# KEN earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/KEN) · [Earnings tab](https://www.lopjlb.com/stock/KEN?tab=earnings) Updated: 2026-08-29T04:56:02 Quarters analyzed: 1 ## Cross-quarter narrative In the 2018 Q1 earnings call, Kenon reported net income of $552 million, largely driven by a $567 million gain from a third-party investment in Qoros. The OPC Hadera 148MW co-generation project was 90% complete and on track for completion in the first half of 2019. Qoros sales surged 200% year-over-year, indicating strong demand. OPC EBITDA improved to $35 million from $28 million a year earlier, though results were positively affected by shekel/USD currency translation, which management cautioned may not persist. Cash proceeds from the Qoros transaction were held in a subsidiary, and deferred payments from the Inkia sale were accruing interest. Key milestones included the OPC Hadera project (on track), Qoros capital increase of RMB6.5 billion (at risk pending regulatory approval), and a new Qoros put option exercise. Risks highlighted included regulatory approval uncertainty for the Qoros capital increase, currency translation volatility, transaction completion risk contingent on approvals and loan conversions, and general forward-looking statement cautions. ## Latest CallCard · Q1 Kenon reports $552M net income driven by $567M gain from Qoros third-party investment; OPC Hadera project 90% complete, on track for H1 2019; Qoros sales up 200% YoY; $303M total cash. **Guidance:** vague — No formal guidance provided; OPC Hadera project expected to commence operation H1 2019 as scheduled. **Tone:** mgmt 0.7 · Q&A pressure 0 · divergence 0.7 Management highlights significant gain from Qoros transaction, strong OPC results, and project progress. ### Demand visibility Qoros sales surging; OPC revenue boosted by currency translation. Qoros sold ~11,400 cars in Q1 2018 (+200% YoY) and ~5,400 in April (+400% YoY), partly from leasing orders via new investor. OPC revenue up $8M QoQ primarily due to shekel/USD translation. ### Margins / costs OPC EBITDA improved to $35M from $28M YoY. EBITDA increase driven by operational performance and positive currency translation impact on shekel-denominated revenues. ### Capital allocation Cash proceeds from Qoros transaction held in subsidiary; deferred payment from Inkia sale accruing interest. Kenon unconsolidated cash $55M, no debt; Quantum holds ~$248M from Qoros proceeds (total ~$303M); $175M deferred payment from Inkia sale at 8% interest. ### Milestones - **OPC Hadera 148MW co-generation project** [on_track]: Construction began June 2016; ~90% complete as of March 21, 2018; invested NIS629M (~$180M); expected to commence operation H1 2019 as scheduled. - **Qoros capital increase** [at_risk]: RMB6.5B (~$1B) capital increase pending approval by relevant authorities; next step per investment agreement after share sale closing. - **Qoros put option exercise** [new]: Kenon has right to call new Qoros investors to purchase up to 100% of remaining equity for up to RMB3.12B (~$0.5B) in two tranches after capital increase. ### Fears / risks - **Regulatory approval**: Qoros capital increase of RMB6.5B pending approval by relevant authorities; timeline uncertain. - **Currency translation**: OPC results affected by shekel/USD exchange rate fluctuations; positive impact in Q1 may not persist. - **Transaction completion risk**: Qoros investment proceeds contingent on capital increase approval and shareholder loan conversion/repayment. - **Forward-looking statements**: Management cautions that forward-looking statements may differ materially due to market trends and other risks. ### Key quotes > “Kenon recognize this quarter a gain of over $0.5 billion relating to this investment.” > “Qoros sold approximately 11,400 cars in the first quarter of this year, an increase of over 200% as compared to the first quarter of 2017.” > “The construction began in June ’16, and we expect to commence operation in the first half of ’19 as scheduled.” > “Kenon’s net income for the first quarter of 2018 was $552 million compared to a net loss of $10 million in the first quarter of 2017.” > “Kenon is a beneficiary of a four year deferred payment agreement in the amount of $175 million, reflecting deferred consideration from the sale of its Inkia power businesses.” ## Quarter one-liners - **2018 Q1:** Kenon reports $552M net income driven by $567M gain from Qoros third-party investment; OPC Hadera project 90% complete, on track for H1 2019; Qoros sales up 200% YoY; $303M total cash. ## Theme arcs - **Qoros sales growth** (improving): Qoros sales up 200% YoY - **OPC Hadera project progress** (stable): 90% complete, on track for H1 2019 - **OPC EBITDA margin** (improving): EBITDA rose to $35M from $28M YoY - **Currency translation impact** (deteriorating): Positive shekel/USD impact in Q1 may not persist - **Regulatory and transaction risk** (new): Qoros capital increase pending approval; proceeds contingent on approvals and loan conversions ## Fear persistence - **Regulatory approval** [new]: Qoros capital increase of RMB6.5B pending approval by relevant authorities; timeline uncertain - **Currency translation** [new]: OPC results affected by shekel/USD exchange rate fluctuations; positive impact in Q1 may not persist - **Transaction completion risk** [new]: Qoros investment proceeds contingent on capital increase approval and shareholder loan conversion/repayment - **Forward-looking statements** [new]: Management cautions that forward-looking statements may differ materially due to market trends and other risks ## Guidance path 2018 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/KEN`