,908 | 251,803 | |
Loans from Banks and others - Non-Current | 627,150 | 1,903,323 | |
Liabilities in respect of finance leases - Current | 6,976 | ||
Liabilities in respect of finance leases - Non-Current | 88,169 | ||
Debentures - Current | 6,364 | 10,617 | |
Debentures - Non-Current | 84,758 | 856,670 | |
Total - Current | 447,956 | 482,813 | |
Total - Non-Current | 588,543 | 2,829,596 | |
Loans from Banks and others Subtotal [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans from Banks and others - Current | 123,908 | 251,803 | |
Loans from Banks and others - Non-Current | 503,242 | 1,651,520 | |
Finance Lease Liabilities Subtotal [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Liabilities in respect of finance leases - Non-Current | 81,193 | ||
Total Borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total - Current | 130,272 | 482,813 | |
Total - Non-Current | $ 588,000 | 2,589,383 | |
I.C. Power Distribution Holdings - Credit Suisse [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 4.00% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 119,487 | ||
I.C. Power Distribution Holdings - Samay Interbank [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 2.90% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 31,945 | ||
I.C. Power Distribution Holdings - DEOCSA Various entities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 4.75% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 18,000 | ||
I.C. Power Distribution Holdings - DEORSA Various entities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 4.75% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 12,000 | ||
I.C. Power Distribution Holdings - CDA Banco de Credito del Peru [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 0.83% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 14,000 | ||
I.C. Power Distribution Holdings PQP Banco Industrial Guatemala [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 4.75% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 6,000 | ||
I.C. Power Distribution Holdings Cobee Various entities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | BOB | ||
Short-term loans from banks - Current | 4,499 | ||
I.C. Power Distribution Holdings Cobee Various entities [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 4.20% | ||
Maturity | 2,016 | ||
I.C. Power Distribution Holdings Cobee Various entities [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 5.50% | ||
Maturity | 2,017 | ||
I.C. Power Distribution Holdings Nejapa Scotiabank El Salvador [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 5.50% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 4,200 | ||
Empresa Energetica Corinto Ltd - Banco de America Central (BAC) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 5.25% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 1,586 | ||
Empresa Energetica Corinto Ltd - Cepp Scotiabank [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 2.40% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 1,000 | ||
Empresa Energetica Corinto Ltd - BHD Bank [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 2.53% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 200 | ||
Empresa Energetica Corinto Ltd - Surenergy Banco Davivienda [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | DTF | ||
Adjustment to interest rate basis | 4.50% | ||
Currency | COP | ||
Maturity | 2,017 | ||
Short-term loans from banks - Current | 500 | ||
Cerro del Aguila Tranche A [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,024 | ||
Loans from Banks and others - Current | 15,344 | ||
Loans from Banks and others - Non-Current | 320,437 | ||
Cerro del Aguila Tranche A [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.25% | ||
Cerro del Aguila Tranche A [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 5.50% | ||
Cerro del Aguila Tranche B [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,024 | ||
Loans from Banks and others - Current | |||
Loans from Banks and others - Non-Current | 180,896 | ||
Cerro del Aguila Tranche B [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.25% | ||
Cerro del Aguila Tranche B [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 6.25% | ||
Cerro del Aguila Tranche 1D [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,024 | ||
Loans from Banks and others - Current | 1,760 | ||
Loans from Banks and others - Non-Current | 38,697 | ||
Cerro del Aguila Tranche 1D [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 2.75% | ||
Cerro del Aguila Tranche 1D [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 3.60% | ||
Cerro del Aguila Tranche 2D [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,027 | ||
Loans from Banks and others - Current | |||
Loans from Banks and others - Non-Current | 21,959 | ||
Cerro del Aguila Tranche 2D [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 2.75% | ||
Cerro del Aguila Tranche 2D [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 3.60% | ||
Sumitomo /HSBC / Bank of Tokyo [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,021 | ||
Loans from Banks and others - Current | 5,047 | ||
Loans from Banks and others - Non-Current | 302,247 | ||
Sumitomo /HSBC / Bank of Tokyo [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 2.125% | ||
Sumitomo /HSBC / Bank of Tokyo [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 2.625% | ||
Central Cardones Tranche One BCI / Banco Itau [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 1.90% | ||
Currency | USD | ||
Maturity | 2,021 | ||
Loans from Banks and others - Current | 3,781 | ||
Loans from Banks and others - Non-Current | 18,228 | ||
Central Cardones Tranche Two BCI / Banco Itau [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 2.75% | ||
Currency | USD | ||
Maturity | 2,021 | ||
Loans from Banks and others - Current | |||
Loans from Banks and others - Non-Current | 13,383 | ||
Colmito Banco Bice [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.90% | ||
Currency | CLP | ||
Maturity | 2,028 | ||
Loans from Banks and others - Current | 625 | ||
Loans from Banks and others - Non-Current | 16,121 | ||
Consorcio Eolico Amayo, S.A.(I) Banco Centroamericano de Integracion Economica [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Maturity | 2,023 | ||
Loans from Banks and others - Current | 5,307 | ||
Loans from Banks and others - Non-Current | 37,376 | ||
Consorcio Eolico Amayo, S.A.(I) Banco Centroamericano de Integracion Economica [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.45% | ||
Consorcio Eolico Amayo, S.A.(I) Banco Centroamericano de Integracion Economica [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.00% | ||
Consorcio Eolico Amayo (Fase II), S.A. Various entities [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 5.75% | ||
Currency | USD | ||
Maturity | 2,025 | ||
Loans from Banks and others - Current | 3,029 | ||
Loans from Banks and others - Non-Current | 28,250 | ||
Consorcio Eolico Amayo (Fase II), S.A. Various entities [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.53% | ||
Consorcio Eolico Amayo (Fase II), S.A. Various entities [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 10.76% | ||
Empresa Energetica Corinto, Ltd. Banco de America Central (BAC) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.35% | ||
Currency | USD | ||
Maturity | 2,018 | ||
Loans from Banks and others - Current | 3,124 | ||
Loans from Banks and others - Non-Current | 3,402 | ||
Tipitapa Power Company, Ltd. Banco de America Central (BAC) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.35% | ||
Currency | USD | ||
Maturity | 2,018 | ||
Loans from Banks and others - Current | 2,801 | ||
Loans from Banks and others - Non-Current | 3,328 | ||
Jamaica Private Power Company Royal Bank of Canada [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 5.50% | ||
Currency | USD | ||
Maturity | 2,017 | ||
Loans from Banks and others - Current | 824 | ||
Loans from Banks and others - Non-Current | |||
Burmeister & Wain Scandinavian Contractor A/S [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 3.59% | ||
Currency | USD | ||
Maturity | 2,018 | ||
Loans from Banks and others - Current | 338 | ||
Loans from Banks and others - Non-Current | 233 | ||
PQP Banco Industrial [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 4.50% | ||
Currency | USD | ||
Maturity | 2,021 | ||
Loans from Banks and others - Current | 2,374 | ||
Loans from Banks and others - Non-Current | 9,632 | ||
Surpetroil S.A.S Banco de Occidente S.A [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | IBR | ||
Adjustment to interest rate basis | 5.87% | ||
Currency | COP | ||
Maturity | 2,018 | ||
Loans from Banks and others - Current | 504 | ||
Loans from Banks and others - Non-Current | 375 | ||
Surpetroil S.A.S Banco Pichincha [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | DTF | ||
Adjustment to interest rate basis | 3.00% | ||
Currency | COP | ||
Maturity | 2,017 | ||
Loans from Banks and others - Current | 100 | ||
Loans from Banks and others - Non-Current | |||
Kanan Scotiabank [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 3.50% | ||
Currency | USD | ||
Maturity | 2,021 | ||
Loans from Banks and others - Current | 46,094 | ||
Loans from Banks and others - Non-Current | |||
Overseas Investments Peru Credit Suisse (D) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Adjustment to interest rate basis | 5.00% | ||
Currency | USD | ||
Maturity | May 9, 2019 | 2,017 | |
Loans from Banks and others - Current | $ 99,964 | 97,274 | |
Loans from Banks and others - Non-Current | |||
Sub total | $ 100,000 | 97,000 | |
Overseas Investments Peru Credit Suisse (D) [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 5.00% | ||
Overseas Investments Peru Credit Suisse (D) [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 6.50% | ||
DEORSA Syndicated Loan - various banks [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Loans from Banks and others - Current | 10,167 | ||
Loans from Banks and others - Non-Current | 67,857 | ||
DEORSA Syndicated Loan - various banks [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.70% | ||
Maturity | 2,021 | ||
DEORSA Syndicated Loan - various banks [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.75% | ||
Maturity | 2,025 | ||
DEORSA Syndicated Loan - various banks One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | TAPP | ||
Currency | GTQ | ||
Loans from Banks and others - Current | 4,687 | ||
Loans from Banks and others - Non-Current | 30,653 | ||
DEORSA Syndicated Loan - various banks One [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | (5.60%) | ||
Maturity | 2,021 | ||
DEORSA Syndicated Loan - various banks One [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | (6.10%) | ||
Maturity | 2,025 | ||
DEOCSA Syndicated Loan - various banks [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.00% | ||
Interest rate basis | LIBOR | ||
Currency | USD | ||
Loans from Banks and others - Current | 16,876 | ||
Loans from Banks and others - Non-Current | 107,488 | ||
DEOCSA Syndicated Loan - various banks [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.70% | ||
Maturity | 2,021 | ||
DEOCSA Syndicated Loan - various banks [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | 4.75% | ||
Maturity | 2,025 | ||
DEOCSA Syndicated Loan - various banks One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | TAPP | ||
Currency | GTQ | ||
Loans from Banks and others - Current | 6,215 | ||
Loans from Banks and others - Non-Current | 43,127 | ||
DEOCSA Syndicated Loan - various banks One [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | (5.60%) | ||
Maturity | 2,021 | ||
DEOCSA Syndicated Loan - various banks One [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Adjustment to interest rate basis | (6.10%) | ||
Maturity | 2,025 | ||
RECSA Banco G&T Continental [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | TAPP | ||
Adjustment to interest rate basis | (6.63%) | ||
Currency | GTQ | ||
Maturity | 2,020 | ||
Loans from Banks and others - Current | 931 | ||
Loans from Banks and others - Non-Current | 3,722 | ||
OPC Rotem Ltd Lenders Consortium (E) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | NIS | ||
Maturity | 2,031 | ||
Loans from Banks and others - Current | $ 23,944 | 20,290 | |
Loans from Banks and others - Non-Current | $ 463,160 | 344,240 | |
OPC Rotem Ltd Lenders Consortium (E) [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 4.85% | ||
OPC Rotem Ltd Lenders Consortium (E) [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 5.36% | ||
Facility B - Amitim and Menora Pension Funds (F) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.75% | ||
Currency | NIS | ||
Maturity | 2,029 | ||
Loans from Banks and others - Current | 4,311 | ||
Loans from Banks and others - Non-Current | $ 40,092 | 47,425 | |
IC Power Asua Development Ltd Bank Hapoalim New York [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 0.75% | ||
Currency | USD | ||
Maturity | 2,019 | ||
Loans from Banks and others - Current | |||
Loans from Banks and others - Non-Current | 12,000 | ||
AGS Veolia Energy Israel Ltd [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | NIS | ||
Maturity | 2,019 | ||
Loans from Banks and others - Current | |||
Loans from Banks and others - Non-Current | 444 | ||
Kallpa Generacion Banco de Credito del Peru [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.15% | ||
Currency | USD | ||
Maturity | 2,023 | ||
Liabilities in respect of finance leases - Current | 6,624 | ||
Liabilities in respect of finance leases - Non-Current | 81,193 | ||
Surpetroil S.A.S. Banco de Occidente S.A. [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | DTF | ||
Adjustment to interest rate basis | 3.50% | ||
Currency | COP | ||
Maturity | 2,017 | ||
Liabilities in respect of finance leases - Current | 223 | ||
Liabilities in respect of finance leases - Non-Current | |||
DEORSA Arrendadora Agromercantil [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate basis | TAPP | ||
Adjustment to interest rate basis | (2.47%) | ||
Currency | GTQ | ||
Maturity | 2,017 | ||
Liabilities in respect of finance leases - Current | 129 | ||
Liabilities in respect of finance leases - Non-Current | |||
Bonds Cobee III-1B [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.50% | 6.50% | |
Currency | USD | ||
Maturity | 2,017 | ||
Debentures - Current | $ 1,750 | ||
Debentures - Non-Current | |||
Bonds Cobee III-1C (bolivianos) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 9.00% | ||
Currency | BOB | ||
Maturity | 2,020 | ||
Debentures - Current | 1,586 | ||
Debentures - Non-Current | 4,757 | ||
Bonds Cobee III-2 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.75% | ||
Currency | USD | ||
Maturity | 2,014 | ||
Debentures - Current | 5,000 | ||
Debentures - Non-Current | |||
Bonds Cobee III-3 (bolivianos) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.00% | ||
Currency | BOB | ||
Maturity | 2,022 | ||
Debentures - Current | |||
Debentures - Non-Current | 6,160 | ||
Bonds Cobee IV-1A [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.00% | ||
Currency | USD | ||
Maturity | 2,018 | ||
Debentures - Current | |||
Debentures - Non-Current | 3,988 | ||
Bonds Cobee IV-1B [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.00% | ||
Currency | USD | ||
Maturity | 2,020 | ||
Debentures - Current | |||
Debentures - Non-Current | 3,980 | ||
Bonds Cobee IV-1C (bolivianos) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.80% | ||
Currency | BOB | ||
Maturity | 2,024 | ||
Debentures - Current | |||
Debentures - Non-Current | 12,030 | ||
Cobee Bonds-IV Issuance 3 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.70% | ||
Currency | USD | ||
Maturity | 2,019 | ||
Debentures - Current | |||
Debentures - Non-Current | 4,973 | ||
Cobee Bonds-IV Issuance 4 (bolivianos) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 7.80% | ||
Currency | BOB | ||
Maturity | 2,024 | ||
Debentures - Current | |||
Debentures - Non-Current | 15,039 | ||
Cobee Bonds-IV Issuance 5 (bolivianos) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 5.75% | ||
Currency | BOB | ||
Maturity | 2,026 | ||
Debentures - Current | 1,950 | ||
Debentures - Non-Current | 17,697 | ||
Inkia Energy Ltd Inkia Bonds [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 8.38% | ||
Currency | USD | ||
Maturity | 2,021 | ||
Debentures - Current | |||
Debentures - Non-Current | 447,904 | ||
Kallpa Generacion Kallpa Bonds [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 4.88% | ||
Currency | USD | ||
Maturity | 2,026 | ||
Debentures - Current | |||
Debentures - Non-Current | 325,970 | ||
Cepp Bonds [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 6.00% | ||
Currency | USD | ||
Maturity | 2,019 | ||
Debentures - Current | |||
Debentures - Non-Current | 9,945 | ||
Cobee Bonds (Premium) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Debentures - Current | 331 | ||
Debentures - Non-Current | 4,227 | ||
Cobee Bonds (Premium) [Member] | Currency One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | USD | ||
Cobee Bonds (Premium) [Member] | Currency Two [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Currency | BOB | ||
Cobee Bonds (Premium) [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2,017 | ||
Cobee Bonds (Premium) [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity | 2,024 | ||
OPC Energy Ltd Bonds - Series A (G) [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Nominal annual interest rate | 4.45% | ||
Currency | NIS | ||
Maturity | 2,030 | ||
Debentures - Current | $ 6,364 | ||
Debentures - Non-Current | $ 84,758 |
Loans and Debentures (Schedu111
Loans and Debentures (Schedule of Classification Based on Currencies and Interest Rates) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal annual interest rate | 8.00% | |||
Short-term loans from financial institutions | $ 317,684 | $ 213,417 | ||
Debentures | 91,122 | [1] | 867,287 | [2] |
Loans from financial institutions (including financing lease) | 627,150 | 1,991,491 | ||
Total | 718,272 | 2,858,778 | ||
In Other Currencies [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term loans from financial institutions | 4,999 | |||
Debentures | 91,122 | 63,235 | ||
Loans from financial institutions (including financing lease) | 17,948 | |||
In Other Currencies [Member] | Weighted average [member] | Debentures [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal annual interest rate | 4.80% | |||
In Dollars [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Short-term loans from financial institutions | 208,418 | |||
Debentures | 804,052 | |||
Loans from financial institutions (including financing lease) | $ 99,964 | 1,467,369 | ||
In Dollars [Member] | Weighted average [member] | Loans from financial institutions (including financing lease) [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal annual interest rate | 7.90% | |||
In Shekels [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loans from financial institutions (including financing lease) | $ 527,186 | 416,710 | ||
In Shekels [Member] | Weighted average [member] | Loans from financial institutions (including financing lease) [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Nominal annual interest rate | 4.80% | |||
In Quetzales [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loans from financial institutions (including financing lease) | $ 89,464 | |||
[1] | Includes current portion of long-term liabilities. | |||
[2] | Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. |
Loans and Debentures (Schedu112
Loans and Debentures (Schedule of Financing Lease Liability) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about borrowings [line items] | ||
Minimum future lease rentals | $ 114,072 | |
Interest component | 25,903 | |
Present value of minimum lease rentals | 88,169 | |
Less than one year [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Minimum future lease rentals | 13,016 | |
Interest component | 6,040 | |
Present value of minimum lease rentals | 6,976 | |
From one year to five years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Minimum future lease rentals | 85,849 | |
Interest component | 19,217 | |
Present value of minimum lease rentals | 66,632 | |
More than five years [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Minimum future lease rentals | 15,207 | |
Interest component | 646 | |
Present value of minimum lease rentals | $ 14,561 |
Loans and Debentures (Schedu113
Loans and Debentures (Schedule of Covenants) (Details) $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Shareholder equity | $ 1,051,347 | $ 894,204 | $ 1,263,555 | $ 1,437,698 |
OPC [Member] | Bottom of range [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Debt service to coverage ratio | 1.25 | 1.25 |
Trade Payables (Schedule of Tra
Trade Payables (Schedule of Trade Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Trade Payables | $ 36,994 | $ 264,720 | |
Accrued expenses and other payables | 21,901 | 20,892 | |
Current trade payables | 58,895 | 285,612 | |
Non-current | |||
Trade Payables | [1] | $ 44,057 | |
[1] | As of December 31, 2016, non-current trade payables correspond mainly to spare parts, used for major maintenance of facilities of discontinued operations, acquired according to a long-term program (LTP) agreement signed with Siemens. During 2016, these trade payables have not generated interests and no specific guarantee have been granted. |
Other Payables including Der115
Other Payables including Derivative Instruments (Schedule of Other Payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current liabilities: | ||
Financial derivatives not used for hedging | $ 73 | $ 783 |
Financial derivatives used for hedging | 439 | 11,563 |
The State of Israel and government agencies | 1,208 | 4,206 |
Employees and payroll-related agencies | 179 | 4,846 |
Customer advances and deferred income | 944 | |
Accrued expenses | 14,915 | 23,563 |
Dividend payable to non-controlling interest | 2,893 | |
Interest payable | 21 | 23,038 |
Transaction costs on sale of subsidiaries | 59,000 | |
Other | 6,687 | 19,467 |
Other payables, including derivative instruments | 82,522 | 91,303 |
Non-current liabilities: | ||
Financial derivatives not used for hedging | 1,342 | |
Financial derivatives used for hedging | 13,701 | |
Other financial derivatives (see note 10.C.b.6) | 29,594 | |
Non-current derivative instruments | $ 44,637 |
Provisions (Narrative) (Details
Provisions (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
I.C. Power [Member] | |
Disclosure of other provisions [line items] | |
Provision recognized in cost of sales | $ 15,000 |
Provisions (Schedule of Provisi
Provisions (Schedule of Provisions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of other provisions [line items] | ||||
Balance at January, 1 | $ 119,531 | $ 41,686 | ||
Reclassified from long-term liabilities | 34,263 | |||
Provision made during the year | 130,193 | |||
Provision reversed to profit/(loss) during the year | (4,587) | |||
Provision paid/ released | (75,189) | (76,193) | ||
Effects of foreign currency | (5,831) | |||
Balance at December, 31 | 44,342 | 119,531 | ||
Financial Guarantee [Member] | ||||
Disclosure of other provisions [line items] | ||||
Balance at January, 1 | [1] | 118,763 | ||
Reclassified from long-term liabilities | [1] | 34,263 | ||
Provision made during the year | [1] | 130,193 | ||
Provision reversed to profit/(loss) during the year | [1] | (4,587) | ||
Provision paid/ released | [1] | (74,421) | (36,023) | |
Effects of foreign currency | [1] | (5,083) | ||
Balance at December, 31 | [1] | 44,342 | 118,763 | |
Others [Member] | ||||
Disclosure of other provisions [line items] | ||||
Balance at January, 1 | [2] | 768 | 41,686 | |
Reclassified from long-term liabilities | [2] | |||
Provision made during the year | [2] | |||
Provision reversed to profit/(loss) during the year | [2] | |||
Provision paid/ released | (768) | (40,170) | [2] | |
Effects of foreign currency | (748) | [2] | ||
Balance at December, 31 | $ 768 | [2] | ||
[1] | Relates to Kenon's provision of financial guarantees to Chery in respect of an obligation of Qoros (see Note 10.C.b.7). | |||
[2] | Corresponds to a provisison made by an I.C. Power's subsidiary as a result of a regulator charge. Expenses related to this provision were recognized in the cost of sales in the amount of $15 million in 2015. |
Contingent Liabilities, Comm118
Contingent Liabilities, Commitments and Concessions (Claims) (Narrative) (Details) $ in Millions | Jul. 20, 2017MW | Feb. 02, 2017USD ($) | Dec. 31, 2016₪ / MWh | Nov. 30, 2016₪ / MWh | Jul. 31, 2013MW |
Disclosure of contingent liabilities in business combination [line items] | |||||
Tariffs published by EA | 333.2 | ||||
OPC-Rotem [Member] | |||||
Disclosure of contingent liabilities in business combination [line items] | |||||
Tariffs published by EA | ₪ / MWh | 264 | 265.2 | |||
OPC-Rotem [Member] | Legal proceedings liability [Member] | |||||
Disclosure of contingent liabilities in business combination [line items] | |||||
Contingent liability | $ | $ 24.6 | ||||
Top of range [Member] | |||||
Disclosure of contingent liabilities in business combination [line items] | |||||
Tariffs published by EA | 386 | ||||
Bottom of range [member] | |||||
Disclosure of contingent liabilities in business combination [line items] | |||||
Tariffs published by EA | 333.2 |
Contingent Liabilities, Comm119
Contingent Liabilities, Commitments and Concessions (Schedule of Guarantees) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | |
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | [1] | $ 44,342 | $ 118,763 | |
Advanced Integrated Energy Ltd. [Member] | IDOM - EPC Agreement [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | 10,500 | |||
Cash Collateral | ||||
Advanced Integrated Energy Ltd. [Member] | IDOM - EPC Agreement [Member] | NIS [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | ₪ | ||||
Advanced Integrated Energy Ltd. [Member] | GE - CSA Agreement [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | 21,000 | |||
Cash Collateral | ||||
Advanced Integrated Energy Ltd. [Member] | GE - CSA Agreement [Member] | NIS [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | ₪ | ||||
OPC Rotem Ltd. [Member] | Facility Agreement [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | 12,980 | |||
Cash Collateral | $ 6,505 | |||
OPC Rotem Ltd. [Member] | Facility Agreement [Member] | NIS [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial guarantee | ₪ | ₪ 45,000 | |||
[1] | Financial Guarantees contractual period in Qoros is dependent on Qoros's timeliness to meet the obligation of current loans payable. |
Contingent Liabilities, Comm120
Contingent Liabilities, Commitments and Concessions (Power Purchase Agreement, Gas Supply) (Narrative) (Details) ₪ in Thousands, $ in Thousands | Jan. 08, 2018₪ / MWh | Dec. 06, 2017USD ($) | Apr. 06, 2017USD ($)MW | Apr. 05, 2017m² | Sep. 13, 2015 | Aug. 10, 2015 | Nov. 25, 2012CubicMeter | Dec. 31, 2016₪ / MWh | Oct. 31, 2016 | Aug. 31, 2016USD ($) | Aug. 31, 2016ILS (₪) | Jun. 27, 2016USD ($) | Feb. 28, 2016USD ($) | Feb. 28, 2016ILS (₪) | Dec. 31, 2015USD ($) | Dec. 31, 2015ILS (₪) | Feb. 28, 2015 | Dec. 31, 2022USD ($) | Dec. 31, 2022ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2021ILS (₪) | Dec. 31, 2020USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019USD ($) | Dec. 31, 2019ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2018ILS (₪) | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($)₪ / MWh | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015ILS (₪) | Dec. 31, 2017ILS (₪) | Jul. 20, 2017MW | Nov. 30, 2016₪ / MWh | Jan. 21, 2016USD ($) | Jul. 31, 2013MW | ||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | MW | 333.2 | |||||||||||||||||||||||||||||||||||||||
Payment to IEC in satisfaction of service charges | $ (568,364) | $ 22,835 | $ (29,800) | |||||||||||||||||||||||||||||||||||||
Adjusted system management cost provision allocated to cost of sales | 267,136 | 251,666 | [1],[2] | 244,816 | [1],[2] | |||||||||||||||||||||||||||||||||||
Increase in payments | 227,601 | $ 280,955 | $ 515,838 | |||||||||||||||||||||||||||||||||||||
Purchase price | $ (3,280) | |||||||||||||||||||||||||||||||||||||||
Nominal annual Interest rate | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | MW | 333.2 | |||||||||||||||||||||||||||||||||||||||
Top of range [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | MW | 386 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | OPC Hadera will supply steam and electricity during the period commencing upon COD of the power plant and for a period of 18 years thereafter. | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Gas Sale and Purchase Agreement (GSPA) [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | The GSPA will terminate upon the earlier of 15 years following the commencement of supply from the Tamar reservoir (April 2013) or until the date of consuming the total contract quantity (118,000,000 MMBTU). | The GSPA will terminate upon the earlier of 15 years following the commencement of supply from the Tamar reservoir (April 2013) or until the date of consuming the total contract quantity (118,000,000 MMBTU). | ||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | $ 6,000 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Additional GSPA [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | The additional GSPA will terminate upon the earlier of 15 years following the completion of the commissioning of the power plant (which shall be concluded by no later than March 31, 2019) or until the date of consuming the total contract quantity (68,000,000 MMBTU, which shall be adjusted if and when the additional GSPA were to become on a firm supply basis). In addition, both parties have an option to extend the term of the additional GSPA by up to three years in the event the total contract quantity was not yet consumed by the end of the additional GSPA term. | The additional GSPA will terminate upon the earlier of 15 years following the completion of the commissioning of the power plant (which shall be concluded by no later than March 31, 2019) or until the date of consuming the total contract quantity (68,000,000 MMBTU, which shall be adjusted if and when the additional GSPA were to become on a firm supply basis). In addition, both parties have an option to extend the term of the additional GSPA by up to three years in the event the total contract quantity was not yet consumed by the end of the additional GSPA term. | ||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | PPA with end users [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | 10 years | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | NIS [Member] | Gas Sale and Purchase Agreement (GSPA) [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | ₪ | ₪ 21,000 | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||||
Reduction in generation component tariff | 5.00% | 5.00% | 10.00% | 0.50% | 0.50% | |||||||||||||||||||||||||||||||||||
Initially proposed tariff reduction | 8.00% | |||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | ₪ / MWh | 264 | 264 | 265.2 | |||||||||||||||||||||||||||||||||||||
Effective increase in tariffs | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||
System management service charges | $ 41,600 | $ 41,000 | ||||||||||||||||||||||||||||||||||||||
Payment to IEC in satisfaction of service charges | $ 40,000 | |||||||||||||||||||||||||||||||||||||||
Change in system management service charges | 2.50% | 2.50% | ||||||||||||||||||||||||||||||||||||||
Adjusted system management cost provision allocated to cost of sales | $ 768 | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | 2018 Tariff Update [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Effective increase in tariffs | 6.70% | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | 2018 Tariff Update [Member] | Bottom of range [member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | ₪ / MWh | 265 | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | 2018 Tariff Update [Member] | Top of range [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Tariffs published by EA | ₪ / MWh | 281.6 | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | NIS [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
System management service charges | ₪ | ₪ 162,600 | ₪ 159,000 | ||||||||||||||||||||||||||||||||||||||
Payment to IEC in satisfaction of service charges | ₪ | ₪ 154,000 | |||||||||||||||||||||||||||||||||||||||
Adjusted system management cost provision allocated to cost of sales | ₪ | ₪ 3,000 | |||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | Israel Electric Company (IEC) [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | OPC signed a 20 year power purchase agreement (the PPA) with Israel Electric Company Ltd. (IEC) to purchase capacity and energy from OPC over a period of twenty (20) years from the commencement date of commercial operation (COD) of the plant. | OPC signed a 20 year power purchase agreement (the PPA) with Israel Electric Company Ltd. (IEC) to purchase capacity and energy from OPC over a period of twenty (20) years from the commencement date of commercial operation (COD) of the plant. | ||||||||||||||||||||||||||||||||||||||
OPC-Rotem [Member] | Noble Energy Mediterranean Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | The agreement shall terminate upon the earlier of: June 2029 or until OPC Rotem has consumed the entire contractual quantity. | |||||||||||||||||||||||||||||||||||||||
Cubic meters to be provided in total | CubicMeter | 10,600,000,000 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Israel Natural Gas Lines Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | 16 years from an agreed upon "start date" with an option for extension. | 16 years from an agreed upon "start date" with an option for extension. | ||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | $ 85 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Israel Natural Gas Lines Ltd. [Member] | CPI-linked corporate guarantee [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | 1,000 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Israel Natural Gas Lines Ltd. [Member] | NIS [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | ₪ | 296 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | Israel Natural Gas Lines Ltd. [Member] | NIS [Member] | CPI-linked corporate guarantee [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Bank guarantee in favour of Tamar Partners | ₪ | ₪ 4,000 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | SerIDOM Servicios Integrados IDOM [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Cost of contract for power plant | $ 156,000 | |||||||||||||||||||||||||||||||||||||||
OPC Hadera, Israel [Member] | General Electric International and GE Global Parts [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | 25 years from the date of signing the Service Agreement. | |||||||||||||||||||||||||||||||||||||||
Cost of contract for power plant | $ 42,000 | |||||||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Option agreement with Hadera Paper [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | lease period will be 25 years less one month | |||||||||||||||||||||||||||||||||||||||
Area of lease | m² | 68,000 | |||||||||||||||||||||||||||||||||||||||
Option expiration period | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Option divided period | The option period is divided into three periods | |||||||||||||||||||||||||||||||||||||||
Option fees payable | $ 144 | |||||||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Option agreement with Hadera Paper [Member] | Tranche 1 [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Option fees payable | $ 865 | $ 865 | $ 865 | $ 865 | $ 433 | |||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Option agreement with Hadera Paper [Member] | NIS [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Option fees payable | ₪ | ₪ 500 | |||||||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Option agreement with Hadera Paper [Member] | NIS [Member] | Tranche 1 [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Option fees payable | ₪ | ₪ 3,000 | ₪ 3,000 | ₪ 3,000 | ₪ 3,000 | ₪ 1,500 | |||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Zomet Energy Ltd [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Megawatts of availability under agreement | MW | 396 | |||||||||||||||||||||||||||||||||||||||
Percentage of shares acquired | 95.00% | |||||||||||||||||||||||||||||||||||||||
Total transaction consideration | $ 24,000 | |||||||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Ipswich Holdings Netherlands B.V. [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Percentage of shares acquired | 47.50% | |||||||||||||||||||||||||||||||||||||||
OPC Energy Ltd., Israel [Member] | Rapac Energy Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Percentage of shares acquired | 47.50% | |||||||||||||||||||||||||||||||||||||||
OPC Rotem and OPC Hadera [Member] | Energean agreement [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Period of the agreement | The agreements are valid for 15 years from the date the agreement comes into effect or until completion of the supply of the total contractual quantity from Energean to each of the subsidiaries (OPC Rotem and OPC Hadera ). According to each of the agreements, if after the elapse of 14 years from the date the agreement comes into effect, the contracting company did not take an amount equal to 90% of the total contractual quantity, subject to advance notice, each party may extend the agreement for an additional period which will begin at the end of 15 years from the date the agreement comes into effect until the earlier of: (1) completion of consumption of the total contractual quantity; or (2) at the end of 18 years from the date the agreement comes into effect. | |||||||||||||||||||||||||||||||||||||||
Total financial volume of agreements | $ 1,300,000 | |||||||||||||||||||||||||||||||||||||||
Inkia Energy Limited [Member] | ||||||||||||||||||||||||||||||||||||||||
Disclosure of contingent liabilities in business combination [line items] | ||||||||||||||||||||||||||||||||||||||||
Percentage of shares acquired | 25.00% | 25.00% | ||||||||||||||||||||||||||||||||||||||
Purchase price | $ 175,000 | |||||||||||||||||||||||||||||||||||||||
Nominal annual Interest rate | 8.00% | 8.00% | ||||||||||||||||||||||||||||||||||||||
Deferred Payment Agreement | $ 175,000 | |||||||||||||||||||||||||||||||||||||||
Period of purchase price | four-year | four-year | ||||||||||||||||||||||||||||||||||||||
Period of corporate guarantee | three-year | three-year | ||||||||||||||||||||||||||||||||||||||
[1] | Restated (See note 2.E and 28) | |||||||||||||||||||||||||||||||||||||||
[2] | Restated (See note 2.E) |
Share Capital and Reserves (Nar
Share Capital and Reserves (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 22, 2018 | |||
Disclosure of classes of share capital [line items] | ||||||
Issuance of ordinary shares | 88,000 | 26,000 | ||||
Selling, general and administrative expenses | $ 56,292 | $ 47,095 | [1],[2] | $ 49,726 | [1],[2] | |
Capital distribution aggregate amount | 1,267,210 | $ 1,267,450 | ||||
Share capital and total equity reduced | $ 750,000 | |||||
Capital distribution [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Capital distribution aggregate amount | $ 665,000 | |||||
Capital distribution aggregate amount per share | $ 12.35 | |||||
Share capital and total equity reduced | $ 665,000 | |||||
Retain cash in excess | $ 50,000 | |||||
Share Incentive Plan [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Issuance of ordinary shares | 87,911 | 25,692 | ||||
Issuance of ordinary shares price per share | $ 12.51 | $ 9.34 | ||||
Percentage of total issued shares (excluding treasury shares) of Kenon | 3.00% | |||||
Fair value of the shares granted | $ 1,000 | $ 240 | 940 | |||
Selling, general and administrative expenses | $ 508 | $ 547 | $ 566 | |||
[1] | Restated (See note 2.E and 28) | |||||
[2] | Restated (See note 2.E) |
Share Capital and Reserves (Sch
Share Capital and Reserves (Schedule of Share Capital) (Details) - shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of classes of share capital [abstract] | |||
Authorised and in issue | 53,808 | 53,720 | 53,694 |
Authorised and in issued as part of the spin-off from IC | |||
Total Authorised and in issue | 53,720 | 53,694 | |
Issued for share plan | 88 | 26 |
OPC Energy Ltd's Initial Pub123
OPC Energy Ltd's Initial Public Offering (Details) ₪ / shares in Units, $ / shares in Units, $ in Thousands, ₪ in Millions | Aug. 10, 2017USD ($)$ / sharesshares | Aug. 10, 2017ILS (₪) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Aug. 10, 2017₪ / shares |
Statement Line Items [Line Items] | ||||||
Number of shares issued | shares | 88,000 | 26,000 | ||||
Proceeds of issuance | $ 100,478 | $ 9,468 | $ 6,110 | |||
Issuance costs | $ (34,391) | |||||
OPC Energy Ltd [Member] | Public Offering [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Number of shares issued | shares | 31,866,700 | |||||
Issued price per share | $ / shares | $ 3.47 | |||||
Proceeds of issuance | $ 111,000 | |||||
Issuance costs | $ 11,000 | |||||
Percentage of shares hold by public | 24.20% | 24.20% | ||||
Percentage of Group's equity interest diluted | 75.80% | 75.80% | ||||
Capital reserves realization | $ 57,000 | |||||
Capital reserves realization attributable to equity holders in non-controlling interest | $ 42,000 | |||||
OPC Energy Ltd [Member] | Public Offering [Member] | NIS [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Issued price per share | ₪ / shares | ₪ 12.5 | |||||
Proceeds of issuance | ₪ | ₪ 399 | |||||
Issuance costs | ₪ | ₪ 39 |
Cost of Sales and Services (Sch
Cost of Sales and Services (Schedule of Cost of Sales and Services) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of cost of sales and services [Abstract] | |||||
Capacity and energy purchases and transmission costs | $ 50,973 | $ 57,310 | $ 93,196 | ||
Fuel, gas and lubricants | 137,832 | 133,012 | 142,967 | ||
Payroll and related expenses | 6,269 | 5,942 | 4,325 | ||
Regulatory expenses | 62,908 | 48,509 | |||
Third party services | 2,670 | 2,890 | |||
Other | 6,484 | 4,003 | 4,328 | ||
Cost of sales and services | $ 267,136 | $ 251,666 | [2] | $ 244,816 | [2] |
[1] | Restated (See note 2.E) | ||||
[2] | Restated (See note 2.E and 28) |
Selling, General and Adminis125
Selling, General and Administrative Expenses (Schedule of Selling, General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of selling, general and administrative expenses [Abstract] | |||||
Payroll and related expenses | $ 21,380 | $ 14,830 | $ 17,085 | ||
Depreciation and amortization | 691 | 641 | 817 | ||
Professional fees | 20,334 | 23,863 | 9,576 | ||
Other expenses | 13,887 | 7,761 | 22,248 | ||
Selling, General and Administrative Expenses | $ 56,292 | $ 47,095 | [2] | $ 49,726 | [2] |
[1] | Restated (See note 2.E) | ||||
[2] | Restated (See note 2.E and 28) |
Financing Income (Expenses),126
Financing Income (Expenses), Net (Schedule of Financing Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Financing income | |||||
Interest income from bank deposits | $ 640 | $ 2,269 | $ 4,772 | ||
Net change from change in exchange rates | 2,259 | 5,448 | 521 | ||
Net changes in fair value of Tower options series 9 | 2,119 | ||||
Net change in fair value of derivative financial instruments | 6 | 2,720 | |||
Other income | 5 | 1 | 589 | ||
Financing income | 2,904 | 7,724 | [1] | 10,721 | [1] |
Financing expenses | |||||
Interest expenses to banks and others | (59,514) | (45,317) | (34,378) | ||
Net change from change in exchange rates | (648) | ||||
Net change in fair value of derivative financial instruments | (1,168) | ||||
Other expenses | (9,484) | (1,959) | (1,368) | ||
Financing expenses | (70,166) | (47,276) | [1] | (36,394) | [1] |
Financing expenses, net | $ (67,262) | $ (39,552) | [1] | $ (25,673) | [1] |
[1] | Restated (See note 2.E and 28) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Jan. 04, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Dec. 22, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||||
Current taxes | [1] | $ 64,291 | $ 1,687 | $ 25 | ||||
Income tax rate | 17.00% | 17.00% | 17.00% | |||||
Tax rate reduced | 25% to 23% | |||||||
Deferred tax liability on undistributed earnings | $ 3,000 | $ 1,000 | ||||||
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% | 24% | ||||||
Hadera's 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] | ||||||||
Income tax rate | 24.00% | 25.00% | 26.50% | |||||
Singapore [Member] | ||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||||
Income tax rate | 17.00% | |||||||
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 May 31, 2022 (extended from May 31, 2017 to May 31, 2022) 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. | |||||||
Singapore [Member] | Top of range [Member] | ||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||||
Income tax rate | 15.00% | |||||||
Inkia Transaction [Member] | ||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||||
Current taxes | $ 61,000 | |||||||
[1] | Current taxes on income for the current year includes $61 million taxes payable in connection with a planned restructuring to simplify the holding structure of some of the companies remaining in the Kenon group subsequent to the Inkia transaction. As a result of this restructuring (which was substantially completed in January 2018), Kenon will hold its interest in OPC directly. Kenon does not expect any further tax liability in relation to any future sales of its interest in OPC. |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Current taxes on income | ||||||
In respect of current year | [1] | $ 64,291 | $ 1,687 | $ 25 | ||
In respect of prior years | 44 | 92 | (294) | |||
Deferred tax income | ||||||
Creation and reversal of temporary differences | 8,474 | 473 | 9,312 | |||
Total taxes on income | $ 72,809 | $ 2,252 | [2] | $ 9,043 | [2] | |
[1] | Current taxes on income for the current year includes $61 million taxes payable in connection with a planned restructuring to simplify the holding structure of some of the companies remaining in the Kenon group subsequent to the Inkia transaction. As a result of this restructuring (which was substantially completed in January 2018), Kenon will hold its interest in OPC directly. Kenon does not expect any further tax liability in relation to any future sales of its interest in OPC. | |||||
[2] | Restated (See note 2.E and 28) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation between Theoretical Tax Expense (Benefit) on Pre-tax Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of income taxes [Abstract] | |||||
(Loss)/profit from continuing operations before income taxes | $ (135,636) | $ (426,900) | $ 32,154 | ||
Statutory tax rate | 17.00% | 17.00% | 17.00% | ||
Tax computed at the statutory tax rate | $ (23,058) | $ (72,573) | $ 5,466 | ||
Increase (decrease) in tax in respect of: | |||||
Elimination of tax calculated in respect of the Group's share in losses of associated companies | 20,924 | 31,651 | 18,880 | ||
Income subject to tax at a different tax rate | 63,446 | (2,548) | 7,218 | ||
Non-deductible expenses | 12,850 | 41,960 | 3,944 | ||
Exempt income | (7,006) | (35,651) | |||
Taxes in respect of prior years | 44 | 92 | (294) | ||
Impact of change in tax rate | |||||
Changes in temporary differences in respect of which deferred taxes are not recognized | 4,285 | 1,419 | 580 | ||
Tax losses and other tax benefits for the period regarding which deferred taxes were not recorded | 350 | 2,449 | 8,335 | ||
Differences between the measurement base of income reported for tax purposes and the income reported in the financial statements | 13 | (419) | |||
Other differences | 961 | (198) | 984 | ||
Total taxes on income | $ 72,809 | $ 2,252 | [1] | $ 9,043 | [1] |
[1] | Restated (See note 2.E and 28) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) | $ (200,250) | $ (135,390) | |
Changes recorded on the statement of profit and loss | (13,111) | (18,171) | |
Changes recorded to equity reserve | (6,142) | (5,188) | |
Translation differences | (4,372) | (291) | |
Impact of change in tax rate | 575 | (6,857) | |
Changes in respect of business combinations | (34,353) | ||
Sale of subsidiaries | 170,547 | ||
Balance of deferred tax asset (liability) | (52,753) | (200,250) | |
Property plant and equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) | (207,493) | (123,968) | |
Changes recorded on the statement of profit and loss | (13,940) | (48,212) | |
Changes recorded to equity reserve | |||
Translation differences | (10,046) | (1,495) | |
Impact of change in tax rate | 575 | 7,638 | |
Changes in respect of business combinations | (41,456) | ||
Sale of subsidiaries | 140,736 | ||
Balance of deferred tax asset (liability) | (90,168) | (207,493) | |
Employee benefits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) | 1,711 | 601 | |
Changes recorded on the statement of profit and loss | (1,097) | 286 | |
Changes recorded to equity reserve | 882 | 61 | |
Translation differences | 24 | 15 | |
Impact of change in tax rate | |||
Changes in respect of business combinations | 748 | ||
Sale of subsidiaries | (1,520) | ||
Balance of deferred tax asset (liability) | 1,711 | ||
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 asset (liability) | 84,735 | 61,943 | |
Changes recorded on the statement of profit and loss | (13,919) | 28,014 | |
Changes recorded to equity reserve | |||
Translation differences | 4,397 | 398 | |
Impact of change in tax rate | (5,620) | ||
Changes in respect of business combinations | |||
Sale of subsidiaries | (39,764) | ||
Balance of deferred tax asset (liability) | 35,449 | 84,735 | |
Other [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) | [1] | (79,203) | (73,966) |
Changes recorded on the statement of profit and loss | [1] | 15,845 | 1,741 |
Changes recorded to equity reserve | [1] | (7,024) | (5,249) |
Translation differences | [1] | 1,253 | 791 |
Impact of change in tax rate | [1] | (8,875) | |
Changes in respect of business combinations | [1] | 6,355 | |
Sale of subsidiaries | [1] | 71,095 | |
Balance of deferred tax asset (liability) | [1] | $ 1,966 | $ (79,203) |
[1] | This amount includes deferred tax arising from derivative instruments, intangibles, undistributed profits, non-monetary items and trade receivables distribution. |
Income Taxes (Schedule of De131
Income Taxes (Schedule of Deferred Taxes Presented in Statements of Financial Position) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of income taxes [Abstract] | |||
As part of non-current assets | $ 25,104 | ||
As part of non-current liabilities | (52,753) | (225,354) | |
Deferred tax asset (liability) | $ (52,753) | $ (200,250) | $ (135,390) |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Earnings per share [abstract] | |||||
Income/(Loss) for the year attributable to Kenon's shareholders | $ 236,590 | $ (411,937) | $ 72,992 | ||
Income for the year from discontinued operations (after tax) | 476,565 | 35,150 | [1] | 72,781 | [1] |
Less: NCI | (24,928) | (13,250) | (12,872) | ||
Income for the year from discontinued operations (after tax) attributable to Kenon's shareholders | 451,637 | 21,900 | 59,909 | ||
(Loss)/Income for the year from continuing operations attributable to Kenon's shareholders | $ (215,047) | $ (433,837) | $ 13,083 | ||
[1] | Restated (See note 2.E and 28) |
Earnings per Share (Schedule133
Earnings per Share (Schedule of Number of Ordinary Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Weighted Average number of shares used in calculation of basic / diluted earnings per share | 53,761 | 53,720 | 53,649 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - I.C. Power [Member] $ in Thousands | 1 Months Ended |
Dec. 31, 2017USD ($) | |
Statement Line Items [Line Items] | |
Proceeds from sale of business to ISQ | $ 1,332,000 |
Proceeds paid by ISQ | 1,110,000 |
Retained unconsolidated cash at Inkia | 222,000 |
Base purchase price | 1,177,000 |
Bonds assumed by ISQ | 600,000 |
Amount paid by ISQ | 935,000 |
Deferred payment obligation | $ 175,000 |
Interest payable in kind | 8.00% |
Certain payments from ISQ | $ 12,000 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Results Attributable to Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Disclosure of discontinued operations [Abstract] | |||||||
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 | [1] | 72,781 | [1] | ||
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 | 616,164 | 3,497,300 | 2,953,821 | ||||
Goodwill and intangible assets | 1,641 | 376,778 | |||||
Investments in associated companies | 9,155 | ||||||
Deferred taxes, net | 52,753 | 225,354 | |||||
Income tax receivable | 112,457 | ||||||
Trade and other receivables | 379,143 | ||||||
Inventories | [2] | 91,659 | |||||
Cash and cash equivalents | 1,417,388 | $ 326,635 | $ 383,953 | $ 610,056 | |||
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 | ||||||
[1] | Restated (See note 2.E and 28) | ||||||
[2] | Inventories as at December 31, 2016 belongs to discontinued operations. |
Segment, Customer and Geogra136
Segment, Customer and Geographic Information (Schedule of Information Regarding Reportable Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Disclosure of operating segments [line items] | |||||||
Total sales | $ 365,704 | $ 324,253 | [1] | $ 325,899 | [1] | ||
Income/(loss) before taxes | (135,636) | (426,900) | [1] | 32,154 | [1] | ||
Income Taxes | (72,809) | (2,252) | [1] | (9,043) | [1] | ||
(Loss)/Profit for the year from continuing operations | (208,445) | (429,152) | [1] | 23,111 | [1] | ||
Depreciation and amortization | 178,461 | 172,381 | 27,040 | ||||
Financing income | (2,904) | (7,724) | [1] | (10,721) | [1] | ||
Financing expenses | 70,166 | 47,276 | [1] | 36,394 | [1] | ||
Other items: | |||||||
Share in losses/(income) of associated companies | 110,665 | 186,215 | [1] | 187,033 | [1] | ||
Write back/(impairment) of assets and investments | (28,758) | 72,263 | [1] | 6,541 | [1] | ||
Gain from distribution of dividend in kind | [1] | (209,710) | [1] | ||||
Asset impairment | 6,541 | ||||||
Provision of financial guarantee | 130,193 | [1] | [1] | ||||
Impairment of investments | 72,263 | ||||||
Other items | 179,963 | 455,509 | 36,577 | ||||
Adjusted EBITDA | 44,327 | 28,609 | 68,731 | ||||
Segment assets | 2,404,163 | 4,929,560 | 4,113,755 | ||||
Investments in associated companies | 121,694 | 208,233 | 369,022 | ||||
Total liabilities and equity | 2,525,857 | 5,137,793 | 4,482,777 | ||||
Segment liabilities | 1,474,510 | 4,243,589 | 3,219,222 | ||||
Capital expenditure | 230,471 | 317,853 | 574,389 | ||||
OPC [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total sales | 365,395 | 324,188 | 325,570 | ||||
Income/(loss) before taxes | 22,708 | 20,450 | 29,975 | ||||
Income Taxes | (8,945) | (67) | (8,151) | ||||
(Loss)/Profit for the year from continuing operations | 13,763 | 20,383 | 21,824 | ||||
Depreciation and amortization | 30,102 | 26,697 | 25,435 | ||||
Financing income | (1,088) | (2,988) | (3,140) | ||||
Financing expenses | 33,753 | 22,838 | 26,315 | ||||
Other items: | |||||||
Share in losses/(income) of associated companies | |||||||
Write back/(impairment) of assets and investments | |||||||
Gain from distribution of dividend in kind | |||||||
Asset impairment | |||||||
Provision of financial guarantee | |||||||
Impairment of investments | |||||||
Other items | 62,767 | 46,547 | 48,610 | ||||
Adjusted EBITDA | 85,475 | 66,997 | 78,585 | ||||
Segment assets | 939,809 | 667,631 | 810,551 | ||||
Investments in associated companies | |||||||
Segment liabilities | 742,692 | 533,684 | 676,832 | ||||
Capital expenditure | 109,226 | 72,540 | 18,273 | ||||
Qoros [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total sales | [2] | [2] | |||||
Income/(loss) before taxes | [2] | (121,198) | (142,534) | (196,223) | |||
Income Taxes | [2] | ||||||
(Loss)/Profit for the year from continuing operations | [2] | (121,198) | (142,534) | (196,223) | |||
Depreciation and amortization | [2] | ||||||
Financing income | [2] | ||||||
Financing expenses | [2] | ||||||
Other items: | |||||||
Share in losses/(income) of associated companies | [2] | 121,198 | 142,534 | 196,223 | |||
Write back/(impairment) of assets and investments | |||||||
Gain from distribution of dividend in kind | [2] | ||||||
Asset impairment | [2] | ||||||
Provision of financial guarantee | [2] | ||||||
Impairment of investments | [2] | ||||||
Other items | [2] | 121,198 | 142,534 | 196,223 | |||
Adjusted EBITDA | [2] | ||||||
Segment assets | [2] | ||||||
Investments in associated companies | [2] | 1,694 | 117,593 | 158,729 | |||
Segment liabilities | [2] | ||||||
Capital expenditure | [2] | ||||||
Other [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total sales | 309 | 65 | 329 | ||||
Income/(loss) before taxes | (37,146) | (304,816) | 198,402 | ||||
Income Taxes | (63,864) | (2,185) | (892) | ||||
(Loss)/Profit for the year from continuing operations | (101,010) | (307,001) | 197,510 | ||||
Depreciation and amortization | 692 | 589 | 1,605 | ||||
Financing income | (13,230) | (17,081) | (7,581) | ||||
Financing expenses | 47,827 | 36,783 | 10,079 | ||||
Other items: | |||||||
Share in losses/(income) of associated companies | (10,533) | 43,681 | (9,190) | ||||
Write back/(impairment) of assets and investments | (28,758) | ||||||
Gain from distribution of dividend in kind | (209,710) | ||||||
Asset impairment | 6,541 | ||||||
Provision of financial guarantee | 130,193 | ||||||
Impairment of investments | 72,263 | ||||||
Other items | (4,002) | 266,428 | (208,256) | ||||
Adjusted EBITDA | (41,148) | (38,388) | (9,854) | ||||
Segment assets | 1,464,354 | 4,261,929 | 3,303,204 | ||||
Investments in associated companies | 120,000 | 90,640 | 210,293 | ||||
Segment liabilities | 731,818 | 3,709,905 | 2,542,390 | ||||
Capital expenditure | 121,245 | 245,313 | 556,116 | ||||
Adjustments [Member] | |||||||
Disclosure of operating segments [line items] | |||||||
Total sales | |||||||
Income/(loss) before taxes | |||||||
Income Taxes | |||||||
(Loss)/Profit for the year from continuing operations | |||||||
Depreciation and amortization | |||||||
Financing income | 11,414 | 12,345 | |||||
Financing expenses | (11,414) | (12,345) | |||||
Other items: | |||||||
Share in losses/(income) of associated companies | |||||||
Write back/(impairment) of assets and investments | |||||||
Gain from distribution of dividend in kind | |||||||
Asset impairment | |||||||
Provision of financial guarantee | |||||||
Impairment of investments | |||||||
Other items | |||||||
Adjusted EBITDA | |||||||
Segment assets | |||||||
Investments in associated companies | |||||||
Segment liabilities | |||||||
Capital expenditure | |||||||
[1] | Restated (See note 2.E and 28) | ||||||
[2] | Associated Company - See Note 10.A.2 and 10.C.b. |
Segment, Customer and Geogra137
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Disclosure of operating segments [line items] | ||||||
Total revenues | $ 365,704 | $ 324,253 | [1] | $ 325,899 | [1] | |
Customer 1 [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Total revenues | $ 75,735 | $ 59,880 | $ 70,545 | |||
Percentage of revenues of the Group | 20.71% | 18.47% | 21.65% | |||
Customer 2 [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Total revenues | [2] | [2] | $ 35,760 | |||
Percentage of revenues of the Group | [2] | [2] | 10.97% | |||
Customer 3 [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Total revenues | $ 53,605 | $ 39,355 | $ 43,904 | |||
Percentage of revenues of the Group | 14.66% | 12.14% | 13.47% | |||
Customer 4 [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Total revenues | $ 50,447 | $ 32,446 | $ 35,650 | |||
Percentage of revenues of the Group | 13.79% | 10.01% | 10.94% | |||
Customer 5 [Member] | ||||||
Disclosure of operating segments [line items] | ||||||
Total revenues | $ 38,212 | $ 36,391 | [2] | |||
Percentage of revenues of the Group | 10.45% | 11.22% | [2] | |||
[1] | Restated (See note 2.E and 28) | |||||
[2] | Represents an amount less than 10% of revenues. |
Segment, Customer and Geogra138
Segment, Customer and Geographic Information (Schedule of Information Based on Geographic Areas) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Disclosure of geographical areas [line items] | |||||
Total revenues | $ 365,704 | $ 324,253 | [1] | $ 325,899 | [1] |
Israel [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Total revenues | 365,395 | 324,188 | 325,570 | ||
Others [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Total revenues | $ 309 | $ 65 | $ 329 | ||
[1] | Restated (See note 2.E and 28) |
Segment, Customer and Geogra139
Segment, Customer and Geographic Information (Schedule of Non-current Assets on the Basis of Geographic Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 617,805 | $ 3,874,078 |
Peru [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 1,910,421 | |
Guatemala [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 682,985 | |
Israel [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | 617,358 | 495,639 |
Others [Member] | ||
Disclosure of geographical areas [line items] | ||
Total non-current assets | $ 447 | $ 785,033 |
Related-party Information (Sche
Related-party Information (Schedule of Transactions with Directors and Officers) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [abstract] | ||
Short-term benefits | $ 5,632 | $ 4,352 |
Share-based payments | 508 | 547 |
Key management personnel compensation | $ 6,140 | $ 4,899 |
Related-party Information (S141
Related-party Information (Schedule of Transactions with Related Parties (Excluding Associates)) (Details) - Parent [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Sales of electricity | $ 102,443 | $ 148,119 | $ 135,655 |
Administrative expenses | 331 | 614 | 329 |
Sales of gas | 31,296 | 29,873 | |
Financing expenses, net | $ 18,444 | $ 14,475 | $ 10,716 |
Related-party Information (S142
Related-party Information (Schedule of Transactions with Associates) (Details) - Associates [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Sales of electricity | $ 5,115 | ||
Operating expenses | 204 | ||
Other income, net | $ 198 | $ 178 | $ 95 |
Related-party Information (S143
Related-party Information (Schedule of Balances with Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Trade receivables | $ 44,137 | $ 285,100 | |
Loans and Other Liabilities | |||
Weighted-average interest rates (%) | 8.00% | ||
Ansonia Holdings Singapore B.V. [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Cash and short-term deposit | |||
Trade receivables | |||
Loans and Other Liabilities | |||
In US dollar or linked thereto | $ 75,081 | $ 45,735 | |
Weighted-average interest rates (%) | 6.00% | 6.00% | |
In CPI-linked Israeli currency | |||
Weighted-average interest rates (%) | |||
Repayment years | |||
Current maturities | $ 75,081 | ||
Second year | 45,735 | ||
Third year | |||
Fourth year | |||
Fifth year | |||
Sixth year and thereafter | |||
Total Repayment | 75,081 | 45,735 | |
Other related parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Cash and short-term deposit | [1] | 2,462 | |
Trade receivables | [1] | 12,778 | 12,245 |
Loans and Other Liabilities | |||
In US dollar or linked thereto | [1] | $ 242,598 | $ 222,971 |
Weighted-average interest rates (%) | [1] | 7.69% | 7.24% |
In CPI-linked Israeli currency | [1] | ||
Weighted-average interest rates (%) | [1] | ||
Repayment years | |||
Current maturities | [1] | $ 242,598 | |
Second year | [1] | ||
Third year | [1] | ||
Fourth year | [1] | ||
Fifth year | [1] | ||
Sixth year and thereafter | [1] | 222,971 | |
Total Repayment | [1] | 242,598 | 222,971 |
Total Related Parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Cash and short-term deposit | 2,462 | ||
Trade receivables | 12,778 | 12,245 | |
Loans and Other Liabilities | |||
In US dollar or linked thereto | $ 317,679 | $ 268,706 | |
Weighted-average interest rates (%) | 7.29% | 6.62% | |
In CPI-linked Israeli currency | |||
Weighted-average interest rates (%) | |||
[1] | IC, Israel Chemicals Ltd ("ICL"), Oil Refineries Ltd ("ORL"). |
Financial Instruments (Schedule
Financial Instruments (Schedule of Maximum Exposure to Credit Risk for Financial Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Cash and cash equivalents | $ 1,417,388 | $ 326,635 | $ 383,953 | $ 610,056 |
Short-term investments and deposits | 7,144 | 89,545 | ||
Trade receivables, net | 44,137 | 284,532 | ||
Long-term trade receivables | 10,120 | |||
Other current assets | 35,752 | 49,773 | ||
Credit Risk [Member] | ||||
Disclosure of risk management strategy related to hedge accounting [line items] | ||||
Cash and cash equivalents | 1,417,388 | 326,635 | ||
Short-term investments and deposits | 7,144 | 89,545 | ||
Trade receivables, net | 44,137 | 284,532 | ||
Long-term trade receivables | 10,120 | |||
Other current assets | 35,752 | 28,462 | ||
Deposits and other long-term receivables including derivative instruments | 281,717 | 66,434 | ||
Maximum exposure to credit risk | $ 1,786,138 | $ 805,728 |
Financial Instruments (Sched145
Financial Instruments (Schedule of Maximum Exposure to Credit Risk for Trade Receivables By Geographic Region) (Details) - Trade Receivables [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | $ 44,137 | $ 294,652 |
Israel [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | 44,058 | 34,779 |
South America [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | 93,293 | |
Central America [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | 155,142 | |
Other regions [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
Maximum exposure to credit risk | $ 79 | $ 11,438 |
Financial Instruments (Sched146
Financial Instruments (Schedule of Aging of Trade Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ 44,137 | $ 285,100 |
For which impairment was not recorded [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 44,137 | 294,652 |
For which impairment was not recorded [Member] | Not past due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 50 | 233,787 |
For which impairment was not recorded [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 40,879 | 50,723 |
For which impairment was not recorded [Member] | Past due 3 - 6 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 3,208 | 9,160 |
For which impairment was not recorded [Member] | Past due 6 - 9 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 83 | |
For which impairment was not recorded [Member] | Past due 9 - 12 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 652 | |
For which impairment was not recorded [Member] | Past due more than one year [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 247 | |
Cost [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 5,004 | |
Cost [Member] | Not past due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 8 | |
Cost [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Cost [Member] | Past due 3 - 6 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 282 | |
Cost [Member] | Past due 6 - 9 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Cost [Member] | Past due 9 - 12 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Cost [Member] | Past due more than one year [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | 4,714 | |
Impairment [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | (5,004) | |
Impairment [Member] | Not past due [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | (8) | |
Impairment [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Impairment [Member] | Past due 3 - 6 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | (282) | |
Impairment [Member] | Past due 6 - 9 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Impairment [Member] | Past due 9 - 12 months [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | ||
Impairment [Member] | Past due more than one year [Member] | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Trade receivables | $ (4,714) |
Financial Instruments (Sched147
Financial Instruments (Schedule of Anticipated Repayment Dates of the Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |||
Book value: Non-derivative financial liabilities | |||||
Loans from banks and others | $ 317,684 | [1],[2] | $ 213,417 | [3] | |
Trade payables | 58,895 | 285,612 | |||
Other payables | 77,869 | 160,540 | |||
Non-convertible debentures | 91,122 | [4] | 867,287 | [5] | |
Loans from banks and others | 627,150 | [4] | 2,143,499 | [5] | |
Liabilities in respect of financing lease | 88,169 | ||||
Financial guarantee | [6] | 44,342 | 118,763 | ||
Book value: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 22,865 | ||||
Forward exchange rate contracts | 439 | 2,399 | |||
Interest SWAP contracts and options | 2,125 | ||||
Derivatives from debt restructure | 73 | 29,594 | |||
Financial liabilities | 1,217,574 | 3,934,270 | |||
Projected cash fows: Non-derivative financial liabilities | |||||
Loans from banks and others | 317,786 | [2] | 219,651 | [3] | |
Trade payables | 58,895 | 285,612 | |||
Other payables | 77,964 | 160,540 | |||
Non-convertible debentures | 125,089 | [4] | 1,190,032 | [5] | |
Loans from banks and others | 846,652 | [4] | 2,756,851 | [5] | |
Liabilities in respect of financing lease | 114,069 | ||||
Financial guarantee | [6] | 44,342 | 118,763 | ||
Projected cash flows: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 22,865 | ||||
Forward exchange rate contracts | 439 | 2,399 | |||
Projected cash flows: Financial liabilities not for hedging | |||||
Interest SWAP contracts and options | 2,125 | ||||
Derivatives from debt restructure | 73 | 29,594 | |||
Financial liabilities | 1,471,240 | 4,902,501 | |||
Less than one year [member] | |||||
Projected cash fows: Non-derivative financial liabilities | |||||
Loans from banks and others | 317,786 | [2] | 219,651 | [3] | |
Trade payables | 58,895 | 285,612 | |||
Other payables | 77,964 | 59,650 | |||
Non-convertible debentures | 13,153 | [4] | 58,113 | [5] | |
Loans from banks and others | 157,805 | [4] | 340,684 | [5] | |
Liabilities in respect of financing lease | 13,013 | ||||
Financial guarantee | [6] | 44,342 | 118,763 | ||
Projected cash flows: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 9,930 | ||||
Forward exchange rate contracts | 439 | 1,627 | |||
Projected cash flows: Financial liabilities not for hedging | |||||
Interest SWAP contracts and options | 783 | ||||
Derivatives from debt restructure | 73 | ||||
Financial liabilities | 670,457 | 1,107,826 | |||
1-2 years [Member] | |||||
Projected cash fows: Non-derivative financial liabilities | |||||
Loans from banks and others | [2] | [3] | |||
Trade payables | |||||
Other payables | 10,121 | ||||
Non-convertible debentures | 7,086 | [4] | 57,217 | [5] | |
Loans from banks and others | 50,768 | [4] | 244,508 | [5] | |
Liabilities in respect of financing lease | 12,171 | ||||
Financial guarantee | [6] | ||||
Projected cash flows: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 5,788 | ||||
Forward exchange rate contracts | 772 | ||||
Projected cash flows: Financial liabilities not for hedging | |||||
Interest SWAP contracts and options | 570 | ||||
Derivatives from debt restructure | 29,594 | ||||
Financial liabilities | 57,854 | 360,741 | |||
2-5 years [Member] | |||||
Projected cash fows: Non-derivative financial liabilities | |||||
Loans from banks and others | [2] | [3] | |||
Trade payables | |||||
Other payables | 21,718 | ||||
Non-convertible debentures | 34,033 | [4] | 616,765 | [5] | |
Loans from banks and others | 173,222 | [4] | 977,251 | [5] | |
Liabilities in respect of financing lease | 57,432 | ||||
Financial guarantee | [6] | ||||
Projected cash flows: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 4,192 | ||||
Forward exchange rate contracts | |||||
Projected cash flows: Financial liabilities not for hedging | |||||
Interest SWAP contracts and options | 688 | ||||
Derivatives from debt restructure | |||||
Financial liabilities | 207,255 | 1,678,046 | |||
More than five years [member] | |||||
Projected cash fows: Non-derivative financial liabilities | |||||
Loans from banks and others | [2] | [3] | |||
Trade payables | |||||
Other payables | 69,051 | ||||
Non-convertible debentures | 70,817 | [4] | 457,937 | [5] | |
Loans from banks and others | 464,857 | [4] | 1,194,408 | [5] | |
Liabilities in respect of financing lease | 31,453 | ||||
Financial guarantee | [6] | ||||
Projected cash flows: Financial liabilities - hedging instruments | |||||
Interest SWAP contracts | 2,955 | ||||
Forward exchange rate contracts | |||||
Projected cash flows: Financial liabilities not for hedging | |||||
Interest SWAP contracts and options | 84 | ||||
Derivatives from debt restructure | |||||
Financial liabilities | $ 535,674 | $ 1,755,888 | |||
[1] | Balances as at December 31, 2017 mainly relates to loans from related parties (see Note 31.E). | ||||
[2] | Excludes current portion of long-term liabilities. | ||||
[3] | Excludes current portion of long-term liabilities and long-term liabilities which were classified to short-term. | ||||
[4] | Includes current portion of long-term liabilities. | ||||
[5] | Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. | ||||
[6] | Financial Guarantees contractual period in Qoros is dependent on Qoros's timeliness to meet the obligation of current loans payable. |
Financial Instruments (Sched148
Financial Instruments (Schedule of Exposure to CPI and Foreign Currency Risks) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-derivative instruments | |||||
Cash and cash equivalents | $ 1,417,388 | $ 326,635 | $ 383,953 | $ 610,056 | |
Short-term investments, deposits and loans | 7,144 | 89,545 | |||
Trade receivables | 44,137 | 284,532 | |||
Other receivables | [1] | 6,378 | 27,085 | ||
Long-term deposits and loans | 76,459 | 16,690 | |||
Loans from banks and others | 123,908 | 251,803 | |||
Trade payables | 58,895 | 285,612 | |||
Other payables | 21,901 | 20,892 | |||
Long-term loans from banks and others and debentures | 588,543 | 2,829,596 | |||
Net exposure | 1,297,995 | ||||
Currency risk [Member] | Unlinked [Member] | |||||
Non-derivative instruments | |||||
Cash and cash equivalents | 158,679 | 11,810 | |||
Short-term investments, deposits and loans | 60,855 | 29,137 | |||
Trade receivables | 42,004 | 34,779 | |||
Other receivables | 2,686 | 665 | |||
Long-term deposits and loans | 25,600 | 20,349 | |||
Total financial assets | 289,824 | 96,740 | |||
Loans from banks and others | |||||
Trade payables | 31,286 | 26,913 | |||
Other payables | 3,178 | 1,093 | |||
Long-term loans from banks and others and debentures | 109,629 | 444 | |||
Total financial liabilities | 144,093 | 28,450 | |||
Total non-derivative financial instruments, net | 145,731 | 68,290 | |||
Derivative instruments | |||||
Net exposure | 145,731 | 68,290 | |||
Currency risk [Member] | CPI linked [Member] | |||||
Non-derivative instruments | |||||
Cash and cash equivalents | |||||
Short-term investments, deposits and loans | |||||
Trade receivables | |||||
Other receivables | |||||
Long-term deposits and loans | |||||
Total financial assets | |||||
Loans from banks and others | |||||
Trade payables | |||||
Other payables | 1,205 | ||||
Long-term loans from banks and others and debentures | 478,891 | 416,266 | |||
Total financial liabilities | 478,891 | 417,471 | |||
Total non-derivative financial instruments, net | 478,891 | (417,471) | |||
Derivative instruments | |||||
Net exposure | 478,891 | (417,471) | |||
Currency risk [Member] | Other [Member] | |||||
Non-derivative instruments | |||||
Cash and cash equivalents | 18,593 | 24,240 | |||
Short-term investments, deposits and loans | 26,198 | ||||
Trade receivables | 172,664 | ||||
Other receivables | 3,603 | 6,964 | |||
Long-term deposits and loans | 16,412 | ||||
Total financial assets | 22,196 | 246,478 | |||
Loans from banks and others | 30,308 | 34,998 | |||
Trade payables | 86 | 128,512 | |||
Other payables | 1,316 | 17,266 | |||
Long-term loans from banks and others and debentures | 465,262 | ||||
Total financial liabilities | 31,710 | 646,038 | |||
Total non-derivative financial instruments, net | (9,514) | (399,560) | |||
Derivative instruments | (439) | (2,421) | |||
Net exposure | $ (9,953) | $ (401,981) | |||
[1] | As at December 31, 2016, this includes discontinued operations' receivables of $16 million from insurance claims, transmission line sale, transaction costs and selective consumption tax on heavy fuel oil. |
Financial Instruments (Sched149
Financial Instruments (Schedule of Sensitivity Analysis) (Details) - Currency risk [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Shekel/dollar [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
10% increase effect on net income (loss) and equity | $ 13,248 | $ 6,208 |
5% increase effect on net income (loss) and equity | 6,940 | 3,252 |
5% decrease effect on net income (loss) and equity | (6,940) | (3,252) |
10% decrease effect on net income (loss) and equity | (13,248) | (6,208) |
CPI linked [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
10% increase effect on net income (loss) and equity | (43,536) | (37,952) |
5% increase effect on net income (loss) and equity | (22,804) | (19,880) |
5% decrease effect on net income (loss) and equity | 22,804 | 19,880 |
10% decrease effect on net income (loss) and equity | 43,536 | 37,952 |
Dollar/other [Member] | ||
Disclosure of risk management strategy related to hedge accounting [line items] | ||
10% increase effect on net income (loss) and equity | (2,559) | (44,447) |
5% increase effect on net income (loss) and equity | (1,269) | (21,044) |
5% decrease effect on net income (loss) and equity | 1,269 | 19,037 |
10% decrease effect on net income (loss) and equity | $ 2,559 | $ 36,332 |
Financial Instruments (Sched150
Financial Instruments (Schedule of Type of Interest Borne by Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial liabilities | $ (1,217,574) | $ (3,934,270) |
Financial assets (liabilities), net | 1,297,995 | |
Fixed interest rate [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 1,438,243 | 157,121 |
Financial liabilities | (1,530,715) | |
Financial assets (liabilities), net | 1,438,243 | (1,373,594) |
Variable rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Financial assets | 20,167 | |
Financial liabilities | (239,876) | (2,600,799) |
Financial assets (liabilities), net | $ (239,876) | $ (2,580,632) |
Financial Instruments (Sched151
Financial Instruments (Schedule of Effect of 100 Basis Point Change on Profit and Loss) (Details) - Variable rate instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments by type of interest rate [line items] | ||
100 bp increase | $ (2,399) | $ (25,806) |
100 bp decrease | $ 2,399 | $ 25,806 |
Financial Instruments (Sched152
Financial Instruments (Schedule of Carrying Amount and Fair Value of Financial Instrument Groups) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of fair value measurement of liabilities [line items] | ||||
Non-convertible debentures | $ 91,122 | [1] | $ 867,287 | [2] |
Long-term loans from banks and others (excluding interests) | 588,543 | 2,829,596 | ||
Carrying Value [Member] | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Non-convertible debentures | 91,122 | 867,287 | ||
Long-term loans from banks and others (excluding interests) | 527,706 | 2,116,740 | ||
Recurring fair value measurement [Member] | Level 2 [Member] | ||||
Disclosure of fair value measurement of liabilities [line items] | ||||
Non-convertible debentures | 105,488 | 947,786 | ||
Long-term loans from banks and others (excluding interests) | $ 649,487 | $ 2,354,612 | ||
[1] | Includes current portion of long-term liabilities. | |||
[2] | Includes current portion of long-term liabilities and long-term liabilities which were classified to short-term. |
Financial Instruments (Sched153
Financial Instruments (Schedule of Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | ||||
Assets measured at fair value | $ 2,525,857 | $ 5,137,793 | ||
Liabilities | ||||
Financial guarantee | [1] | 44,342 | 118,763 | |
Other financial derivatives | 73 | 29,594 | ||
Liabilities measured at fair value | 1,474,510 | 4,243,589 | $ 3,219,222 | |
Level 2 [Member] | ||||
Assets | ||||
Derivatives not used for accounting hedge | [2] | 1,471 | 3,173 | |
Assets measured at fair value | 1,471 | 3,173 | ||
Liabilities | ||||
Financial guarantee | ||||
Derivatives used for accounting hedge | 439 | 25,264 | ||
Derivatives not used for accounting hedge | 73 | 2,125 | ||
Other financial derivatives | 29,594 | |||
Liabilities measured at fair value | 512 | $ 56,983 | ||
Level 2 [Member] | Advanced Integrated Energy Ltd. [Member] | ||||
Assets | ||||
Derivatives not used for accounting hedge | $ 3,000 | |||
[1] | Financial Guarantees contractual period in Qoros is dependent on Qoros's timeliness to meet the obligation of current loans payable. | |||
[2] | Includes $3 million AIE's embedded derivative not used for hedging. This embedded derivative corresponds to the fair value of AIE's gas agreement which lets AIE to resell its not-used gas on the corresponding market to a third party. |
Financial Instruments (Sched154
Financial Instruments (Schedule of Valuation Techniques Used in Measuring Level 2 Fair Values) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Marketable securities held for trade [Member] | |
Disclosure of financial assets [line items] | |
Valuation technique | DLOM valuation method |
Significant unobservable data | Not applicable |
Inter-relationship between significant unobservable inputs and fair value measurement | Not applicable |
Interest rate swap [Member] | |
Disclosure of financial assets [line items] | |
Valuation technique | The Group applies standard valuation techniques such as: discounted cash flows for fixed and variables coupons (estimated with forward curves) using as discounted rates the projected LIBOR zero coupon curve. The observable inputs are obtained through market information suppliers. |
Significant unobservable data | Not applicable |
Inter-relationship between significant unobservable inputs and fair value measurement | Not applicable |
Foreign Exchange Forwards [Member] | |
Disclosure of financial assets [line items] | |
Valuation technique | The Group applies standard valuation techniques which include market observable parameters such as the implicit exchange rate calculated with forward points. These variables are obtained through market information suppliers. |
Significant unobservable data | Not applicable |
Inter-relationship between significant unobservable inputs and fair value measurement | Not applicable |
Credit from banks, others and debentures [Member] | |
Disclosure of financial assets [line items] | |
Valuation technique | Discounted cash flows with market interest rate |
Significant unobservable data | Not applicable |
Inter-relationship between significant unobservable inputs and fair value measurement | Not applicable |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands, ¥ in Millions | Jan. 09, 2018USD ($) | Jan. 08, 2018USD ($) | Jan. 08, 2018CNY (¥) | Jan. 03, 2018USD ($) | Jan. 02, 2018USD ($) | Sep. 08, 2017 | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 22, 2018USD ($)$ / shares | Jan. 08, 2018CNY (¥) | Dec. 31, 2016USD ($) | May 09, 2016USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Capital distribution aggregate amount | $ 1,267,210 | $ 1,267,450 | ||||||||||
Share capital and total equity reduced | 750,000 | |||||||||||
Total consideration transferred | $ (3,280) | |||||||||||
Overseas Investments Peru Credit Suisse (D) [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Maturity | May 9, 2019 | 2,017 | ||||||||||
Face amount | $ 100,000 | |||||||||||
Capital distribution [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Capital distribution aggregate amount | $ 665,000 | |||||||||||
Capital distribution aggregate amount per share | $ / shares | $ 12.35 | |||||||||||
Share capital and total equity reduced | $ 665,000 | |||||||||||
Pre-investment valuation of Qoros [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Investment | $ 1,000,000 | |||||||||||
Pre-investment valuation of Qoros [Member] | China, Yuan Renminbi [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Investment | ¥ | ¥ 6,500 | |||||||||||
Existing shareholder loans [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Investment | 290,000 | |||||||||||
Existing shareholder loans [Member] | China, Yuan Renminbi [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Investment | ¥ | ¥ 1,890 | |||||||||||
Investment Agreement [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Total consideration transferred | $ 480,000 | |||||||||||
Percentage of increase its stake | 67.00% | 67.00% | ||||||||||
Gain on dilution | $ 286,000 | |||||||||||
Investment Agreement [Member] | Investment paid to Kenon [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Funding by Investor | $ 20,000 | |||||||||||
Investment Agreement [Member] | China, Yuan Renminbi [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Funding by Investor | ¥ | ¥ 6,630 | |||||||||||
Total consideration transferred | ¥ | ¥ 3,120 | |||||||||||
Investment Agreement [Member] | China, Yuan Renminbi [Member] | Ultimately invested in Qoros equity [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Funding by Investor | ¥ | 6,500 | |||||||||||
Investment Agreement [Member] | China, Yuan Renminbi [Member] | Investment paid to Kenon [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Funding by Investor | ¥ | ¥ 130 | |||||||||||
Prepayment of debt [Member] | Overseas Investments Peru Credit Suisse (D) [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Prepayments | $ 100,000 | |||||||||||
Maturity | February 2,019 | |||||||||||
Repayments | $ 101,000 | |||||||||||
Repayment of debt [Member] | Overseas Investments Peru Credit Suisse (D) [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Repayments | $ 101,000 | |||||||||||
Repayment of debt [Member] | IC [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Repayments | $ 242,000 | |||||||||||
Qoros required to repay outstanding shareholder loans to each of Kenon and Chery [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Face amount | $ 145,000 | |||||||||||
Qoros required to repay outstanding shareholder loans to each of Kenon and Chery [Member] | China, Yuan Renminbi [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Face amount | ¥ | ¥ 944 | |||||||||||
Baoneng group owns of Quros [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Ownership interest | 51.00% | 51.00% | ||||||||||
Kenon equity interest in Qoros [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Ownership interest | 24.00% | 24.00% | ||||||||||
Chery equity interest in Qoros [Member] | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Ownership interest | 25.00% | 25.00% |