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Segment, Customer and Geographic Information
 12 Months Ended
Dec. 31, 2023
Disclosure of operating segments [abstract]  
Segment, Customer and Geographic Information
Note 26 – Segment, Customer and Geographic Information
 
Financial information of the reportable segments is set forth in the following tables:
 
   
OPC Israel
    
CPV Group
    
ZIM
    
Others
    
Total
  
   
$ Thousands
  
2023
                              
Revenue
    
618,830
      
72,966
      
-
      
-
      
691,796
  
                                         
Profit/(loss) before taxes
    
48,750
      
16,515
      
(266,906
)
    
15,892
      
(185,749
)
Income tax expense
    
(14,174
)
    
(4,136
)
    
-
      
(6,889
)
    
(25,199
)
Profit/(loss) from continuing operations
    
34,576
      
12,379
      
(266,906
)
    
9,003
      
(210,948
)
                                         
Depreciation and amortization
    
65,659
      
25,056
      
-
      
224
      
90,939
  
Financing income
    
(6,038
)
    
(5,641
)
    
-
      
(27,682
)
    
(39,361
)
Financing expenses
    
48,182
      
16,790
      
-
      
1,361
      
66,333
  
Other items:
                                        
Losses related to ZIM
    
-
      
-
      
860
      
-
      
860
  
Share in profit of CPV excluding share of depreciation and
    amortization and financing expenses, net
    
-
      
156,636
      
-
      
-
      
156,636
  

Changes in net expenses, not in the ordinary course of
    business and/or of a non-recurring nature

     -      

4,878

       -      

-

       4,878  

Share of changes in fair value of derivative financial instruments

     -      

(2,168

)

    

-

       -      

(2,168

)
Share in (profit)/loss of associated companies
    
-
      
(65,566
)
    
266,046
      
-
      
200,480
  
     
107,803
      
129,985
      
266,906
      
(26,097
)
    
478,597
  
                                         
Adjusted EBITDA
    
156,553
      
146,500
      
-
      
(10,205
)
    
292,848
  
                                         
Segment assets
    
1,673,149
      
1,102,939
      
-
      
629,196
      
3,405,284
  
Investments in associated companies
    
-
      
703,156
      
-
      
-
      
703,156
  
                                     
4,108,440
  
Segment liabilities
    
1,423,624
      
609,958
      
-
      
4,634
      
2,038,216
  
 
   
OPC Israel
    
CPV Group
    
ZIM
    
Others
    
Total
  
   
$ Thousands
  
2022
                                        
Revenue
    
516,668
      
57,289
      
-
      
-
      
573,957
  
                                         
Profit before taxes
    
23,728
      
61,039
      
305,376
      
(2,504
)
    
387,639
  
Income tax expense
    
(9,522
)
    
(9,892
)
    
-
      
(18,566
)
    
(37,980
)
Profit/(loss) from continuing operations
    
14,206
      
51,147
      
305,376
      
(21,070
)
    
349,659
  
                                         
Depreciation and amortization
    
47,134
      
15,519
      
-
      
223
      
62,876
  
Financing income
    
(10,301
)
    
(25,197
)
    
-
      
(9,188
)
    
(44,686
)
Financing expenses
    
42,062
      
7,521
      
-
      
814
      
50,397
  
Other items:
                                        
Losses related to ZIM
    
-
      
-
      
727,650
      
-
      
727,650
  

Share in profit of CPV excluding share of depreciation and
    amortization and financing expenses, net

    
-
      
167,862
      
-
      
-
      
167,862
  

Changes in net expenses, not in the ordinary course of
    business and/or of a non-recurring nature

     -      

2,978

       -       -      

2,978

  

Share of changes in fair value of derivative financial instruments

     -      

2,383

       -       -      

2,383

  
Share in profit of associated companies
    
-
      
(85,149
)
    
(1,033,026
)
    
-
      
(1,118,175
)
     
78,895
      
85,917
      
(305,376
)
    
(8,151
)
    
(148,715
)
                                         
Adjusted EBITDA
    
102,623
      
146,956
      
-
      
(10,655
)
    
238,924
  
                                         
Segment assets
    
1,503,811
      
552,569
      
-
      
636,263
      
2,692,643
  
Investments in associated companies
    
-
      
652,358
      
427,059
      
-
      
1,079,417
  
                                     
3,772,060
  
Segment liabilities
     1,226,395       241,468       -       8,279       1,476,142

 

 

   
OPC Israel
    
CPV Group
    
ZIM
    
Others
    
Total
  
   
$ Thousands
  
2021
                              
Revenue
    
437,043
      
50,720
      
-
      
-
      
487,763
  
                                         
(Loss)/profit before taxes
    
(57,040
)
    
(60,709
)
    
1,260,789
      
(263,398
)
    
879,642
  
Income tax benefit/(expense)
    
10,155
      
13,696
      
-
      
(28,176
)
    
(4,325
)
(Loss)/profit from continuing operations
    
(46,885
)
    
(47,013
)
    
1,260,789
      
(291,574
)
    
875,317
  
                                         
Depreciation and amortization
    
44,296
      
13,102
      
-
      
242
      
57,640
  
Financing income
    
(2,730
)
    
(37
)
    
-
      
(167
)
    
(2,934
)
Financing expenses
    
119,392
      
24,640
      
-
      
263
      
144,295
  
Other items:
                                        
Losses related to Qoros
    
-
      
-
      
-
      
251,483
      
251,483
  
Losses related to ZIM
    
-
      
-
      
204
      
-
      
204
  

Share in profit of CPV excluding share of depreciation and
    amortization and financing expenses, net

    
-
      
105,668
      
-
      
-
      
105,668
  

Changes in net expenses, not in the ordinary course of
    business and/or of a non-recurring nature

     -      

929

       -       -      

929

  

Share of changes in fair value of derivative financial instruments

     -      

44,901

       -       -      

44,901

  
Share in losses/(profit) of associated companies
    
419
      
10,425
      
(1,260,993
)
    
-
      
(1,250,149
)
     
161,377
      
199,628
      
(1,260,789
)
    
251,821
      
(647,963
)
                                         
Adjusted EBITDA
    
104,337
      
138,919
      
-
      
(11,577
)
    
231,679
 
                                         
Segment assets
    
1,481,149
      
431,474
      
-
      
226,337
      
2,138,960
  
Investments in associated companies
    
-
      
545,242
      
1,354,212
      
-
      
1,899,454
  
                                     
4,038,414
  
Segment liabilities
    
1,324,217
      
218,004
      
-
      
215,907
      
1,758,128
  
 
A.
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 $ Thousands):
 
 
  
2023
    
2022
    
2021
  
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
    
99,945
      
14.45
%
    
107,081
      
18.66
%
    
93,959
      
19.26
%
Customer 2
    
79,000
      
11.42
%
    
73,518
      
12.81
%
    
70,801
      
14.52
%
Customer 3
    
71,013
      
10.27
%
    
-
*
    
-
*
    
-
*
    
-
*
 
* Represents an amount less than 10% of the revenues.

 

 

Information based on geographic areas
 
The Group’s geographic revenues are as follows:
 
   
For the year ended December 31,
  
   
2023
    
2022
    
2021
  
   
$ Thousands
  
Israel
    
618,830
      
516,668
      
437,043
  
United States
    
72,966
      
57,289
      
50,720
  
Total revenue
    
691,796
      
573,957
      
487,763
  
 
The Group’s non-current assets* based on geographic location:
 
   
As at December 31,
  
   
2023
    
2022
  
   
$ Thousands
  
Israel
    
1,290,652
      
1,050,386
  
United States
    
745,442
      
392,734
  
Others
    
15
      
96
  
Total non-current assets
    
2,036,109
      
1,443,216
  
 
* Composed of property, plant and equipment and intangible assets.
 
Seasonality
 
OPC’s activity in Israel is subject to seasonal fluctuations as a result of changes in the Electricity Authority’s published regulated Time of Use Electricity Tariff (hereinafter – "the TAOZ"). The year is divided into 3 seasons, as follows: Summer (July and August), Winter (December, January and February) and Transition (March through June and September through November). For each season a different tariff is set. The results of OPC are based on the generation component which is part of the TAOZ.
 
OPC’s activity in the US (through the CPV Group) from generation of electricity are seasonal and are impacted by variable demand, gas and electricity prices, as well as the weather. In general, with respect to power plants running on natural gas, there is higher profitability in periods of the year where the temperatures are the highest or lowest, which are usually in summer and in winter, respectively. Similarly, the profitability of renewable energy production is subject to production volume, which varies based on wind and solar constructions, as well as its electricity price, which tends to be higher in winter, unless there is a fixed contractual price for the project.