Exhibit 99.2

Financial Information for the Year Ended December 31, 2020 of Kenon and OPC and

Reconciliation of Certain non-IFRS Financial Information

Table of Contents

Appendix A

Summary Kenon consolidated financial information

Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Financial Position as at December 31, 2020 and 2019

	As at December 31
	2020			2019
	$ millions
Current assets
Cash and cash equivalents		286			147
Short-term deposits and restricted cash		564			33
Trade receivables		48			39
Other current assets		22			40
Asset held for sale		-			70
Total current assets		920			329
Non-current assets
Investments in associated companies		297			120
Long-term investment		235			-
Long-term deposits and restricted cash		72			77
Long-term prepaid expenses		45			30
Long-term derivative instruments		-			2
Other non-current assets		-			58
Deferred payment receivable		-			204
Deferred taxes, net		7			2
Property, plant and equipment, net		819			668
Intangible assets, net		1			1
Right-of-use assets, net		86			17
Total non-current assets		1,562			1,179
Total assets		2,482			1,508
Current liabilities
Current maturities of loans from banks and others		47			46
Trade and other payables		128			52
Short-term derivative instruments		39			6
Current maturities of lease liabilities		14			1
Total current liabilities		228			105
Non-current liabilities
Long-term loans from banks and others		576			504
Debentures		296			73
Deferred taxes, net		94			79
Non-current tax liabilities		-			29
Other non-current liabilities		1			1
Long-term derivative instruments		7			-
Long-term lease liabilities		4			5
Total non-current liabilities		978			691
Total liabilities		1,206			796
Equity
Share capital		602			602
Translation reserve		16			18
Capital reserve		(11	)		14
Accumulated profit/(loss)		460			(11	)
Equity attributable to owners of the Company		1,067			623
Non-controlling interests		209			89
Total equity		1,276			712
Total liabilities and equity		2,482			1,508

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Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Profit & Loss for the years ended December 31, 2020 and 2019

	For the year ended December 31,
	2020			2019
	$ millions
Revenue		386			373
Cost of sales and services (excluding depreciation and amortization)		(282	)		(256	)
Depreciation and amortization		(33	)		(31	)
Gross profit		71			86
Selling, general and administrative expenses		(50	)		(36	)
Write back of impairment of investment		44			-
Other income		2			6
Operating profit		67			56
Financing expenses		(51	)		(30	)
Financing income		14			18
Financing expenses, net		(37	)		(12	)
Net gains/(losses) related to Qoros		310			(8	)
Share in profit/(losses) of associated companies, net of tax		161			(41	)
Profit/(loss) before income taxes		501			(5	)
Income taxes		(5	)		(17	)
Profit/(loss) for the year from continuing operations		496			(22	)
Gain/(loss) for the year from discontinued operations
-Recovery of retained claims, net		8			25
-Other		-			(1	)
		8			24
Profit for the year		504			2
Attributable to:
Kenon’s shareholders		507			(14	)
Non-controlling interests		(3	)		16
Profit for the year		504			2
Basic/diluted profit/(loss) per share attributable to Kenon’s shareholders (in dollars):
Basic/diluted profit/(loss) per share		9.41			(0.25	)
Basic/diluted profit/(loss) per share from continuing operations		9.25			(0.71	)
Basic/diluted profit per share from discontinued operations		0.16			0.46

3

Kenon Holdings Ltd. and subsidiaries
Consolidated Statements of Cash Flows
For the years ended December 31, 2020 and 2019

	For the year ended December 31
	2020			2019
	$ millions
Cash flows from operating activities
Profit for the year		504			2
Adjustments:
Depreciation and amortization		34			32
Write back of impairment of investment		(44	)		-
Financing expenses, net		37			12
Share in (profit)/losses of associated companies, net		(161	)		41
(Gains)/losses on disposal of property, plant and equipment, net		(1	)		-
Net (gains)/losses related to changes of interest in Qoros		(310	)		8
Recovery of retained claims		(10	)		(30	)
Share-based payments		1			2
Income taxes		7			22
		57			89
Change in trade and other receivables		(10	)		4
Change in trade and other payables		45			(5	)
Cash generated from operating activities		92			88
Income taxes paid, net		-			(2	)
Net cash provided by operating activities		92			86

4

Kenon Holdings Ltd. and subsidiaries
Consolidated Statement of Cash Flows, continued
For the years ended December 31, 2020 and 2019

	For the year ended December 31
	2020			2019
	$ millions
Cash flows from investing activities
Short-term deposits and restricted cash, net		(503	)		20
Investment in long-term deposits, net		8			(25	)
Sale of subsidiary, net of cash disposed off		-			1
Income tax paid		(32	)		(6	)
Acquisition of property, plant and equipment		(74	)		(34	)
Payment of long-term deposits		-			(3	)
Interest received		1			2
Deferred consideration in respect of acquisition of subsidiary		(14	)		-
Long-term advance deposits and prepaid expenses		(58	)		-
Payment of transactions in derivatives, net		(4	)		(1	)
Proceeds from sale of interest in Qoros		220			-
Proceeds from deferred payment		218			-
Receipt from recovery of financial guarantee		6			11
Recovery of retained claims		10			30
Net cash used in investing activities		(222	)		(5	)
Cash flows from financing activities
Dividends paid to holders of non-controlling interests		(12	)		(33	)
Dividends paid		(120	)		(65	)
Costs paid in advance in respect of taking out of loans		(9	)		(2	)
Payment of early redemption commission with respect to the debentures (Series A)		(11	)		-
Proceeds from issuance of share capital by a subsidiary to non-controlling interests		217			76
Proceeds from long-term loans		73			-
Proceeds from issuance of debentures, less issuance expenses		281			-
Repayment of long-term loans and debentures, derivative financial instruments and lease liabilities		(130	)		(28	)
Acquisition of non-controlling interests		(8	)		(1	)
Interest paid		(25	)		(21	)
Net cash provided by/(used in) financing activities		256			(74	)
Increase in cash and cash equivalents		126			7
Cash and cash equivalents at beginning of the year		147			131
Effect of exchange rate fluctuations on balances of cash and cash equivalents		13			9
Cash and cash equivalents at end of the year		286			147

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Information regarding reportable segments

Information regarding activities of the reportable segments are set forth in the following table.

	OPC			Quantum1			ZIM		Other			Total
				$ millions
2020
Revenue		386			-			-		-			386
Adjusted EBITDA2		75			-			-		(18	)		57
Depreciation and amortization		(34	)		-			-		-			(34	)
Financing income		-			-			-		14			14
Financing expenses		(50	)		-			-		(1	)		(51	)
Other items:
Net gains related to Qoros		-			310			-		-			310
Share in (losses)/profit of associated companies		-			(6	)		167		-			161
Write back of impairment of investment		-			-			44		-			44
(Loss)/profit before taxes		(9	)		304			211		(5	)		501
Income Taxes		(4	)		-			-		(1	)		(5	)
(Loss)/profit from continuing operations		(13	)		304			211		(6	)		496
Segment assets		1,724			235			-		226			2,185
Investments in associated companies		-			-			297		-			297
													2,482
Segment liabilities		1,200			-			-		6			1,206

¹ Quantum (2007) LLC, which is wholly-owned by Kenon, owns our 12% interest in Qoros Automotive Ltd.

² Adjusted EBITDA is defined as EBITDA adjusted for net gains related to Qoros, share in (losses)/profit of associated companies and write back of impairment of investment.

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	OPC			Quantum			ZIM			Other			Total
				$ millions
2019
Revenue		373			-			-			-			373
Adjusted EBITDA1		105			-			-			(18	)		87
Depreciation and amortization		(31	)		-			-			-			(31	)
Financing income		2			-			-			16			18
Financing expenses		(28	)		-			-			(2	)		(30	)
Other items:
Net losses related to Qoros		-			(8	)		-			-			(8	)
Share in losses of associated companies		-			(37	)		(4	)		-			(41	)
Profit /(loss) before taxes		48			(45	)		(4	)		(4	)		(5	)
Income Taxes		(14	)		-			-			(3	)		(17	)
Profit/(loss) from continuing operations		34			(45	)		(4	)		(7	)		(22	)
Segment assets		1,000			72			-			246			1,318
Investments in associated companies		-			106			84			-			190
														1,508
Segment liabilities		762			-			-			34			796

¹ Adjusted EBITDA is defined as EBITDA adjusted for net losses related to Qoros and share of losses of associated companies.

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Information regarding associated companies

	Asset held for sale		Carrying amounts of investment in associated companies				Equity in the net earnings / (losses) of associated companies
	as at		as at				for the year ended
	December 31, 2019		December 31, 2020		December 31, 2019		December 30, 2020			December 31, 2019
	$ millions		$ millions				$ millions
ZIM		-		297		84		167			(4	)
Qoros*		70		-		36		(6	)		(37	)
		70		297		120		161			(41	)

*Qoros was accounted for as an associated company until April 2020, when we reduced our interest in Qoros from 24% to 12%

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Appendix B

Summary of OPC consolidated financial information

OPC’s Consolidated Statement of Profit & Loss

	For the year ended December 31,
	2020			2019
	$ millions			$ millions
Revenue		386			373
Cost of sales (excluding depreciation and amortization)		(282	)		(256	)
Depreciation and amortization		(33	)		(31	)
Gross profit		71			86
Selling, general and administrative expenses		(30	)		(18	)
Other income		-			6
Operating profit		41			74
Financing expenses		(50	)		(28	)
Financing income		-			2
Financing expenses, net		(50	)		(26	)
(Loss)/profit before income taxes		(9	)		48
Income taxes		(4	)		(14	)
Net (loss)/profit for the period		(13	)		34
Attributable to:
Equity holders of the company		(17	)		25
Non-controlling interest		4			9
Net (loss)/profit for the period		(13	)		34

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Summary Data from OPC’s Consolidated Statement of Cash Flows

	Year ended December 31,
	2020			2019
	$ millions
Cash flows provided by operating activities		105			109
Cash flows used in investing activities		(644	)		(41	)
Cash flows provided by/(used in) financing activities		478			(54	)
(Decrease)/increase in cash and cash equivalents		(61	)		14
Cash and cash equivalents at end of the period		62			111

Summary Data from OPC’s Consolidated Statement of Financial Position

	As at
	December 31, 2020		December 31, 2019
	$ millions
Total financial liabilities1		921		622
Total monetary assets2		608		152
Total equity attributable to the owners		520		228
Total assets		1,734		1,011

1.	Including loans from banks and others and debentures
2.	Including cash and cash equivalents, short-term deposits and debt service reserves (out of restricted cash)

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Appendix C

Definition of OPC’s EBITDA and non-IFRS reconciliation

This press release, including the financial tables, presents OPC’s EBITDA, which is a non-IFRS financial measure.

OPC defines EBITDA as for each period as net profit before depreciation and amortization, financing expenses, net, and income tax expense. EBITDA is not recognized under IFRS or any other generally accepted accounting principles as a measure of financial performance and should not be considered as a substitute for net profit or loss, cash flow from operations or other measures of operating performance determined in accordance with IFRS. EBITDA is not intended to represent funds available for dividends or other discretionary uses because those funds may be required for debt service, capital expenditures, working capital and other commitments and contingencies. There are limitations that impair the use of EBITDA as a measure of OPC’s profitability since it does not take into consideration certain costs and expenses that result from OPC’s business that could have a significant effect on net profit, such as financial expenses, taxes, and depreciation and amortization.

OPC believes that the disclosure of EBITDA provides transparent and useful information to investors and financial analysts in their review of the company’s, or its subsidiaries’ operating performance and in the comparison of such operating performance to the operating performance of other companies in the same industry or in other industries that have different capital structures, debt levels and/or income tax rates.

Set forth below is a reconciliation of OPC’s net profit to EBITDA for the periods presented. Other companies may calculate EBITDA differently, and therefore this presentation of EBITDA may not be comparable to other similarly titled measures used by other companies.

	Year Ended December 31, 2020
	$ millions
	Total
Net loss for the period		(13	)
Depreciation and amortization		34
Financing expenses, net		50
Income tax expense		4
EBITDA		75

	Year Ended December 31, 2019
	$ millions
	Total
Net profit for the period		34
Depreciation and amortization		31
Financing expenses, net		26
Income tax expense		14
EBITDA		105

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Appendix D

Summary Financial Information of OPC’s Subsidiaries

The tables below set forth debt, cash and cash equivalents, and debt service reserves for OPC’s subsidiaries as at December 31, 2020 and 2019 (in $ millions):

As at December 31, 2020	OPC Energy		OPC-Rotem		OPC-Hadera		Other		Total
Debt (including accrued interest)		305		341		217		58		921
Cash and cash equivalents and short-term deposits		511		38		1		12		562
Debt service reserves (out of restricted cash)1		8		24		14		-		46

As at December 31, 2019	OPC Energy		OPC-Rotem		OPC-Hadera		Other		Total
Debt (including accrued interest)		82		346		194		-		622
Cash and cash equivalents and short-term deposits		74		33		3		1		111
Debt service reserves (out of restricted cash)1		19		40		-		-		59

¹ Including reserves used for guarantees of debt.

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Appendix E

Summary Operational Information of OPC

The tables below set forth details of sales, generation and purchases of electricity by OPC and availability and net generation of OPC split by the OPC-Rotem plant and the Hadera energy center (kWh in millions):

	For the year ended December 31,
	2020		2019
Sales to private customers		4,191		3,928
Sales to the system administrator		153		102
Total sales		4,344		4,030

	For the year ended December 31,
	2020		2019
Net generation of electricity		3,925		3,811
Purchase of electricity from the system administrator		419		219
Total volume of electricity generated and purchases from the system administrator		4,344		4,030

	For the year ended December 31,
	2020		2019
Net generation of electricity and purchases during dispatch reduction – OPC Rotem		3,494		3,727
Net generation – OPC Hadera (energy center)		431		84
Total volume of electricity generated and purchases from the system administrator		3,925		3,811

	For the year ended December 31,
	2020		2019
	In thousands of tonnes
Steam Generation		720		745

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