Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | Enlight Renewable Energy Ltd. |
Entity Central Index Key | 0001922641 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Common Stock, Shares Outstanding | 101,582,902 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | L3 |
ICFR Auditor Attestation Flag | false |
Entity File Number | 001-41613 |
Entity Address, Address Line One | 13 Amal St. |
Entity Address, Address Line Two | Afek Industrial Park |
Entity Address, City or Town | Rosh Ha’ayin |
Entity Address, Postal Zip Code | 4809249 |
Entity Address, Country | IL |
Title of 12(b) Security | Ordinary shares, NIS 0.1 par value per share |
Trading Symbol | ENLT |
Security Exchange Name | NASDAQ |
Document Accounting Standard | International Financial Reporting Standards |
Document Registration Statement | false |
Auditor Firm ID | 1057 |
Auditor Location | Tel Aviv, Israel |
Auditor Name | Somekh Chaikin |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 13 Amal St. |
Entity Address, Address Line Two | Afek Industrial Park |
Entity Address, City or Town | Rosh Ha’ayin |
Entity Address, Postal Zip Code | 4809249 |
Entity Address, Country | IL |
Contact Personnel Name | Nir Yehuda |
City Area Code | 972 |
Local Phone Number | (3) 900-8710 |
Contact Personnel Email Address | nir@enlightenergy.co.il |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Current assets | |||
Cash and cash equivalents | $ 193,869 | $ 265,933 | |
Deposits in banks | 4,054 | 0 | |
Restricted cash | 92,103 | 35,179 | |
Financial assets at fair value through profit or loss | 33,895 | 39,364 | |
Trade receivables | 39,822 | 17,900 | |
Other receivables | 36,953 | 28,147 | |
Current maturities of contract assets | 7,622 | 16,789 | |
Current maturities of loans to investee entities | 13,893 | 0 | |
Other financial assets | 1,493 | 9,999 | |
Total current assets | 423,704 | 413,311 | |
Non-current assets | |||
Restricted cash | 38,728 | 21,368 | |
Other long-term receivables | 6,542 | 6,334 | |
Deferred costs in respect of projects | 205,575 | 171,427 | |
Deferred borrowing costs | 6,519 | 21,138 | |
Loans to investee entities | 14,184 | 26,264 | |
Contract assets | 99,152 | 270,253 | |
Fixed assets, net | 2,220,734 | 1,488,829 | |
Intangible assets, net | 279,717 | 247,059 | |
Deferred taxes | 4,683 | 21,864 | |
Right-of-use asset, net | 96,515 | 105,250 | |
Financial assets at fair value through profit or loss | 42,918 | 28,682 | |
Other financial assets | 94,396 | 13,561 | |
Total non-current assets | 3,109,663 | 2,422,029 | |
Total assets | 3,533,367 | 2,835,340 | |
Current liabilities | |||
Credit and current maturities of loans from banks and other financial institutions | 165,627 | 61,822 | |
Trade payables | 34,638 | 27,417 | |
Other payables | 77,864 | 46,058 | |
Current maturities of debentures | 15,832 | 17,914 | |
Current maturities of lease liability | 5,850 | 5,686 | |
Financial liabilities through profit or loss | 35,283 | 14,567 | |
Other financial liabilities | 50,255 | 27,602 | |
Total current liabilities | 385,349 | 201,066 | |
Non-current liabilities | |||
Debentures | 238,520 | 286,656 | |
Convertible debentures | 131,385 | 100,995 | |
Loans from banks and other financial institutions | 1,419,057 | 1,168,569 | |
Loans from non-controlling interests | 90,908 | 78,113 | |
Financial liabilities through profit or loss | 48,068 | 77,952 | |
Other financial liabilities | 0 | 15,300 | |
Deferred taxes | 14,133 | 12,411 | |
Other long-term payables | 0 | 1,132 | |
Employee benefits | 12,238 | 6,911 | |
Lease liability | 93,773 | 99,960 | |
Asset retirement obligation | 49,902 | 28,894 | |
Total non-current liabilities | 2,097,984 | 1,876,893 | |
Total liabilities | 2,483,333 | 2,077,959 | |
Equity | |||
Ordinary share capital | 2,827 | 2,549 | |
Share premium | 762,516 | 556,161 | |
Capital reserves | 30,469 | (4,514) | |
Proceeds on account of convertible options | 15,496 | 10,405 | |
Accumulated loss | (7,214) | (31,963) | |
Equity attributable to shareholders of the Company | 804,094 | 532,638 | |
Non-controlling interests | 245,940 | 224,743 | |
Total equity | 1,050,034 | 757,381 | [1] |
Total liabilities and equity | $ 3,533,367 | $ 2,835,340 | |
[1]Total Capital reserves of 30,469 (USD in thousands) |
Consolidated Statements of Inco
Consolidated Statements of Income and Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Profit or loss [abstract] | ||||
Revenues | $ 192,172 | $ 102,461 | $ 70,324 | |
Cost of sales | (40,438) | (21,777) | (14,730) | |
Depreciation and amortization | (40,563) | (19,446) | (15,226) | |
Gross profit | 111,171 | 61,238 | 40,368 | |
General and administrative expenses | (28,739) | (15,569) | (9,018) | |
Development expenses | (5,587) | (4,716) | (2,976) | |
Transaction costs in respect of acquisition of activity in the United States | 0 | (7,331) | 0 | |
Other income | 13,767 | 778 | 0 | |
Total Other Operating Income Expense | (20,559) | (26,838) | (11,994) | |
Operating profit | 90,612 | 34,400 | 28,374 | |
Finance income | 23,341 | 30,333 | 17,214 | |
Finance expenses | (62,591) | (37,175) | (31,408) | |
Total finance expenses, net before early prepayment fee | (39,250) | (6,842) | (14,194) | |
Pre-tax profit before early prepayment fee | 51,362 | 27,558 | 14,180 | |
Early prepayment fee | 0 | 0 | (67,594) | |
Profit (loss) before tax and equity gains (loss) | 51,362 | 27,558 | (53,414) | |
Share of profits (loss) of equity accounted investees | (306) | (189) | 26 | |
Profit (loss) before income taxes | 51,056 | 27,369 | (53,388) | |
Taxes on income | (12,943) | (5,694) | 12,353 | |
Profit (loss) for the year | 38,113 | 21,675 | (41,035) | |
Amounts which will be classified in the future under profit or loss, net of tax: | ||||
Foreign currency translation differences for foreign operations | 78,177 | (67,305) | (719) | |
Effective portion of changes in fair value of cash flow hedges, net | 59,892 | (9,168) | (4,550) | |
Other comprehensive income (loss) item that will not be transfer to profit or loss: | ||||
Presentation currency translation adjustment | (112,158) | 29,510 | 33,734 | |
Total other comprehensive income (loss) for the year | 25,911 | (46,963) | 28,465 | |
Total comprehensive profit (loss) for the year | 64,024 | (25,288) | (12,570) | |
Profit (loss) for the year attributed to: | ||||
Owners of the Company | 24,749 | 11,217 | (43,869) | |
Non-controlling interests | 13,364 | 10,458 | 2,834 | |
Profit (loss) for the year | 38,113 | 21,675 | (41,035) | |
Comprehensive income (loss) for the year attributed to: | ||||
Owners of the Company | 45,859 | (25,748) | (24,644) | |
Non-controlling interests | 18,165 | 460 | 12,074 | |
Total comprehensive profit (loss) for the year | $ 64,024 | $ (25,288) | $ (12,570) | |
Earnings (loss) per ordinary share (in USD) with a par value ofNIS 0.01, attributable to owners of the parent Company: | ||||
Basic earnings (loss) per share | $ 0.25 | $ 0.12 | $ (0.56) | |
Diluted earnings (loss) per share | $ 0.25 | $ 0.12 | $ (0.56) | |
Weighted average of share capital used in the calculation of earnings (loss): (*) | ||||
Basic per share | [1] | 97,335,870 | 93,749,219 | 78,297,756 |
Diluted per share | [1] | 99,978,133 | 98,108,669 | 78,297,756 |
[1]The number of ordinary shares is after giving effect to the Reverse Share Split. See also Note 16 |
Consolidated Statements of In_2
Consolidated Statements of Income and Other Comprehensive Income (Parentheticals) - ₪ / shares | Feb. 28, 2023 | Dec. 31, 2022 | Aug. 16, 2022 | Mar. 06, 2022 | Dec. 31, 2021 | Mar. 02, 2021 | Dec. 31, 2020 |
Profit or loss [abstract] | |||||||
Par value per share | ₪ 18 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Share premium | Proceeds on account of convertible options | Controlling shareholders | Transactions with non-controlling interests | Transactions Share-based payment | Hedge Reserve | Translation reserve from foreign operation | Translation reserve from currency Presentation | Accumulated loss | Total attributable to the owners of the company | Non-controlling interests | Total | |||||||||||
Balance at Dec. 31, 2019 | $ 2,031 | $ 273,939 | $ 197 | $ 5,378 | [1] | $ (3,939) | [2] | $ 9,477 | [3] | $ (5,069) | [4] | $ (1,161) | [5] | $ 13,410 | [6] | $ 689 | $ 294,952 | $ 93,358 | $ 388,310 | |||||
Profit (loss) for the year | 0 | 0 | 0 | 0 | [7] | 0 | [8] | 0 | [9] | 0 | [10] | 0 | [11] | 0 | [12] | (43,869) | (43,869) | 2,834 | (41,035) | |||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Fair value changes of financial instruments used for cash flow hedging , net of tax | 0 | 0 | 0 | 0 | [13] | 0 | [14] | 0 | [15] | (3,256) | [16] | 0 | [17] | 0 | [18] | 0 | (3,256) | (1,294) | (4,550) | |||||
Exchange differences due to translation of foreign operations | 0 | 0 | 0 | 0 | [19] | 0 | [20] | 0 | [21] | 0 | [22] | (1,189) | [23] | 0 | [24] | 0 | (1,189) | 470 | (719) | |||||
Other comprehensive income item that will not be transfer to profit or loss: | ||||||||||||||||||||||||
Presentation currency translation adjustment | 0 | 0 | 0 | 0 | [25] | 0 | [26] | 0 | [27] | 0 | [28] | 0 | [29] | 23,670 | [30] | 0 | 23,670 | 10,064 | 33,734 | |||||
Total other comprehensive income (loss) for the year | 0 | 0 | 0 | 0 | [31] | 0 | [32],[33] | 0 | [34] | (3,256) | [35] | (1,189) | [36] | 23,670 | [37] | 0 | 19,225 | 9,240 | 28,465 | |||||
Total comprehensive profit (loss) for the year | 0 | 0 | 0 | 0 | [38] | 0 | [39],[40] | 0 | [41] | (3,256) | [42] | (1,189) | [43] | 23,670 | (43,869) | (24,644) | 12,074 | (12,570) | ||||||
Share-based payment | 0 | 0 | 0 | [44] | 0 | [45] | 0 | [46] | 4,138 | [47] | 0 | [48] | 0 | [49] | 0 | [50] | 0 | 4,138 | 0 | 4,138 | ||||
Issuance of shares, net | 188 | 106,315 | 0 | 0 | 0 | 0 | 0 | [51] | 0 | 0 | [52] | 0 | 106,503 | 0 | 106,503 | |||||||||
Issuance of convertible debentures | 1 | 275 | (197) | 0 | 0 | 0 | 0 | 0 | 0 | [53] | 0 | 79 | 0 | 79 | ||||||||||
Exercise of share options | 19 | 0 | 0 | 0 | 0 | 0 | 0 | [54] | 0 | 0 | [55] | 0 | 19 | 0 | 19 | |||||||||
Sale of rights in consolidated entities to non-controlling interests | 0 | 0 | 0 | 0 | (15,493) | 0 | 0 | [56] | 0 | 0 | 0 | (15,493) | 49,782 | 34,289 | ||||||||||
Dividends and distributions by subsidiaries to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [57] | 0 | 0 | [58] | 0 | 0 | (8,362) | (8,362) | |||||||||
Increase (decrease) in equity | 208 | 106,590 | (197) | 0 | (15,493) | 4,138 | 0 | 0 | 0 | 0 | 95,246 | 41,420 | 136,666 | |||||||||||
Balance at Dec. 31, 2020 | 2,239 | 380,529 | 0 | 5,378 | [59] | (19,432) | [60],[61] | 13,615 | [62],[63] | (8,325) | [64],[65] | (2,350) | [66] | 37,080 | [67] | (43,180) | 365,554 | 146,852 | 512,406 | |||||
Profit (loss) for the year | 0 | 0 | 0 | 0 | [68] | 0 | [69] | 0 | [70] | 0 | [71] | 0 | [72] | 0 | [73] | 11,217 | 11,217 | 10,458 | 21,675 | |||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Fair value changes of financial instruments used for cash flow hedging , net of tax | 0 | 0 | 0 | 0 | [74] | 0 | [75] | 0 | [76] | (6,223) | [77] | 0 | [78] | 0 | [79] | 0 | (6,223) | (2,945) | (9,168) | |||||
Exchange differences due to translation of foreign operations | 0 | 0 | 0 | 0 | [80] | 0 | [81] | 0 | [82] | 0 | [83] | (52,610) | [84] | 0 | 0 | (52,610) | (14,695) | (67,305) | ||||||
Other comprehensive income item that will not be transfer to profit or loss: | ||||||||||||||||||||||||
Presentation currency translation adjustment | 0 | 0 | 0 | 0 | [85] | 0 | [86] | 0 | [87] | 0 | [88] | 0 | [89] | 21,868 | [90] | 0 | 21,868 | 7,642 | 29,510 | |||||
Total other comprehensive income (loss) for the year | 0 | 0 | 0 | 0 | 0 | [91] | (6,223) | [92] | (52,610) | [93] | 21,868 | 0 | (36,965) | (9,998) | (46,963) | |||||||||
Total comprehensive profit (loss) for the year | 0 | 0 | 0 | 0 | [94] | (6,223) | [95] | (52,610) | [96] | 21,868 | 11,217 | (25,748) | 460 | (25,288) | ||||||||||
Share-based payment | 0 | 0 | 0 | 0 | 0 | 6,485 | [97] | 0 | [98] | 0 | [99] | 0 | 0 | 6,485 | 0 | 6,485 | ||||||||
Issuance of shares, net | 284 | 175,632 | 0 | 0 | [100] | 0 | [101] | 0 | [102] | 0 | 0 | 0 | 175,916 | 0 | 175,916 | |||||||||
Issuance of convertible debentures | 0 | 0 | 10,405 | 0 | [103] | 0 | [104] | 0 | [105] | 0 | [106] | 0 | [107] | 0 | 0 | 10,405 | 0 | 10,405 | ||||||
Exercise of share options | 26 | 0 | 0 | [108] | 0 | 0 | [109] | 0 | [110] | 0 | [111] | 0 | 0 | 26 | 0 | 26 | ||||||||
Initial consolidation of Bjorn | 0 | 0 | 0 | 0 | [112] | 0 | [113] | 0 | [114] | 0 | 0 | 0 | 0 | 22,726 | 22,726 | |||||||||
Investment by non- controlling interest in subsidiaries | 0 | 0 | 0 | 0 | [115] | 0 | [116] | 0 | [117] | 0 | [118] | 0 | 0 | 0 | 0 | 56,998 | 56,998 | |||||||
Dividends and distributions by subsidiaries to non-controlling interest | 0 | 0 | 0 | 0 | [119] | 0 | [120] | 0 | [121] | 0 | [122] | 0 | 0 | 0 | 0 | (2,293) | (2,293) | |||||||
Increase (decrease) in equity | 310 | 175,632 | 10,405 | 0 | [123] | 0 | [124] | 6,485 | [125] | 0 | [126] | 0 | 192,832 | 77,431 | 270,263 | |||||||||
Balance at Dec. 31, 2021 | 2,549 | 556,161 | 10,405 | 5,378 | [127],[128] | (19,432) | [129],[130] | 20,100 | [131],[132] | (14,548) | [133],[134] | (54,960) | [135] | 58,948 | [136],[137] | (31,963) | [138] | 532,638 | [139] | 224,743 | [140] | 757,381 | [141] | |
Profit (loss) for the year | 0 | 0 | 0 | 0 | [142] | 0 | [143] | 0 | [144] | 0 | [145] | 0 | [146] | 24,749 | 24,749 | 13,364 | 38,113 | |||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Fair value changes of financial instruments used for cash flow hedging , net of tax | 0 | 0 | 0 | 0 | [147] | 0 | [148] | 0 | [149] | 35,382 | [150] | 0 | [151] | 0 | [152] | 0 | 35,382 | 24,510 | 59,892 | |||||
Exchange differences due to translation of foreign operations | 0 | 0 | 0 | 0 | [153] | 0 | [154] | 0 | [155] | 0 | [156] | 69,735 | [157] | 0 | [158] | 0 | 69,735 | 8,442 | 78,177 | |||||
Other comprehensive income item that will not be transfer to profit or loss: | ||||||||||||||||||||||||
Presentation currency translation adjustment | 0 | 0 | 0 | 0 | [159] | 0 | [160] | 0 | [161] | 0 | [162] | 0 | [163] | (84,007) | [164] | 0 | (84,007) | (28,151) | (112,158) | |||||
Total other comprehensive income (loss) for the year | 0 | 0 | 0 | 0 | [165] | 0 | [166] | 0 | [167] | 35,382 | [168] | 69,735 | [169] | (84,007) | [170] | 0 | 21,110 | 4,801 | 25,911 | |||||
Total comprehensive profit (loss) for the year | 0 | 0 | 0 | 0 | [171] | 0 | [172] | 0 | [173] | 35,382 | [174] | 69,735 | [175] | (84,007) | [176] | 24,749 | 45,859 | 18,165 | 64,024 | |||||
Share-based payment | 0 | 0 | 0 | 0 | [177] | 0 | [178] | 13,909 | [179] | 0 | [180] | 0 | [181] | 0 | [182] | 0 | 13,909 | 0 | 13,909 | |||||
Issuance of shares, net | 270 | 206,355 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 206,625 | 0 | 206,625 | ||||||||||||
Issuance of convertible debentures | 0 | 0 | 5,091 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,091 | 0 | 5,091 | |||||||||||
Exercise of share options | 8 | 0 | 0 | 0 | [183] | 0 | [184] | 0 | [185] | 0 | [186] | 0 | [187] | 0 | [188] | 0 | 8 | 0 | 8 | |||||
Changes in ownership interest without loss of control | 0 | 0 | 0 | 0 | [189] | 28 | [190] | 0 | [191] | (64) | [192] | 0 | [193] | 0 | [194] | 0 | (36) | 5,247 | 5,211 | |||||
Dividends and distributions by subsidiaries to non-controlling interest | 0 | 0 | 0 | 0 | [195] | 0 | [196] | 0 | [197] | 0 | [198] | 0 | [199] | 0 | [200] | 0 | 0 | (3,392) | (3,392) | |||||
Investment in consolidated entity | 0 | 0 | 0 | 0 | [201] | 0 | [202] | 0 | [203] | 0 | [204] | 0 | [205] | 0 | [206] | 0 | 0 | 1,177 | 1,177 | |||||
Increase (decrease) in equity | 278 | 206,355 | 5,091 | 0 | [207] | 28 | [208] | 13,909 | [209] | (64) | [210] | 0 | [211] | 0 | [212] | 0 | 225,597 | 3,032 | 228,629 | |||||
Balance at Dec. 31, 2022 | $ 2,827 | $ 762,516 | $ 15,496 | $ 5,378 | $ (19,404) | $ 34,009 | [213] | $ 20,770 | [214] | $ 14,775 | [215] | $ (25,059) | [216] | $ (7,214) | $ 804,094 | $ 245,940 | $ 1,050,034 | |||||||
[1]Total Capital reserves of 25,966 (USD in thousands)[2]Total Capital reserves of 25,966 (USD in thousands)[3]Total Capital reserves of 25,966 (USD in thousands)[4]Total Capital reserves of 25,966 (USD in thousands)[5]Total Capital reserves of 25,966 (USD in thousands)[6]Total Capital reserves of 25,966 (USD in thousands)[7]Total Capital reserves of 25,966 (USD in thousands)[8]Total Capital reserves of 25,966 (USD in thousands)[9]Total Capital reserves of 25,966 (USD in thousands)[10]Total Capital reserves of 25,966 (USD in thousands)[11]Total Capital reserves of 25,966 (USD in thousands)[12]Total Capital reserves of 25,966 (USD in thousands)[13]Total Capital reserves of 25,966 (USD in thousands)[14]Total Capital reserves of 25,966 (USD in thousands)[15]Total Capital reserves of 25,966 (USD in thousands)[16]Total Capital reserves of 25,966 (USD in thousands)[17]Total Capital reserves of 25,966 (USD in thousands)[18]Total Capital reserves of 25,966 (USD in thousands)[19]Total Capital 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(4,514) (USD in thousands)[74]Total Capital reserves of (4,514) (USD in thousands)[75]Total Capital reserves of (4,514) (USD in thousands)[76]Total Capital reserves of (4,514) (USD in thousands)[77]Total Capital reserves of (4,514) (USD in thousands)[78]Total Capital reserves of (4,514) (USD in thousands)[79]Total Capital reserves of (4,514) (USD in thousands)[80]Total Capital reserves of (4,514) (USD in thousands)[81]Total Capital reserves of (4,514) (USD in thousands)[82]Total Capital reserves of (4,514) (USD in thousands)[83]Total Capital reserves of (4,514) (USD in thousands)[84]Total Capital reserves of (4,514) (USD in thousands)[85]Total Capital reserves of (4,514) (USD in thousands)[86]Total Capital reserves of (4,514) (USD in thousands)[87]Total Capital reserves of (4,514) (USD in thousands)[88]Total Capital reserves of (4,514) (USD in thousands)[89]Total Capital reserves of (4,514) (USD in thousands)[90]Total Capital reserves of (4,514) (USD in thousands)[91]Total Capital reserves of (4,514) (USD in thousands)[92]Total Capital reserves of (4,514) (USD in thousands)[93]Total Capital reserves of (4,514) (USD in thousands)[94]Total Capital reserves of (4,514) (USD in thousands)[95]Total Capital reserves of (4,514) (USD in thousands)[96]Total Capital reserves of (4,514) (USD in thousands)[97]Total Capital reserves of (4,514) (USD in thousands)[98]Total Capital reserves of (4,514) (USD in thousands)[99]Total Capital reserves of (4,514) (USD in thousands)[100]Total Capital reserves of (4,514) (USD in thousands)[101]Total Capital reserves of (4,514) (USD in thousands)[102]Total Capital reserves of (4,514) (USD in thousands)[103]Total Capital reserves of (4,514) (USD in thousands)[104]Total Capital reserves of (4,514) (USD in thousands)[105]Total Capital reserves of (4,514) (USD in thousands)[106]Total Capital reserves of (4,514) (USD in thousands)[107]Total Capital reserves of (4,514) (USD in thousands)[108]Total Capital reserves of (4,514) (USD in thousands)[109]Total Capital reserves of (4,514) (USD in thousands)[110]Total Capital reserves of (4,514) (USD in thousands)[111]Total Capital reserves of (4,514) (USD in thousands)[112]Total Capital reserves of (4,514) (USD in thousands)[113]Total Capital reserves of (4,514) (USD in thousands)[114]Total Capital reserves of (4,514) (USD in thousands)[115]Total Capital reserves of (4,514) (USD in thousands)[116]Total Capital reserves of (4,514) (USD in thousands)[117]Total Capital reserves of (4,514) (USD in thousands)[118]Total Capital reserves of (4,514) (USD in thousands)[119]Total Capital reserves of (4,514) (USD in thousands)[120]Total Capital reserves of (4,514) (USD in thousands)[121]Total Capital reserves of (4,514) (USD in thousands)[122]Total Capital reserves of (4,514) (USD in thousands)[123]Total Capital reserves of (4,514) (USD in thousands)[124]Total Capital reserves of (4,514) (USD in thousands)[125]Total Capital reserves of (4,514) (USD in thousands)[126]Total Capital reserves of (4,514) (USD in thousands)[127]Total Capital reserves of (4,514) (USD in thousands)[128]Total Capital reserves of 30,469 (USD in thousands)[129]Total Capital reserves of (4,514) (USD in thousands)[130]Total Capital reserves of 30,469 (USD in thousands)[131]Total Capital reserves of (4,514) (USD in thousands)[132]Total Capital reserves of 30,469 (USD in thousands)[133]Total Capital reserves of (4,514) (USD in thousands)[134]Total Capital reserves of 30,469 (USD in thousands)[135]Total Capital reserves of 30,469 (USD in thousands)[136]Total Capital reserves of (4,514) (USD in thousands)[137]Total Capital reserves of 30,469 (USD in thousands)[138]Total Capital reserves of 30,469 (USD in thousands)[139]Total Capital reserves of 30,469 (USD in thousands)[140]Total Capital reserves of 30,469 (USD in thousands)[141]Total Capital reserves of 30,469 (USD in thousands)[142]Total Capital reserves of 30,469 (USD in thousands)[143]Total Capital reserves of 30,469 (USD in thousands)[144]Total Capital reserves of 30,469 (USD in thousands)[145]Total Capital reserves of 30,469 (USD in thousands)[146]Total Capital reserves of 30,469 (USD in thousands)[147]Total Capital reserves of 30,469 (USD in thousands)[148]Total Capital reserves of 30,469 (USD in thousands)[149]Total Capital reserves of 30,469 (USD in thousands)[150]Total Capital reserves of 30,469 (USD in thousands)[151]Total Capital reserves of 30,469 (USD in thousands)[152]Total Capital reserves of 30,469 (USD in thousands)[153]Total Capital reserves of 30,469 (USD in thousands)[154]Total Capital reserves of 30,469 (USD in thousands)[155]Total Capital reserves of 30,469 (USD in thousands)[156]Total Capital reserves of 30,469 (USD in thousands)[157]Total Capital reserves of 30,469 (USD in thousands)[158]Total Capital reserves of 30,469 (USD in thousands)[159]Total Capital reserves of 30,469 (USD in thousands)[160]Total Capital reserves of 30,469 (USD in thousands)[161]Total Capital reserves of 30,469 (USD in thousands)[162]Total Capital reserves of 30,469 (USD in thousands)[163]Total Capital reserves of 30,469 (USD in thousands)[164]Total Capital reserves of 30,469 (USD in thousands)[165]Total Capital reserves of 30,469 (USD in thousands)[166]Total Capital reserves of 30,469 (USD in thousands)[167]Total Capital reserves of 30,469 (USD in thousands)[168]Total Capital reserves of 30,469 (USD in thousands)[169]Total Capital reserves of 30,469 (USD in thousands)[170]Total Capital reserves of 30,469 (USD in thousands)[171]Total Capital reserves of 30,469 (USD in thousands)[172]Total Capital reserves of 30,469 (USD in thousands)[173]Total Capital reserves of 30,469 (USD in thousands)[174]Total Capital reserves of 30,469 (USD in thousands)[175]Total Capital reserves of 30,469 (USD in thousands)[176]Total Capital reserves of 30,469 (USD in thousands)[177]Total Capital reserves of 30,469 (USD in thousands)[178]Total Capital reserves of 30,469 (USD in thousands)[179]Total Capital reserves of 30,469 (USD in thousands)[180]Total Capital reserves of 30,469 (USD in thousands)[181]Total Capital reserves of 30,469 (USD in thousands)[182]Total Capital reserves of 30,469 (USD in thousands)[183]Total Capital reserves of 30,469 (USD in thousands)[184]Total Capital reserves of 30,469 (USD in thousands)[185]Total Capital reserves of 30,469 (USD in thousands)[186]Total Capital reserves of 30,469 (USD in thousands)[187]Total Capital reserves of 30,469 (USD in thousands)[188]Total Capital reserves of 30,469 (USD in thousands)[189]Total Capital reserves of 30,469 (USD in thousands)[190]Total Capital reserves of 30,469 (USD in thousands)[191]Total Capital reserves of 30,469 (USD in thousands)[192]Total Capital reserves of 30,469 (USD in thousands)[193]Total Capital reserves of 30,469 (USD in thousands)[194]Total Capital reserves of 30,469 (USD in thousands)[195]Total Capital reserves of 30,469 (USD in thousands)[196]Total Capital reserves of 30,469 (USD in thousands)[197]Total Capital reserves of 30,469 (USD in thousands)[198]Total Capital reserves of 30,469 (USD in thousands)[199]Total Capital reserves of 30,469 (USD in thousands)[200]Total Capital reserves of 30,469 (USD in thousands)[201]Total Capital reserves of 30,469 (USD in thousands)[202]Total Capital reserves of 30,469 (USD in thousands)[203]Total Capital reserves of 30,469 (USD in thousands)[204]Total Capital reserves of 30,469 (USD in thousands)[205]Total Capital reserves of 30,469 (USD in thousands)[206]Total Capital reserves of 30,469 (USD in thousands)[207]Total Capital reserves of 30,469 (USD in thousands)[208]Total Capital reserves of 30,469 (USD in thousands)[209]Total Capital reserves of 30,469 (USD in thousands)[210]Total Capital reserves of 30,469 (USD in thousands)[211]Total Capital reserves of 30,469 (USD in thousands)[212]Total Capital reserves of 30,469 (USD in thousands)[213]Total Capital reserves of 30,469 (USD in thousands)[214]Total Capital reserves of 30,469 (USD in thousands)[215]Total Capital reserves of 30,469 (USD in thousands)[216]Total Capital reserves of 30,469 (USD in thousands) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of changes in equity [abstract] | |||
Capital reserve | $ 30,469 | $ 4,514 | $ 25,966 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Profit (loss) for the year | $ 38,113 | $ 21,675 | $ (41,035) |
Adjustments required to present cash flows from operating activities (Annex A) | 67,047 | 24,146 | 89,465 |
Cash from operating activities | 105,160 | 45,821 | 48,430 |
Interest receipts | 4,461 | 1,223 | 1,011 |
Interest paid | (33,123) | (24,381) | (41,020) |
Income Tax paid | (3,700) | (3,497) | (861) |
Repayment of contract assets | 17,578 | 32,857 | 31,250 |
Net cash flows from operating activities | 90,376 | 52,023 | 38,810 |
Cash flows from investing activities | |||
Acquisition of consolidated companies (Annex B) | (56,962) | (156,496) | (8,554) |
Restricted cash, net | (82,053) | 47,999 | (17,538) |
Purchase, development and construction of fixed assets | (639,074) | (453,250) | (341,929) |
Investment in deferred costs in respect of projects | (17,069) | (39,506) | (12,077) |
Proceeds from sale (purchase) of short-term financial assets measured at fair value through profit or loss, net | (1,881) | (4,218) | (10,571) |
Investments in bank deposits | (4,002) | 0 | (931) |
Payments on account of acquisition of consolidated Company | (3,988) | (1,183) | (20,189) |
Loan to investees | (3,706) | (4,091) | (39,636) |
Investment in investees | (441) | (7,891) | (30,763) |
Loan to non-controlling interests | 0 | (6,496) | 0 |
Purchase of long term financial assets measured at fair value through profit or loss | (10,824) | (19,506) | (10,262) |
Net cash used in investing activities | (820,000) | (644,638) | (492,450) |
Cash flows from financing activities | |||
Receipt of loans from banks and other financial institutions | 541,024 | 632,943 | 309,418 |
Repayment of loans from banks and other financial institutions | (109,130) | (301,837) | (46,093) |
Issuance of debentures | 0 | 107,317 | 97,668 |
Issuance of convertible debentures | 47,755 | 106,817 | 0 |
Repayment of debentures | (16,571) | (17,348) | (52,496) |
Dividends and distributions by subsidiaries to non-controlling interest | (2,927) | (1,918) | (8,348) |
Proceeds From Settlement Of Derivatives | 7,820 | 0 | (52,903) |
Deferred borrowing costs | (4,957) | (9,951) | (31,540) |
Receipt of loans from non-controlling interests | 18,136 | 20,236 | 14,824 |
Repayment of loans from non-controlling interests | (2,302) | (9,706) | (5,801) |
Consideration from sale of holding in consolidated entity, without loss of control | 4,160 | 0 | 10,021 |
Increase in holding rights of consolidated entity | 0 | 0 | (30,403) |
Prepayments on account of issuance of shares | (1,750) | 0 | 0 |
Issuance of shares | 206,625 | 175,079 | 105,950 |
Exercise of share options | 8 | 25 | 18 |
Repayment of lease liability | (4,327) | (6,344) | (5,382) |
Proceeds from investment in entities by non-controlling interest | 1,177 | 57,001 | 38,595 |
Net cash from financing activities | 684,741 | 752,314 | 343,528 |
Increase (decrease) in cash and cash equivalents | (44,883) | 159,699 | (110,112) |
Cash and cash equivalents at beginning of period | 265,933 | 99,330 | 197,675 |
Effect of exchange rate fluctuations on cash and cash equivalents | (27,181) | 6,904 | 11,767 |
Cash and cash equivalents at end of year | $ 193,869 | $ 265,933 | $ 99,330 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from (used in) operating activities [abstract] | |||
Total adjustments to reconcile profit (loss) | $ 67,047 | $ 24,146 | $ 89,465 |
Income and expenses not associated with cash flows: | |||
Depreciation and amortization | 42,267 | 20,500 | 15,867 |
Interest income from deposits | (1,669) | 0 | 0 |
Fair value changes of financial assets measured at fair value throughprofit or loss | (2,953) | (3,145) | 660 |
Share-based payment | 8,673 | 3,980 | 2,253 |
Deferred taxes | 4,882 | 3,272 | (15,482) |
Finance Expenses In Respect Of Lease Liability | 1,964 | 1,243 | 1,087 |
Exchange differences and others | (836) | 3,019 | 338 |
Amortization of deferred costs in respect of projects | 31 | 230 | 819 |
Interest incomes from loans to investees | (1,130) | (1,465) | (657) |
Share of profits (loss) of equity accounted investees | 306 | 189 | (26) |
Total of income and expense not associated with cash flow | 80,749 | 33,980 | 84,918 |
Changes In Assets And Liabilities Items | |||
Change in other receivables | (4,930) | 340 | (5,100) |
Change in trade receivables | (23,355) | (6,944) | 4,800 |
Change in other payables | 13,799 | (4,624) | 5,121 |
Change in trade payables | 784 | 1,175 | (274) |
Change in provisions for employees benefits | 0 | 219 | 0 |
Total change in assets and liabilities | (13,702) | (9,834) | 4,547 |
Annex B - Acquisition of Newly Consolidated Companies | |||
Working capital (except for cash and cash equivalents) | 139 | (42,304) | 245 |
Restricted cash | 0 | 0 | 174 |
Financial liabilities through profit or loss | 0 | (86,768) | 0 |
Fixed assets | 1,364 | 121,359 | 16,390 |
Intangible assets | 41,437 | 164,765 | 15,998 |
Deferred Costs In Respect Of Projects | 15,741 | 104,346 | 0 |
Deferred Borrowing Costs | 0 | 5,738 | 293 |
Deferred taxes | 0 | 115 | 122 |
Investment in investee | 0 | (39,803) | (7,251) |
Right-of-use asset and lease liability, net | 0 | (633) | 0 |
Loan to investee | (1,719) | (24,512) | (17,309) |
Loan from non-controlling interests | 0 | (23,551) | 0 |
Non-controlling interests | 0 | (22,256) | (108) |
Total consideration which was paid, after deducting cash in consolidated companies | 56,962 | 156,496 | 8,554 |
Finance expenses in respect of debentures | |||
Income and expenses not associated with cash flows: | |||
Finance expenses | 0 | 0 | 559 |
Finance expenses in respect of project finance loans | |||
Income and expenses not associated with cash flows: | |||
Finance expenses | 52,309 | 27,699 | 25,885 |
Finance expenses in respect of prepayment of loans | |||
Income and expenses not associated with cash flows: | |||
Finance expenses | 0 | 0 | 67,594 |
Finance expenses in respect of loans from non-controlling interests | |||
Income and expenses not associated with cash flows: | |||
Finance expenses | 1,381 | 1,158 | 1,540 |
Finance expenses (income) in respect of contingent consideration | |||
Income and expenses not associated with cash flows: | |||
Finance expenses (income) | (8,387) | 2,231 | 0 |
Finance expenses in respect of lease liability | |||
Income and expenses not associated with cash flows: | |||
Finance expenses | 1,964 | 1,243 | 1,087 |
Finance income in respect of contract asset | |||
Income and expenses not associated with cash flows: | |||
Finance income | (17,189) | (24,310) | (16,176) |
Finance expenses (income) in respect of forward transaction | |||
Income and expenses not associated with cash flows: | |||
Finance expenses (income) | 1,100 | $ (621) | $ 657 |
UNITED STATES | |||
Annex B - Acquisition of Newly Consolidated Companies | |||
Payment For Development Of Project | $ 12,500 |
General
General | 12 Months Ended |
Dec. 31, 2022 | |
General Description [Abstract] | |
General | Note 1 - General A. Enlight Renewable Energy Ltd. (hereinafter: the “Company”) is a public company located in Israel, whose shares are listed on NASDAQ and Tel Aviv Stock Exchange (hereinafter: “TASE”). The Company’s address is 13 Amal St., Park Afek, Rosh Ha’ayin, Israel. As of the reporting date, the Company is engaged in the renewable energy industry. Since May 2018, the Company has no controlling shareholder and/or a control core. B. The Company is engaged in the initiation, planning, development, construction and operation of projects for the production of electricity from renewable energy sources in Israel and abroad. The Company has three geographical operating segments in its financial statements, pertaining to the management and construction of properties, to the initiation, purchase, construction and operation of projects for the production of electricity from renewable energy sources in Israel, Central-Eastern Europe, Western Europe, and another segment involving the management and construction of facilities (see Note 26). In its activities, the Company is engaged, inter alia, in architectural and engineering planning of the aforementioned projects for the production of electricity, in purchasing the components which are required for the construction of those projects, in building the projects, in securing the regulatory permits and licenses which are required for the construction of each project, in the production and sale of electricity to the electric corporation, and in the operation of those facilities, once completed. C. Definitions The Group - The Company and its consolidated entities (as defined below). Consolidated Entities - Companies or partnerships which are directly or indirectly under the Company’s control (as defined in IFRS 10), and whose financial reports are wholly consolidated with the Company’s reports. The active consolidated entities are as specified in Note 7. Controlling shareholders - As defined in the Securities Regulations (Annual Financial Statements), 5770-2010. Related Party - As defined in IAS 24 (2009), “Related Party Disclosures”. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - Significant Accounting Policies A. Statement of Compliance with International Financial Reporting Standards (IFRS) The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (hereinafter: “IFRS”) as issued by the International Accounting Standards Board (IASB). B. Classifications The Company made a number of insignificant adjustments to the classification of comparative figures in order to adjust them to the manner of classification in the current financial statements. The said classifications have no effect on the total profit (loss). C. Operating cycle period The Group’s operating cycle period is 12 months. D. Foreign currency (1) Functional currency and presentation currency The financial statements of each of the Group’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the NIS, which is the Company’s functional currency. The Group’s consolidated financial statements are presented in USD. For details regarding the exchange rates, and changes thereto, during the presented periods, see Note 2, section X. (2) Translation of transactions in currencies other than the functional currency: In preparing the financial statements of each of the Group’s member companies, transactions in foreign currencies are translated to 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 to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. (3) Method for recording exchange differences Exchange differences are recognized under profit or loss during the period in when they arose, except for exchange differences in respect of monetary items receivable or payable from foreign operations, the settlement of which is not planned or expected, and which therefore constitute a part of a net investment in a foreign operation. These exchange differences are recognized under other comprehensive income, under the item for “exchange differences due to translation of foreign operations”, and are carried to the statement of income upon the realization of the net investment in the foreign operation, and upon loss of control, joint control, or significant influence of the foreign operation. Exchange differences are classified under profit and loss in the items for finance income and expenses. When the settlement of loans which were provided to a foreign operation by the Group is not planned or expected in the foreseeable future, profit and loss from exchange differences due to these monetary items are included as part of the investment in foreign operations, net, recognized under other comprehensive income, and presented under equity as part of “exchange differences due to translation of foreign operations”. Exchange differences pertaining to properties under construction for the purpose of producing electricity in the future are included under the cost of those assets, in cases where they constitute an adjustment to the interest costs on credit in foreign currency (for details regarding the Group’s accounting policy regarding the capitalization of borrowing costs, see Note 2I(4). (4) Translation of financial statements of investees whose functional currency is different from the Company’s functional currency For the purpose of presenting the consolidated financial statements, the assets and liabilities of foreign operations, including attributable excess costs, are presented are presented according to the exchange rate which was in effect as of the end of the reporting period. Income and expense items are translated according to the average exchange rates during the reporting period, unless there was significant volatility in exchange rates during that period. In that case, these items are translated according to the exchange rates on the dates when the transactions were executed, and the attributable translation differences are recognized under other comprehensive income, in the item for “exchange differences due to translation of foreign operations”. These exchange differences are classified under the statement of income on the date of realization of the foreign operation for which the translation differences arose, and upon loss of control, joint control or significant influence of the foreign operation. In case of partial realization of a subsidiary which includes a foreign operation, which does not involve loss of control, a proportional part of the cumulative total of exchange differences which were recognized under other comprehensive income is re-attributed to non-controlling interests in that foreign operation. The financial statements of a foreign operation which is not directly held are translated to the NIS using the consolidation in stages method, in which the financial statements of the foreign operation are first translated to the functional currency of the direct parent company, and are then translated to the functional currency of the ultimate parent company. Therefore, upon the realization of a foreign operation which is not directly held, the Group re-classifies to the statement of income the cumulative amount in respect of which translation differences arose, according to the amount which would have been created had the foreign operation been translated directly into NIS. (5) Hedge of net investment in foreign operation The Group applies hedge accounting to foreign currency differences arising between the functional currency of the foreign operation and the Company’s functional currency (NIS), regardless of whether the net investment is held directly or through an investee company. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income to the extent that the hedge is effective, and are presented within equity as part of the translation reserve. To the extent that the hedge is ineffective, such differences are recognized in profit or loss. When the hedged part of a net investment is disposed of, the relevant amount in the translation reserve is transferred to profit or loss as part of the profit or loss on disposal. E. Cash and cash equivalents Cash and cash equivalents comprise cash that is available for immediate use, deposits as well as term deposits that are not restricted in use, for which the original maturity date does not exceed three months. Cash and deposits which are restricted by the Group in respect of credit agreements, or which are restricted to the construction of projects only, are classified by the Group as restricted cash in the statement of financial position. F. Basis of consolidation (1) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date when the acquirer obtains control of the acquired entity. Control exists when the Group is exposed, or holds rights, to variable returns from its involvement in the acquired entity, and when it is able to affect those returns through its power over the acquired. Substantive rights held by the Group and others are taken into account when assessing control. The Group recognizes, on the acquisition date, the contingent liability which was accepted in a business combination, if there is a commitment in the present which is due to past events, and whose fair value is reliably measurable. The consideration transferred includes the fair value of the assets which were transferred to the previous owner of the acquired entity, liabilities which materialized for the acquiree towards the previous owner of the acquired entity, and equity interests which were issued by the Group. Additionally, goodwill is not updated due to the use of carryforward tax losses which existed on the date of the business combination. The consideration transferred also includes the fair value of contingent consideration. After the acquisition date, the Group recognizes changes in the fair value of the contingent consideration which is financial liability a financial liability in the statement of income. Acquisition-related costs which materialized for the buyer in respect of a business combination, such as agency fees, consulting fees, legal fees, valuations and other fees in respect of professional services or consulting services, except for those which are associated with the issuance of debt or equity instruments in connection with the business combination, are recognized as an expense in the period when the services are received. (2) Goodwill The Group recognizes goodwill as of the acquisition date according to the fair value of the consideration which was transferred, after deducting the net amount which was attributed in the acquisition to the identifiable assets which were acquired, and to the liabilities which were accepted. Goodwill is initially recognized as an asset at cost, and is measured in subsequent periods at cost after deducting accumulated impairment losses. For the purpose of testing for impairment, goodwill is allocated to each of the Group’s cash generating units which are expected to benefit from the business combination’s synergy. Cash-generating units to which goodwill was allocated are tested for impairment each year, or more frequently when indicators exist of possible impairment of that unit. When the recoverable amount of a cash-generating unit is lower than that unit’s carrying value, the impairment loss is first allocated to the amortization of the carrying value of any goodwill which is attributed to the cash generating unit. Subsequently, the balance of impairment loss, if any, is allocated to other assets of the cash generating unit, in proportion to their carrying value. Impairment loss of goodwill is not reversed in subsequent periods. (3) Subsidiaries entities Subsidiary entities are entities which are controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (4) Non-controlling interests The share in net non-controlling interests of consolidated subsidiaries is presented separately under the Group’s equity. Non-controlling interests include the amount of those interests on the acquisition date, and the share of non-controlling interests in changes which occurred in the consolidated company’s equity after the acquisition date. Non-controlling interests have protective rights only. The results of transactions with non-controlling interests, which involve the realization of part of the Group’s investment in the consolidated company, when control thereof is retained, are carried to the shareholders’ equity of the parent company. Profit or loss and any component of other comprehensive income are attributed to the owners of the Company and to non-controlling interests. Total profit or loss and the other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when the result is a negative balance of the non-controlling interests. Transactions with non-controlling interests while retaining control are treated as capital transactions. Any difference between the consideration which was paid or received, and the change in non-controlling interests, is carried to the share of the Company’s owners directly in equity. Additionally, in case of changes to the holding rate of the subsidiary, while retaining control, the Company re-attributes the cumulative amounts which were recognized under other comprehensive income between the Company’s owners and non-controlling interests. Issuance of put option to non-controlling interests Put options issued by the Group to non-controlling interests, which are settled in cash, is recognized as a liability at the present value of the exercise addition, against carrying to the goodwill which was created on the date of the business combination. Changes in the liability in respect of the put option to non-controlling interests are recognized in the statements of income according to the effective interest method; however, for changes in the subsequent measurement of the put option, the possibility is evaluated of capitalizing them as non-specific credit to balances of qualifying assets, in accordance with the International Accounting Standard (IAS) 23, “Borrowing Costs”. The profit attributable to the Company’s owners in the statements of income include the share of non-controlling interests to whom the Company has issued a put option, in the results of the investee company, including in cases where the non-controlling interests have access to the returns arising from the interests in the investee company. Dividends which are distributed to non-controlling interests in a subsidiary, hold a put option, is recorded as an expense in the statements of income, while investments made by non-controlling interests are recorded as income. (5) Transactions eliminated in the consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains from transactions with associates are eliminated against the investment according to the Group’s interests in those investments. Unrealized losses were canceled in the same manner which was used to cancel unrealized profits, so long as there was no evidence of impairment. (6) Acquisition of property company Upon the acquisition of a property company, the Group exercises judgment in its evaluation of whether it constitutes the acquisition of a business or a property, for the purpose of determining the accounting treatment for the transaction. In its evaluation of whether a property company constitutes a business, the Group evaluates, inter alia, whether the existing process or processes in the property company, including the scope and nature of the management, security, cleaning and maintenance services. Transactions in which the acquired company is a business are treated as a business combination, as specified above. However, transactions in which the acquired company is not a business are treated as an treated as a group of assets and liabilities. In transactions of this kind, the acquisition cost, including transaction costs, is proportionately allocated to the identifiable assets and liabilities which were acquired, based on their proportional fair value as of the acquisition date. In the latter case, goodwill is not recognized, and deferred taxes are not recognized, in respect of temporary differences which exist as of the acquisition date. When the Company engages in a transaction to purchase an asset (a transaction which does not constitute a business combination), and the purchase consideration includes contingent consideration which depends on the occurrence of future events which are not under the Company’s control, a contingent consideration liability is initially recognized on the date when the asset is recognized. G. Investments in associates An associate is an entity over which the Group has significant influence, which is not a subsidiary or a joint arrangement. Significant influence is the power to participate in decisions pertaining to the investee’s financial and operational policy, but does not constitute control, or joint control, of said policy. When evaluating the existence of significant influence, potential voting rights are taken into account which are exercisable or convertible immediately into the shares of the investee entity. The results, assets and liabilities of associate companies and joint ventures are included in these financial statements according to the equity method. According to the equity method, investments in associates and joint ventures are included in the consolidated statement of financial position according to cost adjusted for changes which occurred after the acquisition in the Group’s share in net assets, including capital reserves, after deducting impairment, if any, in the associate’s value. H. Classification of interest paid, dividends paid and interest and dividends received in the statement of cash flows The Group classifies cash flows in respect of interest and dividends which it received, and cash flows in respect of interest paid, as cash flows which arose from, or were used in, operating activities. Cash flows in respect of income taxes are generally classified as cash flows used in operating activities, unless these are readily identifiable as cash flows used in investing or financing activities. Dividends that are paid by the Group are classified as cash flows from financing activities. I. Fixed assets (1) General Fixed assets are tangible items which are held for the purpose of use in the production or provision of goods or services, which are expected to be used in more than one period. Fixed asset items are presented in the statement of financial position at cost less accumulated depreciation, and less accumulated impairment loss. The cost include the asset’s purchase cost, and costs which are directly attributable to bringing the asset to the location and condition which are required for its operation in the manner intended by management. The cost of qualifying assets also includes borrowing costs to be capitalized, as stated in Note 2I(4). For details regarding the impairment testing of fixed assets, see Note 2M. Fixed asset items include farms for the production of electricity from wind energy and photovoltaic systems, when those systems are not covered under IFRIC 12 and others. (2) Subsequent costs The cost of replacing part of a fixed asset item and other subsequent costs are capitalized if it is probable that the future economic benefits associated with them will flow to the Group and their cost can be measured reliably. The carrying value of a replaced part of the fixed asset item is derecognized. Current maintenance costs are carried to profit or loss as incurred. (3) Depreciation of fixed assets Components of a depreciable fixed asset item with a significant cost compared to the total cost of the item are depreciated separately. Depreciation is performed systematically, on a straight-line basis, over the expected useful lifetime of the item’s components, from the date when the asset was ready for its intended use, while taking into account its expected residual value at the end of its useful lifetime. The useful lifetimes, depreciation rates and depreciation methods used in calculating depreciation are as follows: Useful lifetime Depreciation rates Depreciation method Wind farms 25-30 years 4%-3.3% Straight line Photovoltaic systems 30 years 3.33% Straight line Automatic cleaning systems 20 years 5% Straight line Others 3-14 years 33%-7% Straight line The asset’s depreciation method, useful lifetime and residual value are reviewed by Company management at the end of each fiscal year. Changes are treated as prospective changes in estimate. Profit or loss which has arisen due to the sale or expense from the use of a fixed asset item is determined according to the difference between the proceeds from its sale and its carrying value on the date of sale or removal from use, and carried to the statement of income. (4) Borrowing costs A qualifying asset is an asset regarding which a significant period of time is necessary in order to prepare it for its intended use, or for its sale. (A) Borrowing costs which are directly attributable to the purchase or construction of facilities for the production of electricity, where preparing them for their intended use requires a significant period of time, are capitalized to the cost of those assets until the date when those assets are ready for their intended use. (B) The Company determines the amount of borrowing costs which are not directly attributable, and which are capitalizable, by attributing a capitalization rate for expenses in respect of qualifying assets. This capitalization rate is the weighted average of borrowing costs which are appropriate for the Company’s credit during that period, which is not directly attributable to the project. The Company capitalizes borrowing costs which are not directly attributable, in an amount which does not exceed the total sum of borrowing costs which arose for it during that period. Exchange differences in respect of loans denominated in a currency other than the functional currency are capitalized to the cost of those assets, to the extent where they are considered an adjustment of interest costs. All other borrowing costs are recognized in the statement of income on the date of their creation. (5) Liability in respect of the costs of dismantling and removal the facility and restoring the site where the facility is located The cost of a fixed asset item includes, inter alia, the costs of dismantling and removal of the item and the restoration of the site on which it is located, which give rise to a liability for the entity upon acquisition of the item or as a result of the use of the item over a specific duration, other than for the creation of inventory in such period. After the initial recognition date: Changes in the foregoing liability until the end of the item’s depreciation period are added to or subtracted from the asset in the current period. Changes in the aforesaid liability due to the passage of time are recognized in profit or loss as finance expenses as incurred. J. Deferred costs in respect of projects Deferred costs in respect of projects are costs which were accrued for the development of projects, and for which it is probable that economic benefits will derive to the Company in the future and the costs can be measured reliably. In assessing whether such expenditures can be capitalized, the Company evaluates, among other factors, the likelihood in succeeding to develop a project (i.e. taking into account both physical and regulatory aspects), the progress phase in the development, the Company's experience in the geographic area and with the related regulator, whether there are other obstacles or competitors that might effect the probability to successfully develop etc. The Company assess such likelihood of success in each individual case, If it is probable that the relevant project will be materialized. these costs are capitalized and presented under the item for “deferred costs in respect of projects” in the statement of financial position. If during the process it is no longer probable that the project can be materialized, any related amounts that were previously capitalized are written off (i.e. expensed). Once all the approvals obtained and the project is ready to be constructed on, the related development costs that have been deferred are classified to Fixed assets. K. Service concession arrangements The Company received from the state, through the Public Utilities Authority - Electricity (hereinafter: the “Electricity Authority”), licenses (concessions) for the construction of facilities for the production of electricity using photovoltaic technology, or through wind energy, for the purpose of providing services involving the production of electricity from renewable energy sources, and also engaged in agreements with Israel Electric Corporation (hereinafter: the “IEC”) to purchase the electricity which is produced in those facilities (hereinafter: the “Purchase Agreement”), in BOO (Build, Operate, Own) agreements. Service concession arrangements are arrangements in which the state (the “Concession Granter” / “Granting Entity”) engaged in a contract with an entity from the private sector (the operator) in which that entity undertakes to plan, build and finance assets which constitute public service infrastructure, and in exchange for the construction of the properties, the operator receives from the state a concession to operate the assets for a certain period, and to provide related services which are associated with the assets. Regarding photovoltaic technology systems in Israel (except for small systems), the state controls and regulates the licensing arrangements in the manner specified below: • The granting entity controls the services which the operator is required to provide to it through the infrastructure - the Electricity Authority controls and regulates the services which the operator is required to provide, and has the general, and broadest authority, to regulate the operator’s activity. The operator is entitled to receive a license only after it has fulfilled detailed regulatory and statutory preconditions, and when the operator has a license, it has the contractual obligation to produce and sell electricity through the PV facilities, and to operate and maintain their proper operation and connection to the national power grid throughout the entire license period. The operator is required to operate exclusively in accordance with the license terms, and is not entitled to withdraw from the power purchase agreement, or to cancel the license, without the Electricity Authority’s approval. Additionally, any change in license terms requires approval from the Minister of National Infrastructures, Energy and Water (hereinafter: the “Minister”) and/or the Electricity Authority, and in case of a breach, the operator could be exposed to various sanctions prescribed in law and in the license (including revocation or suspension of the license, and including forfeiture of the guarantee by virtue of the license). • The granting entity determines the entity to whom the operator is required to provide the electricity production services - in principle, the license holder will be entitled to sell electricity to consumers according to a price between a willing seller and a willing buyer, subject to the provisions of the law and the provision license. However, essentially, in accordance with the factual situation as of the publication date of the report, and as of the date of evaluation of the application of IFRIC 12 to the facilities, the sale of electricity to entities other than the electric corporation in Israel is not yet possible. The regulatory arrangement applies to the sale of electricity to private consumers, according to which, in medium and large facilities, insofar as the producer wishes to sell electricity to third parties, in any framework other than the purchase agreement, but rather to third parties, a specific provision license from the Electricity Authority is required; however, the wording of licenses of this kind has not yet been published by the Electricity Authority for photovoltaic facilities, and essentially, there are no rules regulating how sale to third parties should take place. • The granting entity dictates the price at which the services will be purchased - the Electricity Authority determines the tariff that will be paid for the electricity produced in the photovoltaic facilities on the date of tariff approval, and thereby controls it, and requires the operator to sign the purchase agreement as a condition for the receipt of the permanent production license. Additionally, in respect of solar facilities for the production of electricity using photovoltaic technology which commenced operation until December 31, 2016, the Company made specific economic calculations for each of the facilities which it owns, and reached the conclusion that the residual value from additional continued operation, beyond 20 years, is negligible relative to the facility’s total value. In accordance with the above, the appropriate treatment of photovoltaic facilities for the production of electricity in Israel (except for small systems) which commenced operation until December 31, 2016 is in accordance with IFRIC 12, and the Company is adopting the financial asset model, as defined in that interpretation (See also Note 8 regarding the change in the Halutziot facility). The treatment in the Company’s books in respect of the foregoing facilities is as follows - The total consideration which is expected to be received throughout the license period is allocated to the construction services and to the operating services based on the proportional fair value figures of those services. • The value of the construction services is determined according to the construction costs, plus the standard construction margin, according to the Company’s estimate. • The value of the operating services is determined according to the operating costs, plus the standard margin, according to the Company’s estimate. Interest income is recognized throughout the license period according to the effective interest method, based on the rate of return which reflects the relevant risks during the construction and operation period of the project. This income is recognized in the statement of cash flows under operating activities, as activities not associated with cash flows. Proceeds attributable to the repayment of the asset are classified in the statement of cash flows Activity under operating activities, as activity in respect of concession arrangements - repayment of contract asset. The consideration in respect of the construction services, which is initially measured at fair value by determining the rate of return, as stated above, is recognized throughout the construction period according to the completion rate. For details regarding the timing of recognition of revenue from the provision of services, see section Q(2) below. The consideration which is recognized on the date of revenue recognition, as stated above, is treated as a contract asset covered under IFRS 15 (see section Q(2) below) throughout the entire period of the concession arrangement, and is not reclassified in the commercial operation stage to a financial asset (receivables) covered under IFRS 9, since the contractual right to receive payment for the services in accordance with the arrangement arises as the facilities commence operation and producing electricity in practice, and does not only depend on the passage of time. For details regarding estimates and approximations in the application of the accounting policy, see Note 4 below. For details regarding the impairment of financial assets, see section N(5) below. L. Intangible assets Intangible assets are identifiable non-monetary assets which have no physical substance. Intangible assets with an indefinite useful lifetime are not amortized, and are tested for impairment once per year, or whenever there are possible indicators of impairment, in accordance with the provisions of IAS 36. The estimated useful lifetime of intangible assets with an indefinite useful lifetime is evaluated at the end of each reporting year. Changes in the estimated useful lifetime of an intangible asset, from indefinite to definite, are treated prospectively. Intangible assets with definite useful lifetimes are amortized in a straight line throughout their estimated useful lifetime, subject to an impairment test. Changes in the estimated useful lifetime of an intangible asset with a definite lifetime are treated prospectively. The Company has agreements for the provision of electricity and concession agreements which are presented at cost, after deducting amortization (except as stated in section K), and are amortized according to the useful lifetime which was determined for the facility to which they are attributed. Goodwill Goodwill which was created due to the acquisition of subsidiaries is presented under intangible assets. For details regarding the measurement of goodwill upon initial recognition, see sectio |
New Financial Reporting Standar
New Financial Reporting Standards, Published Interpretations, and Amendments to Standards | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
New Financial Reporting Standards, Published Interpretations, and Amendments to Standards | Note 3 - New Financial Reporting Standards, Published Interpretations, and Amendments to Standards New standards, amendments to standards and interpretations which have not yet been adopted Standard / interpretation / amendment Publication requirements Application and transitional provisions Expected impact (1) Amendment to IAS 1, Presentation of Financial Statements: "Disclosure of Accounting Policies." According to the amendment companies must provide disclosure of their material accounting policies rather than their significant accounting policies. Pursuant to the amendment, accounting policy information is material if, when considered with other information disclosed in the financial statements, it can be reasonably be expected to influence decisions that the users of the financial statements make on the basis of those financial statements. The amendment to IAS 1 also clarifies that accounting policy information is expected to be material if, without it, the users of the financial statements would be unable to understand other material information in the financial statements. The amendment also clarifies that immaterial accounting policy information need not be disclosed. The amendment is applicable for reporting periods beginning on or after January 1, 2023. Earlier application is permitted. The Group is examining the effects of the amendment on the financial statements with no plans for early adoption. (2) Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current and subsequent amendment: Non-Current Liabilities with Covenants The Amendment, together with the subsequent amendment to IAS 1 (see hereunder) replaces certain requirements for classifying liabilities as current or non-current. According to the Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it "has substance" and is in existence at the end of the reporting period. According to the subsequent amendment, as published in October 2022, covenants with which the entity must comply after the reporting date, do not affect classification of the liability as current or non-current. Additionally, the subsequent amendment adds disclosure requirements for liabilities subject to covenants within 12 months after the reporting date, such as disclosure regarding the nature of the covenants, the date they need to be complied with and facts and circumstances that indicate the entity may have difficulty complying with the covenants. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity. The Amendment and subsequent amendment are effective for reporting periods beginning on or after January 1, 2024 with earlier application being permitted. The Amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data. The Group is examining the effects of the Amendment on the financial statements with no plans for early adoption. Standard / interpretation / amendment Publication requirements Application and transitional provisions Expected impact (3) Amendment to IAS 12 Income taxes: Deferred tax associated with assets and liabilities arising from a single transaction The Amendment narrows the scope of the exemption from recognizing deferred taxes as a result of temporary differences created at the initial recognition of assets and/or liabilities, so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset or a deferred tax liability for these temporary differences at the initial recognition of transactions that give rise to equal and offsetting temporary differences, such as lease transactions and provisions for decommissioning and restoration. The Amendment is effective for annual periods beginning on or after January 1, 2023, by amending the opening balance of the retained earnings or adjusting a different component of equity in the period the Amendment was first adopted. Earlier application is permitted. Application of the Amendment is not expected to have a material effect on the financial statements. |
Considerations Concerning the A
Considerations Concerning the Adoption of the Accounting Policy and Key Factors of Uncertainty in Estimation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of changes in accounting estimates [abstract] | |
Considerations Concerning the Adoption of the Accounting Policy and Key Factors of Uncertainty in Estimation | Note 4 - Considerations Concerning the Adoption of the Accounting Policy and Key Factors of Uncertainty in Estimation A. General In the implementation of the Group’s accounting policy, as described in Note 2 above, Company management is required, in certain cases, to use extensive accounting judgment regarding estimates and assumptions in connection with the carrying values of assets and liabilities which are not necessarily available from other sources. These estimates and assumptions are based on past experience and on other factors considered relevant. Actual results may differ from these estimates. The underlying estimates and assumptions are evaluated by management on an ongoing basis. Changes in accounting estimates are recognized only in the period when the change in estimate was made, if the change only affects that period, or are recognized in that period, and in future periods, when the change affects both the current period and the future periods. B. Use of estimates and judgment The preparation of financial statements in conformity with IFRS’s requires Company management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. It is hereby clarified that actual results may differ from these estimates. In formulating the accounting estimates that are used in the preparation of the Group’s financial statements, Company management is required to make assumptions as to circumstances and events involving significant uncertainty. Company management prepares the estimates on the basis of past experience, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. The underlying estimates and assumptions are routinely reviewed. Changes in accounting estimates are recognized in the period in which the estimates were amended and in every affected future period. The following pertains to critical considerations, except for those associated with estimates, which were made by management in the process of applying the Group’s accounting policy, and which have a significant effect on the amounts which were recognized in the financial statements. Estimate Main assumptions Possible implications Reference Recognition of facilities as contract assets / fixed assets For the purpose of determining whether the Company’s engagements in connection with the construction and operation of photovoltaic systems and farms for production of electricity from wind energy are covered under IFRIC 12, significant judgment is required, including in respect of the legal interpretations regarding the series of laws, licenses and agreements in the relevant arrangement, for the purpose of determining the extent of the state’s control over the provided services, and in respect of the determination of the materiality of the residual value at the end of the agreement period. As part of the evaluation, the Company is required to exercise judgment regarding the facility’s operating period, beyond the period of the arrangement, the expected revenues and costs from its continued operation, and the cash flow discount rate which was used in the calculation. When the conclusion is that the residual value from the continued additional operation, beyond 20 years, is negligible relative to the value of the entire facility, those facilities will fall under IFRIC 12. If the conclusion is that the residual value from continued operation beyond 20 years is significant relative to the value of the entire facility, those facilities will fall under the application of IAS 16. See Note 2K regarding service concession arrangements. Estimate Main assumptions Possible implications Reference Measurement of contingent consideration in respect of business combination For the purpose of determining the contingent consideration, the Group estimates the amount of the projected future consideration according to the milestones which were determined in the purchase agreement. Increase or decrease in profit or loss. See Note 7A(1) Recognition of project costs as assets For the purpose of determining whether project costs can be classified as an asset, Group management conducts an assessment in which it evaluates whether the series of statutory permits, land ties, possibility for electricity connection, etc., in the project, lead to the conclusion that the project will produce economic benefits for the Company (in other words, whether the project is expected to reach completion of construction and commercial operation). When regulatory approvals are not expected to be obtained, the Company amortizes the development costs to the statement of income. Amortization of development costs to the statement of income. See Note 2J regarding deferred project costs. Recoverable amount of a cash generating unit which includes goodwill The determination of this estimate is based on discounted cash flow forecasts. The determination of cash flows is based on various assumptions regarding the results of the future operation of the cash generating unit. Changes in estimates due to changes in these assumptions, or in the discount rate, could affect profit. See Note 2L for details regarding the impairment of intangible assets |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents [text block] | Note 5 - Cash and Cash Equivalents December 31 December 31 2022 2021 USD in thousands USD in thousands Cash in banks 129,792 113,686 Short term deposits 64,077 152,247 193,869 265,933 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Receivables [Abstract] | |
Other Receivables | Note 6 - Other Receivables December 31 December 31 2022 2021 USD in thousands USD in thousands Government institutions 6,409 16,327 Other receivables 20,288 8,868 Prepaid expenses 10,256 2,952 36,953 28,147 |
Investments in Investee Entitie
Investments in Investee Entities | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about consolidated structured entities [abstract] | |
Investments in Investee Entities | Note 7 - Investments in Investee Entities A. Consolidated entities: 1) Business combinations Signing of an agreement to acquire a company in the solar energy and energy storage segment in the United States - Clēnera LLC On August 2, 2021, the Company acquired 90.1% of the holdings in Clēnera LLC (hereinafter: “Clēnera”), for a total value of up to USD 433 million, in a transaction which includes a progressive performance-based consideration mechanism. The series of projects in development which was included in the transaction includes approximately 50 large (utility scale) solar projects in various stages of development, at a scope of approximately 12 gigawatts (in terms of DC capacity), some of which are projects with integrated energy storage in a cumulative scope of approximately 5.5 gigawatt hours (hereinafter: the “Development Portfolio”). The Company intends to operate in the United States according to the “Developer and IPP” business model (developer and electricity producer / project owner). Transaction structure 1. The Company, through a wholly controlled American subsidiary, acquired the seller’s holdings, including the development portfolio and all of Clēnera’s capabilities and know-how, while the two founders will maintain a minority stake of 9.9%. 2. The consideration for the transaction is comprised of upfront payments and future performance-dependent payments that will be determined in accordance with a gradual, performance-based, “earn out” payment mechanism, which will gradually decrease according to the projects’ respective years of commercial operation, until 2025. Projects that reach commercial operation after 2025 will not be eligible for earn out payments, according to the mechanism which was determined. Additionally, approximately 39% of the earn out payment is subject to the two founders’ continued tenure and provision of services to Clēnera, for a minimum of 3 years, including subtraction mechanisms in case of their departure, according to the date and circumstances of the departure. 3. 5 years after the closing of the transaction, the founders will be given the opportunity to exercise a put option in respect of their holdings in Clēnera, in accordance with an agreed-upon mechanism. 4. Management services - The transaction also included the signing of agreements for the provision of management services, according to which Clēnera will continue granting development services for the projects, as well as operations management services to third parties in respect of the projects which it has initiated and sold, at a scope of approximately 1.6 gigawatts. Update of the liabilities in respect of performance-based (“earn out”) consideration and put option in connection with the transaction to acquire Clēnera LLC During 2022, changes occurred in the Company’s estimates regarding the placed in service date of a limited number of projects, in the range of up to one year, relative to the previous estimates. Additionally, on December 30, 2022, the company signed an update to the agreement in which it increased the earn out rate for the Atrisco project. In accordance with these changes, the Company updated the calculation and reduced the value of the contingent performance-based (“earn out”) consideration in the amount of approximately USD 10,293 thousand, and reduced the value in respect of the put option in the amount of approximately USD 1,709 thousand. The total impact amounted to approximately USD 12,002 thousand and was recorded as “other income” in the statement of income. 2) Details of material consolidated entities which are held by the Company: Entity name Country of incorporation Effective stake in equity interests consolidated entity As of December 31 2022 2021 % % Enlight - Eshkol Havatzelet L.P. (hereinafter: “Havatzelet”) Israel 100 100 Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: “Halutziot”) Israel 89.99 89.99 Tlamim Enlight L.P. (hereinafter: “Tlamim”) Israel 100 100 Mivtachim Green Energies Ltd. (hereinafter: “Mivtachim”) Israel 100 100 Talmei Bilu Green Energies Ltd. (hereinafter: “Talmei Bilu”) Israel 100 100 Eshkol Ela - Kramim - Enlight L.P. (hereinafter: “Kramim”) Israel 100 100 Eshkol Brosh - Idan - Enlight L.P. (hereinafter: “Idan”) Israel 100 100 Eshkol Zayit - Zayit Yarok - Enlight L.P. (hereinafter: “Zayit Yarok”) Israel 100 100 Peirot HaGolan - Enlight L.P. (hereinafter: “Peirot HaGolan”) Israel 51 51 Eshkol Gefen - Barbur - Enlight L.P. (hereinafter: “Barbur”) Israel 51 51 Sde Nehemia - Enlight L.P. (hereinafter: “Sde Nehemia”) Israel 100 100 Emek HaBacha Wind Energy Ltd. (hereinafter: “Emek HaBacha”) Israel 40.85 40.85 Enlight Kramim L.P. (hereinafter: “Enlight Kramim”) Israel 74 74 Enlight Beit Shikma L.P. (hereinafter: “Beit Shikma”) Israel 100 100 Orsol Energy 3 (A.A.) L.P. (hereinafter: “Revivim”) Israel 90 90 Enlight Kidmat Zvi L.P. (Hereinafter: “Kidmat Tzvi”) Israel 74 74 Enlight - Eshkol Dekel L.P. (hereinafter: “Beit Rimon”) Israel 50.1 50.1 Enlight Beit HaShita Solar Energy, L.P. (hereinafter: “Beit HaShita”) Israel 74 74 Ruach Beresheet L.P. (hereinafter: “Ruach Beresheet”) Israel 54 60 Enlight Sde Nitzan L.P. Israel 74 - Enlight Ein Habesor L.P. Israel 74 - Enlight Maccabi L.P. Israel 50.1 - Tullynamoyle Wind Farm 3 Limited (hereinafter: “Tullynamoyle”) Ireland 50.1 50.1 Vjetroelektrana Lukovac d.o.o (hereinafter: “Lukovac”) Croatia 50.1 50.1 EW-K-Wind d.o.o (hereinafter: “EWK”) Serbia 50.1 50.1 Megujulohaz kft (hereinafter: “Meg”) Hungary 50.1 50.1 Raaba Green kft (hereinafter: “Raaba”) Hungary 50.1 50.1 Rabba ACDC KFT (hereinafter: “Raaba ACDC”) Hungary 100 100 SOWI Kosovo LLC (hereinafter: “SOWI”) Kosovo 48 48 Vindpark Malarberget I Norberg AB (hereinafter: “Picasso”) Sweden 68.8 68.8 Generacion Eolica Castilla La Mancha Sl (hereinafter: “Gecama”) Spain 72 72 Björnberget Vindkraft AB (R) (hereinafter: “Bjornberget”) Sweden 55.18 56.2 Clenera holdings LLC USA 90.1 90.1 B. Subsidiaries entities in which the non-controlling interests are material: This section includes details regarding subsidiaries, as of the date of the relevant statement of financial position, whose non-controlling interests constitute at least 10% of the capital attributed to the owners of the Company and/or where the profit (loss) in the relevant year which is attributed to non-controlling interests constitutes at least 10% (in absolute values) of the profit (loss) attributed to owners in the relevant year. Data from the financial statements of companies whose functional currency is a foreign currency - assets and liabilities were translated according to the relevant representative exchange rates as of December 31. Results and cash flow items were translated according to the average exchange rates during the year. As of December 31, 2022 For the year ended December 31, 2022 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit Profit attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Co-Op 49.9 26,276 21,511 230,604 18,345 181,112 40,348 13,875 3,542 26,998 (911 ) (20,133 ) 5,954 Danuba Power 52 25,792 20,362 134,658 11,252 94,168 23,718 7,323 3,808 11,857 (28,775 ) 19,144 2,226 The Iberian Wind 28.01 56,786 48,514 412,951 36,803 222,372 43,512 21,026 5,902 22,915 (108,038 ) 106,344 21,221 As of December 31, 2021 For the year ended December 31, 2021 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit (loss) Profit (loss) attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Co-Op 49.90 19,196 17,002 252,630 17,359 213,806 49,510 17,354 5,911 29,673 1,297 (30,708 ) 262 The Nordic Wind 31.18 21,184 18,354 179,603 20,017 110,002 11,757 6,017 1,876 (3,839 ) 5,817 1,084 3,062 Danuba Power 52 23,487 12,135 139,701 20,392 86,277 - 2,277 1,184 3,093 (62,746 ) 63,838 4,185 Bjornberget 49 55,144 34,008 203,728 15,419 109,778 - (72 ) (35 ) (118 ) (75,037 ) 103,552 28,397 As of December 31, 2020 For the year ended December 31, 2020 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit (loss) Profit (loss) attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Mivtachim - - - - - - 2,473 (3,422 ) 1,189 6,582 493 (6,726 ) 350 Co-Op 49.90 12,277 17,821 282,885 27,270 248,833 40,785 8,177 4,079 23,028 (184 ) (24,204 ) (1,360 ) The Iberian Wind 28.07 34,837 6,145 133,536 7,185 8,406 - (35 ) (10 ) (383 ) (80,745 ) 85,222 4,094 |
Contract Assets in respect of C
Contract Assets in respect of Concession Arrangements for Construction and Operation of Photovoltaic Systems | 12 Months Ended |
Dec. 31, 2022 | |
Contract Assets In Respect Of Concession Arrangements For Construction And Operation Of Photovoltaic Systems [Abstract] | |
Contract Assets in respect of Concession Arrangements for the Construction and Operation of Photovoltaic Systems | Note 8 - Contract Assets in respect of Concession Arrangements for the Construction and Operation of Photovoltaic Systems Project Total Stake in the project Tariff Rate of Contract Expiry date of the contract Halutziot (*) 55 90 % 62.8 6% linked - - Peirot HaGolan 1.5 51 % 53.99 5.75% linked 725 30/06/2035 Sde Nehemia 0.63 100 % 53.99 5.75% linked 926 31/03/2035 Barbur 0.5 51 % 53.99 5.75% linked 2,870 31/03/2035 Talmei Bilu 10 100 % 102.46 6.5% linked 36,649 30/09/2033 Mivtachim 10 100 % 130.39 8% linked 43,370 30/09/2033 Kramim 5 100 % 96.31 6% linked 14,143 31/12/2033 Idan 3 100 % 96.31 6% linked 8,091 30/09/2033 Balance as of December 31, 2022 106,774 2022 2021 USD in thousands Balance as of January 1 287,042 286,251 Repayment of contract asset under concession arrangements (17,579 ) (32,857 ) Finance incomes 17,188 24,310 Reclassification from IFRIC 12 to a fixed asset (*) (162,359 ) - Translation differences (17,518 ) 9,338 Balance as of December 31 106,774 287,042 (*) Following the significant change to the terms of the concession arrangement with the state of Israel, which included the execution of significant technological changes to the Halutziot facility in the second quarter of 2022, and the expansion thereof in a manner which will increase the capacity and effectiveness of production, the Company re-evaluated the application of IFRIC 12 (hereinafter: the “Interpretation”), and concluded that the facility no longer falls under the scope of that interpretation. As a result, beginning from the second quarter of 2022, the Halutziot facility will be accounted for as a fixed asset, at cost. |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment [abstract] | |
Fixed Assets | Note 9 - Fixed Assets Composition and changes: 2022 Solar systems (A) Wind farms (B) Others Total USD in thousands Cost: As of January 1, 2022 122,565 1,403,984 3,908 1,530,457 Capitalization – IFRS 16 - 4,053 - 4,053 Additions (1) 280,518 460,722 2,190 743,430 Reclassification from IFRIC 12 162,359 - - 162,359 Initial consolidation (2) 1,432 - - 1,432 Translation differences (37,448 ) (107,900 ) (459 ) (145,807 ) Cost as of December31, 2022 529,426 1,760,859 5,639 2,295,924 Accumulated depreciation: As of January 1, 2022 10,726 29,498 1,404 41,628 Depreciation expenses 7,678 28,445 761 36,884 Translation differences (1,325 ) (1,854 ) (143 ) (3,322 ) Accumulated depreciation as of December 31, 2022 17,079 56,089 2,022 75,190 Carrying value as of December 31, 2022 512,347 1,704,770 3,617 2,220,734 2021 Solar systems (A) Wind farms (B) Others Total USD in thousands Cost: As of January 1, 2021 124,773 837,554 2,795 965,122 Capitalization - IFRS 16 - 5,166 - 5,166 Additions (1) - 489,504 525 490,029 Initial consolidation (2) - 120,845 514 121,359 Translation differences (2,208 ) (49,085 ) 74 (51,219 ) Cost as of December 31, 2021 122,565 1,403,984 3,908 1,530,457 Accumulated depreciation: As of January 1, 2021 6,920 19,559 710 27,189 Depreciation expenses 3,806 12,795 664 17,265 Translation differences ( * (2,856 ) 30 (2,826 ) Accumulated depreciation as of December 31, 2021 10,726 29,498 1,404 41,628 Carrying value as of December 31, 2021 111,839 1,374,486 2,504 1,488,829 (*) Less than USD 1 thousand. (1) A total of approximately USD 39 million out of the additions applies to the capitalization of borrowing costs which arose from the construction of the qualifying assets period (2021: approximately USD 26.7 million). (2) In 2022 the Company consolidated Aureus Solis group and Raaba Flow KFT at a total cost of approximately USD 1.4 million (2021: consolidation of Bjorn project (Sweden) at a total cost of approximately USD 121 million). (A) Solar systems Presented below is a review of the projects which are included under solar systems and have begun commercial operation, as of the reporting date (*): Electricity production projects Zayit Yarok Sunlight 1 Sunlight 2 Atilla Halutziot (**) Country Israel Israel Israel Hungary Israel Year of commercial operation 2012 2018 2019 2019 2015 Installed capacity 0.5 MWp 53 MWp 12 MWp 57 MWp 55 MWp Effective holding rate 100% 50% - 100% 74%-100% 50.1% 90% Depreciated cost as of December 31, 2022 Approximately USD 0.6 million Approximately USD 46.3 million Approximately USD 12.2 million Approximately USD 35.5 million Approximately USD 161 million (*) See also Note 8, regarding solar systems which are presented as contract assets in respect of concession arrangements, in accordance with IFRIC 12. (**) See also Note 8, since the second quarter of 2022, the Halutziot project is treated as a fixed asset, at cost. Presented below is a review of projects under construction which are included in the fixed assets, as of the reporting date: Electricity production projects Halutziot 2 Storage tender 1 RAABA ACDC APEX Country Israel Israel Hungary United States Installed capacity 32 MWp 130 MWp 25 MWp 105 MWp Effective holding rate 90% 50.1%-74% 100% 100% Cost as of December 31, 2022 Approximately USD 26 million Approximately USD 66 million Approximately USD 15 million Approximately USD 150 million (B) Wind farms Presented below is a review of the projects which are included under wind farms and have begun commercial operation, as of the reporting date: Electricity production projects EWK Lukovac Sowi Picasso Tullynamoyle Emek HaBacha Gecama Country Serbia Croatia Kosovo Sweden Ireland Israel Spain Year of commercial operation 2019 2018 2021 2021 2017 2022 2022 Installed capacity 105 MWp 49 MWp 105 MWp 113 MWp 13.6 MWp 109 MWp 329 MWp Effective holding rate 50.1% 50.1% Around 60% Around 69% 50.1% Around 40.9% Around 72% Depreciated cost as of December 31, 2022 Approximately USD 142.7 million Approximately USD 48 million Approximately USD 135.5 million Approximately USD 141 million Approximately USD 19 million Approximately USD 203.2 million Approximately USD 339 million Presented below is a review of projects under construction which are included in the fixed assets, as of the reporting date: Electricity production projects Björnberget Vindkraft AB (1) Ruach Beresheet Country Sweden Israel Installed capacity 372 MWp 189 MWp Effective holding rate Around 56% 54% Cost as of December 31, 2022 Approximately USD 362 million Approximately USD 313.7 million (1) On October 2, 2022, the project was connected to the local power grid, and commercial operation and sale of electricity in the Nordic power market began gradually . For additional details, see Note 28(A)(6). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure of intangible assets and goodwill [text block] | Note 10 - Intangible Assets A. Composition and changes Electricity supply agreements and concession agreements Goodwill Total USD in thousands Cost Balance as of January 1, 2021 93,527 - 93,527 Initial consolidation 16,974 148,023 164,997 Translation differences (6,977 ) 105 (6,872 ) Balance as of December 31, 2021 103,524 148,128 251,652 Initial consolidation 41,437 - 41,437 Others (247 ) - (247 ) Translation differences (6,447 ) - (6,447 ) Balance as of December 31, 2022 138,267 148,128 286,395 Amortization: Balance as of January 1, 2021 2,953 - 2,953 Amortization (1) 1,483 - 1,483 Translation differences 157 - 157 Balance as of December 31, 2021 4,593 - 4,593 Amortization 2,141 - 2,141 Translation differences (56 ) - (56 ) Balance as of December 31, 2022 6,678 - 6,678 Depreciated cost as of December 31, 2021 98,931 148,128 247,059 Depreciated cost as of December 31, 2022 131,589 148,128 279,717 (1) The amortization of the intangible assets is included under Costs of sales in the Consolidated Statements of Income and Other Comprehensive Income C. Impairment testing for cash-generating units containing goodwill For the purpose of impairment testing, goodwill is allocated to Clenera which represent the lowest level within the Group at which goodwill is monitored for internal management purposes. The aggregate carrying amounts of goodwill: As of December 31 2022 2021 USD thousands USD thousands Goodwill allocated to Clenera 148,128 148,128 148,128 148,128 C. Impairment testing for cash-generating units containing goodwill (Cony.) The estimated recoverable amount of Clenera was higher than its carrying amount, and therefore there was no need for an impairment. The recoverable amount of Clenera was based on its value in use and was determined by discounting the future cash flows to be generated from Clenera with the assistance of independent valuers. Value in use in 2022 was determined in a similar manner as in 2021. The carrying amount of the unit was determined to be lower than its recoverable amount and no impairment loss was recognized. Key assumptions used in calculation of the recoverable amount Key assumptions used in the calculation of recoverable amounts are discount rates, sponsor cash flows from projects in development, and Clenera’s cash flow from projects in early-stage development. (1) Discount rate The after-tax discount rate was estimated based on past experience, and an industry average weighted average cost of capital. Project cash flows were discounted at a discount rate of between 8.8%-9.8% based on the project’s development stage. (2) Sponsor Cash Flows Sponsor cash flows relate to the cash flows at the equity level after tax equity partner, debt, and taxes. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Payables [Abstract] | |
Entire Disclosure Of Detailed Information Of Other Payables Explanatory | Note 11 - Other Payables December 31 2022 December 31 2021 USD in thousands USD in thousands Accrued expenses 41,500 29,222 Liabilities to employees and other liabilities for salaries 18,707 4,665 Government institutions 8,784 2,385 Payables in respect of purchase transaction 4,304 4,412 Interest payable in respect of debentures 2,761 3,207 Interest payable in respect of loans 1,161 817 Others 647 1,350 77,864 46,058 |
Loans from banks and other fina
Loans from banks and other financial institutions | 12 Months Ended |
Dec. 31, 2022 | |
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Abstract] | |
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Text Block] | Note 12 - Loans from banks and other financial institutions Current liabilities Non-current liabilities Total As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Credit from banks (1) 565 3,156 - - 565 3,156 Loans from banks and other financial institutions for project financing (2) 165,062 58,666 1,376,260 1,168,569 1,541,322 1,227,235 Loans from banks for corporate financing (3) - - 42,797 - 42,797 - Total credit 165,627 61,822 1,419,057 1,168,569 1,584,684 1,230,391 (1) Withdrawals from a value added tax facility during the construction period in accordance with the financing agreements of the various projects. (2) Loans from banks and other financial institutions for project financing Project name Mivtachim and Talmei Bilu Halutziot Kramim and Idan Medium rooftops Lender Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Institutional entities of Clal Insurance Group Amount of loan / credit facility Approximately USD 101 million (Approximately NIS 356 million) Approximately USD 173 million (Approximately NIS 609 million) Approximately USD 30 million (Approximately NIS 107 million) Approximately USD 4 million (Approximately NIS 15 million) Date financing provided December 2020 December 2020 December 2020 January 2019 Balance of the loan as of December 31, 2022 Approximately USD 91 million (Approximately NIS 320.2 million) Approximately USD 164 million (Approximately NIS 576.8 million) Approximately USD 28 million (Approximately NIS 99.1 million) Approximately USD 4 million (Approximately NIS 12.6 million) Balance of the loan as of December 31, 2021 Approximately USD 107 million (Approximately NIS 333 million) Approximately USD 189 million (Approximately NIS 588.5 million) Approximately USD 33 million (Approximately NIS 102. million) Approximately USD 4 million (Approximately NIS 12.8 million) Amortization schedule Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Debt period Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. Throughout the entire period until the expiration date of the permanent electricity production license, approximately 15 years. Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. Approximately 15 years Stated annual interest rate Interest of approximately 0.77%, index-linked Interest of approximately 0.88%, index-linked Interest of approximately 0.8%, index-linked Interest of approximately 2.2%, index-linked Financial covenants: Debt service reserve - - - Approximately USD 0.2 million (Approximately NIS 0.7 million) ADSCR default 1.05 1.05 1.05 1.07 LLCR default 1.05 1.05 1.05 1.12 Fulfillment of financial covenants As of the balance sheet date, the companies fulfilled the foregoing financial covenants As of the balance sheet date, the partnership fulfilled the foregoing financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants Collateral Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the partnership’s interests in the projects, on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Guarantees See Note 28C(4) See Note 28B(4), 28C(5) See Note 28B(4) See Note 28B(4) Reference to additional information See Note 12(2)A See Note 12(2)A See Note 12(2)A - Project name Tariff tender projects - Sunlight 1 Emek HaBacha Tariff tender projects - Sunlight 2 and Dekel. Lender Institutional entities of Clal Insurance Group Bank Hapoalim Ltd. in collaboration with Phoenix and Harel groups Institutional entities of Clal Insurance Group Amount of loan / credit facility Approximately USD 45 million (Approximately NIS 160 million) Approximately USD 164 million (Approximately NIS 576 million) Approximately USD 20 million (Approximately NIS 70 million) Date financing provided March 2018 November 2018 December 2019 Balance of the loan as of December 31, 2022 Approximately USD 42 million (Approximately NIS 146.5 million) Approximately USD 168 million (Approximately NIS 589.7 million) Approximately USD 14 million (Approximately NIS 49.3 million) Balance of the loan as of December 31, 2021 Approximately USD 47 million (Approximately NIS 145.1 million) Approximately USD 158 million (Approximately NIS 492.3 million) Approximately USD 16 million (Approximately NIS 48.6 million) Amortization schedule Spitzer amortization table, quarterly repayments. Spitzer amortization table, quarterly repayments. Spitzer amortization table, quarterly repayments Debt period Construction period and another approximately 22 years Construction period and another approximately 18 years. Construction period and another approximately 22 years Stated annual interest rate interest within the range of 2.6%-3%, CPI-linked The construction period - base interest (*) plus a margin of 3.3%, CPI-linked Base interest (*) plus a margin of 2.15%, CPI-linked Financial covenants: Debt service reserve Approximately USD 2 million (Approximately NIS 5.8 million) - Approximately USD 0.5 million (Approximately NIS 1.8 million) ADSCR default 1.07 1.05 1.07 LLCR default 1.12 1.05 1.12 Fulfillment of financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants Collateral Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Charge on the tariff and conditional license, charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Guarantees See Note 28B(3) See Note 30C(1), 30C(2) See Note 30B(5) Reference to additional information - See Note 28A(1) - (*) Base interest rate - The interest rate of CPI-linked government debentures with the same average lifetime, determined on the withdrawal date. Project name Tullynamoyle Lukovac EWK Lender Bank of Ireland ERSTE and PBZ, of INTESA Group ERSTE, EBRD and Novi Sad Amount of loan / credit facility Approximately USD 15.25 million (Approximately EUR 14.3 million) Approximately USD 52 million (Approximately EUR 48.8 million) Approximately USD 148 million (Approximately EUR 139 million) Date financing provided August 2020 December 2020 December 2017 Balance of the loan as of December 31, 2022 Approximately USD 12.65 million (Approximately EUR 11.86 million) Approximately USD 43.9 million Approximately USD 99.9 million (Approximately EUR 93.6 million) Balance of the loan as of December 31, 2021 Approximately USD 14.5 million (Approximately EUR 12.8 million) Approximately USD 51 million (Approximately EUR 28.7 million Approximately USD 116.1 million (Approximately EUR 102.6 million) Amortization schedule The loan will be repaid in 50 quarterly payments The loan will be repaid in 46 quarterly payments The loan will be repaid in 23 semi-annual payments Debt period 12.5 years 11.5 years Construction period and another approximately 11.5 years Stated annual interest rate Approximately 90% of the loan bears interest at a rate of 3.47% and approximately 10% of the loan bears interest of 3M Euribor plus a margin of 2% Interest at a rate of 3.75% and 3M Euribur plus 3% for the loans in EUR, and interest at a rate of 3.5% for the loan in HRK Approximately EUR 83 million of the loan bears interest at a rate of 2.3%, Financial covenants: Debt service reserve - Approximately USD 3 million (Approximately EUR 2.8 million) Approximately USD 8.2 million (Approximately EUR 7.7 million) ADSCR default 1.05 1.10 1.10 Fulfillment of financial covenants Non-fulfillment, receipt of a waiver letter from the bank stating that the lender waives, inter alia, its right to demand immediate repayment. As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants Collateral The project company pledged in favor of the bank all of the equipment in the project, its rights by virtue of power purchase agreements, its rights in the licenses, its rights in the insurance policy, and its other rights in the project. The Company’s entire stake in the project company was also pledged in favor of the bank. The project company will pledge towards the bank the project equipment, power purchase agreements, its rights in licenses, the insurance policy, and its other rights in the project. The project company will pledge towards the bank the project company’s assets, cash flow rights, insurance policies, collateral from EPC contractors, etc. Guarantees - - - Reference to additional information - See Note 12(2)A - (*) Following the change of currency in Croatia from HRK to EUR (effective from 01.01.23), the loan was converted to EUR on 31.12.22 . Project name Meg and Raaba SOWI Picasso Halutziot 2 Lender ERSTE ERSTE, NLB group and EBRD Hamburg Commercial Bank Bank Leumi Le-Israel Ltd. Amount of loan / credit facility Approximately USD 37 million (Approximately HUF 14 billion) Approximately USD 122.7 million (Approximately EUR 115 million) Approximately USD 87.1 (EUR 81.7) million. The bank will also provide a credit facility for the required guarantees at a scope of up to approximately USD 7.5 (EUR 7) million during the operating period Approximately NIS 177 million Date financing provided January 2019 January 2020 January 2020 September 2022 Balance of the loan as of December 31, 2022 Approximately USD 33.7 million (Approximately HUF 12.66 billion) Approximately USD 102.6 million (Approximately EUR 96.2 million) Approximately USD 83 million (Approximately EUR 77.5 million) - Balance of the loan as of December 31, 2021 Approximately USD 40.5 million (Approximately HUF 13.2 billion) Approximately USD 89.9 million (Approximately EUR 79.4 million) Approximately USD 92 million (Approximately EUR 81.5 million) - Amortization schedule Quarterly repayments, spitzer amortization table with lower repayments in the first two years Semi-annual repayments, Spitzer amortization table Quarterly repayments, spitzer amortization table Spitzer amortization table comprised of quarterly payments Debt period Construction period and another approximately 17 years Construction period and another approximately 11 years Construction period and another approximately 18 years Construction period and another approximately 22 years Stated annual interest rate Approximately 30% of the loan bears interest at a rate of 4.05% And approximately 70% of the loan bears interest at a rate of approximately 6.3% . And approximately 50% of the loan bears interest at a rate of 1.9%, Interest at a rate of 1.58% during the construction period and until December 31, 2029, and interest at a rate of 2.33% until the end of the loan period. base interest plus a margin of 1.25%-2.2% CPI-linked Financial covenants: Debt service reserve Approximately USD 1.1 million (Approximately HUF 414 million) - - - ADSCR default In the range of 1.05-1.10 1.05 In the range of 1.05-1.10 1.05 Fulfillment of financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required Collateral Charge on the tariff and the electricity production license, charge on the project companies’ assets, cash flow rights, land rights, insurance. collateral from the project contractors, etc.) The financing of the portfolio of projects is applied and evaluated on a consolidated basis. Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project. Guarantees - - See Note 28B(10) - Reference to additional information - See Note 28A(3) See Note 28A(5) - Project name Ruach Beresheet Gecama Björnberget Apex Lender Bank Hapoalim Ltd., and in collaboration with entities from Migdal and Amitim Group Banco de Sabadell and Bankia KFW IPEX-Bank and DekaBank, and the Swedish Export Credit Corporation (SEK). Bank Huntington Bancshares, Bank of America and Nord LB Amount of loan / credit facility Approximately USD 331.3 million (Approximately NIS 1.17 billion) Approximately USD 170.1 million (Approximately EUR 160 million) Approximately USD 220.8 million (Approximately EUR 207 million) USD 116 million for construction period and USD 127 million for operating period Date financing provided July 2020 June 2020 May 2021 September 2022 Balance of the loan as of December 31, 2022 Approximately USD 280 million (Approximately NIS 986 million) Approximately USD 167.3 million (Approximately EUR 156.9 million) Approximately USD 137.3 million (Approximately EUR 128.7 million) Approximately USD 75.6 million Balance of the loan as of December 31, 2021 Approximately USD 207.6 million (Approximately NIS 645.7 million) Approximately USD 64.1 million (Approximately EUR 56.7 million) - - Amortization schedule Quarterly repayments, spitzer amortization table Semi-annual repayments, Spitzer amortization table Semi-annual repayments, Spitzer amortization table Construction loan – one repayment at end of construction period. Operating loan - Semi-annual repayments, spitzer amortization table Debt period Construction period and another approximately 19 years Construction period and another approximately 14 years Construction period and another approximately 18 years Construction period and another approximately 25 years Stated annual interest rate construction period - base interest plus a margin of 2.5%-3% Base interest of Euribor plus a margin of 2.5%-3%. The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 13 years, beginning from the project’s date of initial operation. Interest - Euribor + margin of 1.75% The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 18 years, beginning from the project’s date of initial operation. construction period - base interest of SOFR plus a margin of 0.6%-1% Financial covenants: Debt service reserve - - - - ADSCR default 1.05 1.05 1.05 - Fulfillment of financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, fulfillment of the foregoing financial covenants is not required - Collateral Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Additionally, a guarantee of a restricted amount for the construction period. Guarantees See Note 28C(3) - - - Reference to additional information See Note 28A(2) See Note 28A(4) See Note 28A(6) See Note 28A(15) A. Completion of refinancing process in respect of five operated solar projects in Israel and a wind farm project in Croatia and prepayment of mezzanine loans In December 2020, the Company signed a refinancing agreements with the lenders of the senior debts provided to five operated solar projects in Israel (Halutziot, Mivtachim, Talmei Bilu, Kramim and Idan) and to the wind farm project in Croatia (Lukovac). The process of the refinancing included full repayment of the previous senior debts and receipt new senior debts at a lower interest rate than the interest rate on the previous senior debt loans. On November 4, 2020, the Company completed, through Tlamim and Havatzelet, prepayment of the mezzanine loans which were given to the partnership for financing the shareholders’ investment in the projects Halutziot, Mivtachim, and Talmei Bilu. Following the signing of the agreements, the Company recorded a non-recurring expense in the amount of USD 67.6 million in its financial statements for 2020, in respect of the payment of the early prepayment fee and the transaction costs which were associated with the receipt of the previous loans, and which have not yet been fully amortized up to the date of the refinancing. (3) Loans from banks for corporate financing The receipt of credit facilities from Israeli banks in a cumulative scope of NIS 400 million On July 6, 2021, the Company signed agreements with Bank Hapoalim Ltd. and Bank Leumi Le-Israel Ltd. (the “Lenders”), for the provision of credit facilities to the Company at a scope of NIS 250 million and NIS 150 million, respectively. The credit facilities are intended to finance the Company’s business activities, including investments in the Company’s projects. On December 22, 2022 the Company used the credit facility from Bank Leumi Le-Israel Ltd. in USD currency and received approximately USD 43 million. After the reporting date, in January 2023, the Company used the second credit facility from Bank Hapoalim Ltd. In amount of approximately USD 74 million Presented below are the main terms of the facilities: • Facility period - 18 months after the date of provision of credit. • Repayment of credit and interest payments - one payment 60 months after the date of provision of credit. The interest will be paid on a quarterly basis. The loans are repayable for a penalty which reflects economic cost only. • Currency - NIS or USD, in the Company’s discretion. • Margin - NIS: 1.7%-1.8% above CPI-linked government debentures with similar average lifetimes. USD: 2.0%-2.2% above the LIBOR 3 month US Dollar interest rate. • Main conditions and main undertakings: A. The Company undertook to submit routine and standard reports to the lenders; B. The lenders will be entitled to transfer their rights to entities which were defined in the agreements, such as major institutional entities, banks, etc.; C. The Company undertook to maintain a rating of Baa3.il, or a corresponding rating, from one of the local rating agencies (Maalot or Midroog), or from one of the international rating agencies (Moody’s and/or S&P); D. The Company undertook to maintain a current negative pledge and a negative pledge in favor of the lenders, in respect of proceeds which will be received by some of the Company’s subsidiaries, as defined in the agreements. • Major events constituting ground for demanding immediate repayment - the immediate repayment of the loans can be demanded in severe cases of breach which were defined, mostly including failure to pay on time; breach of representations or material undertakings; insolvency; acquisition of control of the Company by unauthorized entities, as defined in the agreements. • Main financial covenants: A. The Company’s total equity, as defined in the agreements, will not fall below, at any time, a total of NIS 1,000,000 thousand; B. The result obtained by dividing the net financial debt ratio by net cap, on a standalone basis (as defined in the agreement) will not exceed 70% during two consecutive quarters; C. The result obtained by dividing the net financial debt ratio by operating profit for debt service (EBITDA), on a consolidated basis, will not exceed 18 during two consecutive quarters; D. The equity to total balance sheet ratio, on a standalone basis in the Company’s separate financial information, as defined in the agreements, will not fall below 20% during two consecutive quarters; In case of a breach of the covenants, or a reduction of the rating (beyond a reduction of 2 notches below the Company’s current debt rating) will result in the activation of a mechanism for gradually increasing the interest rate, up to a cumulative limit of 1.25%, in respect of all of the breaches cumulatively. |
Debentures
Debentures | 12 Months Ended |
Dec. 31, 2022 | |
Debentures [Abstract] | |
Debentures [Text Block] | Note 13 - Debentures Current liabilities Non-current liabilities Total As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Debentures (Series E) (1.) 2,685 3,039 24,854 31,116 27,539 34,155 Debentures (Series F) (2.) 13,147 14,875 113,187 143,503 126,334 158,378 Debentures (Series C) (3.) - - 131,385 100,995 131,385 100,995 Debentures (Series D) (4.) - - 100,479 112,037 100,479 112,037 Total Debentures 15,832 17,914 369,905 387,651 385,737 405,565 1. Debentures (Series E) In June 2018, the Company issued NIS 135,000,000 par value of debentures (Series E). Presented below are the main terms of the debentures (Series E): • The debentures (Series E) are not linked to any index and will be repaid in 12 semi-annual payments, each at a rate of 3.5% of the principal of the debentures (Series E), and the last payment, at a rate of 58% of the principal of the debentures (Series E), which will be paid on March 1, 2025. • The debentures bear fixed annual interest of 4.25%, to be paid twice per year, on March 1 and September 1 of each of the years 2018 to 2025 (inclusive), with last payment on march,1 2025. • The effective interest rate on the debentures (Series E) is approximately 4.4%. • The Company’s undertaking to repay the debentures is not secured by any collateral, or any other security. Main financial covenants in respect of the debentures (Series E) • The Company’s equity according to its financial statements (audited or reviewed) will be no less than NIS 200 million. • The ratio between standalone net financial debt and net cap will not exceed 70% during two consecutive financial statements (audited or reviewed). • The standalone net financial debt will not exceed NIS 10 million, and the ratio of net financial debt (consolidated) to EBITDA as of the calculation date (if any) will not exceed 18 during more than two consecutive financial statements (audited or reviewed). • The equity to total balance sheet ratio in the Company’s standalone reports will be no less than 20% during two consecutive financial statements (audited or reviewed). • The Company will not create and/or will not agree to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever. • The Company will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the debentures. As of December 31, 2022, the Company fulfills all of the financial covenants in accordance with the trust deed, as stated above. 2. Debentures (Series F) In June 2019, the Company completed an issuance of a new series of debentures (Series F). In accordance with the shelf offering report, the Company issued, NIS 222,000,000 par value of debentures (Series F), with a par value of NIS 1 each. Presented below are the main terms of the Debentures (Series F): • The debentures are not linked to any index and are repayable in 7 payments, annual payments with the first 6 payments at a rate of 8% of the debentures' principal and the last payment in 2026 at a rate of 52% of the debentures' principal. • The interest in respect of the debentures is 3.45% and will be paid twice per year. On April 7, 2020, the Company completed extension of Series F, at a total scope of NIS101,010,101 par value (the “Additional Debentures”), for a total (gross) consideration of NIS 100 million. Additionally, on August 31, 2020, the Company completed an additional extension of 234,860,000 debentures (Series F) (an additional series extension), with a par value of NIS 1 each for a total (gross) consideration of NIS 251 million. After the performance of the aforementioned extensions, and as of the balance sheet date, the total scope of the debentures (Series F) amounts to 485,765,875 par value. Main financial covenants in respect of the debentures (Series F) • The Company’s equity according to its financial statements (audited or reviewed) will be no less than NIS 375 million. • The ratio between standalone net financial debt and net cap will not exceed 70% during two consecutive financial statements. • The standalone net financial debt, as defined above, does not exceed NIS 10 million, and the ratio of net financial debt (consolidated) to EBITDA as of the calculation date (if any) does not exceed 18 during more than two consecutive financial statements (audited or reviewed). • The equity to total balance sheet ratio in the Company’s standalone reports will be no less than 20% during two consecutive financial statements (audited or reviewed). • The Company will not create and/or will not agree to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever. • Insofar as the debentures (Series F) have not been repaid in full, the Company will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the Debentures. As of December 31, 2022, the Company is fulfilling all of the financial covenants in accordance with the trust deed, as stated above. 3. Debentures (Series C and D): On July 30, 2021, the Company issued two bond series: Series C and Series D, as specified below. Convertible Debentures (Series C) The Company completed an issuance of debentures convertible into registered ordinary shares, with a par value of NIS 0.1 each, of the Company (hereinafter: the “Debentures (Series C)”), at a total scope of NIS 367,220,000 par value, at a price of 95.1 agorot per NIS 1 par value, and for a total (gross) consideration of NIS 349,226 thousand. Presented below are the main terms of the debentures (Series C): • The debentures (Series C) are not linked to any index, have a par value of NIS 1 each, and are repayable in a single payment on September 1, 2028. • The unpaid principal balance of the debentures will bear fixed annual interest of 0.75%, to be paid twice per year from 2021 to 2028 (inclusive). • The unpaid principal balance of the debentures (Series C) is convertible into Company's ordinary shares, with a par value of NIS 0.1 each, in the manner specified below: (1) during the period from the date of listing of the series of debentures (Series C) on the TASE until December 31, 2023, each NIS 9 par value of the debentures (Series C) will be convertible into one ordinary share of the Company; and (2) during the period from January 1, 2024 to August 22, 2028, each NIS 24 par value of the debentures (Series C) will be convertible into one ordinary share of the Company. • In 2021 Midroog Ltd. updated the rating of the debentures (Series C) which the Company issued, from A3.il to A2.il, stable rating outlook. On March 6, 2022, the Company completed an issuance of debentures (Series C), by way of a series extension, at a total scope of NIS 164,363,000 par value, for a total gross consideration of approximately NIS 155.8 million. Debentures (Series D) The Company completed an issuance of debentures (Series D), at a total scope of NIS 385,970,000 par value, at a price of 90.8 agorot per NIS 1 par value, and for a total (gross) consideration of NIS 350,461 thousand. Presented below are the main terms of the debentures (Series D): • The debentures (Series D) are not linked to any index, each with a par value of NIS 1, are repayable in 2 equal payments and which will be paid on September 1 2027 and 2029. • The unpaid principal balance of the debentures bears fixed annual interest of 1.5%, to be paid twice per year, from 2021 to 2029 (inclusive). • The Company’s undertaking to repay the debentures is not secured by any collateral, or any other security (as this term is defined in the Securities Law). Main financial covenants in respect of the debentures (Series C and Series D) • The Company’s equity according to its financial statements (audited or reviewed) will be no less than NIS 1,250 million. • The ratio between standalone net financial debt and net cap will not exceed 65% during two consecutive financial statements (audited or reviewed). • The equity to total balance sheet ratio in the Company’s standalone financial statements will be no less than 25% during two consecutive financial statements (audited or reviewed). • The ratio of net financial debt (consolidated) to EBITDA as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed). The debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be included in that calculation. • The Company will not create and/or will not agree to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever. • The Company will not perform a distribution, as this term is defined in the Companies Law, including a buyback of its shares, except subject to the following cumulative conditions: (A) At a rate which will not exceed 70% of the Company’s profit for the period, in accordance with its consolidated financial statements which were last published before the resolution to perform the distribution; (B) Its equity (after the distribution) exceeds NIS 1,500 million; (C) Its equity to balance sheet ratio, on a standalone basis according to the separate financial information (after deducting the distribution amount) will be no less than 30% - subject to the distribution tests specified in section 302 of the Companies Law; • Mechanism was determined for adjusting the interest rate due to a deviation from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed more than 1.25% above the interest rate which was determined in the first offering report of the debentures. As of December 31, 2022, the Company is fulfilling all of the financial covenants in accordance with the trust deed, as stated above. |
Changes in Liabilities from Fin
Changes in Liabilities from Financing Activities | 12 Months Ended |
Dec. 31, 2022 | |
Changes in liabilities arising from financing activities [abstract] | |
Disclosure of reconciliation of liabilities arising from financing activities [text block] | Note 14 - Changes in Liabilities from Financing Activities Balance as of January 1, 2022 Cash flows from Translation Adjustments in Non-cash Balance as of USD in USD in USD in USD in USD in USD in Debentures (1) 307,481 (16,571 ) (35,037 ) 863 - 256,736 Convertible Debentures (1) 101,291 47,755 (15,576 ) 3,195 (4,902 ) 131,763 Loans from banks and other financial institutions 1,231,208 357,868 (123,423 ) 32,435 87,758 (2) 1,585,846 Loans from non-controlling interests 78,113 15,834 (5,210 ) 330 1,842 90,909 Lease liability 105,645 (4,327 ) (10,302 ) (1,964 ) 10,571 (4) 99,623 1,823,738 400,559 (189,548 ) 34,859 95,269 2,164,877 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. Balance as of 2021 Cash flows from financing activities Translation differences in operations Adjustments in Initial Non-cash Balance as of December 31, USD in USD in USD in USD in USD in USD in USD in Debentures (1) 206,527 89,989 10,444 521 - - 307,481 Convertible Debentures (1) - 96,343 3,741 1,207 - - 101,291 Loans from banks and other financial institutions (1) 840,582 389,728 (9,154 ) 13,801 - (3,749 )(2) 1,231,208 Loans from non-controlling interests 46,241 10,530 (3,826 ) 97 24,037 1,034 78,113 Lease liability 79,733 (6,344 ) (375 ) (1,243 ) 22,802 11,072 (4) 105,645 1,173,083 580,246 830 14,383 46,839 8,357 1,823,738 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. Balance as of Cash flows from Translation Adjustments Conversions Non-cash Balance as of USD in USD in USD in USD in USD in USD in USD in Debentures (1) 142,909 49,838 14,127 (347 ) - - 206,527 Convertible Debentures (1) 93 (15 ) 1 - (79 ) - - Loans from banks and other financial institutions (1) 526,700 263,326 51,631 2,426 - (3,501 )(2) 840,582 Loans from other credit providers (1) 43,455 (29,454 ) 242 (14,243 ) - - - Loans from non-controlling interests 54,208 9,022 3,891 (2,952 ) - (17,928 ) 46,241 Lease liability 40,581 (5,382 ) 5,419 (1,087 ) - 40,202 (4) 79,733 807,946 287,335 75,311 (16,203 ) (79 ) 18,773 1,173,083 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Taxes [Abstract] | |
Income Taxes | Note 15 - Income Taxes A. Deferred tax balances: Tax balances presented in the statement of financial position: As of December 31 2022 2021 USD in thousands USD in thousands Current tax assets (liabilities): Current tax assets 286 267 Current tax liabilities (6,225 ) (1,482 ) Total current tax assets (liabilities) (5,939 ) (1,215 ) Non-current tax assets (liabilities): Deferred tax assets 4,683 21,864 Deferred tax liabilities (14,133 ) (12,411 ) Total non-current tax assets (liabilities) (9,450 ) 9,453 The composition of deferred tax assets (liabilities) is specified below: Balance as of January 1 2022 Recognized in the statement of income Other comprehensive income Balance as of December 31 2022 USD in thousands USD in thousands USD in thousands USD in thousands Temporary differences: Fixed assets (7,227 ) (8,627 ) 1,234 (14,620 ) IFRS 16 – Leases 1,389 (400 ) (144 ) 845 Financial instruments 6,447 846 (12,849 ) (5,556 ) Contractual asset in respect of concession arrangements (19,725 ) 744 2,258 (16,723 ) Deferred borrowing costs (601 ) (311 ) 85 (827 ) Contingent consideration 574 (2,193 ) 35 (1,584 ) Others 758 (3,111 ) (1,031 ) (3,384 ) Total (18,385 ) (13,052 ) (10,412 ) (41,849 ) Unused losses and tax benefits: Tax losses 27,838 8,170 (3,609 ) 32,399 27,838 8,170 (3,609 ) 32,399 Total 9,453 (4,882 ) (14,021 ) (9,450 ) The composition of deferred tax assets (liabilities) is specified below: (Cont.) Balance as of January 1 2021 Recognized in the statement of income Other comprehensive income Recognized in equity Initial consolidation Balance as of December 31 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Temporary differences: Fixed assets (4,202 ) (2,892 ) (248 ) - 115 (7,227 ) IFRS 16 – Leases, net 611 729 49 - - 1,389 Financial instruments 2,912 (605 ) 4,140 - - 6,447 Contractual asset in respect of concession arrangements (20,039 ) 954 (640 ) - - (19,725 ) Deferred borrowing costs (2,060 ) 1,472 (13 ) - - (601 ) Contingent consideration - 553 21 - - 574 Others (1,224 ) (245 ) 2,227 - - 758 Total (24,002 ) (34 ) 5,536 - 115 (18,385 ) Unused losses and tax benefits: Tax losses 29,305 (2,366 ) 899 - - 27,838 Tax benefit in respect of issuance costs - (872 ) - 872 - - 29,305 (3,238 ) 899 872 - 27,838 Total 5,303 (3,272 ) 6,435 872 115 9,453 Deferred tax assets and liabilities are presented offset when the Company has a legally enforceable right to offset current tax assets against current tax liabilities, and when they pertain to income taxes levied by the same tax authority, and the Company intends to settle the current tax assets and liabilities on a net basis. B. Amounts for which deferred tax assets were not recognized: The calculation of deferred taxes does not include taking into account the taxes which would have applied in case of realization of investments in investee companies, since the Group intends to hold and develop them. Additionally, deferred taxes are not taken into account in respect of profit distributions from Israeli companies, due to the fact that dividends from Israeli companies are not taxable, The total cumulative distributable profit and/or the realization of the investment in those companies amounted to approximately USD 19 million as of December 31, 2022. C. Total expenses (income) from income taxes which were recognized in the statement of income: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Current taxes: Current tax expenses 8,061 2,422 1,163 Prior year taxes - - 1,971 Total current taxes 8,061 2,422 3,134 Deferred taxes: Deferred tax expenses (income) in respect of the creation and reversal of temporary differences 13,052 34 (2,105 ) Income (expenses) from the creation of deferred taxes in respect of losses and unused tax benefits (8,170 ) 3,238 (8,869 ) Prior year taxes - - (4,513 ) Total deferred taxes 4,882 3,272 (15,487 ) Total expenses (income) from income taxes 12,943 5,694 (12,353 ) D. Reconciliation between the theoretical tax on the pre-tax profit and the tax expense Presented below is an adjustment between the tax amount which would have applied had all of the income and expenses, profit and loss in the statement of income been taxable according to the statutory tax rate, and the amount of income tax which was carried to the statement of income: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) before income taxes from continuing operations 51,056 27,369 (53,388 ) Primary tax rate of the Company 23 % 23 % 23 % Tax calculated according to the Company’s primary tax rate 11,743 6,295 (12,279 ) Additional tax (tax saving) in respect of: No controlling share in the profits / losses of investee partnerships (896 ) (531 ) 846 Different tax rate of foreign subsidiaries (1,644 ) (2,370 ) (839 ) Non-deductible expenses 3,150 1,853 2,358 Exempt income (1,170 ) (354 ) (7 ) Losses and benefits for tax purposes for which tax assets were not created in the past, for which deferred taxes were recognized during the reporting period - - (38 ) Utilization of tax losses and benefits from prior years 310 179 128 Adjustments due to changes in tax rates - - (5 ) Temporary difference in respect of subsidiaries for which deferred taxes were not recognized 1,270 631 (257 ) Change in taxes in respect of previous years 143 (77 ) (2,541 ) Others 37 68 281 Total income taxes from continuing operations as presented in profit or loss 12,943 5,694 (12,353 ) E. Carryforward losses The Company’s balance of carryforward losses as of December 31, 2022 was approximately USD 153 million; Deferred taxes were not created in respect of a loss in the amount of USD 3 million. F. Details regarding the Group’s tax environment (1) Presented below are the tax rates which were relevant to the Group’s activity in Israel during the years 2021-2022: 2021 - 23% 2022 - 23% (2) Taxation of subsidiaries outside of Israel: Subsidiaries which are incorporated outside of Israel are assessed according to the tax laws in the countries where they are domiciled. The main tax rates which applied to the main subsidiaries incorporated outside of Israel are: • Entities incorporated in Croatia • Entities incorporated in Serbia • Entities incorporated in Hungary • Entities incorporated in Sweden • Entities incorporated in Kosovo • Entities incorporated in Spain • Entities incorporated in the United States (3) Measurement of results for income tax purposes: IFRS’s differ from generally accepted accounting principles in Israel, and accordingly, the preparation of financial statements in accordance with IFRS’s may reflect a financial position, operating results and cash flows which differ significantly from those which are presented according to generally accepted accounting principles in Israel, and taxation principles in Israel. A. In the calculation of the tax provision and current tax expenses of the projects Mivtachim and Talmei Bilu, the Company does not apply Accounting Standard 33 - Service Concession Arrangements, but rather Accounting Standard 27 - Fixed Assets, and claims depreciation expenses in respect of the facilities, in accordance with the Income Tax Regulations (Depreciation), 1941. B. The Company deducts financing, general and administrative expenses in respect of the acquisition of projects for the production of electricity, which are incorporated in the subsidiaries, in their entirety. C. notwithstanding that stated in Note 2O(9), regarding the non-recognition of interest expenses in the statement of income in respect of capital notes which were given to consolidated companies, the Group recognizes interest expenses, in accordance with the terms of the deed, in the calculation of the investees’ taxable income for income tax purposes. (4) The Company has final tax assessments up to and including the tax year 2018. On March 22, 2021, the Company signed an assessment agreement for the years 2014-2018 vis-à-vis the tax authorities, the main terms of which are described below: • The Halutziot and medium rooftop projects will be taxed based on Accounting Standard 33 - “Service Concession Arrangements”. • The amortization of excess cost which was created when purchasing of shares of Mivtachim and Talmei Bilu through Tlamim partnership will not be deductible. • Tax payment in the amount of approximately NIS 6.5 million in respect of previous years. • In 2020, the Company recognized tax income in the amount of approximately NIS 9 million, due to the release of a tax reserve which was created in respect of the gains of a financial asset from 2013, and which, in light of the assessment arrangement, is not expected to be reversed. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Share capital | Note 16 - Share Capital In January 2023, the Company underwent a Reverse Share Split, which entailed the consolidation of its registered share capital in a 1:10 ratio. As a result, each of the ten pre-existing ordinary shares, which had a par value of 0.01 NIS, was merged into one ordinary share with a par value of 0.1 NIS. The share capital presented in the Financial Statements has been duly adjusted to reflect the Reverse Share Split. A. Registered capital December 31 December 31 2022 2021 Number of shares Ordinary shares with par value of NIS 0.1 180,000,000 180,000,000 B. Issued capital: Share capital Share premium As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 Number of shares USD in thousands USD in thousands USD in thousands USD in thousands Fully paid-up ordinary shares with par value of NIS 0.1 101,582,902 92,510,658 2,827 2,549 762,516 556,161 C. Changes in fully paid-up share capital Number of shares Balance as of January 1, 2021 82,296,628 Issuance of shares (1) 9,364,140 Exercise of options by employees 849,890 Balance as of December 31, 2021 92,510,658 Issuance of shares (2-3) 8,813,621 Exercise of options by employees 258,623 Balance as of December 31, 2022 101,582,902 (1) On March 2, 2021, the Company completed a public offering of 93,641,400 ordinary Company shares, with a par value of NIS 0.1 each, for a total (gross) consideration of approximately NIS 589,941 thousand (USD 178.8 million). (2) On March 6, 2022, the Company completed an issuance of 30,443,900 ordinary Company shares, with a par value of NIS 0.1 each. The total (gross) consideration amounted to approximately NIS 228.9 (USD 70.6 million). (3) On August 16, 2022, the Company completed an issuance of 57,692,308 ordinary Company shares with a par value of NIS 0.1 each, at a price of NIS 7.8 per share. The total consideration for the shares amounted to approximately NIS 450 million (USD 137.5 million). (4) For details regarding issuance of shares which was completed after the balance sheet date, see Note 29(1). |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Disclosure of earnings per share [text block] | Note 17 - Earnings Per Share A. Basic earnings per share For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) attributable to the Company’s owners for the purpose of calculating basic earnings per share 24,749 11,217 (43,869 ) For the year ended December 31 2022 2021 2020 Weighted average of the number of ordinary shares used for the purpose of calculating basic earnings per share (*) 97,335,870 93,749,219 78,297,756 B. Diluted earnings per share: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) which was used to calculate diluted earnings per share 24,749 11,217 (43,869 ) For the year ended December 31 2022 2021 2020 Weighted average of the number of ordinary shares used to calculate diluted earnings (loss) per share (*) 99,978,133 98,108,669 78,297,756 (*) The number of ordinary shares is after giving effect to the Reverse Share Split. See also Note 16. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Payment | Note 18 - Share-Based Payment Details of the plan to allocate options to Company employees: Grant date Number of offerees Total number of options Exercise price in NIS Share price in NIS Value of option in NIS Number of options which were exercised as of the date of the financial report Number of options which expired / were forfeited as of the date of the financial report Expiration date of the options Number of options remaining as of the date of the financial report 08/07/2016 (A) 3 1,200,000 7.43 6.85 3.35 1,191,729 - 08/07/2023 8,271 08/07/2016 (B) 1 300,000 7.60 6.85 3.25 - 100,000 08/07/2023 200,000 05/18/2017 1 60,000 13.53 13.42 6.40 49,500 - 05/18/2024 10,500 02/05/2018 6 310,000 18.40 18.05 7.70 255,564 36,250 02/05/2025 18,186 07/26/2018 2 80,000 19.08 18.38 8.35 20,000 - 07/26/2025 60,000 08/26/2018 5 200,000 18.75 18.85 8.63 141,069 30,000 08/26/2025 28,931 09/12/2018 (C)(D) 2 1,350,000 19.61 19.05 8.55 363,228 - 09/12/2025 986,772 10/28/2018 (D) 2 1,602,000 19.95 18.20 7.87 432,221 - 10/28/2025 1,169,779 11/01/2018 2 495,000 19.87 18.89 8.40 129,361 - 11/01/2025 365,639 03/31/2019 3 100,000 21.74 22.40 9.61 30,000 40,000 03/31/2026 30,000 04/04/2019 2 80,000 22.00 22.20 9.40 28,505 - 04/04/2026 51,495 05/27/2019 3 80,000 23.70 24.20 10.34 30,000 30,000 05/27/2026 20,000 11/28/2019 4 110,000 41.57 42.30 19.06 16,000 40,000 11/28/2026 54,000 11/28/2019 (E) 1 100,000 41.97 42.30 18.00 - 11/28/2026 100,000 01/20/2020 20 271,500 44.68 49.10 19.70 37,500 27,500 01/20/2027 206,500 04/12/2020 (F) 1 70,000 41.10 41.50 15.50 19,953 - 04/12/2027 50,047 05/17/2020 6 110,000 48.50 50.70 19.70 20,000 05/17/2027 90,000 07/23/2020 3 45,000 54.60 54.70 19.80 - 07/23/2027 45,000 10/13/2020 1 103,000 62.09 70.10 27.70 - - 10/13/2027 103,000 11/10/2020 7 115,000 64.80 66.30 24.10 - 35,000 11/10/2027 80,000 05/25/2021 9 141,000 65.79 66.90 24.60 - 24,000 05/23/2028 117,000 09/30/2021 26 674,000 69.76 71.80 25.90 - 6,000 09/28/2028 668,000 09/30/2021 1 60,000 70.90 71.80 25.90 - 09/28/2028 60,000 09/30/2021 (G) 4 1,182,000 71.80 71.80 25.90 - 240,000 09/28/2028 942,000 09/30/2021 (H) 5 780,000 71.80 71.80 25.90 - - 09/28/2028 780,000 10/31/2021 1 10,000 72.70 78.00 30.20 - - 10/29/2028 10,000 02/08/2022 (J) 9 541,400 72.30 68.40 23.93 - - 02/06/2029 541,400 02/13/2022 (J) 21 282,000 72.80 66.80 22.69 - - 02/11/2029 282,000 04/17/2022 (J) 72 269,250 77.20 74.70 27.92 - - 04/15/2029 269,250 06/28/2022 (I)(J) 1 100,000 68.64 69.60 28.14 - - 06/26/2029 100,000 06/28/2022 (J) 9 146,000 63.90 69.60 29.53 06/26/2029 146,000 09/01/2022 (J) 10 97,000 79.60 81.60 33.82 08/30/2029 97,000 09/01/2022 (J) 1 10,000 81.40 81.60 33.15 08/30/2029 10,000 10/30/2022 (J) 1 25,000 78.20 74.20 29.10 10/28/2029 25,000 12/18/2022 (J) 9 126,000 74.70 74.00 30.26 12/16/2029 126,000 Total 11,225,150 2,744,630 628,750 7,851,770 The valuation of the options was performed using the binomial model. The calculation of the benefit value included taking into account the share price, the exercise price, the risk-free interest rate and the expected lifetime of the option . General description of the Company’s options In general, and in respect of the description of all of the allocations in this report, the options will be exercised in accordance with the cashless exercise mechanism, as specified in the options plan. Subject to the other terms of the options plan, eligibility will materialize for each of the aforementioned offerees to exercise the options in accordance with the vesting period as follows: 50% of the options will vest 24 months after the grant date, 25% of the options will vest 36 months after the grant date, and 25% of the options will vest 48 months after the grant date. In certain cases different vesting dates were determined, as specified below, and unless stated otherwise, the vesting dates are as stated in this paragraph. The options are subject to standard adjustments in accordance with the options plan, including, inter alia, in case of dividend distribution, and issuance of rights and bonus shares. All option allocations were performed based on the Company’s current options plan. In case of termination of employment, the offeree is given a limited period to exercise vested options only. In cases of termination of employment / activity in circumstances which were defined as severe, the Company will have the possibility to revoke rights. Details regarding material allocations: (A) In 2016, 400,000 non-marketable and non-transferable options were allocated to each of the entrepreneurs, which are exercisable on a cashless basis, and in total, 1,200,000 options. The vesting period of the options will be distributed over a 4 year period, on a quarterly basis, and began only after the conclusion of the vesting period of the entrepreneurs’ previous options package, from 2013. The options were allocated in practice on August 8, 2016. The exercise price is as specified in the above table. (B) In 2016 an allocation of 300,000 non-marketable and non-transferable options was performed to the Company’s Chairman of the Board as of the grant date, Or Alovitz, which are exercisable on a cashless basis. The vesting period of the options will be distributed over 3 years. The options were granted in practice on August 8, 2016. The exercise price is as specified in the above table. On August 30, 2018, Or Alovitz ceased serving as a director in the Company, and 100,000 unvested options therefore expired. (C) On September 12, 2018, the Company allocated 360,000 non-marketable and non-transferable options to the Company’s Chairman of the Board, Mr. Yair Seroussi, which are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, on a quarterly basis. For details regarding the exercise price, see the table presented above. (D) On September 12, 2018 and October 28, 2018, the Company allocated 990,000 non-marketable and non-transferable options to Gilad Yavetz, and 1,602,000 non-marketable and non-transferable options to Zafrir Yoeli and Amit Paz together. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 18% of the options will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 30% will vest on a quarterly basis throughout the third year, and 27% will vest on a quarterly basis throughout the fourth year. For details regarding the exercise price, see the above table. (E) On November 28, 2019, the Company performed a private allocation of 100,000 non-marketable and non-transferable options of the Company to a VP officer. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 50% of the options will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant date. For details regarding the exercise price, see the above table. (F) On April 12, 2020, the Company performed a private allocation of 70,000 non-marketable and non-transferable options of the Company to a VP officer. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 50% of the options will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant date. For details regarding the exercise price, see the above table. (G) On September 30, 2021, a the Company performed a private allocation of 1,182,000 non-marketable and non-transferable options of the Company to the three founders: Gilad Yavetz, Zafrir Yoeli and Amit Paz, and to the Chairman of the Board. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 25-40% will vest on a quarterly basis throughout the third year, and 10-25% will vest on a quarterly basis throughout the fourth year. For details regarding the exercise price, see the above table. On September 30, 2022, Yoeli Zafarir ceased to serve as a founder of the company, and therefore 240,000 options that have not yet matured expired. (H) On September 30, 2021, the Company performed a private allocation of 780,000 non-marketable and non-transferable options of the Company to officers who are VP’s in the Company. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25-30% will vest after the second year, 25-35% will vest after the third year, and 10-25% will vest after the fourth year. For details regarding the exercise price, see the above table. (I) On June 28, 2022, the Company performed a private allocation of 100,000 non-marketable and non-transferable options of the Company to a VP officer. The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25% will vest two years after the grant date, 35% will vest three years after the grant date, and 15% will vest four years after the grant date. For details regarding the exercise price, see the above table. Grant date 02/08/2022 02/13/2022 04/17/2022 06/28/2022 06/28/2022 09/01/2022 09/01/2022 10/30/2022 12/18/2022 Number of options 541,400 282,000 269,250 100,000 146,000 97,000 10,000 25,000 126,000 Option value in NIS 23.93 22.69 27.92 28.14 29.53 33.82 33.15 29.10 30.26 Exercise price in NIS 72.3 72.8 77.2 68.64 63.9 79.6 81.4 78.2 74.7 Share price in NIS 68.4 66.8 74.7 69.6 69.6 81.6 81.6 74.2 74 Risk-free interest rate 1.4 % 1.4 % 2.2 % 2.8 % 2.8 % 3.1 % 3.1 % 3.3 % 3.4 % Standard deviation 33.5 % 33.5 % 33.9 % 34.4 % 34.4 % 34.5 % 34.5 % 34.4 % 34.6 % Value of options in NIS 12,955,702 6,398,580 7,517,460 2,814,000 4,311,380 3,280,540 331,500 727,500 3,812,760 Lifetime of options 7 years (J) In 2022, options were granted to employees which are exercisable on a cashless basis. The valuation of the options was performed using the binomial model. (K) On March 14, 2023 after the balance sheet date, the Company performed a private allocation of 124,000 non-marketable and non-transferable options of the Company to its 12 employees. (L) On March 20, 2023, the Company performed a private allocation of 114,000 non-marketable and non-transferable options of the Company to 37 employees of its subsidiary in the USA (Clenera, LLC) |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Disclosure of revenue [text block] | Note 19 - Revenues For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Sale of electricity 173,992 83,034 58,464 Operation of facilities 7,066 11,275 9,305 Construction services 476 3,460 1,534 Management or development fees 10,638 4,692 1,021 Total 192,172 102,461 70,324 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [Abstract] | |
Cost of Sales [Text Block] | Note 20 - Cost of Sales For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Site maintenance 26,845 11,937 9,519 Payroll, salaries and associated expenses 6,408 2,823 860 Insurance 3,450 1,391 965 Municipal taxes 2,133 2,101 1,883 Lease 851 234 69 Expenses associated with facility construction services 751 3,291 1,434 Total 40,438 21,777 14,730 |
Development Expenses
Development Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Development Expenses [Abstract] | |
Development Expenses | Note 21 - Development Expenses For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Payroll, salaries and associated expenses 2,558 2,570 1,555 Other development expenses 3,029 2,146 1,421 Total 5,587 4,716 2,976 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
General and Administrative Expenses | Note 22 - General and Administrative Expenses For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Payroll, salaries and associated expenses 16,526 8,238 4,766 Professional services 4,120 2,942 1,912 Office and maintenance 1,963 965 479 Depreciation 1,705 1,054 641 Management and director fees 819 739 448 Others 3,606 1,631 772 Total 28,739 15,569 9,018 |
Finance Expenses, Net
Finance Expenses, Net | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Expenses Net Abstract [Abstract] | |
Disclosure of finance income (cost) [text block] | Note 23 - Finance Expenses, Net A. Finance expenses: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Interest expenses from project finance loans 22,858 15,157 24,067 Interest expenses from corporate loans 78 - - Interest expenses from Debentures 8,963 8,113 8,316 Interest expenses from amortization and linkage to index 33,692 14,274 1,413 Fair value changes of financial instruments measured at fair value through profit or loss - - 656 Finance expenses in respect of contingent consideration arrangement 3,978 2,231 219 Interest expenses from non-controlling interests loans 1,381 1,157 1,520 Finance expenses from foreign currency hedging transactions 973 - 311 Finance expenses in respect of lease liability 1,964 1,243 1,087 Exchange differences 617 2,702 162 Others 1,249 1,442 1,036 75,753 46,319 38,787 Amounts capitalized to the cost of qualifying assets (13,162 ) (9,144 ) (7,379 ) Total 62,591 37,175 31,408 B. Finance income: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Finance income from contract asset in respect of concession arrangements 17,188 24,310 16,176 Changes in the fair value of financial instruments measured at fair value through profit or loss 2,953 3,145 - Finance income from foreign currency hedge transactions - 1,053 - Finance income from loans which were given to equity- accounted entities 1,166 1,487 1,025 Finance income from deposits in banks 1,669 - - Others 365 338 13 Total 23,341 30,333 17,214 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Disclosure of leases [text block] | Note 24 - Leases Within the framework of the lease agreements, the Group leases the following items: 1. Land; 2. Offices and vehicles. The Group mostly leases land for the purpose of building renewable energy facilities. The total sum of the right-of-use asset which was recognized in the statement of financial position as of December 31, 2022 in respect of leases amounted to USD 96,515 thousand. The total lease liability which was recognized in the statement of financial position as of December 31, 2022 in respect of land leases amounted to USD 99,623 thousand. Right-of-use assets Composition USD in thousands Land Offices and vehicles Total Balance as of January 1, 2022 102,477 2,773 105,250 Additions 532 1,446 1,978 Amortization of right-of-use assets (4,217 ) (1,033 ) (5,250 ) Linkage 4,529 129 4,658 Reserve for translation differences (9,774 ) (347 ) (10,121 ) Balance as of December 31, 2022 93,547 2,968 96,515 USD in thousands Effects on the statements of income For the year ended December 31, 2022 Interest expenses in respect of lease liability (1,964 ) Expenses attributed to variable lease payments which were not included in measurement of lease liability (851 ) Depreciation expenses (3,245 ) Total (6,060 ) |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | Note 25 - Financial Instruments A. Financial risk management policy The Company’s activities expose it to various financial risks, as specified below. The Group’s overall risk management policy focuses on activities to minimize possible negative effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge against certain risk exposures. The individual responsible for the management of market risks in the Company is the Company’s CFO, who reports to the board of directors and to the financial statements review committee from time to time regarding his activities, in order to reduce the Company’s market risks, and the impact thereof on its operating results. The Company’s policy is to reduce the various risks to the lowest possible minimum. The Company directs risk management towards economic exposure only if there is a discrepancy between that exposure and the accounting exposure. The CFO also reports to the required organs in the Company on an ongoing basis regarding the status of the Company’s liquid balances and the balances of its liabilities, and regarding the composition thereof. The Company’s activities expose it to various financial risks, as follows: (1) Changes in foreign currency exchange rates Some of the Company’s costs involved in project construction, finance costs, transactions and revenues are denominated in foreign currency, and the Company is therefore exposed to changes in those exchange rates, which affect the feasibility and profitability of the projects. The Company evaluates and makes use, from time to time, of derivative financial instruments, mostly forward transactions and currency options (hedging transactions”), to hedge its economic exposure to changes in foreign currency exchange rates. All of derivative financial instrument below is treated under accounting hedging. Amount Amount Fair value Project Millions Millions Expiration date USD millions Foreign currency forward contracts (1) Ruach Beresheet EUR 22 NIS 82 February - March 2023 0.4 Purchase of call options and sale of put options (1) Storage USD 45.5 NIS 156.1 January 2023 1.1 (1) Hedging transaction to hedge against the EUR/NIS exchange rate and the USD/NIS exchange rate, based on the schedule of payments to the EPC contractor. Presented below is a sensitivity analysis which includes current balances of monetary items denominated in foreign currency, and which adjusts the translation thereof at the end of the period, to changes in the foreign currency exchange rate. The sensitivity analysis also includes loans to foreign operations in the Group which are denominated in a currency other than the currency of the lender or the borrower, which do not constitute a part of the net investment in the foreign operation (hereinafter: “loans to foreign operation”). The Company is also exposed to the equity in respect of its share in consolidated companies with a different functional currency from the Company’s functional currency (hereinafter: the “equity of foreign operation”). This exposure is carried to other comprehensive income (hereinafter: “OCI”). As of December 31, 2022 Increase 5% Decrease 5% OCI Pre-tax profit Value Pre-tax profit OCI 5% Change in the currency exchange rate USD in thousands ILS vs EURO Loans to foreign operations - (844 ) 16,874 844 - EURO vs HRK Restricted cash - 84 1,673 (84 ) - Loans to foreign operations - 174 3,489 (174 ) - Loans from banks - (1,399 ) (27,974 ) 1,399 - Total effect on pre-tax profit - (1,985 ) (5,938 ) 1,985 - Equity of foreign operations ILS vs EURO (34,695 ) - 693,904 - 34,695 ILS vs HUF (551 ) - 11,015 - 551 ILS vs HRK (613 ) - 12,258 - 613 Total effect OCI (35,859 ) - 717,177 - 35,859 As of December 31, 2021 Increase 5% Decrease 5% OCI Pre-tax profit Value Pre-tax profit OCI 5% Change in the currency rate USD in thousands ILS vs EURO Loans to foreign operations - (1,026 ) 20,513 1,026 - EURO vs HRK Restricted cash - 89 1,175 (89 ) - Loans to foreign operations - 180 3,605 (180 ) - Loans from banks - (1,626 ) (32,529 ) 1,626 - Total effect on pre-tax profit - (2,383 ) (7,236 ) 2,383 - Equity of foreign operations ILS vs EURO (28,710 ) - 574,198 - 28,710 ILS vs HUF (267 ) - 5,340 - 267 ILS vs HRK (486 ) - 9,714 - 486 Total effect on OCI (29,463 ) - 589,252 - 29,463 (2) Change in index Consolidated entities in Israel have revenues from electricity which are determined according to a tariff which is updated once per year in accordance with the consumer price index. On the other hand, loans taken out by consolidated entities were made, as much as possible, with the same linkage as the linkage to the electricity tariff. The Company also extended loans to investee entities and liability in respect of deferred consideration arrangement, which are linked to the consumer price index. The following table presents the group's sensitivity to the index – the effect of a 3% change in the index: As of December 31, 2022 Increase 3% Decrease 3% Pre-tax profit Carrying value Pre-tax profit 3% Change in the index rate USD in thousands Financial assets measured at fair value through profit or loss 389 12,974 (389 ) Contract assets 3,203 106,773 (3,203 ) Loans to investee entities 199 6,622 (199 ) Loans to non-controlling interests 170 5,680 (170 ) Other payables (34 ) (1,143 ) 34 Loans from banks and other financial institutions (15,570 ) (790,403 ) 15,491 Other financial liabilities (78 ) (2,584 ) 78 (11,721 ) (662,081 ) 11,642 As of December 31, 2021 Increase 3% Decrease 3% Pre-tax profit Carrying value Pre-tax profit 3% Change in the index rate USD in thousands Financial assets measured at fair value through profit or loss 435 14,506 (435 ) Contract assets 8,611 287,042 (8,611 ) Loans to investee entities 735 24,495 (735 ) Loans to non-controlling interests 197 6,561 (197 ) Other payables (26 ) (858 ) 26 Loans from banks and other financial institutions (11,999 ) (761,897 ) 9,749 Other financial liabilities (89 ) (2,956 ) 89 (2,136 ) (433,107 ) (114 ) B. Financial risk factors (1) Presented below is an analysis of financial instruments by linkage bases and currency types As of December 31, 202 2 Linked to the EUR Linked to the USD Linked to the HRK* Linked to the HUF Linked to the CPI Unlinked Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Current assets: Cash and cash equivalents 56,327 1,582 49,535 2,752 - 83,673 193,869 Deposits in banks 4,054 - - - - - 4,054 Restricted cash 16,551 - 3,732 558 - 71,262 92,103 Financial assets measured at fair value through profit or loss - 366 - - 12,974 20,555 33,895 Trade receivables 29,074 785 601 325 - 9,037 39,822 Other receivables 880 - - - 427 4,872 6,179 Current maturities of loans to investee entities - - - - - 13,893 13,893 Other financial assets - - - - - 1,493 1,493 106,886 2,733 53,868 3,635 13,401 204,785 385,308 Non-current assets: Restricted cash 20,140 - 1,281 3,782 - 13,525 38,728 Long term receivables 4,765 - - - - 2 4,767 Financial assets measured at fair value through profit or loss 42,918 - - - - - 42,918 Loans to equity-accounted entities 3,429 - - - 6,622 4,133 14,184 Other financial assets 78,811 - - 10,332 5,253 - 94,396 150,063 - 1,281 14,114 11,875 17,660 194,993 Current liabilities: Credit and current maturities in respect of loans from banks and other financial institutions (54,071 ) (75,576 ) (1,585 ) (1,535 ) (32,860 ) - (165,627 ) Trade payables (13,532 ) (15,495 ) - (68 ) - (5,543 ) (34,638 ) Other payables (20,920 ) (15,567 ) (1,242 ) (240 ) (1,143 ) (28,925 ) (68,037 ) Current maturities in respect of Debentures - - - - - (15,832 ) (15,832 ) Current maturities of lease liability (1,528 ) - - (80 ) (4,202 ) (40 ) (5,850 ) Financial liabilities measured at fair value through profit or loss - (35,283 ) - - - - (35,283 ) other financial liabilities (50,255 ) - - - - - (50,255 ) (140,306 ) (141,921 ) (2,827 ) (1,923 ) (38,205 ) (50,340 ) (375,522 ) Non-current liabilities: Debentures - - - - - (238,520 ) (238,520 ) Convertible Debentures - - - - - (131,385 ) (131,385 ) Loans from banks and other financial institutions (572,166 ) (42,797 ) (14,358 ) (32,193 ) (757,543 ) - (1,419,057 ) Loans from non-controlling interests (76,787 ) - - - - (14,121 ) (90,908 ) Lease liability (33,769 ) - - (1,134 ) (58,535 ) (335 ) (93,773 ) Employee benefits - (12,238 ) - - - - (12,238 ) Financial liabilities through profit or loss - (45,484 ) - - (2,584 ) - (48,068 ) (682,722 ) (100,519 ) (14,358 ) (33,327 ) (818,662 ) (384,361 ) (2,033,949 ) Total assets (liabilities), net (566,079 ) (239,707 ) 37,964 (17,501 ) (831,591 ) (212,256 ) (1,829,170 ) *On December 31, 2022 the EURO currency replaces the HRK As of December 31, 2021 Linked to the EUR Linked to the USD Linked to the HRK Linked to the HUF Linked to the CPI Unlinked Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Current assets: Cash and cash equivalents 54,293 1,837 25,394 1,946 - 182,463 265,933 Restricted cash 17,058 - - - - 18,121 35,179 Financial assets measured at fair value through profit or loss - 515 - - 14,506 24,343 39,364 Trade receivables 11,521 1,752 635 133 - 3,859 17,900 Other receivables 2,607 - 40 - 456 1,855 4,958 Other short term financial assets - - - - - 9,999 9,999 85,479 4,104 26,069 2,079 14,962 240,640 373,333 Non-current assets: Restricted cash 11,989 - - 1,917 - 7,462 21,368 Long term receivables 5,247 - - - - - 5,247 Financial assets measured at fair value through profit or loss 28,682 - - - - - 28,682 Current maturities of loans to investee entities 874 - - - 24,200 1,190 26,264 Other financial assets 3,852 - - 3,605 6,105 - 13,562 50,644 - - 5,522 30,305 8,652 95,123 Current liabilities: Credit and current maturities in (28,032 ) - (1,639 ) (1,596 ) (30,555 ) - (61,822 ) Trade payables (21,576 ) (1,453 ) (275 ) (5 ) - (4,108 ) (27,417 ) Other payables (27,552 ) (3,887 ) (134 ) (200 ) (858 ) (9,764 ) (42,395 ) Other financial liabilities (18,679 ) - - - - (8,923 ) (27,602 ) Current maturities in respect of Debentures - - - - - (17,914 ) (17,914 ) Current maturities of lease liability (1,039 ) - - (82 ) (4,521 ) (44 ) (5,686 ) Financial liabilities measured at fair - (14,567 ) - - - - (14,567 ) (96,878 ) (19,907 ) (2,048 ) (1,883 ) (35,934 ) (40,753 ) (197,403 ) Non-current liabilities: Debentures - - - - - (286,656 ) (286,656 ) Convertible Debentures - - - - - (100,995 ) (100,995 ) Loans from banks and other financial institutions (381,552 ) - (16,945 ) (38,730 ) (731,342 ) - (1,168,569 ) Loans from non-controlling interests (62,841 ) - - - - (15,272 ) (78,113 ) Lease liability (35,385 ) - - (1,180 ) (62,989 ) (406 ) (99,960 ) Other long term payables (1,132 ) - - - - - (1,132 ) Financial liabilities through profit or loss - (74,996 ) - - (2,956 ) - (77,952 ) Other financial liabilities (15,300 ) - - - - - (15,300 ) (496,210 ) (74,996 ) (16,945 ) (39,910 ) (797,287 ) (403,329 ) (1,828,677 ) Total assets (liabilities), net (456,965 ) (90,799 ) 7,076 (34,192 ) (787,954 ) (194,792 ) (1,557,626 ) (2) Interest rate risk Change in interest rates Interest rate risk is due to loans bearing variable interest rates, which expose the Company to cash flow risk. The following table presents the group's values of financial instruments which are exposed to cash flow risks in respect of interest rate changes which are not hedged in interest rate swap transactions and their sensitivity to the change of interest rate – the effect of a 2% change in the interest rate: As of December 31, 2022 Increase 2% Carrying Decrease 2% Pre-tax profit value Pre-tax profit 2% Change in the interest rate USD in thousands Euribor-linked credit from banks (22 ) (1,115 ) 22 Euribor-linked loan from banks (873 ) (43,649 ) 873 SOFR-linked credit from banks (1) - (118,373 ) - (895 ) (163,137 ) 895 As of December 31, 2021 Increase 2% Carrying Decrease 2% Pre-tax profit value Pre-tax profit 2% Change in the interest rate USD in thousands Euribor-linked loan from banks (25 ) (1,259 ) 25 Euribor-linked credit from banks (2) - (67,281 ) - (25 ) (68,540 ) 25 (1) As of December 31, 2022, a project company in the USA is in the construction stage has a loan which are linked to the SOFR interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results. (2) As of December 31, 2021, project companies in the construction stage in Spain, Kosovo and Sweden have short term loans in respect of value added tax payments which are linked to the Euribor interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results. Interest rate swaps: Through interest rate swaps, the Group engages in contracts to swap the differences between the amounts of fixed and variable interest rates, which are calculated in respect of agreed-upon stated principal amounts. These contracts allow the Group to reduce the cash flow exposure of debt issued at variable interest. The fair value of the interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the yield curves at the end of the reporting period, and the credit risk in the contract. All interest rate swaps which replace variable interest rates with fixed interest rates are intended to hedge cash flows in order to reduce the Group’s exposure to cash flows from variable interest rates on loans. For details regarding the Group’s accounting policy The following table specifies the interest rate swap contracts which were designated as hedging instruments, which exist as of the end of the reporting period: Interest rates Par value Repayment date Carrying value Hedged contract Original After hedging Thousands Final USD in thousands Loan to finance the Lukovac project 3 month Euribor 0.75% 20,397 EURO 21,753 USD 31/03/2031 2,063 Loan to finance the Picasso project 3 month Euribor 1.08% 75,268 EURO 80,273 USD 31/03/2039 6,406 Loan to finance the Gecama project 6 month Euribor 0.147% 152,000 EURO 162,107 USD 30/06/2035 32,811 Loan to finance the Raaba and Meg projects 3 month Bubor 1.445%-3.7% 12,930,492 HUF 34,454 USD 31/12/2030 10,332 Loan to finance the Bjorn project 6 month Euribor 0.526% 164,485 EURO 175,423 USD 30/06/2041 37,531 During the years 2022 and 2021, profit net of tax in the amount of USD 61,853 thousand and USD 17,823 thousand, respectively, were recognized under other comprehensive income, in respect of the effectiveness of the cash flow hedge as a hedge against the cash flow risk in respect of interest rates. (3) Credit risk Credit risk refers to the risk that the counterparty will not fulfill its contractual obligations, and will cause the Group to incur financial loss. Upon the initial engagement, the Group estimates the quality of the credit which is given to the customer. The restrictions which are attributed to the Group’s customers are evaluated once per year, or more frequently, based on new information which has been received, and on its fulfillment of previous debt payments. The Group measures the credit loss provision in respect of trade receivables according to the probability of insolvency throughout the instrument’s entire lifetime, and for contract assets in respect of concession arrangements (see Note 8) according to the probability of insolvency during the coming 12 months. In light of the fact that the Company’s customers are large, financially strong entities, mostly with regulatory support, the probability of insolvency is low, and the Company believes that the expected credit losses in respect of them are insignificant. The Company deposits its balance of liquid financial assets in bank deposits and in securities. All the deposits are with a diversified group of leading banks preferably with banks that provide loans to the Company. (4) Liquidity risk The cash flow forecast is prepared by the Company’s finance department, both on the level of the various entities in the Group, and in consolidated terms. The finance department evaluates current forecasts of liquidity requirements in the Group in order to verify that sufficient cash is available for operating requirements, and while ensuring that the Company does not deviate from the credit facilities and financial covenants in respect of its credit facilities. The Group’s forecasts take into account several factors, such as financing sources for expected investments and for debt service, which include, inter alia, cash flows from operating activities and from the realization of projects which the Company owns, and raisings of equity and debt which include, inter alia, rights issues, long-term loans and debentures. The Group’s forecasts also take into account the fulfillment of obligatory financial covenants, the fulfillment of certain liquidity ratio targets, and the fulfillment of external requirements such as laws or regulations, when relevant. The cash surplus which is held by the Group’s entities, which are not required in order to finance the activity as part of working capital, are invested in stable investment channels such as fixed period deposits, and other stable channels. These investment channels are chosen according to the desired repayment period, or according to their liquidity, such that the Group has sufficient cash balances, in accordance with the foregoing forecasts. Presented below are details regarding the Company’s liabilities and assets segmented by repayment years, except for current items in the statement of financial position, such as trade and other payables, trade and other receivables, which are expected to be repaid according to their carrying values during the coming year: As of December 31, 2022(**) After 2023 2024 2025 2026 2027 2027 Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Liability in respect of deferred consideration arrangement (418 ) (416 ) (396 ) (341 ) (341 ) (2,766 ) (4,678 ) Performance-based contingent consideration (“Earn Out”), see Note 7A(1) (35,283 ) (17,690 ) - - - - (52,973 ) Liability in respect of put option - - - - - (27,794 ) (27,794 ) Loans from non-controlling interests (11,624 ) (10,452 ) (10,547 ) (9,094 ) (6,264 ) (51,671 ) (99,652 ) Debentures (*) (23,702 ) (23,139 ) (41,691 ) (90,830 ) (57,269 ) (161,622 ) (398,253 ) Credit and loans from banks and other financial institutions (*) (103,366 ) (129,561 ) (127,133 ) (127,436 ) (149,380 ) (1,164,056 ) (1,800,932 ) Lease liability (5,846 ) (7,817 ) (7,367 ) (7,234 ) (7,182 ) (68,554 ) (104,000 ) (180,239 ) (189,075 ) (187,134 ) (234,935 ) (220,436 ) (1,476,463 ) (2,488,282 ) (*) The above figures are presented according to their par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date. (**) The Company has commitments in power purchase agreements which are not reflected in the Company’s statement of financial position. C. Fair value (1) Details of assets and liabilities which are measured in the statement of financial position at fair value: For the purpose of measuring the fair value of assets or liabilities, the Group classifies them according to a hierarchy which includes the following three levels: - Level 1: Quoted (unadjusted) prices in active markets for identical properties or identical liabilities as those to which the entity has access on the measurement date. - Level 2: Inputs, except for quoted prices which are included in level 1, which are observable in respect of the asset or liability, directly or indirectly. - Level 3: Unobservable inputs in respect of the asset or liability. The classification of assets or liabilities which are measured at fair value is based on the lowest level at which significant use was made for the purpose of measuring the fair value of the asset or liability, in their entirety. Presented below are details regarding the Group’s assets and liabilities which are measured in the Company’s statement of financial position at fair value periodically, in accordance with their measurement levels. Details regarding fair value measurement at Level 3 Valuation method for Financial instrument determining fair value Non-marketable shares measured at fair value through profit or loss Fair value measured using a valuation method that includes the discounted cash flow method Performance-based (“earn out”) contingent consideration Fair value measured using the discounted cash flow method The tables hereunder presents the fair value of the financial instruments that are measured at fair value in accordance to the fair value hierarchy: As of December 31, 202 2 : Level 1 Level 2 Level 3 Total USD in thousands USD in thousands USD in thousands USD in thousands Financial Assets at fair value: Financial assets measured at fair value through profit or loss 33,895 33,895 Contracts in respect of forward transactions 1,493 1,493 Interest rate swaps 89,143 89,143 Non-marketable shares measured at fair value through profit or loss 42,918 42,918 Financial liabilities at fair value: Transactions to peg electricity prices swap (CFD differences contract) (50,255 ) (50,255 ) Performance-based (“earn out”) contingent consideration (“Earn Out”), see Note 7A(1) (52,972 ) (52,972 ) As of December 31, 2021: Level 1 Level 2 Level 3 Total USD in thousands USD in thousands USD in thousands USD in thousands Financial Assets at fair value: Financial assets measured at fair value through profit or loss 39,364 - - 39,364 Contracts in respect of forward transactions - 9,999 - 9,999 Interest rate swaps - 7,456 - 7,456 Non-marketable shares measured at fair value through profit or loss - - 28,682 28,682 Financial liabilities at fair value: Interest rate swaps - (2,627 ) - (2,627 ) Contracts in respect of forward transactions - (8,831 ) - (8,831 ) Transactions to peg electricity prices swap (CFD differences contract) - (31,352 ) - (31,352 ) Performance-based contingent consideration (“Earn Out”), see Note 7A(1) - - (61,362 ) (61,362 ) The table hereunder presents a reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy: 2022 2021 Financial assets Non-marketable shares measured at fair value through profit or loss USD thousands Balance as at January 1 28,682 10,115 Investment 10,824 18,760 Revaluation (*) 4,868 693 Translation differences (1,456 ) (886 ) Balance as at December 31 42,918 28,682 2022 2021 Financial liabilities Performance-based (“earn out”) contingent consideration USD thousands Balance as at January 1 (61,362 ) - Initial consolidation see Note 7A(1) - (59,131 ) Revaluation 6,678 (2,231 ) Repayment 1,712 - Balance as at December 31 (52,972 ) (61,362 ) (*) Under financing income and expenses. (2) Fair value of items which are not measured at fair value in the statement of financial position: Except as specified in the following table, the Company believes that the carrying value of items which are not measured at fair value, including loans from non-controlling interests, is approximately identical to their fair value. Carrying value Fair value As of December 31 As of December 31 Fair value level 202 2 202 1 202 2 202 1 USD in thousands USD in thousands USD in thousands USD in thousands Debentures Level 1 388,498 408,771 364,203 442,815 Loans from banks and other financial institutions (1) Level 3 1,200,199 355,808 908,964 411,456 Liability in respect of deferred consideration arrangement (1) Level 3 2,750 3,123 3,602 5,219 (1) Fair value is determined according to the present value of future cash flows, discounted by an interest rate which reflects, according to the assessment of management, the change in the credit margin and risk level which occurred during the period. D. Other financial assets, Other financial liabilities, Financial assets at fair value through profit or loss and Financial liabilities through profit or loss December 31 December 31 202 2 202 1 USD in thousands USD in thousands Current assets Other financial assets Contracts in respect of forward transactions 1,493 9,999 Non-current assets Other financial assets Loans to non-controlling interests 5,253 6,105 Interest rate swaps 89,143 7,456 95,889 23,560 Current liabilities Other financial liabilities Transactions to peg electricity prices swap (CFD differences contract) (50,255 ) (16,052 ) Contracts in respect of forward transactions - (11,550 ) Financial liabilities through profit or loss Performance-based contingent consideration (“Earn Out”) (1) (35,282 ) (14,567 ) Non-current liabilities Other financial liabilities Transactions to peg electricity prices swap (CFD differences contract) - (15,300 ) Financial liabilities through profit or loss Liability in respect of deferred consideration arrangement (2) (2,584 ) (2,956 ) Performance-based contingent consideration (“Earn Out”) as well as the founder’s put option (1) (45,484 ) (74,996 ) (133,605 ) (135,421 ) (1) For additional details, see Note 7A(1). (2) The Company has liabilities in respect of deferred consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December 31, 2022 and 2021, amounted to USD 2,750 thousand and USD 3,007 thousand, respectively. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Operating Segments | Note 26 - Segmental Reporting A. General Operating segments are identified based on the internal reports regarding the components of the Company, which are routinely reviewed by the Group’s Chief Operational Decision Maker for the purpose of allocating resource and assessing the performance of operating segments. The set of reports which are submitted to the Group’s Chief Operating Decision Maker, for the purpose of allocating resources and assessing the performance of operating resources, is based on an evaluation of certain solar power systems located in Israel as fixed asset items, which generate electricity revenues, and not as a contract asset under concession arrangement. Presented below are details regarding the Company’s operating segments, in accordance with IFRS 8: Israel segment - Produces its revenue from the sale of the electricity which is produced through solar energy in Israel, from power purchase agreements at fixed tariffs over extended periods. Central-Eastern Europe segment - Produces its revenue from the sale of the electricity which is produced through wind energy and solar energy in countries of Central-Eastern Europe, mostly at fixed tariffs over extended periods. Western Europe segment - Produces its revenue from the sale of the electricity which is produced through wind energy in countries of Western Europe, mostly at prices determined in the free market (willing buyer to willing seller). Management and construction segment - Produces its revenue from the provision of management services to projects in stages of development, construction or operation, and from the provision of construction services for projects which are fully or partially owned by the Company. The results of the segments are measured based on the Company’s segment adjusted EBITDA which is the Operating Profit adjusted to add the Financial Asset repayments, depreciation and amortization, non-recurring events, and share-based compensation expenses attributed to the Company’s reportable segments. B. Segmental revenues and results For the year ended December 31, 2022 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands External revenues 51,363 70,705 58,991 11,113 192,172 - 192,172 Inter-segment revenues - - - 9,111 9,111 (9,111 ) - Total revenues 51,363 70,705 58,991 20,224 201,283 (9,111 ) 192,172 Segment Adjusted EBITDA 57,598 56,181 45,750 4,018 163,547 - 163,547 Reconciliations of unallocated amounts: Headquarter costs (*) (18,071 ) Intersegment loss 2,038 Repayment of contract asset under concession arrangements (17,579 ) Depreciation and amortization and share based compensation (50,940 ) Other incomes not attributed to segments 11,617 Operating profit 90,612 Finance income 23,341 Finance expenses (62,591 ) Share in the losses of equity accounted investees (306 ) Profit before income taxes 51,056 (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). For the year ended December 31, 2021 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands External revenues 18,919 61,326 14,064 8,152 102,461 - 102,461 Inter-segment revenues - - - 10,894 10,894 (10,894 ) - Total revenues 18,919 61,326 14,064 19,046 113,355 (10,894 ) 102,461 Segment Adjusted EBITDA 44,549 51,610 11,183 6,623 113,965 - 113,965 Reconciliations of unallocated amounts: Headquarter costs (*) (12,086 ) Intersegment profit (2,811 ) Repayment of contract asset under concession arrangements (32,857 ) Depreciation and amortization and share based compensation (24,480 ) U.S. acquisition expense (7,331 ) Operating profit 34,400 Finance income 30,333 Finance expenses (37,175 ) Share in the losses of equity accounted investees (189 ) Profit before income taxes 27,369 (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). For the year ended December 31, 2020 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Revenue from external 16,869 48,286 2,613 2,556 70,324 - 70,324 Inter-segment revenues - - - 10,864 10,864 (10,864 ) - Total Revenues 16,869 48,286 2,613 13,420 81,188 (10,864 ) 70,324 Segment Adjusted EBITDA 40,722 40,317 1,222 3,693 85,954 - 85,954 Reconciliations of unallocated amounts: Headquarter costs (*) (7,016 ) Intersegment profit (1,194 ) Repayment of contract asset under concession arrangements (31,250 ) Depreciation and amortization and share based compensation (18,120 ) Operating profit 28,374 Finance income 17,214 Finance expenses (31,408 ) Early prepayment fee (67,594 ) Share of loss of equity accounted investees 26 Loss before income taxes (53,388 ) (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). |
Balances and Transactions with
Balances and Transactions with Interested Parties and Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of transactions between related parties [text block] | Note 27 - Balances and Transactions with Interested Parties and Related Parties A. Compensation, benefits and transactions with other interested parties and related parties: For the year ended December 31 2022 2021 USD in thousands USD in thousands Compensation and benefits which were given to interested parties and related parties: Payroll and related expenses to interested parties employed in the Company 604 641 Granting of options to interested parties employed in the Company 1,717 917 Number of people to whom the benefit applies 1 1 Compensation for directors who are not employed in the Company 619 563 Number of people to whom the benefit applies 7 7 Granting of options to directors who are not employed in the Company 514 261 Number of people to whom the benefit applies 1 1 B. Engagements with interested parties and Related parties Executive compensation subjects: The terms of tenure and employment of the Company’s officers are determined in accordance with the Company’s compensation policy, as approved by the general meeting of the Company’s shareholders. The terms for officers are according to the standard industry practice, and in accordance with the Company’s compensation policy, whereby the salary components of the Company’s officers include salary, variable compensation targets signifying entitlement to annual bonuses, options, social benefits, etc. Presented below are several main subjects pertaining to the Company’s CEO and Chairman of the Board: (1) Gilad Yavetz (“Gilad”): In the Company’s annual meeting in August 2021 (the “ 2021 Meeting Relevant year Updated base salary (NIS) Number of annual bonus salaries subject to the fulfillment of targets which will be determined according to the Company’s compensation policy* 2021 (effective beginning from the date of the meeting’s approval) 86,600** 6 2021 - Additional special compensation in respect of the closing of the Clēnera transaction - USA 150,000 Non-recurring 2022 95,000 8 2023 105,000 9 * The bonus amount may reach a level of 125% (i.e., above the foregoing salaries limit), subject to excellence targets which will be defined. ** Represents the average salary for 2021. Gilad’s salary components also include, in addition to the foregoing, vehicle components, social benefits, reimbursement of expenses, advance notice / adjustment fees, etc., according to the standard practice, and in accordance with the Company’s compensation policy. Grant of options, Gilad: In 2018, a grant of options was approved for Gilad in the amount of 990,000 options, in accordance with the following terms. The options were allocated trough the capital gains track through a trustee, in accordance with section 102 of the Income Tax Ordinance. The exercise price of the options was determined proximate to the actual grant date of the options (which was done shortly after receiving approval from the TASE), according to the Company’s average share price during the 30 trading days preceding the grant date, plus a premium of 5%. The exercise price is not linked to the consumer price index. For additional details, see Note 18. The grant was performed on September 12, 2018. The granting of options which are exercisable on a cashless basis was performed through a capital gains track, subject to the provisions of section 102 of the Ordinance, and the Income Tax Rules (Tax Expedients Upon Allocation of Shares to Employees), 5763-2003. The exercise price of the options was determined according to the Company’s average share price during the 30 trading days preceding the grant date, plus a premium of 5%. The exercise price is not linked to the consumer price index. The options will vest over a period of 4 years, as follows: 18% of the options vested one year after the grant date. Another 25% of the options will vest equally, on a quarterly basis, during the second year after the grant date. Another 30% of the options will vest equally, on a quarterly basis, during the third year after the grant date; Another 27% of the options will vest equally, on a quarterly basis, during the fourth year after the grant date. The options include an acceleration mechanism in case of a “control” event in the Company. Options may be converted to shares according to the cashless exercise mechanism. On August 22, 2021, the Company’s special general meeting approved the allocation to Gilad Yavetz of 500,000 options, exercisable into up to 500,000 ordinary Company shares, at an exercise price of 71.89 per share. The grant was performed on September 30, 2021. See Note 18(F). The options will vest over a period of 4 years, as follows: 25% of the options will vest one year after the grant date; Another 25% of the options will vest equally, on a quarterly basis, during the second year after the grant date; Another 40% of the options will vest equally, on a quarterly basis, during the third year after the grant date; Another 10% of the options will vest equally, on a quarterly basis, during the fourth year after the grant date. Options may be converted to shares according to the cashless exercise mechanism, by which the number of shares which will result from the exercise of the options will be less than the number of converted options. The number of shares on a fully diluted basis is calculated according to the B&S model and/or the binomial model. Yair Seroussi, Chairman of the Board: (2) In the 2021 meeting, the employment terms of Yair were re-approved and updated such that Yair’s annual compensation will amount to a total of NIS 600,000 (approximately USD 178 thousands) per year, effective beginning from the date of the meeting’s approval, to be paid in equal monthly payments against invoices (Mr. Seroussi is employed in a 40% position). Grant of options, Yair: In accordance with the terms of the Company’s options plan, equity compensation of 360,000 non-marketable Company options was approved for Yair (the “Options”). The options were allocated on September 12, 2018 without receiving payment. The grant was performed trough the capital gains track through a trustee, in accordance with section 102 of the Income Tax Ordinance. The exercise price of the options was determined according to the Company’s average share price during the 30 trading days preceding the grant date, plus a premium of 5%. The exercise price is not linked to the consumer price index. The options will vest on a quarterly basis over a period of 16 quarters. Options may be converted to shares according to the cashless exercise mechanism. Additionally, in the 2021 meeting, and in accordance with terms of the Company’s options plan, additional equity compensation of 142,000 non-marketable Company options was approved for Yair (the “Options”). The options were allocated without receiving payment. The grant was performed trough the capital gains track through a trustee, in accordance with section 102 of the Income Tax Ordinance. The options will be held by a trustee, as required in accordance with the provisions of the Income Tax Ordinance. The lock-up period pursuant to the Income Tax Ordinance is two years. The exercise shares will have the same rights, for all intents and purposes, as the rights which are available to the holders of ordinary Company shares. The exercise price of the options was determined according to the Company’s average share price during the 30 trading days preceding the grant date, plus a premium of 2%. The exercise price is not linked to the consumer price index. The options will vest over a period of 4 years, where at the end of the first year after the grant, 25% of the options will vest; 25% additional options will vest on a quarterly basis during the second year after the grant; 25% additional options will vest on a quarterly basis during the third year after the grant; 5% additional options will vest on a quarterly basis during the fourth year after the grant. Options may be converted to shares according to the cashless exercise mechanism, by which the number of shares which will result from the exercise of the options will be less than the number of converted options. The number of shares on a fully diluted basis is calculated according to the B&S model and/or the binomial model. |
Guarantees, Contingent Liabilit
Guarantees, Contingent Liabilities, Engagements and Charges | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees, Contingent Liabilities, Engagements And Charges [Abstract] | |
Guarantees, Contingent Liabilities, Engagements and Charges | Note 28 - Guarantees, Contingent Liabilities, Engagements and Charges A. Engagements (1) Emek HaBacha wind energy project - full commercial operation On December 22, 2020, the Company received from the Electricity Authority tariff approval and confirmation of the fulfillment of all of the conditions for financial closing, in respect of increasing the farm’s capacity by an additional 12.8 megawatts, i.e., from 96 megawatts to a total of approximately 109 megawatts, . On March 27, 2022, the Company reported the receipt of the permanent production license and the commencement of commercial operation of the project. The project’s production tariff in 2022 is approximately 35.93 agorot (11.15 USD cent) per kWh, which will subsequently be linked, once per year, to the consumer price index, in accordance with the terms of the arrangement which applies in the segment. The guaranteed tariff period is for 20 years. (2) Ruach Beresheet wind energy project On July 28, 2020, the Company fulfilled the conditions for the construction of the Ruach Beresheet project (hereinafter: the “Project”), including the tariff approval, building permits and suspensory conditions for financial closing to finance the project, vis-à-vis a consortium of lenders led by Bank Hapoalim Ltd., and in collaboration with entities from Migdal and Amitim Group (hereinafter, jointly: the “Lenders”), and initiating the commencement of the construction works. Presented below are details regarding the main contractor engagements in connection with the project: (A) Agreement with General Electric for the production, provision, delivery to the site, lifting, and commissioning of the turbines on the project site. The turbine provider provides performance guarantees according to standard industry practice, as well as a guarantee of the parent company, to secure the performance of his contractual obligations. A 20 year operation and maintenance contract for the series of turbines was also signed. The agreement includes a producer commitment to an uptime rate of 95% in the first year and 97% from the second year onwards, execution of preventive and corrective maintenance for the turbines, including the provision of all the replacement parts and maintenance services required for that purpose. The contractor will provide guarantees according to standard industry practice. (B) BOP agreement vis-à-vis a partnership of Minrav and Nextcom, for the planning and execution of the electrical, communication, and civil engineering infrastructure for the project, including the turbine foundations, paving roads and crane surfaces, building the collection network and substations, and comprehensive acceptance testing for the project. The contractor provides performance guarantees according to standard industry practice, as well as a guarantee of the parent company. The series of aforementioned infrastructure agreements are in a turn key format, and were approved by the lenders. They also include a mechanism for liquidated damages in respect of various delays and breaches, and standard clauses regarding breach and cancellation. On November 2022, the townships which provide the land for the project exercised the option to join as partners in the project partnership, following the entrance of the townships, the Company holds 54% in the partnership. (3) Selac wind energy project in Kosovo - full commercial operation In March 2018, the Company acquired the interests in a wind energy project in Kosovo, which is in advanced development processes, with a total capacity of approximately 105 megawatts (hereinafter: the “Agreement” and the “Project”). The payment in respect of the project’s purchase was paid according to the following milestones: 1. A total of EUR 1 million was paid to the sellers in advance, in consideration of the purchase of 50% of the shares of the project company. Most of this amount was intended for the repayment of previous shareholder loans, upon the fulfillment of suspensory conditions which were defined (hereinafter: the “First Payment Date”). The Company also furnished the sellers with a guarantee for the payment of the entire consideration which is owed to them in the transaction. 2. On the financial closing date, a payment was paid to the sellers in an amount that was determined according to a formula which was agreed upon between the parties (the “Consideration Adjustment Formula”), which is conditional on the project’s expected performance, financing terms and expected construction and operation costs. Against the second payment, the Company received 30% of the shares of the project company, and reached a stake of 80%. 3. Following the project’s commercial operation, the balance of consideration will be paid to the sellers according to the consideration adjustment formula, and against that payment, the Company’s stake in the project company will increase to 100%. Agreement regarding joint investment in the project with Phoenix Group The project company is held, through concatenation, by a partnership that was established (hereinafter: the “Danuba Power”), for investment in the project. The limited partners in the partnership are the Company, which holds 60% of the partnership’s capital, and institutional entities, which hold 40% of the partnership’s capital. The Company also holds 100% of the interests in the general partner which manages the partnership. On February 27, 2022, approval was received from the Energy Regulatory Office (ERO) in Kosovo, for the full commercial operation of all sections of the project, by the end of 2021, two of the farm’s three sections already commenced operation, The approval constitutes final approval for the receipt of the full tariff, in respect of the last 9 turbines, and 27 turbines in total. Throughout the first 12 years of the project, the project’s revenues are guaranteed through a power purchase agreement at a fixed price, and subsequently, during the remainder of the operating period, the electricity will be sold on the merchant market. (4) Gecama wind energy project in Spain – full commercial operation On July 5, 2018, the Company signed an agreement to acquire all of the interests in the Gecama project, which is in advanced development processes, with a total capacity of approximately 329 megawatts (hereinafter: the “Project”). On June 26, 2022, the project received approval from the Spanish authorities for the operation of the first part of the project, with a capacity of 182 MW. The operation of the turbines, and the sale of the produced electricity, began immediately, and increased gradually, until full commercial operation is reached on August 2022. Signing of transaction to hedge the price of electricity During October to December 2022, the Company completed the signing of transactions to hedge electricity prices in respect of the project, as follows: 1. In light of the high levels of European electricity prices proximate to the signing date, and in light of the high marketability of electricity, the Company decided to hedge a weighted total of approximately 55.3% of the electricity which will be produced in the project until the end of 2023. 2. Accordingly, the Company, through a corporation under its control, executed a hedge in a CFD (Contract for Difference) format with a leading European energy infrastructure company, with a credit rating of BBB (hereinafter: the “Hedge Provider”). 3. The hedge transaction was executed according to a weighted average price between EUR 76.09 to EUR 86.63 per megawatt hours over the hedge period, according to the project’s weighted production forecast until the end of 2023. 4. The CFD outline fixed the price of electricity which will be sold, in respect of the amount which was hedged at a fixed price, and on average in the transaction as stated above. The CFD mechanism determines that if the market price falls below the price which was determined in the hedge agreement, the hedge provider will pay to the Company the difference between the market price, and the price which was determined in the hedge transaction. In case the market price is higher than the determined price, the Company will pay to the hedge provider the difference between the market price and the determined price. 5. As part of the hedge transaction, according to the standard practice in the field, the Company provided to the hedge provider a limited guarantee to secure the payment of its liabilities. (5) Picasso wind energy project in Sweden - full commercial operation On May 29, 2019, the Company reported the signing of a series of agreements regarding investment in and construction of a wind energy project in Sweden, with a total capacity of approximately 113 megawatts (hereinafter: the “Project” or the “Picasso Project”). The Picasso project is located in south Sweden, and includes 27 wind turbines with a capacity of approximately 4.2 megawatts each, and in total, approximately 113 megawatts. On December 12, 2019, the Company signed financial closing agreements to finance the project with Hamburg Commercial Bank, a German bank specializing in renewable energy projects in Northern Europe. For additional details, see Note 12(2). Power purchase agreement (PPA) The Company engaged with a large European energy infrastructure company in a PPA under which the Company will sell half of the electricity that is produced in the project, for a period of 12 years, at a fixed tariff. The remaining produced electricity will be sold at market conditions on the Nord Pool. Agreement regarding joint investment in the project with Menorah Group The project company is held, through concatenation, by a partnership which was established (hereinafter: the “The Nordic Wind”) with Menorah Group, for investment in the project. The limited partners in the partnership are the Company, which holds 69% of the partnership’s capital, and institutional entities, which hold 31% of the partnership’s capital. The Company also holds 100% of the interests in the general partner which manages the partnership. In June 2021 the Company completed the connection of all of the turbines to the power grid, and the farm has been producing electricity which is being fed into the grid, in full commercial operation. Signing of transaction to hedge the price of electricity On September 19, 2021, the project company completed the signing of a transaction to hedge the electricity prices in the project vis-à-vis a leading European energy infrastructure company with a credit rating of BAA1 (hereinafter: the “Hedge Provider”). The hedge transaction is implemented in a contract for difference (CFD) format, in respect of the quantity of electricity which, according to estimates, will constitute another approximately 31% of its total electricity production, in a manner which will set the total quantity hedged under contracts in the facility, until the end of 2022, at approximately 81%. As part of the hedge transaction, the Company provided a parent company guarantee to secure payment up to a total of EUR 1 million, out of the project company’s liabilities in the transaction. The hedge transaction was executed at a weighted price of EUR 63 per megawatt hour, throughout the agreement period. (6) Bjornberget wind energy project in Sweden On October 11, 2020 the Company completed a transaction involving the acquisition of control, and the commencement of construction, of a project for the production of electricity from wind energy in Sweden, with a total capacity of approximately 372 megawatts (hereinafter: the “Transaction” and the “Project”, respectively). The Björnberget (“Bjorn”) project, located in Central Sweden, is one of the largest wind projects in Europe, and includes around 60 wind turbines. The project company engaged with a Tier 1 corporation in a PPA for the sale of 50% of all electricity which will be produced in practice in the project, for a period of 10 years, and for the provision of services associated with the sale of the energy to the grid during the agreement period. The remaining produced electricity will be sold on the Scandinavian power market - the Nord Pool. On June 19, 2022, an update was signed with respect to the terms of the PPA agreement for the project, and which was originally signed in December 2020, vis-à-vis a Tier 1 corporation, to increase the price of the electricity which will be sold under the PPA, and to increase the proportion of sold electricity out of the project’s total production, as specified below: 1. The price of the electricity which will be sold under the agreement was increased by 22% throughout the entire period of the agreement (10 years). 2. The amount of electricity sold under the PPA during years 1-5 was increased to a rate of 70% of the total electricity which will be produced in the project, as compared with 50% in the original agreement. 3. During years 6-10 the scope of electricity will be sold 50% of production as initially signed, but the 22% price increase will apply, as stated above, to those years as well. The remaining produced electricity is expected to be sold in the Nordic power market. On October 2, 2022, the project was connected to the local power grid, and commercial operation and sale of electricity in the Nordic power market began gradually. (7) Purchase of solar and wind portfolio in Croatia On July 3, 2022, the Company signed an agreement for the joint purchase and development of a portfolio of projects for the production of electricity from renewable energy sources in Croatia, which are in various stages, with an aggregate capacity of approximately 525 megawatts (hereinafter: the “ Portfolio Projects The portfolio is comprised of five projects in Croatia which are held through dedicated project companies, four of which are solar, in a cumulative scope of 386 megawatts, and a wind project in a cumulative scope of 139 megawatts. On July 10, 2022, the Company closed the transaction for the acquisition of the portfolio, and thereby completed the first milestone in the transaction. The entire stake was transferred to Enlight upon the payment of the first milestone, and against the provision of a company guarantee to secure the following milestones. The amount which was paid on that date for the shares, with respect to the first milestone, constitutes an immaterial part of the total consideration, and is an amount which is immaterial to the Company. Most of the consideration will be paid upon the completion of development, and obtaining all of the permits for RTB, thereby creating limited exposure for the Company in the initial stages. (8) Series of PV projects integrated with storage in Israel and an agreement for acquiring energy storage systems Storage tender 1 On July 14, 2020, as part of the first tender which was published by the Electricity Authority for the construction of facilities for the production of electricity using photovoltaic technology with integrated storage capacity, which will be connected to the distribution grid (high voltage and low voltage) (process number 1) (hereinafter: the “Tender”), the Company won a cumulative capacity of 48 megawatts (in AC terms), which reflects the construction of facilities with an installed capacity, in DC terms, of approximately 130 megawatts. Storage tender 2 On December 29, 2020, as part of a tender which was published by the Electricity Authority for the construction of facilities for the production of electricity using photovoltaic technology with integrated storage capacity, which will be connected to the distribution grid (process number 2) (hereinafter: the “Tender”), the Company won a cumulative capacity of 82 megawatts (in AC terms), at the point of connection to the national power grid (hereinafter: the “Connection Size”). This capacity, combined with the energy storage technology, will allow the Company to build a series of solar energy facilities with an estimated capacity of approximately 200 megawatts (in DC terms). Energy storage acquisition agreement The agreement was signed with Sungrow Power Supply Ltd (hereinafter: “Sungrow”). The acquired systems include Sungrow’s integrated storage solution, which is based on lithium-ion batteries that are produced by CATL (see details below) for Sungrow. The total consideration in respect of the purchase will be in the range of approximately USD 75-80 million, and will be paid upon the fulfillment of certain milestones, against the provision of guarantees by Sungrow. (9) Dual use PV projects On November 11, 2021, the Company won a cumulative capacity of 30.3 megawatts (in terms of AC capacity) as part of “competitive process number 1 for the determination of a tariff for the construction of dual use electricity production facilities using photovoltaic technology for connection to high voltage and low voltage (hereinafter: the “Tender”). This capacity will allow the Company to build a series of facilities with an estimated capacity of approximately 40 megawatts (in DC terms). (10) Change of estimate in the accounting treatment of the Halutziot project During the second quarter of 2022, in light of the significant change to the terms of the concession arrangement vis-à-vis the state, which included the execution of significant technological changes to the Halutziot facility, and the expansion thereof in a manner which will increase the capacity and effectiveness of production, the Company re-evaluated the application of IFRIC 12 (hereinafter: the “Interpretation”), and concluded that the facility is no longer under the scope of that interpretation. As a result, the balance of the contract asset in the amount approximately USD 161 million was reclassified into a fixed asset and starting from the second quarter of 2022, the Halutziot facility is treated as a fixed asset measured by cost model. (11) Decision of the Electricity Authority in Israel regarding the regulation of the market model for production and storage facilities connected to the distribution grid On September 7, 2022, the Electricity Authority published decision no. 63704 - “market model for production and storage facilities which are connected to or integrated into the distribution grid” (hereinafter: the “Decision”). This decision regulates the activity of production and storage facilities which are connected to or integrated into the distribution grid, and particularly the possibility for those facilities to sell electricity directly to holders of supply licenses (hereinafter: “Private Suppliers”). The decision also updates the regulation of the activity involving the sale of electricity to consumers through private suppliers (hereinafter: the “Arrangement”). The arrangement will enter into effect on January 1, 2023, except for the possibility to attribute production facilities to private suppliers, which will enter into effect on January 1, 2024. Until the date when this possibility enters into effect, facilities which operate under the arrangement will be associated to a default supplier (the regional electricity distributor). The Company is evaluating the consequences of the new arrangement on its activity. (12) Power purchase agreements in the United States A. Solar Rustic Hills On September 9, 2021, the Company through a dedicated project company held by Clēnera, the signing of a power purchase agreement (“PPA”) with a fix price for a period of 20 years in respect of the electricity which will be produced in Rustic Hills Solar Project, which is currently in the development process, and has completed several milestones, including securing the main land rights, and has initiated the process of securing the building permits and approvals for connection to the power grid. B. Co Bar Solar SRP On September 22, 2021, the company through a dedicated project company held by Clēnera, the signing of a power purchase agreement (“PPA”) with a fix price for a period of 20 years in respect of the electricity which will be produced in the solar project Co Bar Solar SRP which is currently in the development process, and has completed several milestones, including securing the main land rights, and has initiated the process of securing the building permits and approvals for connection to the power grid. C. Solar Gemstone On October 10, 2021, the company through a dedicated project company held by Clēnera, the signing of a power purchase agreement (“PPA”) with a fix price for a period of 20 years D. Atrisco Solar On July 7, 2022, the company through the American subsidiary Clēnera Holdings LLC, reached an agreement with the acquiring utility to increase the price of purchased electricity and energy storage which will be produced in Atrisco solar project (the “Project”). Regulatory approval was also given for the amendment, and it thereby entered into effect. The foregoing update regulates an increase of approximately 24% in the price which will be paid with respect to the sale of the electricity which will be produced from solar energy, and an increase of approximately 26% with respect to energy storage availability payments. The update also includes an increase of the guarantees which were provided in favor of the New Mexico Public Regulation Commission (NMPRC), as a result of the increase in expected revenue. During the first 20 years On September 18 2022, an agreement was signed in respect of doubling the project’s storage component, from a capacity of 600 megawatt hours to a capacity of 1,200 megawatt hours. The agreement has received the required regulatory approvals and includes an increase of the guarantees which were provided to the NMPRC, as a result of the increase in the expected revenue. E. Entering into a conditional agreement for sale of a solar project in the United States On December 8, 2022, the company through the American subsidiary Clenera Holdings LLC, entered into a conditional agreement with an American investment fund for the sale of a solar project with a capacity of approximately 60MW, out of its portfolio of projects in pre-construction in the United States. The sale will be executed by way of joining the sale of an adjacent project with greater capacity, which shares the same electrical infrastructure and PPA. The execution of the sale is conditional on the achievement of milestones, including the signing of a power purchase agreement for the project. (13) Engagement in agreement to acquire energy storage system for Atrisco Solar project On December 4, 2022, the Company signed an agreement to acquire a battery-based electricity storage system with a total capacity of approximately 1,200 MWh for the solar project Atrisco Solar, which will be built in New Mexico, USA (hereinafter, respectively: the “Agreement” and the “Project”). The agreement was signed with an American company which is active in several states in the field of developing and manufacturing lithium ion (“Li-ion”) batteries. The total consideration for the acquisition will amount to approximately USD 330 million, to be paid upon the fulfillment of milestones, against the provision of guarantees by the supplier. The project will include a solar production farm with a capacity of 360 MWdc, integrated with an energy storage system, with a capacity of 1,200 MWh. (14) Obtaining all of the approvals for the construction of the Solar Coggon project On January 26, 2022, the company through a dedicated project company held by Clēnera, all of the approvals for the commencement of construction (“RTB”, Ready to Build) in respect of the Coggon Solar project, including interconnection to the transmission grid, as well as a power purchase agreement in respect of all of the electricity which will be produced in the project, over a period of 20 years, at a fixed price. The project, which is held 100% by Clēnera, is located in Iowa, USA, and is expected to produce electricity using photovoltaic technology with a capacity of approximately 120 megawatts. The Company is promoting an arrangement for the receipt of project finance in respect of the project, at a scope of approximately 75%-80% of the total investment cost, including the potential use of a tax partner (tax equity), and is currently conducting negotiations with several creditors for this purpose. (15) Financial closing for Apex project On November 30, 2021, the company through a dedicated project company held by Further to the above, the subsidiary Clēnera engaged in agreements to purchase main equipment at a scope of approximately USD 50 million for the project, and completed the development process, including securing inclusive, a grid connection agreement, and a power purchase agreement (PPA) in respect of the electricity which will be produced in the project, over a period of 20 years and in the following years the electricity will be sold on the wholesale merchant market. On September 11, 2022, the Company reached financial closing to finance the project. The financing will be implemented in two stages: financing for the construction period, and financing for the operating period. Presented below is a summary of the funding conditions in each of the stages: Stage A – Financing for the construction period The construction financing will be provided by a consortium of two lenders: Bank of America and Nord LB. The financing will be provided in a limited recourse project financing framework, to the SPV which is held entirely by the subsidiary Clenera Holdings LLC. The loan will be at a rate of approximately 90% of the project’s investment cost, which is estimated at a scope of approximately USD 127 million. Accordingly, the loan facility will amount to approximately USD 116 million, and will be repaid at the end of the construction period, through long term funding (see Stage B - long term financing), while the remaining required capital will be provided by the Company. Presented below are the main financing terms: Loan period Interest Main events signifying a demand for immediate repayment Main collateral Stage B – Long term financing The funding for the operating period will be provided for a period of 25 years, in a sale-lease back framework, which also include the assignment of the tax benefits in the project. The outline includes the sale of the project equipment to the bank at market conditions, and the releasing thereof in consideration of fixed payments during the project’s operating period. The financing will be provided by the bank Huntington Bancshares. The net financing facility will amount to approximately USD 127 million, over a term of 25 years commencing project’s commercial operation date, in a sale-lease back framework, which also include the assignment of the tax benefits in the project. The outline includes the sale of the project equipment to the bank at market conditions, and the releasing thereof in consideration of fixed payments during the project’s operating period. The facility will be paid off by predetermined lease installments. The balance of equity required for the construction of the project was invested by the Company, and upon the conclusion of construction it will amount to a total of approximately USD 28 million. The Company has an early buy out option according to the fixed price which was determined in the lease agreement. Presented below are the main terms of the agreement: Agreement period early buyout (EBO) option, which is available at a fixed price as determined in the lease agreement. Repayments Main events signifying a demand for immediate repayment Main collateral A limited company guarantee will also be provided to cover the project’s routine operating expenses and to secure the amount of the tax credit. (16) Purchase of an additional solar and energy storage portfolio in the United States On December 30, 2022, the American subsidiary Clenera Holdings LLC 2 signed a binding agreement for the purchase of the entire stake in a portfolio of projects for the production and storage of electricity from renewable energy sources in the United States, in various stages of development, with an estimated aggregate capacity of approximately 1.3GW, and approximately 4.1GWh of storage (hereinafter: the “Portfolio” or the “Projects”). The portfolio is comprised of three large projects which are located in two states, and some nearby existing projects of the Company which are under development. The transaction outline is comprised of an initial payment in the amount of approximately USD 51 million and a success-based payment in a cumulative scope of up to USD 52 million, depending on the completion of the development of the projects and, on all matters related to the project Co Bar, on the receipt of “Community Energy” status. The initial payment also includes reimbursement of the development costs which have been invested in the portfolio to date and will be financed out of the Company’s own sources. The projects are held through dedicated project companies, and the entire stake therein will be transferred to the Company upon the signing of the transaction. The proceeds in the transaction were updated after the signing of the memorandum of understanding between the parties in order to reflect the increase in the project’s value due to the enactment of the Inflation Reduction Act (IRA). B. Bank guarantees which were issued by the Company: (1) As part of the acquisition of Clēnera in the United States, according to the end of 2022, the Company provided performance guarantees for the projects in the United States in the total amount of USD 105.3 million, and a financial guarantee for payment security in the amount of 12.9 USD millions. (2) As part of the agreement to lease the Company’s offices, a CPI-linked bank guarantee was provided to the Company in the amount of approximately NIS 0.23 million, on March 2022, an additional guarantee was issued for a new floor rental, the addition of the second floor, in the amount of 0.2 NIS millions. (3) As part of the lease agreements in respect of the projects Halutziot, Kramim-Enlight, and Kidmat Zvi, bank guarantees were provided in the amount of approximately NIS 2 million. (4) As part of the receipt of the permanent production license for the Halutziot, Kramim, Idan, and rooftops projects, bank guarantees in the amount of approximately NIS 1.22 million were provided to the Electricity Authority. (5) Towards the Israel Land Authority, the Company provided guarantees in the amount of NIS 0.8 million for the projects Beit HaShita and Beit HaShikma. (6) In 2020, the company won in the tender for electricity production with a total power of 48MW. As part of the tender, the company provided a performance guarantee in the amount of NIS 28.8 million, which its expiration date has been extended during 2022, and should be expired during 2024. (7) In 2020, the company won in the second tender for electricity production with a total power of 82MW. As part of the tender, the company provided a performance guarantee in the amount of NIS 49.2 million, which expires in 2024. (8) As part of the electricity sector reform, the provision segment was opened to competition - and the Authority published regulations allowing electricity producers to buy and sell electricity directly to consumers. In order to engage with electricity consumers, the Company is required to receive a provider license from the Electricity Authority. In order to fulfill the license conditions, the Company provided a guarantee in the amount of NIS 2 million. (9) During 2021, and in accordance with covenant 220D, which was determined by the Electricity Authority, and further to the Company’s winning of a competitive process for dual-use facilities, the Company provided a guarantee in the amount of NIS 4.5 million. (10) The company provided in 2020, a bank guarantee in the amount of approximately EUR 1.6 million, (11) During the second quarter of 2022, for the grid connection of the project Haro Solar 3 S.L., the Company provided guarantees in the total amount of EUR 7.9 million. C. Bank guarantees which were issued by consolidated entities: (1) As part of the receipt of a conditional license for Emek HaBacha project, in 2018, the Company provided a guarantee in the amount of approximately NIS 2 million to the Electricity Authority, which was replaced with a permanent license guarantee in the total amount of 1.7 million during the second quarter of 2022. In 2021, the Company provided a guarantee in the amount of NIS 3.9 million towards the Israel Land Administration, in respect of works at Elrom. (2) Within the framework of the lease agreements for Emek HaBacha project, beginning in 2017, the Company provided bank guarantees for leases from the townships in the project in the amount of approximate |
Events After the End of the Rep
Events After the End of the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the end of the reporting period | Note 29 - Events After the End of the Reporting Period Nasdaq IPO During February 2023, the Company completed an Initial Public Offering of 14,000,000 ordinary shares at $18 per share, on the Nasdaq Global Select Market (the: “Nasdaq IPO”). Shortly after the Nasdaq IPO, the company completed an additional allocation of 2,042,935 ordinary shares at a price of $18 per share, in accordance with an option granted to the Nasdaq IPO’s underwriters. Accordingly, the total amount raised on the Nasdaq IPO amounts to approximately $290 million dollars in total. Starting from the completion of the Nasdaq IPO as mentioned the Company is Dual Listed on the Tel Aviv Stock Exchange (“TASE”) and the Nasdaq Global Select Market. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Statement of Compliance with International Financial Reporting Standards (IFRS) | A. Statement of Compliance with International Financial Reporting Standards (IFRS) The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (hereinafter: “IFRS”) as issued by the International Accounting Standards Board (IASB). |
Classifications | B. Classifications The Company made a number of insignificant adjustments to the classification of comparative figures in order to adjust them to the manner of classification in the current financial statements. The said classifications have no effect on the total profit (loss). |
Operating cycle period | C. Operating cycle period The Group’s operating cycle period is 12 months. |
Foreign currency | D. Foreign currency (1) Functional currency and presentation currency The financial statements of each of the Group’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the NIS, which is the Company’s functional currency. The Group’s consolidated financial statements are presented in USD. For details regarding the exchange rates, and changes thereto, during the presented periods, see Note 2, section X. (2) Translation of transactions in currencies other than the functional currency: In preparing the financial statements of each of the Group’s member companies, transactions in foreign currencies are translated to 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 to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. (3) Method for recording exchange differences Exchange differences are recognized under profit or loss during the period in when they arose, except for exchange differences in respect of monetary items receivable or payable from foreign operations, the settlement of which is not planned or expected, and which therefore constitute a part of a net investment in a foreign operation. These exchange differences are recognized under other comprehensive income, under the item for “exchange differences due to translation of foreign operations”, and are carried to the statement of income upon the realization of the net investment in the foreign operation, and upon loss of control, joint control, or significant influence of the foreign operation. Exchange differences are classified under profit and loss in the items for finance income and expenses. When the settlement of loans which were provided to a foreign operation by the Group is not planned or expected in the foreseeable future, profit and loss from exchange differences due to these monetary items are included as part of the investment in foreign operations, net, recognized under other comprehensive income, and presented under equity as part of “exchange differences due to translation of foreign operations”. Exchange differences pertaining to properties under construction for the purpose of producing electricity in the future are included under the cost of those assets, in cases where they constitute an adjustment to the interest costs on credit in foreign currency (for details regarding the Group’s accounting policy regarding the capitalization of borrowing costs, see Note 2I(4). (4) Translation of financial statements of investees whose functional currency is different from the Company’s functional currency For the purpose of presenting the consolidated financial statements, the assets and liabilities of foreign operations, including attributable excess costs, are presented are presented according to the exchange rate which was in effect as of the end of the reporting period. Income and expense items are translated according to the average exchange rates during the reporting period, unless there was significant volatility in exchange rates during that period. In that case, these items are translated according to the exchange rates on the dates when the transactions were executed, and the attributable translation differences are recognized under other comprehensive income, in the item for “exchange differences due to translation of foreign operations”. These exchange differences are classified under the statement of income on the date of realization of the foreign operation for which the translation differences arose, and upon loss of control, joint control or significant influence of the foreign operation. In case of partial realization of a subsidiary which includes a foreign operation, which does not involve loss of control, a proportional part of the cumulative total of exchange differences which were recognized under other comprehensive income is re-attributed to non-controlling interests in that foreign operation. The financial statements of a foreign operation which is not directly held are translated to the NIS using the consolidation in stages method, in which the financial statements of the foreign operation are first translated to the functional currency of the direct parent company, and are then translated to the functional currency of the ultimate parent company. Therefore, upon the realization of a foreign operation which is not directly held, the Group re-classifies to the statement of income the cumulative amount in respect of which translation differences arose, according to the amount which would have been created had the foreign operation been translated directly into NIS. (5) Hedge of net investment in foreign operation The Group applies hedge accounting to foreign currency differences arising between the functional currency of the foreign operation and the Company’s functional currency (NIS), regardless of whether the net investment is held directly or through an investee company. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income to the extent that the hedge is effective, and are presented within equity as part of the translation reserve. To the extent that the hedge is ineffective, such differences are recognized in profit or loss. When the hedged part of a net investment is disposed of, the relevant amount in the translation reserve is transferred to profit or loss as part of the profit or loss on disposal. |
Cash and cash equivalents | E. Cash and cash equivalents Cash and cash equivalents comprise cash that is available for immediate use, deposits as well as term deposits that are not restricted in use, for which the original maturity date does not exceed three months. Cash and deposits which are restricted by the Group in respect of credit agreements, or which are restricted to the construction of projects only, are classified by the Group as restricted cash in the statement of financial position. |
Basis of consolidation | F. Basis of consolidation (1) Business combinations The Group implements the acquisition method to all business combinations. The acquisition date is the date when the acquirer obtains control of the acquired entity. Control exists when the Group is exposed, or holds rights, to variable returns from its involvement in the acquired entity, and when it is able to affect those returns through its power over the acquired. Substantive rights held by the Group and others are taken into account when assessing control. The Group recognizes, on the acquisition date, the contingent liability which was accepted in a business combination, if there is a commitment in the present which is due to past events, and whose fair value is reliably measurable. The consideration transferred includes the fair value of the assets which were transferred to the previous owner of the acquired entity, liabilities which materialized for the acquiree towards the previous owner of the acquired entity, and equity interests which were issued by the Group. Additionally, goodwill is not updated due to the use of carryforward tax losses which existed on the date of the business combination. The consideration transferred also includes the fair value of contingent consideration. After the acquisition date, the Group recognizes changes in the fair value of the contingent consideration which is financial liability a financial liability in the statement of income. Acquisition-related costs which materialized for the buyer in respect of a business combination, such as agency fees, consulting fees, legal fees, valuations and other fees in respect of professional services or consulting services, except for those which are associated with the issuance of debt or equity instruments in connection with the business combination, are recognized as an expense in the period when the services are received. (2) Goodwill The Group recognizes goodwill as of the acquisition date according to the fair value of the consideration which was transferred, after deducting the net amount which was attributed in the acquisition to the identifiable assets which were acquired, and to the liabilities which were accepted. Goodwill is initially recognized as an asset at cost, and is measured in subsequent periods at cost after deducting accumulated impairment losses. For the purpose of testing for impairment, goodwill is allocated to each of the Group’s cash generating units which are expected to benefit from the business combination’s synergy. Cash-generating units to which goodwill was allocated are tested for impairment each year, or more frequently when indicators exist of possible impairment of that unit. When the recoverable amount of a cash-generating unit is lower than that unit’s carrying value, the impairment loss is first allocated to the amortization of the carrying value of any goodwill which is attributed to the cash generating unit. Subsequently, the balance of impairment loss, if any, is allocated to other assets of the cash generating unit, in proportion to their carrying value. Impairment loss of goodwill is not reversed in subsequent periods. (3) Subsidiaries entities Subsidiary entities are entities which are controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. (4) Non-controlling interests The share in net non-controlling interests of consolidated subsidiaries is presented separately under the Group’s equity. Non-controlling interests include the amount of those interests on the acquisition date, and the share of non-controlling interests in changes which occurred in the consolidated company’s equity after the acquisition date. Non-controlling interests have protective rights only. The results of transactions with non-controlling interests, which involve the realization of part of the Group’s investment in the consolidated company, when control thereof is retained, are carried to the shareholders’ equity of the parent company. Profit or loss and any component of other comprehensive income are attributed to the owners of the Company and to non-controlling interests. Total profit or loss and the other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even when the result is a negative balance of the non-controlling interests. Transactions with non-controlling interests while retaining control are treated as capital transactions. Any difference between the consideration which was paid or received, and the change in non-controlling interests, is carried to the share of the Company’s owners directly in equity. Additionally, in case of changes to the holding rate of the subsidiary, while retaining control, the Company re-attributes the cumulative amounts which were recognized under other comprehensive income between the Company’s owners and non-controlling interests. Issuance of put option to non-controlling interests Put options issued by the Group to non-controlling interests, which are settled in cash, is recognized as a liability at the present value of the exercise addition, against carrying to the goodwill which was created on the date of the business combination. Changes in the liability in respect of the put option to non-controlling interests are recognized in the statements of income according to the effective interest method; however, for changes in the subsequent measurement of the put option, the possibility is evaluated of capitalizing them as non-specific credit to balances of qualifying assets, in accordance with the International Accounting Standard (IAS) 23, “Borrowing Costs”. The profit attributable to the Company’s owners in the statements of income include the share of non-controlling interests to whom the Company has issued a put option, in the results of the investee company, including in cases where the non-controlling interests have access to the returns arising from the interests in the investee company. Dividends which are distributed to non-controlling interests in a subsidiary, hold a put option, is recorded as an expense in the statements of income, while investments made by non-controlling interests are recorded as income. (5) Transactions eliminated in the consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains from transactions with associates are eliminated against the investment according to the Group’s interests in those investments. Unrealized losses were canceled in the same manner which was used to cancel unrealized profits, so long as there was no evidence of impairment. (6) Acquisition of property company Upon the acquisition of a property company, the Group exercises judgment in its evaluation of whether it constitutes the acquisition of a business or a property, for the purpose of determining the accounting treatment for the transaction. In its evaluation of whether a property company constitutes a business, the Group evaluates, inter alia, whether the existing process or processes in the property company, including the scope and nature of the management, security, cleaning and maintenance services. Transactions in which the acquired company is a business are treated as a business combination, as specified above. However, transactions in which the acquired company is not a business are treated as an treated as a group of assets and liabilities. In transactions of this kind, the acquisition cost, including transaction costs, is proportionately allocated to the identifiable assets and liabilities which were acquired, based on their proportional fair value as of the acquisition date. In the latter case, goodwill is not recognized, and deferred taxes are not recognized, in respect of temporary differences which exist as of the acquisition date. When the Company engages in a transaction to purchase an asset (a transaction which does not constitute a business combination), and the purchase consideration includes contingent consideration which depends on the occurrence of future events which are not under the Company’s control, a contingent consideration liability is initially recognized on the date when the asset is recognized. |
Investments in associates | G. Investments in associates An associate is an entity over which the Group has significant influence, which is not a subsidiary or a joint arrangement. Significant influence is the power to participate in decisions pertaining to the investee’s financial and operational policy, but does not constitute control, or joint control, of said policy. When evaluating the existence of significant influence, potential voting rights are taken into account which are exercisable or convertible immediately into the shares of the investee entity. The results, assets and liabilities of associate companies and joint ventures are included in these financial statements according to the equity method. According to the equity method, investments in associates and joint ventures are included in the consolidated statement of financial position according to cost adjusted for changes which occurred after the acquisition in the Group’s share in net assets, including capital reserves, after deducting impairment, if any, in the associate’s value. |
Classification of interest paid, dividends paid and interest and dividends received in the statement of cash flows | H. Classification of interest paid, dividends paid and interest and dividends received in the statement of cash flows The Group classifies cash flows in respect of interest and dividends which it received, and cash flows in respect of interest paid, as cash flows which arose from, or were used in, operating activities. Cash flows in respect of income taxes are generally classified as cash flows used in operating activities, unless these are readily identifiable as cash flows used in investing or financing activities. Dividends that are paid by the Group are classified as cash flows from financing activities. |
Fixed assets | I. Fixed assets (1) General Fixed assets are tangible items which are held for the purpose of use in the production or provision of goods or services, which are expected to be used in more than one period. Fixed asset items are presented in the statement of financial position at cost less accumulated depreciation, and less accumulated impairment loss. The cost include the asset’s purchase cost, and costs which are directly attributable to bringing the asset to the location and condition which are required for its operation in the manner intended by management. The cost of qualifying assets also includes borrowing costs to be capitalized, as stated in Note 2I(4). For details regarding the impairment testing of fixed assets, see Note 2M. Fixed asset items include farms for the production of electricity from wind energy and photovoltaic systems, when those systems are not covered under IFRIC 12 and others. (2) Subsequent costs The cost of replacing part of a fixed asset item and other subsequent costs are capitalized if it is probable that the future economic benefits associated with them will flow to the Group and their cost can be measured reliably. The carrying value of a replaced part of the fixed asset item is derecognized. Current maintenance costs are carried to profit or loss as incurred. (3) Depreciation of fixed assets Components of a depreciable fixed asset item with a significant cost compared to the total cost of the item are depreciated separately. Depreciation is performed systematically, on a straight-line basis, over the expected useful lifetime of the item’s components, from the date when the asset was ready for its intended use, while taking into account its expected residual value at the end of its useful lifetime. The useful lifetimes, depreciation rates and depreciation methods used in calculating depreciation are as follows: Useful lifetime Depreciation rates Depreciation method Wind farms 25-30 years 4%-3.3% Straight line Photovoltaic systems 30 years 3.33% Straight line Automatic cleaning systems 20 years 5% Straight line Others 3-14 years 33%-7% Straight line The asset’s depreciation method, useful lifetime and residual value are reviewed by Company management at the end of each fiscal year. Changes are treated as prospective changes in estimate. Profit or loss which has arisen due to the sale or expense from the use of a fixed asset item is determined according to the difference between the proceeds from its sale and its carrying value on the date of sale or removal from use, and carried to the statement of income. (4) Borrowing costs A qualifying asset is an asset regarding which a significant period of time is necessary in order to prepare it for its intended use, or for its sale. (A) Borrowing costs which are directly attributable to the purchase or construction of facilities for the production of electricity, where preparing them for their intended use requires a significant period of time, are capitalized to the cost of those assets until the date when those assets are ready for their intended use. (B) The Company determines the amount of borrowing costs which are not directly attributable, and which are capitalizable, by attributing a capitalization rate for expenses in respect of qualifying assets. This capitalization rate is the weighted average of borrowing costs which are appropriate for the Company’s credit during that period, which is not directly attributable to the project. The Company capitalizes borrowing costs which are not directly attributable, in an amount which does not exceed the total sum of borrowing costs which arose for it during that period. Exchange differences in respect of loans denominated in a currency other than the functional currency are capitalized to the cost of those assets, to the extent where they are considered an adjustment of interest costs. All other borrowing costs are recognized in the statement of income on the date of their creation. (5) Liability in respect of the costs of dismantling and removal the facility and restoring the site where the facility is located The cost of a fixed asset item includes, inter alia, the costs of dismantling and removal of the item and the restoration of the site on which it is located, which give rise to a liability for the entity upon acquisition of the item or as a result of the use of the item over a specific duration, other than for the creation of inventory in such period. After the initial recognition date: Changes in the foregoing liability until the end of the item’s depreciation period are added to or subtracted from the asset in the current period. Changes in the aforesaid liability due to the passage of time are recognized in profit or loss as finance expenses as incurred. |
Deferred costs in respect of projects | J. Deferred costs in respect of projects Deferred costs in respect of projects are costs which were accrued for the development of projects, and for which it is probable that economic benefits will derive to the Company in the future and the costs can be measured reliably. In assessing whether such expenditures can be capitalized, the Company evaluates, among other factors, the likelihood in succeeding to develop a project (i.e. taking into account both physical and regulatory aspects), the progress phase in the development, the Company's experience in the geographic area and with the related regulator, whether there are other obstacles or competitors that might effect the probability to successfully develop etc. The Company assess such likelihood of success in each individual case, If it is probable that the relevant project will be materialized. these costs are capitalized and presented under the item for “deferred costs in respect of projects” in the statement of financial position. If during the process it is no longer probable that the project can be materialized, any related amounts that were previously capitalized are written off (i.e. expensed). Once all the approvals obtained and the project is ready to be constructed on, the related development costs that have been deferred are classified to Fixed assets. |
Service concession arrangements | K. Service concession arrangements The Company received from the state, through the Public Utilities Authority - Electricity (hereinafter: the “Electricity Authority”), licenses (concessions) for the construction of facilities for the production of electricity using photovoltaic technology, or through wind energy, for the purpose of providing services involving the production of electricity from renewable energy sources, and also engaged in agreements with Israel Electric Corporation (hereinafter: the “IEC”) to purchase the electricity which is produced in those facilities (hereinafter: the “Purchase Agreement”), in BOO (Build, Operate, Own) agreements. Service concession arrangements are arrangements in which the state (the “Concession Granter” / “Granting Entity”) engaged in a contract with an entity from the private sector (the operator) in which that entity undertakes to plan, build and finance assets which constitute public service infrastructure, and in exchange for the construction of the properties, the operator receives from the state a concession to operate the assets for a certain period, and to provide related services which are associated with the assets. Regarding photovoltaic technology systems in Israel (except for small systems), the state controls and regulates the licensing arrangements in the manner specified below: • The granting entity controls the services which the operator is required to provide to it through the infrastructure - the Electricity Authority controls and regulates the services which the operator is required to provide, and has the general, and broadest authority, to regulate the operator’s activity. The operator is entitled to receive a license only after it has fulfilled detailed regulatory and statutory preconditions, and when the operator has a license, it has the contractual obligation to produce and sell electricity through the PV facilities, and to operate and maintain their proper operation and connection to the national power grid throughout the entire license period. The operator is required to operate exclusively in accordance with the license terms, and is not entitled to withdraw from the power purchase agreement, or to cancel the license, without the Electricity Authority’s approval. Additionally, any change in license terms requires approval from the Minister of National Infrastructures, Energy and Water (hereinafter: the “Minister”) and/or the Electricity Authority, and in case of a breach, the operator could be exposed to various sanctions prescribed in law and in the license (including revocation or suspension of the license, and including forfeiture of the guarantee by virtue of the license). • The granting entity determines the entity to whom the operator is required to provide the electricity production services - in principle, the license holder will be entitled to sell electricity to consumers according to a price between a willing seller and a willing buyer, subject to the provisions of the law and the provision license. However, essentially, in accordance with the factual situation as of the publication date of the report, and as of the date of evaluation of the application of IFRIC 12 to the facilities, the sale of electricity to entities other than the electric corporation in Israel is not yet possible. The regulatory arrangement applies to the sale of electricity to private consumers, according to which, in medium and large facilities, insofar as the producer wishes to sell electricity to third parties, in any framework other than the purchase agreement, but rather to third parties, a specific provision license from the Electricity Authority is required; however, the wording of licenses of this kind has not yet been published by the Electricity Authority for photovoltaic facilities, and essentially, there are no rules regulating how sale to third parties should take place. • The granting entity dictates the price at which the services will be purchased - the Electricity Authority determines the tariff that will be paid for the electricity produced in the photovoltaic facilities on the date of tariff approval, and thereby controls it, and requires the operator to sign the purchase agreement as a condition for the receipt of the permanent production license. Additionally, in respect of solar facilities for the production of electricity using photovoltaic technology which commenced operation until December 31, 2016, the Company made specific economic calculations for each of the facilities which it owns, and reached the conclusion that the residual value from additional continued operation, beyond 20 years, is negligible relative to the facility’s total value. In accordance with the above, the appropriate treatment of photovoltaic facilities for the production of electricity in Israel (except for small systems) which commenced operation until December 31, 2016 is in accordance with IFRIC 12, and the Company is adopting the financial asset model, as defined in that interpretation (See also Note 8 regarding the change in the Halutziot facility). The treatment in the Company’s books in respect of the foregoing facilities is as follows - The total consideration which is expected to be received throughout the license period is allocated to the construction services and to the operating services based on the proportional fair value figures of those services. • The value of the construction services is determined according to the construction costs, plus the standard construction margin, according to the Company’s estimate. • The value of the operating services is determined according to the operating costs, plus the standard margin, according to the Company’s estimate. Interest income is recognized throughout the license period according to the effective interest method, based on the rate of return which reflects the relevant risks during the construction and operation period of the project. This income is recognized in the statement of cash flows under operating activities, as activities not associated with cash flows. Proceeds attributable to the repayment of the asset are classified in the statement of cash flows Activity under operating activities, as activity in respect of concession arrangements - repayment of contract asset. The consideration in respect of the construction services, which is initially measured at fair value by determining the rate of return, as stated above, is recognized throughout the construction period according to the completion rate. For details regarding the timing of recognition of revenue from the provision of services, see section Q(2) below. The consideration which is recognized on the date of revenue recognition, as stated above, is treated as a contract asset covered under IFRS 15 (see section Q(2) below) throughout the entire period of the concession arrangement, and is not reclassified in the commercial operation stage to a financial asset (receivables) covered under IFRS 9, since the contractual right to receive payment for the services in accordance with the arrangement arises as the facilities commence operation and producing electricity in practice, and does not only depend on the passage of time. For details regarding estimates and approximations in the application of the accounting policy, see Note 4 below. For details regarding the impairment of financial assets, see section N(5) below. |
Intangible assets | L. Intangible assets Intangible assets are identifiable non-monetary assets which have no physical substance. Intangible assets with an indefinite useful lifetime are not amortized, and are tested for impairment once per year, or whenever there are possible indicators of impairment, in accordance with the provisions of IAS 36. The estimated useful lifetime of intangible assets with an indefinite useful lifetime is evaluated at the end of each reporting year. Changes in the estimated useful lifetime of an intangible asset, from indefinite to definite, are treated prospectively. Intangible assets with definite useful lifetimes are amortized in a straight line throughout their estimated useful lifetime, subject to an impairment test. Changes in the estimated useful lifetime of an intangible asset with a definite lifetime are treated prospectively. The Company has agreements for the provision of electricity and concession agreements which are presented at cost, after deducting amortization (except as stated in section K), and are amortized according to the useful lifetime which was determined for the facility to which they are attributed. Goodwill Goodwill which was created due to the acquisition of subsidiaries is presented under intangible assets. For details regarding the measurement of goodwill upon initial recognition, see section E(2) above. In subsequent periods, goodwill is measured at cost after deducting accumulated impairment losses. Amortization Amortization is the systematic allocation of an intangible asset’s amortizable amount over its useful lifetime. The amortizable amount is the cost of the asset. Amortization is carried to the statement of income using the straight line method, over the estimated useful lifetime of the intangible assets, beginning from the date when the assets are available for use, since that method best reflects the forecasted consumption pattern of the future economic benefits inherent in each asset. Goodwill and intangible asset with an indefinite useful lifetime is not systematically amortized, but rather is tested for impairment at least once per year. Estimates in respect of the amortization method and useful lifetime are re-evaluated at least at the end of each year, and are adjusted when required. The Group evaluates the useful lifetime of intangible assets which are not amortized at least once per year, in order to determine whether the events and circumstances continue to support the determination that the intangible asset has an indefinite lifetime. The Company amortizes intangible assets according to the useful lifetime which was determined for the facility to which they are attributed. |
Impairment of tangible and intangible assets | M. Impairment of tangible and intangible assets At the end of each reporting period, the Group evaluates the carrying value of its tangible and intangible assets, in order to determine whether any indicators of impairment exist in respect of those assets. In case indicators of this kind exist, the recoverable amount of the asset is estimated in order to determine the amount of impairment loss which was created, if any. When it is not possible to measure the recoverable amount of an individual asset, the Group estimates the recoverable amount of the revenue-generating unit to which the asset belongs. Intangible assets with indefinite useful lifetimes, and intangible assets which are not yet available for use, are tested for impairment once per year, or more frequently, in case of indicators of the asset’s impairment. The recoverable amount is the higher of either the asset’s fair value after deducting costs of disposal, or its value in use. When estimating value in use, the future estimated cash flows are discounted to their present values using the pre-tax discount rate which reflects current market estimates regarding the time value of money, and the asset’s specific risks, for which the estimated future cash flows were not adjusted. When the recoverable amount of an asset (or of a cash-generating unit) is estimated as less than its carrying value, the carrying value of the asset (or of the cash-generating unit) is amortized to its recoverable amount. Impairment loss is immediately recognized as an expense in the statement of income. |
Financial assets | N. Financial assets (1) General Financial assets are recognized in the statement of financial position when the Group becomes a party to the instrument’s contractual terms. Investments in financial assets are initially recognized at fair value plus transaction costs, except for financial assets which are classified at fair value through profit and loss, which are initially recognized at fair value. Transaction costs in respect of financial assets at fair value through profit or loss are charged immediately as an expense to profit or loss. After initial recognition, financial assets are measured at amortized cost or at fair value, depending on their classification. (2) Derecognition of financial assets Financial assets are derecognized when the Group’s contractual rights to the cash flows which are due to the financial asset expire, or when the Group transfers the rights to receive the cash flows which are due to the financial asset in a transaction wherein all risks and benefits from the ownership of the financial asset have been effectively transferred. If the Group essentially remains with all of the risks and benefits due to the ownership of the financial asset, the Group continues recognizing the financial asset. (3) Classification of financial assets Debt instruments are measured at amortized cost upon the fulfillment of the following two conditions: • The Group’s business model is to hold the assets with the aim of collecting contractual cash flows, and • The contractual terms of the asset establish precise dates when the contractual cash flows will be received which constitute principal and interest payments only. All other financial assets are measured at fair value through profit and loss. (4) Financial assets measured at amortized cost and the effective interest method The amortized cost of a financial asset is the amount at which the financial asset is measured upon initial recognition, after deducting principal payments, plus or less accumulated amortization, using the effective interest method, of any difference between the initial amount and the repayment amount, adjusted for any provision for credit loss. Trade receivables, restricted cash, contract assets in respect of concession arrangements and other receivables with fixed payments, are measured at amortized cost using the effective interest method, after deducting impairment, if any. Interest income is recognized using the effective interest method, except in respect of short term receivables, when the interest amounts to be recognized are immaterial. (5) Impairment of financial assets In respect of trade receivables, the Group adopts the lenient approach to the measurement of a provision for impairment, according to the probability of insolvency throughout the instrument’s entire lifetime. The expected credit loss in respect of these financial assets is estimated using a matrix of provisions which is based on the Company’s past experience regarding credit losses, and adjusted for factors which are specific to the borrower, general economic conditions, and an assessment both of the current trend of conditions, and of the projected trend of conditions, as of the reporting date, including the time value of money, as required. For contract assets in respect of concession arrangements, the Group recognizes a provision for impairment according to the expected credit losses throughout the instrument’s entire lifetime, when there has been a significant increase in the credit risk since their date of initial recognition. If, however, the asset’s credit risk has not significantly increased since the date of its initial recognition, the Group measures the provision for impairment according to the probability of insolvency in the coming 12 months. The evaluation regarding whether to recognize a provision for impairment according to the expected credit losses throughout the instrument’s entire lifetime is based on the risk of default after the initial recognition date, and not only when objective evidence of impairment exists on the Reporting Date, or when a default has actually occurred. The expected credit losses throughout the instrument’s entire lifetime are the projected credit losses due to all possible default events during the financial instrument’s expected lifetime. However, expected credit losses during the 12 month period are the part of the expected credit losses throughout the instrument’s entire lifetime which represents the expected credit losses due to default events in a financial instrument, which are possible within 12 months after the reporting date. |
Financial liabilities and equity instruments which were issued by the Group | O. Financial liabilities and equity instruments which were issued by the Group (1) Classification as a financial liability or as an equity instrument Liabilities and equity instruments which were issued by the Group are classified as financial liabilities or as equity instruments in accordance with the nature of the contractual arrangements, and the definition of a financial liability and equity instrument. (2) Equity instruments An equity instrument is any contract indicating residual interests in the Group’s assets, following the amortization of all of its liabilities. Equity instruments which were issued by the Group are recorded according to their issuance consideration, after deducting expenses which are directly attributable to the issuance of those instruments. Buybacks of the Group’s equity instruments are recognized and amortized directly in equity. Any profit or loss from the purchase, sale, issuance or cancellation of the Group’s equity instruments is not recognized. (3) Financial liabilities Financial liabilities are presented and measured according to the following classification: • Financial liabilities at fair value through profit or loss (derivatives not designated in hedge accounting relationship). • Financial liabilities at amortized cost. Financial liabilities at amortized cost: The Group has loans from banks and others which were initially recognized at fair value less transaction costs. After the initial recognition date, these loans are measured at amortized cost using the effective interest method. The effective interest method is a method for calculating the amortized cost of a financial liability, and for allocating the interest expenses throughout the relevant credit period. The effective interest rate is the rate which accurately discounts the forecasted future cash flows over the financial liability’s expected lifetime to its carrying value, or, when appropriate, over a shorter period. (4) Derecognition of financial liabilities Financial liabilities are derecognized when the Group’s contractual obligation expires, or when it has been settled or canceled. (5) Substantial modification in terms of debt instruments An exchange of debt instruments having substantially different terms, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Furthermore, a substantial modification of the terms of an existing financial liability, or an exchange of debt instruments having substantially different terms between an existing borrower and lender, are accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. In such cases the entire difference between the amortized cost of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as financing income or expense. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforementioned quantitative test, the Group evaluates, inter alia, whether changes have also occurred in various economic parameters inherent in the exchanged debt instruments. Therefore, in general, an exchange of index-linked debt instruments with non-index-linked debt instruments is considered as an exchange with significantly different terms, even if it does not fulfill the quantitative test which was conducted, as stated above. Upon an exchange of debt instruments with equity instruments, equity instruments which are issued upon the extinguishment and derecognition of the liability, in whole or in part, are considered as part of the “consideration which was paid” for the purpose of calculating the profit or loss from the derecognition of the financial liability. The equity instruments are initially measured at fair value, unless it is not possible to reliably measure their value - in the latter case, the issued instruments are measured according to the fair value of the derecognized liability. Any difference between the amortized cost of the financial liability and the initial measurement of the equity instruments is recognized in the statement of income under the item for finance income or expenses. (6) Non-substantial modification in terms of debt instruments In a non-substantial modification in terms (or exchange) of debt instruments, the new cash flows are discounted using the original effective interest rate, and the difference between the present value of the new financial liability and the present value of the original financial liability is recognized in profit or loss. (7) Debentures convertible into Company shares Debentures which are convertible to a fixed number of Company shares, where the principal and/or interest payments for them are not linked to a currency other than the Company’s functional currency, or to the consumer price index, constitute compound financial instruments. On the issuance date of the debentures, the components of the convertible debentures are separated, whereby the liability component is presented under long term liabilities (after deducting current maturities), and the equity component is presented under equity. The fair value of the liability component is determined according to the standard market interest rate for financial instruments with similar characteristics, which do not include a conversion option. The balance of consideration in respect of the convertible debentures is attributed to the conversion option implicit therein, and is presented in equity, under the item for “proceeds on account of convertible options”. This component is recognized and included under equity after deducting the income tax impact, and is not remeasured in subsequent periods. The issuance costs are allocated on a proportionate basis to the components of the hybrid financial instrument, in accordance with the allocation of the consideration. (8) Options to purchase Company shares Proceeds from the issuance of options to acquire Company shares, which give their holder the right to acquire a fixed number of ordinary shares in consideration for a fixed amount of cash, are presented in equity under the item for “proceeds on account of convertible options”. This component is recognized and included under equity, and is not remeasured in subsequent periods. (9) Capital notes Consolidated companies have interest bearing capital notes which are repayable upon the liquidation of the companies, after the settlement of all of their liabilities. Notwithstanding the foregoing, the companies are entitled, in their exclusive discretion, and subject to the terms of the financing agreements, to perform full or partial repayment of the capital notes and of the interest which has accrued in respect thereof. Due to the fact that, according to the terms of the capital notes, the companies do not have a contractual obligation to deliver cash / other financial assets to the other party, the entire contract does not meet the definition of a financial liability, and is therefore classified as an equity instrument. In light of the foregoing, the Group does not recognize interest expenses in respect of the share of non-controlling interests in the capital notes, in the statement of income. On the date when the consolidated company performs a full or partial repayment of the capital notes, the Group recognizes the payment which is attributed to the interest that has accrued in respect of the capital notes, by amortizing the balance of non-controlling interests. Consolidated companies have interest bearing capital notes which were received from non-controlling interests (hereinafter: the “Lenders”), which are repayable, in full or in part, at any time, subject to the terms of the lenders’ financing agreements. Due to the fact that, according to the terms of the capital notes, the consolidated companies do not have discretion regarding the repayment dates of the capital notes, the contract is defined as a financial liability. (10) Other financial liabilities The Company has debentures and loans from banks which were initially recognized at fair value less transaction costs. Following the date of initial recognition, these financial liabilities are measured at amortized cost using the effective interest method. The effective interest method is a method for calculating the amortized cost of a financial liability, and for allocating the interest expenses throughout the relevant credit period. The effective interest rate is the rate which accurately discounts the forecasted future cash flows over the financial liability’s expected lifetime to its carrying value, or, when appropriate, over a shorter period. (11) Deferred borrowing costs Costs which the Company pays in respect of the receipt of credit from banks and other financial institutions, whereby, as of the balance sheet date, borrowing costs which have not been used in practice (all or part) are carried to the asset “deferred borrowing costs”. Upon the receipt of credit in practice, the proportional part of the costs is carried to the loan, and is taken into account in the effective interest rate. (12) Financial liabilities and contract assets in respect of concession arrangements which are linked to the consumer price index The Group has financial liabilities and contract assets in respect of concession arrangements which are linked to the CPI and measured at amortized cost. For these liabilities, the Group determines the effective interest rate as the real rate plus linkage differentials, according to the actual changes in the CPI until the end of the reporting period. (13) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs which are directly attributable to an issuance of ordinary shares and share options, net of the tax, are recognized as a deduction from equity.Incremental costs which are directly attributed to an expected issuance of an instrument which will be classified as an equity instrument are recognized in deferred expenses in the statement of financial position. The costs are deducted from equity upon the initial recognition of equity instruments, or are amortized as finance expenses in the statement of income when the issuance is no longer expected to take place. |
Issuance of parcel of securities | P. Issuance of parcel of securities The consideration which is received from the issuance of a parcel of securities is attributed to the various components of the parcel. The consideration received from the issuance of a parcel of securities is attributed initially to financial liabilities that are measured each period at fair value through profit or loss, and then to financial liabilities that are measured only upon initial recognition at fair value. The remaining amount is the value of the equity component . Direct issuance costs are attributed to the specific securities in respect of which they were incurred, whereas joint issuance costs are attributed to the securities on a proportionate basis according to the allocation of the consideration from the issuance of the parcel, as described above. |
Derivative financial instruments and hedge accounting | Q. Derivative financial instruments and hedge accounting (1) General The Group holds derivative financial instruments for the purpose of hedging against foreign currency risks, interest rate risks, and electricity price change risk, as well as derivatives which are not used for hedging purposes. For additional details the derivatives which the Group uses, see Note 25. Derivative financial instruments are initially recognized on the date of the engagement and at the end of each subsequent reporting period, according to their fair value. Changes in the fair value of derivative financial instruments are generally carried to the statement of income. The timing of recognition in the statement of income of changes in the fair value of derivative financial instruments, which were designated for hedging purposes, when the hedge is effective, and fulfills all of the conditions for the determination of a hedge relationship, depends on the nature and characteristics of the hedge. The classification of derivative financial instruments which are used for hedging in the statement of financial position is determined according to the contractual time period of the derivative financial instrument. If the derivative’s contractual remaining time period exceeds 12 months, the derivative is presented in the statement of financial position as a non-current item, and if the remaining time period does not exceed 12 months, the derivative is classified as a current item. (2) Hedge accounting The Group designates certain derivatives as hedging instruments, in order to hedge against changes in cash flows which are due to highly probable transactions, and which are due to changes in exchange rates, changes in electricity prices and changes in cash flows and interest in respect of variable interest loans. At the inception of the hedging relationship the Group documents its risk management objective and its hedging strategy. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other. (3) Measurement of derivative financial instruments Derivatives are recognized initially at fair value. Attributable transaction costs are recognized in profit or loss as incurred. After initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below: (A) Cash flow hedge When a derivative instrument is designated as a cash flow hedge, the effective portion of the changes in fair value of the derivative is recognized in other comprehensive income, directly to a hedging reserve. The effective portion of changes in fair value of a derivative, recognized in other comprehensive income, is limited to the cumulative change in the fair value of the hedged item (based on present value), ), from inception of the hedge. The change in fair value in respect of the ineffective portion is recognized immediately in profit or loss. The Group designates only the change in fair value of the spot element of the forward exchange contract (‘spot element’) as the hedging instrument in cash flow hedging relationships. The change in fair value of the future price element of forward exchange contracts (‘forward element’) is not included as part of the hedging relationships and is accounted for as a cost of hedging, with the change being recognized as a cost of hedging reserve. When the result of the expected transaction is the recognition of a non-financial item, the amounts which accrued in the hedging reserve are included in the initial cost of the non-financial item, on the realization date of the hedge transaction. If the hedge no longer qualifies as an accounting hedge, or the hedging instrument is sold, expires, is terminated or exercised, hedge accounting is discontinued on a prospective basis. When hedge accounting is discontinued, the amounts accumulated in the past in the hedging reserve and cost of hedging reserve remain in the reserve, until such time as they are included in the initial cost of the non-financial item (for hedged transactions whose result is a non-financial item), or until such time as they are reclassified to profit or loss in the period, or periods, in which the hedged forecasted future cash flows affect profit or loss (for other cash flows hedges). (B) Economic hedge Hedge accounting is not applied to derivative instruments which are used for economic hedging of financial assets and liabilities denominated in foreign currency. Changes in the fair value of such derivatives are recognized in profit or loss under financing income or expenses. |
Revenue recognition | R. Revenue recognition Revenue from contracts with customers is recognized in the statement of income when (or insofar as) the control of the asset is transferred to the customer. Identifying the contract The Group accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract and they are committed to satisfying the obligations attributable to them; (b) The Group can identify the rights of each party in relation to the goods or services that will be transferred; (c) The Group can identify the payment terms for the goods or services that will be transferred; (d) The contract has a commercial substance (i.e. the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and (e) It is probable that the consideration, to which the Group is entitled to in exchange for the goods or services transferred to the customer, will be collected. Identifying performance obligations On the contract’s inception date the Group assesses the goods or services promised in the contract with the customer and identifies as a performance obligation any promise to transfer to the customer one of the following: (a) Goods or services (or a bundle of goods or services) that are distinct; or (b) A series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. The Group identifies goods or services promised to the customer as being distinct when the customer can benefit from the goods or services on their own or in conjunction with other readily available resources and the Group’s promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract. In order to examine whether a promise to transfer goods or services is separately identifiable, the Group examines whether it is providing a significant service of integrating the goods or services with other goods or services promised in the contract into one integrated outcome that is the purpose of the contract. The Group's revenues from services are recognized over time in the reporting period in which the services are provided, since the customer simultaneously receives and consumes the benefits provided by the Group’s performance when the Group provides such services. Determining the transaction price The transaction price is the amount of the consideration to which the Group expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. The Group takes into account the effects of all the following elements when determining the transaction price: variable consideration, the existence of a significant financing component, non-cash consideration, and consideration payable to the customer. The payments from the customers for all of the Group's revenues are received on a regular basis, concurrently with the provision of the electricity or services, and therefore the contract does not contain a significant financing component. Presented below are the specific criteria regarding revenue recognition, which must be fulfilled in order to recognize revenue: (1) Revenues from the sale of electricity Revenues from the sale of electricity are carried to the income statement when the performance obligation to transfer the electricity is satisfied upon the actual delivery of electricity to the customer. The Group’s revenue from its business activities mostly arise from its Power Purchase Agreements (PPA) to provide electricity to local electricity authorities in its operating countries. The agreements are for a predetermined period and at a fixed tariff. The remaining produced electricity which is sold out of these agreements are sold at market conditions. (2) Revenues from operation of facilities (service concession arrangements) Revenues from operation of facilities in concession arrangements are recognized in the period when the Group provides the services throughout the service period. The agreements are for a predetermined period and at a fixed tariff. When the Group provides more than one type of services as part of a concession arrangement, the received consideration is allocated proportionally, according to the fair value of the provided services, if these amounts can be identified separately. (3) Distinction between “contract assets” and “receivables” When the Group provides construction services to a customer before the date of payment from a customer in accordance with the agreement, the Company presents the receivable consideration as a “contract asset”, except for any amounts which are presented under “receivables”. “Contract assets” represent the Group’s right to consideration in respect of services which it has performed for the customer. “Receivables” represent the Group’s right to non-contingent consideration. The right to consideration is not conditional if only the passage of time is required before the repayment date of that consideration. The Group presents, in the consolidated statement of financial position, “contract assets” in respect of contracts with customers separately from receivables. Contract assets are presented under the item for “contract assets in respect of service concession arrangements” (for additional details, see Note 2K above), while receivables are presented under the item for “trade receivables”. (4) Revenues from construction services In the field of EPC contracting, the Company is engaged in a long-term agreement of providing construction services for a fixed price. Revenues attributed to the construction services are recognized when the performance obligation is satisfied which is based on the completion rate of the work which was performed. The completion rate is determined based on the estimate of total costs required to fulfill the performance obligation. Revenues from the provision of construction services, are recognized in the period when the Group provides the services. The Group recognizes, in the consolidated statement of income, revenues and costs from construction services to an entity held as an associate, and therefore, the total income and costs in these consolidated reports represents the partners’ share in the aforementioned associate entity. (5) Revenues from management or development fees The company, through a subsidiary, is engaged in a long-term agreements of providing development and operational management services to projects under development and operational projects owned by externals for a fixed price. Revenues are recognized on a straight line basis when the performance obligation to provide the service is satisfied throughout the service period. |
Share-based payment transactions | S. Share-based payment transactions Share-based payments to employees and others who provide similar services, settled with the Group’s equity instruments which are measured at fair value on the grant date. The Group measures, on the grant date, the fair value of the granted equity instruments, using the binomial model (for details regarding the method used to measure the fair value of share-based payments, see Note 18). When the granted equity instruments do not vest until those employees complete a defined period of service, fulfill performance conditions, or upon the fulfillment of a certain defined market condition, the Group recognizes the share-based payment arrangements in the financial statements over the vesting period against an increase in capital, under the item for “capital reserve in respect of share-based payment transactions”. At the end of each reporting period, the Group estimates the number of equity instruments which are expected to vest. Changes in estimates relative to previous periods are recognized in profit and loss throughout the remaining vesting period. In transactions when the subsidiary grants to its employees' rights in the parent company’s equity instruments, the Group treats the grant as an equity-settled share‑based payment transaction. |
Income taxes | T. Income taxes (1) General Expenses (income) from income taxes include the total current taxes, prior year taxes, and the total change in deferred tax balances, except for deferred taxes due to transactions carried directly to equity. In the calculation of tax expenses, the Company is required to use discretion when determining the tax liability, and its timing. Differences, if any, between the Company’s estimate regarding the tax provision and the actual tax results are carried as prior year tax expenses (income) in the period when the final tax liability is determined. (2) Current taxes Current tax expenses are calculated based on the taxable income of the Company and of consolidated companies during the reporting period. Taxable income is different from profit before income taxes due to the inclusion or non-inclusion of income and expense items which are taxable or deductible in different reporting periods, or which are non-taxable or non-deductible. Assets and liabilities in respect of current taxes were calculated based on the tax rates and tax laws which were enacted, or substantially enacted, until the date of the statement of financial position. Current tax assets and liabilities are presented after offsetting when the entity has a legally enforceable right to offset the amounts which were recognized, and the intention to settle the asset on a net basis, and to settle the liability simultaneously. (3) Deferred taxes The Group’s consolidated entities create deferred taxes in respect of temporary differences between the values for tax purposes of assets and liabilities, and their values in the financial statements. Deferred tax balances (asset or liability) are calculated according to the tax rates which are expected to apply at the time of their realization, based on the tax rates and tax laws which were enacted, or substantially enacted, until the date of the statement of financial position. Deferred tax liabilities are generally recognized in respect of all of the temporary differences between the values for tax purposes of assets and liabilities, and their values in the financial statements. Deferred tax assets are recognized in respect of all of the deductible temporary differences, up to the amount in which taxable income is expected to arise against which it will be possible to use the deductible temporary difference. The Group does not create deferred taxes in respect of temporary differences due to the initial recognition of an asset or liability in a transaction which is not a business combination, when, on the transaction date, the initial recognition of the asset or liability does not affect the accounting gains or taxable income (loss for tax purposes). The calculation of deferred taxes does not include taking into account the taxes which would have applied in case of the realization of the investments in investee companies, since the Group intends to hold and develop the investments. Additionally, deferred taxes are not taken into account in respect of profit distributions from Israeli companies, due to the fact that dividends from Israeli companies are not taxable, while on the other hand, in respect of profit from foreign companies, the Company created deferred taxes in respect of distributable accumulated profits, if any, in accordance with the Company’s expectation that these profits will be distributed in the foreseeable future. Deferred tax assets and liabilities are presented after offsetting if the entity has a legally enforceable right to offset current tax assets against current tax liabilities, and if they pertain to income taxes which are levied by the same tax authority, and the Group intends to settle the deferred tax assets and liabilities on a net basis. (4) Uncertain tax positions A provision in respect of uncertain tax positions, including additional tax expenses and interest, is recognized when it is more likely than not that the Group will require economic resources to settle the liability. |
Finance income and expenses | U. Finance income and expenses Finance income includes interest income in respect of amounts which were invested, dividend income, profit from fair value changes of financial assets presented at fair value through profit and loss, gain on exchange differences, profit from hedging instruments which are recognized under profit and loss, and reclassification of net profit and loss which was previously recognized under other comprehensive income in respect of cash flow hedges of currency risk and interest rate risk on loans. Dividend income is recognized on the date when the Group obtains the right to receive payment. If the dividend was received in respect of marketable shares, the Group recognizes the dividend income on the ex-date. Changes in the fair value of financial assets measured at fair value through profit or loss also include dividend and interest income. Finance expenses include interest expenses in respect of loans which were received, changes due to the value of time in respect of provisions and in respect of deferred consideration, changes in the fair value of contingent consideration in a business combination, fair value changes of financial assets presented at fair value through profit and loss, impairment losses of financial assets (except for losses due to impairment of trade receivables, receivables and contract assets, which are presented under a separate item), and losses from hedging instruments which are recognized under profit and loss. Borrowing costs which are not capitalized to qualifying assets are carried to the statement of income according to the effective interest method. Profit and loss from exchange differences in respect of financial assets and liabilities are reported net as finance income or finance expenses, depending on the fluctuations in the exchange rate, and depending on their position (profit or loss, net). Interest income and expenses are recognized using the effective interest method. In general, interest income and expenses are calculated by applying the effective interest rate to the gross carrying value of the financial asset, or to the amortized cost of the financial liability, as applicable. |
Employee benefits | V. Employee benefits (1) Post-employment benefits Post-employment benefits include severance pay. The Company’s employees have signed section 14 of the Severance Pay Law, 5723-1963, which prescribes that its routine contributions to pension funds and/or policies in insurance companies release it from any additional liability towards the employees, for which the foregoing amounts have been contributed, and therefore, those benefits classified as a defined contribution plan. Expenses in respect of the Group’s undertaking to contribute funds as part of a defined contribution plan are carried to the statement of income on the date of provision of the work services, for which the Company is obligated to make the contribution. The difference between amount of the payable contribution and the total sum of paid contributions is presented as a liability. (2) Short term employee benefits Short term employee benefits are benefits which are payable during a period no longer than 12 months after the end of the period in which the service signifying eligibility to the benefit was given. Short term employee benefits in the Group include the Group’s liabilities in respect of short term salary, holiday and convalescence pay. These benefits are carried to the statement of income on the date of their materialization. The benefits are measured on a non-discounted basis which the Company is expected to pay. The difference between the amount of short term benefits to which the employee is entitled, and the amount which was paid with respect thereto, is recognized as a liability. (3) Other long term employee benefits The Group’s net liability in respect of long term employee benefits, which are not attributed to post-employment benefit plans, is in the amount of the future benefit owed to the employees in respect of services which were provided in the current period and in previous periods. The Company distributed the total benefits in accordance with the service period to which the employees are committed. |
Earnings per share | W. Earnings per share The Company calculates basic earnings per share in respect of profit or loss attributable to ordinary shareholders of the Company by dividing the profit or loss attributable to ordinary shareholders of the Company, by the weighted average number of ordinary shares which were outstanding during the reporting period. For the purpose of calculating diluted earnings per share, the Company adjusts the profit or loss, attributable to holders of ordinary shares, and the weighted average number of outstanding shares, in respect of the effects of all of the potentially dilutive shares. |
Exchange rates and linkage base | X. Exchange rates and linkage base (1) Balances denominated in or linked to foreign currency are included in the financial statements according to the representative exchange rates which were published by Bank of Israel, and which applied as of the end of the reporting period. (2) Balances linked to the Israeli consumer price index are presented according to the last known index on the balance sheet data (hereinafter: the “Known Index”). (3) Presented below are data regarding the EUR, HRK, HUF and NIS exchange rates, and regarding the CPI: Representative exchange rate CPI(*) EUR NIS HUF HRK Known index (USD to 1) In points Date of the financial statements: As of December 31, 2022 1.066 0.284 0.0027 0.142 110.1 As of December 31, 2021 1.132 0.322 0.0031 0.150 104.5 % % % % % Rates of change: For the year ended: As of December 31, 2022 (5.8 ) (11.8 ) (12.9 ) (5.3 ) 5.4 As of December 31, 2021 (7.7 ) 3.5 (8.8 ) (0.8 ) 2.4 (*) Base: 2012 average = 100. |
Provisions | Y. Provisions The Company recognizes provisions in the financial statements when the Company has a present (legal or constructive) obligation due to past events, when it is more likely than not that outflows of resources representing economic benefits will be required in order to settle it, and when its amount can be reliably estimated. The amount which was recognized as a provision is the best estimate of the expense which is required to settle the liability in the present at the end of the reporting period. When the impact of the value of time is significant, the provisions are determined by discounting future the cash flows by the interest rate before tax which reflects the current market estimates regarding the time value of money and the specific risks of the liability, without taking into account the Company’s credit risk. The carrying value of the provision is adjusted in each period in order to reflect the passage of time. The adjustment amount is recognized as an expense a finance expense. |
Leases | Z. Leases Determining whether an arrangement contains a lease On the date of the engagement in the lease, the Group determines whether the arrangement constitutes a lease or contains a lease, while evaluating whether the arrangement transfers the right to use an identifiable asset, for a certain time period, in consideration of payment. When assessing whether an arrangement transfers the right to control the use of an identifiable asset, the Group estimates whether, throughout the lease period, it has the following two rights: (A) The right to essentially obtain all of the economic benefits from the use of the identifiable asset; and (B) The right to direct the use of the identifiable asset. In respect of lease contracts which include non-lease components, such as services or maintenance, which are associated with a lease component, the Group chose to account for the contract as a single lease component, without separating the components. Lease assets and lease liabilities Contracts which give the Group control over the use of a lease asset, for a certain period of time, in exchange for consideration, are treated as leases. Upon initial recognition, the Group recognizes a liability in the amount of the present value of future lease payments (these payments do not include certain variable lease payments), and in parallel, the Group recognizes a right-of-use asset in the amount of the lease liability, adjusted in respect of lease payments which were paid in advance or which accrued, plus direct costs which materialized in the lease. Since the interest rate implicit in the lease cannot be easily determined, the lessee’s incremental interest rate is used. After initial recognition, the asset is treated according to the cost model and is amortized throughout the lease period or the asset’s useful lifetime, whichever is earlier. The Group chose to adopt the practical expedient which stipulates that short-term leases of up to one year and/or leases in which the underlying asset has a low value, are treated in a manner whereby the lease fees are carried to the statement of income on a straight-line basis, throughout the lease period, without recognition of an asset and/or liability in the statement of financial position. Lease period The lease period is defined as the period during which the lease is not cancelable, together with periods which are covered by an option to extend or cancel the lease, if it reasonably certain that the lessee will exercise, or not exercise, the option, respectively. Variable lease payments Variable lease payments which depend on an index or exchange rate are initially measured using the index or exchange rate as of the lease commencement date, and are included in the measurement of the lease liability. In case of changes to the cash flows of future lease fees which are due to changes in the index or exchange rate, the balance of the liability is updated against the right-of-use asset. Other variable lease payments which are not included in the measurement of the liability are carried to the statement of income on the date when the conditions for these payments are fulfilled. Amortization of right-of-use asset After the lease commencement date, the right-of-use asset is measured according to the cost method, less accumulated depreciation, and less accrued impairment losses, and is adjusted in respect of remeasurements of the lease liability. Depreciation is calculated on a straight line basis throughout the contractual lease period: • Electricity production facilities 20-30 years • Offices 3-7 years Options to extend and cancel the lease period Upon the occurrence of a significant event or a significant change in circumstances, which is under the Group’s control and which affected the decision of whether it is reasonably certain that the Group will exercise an option, which was not previously included in the determination of the lease period, or will not exercise an option which was previously included in the determination of the lease period, the Group remeasures the lease liability according to the updated lease payments, using an updated discount rate, and carries the change in the liability’s carrying value against the right-of-use asset, or cries the change to the statement of income, if the carrying value of the right-of-use asset has been amortized in its entirety. Lease amendments The Group treats the amendment as a separate lease in cases where a lease amendment increases the scope of the lease by adding the right to use one or more base assets, and the consideration in respect of the lease increases in an amount which corresponds to the separate price in respect of the increase in scope, and any appropriate adjustments to that separate price, in order to reflect the change in the contract’s circumstances. In other cases, on the commencement date of the lease amendment, the Group allocates the consideration in the updated contract between the contract components, determines the revised lease period, and measures the lease liability by discounting the updated lease payments using an updated discount rate. For lease amendments which reduce the scope of the lease, the Group recognizes a decrease in the right-of-use asset’s carrying value, in order to reflect the partial or full cancellation of the lease, and recognizes under profit or loss the difference between the decrease in the right-of-use asset, and the remeasurement of the lease liability under profit and loss. In respect of other lease amendments, the Group remeasures the lease liability against a right-of-use asset. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Disclosure of useful lifetimes, depreciation rates and depreciation methods used in calculating depreciation | Useful lifetime Depreciation rates Depreciation method Wind farms 25-30 years 4%-3.3% Straight line Photovoltaic systems 30 years 3.33% Straight line Automatic cleaning systems 20 years 5% Straight line Others 3-14 years 33%-7% Straight line |
Disclosure of data regarding the EUR, HRK, HUF and NIS exchange rates, and regarding the CPI | Representative exchange rate CPI(*) EUR NIS HUF HRK Known index (USD to 1) In points Date of the financial statements: As of December 31, 2022 1.066 0.284 0.0027 0.142 110.1 As of December 31, 2021 1.132 0.322 0.0031 0.150 104.5 % % % % % Rates of change: For the year ended: As of December 31, 2022 (5.8 ) (11.8 ) (12.9 ) (5.3 ) 5.4 As of December 31, 2021 (7.7 ) 3.5 (8.8 ) (0.8 ) 2.4 (*) Base: 2012 average = 100. |
Disclosre of amortization of right-of-use asset | • Electricity production facilities 20-30 years • Offices 3-7 years |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents | December 31 December 31 2022 2021 USD in thousands USD in thousands Cash in banks 129,792 113,686 Short term deposits 64,077 152,247 193,869 265,933 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Receivables [Abstract] | |
Disclosure of detailed information of other receivables | December 31 December 31 2022 2021 USD in thousands USD in thousands Government institutions 6,409 16,327 Other receivables 20,288 8,868 Prepaid expenses 10,256 2,952 36,953 28,147 |
Investments in Investee Entit_2
Investments in Investee Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of information about consolidated structured entities [abstract] | |
Disclosure of information about consolidated structured entities | Entity name Country of incorporation Effective stake in equity interests consolidated entity As of December 31 2022 2021 % % Enlight - Eshkol Havatzelet L.P. (hereinafter: “Havatzelet”) Israel 100 100 Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: “Halutziot”) Israel 89.99 89.99 Tlamim Enlight L.P. (hereinafter: “Tlamim”) Israel 100 100 Mivtachim Green Energies Ltd. (hereinafter: “Mivtachim”) Israel 100 100 Talmei Bilu Green Energies Ltd. (hereinafter: “Talmei Bilu”) Israel 100 100 Eshkol Ela - Kramim - Enlight L.P. (hereinafter: “Kramim”) Israel 100 100 Eshkol Brosh - Idan - Enlight L.P. (hereinafter: “Idan”) Israel 100 100 Eshkol Zayit - Zayit Yarok - Enlight L.P. (hereinafter: “Zayit Yarok”) Israel 100 100 Peirot HaGolan - Enlight L.P. (hereinafter: “Peirot HaGolan”) Israel 51 51 Eshkol Gefen - Barbur - Enlight L.P. (hereinafter: “Barbur”) Israel 51 51 Sde Nehemia - Enlight L.P. (hereinafter: “Sde Nehemia”) Israel 100 100 Emek HaBacha Wind Energy Ltd. (hereinafter: “Emek HaBacha”) Israel 40.85 40.85 Enlight Kramim L.P. (hereinafter: “Enlight Kramim”) Israel 74 74 Enlight Beit Shikma L.P. (hereinafter: “Beit Shikma”) Israel 100 100 Orsol Energy 3 (A.A.) L.P. (hereinafter: “Revivim”) Israel 90 90 Enlight Kidmat Zvi L.P. (Hereinafter: “Kidmat Tzvi”) Israel 74 74 Enlight - Eshkol Dekel L.P. (hereinafter: “Beit Rimon”) Israel 50.1 50.1 Enlight Beit HaShita Solar Energy, L.P. (hereinafter: “Beit HaShita”) Israel 74 74 Ruach Beresheet L.P. (hereinafter: “Ruach Beresheet”) Israel 54 60 Enlight Sde Nitzan L.P. Israel 74 - Enlight Ein Habesor L.P. Israel 74 - Enlight Maccabi L.P. Israel 50.1 - Tullynamoyle Wind Farm 3 Limited (hereinafter: “Tullynamoyle”) Ireland 50.1 50.1 Vjetroelektrana Lukovac d.o.o (hereinafter: “Lukovac”) Croatia 50.1 50.1 EW-K-Wind d.o.o (hereinafter: “EWK”) Serbia 50.1 50.1 Megujulohaz kft (hereinafter: “Meg”) Hungary 50.1 50.1 Raaba Green kft (hereinafter: “Raaba”) Hungary 50.1 50.1 Rabba ACDC KFT (hereinafter: “Raaba ACDC”) Hungary 100 100 SOWI Kosovo LLC (hereinafter: “SOWI”) Kosovo 48 48 Vindpark Malarberget I Norberg AB (hereinafter: “Picasso”) Sweden 68.8 68.8 Generacion Eolica Castilla La Mancha Sl (hereinafter: “Gecama”) Spain 72 72 Björnberget Vindkraft AB (R) (hereinafter: “Bjornberget”) Sweden 55.18 56.2 Clenera holdings LLC USA 90.1 90.1 |
Disclosure of subsidiary entities in which the non-controlling interests are material | As of December 31, 2022 For the year ended December 31, 2022 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit Profit attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Co-Op 49.9 26,276 21,511 230,604 18,345 181,112 40,348 13,875 3,542 26,998 (911 ) (20,133 ) 5,954 Danuba Power 52 25,792 20,362 134,658 11,252 94,168 23,718 7,323 3,808 11,857 (28,775 ) 19,144 2,226 The Iberian Wind 28.01 56,786 48,514 412,951 36,803 222,372 43,512 21,026 5,902 22,915 (108,038 ) 106,344 21,221 As of December 31, 2021 For the year ended December 31, 2021 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit (loss) Profit (loss) attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Co-Op 49.90 19,196 17,002 252,630 17,359 213,806 49,510 17,354 5,911 29,673 1,297 (30,708 ) 262 The Nordic Wind 31.18 21,184 18,354 179,603 20,017 110,002 11,757 6,017 1,876 (3,839 ) 5,817 1,084 3,062 Danuba Power 52 23,487 12,135 139,701 20,392 86,277 - 2,277 1,184 3,093 (62,746 ) 63,838 4,185 Bjornberget 49 55,144 34,008 203,728 15,419 109,778 - (72 ) (35 ) (118 ) (75,037 ) 103,552 28,397 As of December 31, 2020 For the year ended December 31, 2020 Partnership / investee Rate of ownership rights held by non-controlling interests % Balance of non-controlling interests Current assets Non-current assets Current liabilities Non-current liabilities Revenues Profit (loss) Profit (loss) attributed to non-controlling interests Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total change in cash and cash equivalents USD in thousands Mivtachim - - - - - - 2,473 (3,422 ) 1,189 6,582 493 (6,726 ) 350 Co-Op 49.90 12,277 17,821 282,885 27,270 248,833 40,785 8,177 4,079 23,028 (184 ) (24,204 ) (1,360 ) The Iberian Wind 28.07 34,837 6,145 133,536 7,185 8,406 - (35 ) (10 ) (383 ) (80,745 ) 85,222 4,094 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Disclosure of detailed information about fixed assets | 2022 Solar systems (A) Wind farms (B) Others Total USD in thousands Cost: As of January 1, 2022 122,565 1,403,984 3,908 1,530,457 Capitalization – IFRS 16 - 4,053 - 4,053 Additions (1) 280,518 460,722 2,190 743,430 Reclassification from IFRIC 12 162,359 - - 162,359 Initial consolidation (2) 1,432 - - 1,432 Translation differences (37,448 ) (107,900 ) (459 ) (145,807 ) Cost as of December31, 2022 529,426 1,760,859 5,639 2,295,924 Accumulated depreciation: As of January 1, 2022 10,726 29,498 1,404 41,628 Depreciation expenses 7,678 28,445 761 36,884 Translation differences (1,325 ) (1,854 ) (143 ) (3,322 ) Accumulated depreciation as of December 31, 2022 17,079 56,089 2,022 75,190 Carrying value as of December 31, 2022 512,347 1,704,770 3,617 2,220,734 2021 Solar systems (A) Wind farms (B) Others Total USD in thousands Cost: As of January 1, 2021 124,773 837,554 2,795 965,122 Capitalization - IFRS 16 - 5,166 - 5,166 Additions (1) - 489,504 525 490,029 Initial consolidation (2) - 120,845 514 121,359 Translation differences (2,208 ) (49,085 ) 74 (51,219 ) Cost as of December 31, 2021 122,565 1,403,984 3,908 1,530,457 Accumulated depreciation: As of January 1, 2021 6,920 19,559 710 27,189 Depreciation expenses 3,806 12,795 664 17,265 Translation differences ( * (2,856 ) 30 (2,826 ) Accumulated depreciation as of December 31, 2021 10,726 29,498 1,404 41,628 Carrying value as of December 31, 2021 111,839 1,374,486 2,504 1,488,829 |
Solar systems [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Disclosure of detailed information about review of project for fixed assets | Electricity production projects Zayit Yarok Sunlight 1 Sunlight 2 Atilla Halutziot (**) Country Israel Israel Israel Hungary Israel Year of commercial operation 2012 2018 2019 2019 2015 Installed capacity 0.5 MWp 53 MWp 12 MWp 57 MWp 55 MWp Effective holding rate 100% 50% - 100% 74%-100% 50.1% 90% Depreciated cost as of December 31, 2022 Approximately USD 0.6 million Approximately USD 46.3 million Approximately USD 12.2 million Approximately USD 35.5 million Approximately USD 161 million (*) See also Note 8, regarding solar systems which are presented as contract assets in respect of concession arrangements, in accordance with IFRIC 12. (**) See also Note 8, since the second quarter of 2022, the Halutziot project is treated as a fixed asset, at cost. Electricity production projects Halutziot 2 Storage tender 1 RAABA ACDC APEX Country Israel Israel Hungary United States Installed capacity 32 MWp 130 MWp 25 MWp 105 MWp Effective holding rate 90% 50.1%-74% 100% 100% Cost as of December 31, 2022 Approximately USD 26 million Approximately USD 66 million Approximately USD 15 million Approximately USD 150 million |
Wind farms [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Disclosure of detailed information about review of project for fixed assets | Electricity production projects EWK Lukovac Sowi Picasso Tullynamoyle Emek HaBacha Gecama Country Serbia Croatia Kosovo Sweden Ireland Israel Spain Year of commercial operation 2019 2018 2021 2021 2017 2022 2022 Installed capacity 105 MWp 49 MWp 105 MWp 113 MWp 13.6 MWp 109 MWp 329 MWp Effective holding rate 50.1% 50.1% Around 60% Around 69% 50.1% Around 40.9% Around 72% Depreciated cost as of December 31, 2022 Approximately USD 142.7 million Approximately USD 48 million Approximately USD 135.5 million Approximately USD 141 million Approximately USD 19 million Approximately USD 203.2 million Approximately USD 339 million Electricity production projects Björnberget Vindkraft AB (1) Ruach Beresheet Country Sweden Israel Installed capacity 372 MWp 189 MWp Effective holding rate Around 56% 54% Cost as of December 31, 2022 Approximately USD 362 million Approximately USD 313.7 million (1) On October 2, 2022, the project was connected to the local power grid, and commercial operation and sale of electricity in the Nordic power market began gradually . For additional details, see Note 28(A)(6). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [text block] | Electricity supply agreements and concession agreements Goodwill Total USD in thousands Cost Balance as of January 1, 2021 93,527 - 93,527 Initial consolidation 16,974 148,023 164,997 Translation differences (6,977 ) 105 (6,872 ) Balance as of December 31, 2021 103,524 148,128 251,652 Initial consolidation 41,437 - 41,437 Others (247 ) - (247 ) Translation differences (6,447 ) - (6,447 ) Balance as of December 31, 2022 138,267 148,128 286,395 Amortization: Balance as of January 1, 2021 2,953 - 2,953 Amortization (1) 1,483 - 1,483 Translation differences 157 - 157 Balance as of December 31, 2021 4,593 - 4,593 Amortization 2,141 - 2,141 Translation differences (56 ) - (56 ) Balance as of December 31, 2022 6,678 - 6,678 Depreciated cost as of December 31, 2021 98,931 148,128 247,059 Depreciated cost as of December 31, 2022 131,589 148,128 279,717 (1) The amortization of the intangible assets is included under Costs of sales in the Consolidated Statements of Income and Other Comprehensive Income |
Disclosure of detailed information about the aggregate carrying amounts of goodwill [text block] | As of December 31 2022 2021 USD thousands USD thousands Goodwill allocated to Clenera 148,128 148,128 148,128 148,128 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Other Payables [Abstract] | |
The disclosure of detailed information of other payables | December 31 2022 December 31 2021 USD in thousands USD in thousands Accrued expenses 41,500 29,222 Liabilities to employees and other liabilities for salaries 18,707 4,665 Government institutions 8,784 2,385 Payables in respect of purchase transaction 4,304 4,412 Interest payable in respect of debentures 2,761 3,207 Interest payable in respect of loans 1,161 817 Others 647 1,350 77,864 46,058 |
Loans from banks and other fi_2
Loans from banks and other financial institutions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Abstract] | |
Schedule of credit from banking corporations, financial institutions and other credit providers | Current liabilities Non-current liabilities Total As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Credit from banks (1) 565 3,156 - - 565 3,156 Loans from banks and other financial institutions for project financing (2) 165,062 58,666 1,376,260 1,168,569 1,541,322 1,227,235 Loans from banks for corporate financing (3) - - 42,797 - 42,797 - Total credit 165,627 61,822 1,419,057 1,168,569 1,584,684 1,230,391 |
Schedule of loans from banking corporations and other financial institutions for project financing | Project name Mivtachim and Talmei Bilu Halutziot Kramim and Idan Medium rooftops Lender Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund Institutional entities of Clal Insurance Group Amount of loan / credit facility Approximately USD 101 million (Approximately NIS 356 million) Approximately USD 173 million (Approximately NIS 609 million) Approximately USD 30 million (Approximately NIS 107 million) Approximately USD 4 million (Approximately NIS 15 million) Date financing provided December 2020 December 2020 December 2020 January 2019 Balance of the loan as of December 31, 2022 Approximately USD 91 million (Approximately NIS 320.2 million) Approximately USD 164 million (Approximately NIS 576.8 million) Approximately USD 28 million (Approximately NIS 99.1 million) Approximately USD 4 million (Approximately NIS 12.6 million) Balance of the loan as of December 31, 2021 Approximately USD 107 million (Approximately NIS 333 million) Approximately USD 189 million (Approximately NIS 588.5 million) Approximately USD 33 million (Approximately NIS 102. million) Approximately USD 4 million (Approximately NIS 12.8 million) Amortization schedule Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Spitzer amortization table comprised of quarterly payments Debt period Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. Throughout the entire period until the expiration date of the permanent electricity production license, approximately 15 years. Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. Approximately 15 years Stated annual interest rate Interest of approximately 0.77%, index-linked Interest of approximately 0.88%, index-linked Interest of approximately 0.8%, index-linked Interest of approximately 2.2%, index-linked Financial covenants: Debt service reserve - - - Approximately USD 0.2 million (Approximately NIS 0.7 million) ADSCR default 1.05 1.05 1.05 1.07 LLCR default 1.05 1.05 1.05 1.12 Fulfillment of financial covenants As of the balance sheet date, the companies fulfilled the foregoing financial covenants As of the balance sheet date, the partnership fulfilled the foregoing financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants Collateral Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. Charge on the partnership’s interests in the projects, on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Guarantees See Note 28C(4) See Note 28B(4), 28C(5) See Note 28B(4) See Note 28B(4) Reference to additional information See Note 12(2)A See Note 12(2)A See Note 12(2)A - Project name Tariff tender projects - Sunlight 1 Emek HaBacha Tariff tender projects - Sunlight 2 and Dekel. Lender Institutional entities of Clal Insurance Group Bank Hapoalim Ltd. in collaboration with Phoenix and Harel groups Institutional entities of Clal Insurance Group Amount of loan / credit facility Approximately USD 45 million (Approximately NIS 160 million) Approximately USD 164 million (Approximately NIS 576 million) Approximately USD 20 million (Approximately NIS 70 million) Date financing provided March 2018 November 2018 December 2019 Balance of the loan as of December 31, 2022 Approximately USD 42 million (Approximately NIS 146.5 million) Approximately USD 168 million (Approximately NIS 589.7 million) Approximately USD 14 million (Approximately NIS 49.3 million) Balance of the loan as of December 31, 2021 Approximately USD 47 million (Approximately NIS 145.1 million) Approximately USD 158 million (Approximately NIS 492.3 million) Approximately USD 16 million (Approximately NIS 48.6 million) Amortization schedule Spitzer amortization table, quarterly repayments. Spitzer amortization table, quarterly repayments. Spitzer amortization table, quarterly repayments Debt period Construction period and another approximately 22 years Construction period and another approximately 18 years. Construction period and another approximately 22 years Stated annual interest rate interest within the range of 2.6%-3%, CPI-linked The construction period - base interest (*) plus a margin of 3.3%, CPI-linked Base interest (*) plus a margin of 2.15%, CPI-linked Financial covenants: Debt service reserve Approximately USD 2 million (Approximately NIS 5.8 million) - Approximately USD 0.5 million (Approximately NIS 1.8 million) ADSCR default 1.07 1.05 1.07 LLCR default 1.12 1.05 1.12 Fulfillment of financial covenants As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants Collateral Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Charge on the tariff and conditional license, charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. Guarantees See Note 28B(3) See Note 30C(1), 30C(2) See Note 30B(5) Reference to additional information - See Note 28A(1) - (*) Base interest rate - The interest rate of CPI-linked government debentures with the same average lifetime, determined on the withdrawal date. Project name Tullynamoyle Lukovac EWK Lender Bank of Ireland ERSTE and PBZ, of INTESA Group ERSTE, EBRD and Novi Sad Amount of loan / credit facility Approximately USD 15.25 million (Approximately EUR 14.3 million) Approximately USD 52 million (Approximately EUR 48.8 million) Approximately USD 148 million (Approximately EUR 139 million) Date financing provided August 2020 December 2020 December 2017 Balance of the loan as of December 31, 2022 Approximately USD 12.65 million (Approximately EUR 11.86 million) Approximately USD 43.9 million Approximately USD 99.9 million (Approximately EUR 93.6 million) Balance of the loan as of December 31, 2021 Approximately USD 14.5 million (Approximately EUR 12.8 million) Approximately USD 51 million (Approximately EUR 28.7 million Approximately USD 116.1 million (Approximately EUR 102.6 million) Amortization schedule The loan will be repaid in 50 quarterly payments The loan will be repaid in 46 quarterly payments The loan will be repaid in 23 semi-annual payments Debt period 12.5 years 11.5 years Construction period and another approximately 11.5 years Stated annual interest rate Approximately 90% of the loan bears interest at a rate of 3.47% and approximately 10% of the loan bears interest of 3M Euribor plus a margin of 2% Interest at a rate of 3.75% and 3M Euribur plus 3% for the loans in EUR, and interest at a rate of 3.5% for the loan in HRK Approximately EUR 83 million of the loan bears interest at a rate of 2.3%, Financial covenants: Debt service reserve - Approximately USD 3 million (Approximately EUR 2.8 million) Approximately USD 8.2 million (Approximately EUR 7.7 million) ADSCR default 1.05 1.10 1.10 Fulfillment of financial covenants Non-fulfillment, receipt of a waiver letter from the bank stating that the lender waives, inter alia, its right to demand immediate repayment. As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants Collateral The project company pledged in favor of the bank all of the equipment in the project, its rights by virtue of power purchase agreements, its rights in the licenses, its rights in the insurance policy, and its other rights in the project. The Company’s entire stake in the project company was also pledged in favor of the bank. The project company will pledge towards the bank the project equipment, power purchase agreements, its rights in licenses, the insurance policy, and its other rights in the project. The project company will pledge towards the bank the project company’s assets, cash flow rights, insurance policies, collateral from EPC contractors, etc. Guarantees - - - Reference to additional information - See Note 12(2)A - (*) Following the change of currency in Croatia from HRK to EUR (effective from 01.01.23), the loan was converted to EUR on 31.12.22 . Project name Meg and Raaba SOWI Picasso Halutziot 2 Lender ERSTE ERSTE, NLB group and EBRD Hamburg Commercial Bank Bank Leumi Le-Israel Ltd. Amount of loan / credit facility Approximately USD 37 million (Approximately HUF 14 billion) Approximately USD 122.7 million (Approximately EUR 115 million) Approximately USD 87.1 (EUR 81.7) million. The bank will also provide a credit facility for the required guarantees at a scope of up to approximately USD 7.5 (EUR 7) million during the operating period Approximately NIS 177 million Date financing provided January 2019 January 2020 January 2020 September 2022 Balance of the loan as of December 31, 2022 Approximately USD 33.7 million (Approximately HUF 12.66 billion) Approximately USD 102.6 million (Approximately EUR 96.2 million) Approximately USD 83 million (Approximately EUR 77.5 million) - Balance of the loan as of December 31, 2021 Approximately USD 40.5 million (Approximately HUF 13.2 billion) Approximately USD 89.9 million (Approximately EUR 79.4 million) Approximately USD 92 million (Approximately EUR 81.5 million) - Amortization schedule Quarterly repayments, spitzer amortization table with lower repayments in the first two years Semi-annual repayments, Spitzer amortization table Quarterly repayments, spitzer amortization table Spitzer amortization table comprised of quarterly payments Debt period Construction period and another approximately 17 years Construction period and another approximately 11 years Construction period and another approximately 18 years Construction period and another approximately 22 years Stated annual interest rate Approximately 30% of the loan bears interest at a rate of 4.05% And approximately 70% of the loan bears interest at a rate of approximately 6.3% . And approximately 50% of the loan bears interest at a rate of 1.9%, Interest at a rate of 1.58% during the construction period and until December 31, 2029, and interest at a rate of 2.33% until the end of the loan period. base interest plus a margin of 1.25%-2.2% CPI-linked Financial covenants: Debt service reserve Approximately USD 1.1 million (Approximately HUF 414 million) - - - ADSCR default In the range of 1.05-1.10 1.05 In the range of 1.05-1.10 1.05 Fulfillment of financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, the Company fulfilled the foregoing financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required Collateral Charge on the tariff and the electricity production license, charge on the project companies’ assets, cash flow rights, land rights, insurance. collateral from the project contractors, etc.) The financing of the portfolio of projects is applied and evaluated on a consolidated basis. Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project. Guarantees - - See Note 28B(10) - Reference to additional information - See Note 28A(3) See Note 28A(5) - Project name Ruach Beresheet Gecama Björnberget Apex Lender Bank Hapoalim Ltd., and in collaboration with entities from Migdal and Amitim Group Banco de Sabadell and Bankia KFW IPEX-Bank and DekaBank, and the Swedish Export Credit Corporation (SEK). Bank Huntington Bancshares, Bank of America and Nord LB Amount of loan / credit facility Approximately USD 331.3 million (Approximately NIS 1.17 billion) Approximately USD 170.1 million (Approximately EUR 160 million) Approximately USD 220.8 million (Approximately EUR 207 million) USD 116 million for construction period and USD 127 million for operating period Date financing provided July 2020 June 2020 May 2021 September 2022 Balance of the loan as of December 31, 2022 Approximately USD 280 million (Approximately NIS 986 million) Approximately USD 167.3 million (Approximately EUR 156.9 million) Approximately USD 137.3 million (Approximately EUR 128.7 million) Approximately USD 75.6 million Balance of the loan as of December 31, 2021 Approximately USD 207.6 million (Approximately NIS 645.7 million) Approximately USD 64.1 million (Approximately EUR 56.7 million) - - Amortization schedule Quarterly repayments, spitzer amortization table Semi-annual repayments, Spitzer amortization table Semi-annual repayments, Spitzer amortization table Construction loan – one repayment at end of construction period. Operating loan - Semi-annual repayments, spitzer amortization table Debt period Construction period and another approximately 19 years Construction period and another approximately 14 years Construction period and another approximately 18 years Construction period and another approximately 25 years Stated annual interest rate construction period - base interest plus a margin of 2.5%-3% Base interest of Euribor plus a margin of 2.5%-3%. The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 13 years, beginning from the project’s date of initial operation. Interest - Euribor + margin of 1.75% The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 18 years, beginning from the project’s date of initial operation. construction period - base interest of SOFR plus a margin of 0.6%-1% Financial covenants: Debt service reserve - - - - ADSCR default 1.05 1.05 1.05 - Fulfillment of financial covenants As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, fulfillment of the foregoing financial covenants is not required As of the balance sheet date, fulfillment of the foregoing financial covenants is not required - Collateral Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Additionally, a guarantee of a restricted amount for the construction period. Guarantees See Note 28C(3) - - - Reference to additional information See Note 28A(2) See Note 28A(4) See Note 28A(6) See Note 28A(15) |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debentures [Abstract] | |
Schedule Of Debentures [Table Text Block] | Current liabilities Non-current liabilities Total As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Debentures (Series E) (1.) 2,685 3,039 24,854 31,116 27,539 34,155 Debentures (Series F) (2.) 13,147 14,875 113,187 143,503 126,334 158,378 Debentures (Series C) (3.) - - 131,385 100,995 131,385 100,995 Debentures (Series D) (4.) - - 100,479 112,037 100,479 112,037 Total Debentures 15,832 17,914 369,905 387,651 385,737 405,565 |
Changes in Liabilities from F_2
Changes in Liabilities from Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes in liabilities arising from financing activities [abstract] | |
Schedule Of Changes In Liabilities From Financing Activities [Table Text Block] | Balance as of January 1, 2022 Cash flows from Translation Adjustments in Non-cash Balance as of USD in USD in USD in USD in USD in USD in Debentures (1) 307,481 (16,571 ) (35,037 ) 863 - 256,736 Convertible Debentures (1) 101,291 47,755 (15,576 ) 3,195 (4,902 ) 131,763 Loans from banks and other financial institutions 1,231,208 357,868 (123,423 ) 32,435 87,758 (2) 1,585,846 Loans from non-controlling interests 78,113 15,834 (5,210 ) 330 1,842 90,909 Lease liability 105,645 (4,327 ) (10,302 ) (1,964 ) 10,571 (4) 99,623 1,823,738 400,559 (189,548 ) 34,859 95,269 2,164,877 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. Balance as of 2021 Cash flows from financing activities Translation differences in operations Adjustments in Initial Non-cash Balance as of December 31, USD in USD in USD in USD in USD in USD in USD in Debentures (1) 206,527 89,989 10,444 521 - - 307,481 Convertible Debentures (1) - 96,343 3,741 1,207 - - 101,291 Loans from banks and other financial institutions (1) 840,582 389,728 (9,154 ) 13,801 - (3,749 )(2) 1,231,208 Loans from non-controlling interests 46,241 10,530 (3,826 ) 97 24,037 1,034 78,113 Lease liability 79,733 (6,344 ) (375 ) (1,243 ) 22,802 11,072 (4) 105,645 1,173,083 580,246 830 14,383 46,839 8,357 1,823,738 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. Balance as of Cash flows from Translation Adjustments Conversions Non-cash Balance as of USD in USD in USD in USD in USD in USD in USD in Debentures (1) 142,909 49,838 14,127 (347 ) - - 206,527 Convertible Debentures (1) 93 (15 ) 1 - (79 ) - - Loans from banks and other financial institutions (1) 526,700 263,326 51,631 2,426 - (3,501 )(2) 840,582 Loans from other credit providers (1) 43,455 (29,454 ) 242 (14,243 ) - - - Loans from non-controlling interests 54,208 9,022 3,891 (2,952 ) - (17,928 ) 46,241 Lease liability 40,581 (5,382 ) 5,419 (1,087 ) - 40,202 (4) 79,733 807,946 287,335 75,311 (16,203 ) (79 ) 18,773 1,173,083 (1) Including interest payable. (2) Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period. (3) Including interest accrued and interest paid. (4) Initial creation vis-à-vis right-of-use asset. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Income Taxes [Abstract] | |
Disclosure of detailed information about tax balances presented in the statement of financial position | As of December 31 2022 2021 USD in thousands USD in thousands Current tax assets (liabilities): Current tax assets 286 267 Current tax liabilities (6,225 ) (1,482 ) Total current tax assets (liabilities) (5,939 ) (1,215 ) Non-current tax assets (liabilities): Deferred tax assets 4,683 21,864 Deferred tax liabilities (14,133 ) (12,411 ) Total non-current tax assets (liabilities) (9,450 ) 9,453 |
Disclosure of temporary difference, unused tax losses and unused tax credits | Balance as of January 1 2022 Recognized in the statement of income Other comprehensive income Balance as of December 31 2022 USD in thousands USD in thousands USD in thousands USD in thousands Temporary differences: Fixed assets (7,227 ) (8,627 ) 1,234 (14,620 ) IFRS 16 – Leases 1,389 (400 ) (144 ) 845 Financial instruments 6,447 846 (12,849 ) (5,556 ) Contractual asset in respect of concession arrangements (19,725 ) 744 2,258 (16,723 ) Deferred borrowing costs (601 ) (311 ) 85 (827 ) Contingent consideration 574 (2,193 ) 35 (1,584 ) Others 758 (3,111 ) (1,031 ) (3,384 ) Total (18,385 ) (13,052 ) (10,412 ) (41,849 ) Unused losses and tax benefits: Tax losses 27,838 8,170 (3,609 ) 32,399 27,838 8,170 (3,609 ) 32,399 Total 9,453 (4,882 ) (14,021 ) (9,450 ) Balance as of January 1 2021 Recognized in the statement of income Other comprehensive income Recognized in equity Initial consolidation Balance as of December 31 2021 USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Temporary differences: Fixed assets (4,202 ) (2,892 ) (248 ) - 115 (7,227 ) IFRS 16 – Leases, net 611 729 49 - - 1,389 Financial instruments 2,912 (605 ) 4,140 - - 6,447 Contractual asset in respect of concession arrangements (20,039 ) 954 (640 ) - - (19,725 ) Deferred borrowing costs (2,060 ) 1,472 (13 ) - - (601 ) Contingent consideration - 553 21 - - 574 Others (1,224 ) (245 ) 2,227 - - 758 Total (24,002 ) (34 ) 5,536 - 115 (18,385 ) Unused losses and tax benefits: Tax losses 29,305 (2,366 ) 899 - - 27,838 Tax benefit in respect of issuance costs - (872 ) - 872 - - 29,305 (3,238 ) 899 872 - 27,838 Total 5,303 (3,272 ) 6,435 872 115 9,453 |
Disclosure of expenses (income) from income taxes which were recognized in the statement of income | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Current taxes: Current tax expenses 8,061 2,422 1,163 Prior year taxes - - 1,971 Total current taxes 8,061 2,422 3,134 Deferred taxes: Deferred tax expenses (income) in respect of the creation and reversal of temporary differences 13,052 34 (2,105 ) Income (expenses) from the creation of deferred taxes in respect of losses and unused tax benefits (8,170 ) 3,238 (8,869 ) Prior year taxes - - (4,513 ) Total deferred taxes 4,882 3,272 (15,487 ) Total expenses (income) from income taxes 12,943 5,694 (12,353 ) |
Disclosure of reconciliation between the theoretical tax on the pre-tax profit and the tax expense | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) before income taxes from continuing operations 51,056 27,369 (53,388 ) Primary tax rate of the Company 23 % 23 % 23 % Tax calculated according to the Company’s primary tax rate 11,743 6,295 (12,279 ) Additional tax (tax saving) in respect of: No controlling share in the profits / losses of investee partnerships (896 ) (531 ) 846 Different tax rate of foreign subsidiaries (1,644 ) (2,370 ) (839 ) Non-deductible expenses 3,150 1,853 2,358 Exempt income (1,170 ) (354 ) (7 ) Losses and benefits for tax purposes for which tax assets were not created in the past, for which deferred taxes were recognized during the reporting period - - (38 ) Utilization of tax losses and benefits from prior years 310 179 128 Adjustments due to changes in tax rates - - (5 ) Temporary difference in respect of subsidiaries for which deferred taxes were not recognized 1,270 631 (257 ) Change in taxes in respect of previous years 143 (77 ) (2,541 ) Others 37 68 281 Total income taxes from continuing operations as presented in profit or loss 12,943 5,694 (12,353 ) |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of registered capital | December 31 December 31 2022 2021 Number of shares Ordinary shares with par value of NIS 0.1 180,000,000 180,000,000 |
Disclosure of issued capital | Share capital Share premium As of December 31 As of December 31 As of December 31 2022 2021 2022 2021 2022 2021 Number of shares USD in thousands USD in thousands USD in thousands USD in thousands Fully paid-up ordinary shares with par value of NIS 0.1 101,582,902 92,510,658 2,827 2,549 762,516 556,161 |
Disclosure of changes in fully paid-up share capital | Number of shares Balance as of January 1, 2021 82,296,628 Issuance of shares (1) 9,364,140 Exercise of options by employees 849,890 Balance as of December 31, 2021 92,510,658 Issuance of shares (2-3) 8,813,621 Exercise of options by employees 258,623 Balance as of December 31, 2022 101,582,902 |
Contract Assets in respect of_2
Contract Assets in respect of Concession Arrangements for Construction and Operation of Photovoltaic Systems (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract Assets In Respect Of Concession Arrangements For Construction And Operation Of Photovoltaic Systems [Abstract] | |
Schedule of contract assets | Project Total Stake in the project Tariff Rate of Contract Expiry date of the contract Halutziot (*) 55 90 % 62.8 6% linked - - Peirot HaGolan 1.5 51 % 53.99 5.75% linked 725 30/06/2035 Sde Nehemia 0.63 100 % 53.99 5.75% linked 926 31/03/2035 Barbur 0.5 51 % 53.99 5.75% linked 2,870 31/03/2035 Talmei Bilu 10 100 % 102.46 6.5% linked 36,649 30/09/2033 Mivtachim 10 100 % 130.39 8% linked 43,370 30/09/2033 Kramim 5 100 % 96.31 6% linked 14,143 31/12/2033 Idan 3 100 % 96.31 6% linked 8,091 30/09/2033 Balance as of December 31, 2022 106,774 |
Schedule of reclassification of contract assets in respect of concession arrangements | 2022 2021 USD in thousands Balance as of January 1 287,042 286,251 Repayment of contract asset under concession arrangements (17,579 ) (32,857 ) Finance incomes 17,188 24,310 Reclassification from IFRIC 12 to a fixed asset (*) (162,359 ) - Translation differences (17,518 ) 9,338 Balance as of December 31 106,774 287,042 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per share [text block] | A. Basic earnings per share For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) attributable to the Company’s owners for the purpose of calculating basic earnings per share 24,749 11,217 (43,869 ) For the year ended December 31 2022 2021 2020 Weighted average of the number of ordinary shares used for the purpose of calculating basic earnings per share (*) 97,335,870 93,749,219 78,297,756 B. Diluted earnings per share: For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Profit (loss) which was used to calculate diluted earnings per share 24,749 11,217 (43,869 ) For the year ended December 31 2022 2021 2020 Weighted average of the number of ordinary shares used to calculate diluted earnings (loss) per share (*) 99,978,133 98,108,669 78,297,756 (*) The number of ordinary shares is after giving effect to the Reverse Share Split. See also Note 16. |
Share-Based Payment (Tables)
Share-Based Payment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Disclosure of range of exercise prices of outstanding share options [text block] | Grant date Number of offerees Total number of options Exercise price in NIS Share price in NIS Value of option in NIS Number of options which were exercised as of the date of the financial report Number of options which expired / were forfeited as of the date of the financial report Expiration date of the options Number of options remaining as of the date of the financial report 08/07/2016 (A) 3 1,200,000 7.43 6.85 3.35 1,191,729 - 08/07/2023 8,271 08/07/2016 (B) 1 300,000 7.60 6.85 3.25 - 100,000 08/07/2023 200,000 05/18/2017 1 60,000 13.53 13.42 6.40 49,500 - 05/18/2024 10,500 02/05/2018 6 310,000 18.40 18.05 7.70 255,564 36,250 02/05/2025 18,186 07/26/2018 2 80,000 19.08 18.38 8.35 20,000 - 07/26/2025 60,000 08/26/2018 5 200,000 18.75 18.85 8.63 141,069 30,000 08/26/2025 28,931 09/12/2018 (C)(D) 2 1,350,000 19.61 19.05 8.55 363,228 - 09/12/2025 986,772 10/28/2018 (D) 2 1,602,000 19.95 18.20 7.87 432,221 - 10/28/2025 1,169,779 11/01/2018 2 495,000 19.87 18.89 8.40 129,361 - 11/01/2025 365,639 03/31/2019 3 100,000 21.74 22.40 9.61 30,000 40,000 03/31/2026 30,000 04/04/2019 2 80,000 22.00 22.20 9.40 28,505 - 04/04/2026 51,495 05/27/2019 3 80,000 23.70 24.20 10.34 30,000 30,000 05/27/2026 20,000 11/28/2019 4 110,000 41.57 42.30 19.06 16,000 40,000 11/28/2026 54,000 11/28/2019 (E) 1 100,000 41.97 42.30 18.00 - 11/28/2026 100,000 01/20/2020 20 271,500 44.68 49.10 19.70 37,500 27,500 01/20/2027 206,500 04/12/2020 (F) 1 70,000 41.10 41.50 15.50 19,953 - 04/12/2027 50,047 05/17/2020 6 110,000 48.50 50.70 19.70 20,000 05/17/2027 90,000 07/23/2020 3 45,000 54.60 54.70 19.80 - 07/23/2027 45,000 10/13/2020 1 103,000 62.09 70.10 27.70 - - 10/13/2027 103,000 11/10/2020 7 115,000 64.80 66.30 24.10 - 35,000 11/10/2027 80,000 05/25/2021 9 141,000 65.79 66.90 24.60 - 24,000 05/23/2028 117,000 09/30/2021 26 674,000 69.76 71.80 25.90 - 6,000 09/28/2028 668,000 09/30/2021 1 60,000 70.90 71.80 25.90 - 09/28/2028 60,000 09/30/2021 (G) 4 1,182,000 71.80 71.80 25.90 - 240,000 09/28/2028 942,000 09/30/2021 (H) 5 780,000 71.80 71.80 25.90 - - 09/28/2028 780,000 10/31/2021 1 10,000 72.70 78.00 30.20 - - 10/29/2028 10,000 02/08/2022 (J) 9 541,400 72.30 68.40 23.93 - - 02/06/2029 541,400 02/13/2022 (J) 21 282,000 72.80 66.80 22.69 - - 02/11/2029 282,000 04/17/2022 (J) 72 269,250 77.20 74.70 27.92 - - 04/15/2029 269,250 06/28/2022 (I)(J) 1 100,000 68.64 69.60 28.14 - - 06/26/2029 100,000 06/28/2022 (J) 9 146,000 63.90 69.60 29.53 06/26/2029 146,000 09/01/2022 (J) 10 97,000 79.60 81.60 33.82 08/30/2029 97,000 09/01/2022 (J) 1 10,000 81.40 81.60 33.15 08/30/2029 10,000 10/30/2022 (J) 1 25,000 78.20 74.20 29.10 10/28/2029 25,000 12/18/2022 (J) 9 126,000 74.70 74.00 30.26 12/16/2029 126,000 Total 11,225,150 2,744,630 628,750 7,851,770 |
Disclosure of number and weighted average exercise prices of share options [text block] | Grant date 02/08/2022 02/13/2022 04/17/2022 06/28/2022 06/28/2022 09/01/2022 09/01/2022 10/30/2022 12/18/2022 Number of options 541,400 282,000 269,250 100,000 146,000 97,000 10,000 25,000 126,000 Option value in NIS 23.93 22.69 27.92 28.14 29.53 33.82 33.15 29.10 30.26 Exercise price in NIS 72.3 72.8 77.2 68.64 63.9 79.6 81.4 78.2 74.7 Share price in NIS 68.4 66.8 74.7 69.6 69.6 81.6 81.6 74.2 74 Risk-free interest rate 1.4 % 1.4 % 2.2 % 2.8 % 2.8 % 3.1 % 3.1 % 3.3 % 3.4 % Standard deviation 33.5 % 33.5 % 33.9 % 34.4 % 34.4 % 34.5 % 34.5 % 34.4 % 34.6 % Value of options in NIS 12,955,702 6,398,580 7,517,460 2,814,000 4,311,380 3,280,540 331,500 727,500 3,812,760 Lifetime of options 7 years |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Schedule Of Revenues Explanatory | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Sale of electricity 173,992 83,034 58,464 Operation of facilities 7,066 11,275 9,305 Construction services 476 3,460 1,534 Management or development fees 10,638 4,692 1,021 Total 192,172 102,461 70,324 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost Of Sales [Abstract] | |
Schedule Of Cost Of Sales Explanatory | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Site maintenance 26,845 11,937 9,519 Payroll, salaries and associated expenses 6,408 2,823 860 Insurance 3,450 1,391 965 Municipal taxes 2,133 2,101 1,883 Lease 851 234 69 Expenses associated with facility construction services 751 3,291 1,434 Total 40,438 21,777 14,730 |
Development Expenses (Tables)
Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Development Expenses [Abstract] | |
Schedule of development Expenses | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Payroll, salaries and associated expenses 2,558 2,570 1,555 Other development expenses 3,029 2,146 1,421 Total 5,587 4,716 2,976 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
Schedule Of General And Administrative Expenses Table Explanatory [Table Text Block] | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Payroll, salaries and associated expenses 16,526 8,238 4,766 Professional services 4,120 2,942 1,912 Office and maintenance 1,963 965 479 Depreciation 1,705 1,054 641 Management and director fees 819 739 448 Others 3,606 1,631 772 Total 28,739 15,569 9,018 |
Finance Expenses, Net (Tables)
Finance Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Finance Expenses Net Abstract [Abstract] | |
Schedule of finance expenses | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Interest expenses from project finance loans 22,858 15,157 24,067 Interest expenses from corporate loans 78 - - Interest expenses from Debentures 8,963 8,113 8,316 Interest expenses from amortization and linkage to index 33,692 14,274 1,413 Fair value changes of financial instruments measured at fair value through profit or loss - - 656 Finance expenses in respect of contingent consideration arrangement 3,978 2,231 219 Interest expenses from non-controlling interests loans 1,381 1,157 1,520 Finance expenses from foreign currency hedging transactions 973 - 311 Finance expenses in respect of lease liability 1,964 1,243 1,087 Exchange differences 617 2,702 162 Others 1,249 1,442 1,036 75,753 46,319 38,787 Amounts capitalized to the cost of qualifying assets (13,162 ) (9,144 ) (7,379 ) Total 62,591 37,175 31,408 |
Disclosure of finance income [text block] | For the year ended December 31 2022 2021 2020 USD in thousands USD in thousands USD in thousands Finance income from contract asset in respect of concession arrangements 17,188 24,310 16,176 Changes in the fair value of financial instruments measured at fair value through profit or loss 2,953 3,145 - Finance income from foreign currency hedge transactions - 1,053 - Finance income from loans which were given to equity- accounted entities 1,166 1,487 1,025 Finance income from deposits in banks 1,669 - - Others 365 338 13 Total 23,341 30,333 17,214 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use assets composition | Composition USD in thousands Land Offices and vehicles Total Balance as of January 1, 2022 102,477 2,773 105,250 Additions 532 1,446 1,978 Amortization of right-of-use assets (4,217 ) (1,033 ) (5,250 ) Linkage 4,529 129 4,658 Reserve for translation differences (9,774 ) (347 ) (10,121 ) Balance as of December 31, 2022 93,547 2,968 96,515 |
Schedule Of Effects On Statements Of Income [Table Text Block] | USD in thousands Effects on the statements of income For the year ended December 31, 2022 Interest expenses in respect of lease liability (1,964 ) Expenses attributed to variable lease payments which were not included in measurement of lease liability (851 ) Depreciation expenses (3,245 ) Total (6,060 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about the evaluation of derivative financial instruments, mostly forward transactions and currency options | Amount Amount Fair value Project Millions Millions Expiration date USD millions Foreign currency forward contracts (1) Ruach Beresheet EUR 22 NIS 82 February - March 2023 0.4 Purchase of call options and sale of put options (1) Storage USD 45.5 NIS 156.1 January 2023 1.1 (1) Hedging transaction to hedge against the EUR/NIS exchange rate and the USD/NIS exchange rate, based on the schedule of payments to the EPC contractor. |
Disclosure of sensitivity analysis of changes in foreign currency exchange rates | As of December 31, 2022 Increase 5% Decrease 5% OCI Pre-tax profit Value Pre-tax profit OCI 5% Change in the currency exchange rate USD in thousands ILS vs EURO Loans to foreign operations - (844 ) 16,874 844 - EURO vs HRK Restricted cash - 84 1,673 (84 ) - Loans to foreign operations - 174 3,489 (174 ) - Loans from banks - (1,399 ) (27,974 ) 1,399 - Total effect on pre-tax profit - (1,985 ) (5,938 ) 1,985 - Equity of foreign operations ILS vs EURO (34,695 ) - 693,904 - 34,695 ILS vs HUF (551 ) - 11,015 - 551 ILS vs HRK (613 ) - 12,258 - 613 Total effect OCI (35,859 ) - 717,177 - 35,859 As of December 31, 2021 Increase 5% Decrease 5% OCI Pre-tax profit Value Pre-tax profit OCI 5% Change in the currency rate USD in thousands ILS vs EURO Loans to foreign operations - (1,026 ) 20,513 1,026 - EURO vs HRK Restricted cash - 89 1,175 (89 ) - Loans to foreign operations - 180 3,605 (180 ) - Loans from banks - (1,626 ) (32,529 ) 1,626 - Total effect on pre-tax profit - (2,383 ) (7,236 ) 2,383 - Equity of foreign operations ILS vs EURO (28,710 ) - 574,198 - 28,710 ILS vs HUF (267 ) - 5,340 - 267 ILS vs HRK (486 ) - 9,714 - 486 Total effect on OCI (29,463 ) - 589,252 - 29,463 |
Disclosure of sensitivity analysis of change in index | As of December 31, 2022 Increase 3% Decrease 3% Pre-tax profit Carrying value Pre-tax profit 3% Change in the index rate USD in thousands Financial assets measured at fair value through profit or loss 389 12,974 (389 ) Contract assets 3,203 106,773 (3,203 ) Loans to investee entities 199 6,622 (199 ) Loans to non-controlling interests 170 5,680 (170 ) Other payables (34 ) (1,143 ) 34 Loans from banks and other financial institutions (15,570 ) (790,403 ) 15,491 Other financial liabilities (78 ) (2,584 ) 78 (11,721 ) (662,081 ) 11,642 As of December 31, 2021 Increase 3% Decrease 3% Pre-tax profit Carrying value Pre-tax profit 3% Change in the index rate USD in thousands Financial assets measured at fair value through profit or loss 435 14,506 (435 ) Contract assets 8,611 287,042 (8,611 ) Loans to investee entities 735 24,495 (735 ) Loans to non-controlling interests 197 6,561 (197 ) Other payables (26 ) (858 ) 26 Loans from banks and other financial institutions (11,999 ) (761,897 ) 9,749 Other financial liabilities (89 ) (2,956 ) 89 (2,136 ) (433,107 ) (114 ) |
Disclosure of analysis of financial instruments by linkage bases and currency types | As of December 31, 202 2 Linked to the EUR Linked to the USD Linked to the HRK* Linked to the HUF Linked to the CPI Unlinked Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Current assets: Cash and cash equivalents 56,327 1,582 49,535 2,752 - 83,673 193,869 Deposits in banks 4,054 - - - - - 4,054 Restricted cash 16,551 - 3,732 558 - 71,262 92,103 Financial assets measured at fair value through profit or loss - 366 - - 12,974 20,555 33,895 Trade receivables 29,074 785 601 325 - 9,037 39,822 Other receivables 880 - - - 427 4,872 6,179 Current maturities of loans to investee entities - - - - - 13,893 13,893 Other financial assets - - - - - 1,493 1,493 106,886 2,733 53,868 3,635 13,401 204,785 385,308 Non-current assets: Restricted cash 20,140 - 1,281 3,782 - 13,525 38,728 Long term receivables 4,765 - - - - 2 4,767 Financial assets measured at fair value through profit or loss 42,918 - - - - - 42,918 Loans to equity-accounted entities 3,429 - - - 6,622 4,133 14,184 Other financial assets 78,811 - - 10,332 5,253 - 94,396 150,063 - 1,281 14,114 11,875 17,660 194,993 Current liabilities: Credit and current maturities in respect of loans from banks and other financial institutions (54,071 ) (75,576 ) (1,585 ) (1,535 ) (32,860 ) - (165,627 ) Trade payables (13,532 ) (15,495 ) - (68 ) - (5,543 ) (34,638 ) Other payables (20,920 ) (15,567 ) (1,242 ) (240 ) (1,143 ) (28,925 ) (68,037 ) Current maturities in respect of Debentures - - - - - (15,832 ) (15,832 ) Current maturities of lease liability (1,528 ) - - (80 ) (4,202 ) (40 ) (5,850 ) Financial liabilities measured at fair value through profit or loss - (35,283 ) - - - - (35,283 ) other financial liabilities (50,255 ) - - - - - (50,255 ) (140,306 ) (141,921 ) (2,827 ) (1,923 ) (38,205 ) (50,340 ) (375,522 ) Non-current liabilities: Debentures - - - - - (238,520 ) (238,520 ) Convertible Debentures - - - - - (131,385 ) (131,385 ) Loans from banks and other financial institutions (572,166 ) (42,797 ) (14,358 ) (32,193 ) (757,543 ) - (1,419,057 ) Loans from non-controlling interests (76,787 ) - - - - (14,121 ) (90,908 ) Lease liability (33,769 ) - - (1,134 ) (58,535 ) (335 ) (93,773 ) Employee benefits - (12,238 ) - - - - (12,238 ) Financial liabilities through profit or loss - (45,484 ) - - (2,584 ) - (48,068 ) (682,722 ) (100,519 ) (14,358 ) (33,327 ) (818,662 ) (384,361 ) (2,033,949 ) Total assets (liabilities), net (566,079 ) (239,707 ) 37,964 (17,501 ) (831,591 ) (212,256 ) (1,829,170 ) *On December 31, 2022 the EURO currency replaces the HRK As of December 31, 2021 Linked to the EUR Linked to the USD Linked to the HRK Linked to the HUF Linked to the CPI Unlinked Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Current assets: Cash and cash equivalents 54,293 1,837 25,394 1,946 - 182,463 265,933 Restricted cash 17,058 - - - - 18,121 35,179 Financial assets measured at fair value through profit or loss - 515 - - 14,506 24,343 39,364 Trade receivables 11,521 1,752 635 133 - 3,859 17,900 Other receivables 2,607 - 40 - 456 1,855 4,958 Other short term financial assets - - - - - 9,999 9,999 85,479 4,104 26,069 2,079 14,962 240,640 373,333 Non-current assets: Restricted cash 11,989 - - 1,917 - 7,462 21,368 Long term receivables 5,247 - - - - - 5,247 Financial assets measured at fair value through profit or loss 28,682 - - - - - 28,682 Current maturities of loans to investee entities 874 - - - 24,200 1,190 26,264 Other financial assets 3,852 - - 3,605 6,105 - 13,562 50,644 - - 5,522 30,305 8,652 95,123 Current liabilities: Credit and current maturities in (28,032 ) - (1,639 ) (1,596 ) (30,555 ) - (61,822 ) Trade payables (21,576 ) (1,453 ) (275 ) (5 ) - (4,108 ) (27,417 ) Other payables (27,552 ) (3,887 ) (134 ) (200 ) (858 ) (9,764 ) (42,395 ) Other financial liabilities (18,679 ) - - - - (8,923 ) (27,602 ) Current maturities in respect of Debentures - - - - - (17,914 ) (17,914 ) Current maturities of lease liability (1,039 ) - - (82 ) (4,521 ) (44 ) (5,686 ) Financial liabilities measured at fair - (14,567 ) - - - - (14,567 ) (96,878 ) (19,907 ) (2,048 ) (1,883 ) (35,934 ) (40,753 ) (197,403 ) Non-current liabilities: Debentures - - - - - (286,656 ) (286,656 ) Convertible Debentures - - - - - (100,995 ) (100,995 ) Loans from banks and other financial institutions (381,552 ) - (16,945 ) (38,730 ) (731,342 ) - (1,168,569 ) Loans from non-controlling interests (62,841 ) - - - - (15,272 ) (78,113 ) Lease liability (35,385 ) - - (1,180 ) (62,989 ) (406 ) (99,960 ) Other long term payables (1,132 ) - - - - - (1,132 ) Financial liabilities through profit or loss - (74,996 ) - - (2,956 ) - (77,952 ) Other financial liabilities (15,300 ) - - - - - (15,300 ) (496,210 ) (74,996 ) (16,945 ) (39,910 ) (797,287 ) (403,329 ) (1,828,677 ) Total assets (liabilities), net (456,965 ) (90,799 ) 7,076 (34,192 ) (787,954 ) (194,792 ) (1,557,626 ) |
Disclosure of detailed information about carrying values of financial instruments which are exposed to cash flow risks in respect of interest rate changes | As of December 31, 2022 Increase 2% Carrying Decrease 2% Pre-tax profit value Pre-tax profit 2% Change in the interest rate USD in thousands Euribor-linked credit from banks (22 ) (1,115 ) 22 Euribor-linked loan from banks (873 ) (43,649 ) 873 SOFR-linked credit from banks (1) - (118,373 ) - (895 ) (163,137 ) 895 As of December 31, 2021 Increase 2% Carrying Decrease 2% Pre-tax profit value Pre-tax profit 2% Change in the interest rate USD in thousands Euribor-linked loan from banks (25 ) (1,259 ) 25 Euribor-linked credit from banks (2) - (67,281 ) - (25 ) (68,540 ) 25 (1) As of December 31, 2022, a project company in the USA is in the construction stage has a loan which are linked to the SOFR interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results. (2) As of December 31, 2021, project companies in the construction stage in Spain, Kosovo and Sweden have short term loans in respect of value added tax payments which are linked to the Euribor interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results. |
Disclosure of interest rate swap contracts which were designated as hedging instruments | Interest rates Par value Repayment date Carrying value Hedged contract Original After hedging Thousands Final USD in thousands Loan to finance the Lukovac project 3 month Euribor 0.75% 20,397 EURO 21,753 USD 31/03/2031 2,063 Loan to finance the Picasso project 3 month Euribor 1.08% 75,268 EURO 80,273 USD 31/03/2039 6,406 Loan to finance the Gecama project 6 month Euribor 0.147% 152,000 EURO 162,107 USD 30/06/2035 32,811 Loan to finance the Raaba and Meg projects 3 month Bubor 1.445%-3.7% 12,930,492 HUF 34,454 USD 31/12/2030 10,332 Loan to finance the Bjorn project 6 month Euribor 0.526% 164,485 EURO 175,423 USD 30/06/2041 37,531 |
Disclosure of maturity analysis for financial assets held for managing liquidity risk | As of December 31, 2022(**) After 2023 2024 2025 2026 2027 2027 Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Liability in respect of deferred consideration arrangement (418 ) (416 ) (396 ) (341 ) (341 ) (2,766 ) (4,678 ) Performance-based contingent consideration (“Earn Out”), see Note 7A(1) (35,283 ) (17,690 ) - - - - (52,973 ) Liability in respect of put option - - - - - (27,794 ) (27,794 ) Loans from non-controlling interests (11,624 ) (10,452 ) (10,547 ) (9,094 ) (6,264 ) (51,671 ) (99,652 ) Debentures (*) (23,702 ) (23,139 ) (41,691 ) (90,830 ) (57,269 ) (161,622 ) (398,253 ) Credit and loans from banks and other financial institutions (*) (103,366 ) (129,561 ) (127,133 ) (127,436 ) (149,380 ) (1,164,056 ) (1,800,932 ) Lease liability (5,846 ) (7,817 ) (7,367 ) (7,234 ) (7,182 ) (68,554 ) (104,000 ) (180,239 ) (189,075 ) (187,134 ) (234,935 ) (220,436 ) (1,476,463 ) (2,488,282 ) (*) The above figures are presented according to their par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date. (**) The Company has commitments in power purchase agreements which are not reflected in the Company’s statement of financial position. |
Disclosure of detailed information about the fair value of financial assets and financial liabilities | As of December 31, 202 2 : Level 1 Level 2 Level 3 Total USD in thousands USD in thousands USD in thousands USD in thousands Financial Assets at fair value: Financial assets measured at fair value through profit or loss 33,895 33,895 Contracts in respect of forward transactions 1,493 1,493 Interest rate swaps 89,143 89,143 Non-marketable shares measured at fair value through profit or loss 42,918 42,918 Financial liabilities at fair value: Transactions to peg electricity prices swap (CFD differences contract) (50,255 ) (50,255 ) Performance-based (“earn out”) contingent consideration (“Earn Out”), see Note 7A(1) (52,972 ) (52,972 ) As of December 31, 2021: Level 1 Level 2 Level 3 Total USD in thousands USD in thousands USD in thousands USD in thousands Financial Assets at fair value: Financial assets measured at fair value through profit or loss 39,364 - - 39,364 Contracts in respect of forward transactions - 9,999 - 9,999 Interest rate swaps - 7,456 - 7,456 Non-marketable shares measured at fair value through profit or loss - - 28,682 28,682 Financial liabilities at fair value: Interest rate swaps - (2,627 ) - (2,627 ) Contracts in respect of forward transactions - (8,831 ) - (8,831 ) Transactions to peg electricity prices swap (CFD differences contract) - (31,352 ) - (31,352 ) Performance-based contingent consideration (“Earn Out”), see Note 7A(1) - - (61,362 ) (61,362 ) |
Disclosure of reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy | 2022 2021 Financial assets Non-marketable shares measured at fair value through profit or loss USD thousands Balance as at January 1 28,682 10,115 Investment 10,824 18,760 Revaluation (*) 4,868 693 Translation differences (1,456 ) (886 ) Balance as at December 31 42,918 28,682 2022 2021 Financial liabilities Performance-based (“earn out”) contingent consideration USD thousands Balance as at January 1 (61,362 ) - Initial consolidation see Note 7A(1) - (59,131 ) Revaluation 6,678 (2,231 ) Repayment 1,712 - Balance as at December 31 (52,972 ) (61,362 ) (*) Under financing income and expenses. |
Disclosure of detailed information about the financial assets and financial liabilities not measured at fair value in statement of financial position | Carrying value Fair value As of December 31 As of December 31 Fair value level 202 2 202 1 202 2 202 1 USD in thousands USD in thousands USD in thousands USD in thousands Debentures Level 1 388,498 408,771 364,203 442,815 Loans from banks and other financial institutions (1) Level 3 1,200,199 355,808 908,964 411,456 Liability in respect of deferred consideration arrangement (1) Level 3 2,750 3,123 3,602 5,219 |
Disclosure of detailed information about the other financial liabilities | December 31 December 31 202 2 202 1 USD in thousands USD in thousands Current assets Other financial assets Contracts in respect of forward transactions 1,493 9,999 Non-current assets Other financial assets Loans to non-controlling interests 5,253 6,105 Interest rate swaps 89,143 7,456 95,889 23,560 Current liabilities Other financial liabilities Transactions to peg electricity prices swap (CFD differences contract) (50,255 ) (16,052 ) Contracts in respect of forward transactions - (11,550 ) Financial liabilities through profit or loss Performance-based contingent consideration (“Earn Out”) (1) (35,282 ) (14,567 ) Non-current liabilities Other financial liabilities Transactions to peg electricity prices swap (CFD differences contract) - (15,300 ) Financial liabilities through profit or loss Liability in respect of deferred consideration arrangement (2) (2,584 ) (2,956 ) Performance-based contingent consideration (“Earn Out”) as well as the founder’s put option (1) (45,484 ) (74,996 ) (133,605 ) (135,421 ) (1) For additional details, see Note 7A(1). (2) The Company has liabilities in respect of deferred consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December 31, 2022 and 2021, amounted to USD 2,750 thousand and USD 3,007 thousand, respectively. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of segmental revenues and results | For the year ended December 31, 2022 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands External revenues 51,363 70,705 58,991 11,113 192,172 - 192,172 Inter-segment revenues - - - 9,111 9,111 (9,111 ) - Total revenues 51,363 70,705 58,991 20,224 201,283 (9,111 ) 192,172 Segment Adjusted EBITDA 57,598 56,181 45,750 4,018 163,547 - 163,547 Reconciliations of unallocated amounts: Headquarter costs (*) (18,071 ) Intersegment loss 2,038 Repayment of contract asset under concession arrangements (17,579 ) Depreciation and amortization and share based compensation (50,940 ) Other incomes not attributed to segments 11,617 Operating profit 90,612 Finance income 23,341 Finance expenses (62,591 ) Share in the losses of equity accounted investees (306 ) Profit before income taxes 51,056 (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). For the year ended December 31, 2021 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands External revenues 18,919 61,326 14,064 8,152 102,461 - 102,461 Inter-segment revenues - - - 10,894 10,894 (10,894 ) - Total revenues 18,919 61,326 14,064 19,046 113,355 (10,894 ) 102,461 Segment Adjusted EBITDA 44,549 51,610 11,183 6,623 113,965 - 113,965 Reconciliations of unallocated amounts: Headquarter costs (*) (12,086 ) Intersegment profit (2,811 ) Repayment of contract asset under concession arrangements (32,857 ) Depreciation and amortization and share based compensation (24,480 ) U.S. acquisition expense (7,331 ) Operating profit 34,400 Finance income 30,333 Finance expenses (37,175 ) Share in the losses of equity accounted investees (189 ) Profit before income taxes 27,369 (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). For the year ended December 31, 2020 Israel Central-Eastern Europe Western Europe Management and construction Total reportable segments Adjustments Total USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands USD in thousands Revenue from external 16,869 48,286 2,613 2,556 70,324 - 70,324 Inter-segment revenues - - - 10,864 10,864 (10,864 ) - Total Revenues 16,869 48,286 2,613 13,420 81,188 (10,864 ) 70,324 Segment Adjusted EBITDA 40,722 40,317 1,222 3,693 85,954 - 85,954 Reconciliations of unallocated amounts: Headquarter costs (*) (7,016 ) Intersegment profit (1,194 ) Repayment of contract asset under concession arrangements (31,250 ) Depreciation and amortization and share based compensation (18,120 ) Operating profit 28,374 Finance income 17,214 Finance expenses (31,408 ) Early prepayment fee (67,594 ) Share of loss of equity accounted investees 26 Loss before income taxes (53,388 ) (*) Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). |
Balances and Transactions wit_2
Balances and Transactions with Interested Parties and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of compensation and benefits given to interested parties and related parties | For the year ended December 31 2022 2021 USD in thousands USD in thousands Compensation and benefits which were given to interested parties and related parties: Payroll and related expenses to interested parties employed in the Company 604 641 Granting of options to interested parties employed in the Company 1,717 917 Number of people to whom the benefit applies 1 1 Compensation for directors who are not employed in the Company 619 563 Number of people to whom the benefit applies 7 7 Granting of options to directors who are not employed in the Company 514 261 Number of people to whom the benefit applies 1 1 |
Schedule of progressive salary program approved | Relevant year Updated base salary (NIS) Number of annual bonus salaries subject to the fulfillment of targets which will be determined according to the Company’s compensation policy* 2021 (effective beginning from the date of the meeting’s approval) 86,600** 6 2021 - Additional special compensation in respect of the closing of the Clēnera transaction - USA 150,000 Non-recurring 2022 95,000 8 2023 105,000 9 |
General (Narrative) (Details)
General (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
General Description [Abstract] | |
Number of reportable segment | three |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Wind Farms [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lifetime | 25-30 years |
Depreciation method | Straight line |
Wind Farms [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates | 4% |
Wind Farms [Member] | Top of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates | 3.30% |
Photovoltaic Systems [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lifetime | 30 years |
Depreciation rates | 3.33% |
Depreciation method | Straight line |
Automatic Cleaning Systems [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lifetime | 20 years |
Depreciation rates | 5% |
Depreciation method | Straight line |
Others [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lifetime | 3-14 years |
Depreciation method | Straight line |
Others [Member] | Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates | 33% |
Others [Member] | Top of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates | 7% |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Consumer Price Index [Member] | ||
Foreign Exchange Rates And Linkage Base [Line Items] | ||
Representative exchange rate | 110.1 | 104.5 |
Rates of change | 5.40% | 2.40% |
EUR [Member] | ||
Foreign Exchange Rates And Linkage Base [Line Items] | ||
Representative exchange rate | 1.066 | 1.132 |
Rates of change | (5.80%) | (7.70%) |
NIS [Member] | ||
Foreign Exchange Rates And Linkage Base [Line Items] | ||
Representative exchange rate | 0.284 | 0.322 |
Rates of change | (11.80%) | 3.50% |
HUF [Member] | ||
Foreign Exchange Rates And Linkage Base [Line Items] | ||
Representative exchange rate | 0.0027 | 0.0031 |
Rates of change | (12.90%) | (8.80%) |
HRK [Member] | ||
Foreign Exchange Rates And Linkage Base [Line Items] | ||
Representative exchange rate | 0.142 | 0.15 |
Rates of change | (5.30%) | (0.80%) |
Significant Accounting Polici_6
Significant Accounting Policies (Details 2) | 12 Months Ended |
Dec. 31, 2022 | |
Electricity Production Facilities [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease period, right of use asset | 20-30 years |
Offices [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease period, right of use asset | 3-7 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash in banks | $ 129,792 | $ 113,686 | ||
Short term deposits | 64,077 | 152,247 | ||
Total cash and cash equivalents | $ 193,869 | $ 265,933 | $ 99,330 | $ 197,675 |
Other Receivables (Details)
Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Other Receivables [Abstract] | ||
Government institutions | $ 6,409 | $ 16,327 |
Other receivables | 20,288 | 8,868 |
Prepaid expenses | 10,256 | 2,952 |
Total other receivables | $ 36,953 | $ 28,147 |
Investments in Investee Entit_3
Investments in Investee Entities (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Enlight - Eshkol Havatzelet L.P. (hereinafter: “Havatzelet”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: “Halutziot”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 89.99% | 89.99% |
Tlamim Enlight L.P. (hereinafter: “Tlamim”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Mivtachim Green Energies Ltd. (hereinafter: “Mivtachim”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Talmei Bilu Green Energies Ltd. (hereinafter: “Talmei Bilu”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Eshkol Ela - Kramim - Enlight L.P. (hereinafter: “Kramim”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Eshkol Brosh - Idan - Enlight L.P. (hereinafter: “Idan”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Eshkol Zayit - Zayit Yarok - Enlight L.P. (hereinafter: “Zayit Yarok”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Peirot HaGolan - Enlight L.P. (hereinafter: “Peirot HaGolan”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 51% | 51% |
Eshkol Gefen - Barbur - Enlight L.P. (hereinafter: “Barbur”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 51% | 51% |
Sde Nehemia - Enlight L.P. (hereinafter: “Sde Nehemia”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Emek HaBacha Wind Energy Ltd. (hereinafter: “Emek HaBacha”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 40.85% | 40.85% |
Enlight Kramim L.P. (hereinafter: “Enlight Kramim”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 74% | 74% |
Enlight Beit Shikma L.P. (hereinafter: “Beit Shikma”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
Orsol Energy 3 (A.A.) L.P. (hereinafter: “Revivim”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 90% | 90% |
Enlight Kidmat Zvi L.P. (Hereinafter: “Kidmat Tzvi”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 74% | 74% |
Enlight - Eshkol Dekel L.P. (hereinafter: “Beit Rimon”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
Ruach Beresheet L.P. (hereinafter: “Ruach Beresheet”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 54% | 60% |
Tullynamoyle Wind Farm 3 Limited (hereinafter: “Tullynamoyle”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
Vjetroelektrana Lukovac d.o.o (hereinafter: “Lukovac”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
EW-K-Wind d.o.o (hereinafter: “EWK”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
Megujulohaz kft (hereinafter: “Meg”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
Raaba Green kft (hereinafter: “Raaba”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 50.10% |
Rabba ACDC KFT (hereinafter: “Raaba ACDC”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 100% | 100% |
SOWI Kosovo LLC (hereinafter: “SOWI”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 48% | 48% |
Vindpark Malarberget I Norberg AB | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 68.80% | 68.80% |
Enlight Beit HaShita Solar Energy, L.P. (hereinafter: “Beit HaShita”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 74% | 74% |
Generacion Eolica Castilla La Mancha Sl (hereinafter: “GECAMA”) | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 72% | 72% |
Björnberget Vindkraft AB [Member] | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 55.18% | 56.20% |
Clenera holdings LLC | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 90.10% | 90.10% |
Enlight Sde Nitzan LP | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 74% | 0% |
Enlight Ein Habesor LP | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 74% | 0% |
Enlight Maccabi LP | ||
Disclosure of information about consolidated structured entities [line items] | ||
Effective Stake In Equity Interests Consolidated Entity | 50.10% | 0% |
Investments in Investee Entit_4
Investments in Investee Entities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Balance of non-controlling interests | $ 245,940 | $ 224,743 | |
Current assets | 423,704 | 413,311 | |
Non-current assets | 3,109,663 | 2,422,029 | |
Current liabilities | 385,349 | 201,066 | |
Non-current liabilities | 2,097,984 | 1,876,893 | |
Revenue | 192,172 | 102,461 | $ 70,324 |
Profit (loss) | 38,113 | 21,675 | (41,035) |
Profit (loss) attributed to non-controlling interests | 13,364 | 10,458 | 2,834 |
Cash flows from operating activities | 90,376 | 52,023 | 38,810 |
Cash flows from investing activities | (820,000) | (644,638) | (492,450) |
Cash flows from financing activities | 684,741 | 752,314 | 343,528 |
Total change in cash and cash equivalents | $ (44,883) | $ 159,699 | $ (110,112) |
Mivtachim Green Energies | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 0% | ||
Balance of non-controlling interests | $ 0 | ||
Current assets | 0 | ||
Non-current assets | 0 | ||
Current liabilities | 0 | ||
Non-current liabilities | 0 | ||
Revenue | 2,473 | ||
Profit (loss) | (3,422) | ||
Profit (loss) attributed to non-controlling interests | 1,189 | ||
Cash flows from operating activities | 6,582 | ||
Cash flows from investing activities | 493 | ||
Cash flows from financing activities | (6,726) | ||
Total change in cash and cash equivalents | $ 350 | ||
Co-Op | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 49.90% | 49.90% | 49.90% |
Balance of non-controlling interests | $ 26,276 | $ 19,196 | $ 12,277 |
Current assets | 21,511 | 17,002 | 17,821 |
Non-current assets | 230,604 | 252,630 | 282,885 |
Current liabilities | 18,345 | 17,359 | 27,270 |
Non-current liabilities | 181,112 | 213,806 | 248,833 |
Revenue | 40,348 | 49,510 | 40,785 |
Profit (loss) | 13,875 | 17,354 | 8,177 |
Profit (loss) attributed to non-controlling interests | 3,542 | 5,911 | 4,079 |
Cash flows from operating activities | 26,998 | 29,673 | 23,028 |
Cash flows from investing activities | (911) | 1,297 | (184) |
Cash flows from financing activities | (20,133) | (30,708) | (24,204) |
Total change in cash and cash equivalents | $ 5,954 | $ 262 | $ (1,360) |
The Nordic Wind | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 31.18% | ||
Balance of non-controlling interests | $ 21,184 | ||
Current assets | 18,354 | ||
Non-current assets | 179,603 | ||
Current liabilities | 20,017 | ||
Non-current liabilities | 110,002 | ||
Revenue | 11,757 | ||
Profit (loss) | 6,017 | ||
Profit (loss) attributed to non-controlling interests | 1,876 | ||
Cash flows from operating activities | (3,839) | ||
Cash flows from investing activities | 5,817 | ||
Cash flows from financing activities | 1,084 | ||
Total change in cash and cash equivalents | $ 3,062 | ||
The Iberian Wind | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 28.01% | 28.07% | |
Balance of non-controlling interests | $ 56,786 | $ 34,837 | |
Current assets | 48,514 | 6,145 | |
Non-current assets | 412,951 | 133,536 | |
Current liabilities | 36,803 | 7,185 | |
Non-current liabilities | 222,372 | 8,406 | |
Revenue | 43,512 | 0 | |
Profit (loss) | 21,026 | (35) | |
Profit (loss) attributed to non-controlling interests | 5,902 | (10) | |
Cash flows from operating activities | 22,915 | (383) | |
Cash flows from investing activities | (108,038) | (80,745) | |
Cash flows from financing activities | 106,344 | 85,222 | |
Total change in cash and cash equivalents | $ 21,221 | $ 4,094 | |
Danuba Power | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 52% | 52% | |
Balance of non-controlling interests | $ 25,792 | $ 23,487 | |
Current assets | 20,362 | 12,135 | |
Non-current assets | 134,658 | 139,701 | |
Current liabilities | 11,252 | 20,392 | |
Non-current liabilities | 94,168 | 86,277 | |
Revenue | 23,718 | 0 | |
Profit (loss) | 7,323 | 2,277 | |
Profit (loss) attributed to non-controlling interests | 3,808 | 1,184 | |
Cash flows from operating activities | 11,857 | 3,093 | |
Cash flows from investing activities | (28,775) | (62,746) | |
Cash flows from financing activities | 19,144 | 63,838 | |
Total change in cash and cash equivalents | $ 2,226 | $ 4,185 | |
Bjornberget | |||
Disclosure Of Significant Investments In Subsidiaries Line Items | |||
Rate of ownership rights held by non-controlling interests % | 49% | ||
Balance of non-controlling interests | $ 55,144 | ||
Current assets | 34,008 | ||
Non-current assets | 203,728 | ||
Current liabilities | 15,419 | ||
Non-current liabilities | 109,778 | ||
Revenue | 0 | ||
Profit (loss) | (72) | ||
Profit (loss) attributed to non-controlling interests | (35) | ||
Cash flows from operating activities | (118) | ||
Cash flows from investing activities | (75,037) | ||
Cash flows from financing activities | 103,552 | ||
Total change in cash and cash equivalents | $ 28,397 |
Investments in Investee Entit_5
Investments in Investee Entities (Narrative) (Details) - Clenera Llc [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 02, 2021 | Dec. 31, 2022 | |
Disclosure of information about consolidated structured entities [line items] | ||
Percentage of voting equity interests acquired | 90.10% | |
Maximum Company Value In Acquisition Transaction | $ 433,000 | |
Percentage Of Minority Stake Maintained By Two Founders | 9.90% | |
Performance Based Contingent Consideration Under Earn Out, Revaluation | $ 10,293 | |
Liability in respect of put option | 1,709 | |
Change in value of project due to date of commercial operation | $ 12,002 | |
Percentage of earn out payment | 39% | |
Tenure and provision of services | 3 years |
Contract Assets in respect of_3
Contract Assets in respect of Concession Arrangements for the Construction and Operation of Photovoltaic Systems (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) MWh kWh | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Contract assets | $ 106,774 | $ 287,042 | $ 286,251 |
Halutziot [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 55 | ||
Stake in the project | 90% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 62.8 | ||
Rate of return on the contract asset | 6 | ||
Contract assets | $ 0 | ||
Peirot HaGolan [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 1.5 | ||
Stake in the project | 51% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 53.99 | ||
Rate of return on the contract asset | 5.75 | ||
Contract assets | $ 725 | ||
Expiry date of the contract | 30/06/2035 | ||
Sde Nehemia [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 0.63 | ||
Stake in the project | 100% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 53.99 | ||
Rate of return on the contract asset | 5.75 | ||
Contract assets | $ 926 | ||
Expiry date of the contract | 31/03/2035 | ||
Barbur [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 0.5 | ||
Stake in the project | 51% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 53.99 | ||
Rate of return on the contract asset | 5.75 | ||
Contract assets | $ 2,870 | ||
Expiry date of the contract | 31/03/2035 | ||
Talmei Bilu [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 10 | ||
Stake in the project | 100% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 102.46 | ||
Rate of return on the contract asset | 6.5 | ||
Contract assets | $ 36,649 | ||
Expiry date of the contract | 30/09/2033 | ||
Mivtachim [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 10 | ||
Stake in the project | 100% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 130.39 | ||
Rate of return on the contract asset | 8 | ||
Contract assets | $ 43,370 | ||
Expiry date of the contract | 30/09/2033 | ||
Kramim [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 5 | ||
Stake in the project | 100% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 96.31 | ||
Rate of return on the contract asset | 6 | ||
Contract assets | $ 14,143 | ||
Expiry date of the contract | 31/12/2033 | ||
Idan [Member] | |||
Disclosure Of Detailed Information About Contract Assets [Line Items] | |||
Total capacity in MW | MWh | 3 | ||
Stake in the project | 100% | ||
Tariff approval for the facility (agorot per kWh) | kWh | 96.31 | ||
Rate of return on the contract asset | 6 | ||
Contract assets | $ 8,091 | ||
Expiry date of the contract | 30/09/2033 |
Contract Assets in respect of_4
Contract Assets in respect of Concession Arrangements for the Construction and Operation of Photovoltaic Systems (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Assets In Respect Of Concession Arrangements For Construction And Operation Of Photovoltaic Systems [Abstract] | |||
Balance as of January 1 | $ 287,042 | $ 286,251 | |
Repayment of contract asset under concession arrangements | (17,579) | (32,857) | $ (31,250) |
Finance incomes | 17,188 | 24,310 | |
Reclassification from IFRIC 12 into a fixed asset | (162,359) | ||
Translation differences | (17,518) | 9,338 | |
Balance as of December 31 | $ 106,774 | $ 287,042 | $ 286,251 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | $ 1,488,829 | |
Reclassification from IFRIC 12 | (162,359) | |
Balance, end of period | 2,220,734 | $ 1,488,829 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 1,530,457 | 965,122 |
Capitalization IFRS 16 | 4,053 | 5,166 |
Additions | 743,430 | 490,029 |
Reclassification from IFRIC 12 | 162,359 | |
Initial Consolidation | 1,432 | 121,359 |
Translation differences | (145,807) | (51,219) |
Balance, end of period | 2,295,924 | 1,530,457 |
Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 41,628 | 27,189 |
Depreciation expenses | 36,884 | 17,265 |
Translation differences | (3,322) | (2,826) |
Balance, end of period | 75,190 | 41,628 |
Solar systems [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 111,839 | |
Balance, end of period | 512,347 | 111,839 |
Solar systems [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 122,565 | 124,773 |
Capitalization IFRS 16 | 0 | 0 |
Additions | 280,518 | 0 |
Reclassification from IFRIC 12 | 162,359 | |
Initial Consolidation | 1,432 | 0 |
Translation differences | (37,448) | (2,208) |
Balance, end of period | 529,426 | 122,565 |
Solar systems [Member] | Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 10,726 | 6,920 |
Depreciation expenses | 7,678 | 3,806 |
Translation differences | (1,325) | |
Balance, end of period | 17,079 | 10,726 |
Wind farms [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 1,374,486 | |
Balance, end of period | 1,704,770 | 1,374,486 |
Wind farms [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 1,403,984 | 837,554 |
Capitalization IFRS 16 | 4,053 | 5,166 |
Additions | 460,722 | 489,504 |
Reclassification from IFRIC 12 | 0 | |
Initial Consolidation | 0 | 120,845 |
Translation differences | (107,900) | (49,085) |
Balance, end of period | 1,760,859 | 1,403,984 |
Wind farms [Member] | Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 29,498 | 19,559 |
Depreciation expenses | 28,445 | 12,795 |
Translation differences | (1,854) | (2,856) |
Balance, end of period | 56,089 | 29,498 |
Others [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 2,504 | |
Balance, end of period | 3,617 | 2,504 |
Others [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 3,908 | 2,795 |
Capitalization IFRS 16 | 0 | 0 |
Additions | 2,190 | 525 |
Reclassification from IFRIC 12 | 0 | |
Initial Consolidation | 0 | 514 |
Translation differences | (459) | 74 |
Balance, end of period | 5,639 | 3,908 |
Others [Member] | Accumulated impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of period | 1,404 | 710 |
Depreciation expenses | 761 | 664 |
Translation differences | (143) | 30 |
Balance, end of period | $ 2,022 | $ 1,404 |
Fixed Assets (Details 1)
Fixed Assets (Details 1) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) MWp | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciated cost as of December 31, 2022 | $ 1,705 | $ 1,054 | $ 641 |
Solar systems [Member] | Zayit Yarok [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Status | 2012 | ||
Installed capacity | MWp | 0.5 | ||
Effective holding rate | 100% | ||
Depreciated cost as of December 31, 2022 | $ 600 | ||
Solar systems [Member] | Sunlight 1 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Status | 2018 | ||
Installed capacity | MWp | 53 | ||
Depreciated cost as of December 31, 2022 | $ 46,300 | ||
Solar systems [Member] | Sunlight 1 [Member] | Bottom of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 50% | ||
Solar systems [Member] | Sunlight 1 [Member] | Top of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 100% | ||
Solar systems [Member] | Sunlight 2 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Status | 2019 | ||
Installed capacity | MWp | 12 | ||
Depreciated cost as of December 31, 2022 | $ 12,200 | ||
Solar systems [Member] | Sunlight 2 [Member] | Bottom of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 74% | ||
Solar systems [Member] | Sunlight 2 [Member] | Top of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 100% | ||
Solar systems [Member] | Atilla [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Hungary | ||
Status | 2019 | ||
Installed capacity | MWp | 57 | ||
Effective holding rate | 50.10% | ||
Depreciated cost as of December 31, 2022 | $ 35,500 | ||
Solar systems [Member] | Halutziot [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Status | 2015 | ||
Installed capacity | MWp | 55 | ||
Effective holding rate | 90% | ||
Depreciated cost as of December 31, 2022 | $ 161,000 | ||
Solar systems [Member] | Halutziot 2 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Installed capacity | MWp | 32 | ||
Effective holding rate | 90% | ||
Depreciated cost as of December 31, 2022 | $ 26,000 | ||
Solar systems [Member] | Storage Tender One [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Installed capacity | MWp | 130 | ||
Depreciated cost as of December 31, 2022 | $ 66,000 | ||
Solar systems [Member] | Storage Tender One [Member] | Bottom of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 50.10% | ||
Solar systems [Member] | Storage Tender One [Member] | Top of range [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Effective holding rate | 74% | ||
Solar systems [Member] | Rabba Acdc Kft [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Hungary | ||
Installed capacity | MWp | 25 | ||
Effective holding rate | 100% | ||
Depreciated cost as of December 31, 2022 | $ 15,000 | ||
Solar systems [Member] | Apex [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | United States | ||
Installed capacity | MWp | 105 | ||
Effective holding rate | 100% | ||
Depreciated cost as of December 31, 2022 | $ 150,000 |
Fixed Assets (Details 2)
Fixed Assets (Details 2) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) MWp | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciated cost as of December 31, 2022 | $ 1,705 | $ 1,054 | $ 641 |
Wind farms [Member] | Ewk [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Serbia | ||
Status | 2019 | ||
Installed capacity | MWp | 105 | ||
Effective holding rate | 50.10% | ||
Depreciated cost as of December 31, 2022 | $ 142,700 | ||
Wind farms [Member] | Lukovac [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Croatia | ||
Status | 2018 | ||
Installed capacity | MWp | 49 | ||
Effective holding rate | 50.10% | ||
Depreciated cost as of December 31, 2022 | $ 48,000 | ||
Wind farms [Member] | Sowi Member [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Kosovo | ||
Status | 2021 | ||
Installed capacity | MWp | 105 | ||
Effective holding rate | 60% | ||
Depreciated cost as of December 31, 2022 | $ 135,500 | ||
Wind farms [Member] | Picasso [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Sweden | ||
Status | 2021 | ||
Installed capacity | MWp | 113 | ||
Effective holding rate | 69% | ||
Depreciated cost as of December 31, 2022 | $ 141,000 | ||
Wind farms [Member] | Tullynamoyle [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Ireland | ||
Status | 2017 | ||
Installed capacity | MWp | 13.6 | ||
Effective holding rate | 50.10% | ||
Depreciated cost as of December 31, 2022 | $ 19,000 | ||
Wind farms [Member] | Emek Habacha [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Status | 2022 | ||
Installed capacity | MWp | 109 | ||
Effective holding rate | 40.90% | ||
Depreciated cost as of December 31, 2022 | $ 203,200 | ||
Wind farms [Member] | Ruach Beresheet [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Sweden | ||
Installed capacity | MWp | 372 | ||
Effective holding rate | 56% | ||
Depreciated cost as of December 31, 2022 | $ 362,000 | ||
Wind farms [Member] | Gecama [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Spain | ||
Status | 2022 | ||
Installed capacity | MWp | 329 | ||
Effective holding rate | 72% | ||
Depreciated cost as of December 31, 2022 | $ 339,000 | ||
Wind farms [Member] | Björnberget Vindkraft AB [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Country | Israel | ||
Installed capacity | MWp | 189 | ||
Effective holding rate | 54% | ||
Depreciated cost as of December 31, 2022 | $ 313,700 |
Fixed Assets (Narrative) (Detai
Fixed Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment [abstract] | ||
Capitalization of borrowing costs | $ 39,000 | $ 26,700 |
Initial Consolidation | $ 1,400 | $ 121,000 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Depreciated cost | $ 279,717 | $ 247,059 | |
Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning Balance | 251,652 | 93,527 | |
Initial consolidation | 41,437 | 164,997 | |
Others | (247) | ||
Translation differences | (6,447) | (6,872) | |
Ending Balance | 286,395 | 251,652 | |
Amortization | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning Balance | 4,593 | 2,953 | |
Amortization | 2,141 | 1,483 | [1] |
Translation differences | 56 | (157) | |
Ending Balance | 6,678 | 4,593 | |
Electricity supply agreements and concession agreements | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Depreciated cost | 131,589 | 98,931 | |
Electricity supply agreements and concession agreements | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning Balance | 103,524 | 93,527 | |
Initial consolidation | 16,974 | ||
Translation differences | (6,977) | ||
Ending Balance | 138,267 | 103,524 | |
Electricity supply agreements and concession agreements | Amortization | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning Balance | 4,593 | 2,953 | |
Amortization | 2,141 | 1,483 | [1] |
Translation differences | 56 | (157) | |
Ending Balance | 6,678 | 4,593 | |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Depreciated cost | 148,128 | 148,128 | |
Goodwill | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning Balance | 148,128 | ||
Initial consolidation | 41,437 | 148,023 | |
Others | (247) | ||
Translation differences | (6,447) | 105 | |
Ending Balance | $ 148,128 | $ 148,128 | |
[1]The amortization of the intangible assets is included under Costs of sales in the Consolidated Statements of Income and Other Comprehensive Income |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill | $ 148,128 | $ 148,128 |
Clenera Llc [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill | $ 148,128 | $ 148,128 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) | Dec. 31, 2022 |
Bottom of range [Member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Discount rate applied to cash flow projections | 8.80% |
Top of range [Member] | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |
Discount rate applied to cash flow projections | 9.80% |
Other Payables (Details)
Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Other Payables [Abstract] | |||
Accrued expenses | $ 41,500 | $ 29,222 | |
Liabilities to employees and other liabilities for salaries | 18,707 | 4,665 | |
Government institutions | 8,784 | 2,385 | |
Payables in respect of purchase transaction | [1] | 4,304 | 4,412 |
Interest payable in respect of debentures | 2,761 | 3,207 | |
Interest payable in respect of loans | 1,161 | 817 | |
Others | 647 | 1,350 | |
Other payables | $ 77,864 | $ 46,058 | |
[1]The balance as of December 31, 2021 and December 31, 2022 was due to a future liability to the sellers in wind projects in Sweden (Picasso), Kosovo (SOWI) and Spain (GECAMA) and to the sellers in wind projects in Kosovo (SOWI) and Spain (GECAMA), respectively. In 2021 in respect of the project in Spain (GECAMA), there is an additional balance of payables in the amount of NIS 3.5 million (EUR 1 million), repayable in periods exceeding one year after the balance sheet date, and which therefore appear separately as other long term payables. |
Loans from banks and other fi_3
Loans from banks and other financial institutions (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||
Current liabilities | $ 165,627 | $ 61,822 |
Non-current liabilities | 1,419,057 | 1,168,569 |
Total | 1,584,684 | 1,230,391 |
Credit from banking corporations [Member] | ||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||
Current liabilities | 565 | 3,156 |
Non-current liabilities | 0 | 0 |
Total | 565 | 3,156 |
Loans from banking corporations and other financial institutions for project financing [Member] | ||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||
Current liabilities | 165,062 | 58,666 |
Non-current liabilities | 1,376,260 | 1,168,569 |
Total | 1,541,322 | 1,227,235 |
Loans from banking corporations for corporate financing [Member] | ||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||
Current liabilities | 0 | 0 |
Non-current liabilities | 42,797 | 0 |
Total | $ 42,797 | $ 0 |
Loans from banks and other fi_4
Loans from banks and other financial institutions (Details 1) € in Thousands, ₪ in Thousands, Ft in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 HUF (Ft) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 HUF (Ft) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | |
Mivtachim And Talmei Bilu [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund | |||||||
Credit Facility | ₪ 356,000 | $ 101,000,000 | ||||||
Date Financing Provided | December 2020 | |||||||
Borrowings | ₪ 320,200 | 91,000,000 | ₪ 333,000 | $ 107,000,000 | ||||
Amortization Schedule | Spitzer amortization table comprised of quarterly payments | |||||||
Debt Period | Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. | |||||||
Stated Annual Interest Rate | Interest of approximately 0.77%, index-linked | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
L L C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the companies fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. | |||||||
Guarantees | See Note 28C(4) | |||||||
Reference To Additional Information | See Note 12(2)A | |||||||
Halutziot [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund | |||||||
Credit Facility | ₪ 609,000 | $ 173,000,000 | ||||||
Date Financing Provided | December 2020 | |||||||
Borrowings | ₪ 576,800 | 164,000,000 | 588,500 | 189,000,000 | ||||
Amortization Schedule | Spitzer amortization table comprised of quarterly payments | |||||||
Debt Period | Throughout the entire period until the expiration date of the permanent electricity production license, approximately 15 years. | |||||||
Stated Annual Interest Rate | Interest of approximately 0.88%, index-linked | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
L L C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the partnership fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. | |||||||
Guarantees | See Note 28B(4), 28C(5) | |||||||
Reference To Additional Information | See Note 12(2)A | |||||||
Kramim And Idan [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Leumi Le-Israel Ltd. and entities of Menorah Group and Amitim Pension Fund | |||||||
Credit Facility | ₪ 107,000 | $ 30,000,000 | ||||||
Date Financing Provided | December 2020 | |||||||
Borrowings | ₪ 99,100 | 28,000,000 | 102,000 | 33,000,000 | ||||
Amortization Schedule | Spitzer amortization table comprised of quarterly payments | |||||||
Debt Period | Throughout the entire period until the expiration date of the permanent electricity production license, approximately 13 years. | |||||||
Stated Annual Interest Rate | Interest of approximately 0.8%, index-linked | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
L L C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, and cross-support between the project corporations Mivtachim, Talmei Bilu, Halutziot, Kramim and Idan, in respect of the debt service. | |||||||
Guarantees | See Note 28B(4) | |||||||
Reference To Additional Information | See Note 12(2)A | |||||||
Medium Rooftops [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Institutional entities of Clal Insurance Group | |||||||
Credit Facility | ₪ 15,000 | $ 4,000,000 | ||||||
Date Financing Provided | January 2019 | |||||||
Borrowings | 12,600 | 4,000,000 | 12,800 | 4,000,000 | ||||
Amortization Schedule | Spitzer amortization table comprised of quarterly payments | |||||||
Debt Period | Approximately 15 years | |||||||
Stated Annual Interest Rate | Interest of approximately 2.2%, index-linked | |||||||
Debt Service Reserve | ₪ 700 | $ 200,000 | ||||||
A D S C R Default | 1.07 | 1.07 | 1.07 | 1.07 | ||||
L L C R Default | 1.12 | 1.12 | 1.12 | 1.12 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the partnership’s interests in the projects, on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. | |||||||
Guarantees | See Note 28B(4) | |||||||
Reference To Additional Information | - | |||||||
Tariff Tender Projects Sunlight 1 [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Institutional entities of Clal Insurance Group | |||||||
Credit Facility | ₪ 160,000 | $ 45,000,000 | ||||||
Date Financing Provided | March 2018 | |||||||
Borrowings | 146,500 | 42,000,000 | 145,100 | 47,000,000 | ||||
Amortization Schedule | Spitzer amortization table, quarterly repayments. | |||||||
Debt Period | Construction period and another approximately 22 years | |||||||
Stated Annual Interest Rate | interest within the range of 2.6%-3%, CPI-linked | |||||||
Debt Service Reserve | ₪ 5,800 | $ 2,000,000 | ||||||
A D S C R Default | 1,070 | 1,070 | 1,070 | 1,070 | ||||
L L C R Default | 1,120 | 1,120 | 1,120 | 1,120 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. | |||||||
Guarantees | See Note 28B(3) | |||||||
Reference To Additional Information | - | |||||||
Emek Habacha [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Hapoalim Ltd. in collaboration with Phoenix and Harel groups | |||||||
Credit Facility | ₪ 576,000 | $ 164,000,000 | ||||||
Date Financing Provided | November 2018 | |||||||
Borrowings | ₪ 589,700 | 168,000,000 | 492,300 | 158,000,000 | ||||
Amortization Schedule | Spitzer amortization table, quarterly repayments. | |||||||
Debt Period | Construction period and another approximately 18 years. | |||||||
Stated Annual Interest Rate | The construction period - base interest (*) plus a margin of 3.3%, CPI-linkedThe construction period - base interest (*) plus a margin of 2.65%, CPI-linked | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1,050 | 1,050 | 1,050 | 1,050 | ||||
L L C R Default | 1,050 | 1,050 | 1,050 | 1,050 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, fulfillment of the foregoing financial covenants is not required | |||||||
Collateral | Charge on the tariff and conditional license, charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. | |||||||
Guarantees | See Note 30C(1), 30C(2) | |||||||
Reference To Additional Information | See Note 28A(1) | |||||||
Tariff Tender Projects Sunlight 2 And Dekel [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Institutional entities of Clal Insurance Group | |||||||
Credit Facility | ₪ 70,000 | $ 20,000,000 | ||||||
Date Financing Provided | December 2019 | |||||||
Borrowings | 49,300 | 14,000,000 | 48,600 | 16,000,000 | ||||
Amortization Schedule | Spitzer amortization table, quarterly repayments | |||||||
Debt Period | Construction period and another approximately 22 years | |||||||
Stated Annual Interest Rate | Base interest (*) plus a margin of 2.15%, CPI-linked | |||||||
Debt Service Reserve | ₪ 1,800 | $ 500,000 | ||||||
A D S C R Default | 1,070 | 1,070 | 1,070 | 1,070 | ||||
L L C R Default | 1,120 | 1,120 | 1,120 | 1,120 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the partnerships fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the partnership’s interests in the projects, charge on the project partnership’s assets, right to proceeds from the sale of electricity, the project partnership’s land rights, insurance, agreements vis-à-vis contractors and collateral from contractors thereunder, the rights of the partnership’s partners to receive profits, etc. Backing between the Company’s concatenated interests in the project partnerships of each group of projects. | |||||||
Guarantees | See Note 30B(5) | |||||||
Tullynamoyle [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank of Ireland | |||||||
Credit Facility | € 14,300 | $ 15,250,000 | ||||||
Date Financing Provided | August 2020 | |||||||
Borrowings | € 11,860 | 12,650,000 | € 12,800 | 14,500,000 | ||||
Amortization Schedule | The loan will be repaid in 50 quarterly payments | |||||||
Debt Period | 12.5 years | |||||||
Stated Annual Interest Rate | Approximately 90% of the loan bears interest at a rate of 3.47% and approximately 10% of the loan bears interest of 3M Euribor plus a margin of 2% | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1,050 | 1,050 | 1,050 | 1,050 | ||||
Fulfillment Of Financial Covenants | Non-fulfillment, receipt of a waiver letter from the bank stating that the lender waives, inter alia, its right to demand immediate repayment. | |||||||
Collateral | The project company pledged in favor of the bank all of the equipment in the project, its rights by virtue of power purchase agreements, its rights in the licenses, its rights in the insurance policy, and its other rights in the project. The Company’s entire stake in the project company was also pledged in favor of the bank. | |||||||
Guarantees | - | |||||||
Lukovac [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | ERSTE and PBZ, of INTESA Group | |||||||
Credit Facility | € 48,800 | $ 52,000,000 | ||||||
Date Financing Provided | December 2020 | |||||||
Borrowings | € 41,000 | 43,900,000 | 28,700 | 51,000,000 | ||||
Amortization Schedule | The loan will be repaid in 46 quarterly payments | |||||||
Debt Period | 11.5 years | |||||||
Stated Annual Interest Rate | Interest at a rate of 3.75% and 3M Euribur plus 3% for the loans in EUR, and interest at a rate of 3.5% for the loan in HRK | |||||||
Debt Service Reserve | € 2,800 | $ 3,000,000 | ||||||
A D S C R Default | 1,100 | 1,100 | 1,100 | 1,100 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the Company fulfilled the foregoing financial covenants | |||||||
Collateral | The project company will pledge towards the bank the project equipment, power purchase agreements, its rights in licenses, the insurance policy, and its other rights in the project. | |||||||
Reference To Additional Information | See Note 12(2)A | |||||||
Ewk [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | ERSTE, EBRD and Novi Sad | |||||||
Credit Facility | € 139,000 | $ 148,000,000 | ||||||
Date Financing Provided | December 2017 | |||||||
Borrowings | € 93,600 | 99,900,000 | 102,600 | 116,100,000 | ||||
Amortization Schedule | The loan will be repaid in 23 semi-annual payments | |||||||
Debt Period | Construction period and another approximately 11.5 years | |||||||
Stated Annual Interest Rate | Approximately EUR 83 million of the loan bears interest at a rate of 2.3%,Approximately EUR 40 million of the loan bears interest at a rate of 3.95%,And approximately EUR 16 million of the loan bears interest in the range of 4.65%-4.83%. | |||||||
Debt Service Reserve | € 7,700 | $ 8,200,000 | ||||||
A D S C R Default | 1,100 | 1,100 | 1,100 | 1,100 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the Company fulfilled the foregoing financial covenants | |||||||
Collateral | The project company will pledge towards the bank the project company’s assets, cash flow rights, insurance policies, collateral from EPC contractors, etc. | |||||||
Meg And Raaba [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | ERSTE | |||||||
Credit Facility | Ft 14,000 | $ 37,000,000 | ||||||
Date Financing Provided | January 2019 | |||||||
Borrowings | 12,660 | 33,700,000 | Ft 13,200 | 40,500,000 | ||||
Amortization Schedule | Quarterly repayments, spitzer amortization table with lower repayments in the first two years | |||||||
Debt Period | Construction period and another approximately 17 years | |||||||
Stated Annual Interest Rate | Approximately 30% of the loan bears interest at a rate of 4.05% And approximately 70% of the loan bears interest at a rate of approximately 6.3% | |||||||
Debt Service Reserve | Ft 414,000 | $ 1,100,000 | ||||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the Company fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the tariff and the electricity production license, charge on the project companies’ assets, cash flow rights, land rights, insurance. collateral from the project contractors, etc.) The financing of the portfolio of projects is applied and evaluated on a consolidated basis. | |||||||
Meg And Raaba [Member] | Bottom of range [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Meg And Raaba [Member] | Top of range [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
A D S C R Default | 1.1 | 1.1 | 1.1 | 1.1 | ||||
SOWI [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | ERSTE, NLB group and EBRD | |||||||
Credit Facility | € 115,000 | $ 122,700,000 | ||||||
Date Financing Provided | January 2020 | |||||||
Borrowings | € 96,200 | 102,600,000 | 79,400 | 89,900,000 | ||||
Amortization Schedule | Semi-annual repayments, Spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 11 years | |||||||
Stated Annual Interest Rate | And approximately 50% of the loan bears interest at a rate of 1.9%,and approximately 50% of the loan bears of Euribor plus a margin of 4%. The Company has undertaken to hedge at least 40% of the total base interest liability during the entire debt period. | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the Company fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. | |||||||
Guarantees | - | |||||||
Reference To Additional Information | See Note 28A(3) | |||||||
Picasso Wind Project In Sweden [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Hamburg Commercial Bank | |||||||
Credit Facility | € 81,700 | $ 87,100,000 | ||||||
Date Financing Provided | January 2020 | |||||||
Borrowings | € 77,500 | 83,000,000 | 81,500 | 92,000,000 | ||||
Amortization Schedule | Quarterly repayments, spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 18 years | |||||||
Stated Annual Interest Rate | Interest at a rate of 1.58% during the construction period and until December 31, 2029, and interest at a rate of 2.33% until the end of the loan period. | |||||||
Debt Service Reserve | $ 0 | |||||||
Fulfillment Of Financial Covenants | As of the balance sheet date, the Company fulfilled the foregoing financial covenants | |||||||
Collateral | Charge on the project company’s assets, cash flow rights, land rights, collateral from the project contractors, etc. | |||||||
Guarantees | See Note 28B(10) | |||||||
Reference To Additional Information | See Note 28A(5) | |||||||
Picasso Wind Project In Sweden [Member] | Bottom of range [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Picasso Wind Project In Sweden [Member] | Top of range [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
A D S C R Default | 1.1 | 1.1 | 1.1 | 1.1 | ||||
Halutziot 2 [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Leumi Le-Israel Ltd. | |||||||
Credit Facility | ₪ | ₪ 177,000 | |||||||
Date Financing Provided | September 2022 | |||||||
Borrowings | $ 0 | 0 | ||||||
Amortization Schedule | Spitzer amortization table comprised of quarterly payments | |||||||
Debt Period | Construction period and another approximately 22 years | |||||||
Stated Annual Interest Rate | base interest plus a margin of 1.25%-2.2% CPI-linked | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1.05 | 1.05 | 1.05 | 1.05 | ||||
Fulfillment Of Financial Covenants | As of the balance sheet date, fulfillment of the foregoing financial covenants is not required | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project. | |||||||
Ruach Beresheet [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Hapoalim Ltd., and in collaboration with entities from Migdal and Amitim Group | |||||||
Credit Facility | ₪ 1,170 | $ 331,300,000 | ||||||
Date Financing Provided | July 2020 | |||||||
Borrowings | ₪ 986,000 | 280,000,000 | ₪ 645,700 | 207,600,000 | ||||
Amortization Schedule | Quarterly repayments, spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 19 years | |||||||
Stated Annual Interest Rate | construction period - base interest plus a margin of 2.5%-3%Operating period - base interest plus a margin of 2.2%-2.7% | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1,050 | |||||||
Fulfillment Of Financial Covenants | As of the balance sheet date, fulfillment of the foregoing financial covenants is not required | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. | |||||||
Guarantees | See Note 28C(3) | |||||||
Reference To Additional Information | See Note 28A(2) | |||||||
Gecama Project [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Banco de Sabadell and Bankia | |||||||
Credit Facility | € 160,000 | $ 170,100,000 | ||||||
Date Financing Provided | June 2020 | |||||||
Borrowings | € 156,900 | 167,300,000 | € 56,700 | 64,100,000 | ||||
Amortization Schedule | Semi-annual repayments, Spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 14 years | |||||||
Stated Annual Interest Rate | Base interest of Euribor plus a margin of 2.5%-3%. The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 13 years, beginning from the project’s date of initial operation. | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1,050 | |||||||
Fulfillment Of Financial Covenants | As of the balance sheet date, fulfillment of the foregoing financial covenants is not required | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. | |||||||
Guarantees | - | |||||||
Reference To Additional Information | See Note 28A(4) | |||||||
Bjornberget Vindkraft Ab Project In Sweden [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | KFW IPEX-Bank and DekaBank, and the Swedish Export Credit Corporation (SEK). | |||||||
Credit Facility | € 207,000 | $ 220,800,000 | ||||||
Date Financing Provided | May 2021 | |||||||
Borrowings | € 128,700 | 137,300,000 | 0 | |||||
Amortization Schedule | Semi-annual repayments, Spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 18 years | |||||||
Stated Annual Interest Rate | Interest - Euribor + margin of 1.75% The Company has undertaken to hedge at least 75% of the total base interest liability during the entire debt period of 18 years, beginning from the project’s date of initial operation. | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 1,050 | |||||||
Fulfillment Of Financial Covenants | As of the balance sheet date, fulfillment of the foregoing financial covenants is not required | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. | |||||||
Reference To Additional Information | See Note 28A(6) | |||||||
Apex [Member] | ||||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||||
Lender | Bank Huntington Bancshares, Bank of America and Nord LB | |||||||
Credit Facility | € 127,000 | $ 116,000,000 | ||||||
Date Financing Provided | September 2022 | |||||||
Borrowings | 75,600,000 | $ 0 | ||||||
Amortization Schedule | Construction loan – one repayment at end of construction period. Operating loan - Semi-annual repayments, spitzer amortization table | |||||||
Debt Period | Construction period and another approximately 25 years | |||||||
Stated Annual Interest Rate | construction period - base interest of SOFR plus a margin of 0.6%-1% | |||||||
Debt Service Reserve | $ 0 | |||||||
A D S C R Default | 0 | |||||||
Fulfillment Of Financial Covenants | - | |||||||
Collateral | Charge on the SPV’s assets, cash flow rights, land rights, insurance, collateral from the project contractors, etc. Additionally, a guarantee of a restricted amount for the construction period. | |||||||
Reference To Additional Information | See Note 28A(15) |
Loans from banks and other fi_5
Loans from banks and other financial institutions (Details 2) € in Millions, ₪ in Millions, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) |
Ewk [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Borrowings | € 93.6 | $ 99.9 | € 102.6 | $ 116.1 | ||
Bjornberget Vindkraft Ab Project In Sweden [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Borrowings | € 128.7 | 137.3 | 0 | |||
Emek Habacha [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Borrowings | ₪ 589.7 | $ 168 | ₪ 492.3 | $ 158 |
Loans from banks and other fi_6
Loans from banks and other financial institutions (Narrative) (Details) $ in Thousands, ₪ in Millions | 1 Months Ended | |||||
Jul. 06, 2021 USD ($) | Dec. 30, 2020 ILS (₪) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 22, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Current portion of non-current borrowings | $ 165,627 | $ 61,822 | ||||
Bank Hapoalim Ltd [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Credit Facility | $ 74 | |||||
Bank Leumi Le Israel Ltd [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Credit Facility | $ 43 | |||||
Solar Projects In Israel [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Non Recurring Expense | ₪ | ₪ 67.6 | |||||
Israeli Banking Corporations [Member] | Bottom of range [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Percentage of NIS interest rate | 1.70% | |||||
Percentage of USD interest rate | 2% | |||||
Israeli Banking Corporations [Member] | Top of range [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Percentage of NIS interest rate | 1.80% | |||||
Percentage of USD interest rate | 2.20% | |||||
Israeli Banking Corporations [Member] | Bank Hapoalim Ltd [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Credit Facility | $ 250 | |||||
Equity Returned | $ 1,000,000 | |||||
Percentage net financial debt ratio not exceed | 70% | |||||
Percentage of equity to balance sheet will not fail below | 20% | |||||
Percentage of cumulative limit of breaches | 1.25% | |||||
Israeli Banking Corporations [Member] | Bank Leumi Le Israel Ltd [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Credit Facility | $ 150 | |||||
Mivtachim And Talmei Bilu [Member] | ||||||
Credit From Banking Corporations Financial Institutions And Other Credit Providers [Line Items] | ||||||
Credit Facility | ₪ 356 | $ 101,000 |
Debenture (Details)
Debenture (Details) $ in Thousands | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Mar. 06, 2022 ILS (₪) | Dec. 31, 2021 USD ($) | Jul. 30, 2021 ILS (₪) | Jun. 30, 2019 ILS (₪) | Jun. 30, 2018 ILS (₪) |
Debentures [Line Items] | |||||||
Debenture Current Liabilities | $ 15,832 | $ 17,914 | |||||
Debenture Non Current Liabilities | 369,905 | 387,651 | |||||
Debentures | 385,737 | 405,565 | |||||
Series E Debentures [Member] | |||||||
Debentures [Line Items] | |||||||
Debenture Current Liabilities | 2,685 | 3,039 | |||||
Debenture Non Current Liabilities | 24,854 | 31,116 | |||||
Debentures | 27,539 | 34,155 | ₪ 135,000,000 | ||||
Series F Debentures [Member] | |||||||
Debentures [Line Items] | |||||||
Debenture Current Liabilities | 13,147 | 14,875 | |||||
Debenture Non Current Liabilities | 113,187 | 143,503 | |||||
Debentures | 126,334 | 158,378 | ₪ 222,000,000 | ||||
Series C Debentures [Member] | |||||||
Debentures [Line Items] | |||||||
Debenture Current Liabilities | 0 | 0 | |||||
Debenture Non Current Liabilities | 131,385 | 100,995 | |||||
Debentures | 131,385 | ₪ 164,363,000 | 100,995 | ₪ 367,220,000 | |||
Series D Debentures [Member] | |||||||
Debentures [Line Items] | |||||||
Debenture Current Liabilities | 0 | 0 | |||||
Debenture Non Current Liabilities | 100,479 | 112,037 | |||||
Debentures | ₪ 385,970,000 | $ 100,479 | $ 112,037 |
Debentures (Narrative) (Details
Debentures (Narrative) (Details) ₪ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Mar. 06, 2022 ILS (₪) | Apr. 07, 2020 ILS (₪) | Jul. 30, 2021 ILS (₪) ₪ / shares | Aug. 31, 2020 ILS (₪) ₪ / shares shares | Jun. 30, 2019 ILS (₪) ₪ / shares shares | Jun. 30, 2018 ILS (₪) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | ||
Debentures [Line Items] | ||||||||||||
Debenture Current Liabilities | $ 15,832 | $ 17,914 | ||||||||||
Debenture Non Current Liabilities | 369,905 | 387,651 | ||||||||||
Debentures | 385,737 | 405,565 | ||||||||||
Equity | 1,050,034 | 757,381 | [1] | $ 512,406 | $ 388,310 | |||||||
Series E Debentures [Member] | ||||||||||||
Debentures [Line Items] | ||||||||||||
Debenture Current Liabilities | 2,685 | 3,039 | ||||||||||
Debenture Non Current Liabilities | 24,854 | 31,116 | ||||||||||
Debentures | ₪ 135,000,000 | 27,539 | 34,155 | |||||||||
Terms Of Debentures | • The debentures (Series E) are not linked to any index and will be repaid in 12 semi-annual payments, each at a rate of 3.5% of the principal of the debentures (Series E), and the last payment, at a rate of 58% of the principal of the debentures (Series E), which will be paid on March 1, 2025. • The debentures bear fixed annual interest of 4.25%, to be paid twice per year, on March 1 and September 1 of each of the years 2018 to 2025 (inclusive), with last payment on march,1 2025. • The effective interest rate on the debentures (Series E) is approximately 4.4%. • The Company’s undertaking to repay the debentures is not secured by any collateral, or any other security. | |||||||||||
Borrowings, interest rate | 4.40% | |||||||||||
Equity | ₪ | ₪ 200,000,000 | |||||||||||
Maximum net financial debt | ₪ | ₪ 10,000,000 | |||||||||||
Maximum ratio between standalone net financial debt and net cap | 70% | |||||||||||
Minimum ratio of equity to total balance sheet | 20% | |||||||||||
Series F Debentures [Member] | ||||||||||||
Debentures [Line Items] | ||||||||||||
Par value of debenture | ₪ / shares | ₪ 1 | ₪ 1 | ||||||||||
Debenture Current Liabilities | 13,147 | 14,875 | ||||||||||
Debenture Non Current Liabilities | 113,187 | 143,503 | ||||||||||
Debentures | ₪ 222,000,000 | 126,334 | 158,378 | |||||||||
Terms Of Debentures | • The debentures are not linked to any index and are repayable in 7 payments, annual payments with the first 6 payments at a rate of 8% of the debentures' principal and the last payment in 2026 at a rate of 52% of the debentures' principal. • The interest in respect of the debentures is 3.45% and will be paid twice per year. | |||||||||||
Equity | ₪ | ₪ 375,000,000 | |||||||||||
Maximum net financial debt | ₪ | ₪ 10,000,000 | |||||||||||
Maximum ratio between standalone net financial debt and net cap | 70% | |||||||||||
Minimum ratio of equity to total balance sheet | 20% | |||||||||||
Additional Debentures | ₪ | ₪ 101,010,101 | |||||||||||
Additional Issuance Of Debenture | shares | 234,860,000 | 485,765,875 | ||||||||||
Consideration For Debentures | ₪ | ₪ 100,000,000 | ₪ 251,000,000 | ||||||||||
Series C Debentures [Member] | ||||||||||||
Debentures [Line Items] | ||||||||||||
Par value of debenture | ₪ / shares | ₪ 0.1 | |||||||||||
Debenture Current Liabilities | 0 | 0 | ||||||||||
Debenture Non Current Liabilities | 131,385 | 100,995 | ||||||||||
Debentures | ₪ 164,363,000 | ₪ 367,220,000 | 131,385 | 100,995 | ||||||||
Terms Of Debentures | • The debentures (Series C) are not linked to any index, have a par value of NIS 1 each, and are repayable in a single payment on September 1, 2028. • The unpaid principal balance of the debentures will bear fixed annual interest of 0.75%, to be paid twice per year from 2021 to 2028 (inclusive). • The unpaid principal balance of the debentures (Series C) is convertible into Company's ordinary shares, with a par value of NIS 0.1 each, in the manner specified below: (1) during the period from the date of listing of the series of debentures (Series C) on the TASE until December 31, 2023, each NIS 9 par value of the debentures (Series C) will be convertible into one ordinary share of the Company; and (2) during the period from January 1, 2024 to August 22, 2028, each NIS 24 par value of the debentures (Series C) will be convertible into one ordinary share of the Company. • In 2021 Midroog Ltd. updated the rating of the debentures (Series C) which the Company issued, from A3.il to A2.il, stable rating outlook. | |||||||||||
Description of par value | price of 95.1 agorot per NIS 1 par value | |||||||||||
Consideration For Debentures | ₪ | ₪ 155,800,000 | ₪ 349,226,000 | ||||||||||
Series D Debentures [Member] | ||||||||||||
Debentures [Line Items] | ||||||||||||
Debenture Current Liabilities | 0 | 0 | ||||||||||
Debenture Non Current Liabilities | 100,479 | 112,037 | ||||||||||
Debentures | ₪ 385,970,000 | $ 100,479 | $ 112,037 | |||||||||
Terms Of Debentures | • The debentures (Series D) are not linked to any index, each with a par value of NIS 1, are repayable in 2 equal payments and which will be paid on September 1 2027 and 2029. • The unpaid principal balance of the debentures bears fixed annual interest of 1.5%, to be paid twice per year, from 2021 to 2029 (inclusive). • The Company’s undertaking to repay the debentures is not secured by any collateral, or any other security (as this term is defined in the Securities Law). | |||||||||||
Equity | ₪ | ₪ 1,250,000,000 | |||||||||||
Maximum ratio between standalone net financial debt and net cap | 65% | 65% | ||||||||||
Minimum ratio of equity to total balance sheet | 25% | 25% | ||||||||||
Description of par value | price of 90.8 agorot per NIS 1 par value | |||||||||||
Consideration For Debentures | ₪ | ₪ 350,461,000 | |||||||||||
Equity After Distribution | ₪ | ₪ 1,500,000,000 | |||||||||||
[1]Total Capital reserves of 30,469 (USD in thousands) |
Changes in Liabilities from F_3
Changes in Liabilities from Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | $ 1,823,738 | $ 1,173,083 | $ 807,946 | ||||
Cash flows from financing activities | 400,559 | 580,246 | 287,335 | ||||
Translation differences in respect of foreign operations | (189,548) | 830 | 75,311 | ||||
Adjustments in respect of cash flows for operating activities | [1] | 34,859 | 14,383 | (16,203) | |||
Initial Consolidation Liabilities Arising From Financing Activities | [1] | 46,839 | (79) | ||||
Non-cash activities | 95,269 | 8,357 | (18,773) | ||||
Changes in Liabilities from Financing Activities , end of period | 2,164,877 | 1,823,738 | 1,173,083 | ||||
Debentures | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | [2] | 307,481 | 206,527 | 142,909 | |||
Cash flows from financing activities | [2] | (16,571) | 89,989 | 49,838 | |||
Translation differences in respect of foreign operations | [2] | (35,037) | 10,444 | 14,127 | |||
Adjustments in respect of cash flows for operating activities | [2] | 863 | [1] | 521 | (347) | ||
Initial Consolidation Liabilities Arising From Financing Activities | [1],[2] | 0 | 0 | ||||
Non-cash activities | [2] | 0 | 0 | 0 | |||
Changes in Liabilities from Financing Activities , end of period | [2] | 256,736 | 307,481 | 206,527 | |||
Convertible Debentures | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | [2] | 101,291 | 0 | 93 | |||
Cash flows from financing activities | [2] | 47,755 | 96,343 | (15) | |||
Translation differences in respect of foreign operations | [2] | (15,576) | 3,741 | 1 | |||
Adjustments in respect of cash flows for operating activities | [2] | 3,195 | [1] | 1,207 | 0 | ||
Initial Consolidation Liabilities Arising From Financing Activities | [1],[2] | 0 | (79) | ||||
Non-cash activities | [2] | (4,902) | 0 | 0 | |||
Changes in Liabilities from Financing Activities , end of period | [2] | 131,763 | 101,291 | 0 | |||
Loans from banks and other financial institutions | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | [2] | 1,231,208 | 840,582 | 526,700 | |||
Cash flows from financing activities | [2] | 357,868 | 389,728 | 263,326 | |||
Translation differences in respect of foreign operations | [2] | (123,423) | (9,154) | 51,631 | |||
Adjustments in respect of cash flows for operating activities | [2] | 32,435 | [1] | 13,801 | 2,426 | ||
Initial Consolidation Liabilities Arising From Financing Activities | [2] | 0 | 0 | ||||
Non-cash activities | [2] | (87,758) | [3] | (3,749) | (3,501) | ||
Changes in Liabilities from Financing Activities , end of period | [2] | 1,585,846 | 1,231,208 | 840,582 | |||
Loans from other credit providers | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | 0 | 43,455 | [2] | ||||
Cash flows from financing activities | (29,454) | ||||||
Translation differences in respect of foreign operations | 242 | ||||||
Adjustments in respect of cash flows for operating activities | (14,243) | ||||||
Initial Consolidation Liabilities Arising From Financing Activities | [1] | 0 | |||||
Non-cash activities | 0 | ||||||
Changes in Liabilities from Financing Activities , end of period | 0 | ||||||
Loans from non-controlling interests [Member] | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | 78,113 | 46,241 | 54,208 | ||||
Cash flows from financing activities | 15,834 | 10,530 | 9,022 | ||||
Translation differences in respect of foreign operations | (5,210) | (3,826) | 3,891 | ||||
Adjustments in respect of cash flows for operating activities | 330 | [1] | 97 | (2,952) | |||
Initial Consolidation Liabilities Arising From Financing Activities | [1] | 24,037 | 0 | ||||
Non-cash activities | 1,842 | 1,034 | (17,928) | ||||
Changes in Liabilities from Financing Activities , end of period | 90,909 | 78,113 | 46,241 | ||||
Lease liability | |||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||
Changes in Liabilities from Financing Activities, beginning of period | 105,645 | 79,733 | 40,581 | ||||
Cash flows from financing activities | (4,327) | (6,344) | (5,382) | ||||
Translation differences in respect of foreign operations | (10,302) | (375) | 5,419 | ||||
Adjustments in respect of cash flows for operating activities | (1,964) | [1] | (1,243) | (1,087) | |||
Initial Consolidation Liabilities Arising From Financing Activities | 22,802 | 0 | |||||
Non-cash activities | [4] | 10,571 | 11,072 | [1] | 40,202 | ||
Changes in Liabilities from Financing Activities , end of period | $ 99,623 | $ 105,645 | $ 79,733 | ||||
[1]Including interest accrued and interest paid.[2]Including interest payable.[3]Mostly due to the offsetting of deferred borrowing costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction period.[4]Initial creation vis-à-vis right-of-use asset. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current tax assets (liabilities): | |||
Current tax assets | $ 286 | $ 267 | |
Current tax liabilities | (6,225) | (1,482) | |
Total current tax assets (liabilities) | (5,939) | (1,215) | |
Non-current tax assets (liabilities): | |||
Deferred tax assets | 4,683 | 21,864 | |
Deferred tax liabilities | (14,133) | (12,411) | |
Total non-current tax assets (liabilities) | $ (9,450) | $ 9,453 | $ 5,303 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | $ 9,453 | $ 5,303 |
Recognized in the statement of income | (3,272) | |
Other comprehensive income | (9,453) | 6,435 |
Recognized in equity | 4,882 | 872 |
Initial consolidation | 14,021 | 115 |
Ending balance | (9,450) | 9,453 |
Temporary differences | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | (18,385) | (24,002) |
Recognized in the statement of income | (34) | |
Other comprehensive income | (18,385) | 5,536 |
Recognized in equity | 13,052 | 0 |
Initial consolidation | 10,412 | 115 |
Ending balance | (41,849) | (18,385) |
Fixed assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | (7,227) | (4,202) |
Recognized in the statement of income | (2,892) | |
Other comprehensive income | 7,227 | (248) |
Recognized in equity | 8,627 | 0 |
Initial consolidation | 1,234 | 115 |
Ending balance | (14,620) | (7,227) |
IFRS 16 – Leases | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 1,389 | 611 |
Recognized in the statement of income | 729 | |
Other comprehensive income | (1,389) | 49 |
Recognized in equity | 400 | 0 |
Initial consolidation | 144 | 0 |
Ending balance | 845 | 1,389 |
Financial instruments measured at fair value through profit or loss | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | (6,447) | 2,912 |
Recognized in the statement of income | (605) | |
Other comprehensive income | 6,447 | (4,140) |
Recognized in equity | 846 | 0 |
Initial consolidation | 12,849 | 0 |
Ending balance | 5,556 | (6,447) |
Contractual asset in respect of concession arrangements | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | (19,725) | (20,039) |
Recognized in the statement of income | 954 | |
Other comprehensive income | 19,725 | (640) |
Recognized in equity | 744 | 0 |
Initial consolidation | 2,258 | 0 |
Ending balance | (16,723) | (19,725) |
Deferred borrowing costs | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | (601) | (2,060) |
Recognized in the statement of income | 1,472 | |
Other comprehensive income | 601 | (13) |
Recognized in equity | 311 | 0 |
Initial consolidation | 85 | 0 |
Ending balance | (827) | (601) |
Contingent consideration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 574 | 0 |
Recognized in the statement of income | 553 | |
Other comprehensive income | 574 | 21 |
Recognized in equity | 2,193 | 0 |
Initial consolidation | 35 | 0 |
Ending balance | (1,584) | 574 |
Others | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 758 | (1,224) |
Recognized in the statement of income | (245) | |
Other comprehensive income | 758 | 2,227 |
Recognized in equity | (3,111) | 0 |
Initial consolidation | (1,031) | 0 |
Ending balance | (3,384) | 758 |
Unused losses and tax benefits | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 27,838 | 29,305 |
Recognized in the statement of income | (3,238) | |
Other comprehensive income | 899 | |
Recognized in equity | 872 | |
Initial consolidation | 0 | |
Ending balance | 27,838 | |
Tax losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 27,838 | 29,305 |
Recognized in the statement of income | (2,366) | |
Other comprehensive income | (27,838) | 899 |
Recognized in equity | 8,170 | 0 |
Initial consolidation | 3,609 | 0 |
Ending balance | 32,399 | 27,838 |
Tax benefit in respect of issuance costs | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits Line Items | ||
Beginning balance | 0 | 0 |
Recognized in the statement of income | (872) | |
Other comprehensive income | 27,838 | 0 |
Recognized in equity | 8,170 | 872 |
Initial consolidation | 3,609 | 0 |
Ending balance | $ 32,399 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current taxes: | |||
Current tax expenses | $ 8,061 | $ 2,422 | $ 1,163 |
Prior year taxes | 0 | 0 | 1,971 |
Total current taxes | 8,061 | 2,422 | 3,134 |
Deferred Tax Expense Income Abstract | |||
Deferred tax expenses (income) in respect of the creation and reversal of temporary differences | 13,052 | 34 | (2,105) |
Income (expenses) from the creation of deferred taxes in respect of losses and unused tax benefits | (8,170) | 3,238 | (8,869) |
Prior year taxes | 0 | 0 | (4,513) |
Total deferred taxes | 4,882 | 3,272 | (15,487) |
Total expenses (income) from income taxes | $ (12,943) | $ (5,694) | $ 12,353 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Income Taxes [Abstract] | |||
Profit (loss) before income taxes from continuing operations | $ 51,056 | $ 27,369 | $ (53,388) |
Primary tax rate of the Company | 23% | 23% | 23% |
Tax calculated according to the Company’s primary tax rate | $ 11,743 | $ 6,295 | $ (12,279) |
Increase (decrease) in income taxes Additional tax (tax saving) in respect of: | |||
No controlling share in the profits / losses of investee partnerships | (896) | (531) | 846 |
Different tax rate of foreign subsidiaries | (1,644) | (2,370) | (839) |
Non-deductible expenses and exempt income | 3,150 | 1,853 | 2,358 |
Exempt income | (1,170) | (354) | (7) |
Losses and benefits for tax purposes for which tax assets were not created in the past, for which deferred taxes were recognized during the reporting period | 0 | 0 | (38) |
Utilization of tax losses and benefits from prior years | 310 | 179 | 128 |
Adjustments due to changes in tax rates | 0 | 0 | (5) |
Temporary difference in respect of subsidiaries for which deferred taxes were not recognized | 1,270 | 631 | (257) |
Change in taxes in respect of previous years | 143 | (77) | (2,541) |
Other tax effects for reconciliation between accounting profit and tax expense (income) | 37 | 68 | 281 |
Total income taxes from continuing operations as presented in profit or loss | $ (12,943) | $ (5,694) | $ 12,353 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) ₪ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 | Dec. 31, 2020 ILS (₪) | Dec. 31, 2022 USD ($) | |
Disclosure Of Income Taxes [Line Items] | ||||
Group’s balance of carryforward losses | $ 153 | |||
Deferred taxes not created in respect of loss | $ 3 | |||
Corporate tax rate | 23% | 23% | 23% | |
Tax payment in respect of previous years | ₪ | ₪ 6.5 | ₪ 9 | ||
ISRAEL | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 23% | 23% | ||
CROATIA | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 18% | |||
IRELAND | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 15% | |||
SERBIA | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 9% | |||
NETHERLANDS | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 20.60% | |||
HUNGARY | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 10% | |||
SPAIN | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 25% | |||
UNITED STATES | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Corporate tax rate | 21% |
Share Capital (Details)
Share Capital (Details) - ₪ / shares | Feb. 28, 2023 | Dec. 31, 2022 | Aug. 16, 2022 | Mar. 06, 2022 | Dec. 31, 2021 | Mar. 02, 2021 | Dec. 31, 2020 |
Disclosure of classes of share capital [line items] | |||||||
Par value per share | ₪ 18 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 |
Ordinary shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | 180,000,000 | 180,000,000 | |||||
Par value per share | ₪ 0.1 | ₪ 0.1 |
Share Capital (Details 1)
Share Capital (Details 1) $ in Thousands | Feb. 28, 2023 ₪ / shares | Dec. 31, 2022 ₪ / shares | Dec. 31, 2022 USD ($) shares | Aug. 16, 2022 ₪ / shares shares | Mar. 06, 2022 ₪ / shares shares | Dec. 31, 2021 ₪ / shares | Dec. 31, 2021 USD ($) shares | Mar. 02, 2021 ₪ / shares shares | Dec. 31, 2020 ₪ / shares shares |
Disclosure of classes of share capital [line items] | |||||||||
Number of shares issued and fully paid | shares | 57,692,308 | 30,443,900 | 93,641,400 | ||||||
Issued capital | $ | $ 2,827 | $ 2,549 | |||||||
Par value per share | ₪ / shares | ₪ 18 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ||
Ordinary shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of shares issued and fully paid | shares | 101,582,902 | 92,510,658 | 82,296,628 | ||||||
Share capital | Ordinary shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issued capital | $ | $ 2,827 | $ 2,549 | |||||||
Par value per share | ₪ / shares | 0.1 | 0.1 | |||||||
Share premium | Ordinary shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issued capital | $ | $ 762,516 | $ 556,161 | |||||||
Par value per share | ₪ / shares | ₪ 0.1 | ₪ 0.1 |
Share Capital (Details 2)
Share Capital (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 16, 2022 | Mar. 06, 2022 | Mar. 02, 2021 | |
Disclosure of classes of share capital [line items] | ||||||
Exercise of options by employees | $ 19 | |||||
Exercise of share options | $ 8 | $ 26 | ||||
Number of shares issued and fully paid | 57,692,308 | 30,443,900 | 93,641,400 | |||
Ordinary shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Beginning balance | 92,510,658 | 82,296,628 | ||||
Issuance of shares | 8,813,621 | 9,364,140 | ||||
Exercise of options by employees | $ 258,623 | $ 849,890 | ||||
Number of shares issued and fully paid | 101,582,902 | 92,510,658 | 82,296,628 | |||
Share capital | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise of options by employees | $ 19 | |||||
Exercise of share options | $ 8 | $ 26 | ||||
Share premium | ||||||
Disclosure of classes of share capital [line items] | ||||||
Exercise of options by employees | $ 0 | |||||
Exercise of share options | $ 0 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) ₪ / shares in Units, ₪ in Thousands, $ in Millions | 1 Months Ended | ||||||||||||
Mar. 06, 2022 ILS (₪) ₪ / shares shares | Mar. 06, 2022 USD ($) | Mar. 02, 2022 ILS (₪) | Mar. 02, 2022 USD ($) | Jan. 31, 2023 | Aug. 16, 2022 ILS (₪) ₪ / shares shares | Aug. 16, 2022 USD ($) | Feb. 28, 2022 ILS (₪) | Feb. 28, 2023 ₪ / shares | Dec. 31, 2022 ₪ / shares shares | Dec. 31, 2021 ₪ / shares shares | Mar. 02, 2021 ₪ / shares shares | Dec. 31, 2020 ₪ / shares shares | |
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued and fully paid | shares | 30,443,900 | 57,692,308 | 93,641,400 | ||||||||||
Par value per share | ₪ 0.1 | ₪ 0.1 | ₪ 18 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ||||||
Shares issued, value per share | ₪ 7.8 | ||||||||||||
Gross consideration | ₪ 228,900 | $ 70.6 | ₪ 589,941 | $ 178.8 | ₪ 450,000 | $ 137.5 | ₪ 290,000 | ||||||
Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued and fully paid | shares | 101,582,902 | 92,510,658 | 82,296,628 | ||||||||||
Share capital | Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Par value per share | ₪ 0.1 | ₪ 0.1 | |||||||||||
Share premium | Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Par value per share | ₪ 0.1 | ₪ 0.1 | |||||||||||
Consolidation of registered share capital | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Reverse share split, terms | Reverse Share Split, which entailed the consolidation of its registered share capital in a 1:10 ratio. As a result, each of the ten pre-existing ordinary shares, which had a par value of 0.01 NIS, was merged into one ordinary share with a par value of 0.1 NIS. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings per share [abstract] | ||||
Profit (loss), attributable to owners of parent | $ 24,749 | $ 11,217 | $ (43,869) | |
Weighted average number of ordinary shares used in calculating basic earnings per share | [1] | 97,335,870 | 93,749,219 | 78,297,756 |
[1]The number of ordinary shares is after giving effect to the Reverse Share Split. See also Note 16 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Earnings per share [abstract] | ||||
Profit (loss), attributable to owners of parent | $ 24,749 | $ 11,217 | $ (43,869) | |
Weighted average number of ordinary shares used in calculating diluted earnings per share | [1] | 99,978,133 | 98,108,669 | 78,297,756 |
[1]The number of ordinary shares is after giving effect to the Reverse Share Split. See also Note 16 |
Share-Based Payment (Details)
Share-Based Payment (Details) Pure in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended |
Aug. 07, 2016 USD ($) | Dec. 31, 2022 ₪ / shares Share USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Total number of options | $ | 11,225,150 | |
Number of options which were exercised as of the date of the financial report | Share | 2,744,630 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 628,750 | |
Number of options remaining as of the date of the financial report | Share | 7,851,770 | |
Allocated Options To Employees Dated 07.08.2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 08/07/2016 | |
Number of offerees | 3 | |
Total number of options | 1,200,000 | 1,200,000,000 |
Exercise price in NIS | ₪ 7.43 | |
Share price in NIS | 6.85 | |
Value of option in NIS | ₪ 3.35 | |
Number of options which were exercised as of the date of the financial report | Share | 1,191,729 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 08/07/2023 | |
Number of options remaining as of the date of the financial report | Share | 8,271 | |
Allocated Options To Employees1 Dated 07.08.2016 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 08/07/2016 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 300,000 | |
Exercise price in NIS | ₪ 7.6 | |
Share price in NIS | 6.85 | |
Value of option in NIS | ₪ 3.25 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 100,000 | |
Expiration date of the options | 08/07/2023 | |
Number of options remaining as of the date of the financial report | Share | 200,000 | |
Allocated Options To Employees Dated 15.05.2017 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 05/18/2017 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 60,000 | |
Exercise price in NIS | ₪ 13.53 | |
Share price in NIS | 13.42 | |
Value of option in NIS | ₪ 6.4 | |
Number of options which were exercised as of the date of the financial report | Share | 49,500 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 05/18/2024 | |
Number of options remaining as of the date of the financial report | Share | 10,500 | |
Allocated Options To Employees Dated 05.02.2018 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 02/05/2018 | |
Number of offerees | $ | 6 | |
Total number of options | $ | 310,000 | |
Exercise price in NIS | ₪ 18.4 | |
Share price in NIS | 18.05 | |
Value of option in NIS | ₪ 7.7 | |
Number of options which were exercised as of the date of the financial report | Share | 255,564 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 36,250 | |
Expiration date of the options | 02/05/2025 | |
Number of options remaining as of the date of the financial report | Share | 18,186 | |
Allocated Options To Employees Dated 26.07.2018 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 07/26/2018 | |
Number of offerees | $ | 2 | |
Total number of options | $ | 80,000 | |
Exercise price in NIS | ₪ 19.08 | |
Share price in NIS | 18.38 | |
Value of option in NIS | ₪ 8.35 | |
Number of options which were exercised as of the date of the financial report | Share | 20,000 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 07/26/2025 | |
Number of options remaining as of the date of the financial report | Share | 60,000 | |
Allocated Options To Employees Dated 26.08.2018 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 08/26/2018 | |
Number of offerees | $ | 5 | |
Total number of options | $ | 200,000 | |
Exercise price in NIS | ₪ 18.75 | |
Share price in NIS | 18.85 | |
Value of option in NIS | ₪ 8.63 | |
Number of options which were exercised as of the date of the financial report | Share | 141,069 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 30,000 | |
Expiration date of the options | 08/26/2025 | |
Number of options remaining as of the date of the financial report | Share | 28,931 | |
Allocated Options To Employees Dated 12.09.2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/12/2018 | |
Number of offerees | $ | 2 | |
Total number of options | $ | 1,350,000 | |
Exercise price in NIS | ₪ 19.61 | |
Share price in NIS | 19.05 | |
Value of option in NIS | ₪ 8.55 | |
Number of options which were exercised as of the date of the financial report | Share | 363,228 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 09/12/2025 | |
Number of options remaining as of the date of the financial report | Share | 986,772 | |
Allocated Options To Employees Dated 28.10.2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 10/28/2018 | |
Number of offerees | $ | 2 | |
Total number of options | $ | 1,602,000 | |
Exercise price in NIS | ₪ 19.95 | |
Share price in NIS | 18.2 | |
Value of option in NIS | ₪ 7.87 | |
Number of options which were exercised as of the date of the financial report | Share | 432,221 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 10/28/2025 | |
Number of options remaining as of the date of the financial report | Share | 1,169,779 | |
Allocated Options To Employees Dated 01.11.2018 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 11/01/2018 | |
Number of offerees | $ | 2 | |
Total number of options | $ | 495,000 | |
Exercise price in NIS | ₪ 19.87 | |
Share price in NIS | 18.89 | |
Value of option in NIS | ₪ 8.4 | |
Number of options which were exercised as of the date of the financial report | Share | 129,361 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 11/01/2025 | |
Number of options remaining as of the date of the financial report | Share | 365,639 | |
Allocated Options To Employees Dated 31.03.2019 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 03/31/2019 | |
Number of offerees | $ | 3 | |
Total number of options | $ | 100,000 | |
Exercise price in NIS | ₪ 21.74 | |
Share price in NIS | 22.4 | |
Value of option in NIS | ₪ 9.61 | |
Number of options which were exercised as of the date of the financial report | Share | 30,000 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 40,000 | |
Expiration date of the options | 03/31/2026 | |
Number of options remaining as of the date of the financial report | Share | 30,000 | |
Allocated Options To Employees Dated 04.04.2019 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 04/04/2019 | |
Number of offerees | $ | 2 | |
Total number of options | $ | 80,000 | |
Exercise price in NIS | ₪ 22 | |
Share price in NIS | 22.2 | |
Value of option in NIS | ₪ 9.4 | |
Number of options which were exercised as of the date of the financial report | Share | 28,505 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 04/04/2026 | |
Number of options remaining as of the date of the financial report | Share | 51,495 | |
Allocated Options To Employees Dated 27.05.2019 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 05/27/2019 | |
Number of offerees | $ | 3 | |
Total number of options | $ | 80,000 | |
Exercise price in NIS | ₪ 23.7 | |
Share price in NIS | 24.2 | |
Value of option in NIS | ₪ 10.34 | |
Number of options which were exercised as of the date of the financial report | Share | 30,000 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 30,000 | |
Expiration date of the options | 05/27/2026 | |
Number of options remaining as of the date of the financial report | Share | 20,000 | |
Allocated Options To Employees Dated 28.11.2019 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 11/28/2019 | |
Number of offerees | $ | 4 | |
Total number of options | $ | 110,000 | |
Exercise price in NIS | ₪ 41.57 | |
Share price in NIS | 42.3 | |
Value of option in NIS | ₪ 19.06 | |
Number of options which were exercised as of the date of the financial report | Share | 16,000 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 40,000 | |
Expiration date of the options | 11/28/2026 | |
Number of options remaining as of the date of the financial report | Share | 54,000 | |
Allocated Options To Employees Dated 28.11.2019 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 11/28/2019 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 100,000 | |
Exercise price in NIS | ₪ 41.97 | |
Share price in NIS | 42.3 | |
Value of option in NIS | ₪ 18 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 11/28/2026 | |
Number of options remaining as of the date of the financial report | Share | 100,000 | |
Allocated Options To Employees Dated 20.01.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 01/20/2020 | |
Number of offerees | $ | 20 | |
Total number of options | $ | 271,500 | |
Exercise price in NIS | ₪ 44.68 | |
Share price in NIS | 49.1 | |
Value of option in NIS | ₪ 19.7 | |
Number of options which were exercised as of the date of the financial report | Share | 37,500 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 27,500 | |
Expiration date of the options | 01/20/2027 | |
Number of options remaining as of the date of the financial report | Share | 206,500 | |
Allocated Options To Employees Dated 12.04.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 04/12/2020 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 70,000 | |
Exercise price in NIS | ₪ 41.1 | |
Share price in NIS | 41.5 | |
Value of option in NIS | ₪ 15.5 | |
Number of options which were exercised as of the date of the financial report | Share | 19,953 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 04/12/2027 | |
Number of options remaining as of the date of the financial report | Share | 50,047 | |
Allocated Options To Employees Dated 17.05.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 05/17/2020 | |
Total number of options | $ | 6 | |
Exercise price in NIS | ₪ 110,000 | |
Share price in NIS | 48.5 | |
Value of option in NIS | ₪ 50.7 | |
Number of options which were exercised as of the date of the financial report | Share | 19.7 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 20,000 | |
Expiration date of the options | 05/17/2027 | |
Number of options remaining as of the date of the financial report | Share | 90,000 | |
Allocated Options To Employees Dated 23.07.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 07/23/2020 | |
Total number of options | $ | 3 | |
Exercise price in NIS | ₪ 45,000 | |
Share price in NIS | 54.6 | |
Value of option in NIS | ₪ 54.7 | |
Number of options which were exercised as of the date of the financial report | Share | 19.8 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 07/23/2027 | |
Number of options remaining as of the date of the financial report | Share | 45,000 | |
Allocated Options To Employees Dated 13.10.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 10/13/2020 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 103,000 | |
Exercise price in NIS | ₪ 62.09 | |
Share price in NIS | 70.1 | |
Value of option in NIS | ₪ 27.7 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 10/13/2027 | |
Number of options remaining as of the date of the financial report | Share | 103,000 | |
Allocated Options To Employees Dated 10.11.2020 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 11/10/2020 | |
Number of offerees | $ | 7 | |
Total number of options | $ | 115,000 | |
Exercise price in NIS | ₪ 64.8 | |
Share price in NIS | 66.3 | |
Value of option in NIS | ₪ 24.1 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 35,000 | |
Expiration date of the options | 11/10/2027 | |
Number of options remaining as of the date of the financial report | Share | 80,000 | |
Allocated Options To Employees Dated 25.05.2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 05/25/2021 | |
Number of offerees | $ | 9 | |
Total number of options | 141,000,000 | |
Exercise price in NIS | ₪ 65.79 | |
Share price in NIS | 66.9 | |
Value of option in NIS | ₪ 24.6 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 24,000 | |
Expiration date of the options | 05/23/2028 | |
Number of options remaining as of the date of the financial report | Share | 117,000 | |
Allocated Options To Employees Dated 30.09.2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/30/2021 | |
Number of offerees | $ | 26 | |
Total number of options | $ | 674,000 | |
Exercise price in NIS | ₪ 69.76 | |
Share price in NIS | 71.8 | |
Value of option in NIS | ₪ 25.9 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 6,000 | |
Expiration date of the options | 09/28/2028 | |
Number of options remaining as of the date of the financial report | Share | 668,000 | |
Allocated Options To Employees1 Dated 30.09.2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/30/2021 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 60,000 | |
Exercise price in NIS | ₪ 70.9 | |
Share price in NIS | 71.8 | |
Value of option in NIS | ₪ 25.9 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Expiration date of the options | 09/28/2028 | |
Number of options remaining as of the date of the financial report | Share | 60,000 | |
Allocated Options To Employees2 Dated 30.09.2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/30/2021 | |
Number of offerees | $ | 4 | |
Total number of options | $ | 1,182,000 | |
Exercise price in NIS | ₪ 71.8 | |
Share price in NIS | 71.8 | |
Value of option in NIS | ₪ 25.9 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 240,000 | |
Expiration date of the options | 09/28/2028 | |
Number of options remaining as of the date of the financial report | Share | 942,000 | |
Allocated Options To Employees3 Dated 30.09.2021 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/30/2021 | |
Number of offerees | $ | 5 | |
Total number of options | $ | 780,000 | |
Exercise price in NIS | ₪ 71.8 | |
Share price in NIS | 71.8 | |
Value of option in NIS | ₪ 25.9 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 09/28/2028 | |
Number of options remaining as of the date of the financial report | Share | 780,000 | |
Allocated Options To Employees3 Dated 31.10.2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 10/31/2021 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 10,000 | |
Exercise price in NIS | ₪ 72.7 | |
Share price in NIS | 78 | |
Value of option in NIS | ₪ 30.2 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 10/29/2028 | |
Number of options remaining as of the date of the financial report | Share | 10,000 | |
Allocated Options To Employees Dated 08.02.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 02/08/2022 | |
Number of offerees | $ | 9 | |
Total number of options | $ | 541,400 | |
Exercise price in NIS | ₪ 72.3 | |
Share price in NIS | 68.4 | |
Value of option in NIS | ₪ 23.93 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 02/06/2029 | |
Number of options remaining as of the date of the financial report | Share | 541,400 | |
Allocated Options To Employees Dated 13.02.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 02/13/2022 | |
Number of offerees | $ | 21 | |
Total number of options | $ | 282,000 | |
Exercise price in NIS | ₪ 72.8 | |
Share price in NIS | 66.8 | |
Value of option in NIS | ₪ 22.69 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 02/11/2029 | |
Number of options remaining as of the date of the financial report | Share | 282,000 | |
Allocated Options To Employees Dated 17.04.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 04/17/2022 | |
Number of offerees | $ | 72 | |
Total number of options | $ | 269,250 | |
Exercise price in NIS | ₪ 77.2 | |
Share price in NIS | 74.7 | |
Value of option in NIS | ₪ 27.92 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 04/15/2029 | |
Number of options remaining as of the date of the financial report | Share | 269,250 | |
Allocated Options To Employees Dated 28.06.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 06/28/2022 | |
Number of offerees | $ | 1 | |
Total number of options | 100,000 | |
Exercise price in NIS | ₪ 68.64 | |
Share price in NIS | 69.6 | |
Value of option in NIS | ₪ 28.14 | |
Number of options which were exercised as of the date of the financial report | Share | 0 | |
Number of options which expired / were forfeited as of the date of the financial report | Share | 0 | |
Expiration date of the options | 06/26/2029 | |
Number of options remaining as of the date of the financial report | Share | 100,000 | |
Allocated Options To Employees1 Dated 28.06.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 06/28/2022 | |
Number of offerees | $ | 9 | |
Total number of options | $ | 146,000 | |
Exercise price in NIS | ₪ 63.9 | |
Share price in NIS | 69.6 | |
Value of option in NIS | ₪ 29.53 | |
Expiration date of the options | 06/26/2029 | |
Number of options remaining as of the date of the financial report | Share | 146,000 | |
Allocated Options To Employees Dated 01.09.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/01/2022 | |
Number of offerees | $ | 10 | |
Total number of options | 97,000 | |
Exercise price in NIS | ₪ 79.6 | |
Share price in NIS | 81.6 | |
Value of option in NIS | ₪ 33.82 | |
Expiration date of the options | 08/30/2029 | |
Number of options remaining as of the date of the financial report | Share | 97,000 | |
Allocated Options To Employees1 Dated 01.09.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 09/01/2022 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 10,000 | |
Exercise price in NIS | ₪ 81.4 | |
Share price in NIS | 81.6 | |
Value of option in NIS | ₪ 33.15 | |
Expiration date of the options | 08/30/2029 | |
Number of options remaining as of the date of the financial report | Share | 10,000 | |
Allocated Options To Employees Dated 30.10.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 10/30/2022 | |
Number of offerees | $ | 1 | |
Total number of options | $ | 25,000 | |
Exercise price in NIS | ₪ 78.2 | |
Share price in NIS | 74.2 | |
Value of option in NIS | ₪ 29.1 | |
Expiration date of the options | 10/28/2029 | |
Number of options remaining as of the date of the financial report | Share | 25,000 | |
Allocated Options To Employees Dated 18.12.2022 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant date | 12/18/2022 | |
Number of offerees | $ | 9 | |
Total number of options | $ | 126,000 | |
Exercise price in NIS | ₪ 74.7 | |
Share price in NIS | 74 | |
Value of option in NIS | ₪ 30.26 | |
Expiration date of the options | 12/16/2029 | |
Number of options remaining as of the date of the financial report | Share | 126,000 |
Share-Based Payment (Details 1)
Share-Based Payment (Details 1) ₪ / shares in Units, ₪ in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 ILS (₪) ₪ / shares USD ($) Year | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Number of options | $ | 11,225,150 |
Allocated Options To Employees Dated 08.02.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 02/08/2022 |
Number of options | $ | 541,400 |
Option value in NIS | ₪ 23.93 |
Exercise price in NIS | 72.3 |
Share price in NIS | ₪ 68.4 |
Risk-free interest rate | 1.40% |
Standard deviation | 33.50% |
Value of options in NIS | ₪ | ₪ 12,955,702 |
Allocated Options To Employees Dated 13.02.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 02/13/2022 |
Number of options | $ | 282,000 |
Option value in NIS | ₪ 22.69 |
Exercise price in NIS | 72.8 |
Share price in NIS | ₪ 66.8 |
Risk-free interest rate | 1.40% |
Standard deviation | 33.50% |
Value of options in NIS | ₪ | ₪ 6,398,580 |
Allocated Options To Employees Dated 17.04.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 04/17/2022 |
Number of options | $ | 269,250 |
Option value in NIS | ₪ 27.92 |
Exercise price in NIS | 77.2 |
Share price in NIS | ₪ 74.7 |
Risk-free interest rate | 2.20% |
Standard deviation | 33.90% |
Value of options in NIS | ₪ | ₪ 7,517,460 |
Allocated Options To Employees Dated 28.06.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 06/28/2022 |
Number of options | 100,000 |
Option value in NIS | ₪ 28.14 |
Exercise price in NIS | 68.64 |
Share price in NIS | ₪ 69.6 |
Risk-free interest rate | 2.80% |
Standard deviation | 34.40% |
Value of options in NIS | ₪ | ₪ 2,814,000 |
Allocated Options To Employees1 Dated 28.06.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 06/28/2022 |
Number of options | $ | 146,000 |
Option value in NIS | ₪ 29.53 |
Exercise price in NIS | 63.9 |
Share price in NIS | ₪ 69.6 |
Risk-free interest rate | 2.80% |
Standard deviation | 34.40% |
Value of options in NIS | ₪ | ₪ 4,311,380 |
Lifetime of options | Year | 7 |
Allocated Options To Employees Dated 01.09.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 09/01/2022 |
Number of options | 97,000 |
Option value in NIS | ₪ 33.82 |
Exercise price in NIS | 79.6 |
Share price in NIS | ₪ 81.6 |
Risk-free interest rate | 3.10% |
Standard deviation | 34.50% |
Value of options in NIS | ₪ | ₪ 3,280,540 |
Allocated Options To Employees1 Dated 01.09.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 09/01/2022 |
Number of options | $ | 10,000 |
Option value in NIS | ₪ 33.15 |
Exercise price in NIS | 81.4 |
Share price in NIS | ₪ 81.6 |
Risk-free interest rate | 3.10% |
Standard deviation | 34.50% |
Value of options in NIS | ₪ | ₪ 331,500 |
Allocated Options To Employees Dated 30.10.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 10/30/2022 |
Number of options | $ | 25,000 |
Option value in NIS | ₪ 29.1 |
Exercise price in NIS | 78.2 |
Share price in NIS | ₪ 74.2 |
Risk-free interest rate | 3.30% |
Standard deviation | 34.40% |
Value of options in NIS | ₪ | ₪ 727,500 |
Allocated Options To Employees Dated 18.12.2022 [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant date | 12/18/2022 |
Number of options | $ | 126,000 |
Option value in NIS | ₪ 30.26 |
Exercise price in NIS | 74.7 |
Share price in NIS | ₪ 74 |
Risk-free interest rate | 3.40% |
Standard deviation | 34.60% |
Value of options in NIS | ₪ | ₪ 3,812,760 |
Share-Based Payment (Narrative)
Share-Based Payment (Narrative) (Details) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Aug. 22, 2021 Share | Apr. 12, 2020 shares | Sep. 12, 2018 shares | Sep. 30, 2022 shares | Jun. 28, 2022 shares | Sep. 30, 2021 shares | Nov. 28, 2019 shares | Oct. 28, 2018 shares | Aug. 07, 2016 USD ($) shares | Dec. 31, 2022 Share USD ($) shares | Dec. 31, 2018 USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | 50% of the options will vest 24 months after the grant date, 25% of the options will vest 36 months after the grant date, and 25% of the options will vest 48 months after the grant date. | ||||||||||
Number of options | $ | 11,225,150 | ||||||||||
Number of options expired/forfeited | Share | 628,750 | ||||||||||
Gilad Yavetz [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | 500,000 | 990,000 | |||||||||
Zafrir Yoeli [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Non-marketable and non-transferable options | 240,000 | ||||||||||
Allocated Options To Employees Dated 07.08.2016 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The vesting period of the options will be distributed over a 4 year period, on a quarterly basis, and began only after the conclusion of the vesting period of the entrepreneurs’ previous options package, from 2013. | ||||||||||
Non-marketable and non-transferable options | 400,000 | ||||||||||
Number of options | 1,200,000 | 1,200,000,000 | |||||||||
Number of options expired/forfeited | Share | 0 | ||||||||||
Allocated Options To Employees Dated 07.08.2016 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 300,000 | ||||||||||
Number of options expired/forfeited | Share | 100,000 | ||||||||||
Allocated Options To Employees Dated 07.08.2016 [Member] | Chairman Of Board [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The vesting period of the options will be distributed over 3 years. | ||||||||||
Non-marketable and non-transferable options | 300,000 | ||||||||||
Number of options expired/forfeited | $ | 100,000 | ||||||||||
Allocated Options To Employees Dated 12.09.2018 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options’ vesting period will be distributed over 4 years, on a quarterly basis. | ||||||||||
Number of options | $ | 1,350,000 | ||||||||||
Number of options expired/forfeited | Share | 0 | ||||||||||
Allocated Options To Employees Dated 12.09.2018 [Member] | Mr. Yair Seroussi [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Non-marketable and non-transferable options | 360,000 | ||||||||||
Allocated Options To Employees Dated 12.09.2018 [Member] | Gilad Yavetz [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options’ vesting period will be distributed over 4 years, whereby 18% of the options will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 30% will vest on a quarterly basis throughout the third year, and 27% will vest on a quarterly basis throughout the fourth year. | ||||||||||
Non-marketable and non-transferable options | 990,000 | ||||||||||
Allocated Options To Employees Dated 28.10.2018 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 1,602,000 | ||||||||||
Number of options expired/forfeited | Share | 0 | ||||||||||
Allocated Options To Employees Dated 28.10.2018 [Member] | Zafrir Yoeli [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options’ vesting period will be distributed over 4 years, whereby 18% of the options will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 30% will vest on a quarterly basis throughout the third year, and 27% will vest on a quarterly basis throughout the fourth year. | ||||||||||
Non-marketable and non-transferable options | 1,602,000 | ||||||||||
Allocated Options To Employees Dated 12.04.2020 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 70,000 | ||||||||||
Number of options expired/forfeited | Share | 0 | ||||||||||
Allocated Options To Employees Dated 12.04.2020 | VP officer [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options’ vesting period will be distributed over 4 years, whereby 50% of the options will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant date. For details regarding the exercise price, see the above table. | ||||||||||
Non-marketable and non-transferable options | 70,000 | ||||||||||
Allocated Options To Employees Dated 28.11.2019 | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 110,000 | ||||||||||
Number of options expired/forfeited | Share | 40,000 | ||||||||||
Allocated Options To Employees Dated 28.11.2019 | VP officer [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 50% of the options will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant date | ||||||||||
Non-marketable and non-transferable options | 100,000 | ||||||||||
Allocated Options To Employees2 Dated 30.09.2021 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 1,182,000 | ||||||||||
Number of options expired/forfeited | Share | 240,000 | ||||||||||
Allocated Options To Employees3 Dated 30.09.2021 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 780,000 | ||||||||||
Number of options expired/forfeited | Share | 0 | ||||||||||
Allocated Options To Employees3 Dated 30.09.2021 [Member] | VP officer [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25-30% will vest after the second year, 25-35% will vest after the third year, and 10-25% will vest after the fourth year. | ||||||||||
Non-marketable and non-transferable options | 780,000 | ||||||||||
Allocated Options To Employees3 Dated 30.09.2021 [Member] | Gilad Yavetz, Zafrir Yoeli And Amit Paz [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 25-40% will vest on a quarterly basis throughout the third year, and 10-25% will vest on a quarterly basis throughout the fourth year. | ||||||||||
Non-marketable and non-transferable options | 1,182,000 | ||||||||||
Allocated Options To Employees1 Dated 28.06.2022 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of options | $ | 146,000 | ||||||||||
Allocated Options To Employees1 Dated 28.06.2022 [Member] | VP officer [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Description of vesting requirements for share-based payment arrangement | The options are exercisable on a cashless basis. The options’ vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25% will vest two years after the grant date, 35% will vest three years after the grant date, and 15% will vest four years after the grant date. | ||||||||||
Non-marketable and non-transferable options | 100,000 | ||||||||||
Allocated Options To Employees1 Dated 14.03.2023 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Non-marketable and non-transferable options | 124,000 | ||||||||||
Allocated Options To Employees1 Dated 20.03.2023 [Member] | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Non-marketable and non-transferable options | 114,000 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [abstract] | |||
Sale of electricity | $ 173,992 | $ 83,034 | $ 58,464 |
Operation of facilities | 7,066 | 11,275 | 9,305 |
Construction services | 476 | 3,460 | 1,534 |
Management or development fees | 10,638 | 4,692 | 1,021 |
Revenue | $ 192,172 | $ 102,461 | $ 70,324 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost Of Sales [Abstract] | |||
Site maintenance | $ 11,937 | $ 9,519 | |
Payroll, salaries and associated expenses | $ 6,408 | 2,823 | 860 |
Insurance | 3,450 | 1,391 | 965 |
Municipal taxes | 2,133 | 2,101 | 1,883 |
Lease | 851 | 234 | 69 |
Expenses associated with facility construction services | 751 | 3,291 | 1,434 |
Total | $ 40,438 | $ 21,777 | $ 14,730 |
Development Expenses (Details)
Development Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Development Expenses [Abstract] | |||
Payroll, salaries and associated expenses | $ 2,558 | $ 2,570 | $ 1,555 |
Other development expenses | 3,029 | 2,146 | 1,421 |
Total | $ 5,587 | $ 4,716 | $ 2,976 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
General And Administrative Expense [Abstract] | |||
Payroll, salaries and associated expenses | $ 16,526 | $ 8,238 | $ 4,766 |
Professional services | 4,120 | 2,942 | 1,912 |
Office and maintenance | 1,963 | 965 | 479 |
Depreciation | 1,705 | 1,054 | 641 |
Management and director fees | 819 | 739 | 448 |
Others | 3,606 | 1,631 | 772 |
Total | $ 28,739 | $ 15,569 | $ 9,018 |
Finance Expenses, Net (Details)
Finance Expenses, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Finance Expenses Net Abstract [Abstract] | |||
Interest expenses from project finance loans | $ 22,858 | $ 15,157 | $ 24,067 |
Interest expenses from corporate loans | 78 | 0 | 0 |
Interest expenses from Debentures | 8,963 | 8,113 | 8,316 |
Interest expenses from amortization and linkage to index | 33,692 | 14,274 | 1,413 |
Fair value changes of financial instruments measured at fair value through profit or loss | 0 | 0 | 656 |
Finance expenses in respect of contingent consideration arrangement | 3,978 | 2,231 | 219 |
Interest expenses from non-controlling interests loans | 1,381 | 1,157 | 1,520 |
Finance expenses from foreign currency hedging transactions | 973 | 0 | 311 |
Finance expenses in respect of lease liability | 1,964 | 1,243 | 1,087 |
Exchange differences | 617 | 2,702 | 162 |
Others | 1,249 | 1,442 | 1,036 |
Capitalized Cost Of Qualifying Assets | 75,753 | 46,319 | 38,787 |
Amounts capitalized to the cost of qualifying assets | 13,162 | 9,144 | 7,379 |
Finance expenses | $ 62,591 | $ 37,175 | $ 31,408 |
Finance Expenses, Net (Details
Finance Expenses, Net (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Finance Expenses Net Abstract [Abstract] | |||
Finance income from contract asset in respect of concession arrangements | $ 17,188 | $ 24,310 | $ 16,176 |
Changes in the fair value of financial instruments measured at fair value through profit or loss | 2,953 | 3,145 | 0 |
Finance income from foreign currency hedge transactions | 0 | 1,053 | 0 |
Finance income from loans which were given to equity- accounted entities | 1,166 | 1,487 | 1,025 |
Finance income from deposits in banks | 1,669 | 0 | 0 |
Other | 365 | 338 | 13 |
Finance income | $ 23,341 | $ 30,333 | $ 17,214 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right of use, Balance as of January 1, 2022 | $ 105,250 |
Additions | 1,978 |
Amortization of right-of-use assets | (5,250) |
Initial consolidation | (4,658) |
Reserve for translation differences | 10,121 |
Right of use, Balance as of December 31, 2022 | 96,515 |
Land | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right of use, Balance as of January 1, 2022 | 102,477 |
Additions | 532 |
Amortization of right-of-use assets | (4,217) |
Initial consolidation | (4,529) |
Reserve for translation differences | 9,774 |
Right of use, Balance as of December 31, 2022 | 93,547 |
Offices and vehicles | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Right of use, Balance as of January 1, 2022 | 2,773 |
Additions | 1,446 |
Amortization of right-of-use assets | (1,033) |
Initial consolidation | (129) |
Reserve for translation differences | 347 |
Right of use, Balance as of December 31, 2022 | $ 2,968 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Presentation of leases for lessee [abstract] | |
Interest expense on lease liabilities | $ (1,964) |
Expense relating to variable lease payments not included in measurement of lease liabilities | (851) |
Depreciation, right-of-use assets | (3,245) |
Effects on the statements of income | $ (6,060) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Presentation of leases for lessee [abstract] | ||
Right-of-use assets | $ 96,515 | $ 105,250 |
Lease liabilities | $ 99,623 |
Financial Instruments (Details)
Financial Instruments (Details) - 12 months ended Dec. 31, 2022 - Currency risk [member] - Hedges of net investment in foreign operations [member] € in Millions, ₪ in Millions, $ in Millions | EUR (€) | ILS (₪) | USD ($) | |
Ruach Beresheet Project [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Type of hedge | Foreign currency forward contracts | |||
Project | [1] | Ruach Beresheet | ||
Amount receivable in transaction currency | € | [1] | € 22 | ||
Amount payable in transaction currency | ₪ | [1] | ₪ 82 | ||
Expiration date | [1] | February - March 2023 | ||
Fair value | [1] | $ 0.4 | ||
Storage Project [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Type of hedge | Purchase of call options and sale of put options | |||
Project | [1] | Storage | ||
Amount receivable in transaction currency | [1] | 45.5 | ||
Amount payable in transaction currency | ₪ | [1] | ₪ 156.1 | ||
Expiration date | [1] | January 2023 | ||
Fair value | [1] | $ 1.1 | ||
[1] Hedging transaction to hedge against the EUR/NIS exchange rate and the USD/NIS exchange rate, based on the schedule of payments to the EPC contractor. |
Financial Instruments (Details
Financial Instruments (Details 1) - Financial risk [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Total effect OCI | $ 717,177 | $ 589,252 |
ILS vs EURO | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans to foreign operations | 16,874 | 20,513 |
Equity of foreign operations | 693,904 | 574,198 |
EURO vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Restricted cash | 1,673 | 1,175 |
Loans to foreign operations | 3,489 | 3,605 |
Loans from banks | (27,974) | (32,529) |
Total effect on pre-tax profit | (5,938) | (7,236) |
ILS vs HUF | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | 11,015 | 5,340 |
ILS vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | 12,258 | 9,714 |
Increase 5% Effect on OCI | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total effect OCI | (35,859) | (29,463) |
Increase 5% Effect on OCI | ILS vs EURO | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | (34,695) | (28,710) |
Increase 5% Effect on OCI | ILS vs HUF | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | (551) | (267) |
Increase 5% Effect on OCI | ILS vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | (613) | (486) |
Increase 5% Effect on Pre-tax profit | ILS vs EURO | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans to foreign operations | (844) | (1,026) |
Increase 5% Effect on Pre-tax profit | EURO vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Restricted cash | 84 | 89 |
Loans to foreign operations | 174 | 180 |
Loans from banks | (1,399) | (1,626) |
Total effect on pre-tax profit | (1,985) | (2,383) |
Decrease 5% Effect on Pre-tax profit | ILS vs EURO | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans to foreign operations | 844 | 1,026 |
Decrease 5% Effect on Pre-tax profit | EURO vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Restricted cash | (84) | (89) |
Loans to foreign operations | (174) | (180) |
Loans from banks | 1,399 | 1,626 |
Total effect on pre-tax profit | 1,985 | 2,383 |
Decrease 5% Effect on OCI | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total effect OCI | 35,859 | 29,463 |
Decrease 5% Effect on OCI | ILS vs EURO | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | 34,695 | 28,710 |
Decrease 5% Effect on OCI | ILS vs HUF | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | 551 | 267 |
Decrease 5% Effect on OCI | ILS vs HRK | ||
Disclosure of detailed information about financial instruments [line items] | ||
Equity of foreign operations | $ 613 | $ 486 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets measured at fair value through profit or loss | $ 42,918 | $ 28,682 | |
Contract assets | 106,774 | 287,042 | $ 286,251 |
Other payables | 77,864 | 46,058 | |
Other financial liabilities | 0 | 1,132 | |
Financial risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets measured at fair value through profit or loss | 42,918 | 28,682 | |
Other payables | 68,037 | 42,395 | |
Financial risk [member] | Increase 3% Effect on Pre-tax profit | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets measured at fair value through profit or loss | 389 | 435 | |
Contract assets | 3,203 | 8,611 | |
Loans to investee entities | 199 | 735 | |
Loans to non-controlling interests | 170 | 197 | |
Other payables | (34) | (26) | |
Loans from banks and other financial institutions | (15,570) | (11,999) | |
Other financial liabilities | (78) | (89) | |
Financial assets (liabilities) due to change in the index rate | (11,721) | (2,136) | |
Financial risk [member] | Carrying Value [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets measured at fair value through profit or loss | 12,974 | 14,506 | |
Contract assets | 106,773 | 287,042 | |
Loans to investee entities | 6,622 | 24,495 | |
Loans to non-controlling interests | 5,680 | 6,561 | |
Other payables | (1,143) | (858) | |
Loans from banks and other financial institutions | (790,403) | (761,897) | |
Other financial liabilities | (2,584) | (2,956) | |
Financial assets (liabilities) due to change in the index rate | (662,081) | (433,107) | |
Financial risk [member] | Decrease 3% Effect on Pre-tax profit | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets measured at fair value through profit or loss | (389) | (435) | |
Contract assets | (3,203) | (8,611) | |
Loans to investee entities | (199) | (735) | |
Loans to non-controlling interests | (170) | (197) | |
Other payables | 34 | 26 | |
Loans from banks and other financial institutions | 15,491 | 9,749 | |
Other financial liabilities | 78 | 89 | |
Financial assets (liabilities) due to change in the index rate | $ (11,642) | $ (114) |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||||
Cash and cash equivalents at end of year | $ 193,869 | $ 265,933 | $ 99,330 | $ 197,675 |
Deposits in banking corporations | 129,792 | 113,686 | ||
Restricted cash | 92,103 | 35,179 | ||
Financial assets measured at fair value through profit or loss | 33,895 | 39,364 | ||
Trade receivables | 39,822 | 17,900 | ||
Other receivables | 36,953 | 28,147 | ||
Other financial assets | 1,493 | 9,999 | ||
Current assets | 423,704 | 413,311 | ||
Non-current assets: | ||||
Restricted cash | 38,728 | 21,368 | ||
Financial assets measured at fair value through profit or loss | 42,918 | 28,682 | ||
Other financial assets | 94,396 | 13,561 | ||
Non-current assets | 3,109,663 | 2,422,029 | ||
Current liabilities | ||||
Trade payables | (34,638) | (27,417) | ||
Other payables | (77,864) | (46,058) | ||
Other financial liabilities | (50,255) | (27,602) | ||
Current maturities in respect of Debentures | (15,832) | (17,914) | ||
Current maturities of lease liability | (5,850) | (5,686) | ||
Current liabilities | (385,349) | (201,066) | ||
Non-current liabilities | ||||
Debentures | (238,520) | (286,656) | ||
Convertible Debentures | (131,385) | (100,995) | ||
Loans from banking corporations and other financial institutions | (1,419,057) | (1,168,569) | ||
Loans from non-controlling interests | (90,908) | (78,113) | ||
Lease liability | (93,773) | (99,960) | ||
Non-current liabilities | (2,097,984) | (1,876,893) | ||
Financial risk [member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 193,869 | 265,933 | ||
Deposits in banking corporations | 4,054 | |||
Restricted cash | 92,103 | 35,179 | ||
Financial assets measured at fair value through profit or loss | 33,895 | 39,364 | ||
Trade receivables | 39,822 | 17,900 | ||
Other receivables | 6,179 | 4,958 | ||
Current maturities of Loans to equity-accounted entities | 13,893 | |||
Other financial assets | 1,493 | 9,999 | ||
Current assets | 385,308 | 373,333 | ||
Non-current assets: | ||||
Restricted cash | 38,728 | 21,368 | ||
Long term receivables | 4,767 | 5,247 | ||
Financial assets measured at fair value through profit or loss | 42,918 | 28,682 | ||
Loans to equity-accounted entities | 14,184 | 26,264 | ||
Other financial assets | 94,396 | 13,562 | ||
Non-current assets | 194,993 | 95,123 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (165,627) | (61,822) | ||
Trade payables | (34,638) | (27,417) | ||
Other payables | (68,037) | (42,395) | ||
Other financial liabilities | (50,255) | (27,602) | ||
Current maturities in respect of Debentures | (15,832) | (17,914) | ||
Current maturities of lease liability | (5,850) | (5,686) | ||
Financial liabilities measured at fair value through profit or loss | (35,283) | (14,567) | ||
Current liabilities | (375,522) | (197,403) | ||
Non-current liabilities | ||||
Debentures | (238,520) | (286,656) | ||
Convertible Debentures | (131,385) | (100,995) | ||
Loans from banking corporations and other financial institutions | (1,419,057) | (1,168,569) | ||
Loans from non-controlling interests | (90,908) | (78,113) | ||
Lease liability | (93,773) | (99,960) | ||
Other long term payables | (12,238) | (1,132) | ||
Financial liabilities through profit or loss | (77,952) | |||
Other financial liabilities | (48,068) | (15,300) | ||
Non-current liabilities | (2,033,949) | (1,828,677) | ||
Total assets (liabilities), net | 1,829,170 | 1,557,626 | ||
Financial risk [member] | Linked [Member] | Consumer Price Index [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 0 | 0 | ||
Deposits in banking corporations | 0 | |||
Restricted cash | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 12,974 | 14,506 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 427 | 456 | ||
Current maturities of Loans to equity-accounted entities | 0 | |||
Other financial assets | 0 | 0 | ||
Current assets | 13,401 | 14,962 | ||
Non-current assets: | ||||
Restricted cash | 0 | 0 | ||
Long term receivables | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Loans to equity-accounted entities | 6,622 | 24,200 | ||
Other financial assets | 5,253 | 6,105 | ||
Non-current assets | 11,875 | 30,305 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (32,860) | (30,555) | ||
Trade payables | 0 | 0 | ||
Other payables | (1,143) | (858) | ||
Other financial liabilities | 0 | 0 | ||
Current maturities in respect of Debentures | 0 | 0 | ||
Current maturities of lease liability | (4,202) | (4,521) | ||
Financial liabilities measured at fair value through profit or loss | 0 | |||
Current liabilities | (38,205) | (35,934) | ||
Non-current liabilities | ||||
Debentures | 0 | 0 | ||
Convertible Debentures | 0 | 0 | ||
Loans from banking corporations and other financial institutions | (757,543) | (731,342) | ||
Loans from non-controlling interests | 0 | 0 | ||
Lease liability | (58,535) | (62,989) | ||
Other long term payables | 0 | 0 | ||
Financial liabilities through profit or loss | (2,956) | |||
Other financial liabilities | (2,584) | 0 | ||
Non-current liabilities | (818,662) | (797,287) | ||
Total assets (liabilities), net | 831,591 | 787,954 | ||
Financial risk [member] | Linked [Member] | EUR [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 56,327 | 54,293 | ||
Deposits in banking corporations | 4,054 | |||
Restricted cash | 16,551 | 17,058 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Trade receivables | 29,074 | 11,521 | ||
Other receivables | 880 | 2,607 | ||
Current maturities of Loans to equity-accounted entities | 0 | |||
Other financial assets | 0 | 0 | ||
Current assets | 106,886 | 85,479 | ||
Non-current assets: | ||||
Restricted cash | 20,140 | 11,989 | ||
Long term receivables | 4,765 | 5,247 | ||
Financial assets measured at fair value through profit or loss | 42,918 | 28,682 | ||
Loans to equity-accounted entities | 3,429 | 874 | ||
Other financial assets | 78,811 | 3,852 | ||
Non-current assets | 150,063 | 50,644 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (54,071) | (28,032) | ||
Trade payables | (13,532) | (21,576) | ||
Other payables | (20,920) | (27,552) | ||
Other financial liabilities | (50,255) | (18,679) | ||
Current maturities in respect of Debentures | 0 | 0 | ||
Current maturities of lease liability | (1,528) | (1,039) | ||
Financial liabilities measured at fair value through profit or loss | 0 | 0 | ||
Current liabilities | (140,306) | (96,878) | ||
Non-current liabilities | ||||
Debentures | 0 | 0 | ||
Convertible Debentures | 0 | 0 | ||
Loans from banking corporations and other financial institutions | (572,166) | (381,552) | ||
Loans from non-controlling interests | (76,787) | (62,841) | ||
Lease liability | (33,769) | (35,385) | ||
Other long term payables | 0 | (1,132) | ||
Financial liabilities through profit or loss | 0 | |||
Other financial liabilities | 0 | (15,300) | ||
Non-current liabilities | (682,722) | (496,210) | ||
Total assets (liabilities), net | 566,079 | 456,965 | ||
Financial risk [member] | Linked [Member] | USD [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 1,582 | 1,837 | ||
Deposits in banking corporations | 0 | |||
Restricted cash | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 366 | 515 | ||
Trade receivables | 785 | 1,752 | ||
Other receivables | 0 | 0 | ||
Current maturities of Loans to equity-accounted entities | 0 | |||
Other financial assets | 0 | 0 | ||
Current assets | 2,733 | 4,104 | ||
Non-current assets: | ||||
Restricted cash | 0 | 0 | ||
Long term receivables | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Loans to equity-accounted entities | 0 | 0 | ||
Other financial assets | 0 | 0 | ||
Non-current assets | 0 | 0 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (75,576) | 0 | ||
Trade payables | (15,495) | (1,453) | ||
Other payables | (15,567) | (3,887) | ||
Other financial liabilities | 0 | 0 | ||
Current maturities in respect of Debentures | 0 | 0 | ||
Current maturities of lease liability | 0 | 0 | ||
Financial liabilities measured at fair value through profit or loss | (35,283) | (14,567) | ||
Current liabilities | (141,921) | (19,907) | ||
Non-current liabilities | ||||
Debentures | 0 | 0 | ||
Convertible Debentures | 0 | 0 | ||
Loans from banking corporations and other financial institutions | (42,797) | 0 | ||
Loans from non-controlling interests | 0 | 0 | ||
Lease liability | 0 | 0 | ||
Other long term payables | (12,238) | 0 | ||
Financial liabilities through profit or loss | (74,996) | |||
Other financial liabilities | (45,484) | 0 | ||
Non-current liabilities | (100,519) | (74,996) | ||
Total assets (liabilities), net | 239,707 | 90,799 | ||
Financial risk [member] | Linked [Member] | HRK [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 49,535 | 25,394 | ||
Deposits in banking corporations | 0 | |||
Restricted cash | 3,732 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Trade receivables | 601 | 635 | ||
Other receivables | 0 | 40 | ||
Current maturities of Loans to equity-accounted entities | 0 | |||
Other financial assets | 0 | 0 | ||
Current assets | 53,868 | 26,069 | ||
Non-current assets: | ||||
Restricted cash | 1,281 | 0 | ||
Long term receivables | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Loans to equity-accounted entities | 0 | 0 | ||
Other financial assets | 0 | 0 | ||
Non-current assets | 1,281 | 0 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (1,585) | (1,639) | ||
Trade payables | 0 | (275) | ||
Other payables | (1,242) | (134) | ||
Other financial liabilities | 0 | 0 | ||
Current maturities in respect of Debentures | 0 | 0 | ||
Current maturities of lease liability | 0 | 0 | ||
Financial liabilities measured at fair value through profit or loss | 0 | 0 | ||
Current liabilities | (2,827) | (2,048) | ||
Non-current liabilities | ||||
Debentures | 0 | 0 | ||
Convertible Debentures | 0 | 0 | ||
Loans from banking corporations and other financial institutions | (14,358) | (16,945) | ||
Loans from non-controlling interests | 0 | 0 | ||
Lease liability | 0 | 0 | ||
Other long term payables | 0 | 0 | ||
Financial liabilities through profit or loss | 0 | |||
Other financial liabilities | 0 | 0 | ||
Non-current liabilities | (14,358) | (16,945) | ||
Total assets (liabilities), net | 37,964 | 7,076 | ||
Financial risk [member] | Linked [Member] | HUF [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 2,752 | 1,946 | ||
Deposits in banking corporations | 0 | |||
Restricted cash | 558 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Trade receivables | 325 | 133 | ||
Other receivables | 0 | 0 | ||
Current maturities of Loans to equity-accounted entities | 0 | |||
Other financial assets | 0 | 0 | ||
Current assets | 3,635 | 2,079 | ||
Non-current assets: | ||||
Restricted cash | 3,782 | 1,917 | ||
Long term receivables | 0 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Loans to equity-accounted entities | 0 | 0 | ||
Other financial assets | 10,332 | 3,605 | ||
Non-current assets | 14,114 | 5,522 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | (1,535) | (1,596) | ||
Trade payables | (68) | (5) | ||
Other payables | (240) | (200) | ||
Other financial liabilities | 0 | 0 | ||
Current maturities in respect of Debentures | 0 | 0 | ||
Current maturities of lease liability | (80) | (82) | ||
Financial liabilities measured at fair value through profit or loss | 0 | 0 | ||
Current liabilities | (1,923) | (1,883) | ||
Non-current liabilities | ||||
Debentures | 0 | 0 | ||
Convertible Debentures | 0 | 0 | ||
Loans from banking corporations and other financial institutions | (32,193) | (38,730) | ||
Loans from non-controlling interests | 0 | 0 | ||
Lease liability | (1,134) | (1,180) | ||
Other long term payables | 0 | 0 | ||
Financial liabilities through profit or loss | 0 | |||
Other financial liabilities | 0 | 0 | ||
Non-current liabilities | (33,327) | (39,910) | ||
Total assets (liabilities), net | 17,501 | 34,192 | ||
Financial risk [member] | Unlinked [Member] | ||||
Current assets: | ||||
Cash and cash equivalents at end of year | 83,673 | 182,463 | ||
Deposits in banking corporations | 0 | |||
Restricted cash | 71,262 | 18,121 | ||
Financial assets measured at fair value through profit or loss | 20,555 | 24,343 | ||
Trade receivables | 9,037 | 3,859 | ||
Other receivables | 4,872 | 1,855 | ||
Current maturities of Loans to equity-accounted entities | 13,893 | |||
Other financial assets | 1,493 | 9,999 | ||
Current assets | 204,785 | 240,640 | ||
Non-current assets: | ||||
Restricted cash | 13,525 | 7,462 | ||
Long term receivables | 2 | 0 | ||
Financial assets measured at fair value through profit or loss | 0 | 0 | ||
Loans to equity-accounted entities | 4,133 | 1,190 | ||
Other financial assets | 0 | 0 | ||
Non-current assets | 17,660 | 8,652 | ||
Current liabilities | ||||
Credit and current maturities in respect of loans from banking corporations and other financial institutions | 0 | 0 | ||
Trade payables | (5,543) | (4,108) | ||
Other payables | (28,925) | (9,764) | ||
Other financial liabilities | 0 | (8,923) | ||
Current maturities in respect of Debentures | (15,832) | (17,914) | ||
Current maturities of lease liability | (40) | (44) | ||
Financial liabilities measured at fair value through profit or loss | 0 | 0 | ||
Current liabilities | (50,340) | (40,753) | ||
Non-current liabilities | ||||
Debentures | (238,520) | (286,656) | ||
Convertible Debentures | (131,385) | (100,995) | ||
Loans from banking corporations and other financial institutions | 0 | 0 | ||
Loans from non-controlling interests | (14,121) | (15,272) | ||
Lease liability | (335) | (406) | ||
Other long term payables | 0 | 0 | ||
Financial liabilities through profit or loss | 0 | |||
Other financial liabilities | 0 | 0 | ||
Non-current liabilities | (384,361) | (403,329) | ||
Total assets (liabilities), net | $ 212,256 | $ 194,792 |
Financial Instruments (Detail_4
Financial Instruments (Details 4) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | $ 895 | $ 25 |
Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (163,137) | (68,540) |
Interest rate risk [member] | Euribor Interest Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (1,115) | (67,281) |
Loan from banking corporation | (43,649) | (1,259) |
Interest rate risk [member] | Secured Overnight Financing Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | 118,373 | |
Interest rate risk [member] | Two Percent Increase In Interest Rates Effect On Pre Tax Profit [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (895) | (25) |
Interest rate risk [member] | Two Percent Increase In Interest Rates Effect On Pre Tax Profit [Member] | Euribor Interest Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (22) | 0 |
Loan from banking corporation | (873) | (25) |
Interest rate risk [member] | Two Percent Increase In Interest Rates Effect On Pre Tax Profit [Member] | Secured Overnight Financing Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | 0 | |
Interest rate risk [member] | Two Percent Decrease In Interest Rates Effect On Pre Tax Profit [Member] | Euribor Interest Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | 22 | 0 |
Loan from banking corporation | 873 | $ 25 |
Interest rate risk [member] | Two Percent Decrease In Interest Rates Effect On Pre Tax Profit [Member] | Secured Overnight Financing Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | $ 0 |
Financial Instruments (Detail_5
Financial Instruments (Details 5) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | $ 895 | $ 25 |
Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (163,137) | (68,540) |
Interest rate risk [member] | Euribor Interest Rate [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Credit from banking corporations | (1,115) | (67,281) |
Loan from banking corporation | $ (43,649) | $ (1,259) |
Financial Instruments (Detail_6
Financial Instruments (Details 6) - 12 months ended Dec. 31, 2022 - Interest rate swap contract [member] € in Thousands, Ft in Thousands, $ in Thousands | EUR (€) | HUF (Ft) | USD ($) |
Loan To Finance Lukovac Project [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Original Interest Rates Under Interest Rate Swaps | 3 month Euribor | ||
Interest Rates Under Interest Rate Swaps After Hedging | 0.75% | ||
Par Value Of Hedged Contract | € 20,397 | $ 21,753 | |
Repayment Date Of Hedged Contract | 31/03/2031 | ||
Carrying Value Of Hedged Contract | 2,063 | ||
Loan To Finance Picasso Project [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Original Interest Rates Under Interest Rate Swaps | 3 month Euribor | ||
Interest Rates Under Interest Rate Swaps After Hedging | 1.08% | ||
Par Value Of Hedged Contract | € 75,268 | 80,273 | |
Repayment Date Of Hedged Contract | 31/03/2039 | ||
Carrying Value Of Hedged Contract | 6,406 | ||
Loan To Finance Gecama Project [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Original Interest Rates Under Interest Rate Swaps | 6 month Euribor | ||
Interest Rates Under Interest Rate Swaps After Hedging | 0.147% | ||
Par Value Of Hedged Contract | € 152,000 | 162,107 | |
Repayment Date Of Hedged Contract | 30/06/2035 | ||
Carrying Value Of Hedged Contract | 32,811 | ||
Loan To Finance Raaba And Meg Projects [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Original Interest Rates Under Interest Rate Swaps | 3 month Bubor | ||
Interest Rates Under Interest Rate Swaps After Hedging | 1.445%-3.7% | ||
Par Value Of Hedged Contract | Ft 12,930,492 | 34,454 | |
Repayment Date Of Hedged Contract | 31/12/2030 | ||
Carrying Value Of Hedged Contract | 10,332 | ||
Loan To Finance Bjorn Project [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Original Interest Rates Under Interest Rate Swaps | 6 month Euribor | ||
Interest Rates Under Interest Rate Swaps After Hedging | 0.526% | ||
Par Value Of Hedged Contract | € 164,485 | 175,423 | |
Repayment Date Of Hedged Contract | 30/06/2041 | ||
Carrying Value Of Hedged Contract | $ 37,531 |
Financial Instruments (Detail_7
Financial Instruments (Details 7) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets at fair value through profit or loss | $ 33,895 | $ 39,364 |
Current assets | 423,704 | 413,311 |
Performance-based contingent consideration (“Earn Out”), see Note 8A | 52,972 | 61,362 |
Debentures | (15,832) | (17,914) |
Lease liability | (5,850) | (5,686) |
Current liabilities | (385,349) | $ (201,066) |
Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current liabilities | (234,935) | |
Liquidity risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (4,678) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | (52,973) | |
Liability in respect of put option | (27,794) | |
Loans from non-controlling interests | (99,652) | |
Debentures | (398,253) | |
Credit and loans from banking corporations and other financial institutions | (1,800,932) | |
Lease liability | (104,000) | |
Current liabilities | (2,488,282) | |
Liquidity risk [member] | Not later than one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (418) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | (35,283) | |
Liability in respect of put option | 0 | |
Loans from non-controlling interests | (11,624) | |
Debentures | (23,702) | |
Credit and loans from banking corporations and other financial institutions | (103,366) | |
Lease liability | (5,846) | |
Current liabilities | (180,239) | |
Liquidity risk [member] | Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (416) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | (17,690) | |
Liability in respect of put option | 0 | |
Loans from non-controlling interests | (10,452) | |
Debentures | (23,139) | |
Credit and loans from banking corporations and other financial institutions | (129,561) | |
Lease liability | (7,817) | |
Current liabilities | (189,075) | |
Liquidity risk [member] | Later than three years and not later than four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (396) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | 0 | |
Liability in respect of put option | 0 | |
Loans from non-controlling interests | (10,547) | |
Debentures | (41,691) | |
Credit and loans from banking corporations and other financial institutions | (127,133) | |
Lease liability | (7,367) | |
Current liabilities | (187,134) | |
Liquidity risk [member] | Later than four years and not later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (341) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | 0 | |
Liability in respect of put option | 0 | |
Loans from non-controlling interests | (9,094) | |
Debentures | (90,830) | |
Credit and loans from banking corporations and other financial institutions | (127,436) | |
Lease liability | (7,234) | |
Liquidity risk [member] | Not Later Than Five Years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (341) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | 0 | |
Liability in respect of put option | 0 | |
Loans from non-controlling interests | (6,264) | |
Debentures | (57,269) | |
Credit and loans from banking corporations and other financial institutions | (149,380) | |
Lease liability | (7,182) | |
Current liabilities | (220,436) | |
Liquidity risk [member] | Later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liability in respect of deferred consideration arrangement | (2,766) | |
Performance-based contingent consideration (“Earn Out”), see Note 8A | 0 | |
Liability in respect of put option | (27,794) | |
Loans from non-controlling interests | (51,671) | |
Debentures | (161,622) | |
Credit and loans from banking corporations and other financial institutions | (1,164,056) | |
Lease liability | (68,554) | |
Current liabilities | $ (1,476,463) |
Financial Instruments (Detail_8
Financial Instruments (Details 8) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets at fair value through profit or loss | $ 33,895 | $ 39,364 |
Current Assets Contracts In Respect Of Forward Transactions | 1,493 | 9,999 |
Non Current Assets Interest Rate Swaps | 89,143 | 7,456 |
Current Non Marketable Shares At Fair Value Through Profit Or Loss | 42,918 | 28,682 |
Current Transactions To Peg Electricity Prices Swap Contract For Difference | (50,255) | (31,352) |
Current Performance-based Contingent Consideration Under Earn Out | (52,972) | (61,362) |
Current Liabilities Contracts In Respect Of Forward Transactions | (8,831) | |
Non Current Liabilities Interest Rate Swaps | (2,627) | |
Level 1 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets at fair value through profit or loss | 33,895 | 39,364 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current Assets Contracts In Respect Of Forward Transactions | 1,493 | 9,999 |
Non Current Assets Interest Rate Swaps | 89,143 | 7,456 |
Current Transactions To Peg Electricity Prices Swap Contract For Difference | (50,255) | (31,352) |
Current Liabilities Contracts In Respect Of Forward Transactions | (8,831) | |
Non Current Liabilities Interest Rate Swaps | (2,627) | |
Level 3 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current Non Marketable Shares At Fair Value Through Profit Or Loss | 42,918 | 28,682 |
Current Performance-based Contingent Consideration Under Earn Out | $ (52,972) | $ (61,362) |
Financial Instruments (Detail_9
Financial Instruments (Details 9) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Beginning Balance | $ 28,682 | |
Ending Balance | 42,918 | $ 28,682 |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning Balance | (61,362) | |
Ending Balance | (52,972) | (61,362) |
Financial assets | ||
Reconciliation of changes in fair value measurement, assets [abstract] | ||
Current Non-marketable Shares At Fair Value Through Profit Or Loss, Additions | 10,824 | 18,760 |
Current Non-marketable Shares At Fair Value Through Profit Or Loss, Revaluation | 4,868 | 693 |
Current Non-marketable Shares At Fair Value Through Profit Or Loss, Translation Differences | (1,456) | (886) |
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning Balance | 28,682 | 10,115 |
Ending Balance | 42,918 | 28,682 |
Financial liabilities | ||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||
Beginning Balance | (61,362) | 0 |
Performance-based Contingent Consideration Under Earn Out, Initial Consolidation | 0 | (59,131) |
Performance Based Contingent Consideration Under Earn Out, Revaluation | 6,678 | 2,231 |
Performance Based Contingent Consideration Under Earn Out, Repayment | 1,712 | 0 |
Ending Balance | $ (52,972) | $ (61,362) |
Financial Instruments (Detai_10
Financial Instruments (Details 10) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | $ 385,737 | $ 405,565 |
Loans From Banking Corporations And Other Financial Institutions Non Current Liabilities | 1,419,057 | 1,168,569 |
Carrying Value [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 388,498 | 408,771 |
Loans From Banking Corporations And Other Financial Institutions Non Current Liabilities | 1,200,199 | 355,808 |
Non Current Liability In Respect Of Deferred Consideration Arrangement | 2,750 | 3,123 |
At fair value [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 364,203 | 442,815 |
Loans From Banking Corporations And Other Financial Institutions Non Current Liabilities | 908,964 | 411,456 |
Non Current Liability In Respect Of Deferred Consideration Arrangement | $ 3,602 | $ 5,219 |
Financial Instruments (Detai_11
Financial Instruments (Details 11) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Financial Assets [Abstract] | ||
Current Assets Contracts In Respect Of Forward Transactions | $ 1,493 | $ 9,999 |
Other Non Current Financial Assets [Abstract] | ||
Non Current Assets Interest Rate Swaps | 89,143 | 7,456 |
Assets | 3,533,367 | 2,835,340 |
Other Current Financial Liabilities [Abstract] | ||
Current Transactions To Peg Electricity Prices Swap Contract For Difference | (50,255) | (31,352) |
Current Liabilities Contracts In Respect Of Forward Transactions | (8,831) | |
Current financial liabilities at fair value through profit or loss [abstract] | ||
Current Performance-based Contingent Consideration Under Earn Out | (52,972) | (61,362) |
Non-current financial liabilities at fair value through profit or loss [abstract] | ||
Liabilities | (2,483,333) | (2,077,959) |
Other Financial Instruments [Member] | ||
Other Financial Assets [Abstract] | ||
Current Assets Contracts In Respect Of Forward Transactions | 1,493 | 9,999 |
Other Non Current Financial Assets [Abstract] | ||
Loans To Non Controlling Interests | 5,253 | 6,105 |
Non Current Assets Interest Rate Swaps | 89,143 | 7,456 |
Assets | 95,889 | 23,560 |
Other Current Financial Liabilities [Abstract] | ||
Current Transactions To Peg Electricity Prices Swap Contract For Difference | (50,255) | (16,052) |
Current Liabilities Contracts In Respect Of Forward Transactions | 0 | (11,550) |
Current financial liabilities at fair value through profit or loss [abstract] | ||
Current Performance-based Contingent Consideration Under Earn Out | (35,282) | (14,567) |
Other Non Current Financial Liabilities [Abstract] | ||
Transactions to peg electricity prices swap (CFD differences contract) | 0 | (15,300) |
Non-current financial liabilities at fair value through profit or loss [abstract] | ||
Non Current Liability In Respect Of Deferred Consideration Arrangement | (2,584) | (2,956) |
Non Current Performance Based Contingent Consideration Under Earn Out | (45,484) | (74,996) |
Liabilities | $ (133,605) | $ (135,421) |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Other comprehensive income, net of tax, cash flow hedges | $ 59,892 | $ (9,168) | $ (4,550) |
Lability In Respect Of Deferred Consideration Arrangement | 2,750 | 3,007 | |
Interest rate risk [member] | |||
Disclosure of transactions between related parties [line items] | |||
Other comprehensive income, net of tax, cash flow hedges | $ 61,853 | $ 17,823 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | $ 192,172 | $ 102,461 | $ 70,324 | |
Inter Segment Revenues | 0 | 0 | 0 | |
Revenue | 192,172 | 102,461 | 70,324 | |
Segment Adjusted Ebitda | 163,547 | 113,965 | 85,954 | |
Reconciliations of unallocated amounts: | ||||
Headquarter costs | [1] | (18,071) | (12,086) | (7,016) |
Intersegment loss | 2,038 | 2,811 | 1,194 | |
Repayment of contract asset under concession arrangements | (17,579) | (32,857) | (31,250) | |
Depreciation and amortization and share based compensation | (50,940) | (24,480) | (18,120) | |
U.S. acquisition expense | (7,331) | |||
Other incomes not attributed to segments | 11,617 | |||
Operating profit | 90,612 | 34,400 | 28,374 | |
Finance income | 23,341 | 30,333 | 17,214 | |
Finance expenses | (62,591) | (37,175) | (31,408) | |
Early prepayment fee | 0 | 0 | (67,594) | |
Share in the losses of equity accounted investees | 306 | 189 | (26) | |
Profit (Loss) before income taxes | 51,056 | 27,369 | (53,388) | |
Total reportable segments | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 192,172 | 102,461 | 70,324 | |
Inter Segment Revenues | 9,111 | 10,894 | 10,864 | |
Revenue | 201,283 | 113,355 | 81,188 | |
Segment Adjusted Ebitda | 163,547 | 113,965 | 85,954 | |
Total reportable segments | Management and construction | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 11,113 | 8,152 | 2,556 | |
Inter Segment Revenues | 9,111 | 10,894 | 10,864 | |
Revenue | 20,224 | 19,046 | 13,420 | |
Segment Adjusted Ebitda | 4,018 | 6,623 | 3,693 | |
Total reportable segments | ISRAEL | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 51,363 | 18,919 | 16,869 | |
Inter Segment Revenues | 0 | 0 | 0 | |
Revenue | 51,363 | 18,919 | 16,869 | |
Segment Adjusted Ebitda | 57,598 | 44,549 | 40,722 | |
Total reportable segments | Central-Eastern Europe | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 70,705 | 61,326 | 48,286 | |
Inter Segment Revenues | 0 | 0 | 0 | |
Revenue | 70,705 | 61,326 | 48,286 | |
Segment Adjusted Ebitda | 56,181 | 51,610 | 40,317 | |
Total reportable segments | Western Europe | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 58,991 | 14,064 | 2,613 | |
Inter Segment Revenues | 0 | 0 | 0 | |
Revenue | 58,991 | 14,064 | 2,613 | |
Segment Adjusted Ebitda | 45,750 | 11,183 | 1,222 | |
Adjustments | ||||
Disclosure Of Operating Segments Line Items | ||||
External Revenues | 0 | 0 | 0 | |
Inter Segment Revenues | (9,111) | (10,894) | (10,864) | |
Revenue | (9,111) | (10,894) | (10,864) | |
Segment Adjusted Ebitda | $ 0 | $ 0 | $ 0 | |
[1]Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation). |
Balances and Transactions wit_3
Balances and Transactions with Interested Parties and Related Parties (Details) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2022 ILS (₪) People | Dec. 31, 2021 ILS (₪) People | |
Disclosure of transactions between related parties [abstract] | ||
Payroll And Related Expenses To Interested Parties Employed | ₪ 604 | ₪ 641 |
Granting Of Options To Interested Parties Employed | ₪ 1,717 | ₪ 917 |
Options Granted To Number Of People | People | 1 | 1,000 |
Key management personnel compensation, share-based payment | ₪ 619 | ₪ 563 |
Directors Compensation For Number Of People | People | 7 | 7 |
Granting Of Options To Directors Who Not Employed | ₪ 514 | ₪ 261 |
Options Granted To Directors Who Are Not Employed Number Of People | People | 1 | 1 |
Balances and Transactions wit_4
Balances and Transactions with Interested Parties and Related Parties (Details 1) - Gilad Yavetz [Member] Annual_Bonus in Thousands | 12 Months Ended | |||
Dec. 31, 2022 ILS (₪) Annual_Bonus | [2] | Dec. 31, 2022 USD ($) Annual_Bonus | ||
Two Thousands Twenty One Effective Beginning From Date Of Meetings [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | ₪ | ₪ 86,600 | [1] | ||
Number Of Annual Bonus Salaries Subject To Fulfillment Of Targets | Annual_Bonus | 6 | 6 | [2] | |
Two Thousands Twenty One Additional Special Compensation [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | $ | $ 150,000 | |||
Two Thousands Twenty Two [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | $ | $ 95,000 | |||
Number Of Annual Bonus Salaries Subject To Fulfillment Of Targets | Annual_Bonus | 8 | 8 | [2] | |
Two Thousands Twenty Three [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Key management personnel compensation | $ | $ 105,000 | |||
Number Of Annual Bonus Salaries Subject To Fulfillment Of Targets | Annual_Bonus | 9 | 9 | [2] | |
[1]Represents the average salary for 2021.[2]The bonus amount may reach a level of 125% (i.e., above the foregoing salaries limit), subject to excellence targets which will be defined. |
Balances and Transactions wit_5
Balances and Transactions with Interested Parties and Related Parties (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Aug. 22, 2021 Share Year $ / shares shares | Sep. 12, 2018 Share | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 Share | Dec. 31, 2018 USD ($) Year | |
Disclosure of transactions between related parties [line items] | ||||||
Number of options granted | $ | 11,225,150 | |||||
Gilad Yavetz [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of options granted | 500,000 | 990,000 | ||||
Options vested | Year | 4 | 4 | ||||
Options exercisable in to ordinary company shares | shares | 500,000 | |||||
Exercise price of options | $ / shares | $ 71.89 | |||||
Gilad Yavetz [Member] | Options vested one year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 25% | 18% | ||||
Gilad Yavetz [Member] | Options vest equally on quarterly basis during second year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 25% | 25% | ||||
Gilad Yavetz [Member] | Options vest equally on quarterly basis during third year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 40% | 30% | ||||
Gilad Yavetz [Member] | Options vest equally on quarterly basis during fourth year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 10% | 27% | ||||
Yair Seroussi | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Number of options granted | Share | 360,000 | 142,000 | ||||
Key management personnel compensation | ₪ 600,000 | $ 178 | ||||
Yair Seroussi | Options vested one year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 25% | 25% | ||||
Yair Seroussi | Options vest equally on quarterly basis during second year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 25% | 25% | ||||
Yair Seroussi | Options vest equally on quarterly basis during third year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 25% | 25% | ||||
Yair Seroussi | Options vest equally on quarterly basis during fourth year after grant date | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Percentage of options vested | 5% | 5% |
Guarantees, Contingent Liabil_2
Guarantees, Contingent Liabilities, Engagements and Charges (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 08, 2022 | Dec. 04, 2022 USD ($) | Sep. 11, 2022 | Jul. 03, 2022 | Jan. 02, 2022 USD ($) | Nov. 11, 2021 | Oct. 10, 2021 | Sep. 09, 2021 | May 13, 2021 | Oct. 11, 2020 | Jul. 14, 2020 | Jul. 05, 2018 | Dec. 30, 2022 USD ($) | Oct. 31, 2022 | Sep. 18, 2022 | Jun. 19, 2022 | Mar. 27, 2022 EUR (€) | Feb. 27, 2022 | Jan. 26, 2022 | Nov. 30, 2021 USD ($) | Sep. 22, 2021 | Sep. 19, 2021 EUR (€) | Dec. 29, 2020 | Dec. 22, 2020 | Dec. 21, 2020 | Jul. 28, 2020 | May 31, 2019 | Mar. 31, 2018 | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 ILS (₪) | Sep. 11, 2020 USD ($) | Dec. 31, 2019 ILS (₪) | Dec. 31, 2018 ILS (₪) | Dec. 31, 2017 ILS (₪) | |
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Operational Uptime During First Year Percentage | 95% | ||||||||||||||||||||||||||||||||||||||||
Production Licensed Capacity | 105 megawatts | ||||||||||||||||||||||||||||||||||||||||
Advance Payment On Account Of Share Purchases | € | € 1,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Partnership Capital | 60% | ||||||||||||||||||||||||||||||||||||||||
Hedged Electricity Production Percentage | 31% | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Price In Hedge Transaction | EUR 63 per megawatt hour | ||||||||||||||||||||||||||||||||||||||||
Capacity Of First Part Of Project | 182 MW | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Ac Terms | 30.3 megawatts | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Dc Terms | 40 megawatts | ||||||||||||||||||||||||||||||||||||||||
Capacity Of Battery Based Electricity Storage Systems | 430 megawatts | ||||||||||||||||||||||||||||||||||||||||
Performance Guarantees For Projects In United States [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Performance Guarantee | $ | $ 105.3 | ||||||||||||||||||||||||||||||||||||||||
Cpi Linked Bank Guarantee For Agreement Of Offices Lease [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Bank Guarantee | ₪ 230 | ||||||||||||||||||||||||||||||||||||||||
Bank Guarantees For Lease Agreements Of Halutziot, Kramim Enlight And Kidmat Zvi Projects [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Bank Guarantee | 2,000 | ||||||||||||||||||||||||||||||||||||||||
Bank Guarantees For Permanent Production License For Halutziot, Kramim, Idan And Rooftops Projects [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Bank Guarantee | 1,220 | ||||||||||||||||||||||||||||||||||||||||
Guarantee For Beit Hashita And Beit Hashikma [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | 800 | ||||||||||||||||||||||||||||||||||||||||
Performance Guarantee For First Competitive Process For Production Of Electricity Using Photovoltaic Technology [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Performance Guarantee | ₪ 28,800 | ||||||||||||||||||||||||||||||||||||||||
Performance Guarantee For Second Competitive Process For Production Of Electricity Using Photovoltaic Technology [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Performance Guarantee | 49,200 | ||||||||||||||||||||||||||||||||||||||||
Guarantee For Receiving License From Electricity Authority [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | 2,000 | ||||||||||||||||||||||||||||||||||||||||
Guarantee For Receiving Competitive Process For Dual Use Facilities [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | ₪ 4,500 | ||||||||||||||||||||||||||||||||||||||||
Bank Guarantees Towards Financing Agreements With Bank Of Ireland [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | € | € 1,100 | ||||||||||||||||||||||||||||||||||||||||
Guarantees Towards Financing Agreements For Picasso Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | € | 5,000 | ||||||||||||||||||||||||||||||||||||||||
Guarantees Towards Financing Agreements For Gecama Project In Spain [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | € | 1,000 | ||||||||||||||||||||||||||||||||||||||||
Funding Conditions Stage A [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Total Investment In Project | $ | $ 127 | ||||||||||||||||||||||||||||||||||||||||
Non-current portion of non-current borrowings | $ | 116 | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Loan To Project Investment Cost | 90% | ||||||||||||||||||||||||||||||||||||||||
Funding Conditions Stage B [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Total Investment In Project | $ | 127 | ||||||||||||||||||||||||||||||||||||||||
Remainder Of Operating Period | 25 years | ||||||||||||||||||||||||||||||||||||||||
Non-current portion of non-current borrowings | $ | $ 28 | ||||||||||||||||||||||||||||||||||||||||
Agreement Period | 6-25 years | ||||||||||||||||||||||||||||||||||||||||
Margin Of Over Secured Overnight Financing Rate Data | 1.20% | ||||||||||||||||||||||||||||||||||||||||
Storage Tender One [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Ac Terms | 48 megawatts | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Dc Terms | 130 megawatts | ||||||||||||||||||||||||||||||||||||||||
Storage Tender Two [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Ac Terms | 82 megawatts | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Dc Terms | 200 megawatts | ||||||||||||||||||||||||||||||||||||||||
Picasso Wind Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Production Licensed Capacity | 113 megawatts | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Partnership Capital | 69% | ||||||||||||||||||||||||||||||||||||||||
Number Of Wind Turbines | 27 | ||||||||||||||||||||||||||||||||||||||||
Production Licensed Capacity Of Each Wind Turbines | 4.2 megawatts | ||||||||||||||||||||||||||||||||||||||||
Halutziot [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Contract Asset | $ | $ 161 | ||||||||||||||||||||||||||||||||||||||||
Bjorn Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Production Licensed Capacity | 372 megawatts | ||||||||||||||||||||||||||||||||||||||||
Mivtachim And Talmei Bilu [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | 2,900 | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Purchase Consideration | $ | $ 75 | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | Funding Conditions Stage A [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Margin Of Over Secured Overnight Financing Rate Data | 0.60% | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Purchase Consideration | $ | $ 80 | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | Funding Conditions Stage A [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Margin Of Over Secured Overnight Financing Rate Data | 1% | ||||||||||||||||||||||||||||||||||||||||
Payment First Milestones [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Advance Payment On Account Of Share Purchases | € | € 1,000 | ||||||||||||||||||||||||||||||||||||||||
Percentage Of Increase Stake In Projects | 50% | ||||||||||||||||||||||||||||||||||||||||
Payment Second Milestones [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Increase Stake In Projects | 30% | ||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 80% | ||||||||||||||||||||||||||||||||||||||||
Payment Third Milestones [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100% | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Number Of Last Turbines Approved For Receipt Of Full Tariff | 9 | ||||||||||||||||||||||||||||||||||||||||
Number Of Total Turbines | 27 | ||||||||||||||||||||||||||||||||||||||||
Period Of Project Revenues Guaranteed Through A Power Purchase Agreement At A Fixed Price | 12 years | ||||||||||||||||||||||||||||||||||||||||
Electricity Storage Capacity | 1,200 megawatt hours | 600 megawatt hours | |||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | Picasso Wind Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Period Of Fixed Tariff | 12 years | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | Bjorn Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Agreement Period | 10 years | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | Payment First Milestones [Member] | Bjorn Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Agreement Period | 10 years | ||||||||||||||||||||||||||||||||||||||||
Increased Electricity Project Production | 22% | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | Payment Second Milestones [Member] | Bjorn Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Agreement Period | years 1-5 | ||||||||||||||||||||||||||||||||||||||||
Increased Electricity Project Production | 70% | ||||||||||||||||||||||||||||||||||||||||
Electricity Project Production | 50% | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreements [Member] | Payment Third Milestones [Member] | Bjorn Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Agreement Period | years 6-10 | ||||||||||||||||||||||||||||||||||||||||
Increased Electricity Project Production | 22% | ||||||||||||||||||||||||||||||||||||||||
Electricity Project Production | 50% | ||||||||||||||||||||||||||||||||||||||||
Renewable Energy Sources In Croatia [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Aggregate Capacity | 525 megawatts | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity Of Solar Project | 386 megawatts | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity Of Wind Project | 139 megawatts | ||||||||||||||||||||||||||||||||||||||||
Power Purchase Agreement For Atrisco Solar Project [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Period Of Project Revenues Guaranteed Through A Power Purchase Agreement At A Fixed Price | 20 years | ||||||||||||||||||||||||||||||||||||||||
Cumulative Capacity In Dc Terms | 360 MWdc | ||||||||||||||||||||||||||||||||||||||||
Capacity Of Battery Based Electricity Storage Systems | 1,200 MWh | ||||||||||||||||||||||||||||||||||||||||
Purchase Consideration | $ | $ 330 | ||||||||||||||||||||||||||||||||||||||||
Increase In Electricity Price | 24% | ||||||||||||||||||||||||||||||||||||||||
Energy Storage Availability Payments Pecentage Increase | 26% | ||||||||||||||||||||||||||||||||||||||||
Haluziot Project [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | € | € 670 | ||||||||||||||||||||||||||||||||||||||||
Tranche Iii Projects [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | $ | $ 54 | ||||||||||||||||||||||||||||||||||||||||
Financing Agreement For Picasso Project [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | $ 20 | € 7,900 | € 1,600 | ||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Increase In Farm’s Capacity | 12.8 megawatts | ||||||||||||||||||||||||||||||||||||||||
Farm Capacity | 109 megawatts | 96 megawatts | |||||||||||||||||||||||||||||||||||||||
Guaranteed Tariff Period | 20 years | ||||||||||||||||||||||||||||||||||||||||
Bank Guarantee | ₪ 4,270 | 400 | ₪ 3,900 | ||||||||||||||||||||||||||||||||||||||
Guarantee Value | 3,400 | ||||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | Bank Guarantees Towards Israel Land Administration [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | ₪ 3,900 | ||||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | Bank Guarantees Towards Netivei Israel And Israel Land Authority [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | ₪ 1,700 | ₪ 2,000 | |||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | Israel, New Shekels | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Tariff For Sale | 35.93 agorot | ||||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | United States of America, Dollars | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Tariff For Sale | 11.15 USD cent | ||||||||||||||||||||||||||||||||||||||||
Emek Habacha Wind Energy Ltd [Member] | Fsa Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Operational Uptime During Second Year Percentage | 97% | ||||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||||||
Infrastructure Maintenance Agreement Period | 20 years | ||||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | Bottom of range [member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Total Investment Cost As Project Finance | 75% | ||||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | Top of range [member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Total Investment Cost As Project Finance | 80% | ||||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | Power Purchase Agreements [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Total Investment In Project | $ | $ 50 | ||||||||||||||||||||||||||||||||||||||||
Remainder Of Operating Period | 25 years | ||||||||||||||||||||||||||||||||||||||||
Agreement Period | 20 years | ||||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | Power Purchase Agreements [Member] | Rustic Hills Solar Project [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Agreement Period | 20 years | 20 years | 20 years | ||||||||||||||||||||||||||||||||||||||
Clenera Holdings Llc [Member] | Binding Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Aggregate Capacity | 60MW | 1.3GW | |||||||||||||||||||||||||||||||||||||||
Electricity Storage Capacity | 4.1GWh | ||||||||||||||||||||||||||||||||||||||||
Initial Payment Of Binding Agreement For Purchase Of Additional Solar And Energy Storage Portfolio | $ | $ 51 | ||||||||||||||||||||||||||||||||||||||||
Ruach Beresheet L P [Member] | Bank Guarantees Towards Netivei Israel And Israel Land Authority [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Guarantee Value | ₪ 300 | ||||||||||||||||||||||||||||||||||||||||
Phoenix Group [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Partnership Capital | 40% | ||||||||||||||||||||||||||||||||||||||||
Gecama Wind Energy Project In Spain [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Production Licensed Capacity | 329 megawatts | ||||||||||||||||||||||||||||||||||||||||
Hedged Electricity Production Percentage | 55.30% | 81% | |||||||||||||||||||||||||||||||||||||||
Weighted Average Price In Hedge Transaction | EUR 76.09 to EUR 86.63 per megawatt hours over the hedge period, | ||||||||||||||||||||||||||||||||||||||||
Menorah Group [Member] | Picasso Wind Project In Sweden [Member] | |||||||||||||||||||||||||||||||||||||||||
Guaranteescontingentliabilitiesengagementsandcharges [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Percentage Of Partnership Capital | 31% |
Events After the End of the R_2
Events After the End of the Reporting Period (Narrative) (Details) ₪ / shares in Units, ₪ in Thousands, $ in Millions | 1 Months Ended | |||||||||||
Mar. 06, 2022 ILS (₪) ₪ / shares | Mar. 06, 2022 USD ($) | Mar. 02, 2022 ILS (₪) | Mar. 02, 2022 USD ($) | Aug. 16, 2022 ILS (₪) ₪ / shares | Aug. 16, 2022 USD ($) | Feb. 28, 2022 ILS (₪) | Feb. 28, 2023 ₪ / shares shares | Dec. 31, 2022 ₪ / shares | Dec. 31, 2021 ₪ / shares | Mar. 02, 2021 ₪ / shares | Dec. 31, 2020 ₪ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number of shares issued | shares | 2,042,935 | |||||||||||
Par value per share | ₪ / shares | ₪ 0.1 | ₪ 0.1 | ₪ 18 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | ₪ 0.1 | |||||
Proceeds from issue of ordinary shares | ₪ 228,900 | $ 70.6 | ₪ 589,941 | $ 178.8 | ₪ 450,000 | $ 137.5 | ₪ 290,000 | |||||
Nasdaq IPO | ||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||
Number of shares issued | shares | 14,000,000 | |||||||||||
Par value per share | ₪ / shares | ₪ 18 |