| Financial instruments | Note
26 - Financial Instruments
A.
Financial
risk management policy The
. 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 . 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
11.8
NIS
47.3
January
2024
0.04
Foreign
currency forward contracts (1)
Storage
2
USD
34.2
NIS
123.6
January
2024
0.13
(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 main contractors of
the projects. 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, 2023
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
-
(803
)
16,052
803
-
Equity
of foreign operations
ILS vs EURO
(43,583
)
-
871,663
-
43,583
ILS vs HUF
(367
)
-
7,345
-
367
Total
effect OCI
(43,950
)
-
879,008
-
43,950
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 on OCI
(35,859
)
-
717,177
-
35,859
(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, 2023
Increase
3%
Decrease
3%
Pre-tax
profit
Carrying value
Pre-tax
profit
3% Change in the index
rate
USD
in thousands
Contract assets
2,982
99,416
(2,982
)
Loans to investee entities
188
6,264
(188
)
Loans to non-controlling
interests
158
5,267
(158
)
Loans from banks and
other financial institutions
(24,965
)
(816,087
)
23,972
Other financial liabilities
(78
)
(2,591
)
78
(10,814
)
(707,731
)
10,814
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
)
Loans from banks and
other financial institutions
(15,602
)
(791,379
)
15,523
Other financial liabilities
(80
)
(2,751
)
80
(11,721
)
(662,081
)
11,642
B.
Financial
risk factors
(1)
Presented
below is an analysis of financial instruments by linkage bases and currency types
As of December 31, 2023
Linked
to the EUR
Linked to the USD
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
Current assets:
Cash and cash equivalents
82,577
136,633
1,858
-
182,737
403,805
Deposits in banks
5,308
-
-
-
-
5,308
Restricted cash
78,543
16,270
-
-
47,882
142,695
Trade receivables
29,556
340
520
-
12,684
43,100
Other receivables
11,676
-
-
432
4,263
16,371
Other financial assets
-
805
-
-
171
976
207,660
154,048
2,378
432
247,737
612,255
Non-current assets:
Restricted cash
22,913
-
4,007
-
11,971
38,891
Long term receivables
30,534
-
-
-
6
30,540
Financial assets measured at fair value through profit or loss
53,466
-
-
-
-
53,466
Loans to equity-accounted entities
3,036
-
-
6,264
26,578
35,878
Other financial assets
70,398
-
4,193
4,835
-
79,426
180,347
-
8,200
11,099
38,555
238,201
Current liabilities:
Credit and current maturities in respect of loans from banks and
other financial institutions
(63,819
)
(212,202
)
(1,759
)
(46,886
)
-
(324,666
)
Trade payables
(9,663
)
(94,445
)
(20
)
-
(1,446
)
(105,574
)
Other payables
(20,796
)
(15,503
)
(1,894
)
(1,571
)
(49,264
)
(89,028
)
Current maturities in respect of Debentures
-
-
-
-
(26,233
)
(26,233
)
Current maturities of lease liability
(1,751
)
-
(102
)
(6,221
)
(39
)
(8,113
)
Financial liabilities measured at fair value through profit or loss
-
(13,860
)
-
-
-
(13,860
)
Other financial liabilities
-
(1,224
)
-
-
-
(1,224
)
(96,029
)
(337,234
)
(3,775
)
(54,678
)
(76,982
)
(568,698
)
Non-current liabilities:
Debentures
-
-
-
-
(293,751
)
(293,751
)
Convertible Debentures
-
-
-
-
(130,566
)
(130,566
)
Loans from banks and other financial institutions
(645,265
)
(116,151
)
(32,229
)
(767,810
)
(141,470
)
(1,702,925
)
Loans from non-controlling interests
(80,006
)
-
-
-
(12,744
)
(92,750
)
Lease liability
(35,464
)
-
(1,395
)
(82,306
)
(319
)
(119,484
)
Employee benefits
-
(4,784
)
-
-
-
(4,784
)
Financial liabilities through profit or loss
-
(32,113
)
-
(2,411
)
-
(34,524
)
Other financial liabilities
-
(62,020
)
-
-
-
(62,020
)
(760,735
)
(215,068
)
(33,624
)
(852,527
)
(578,850
)
(2,440,804
)
Total assets (liabilities), net
(468,947
)
(398,254
)
(26,821
)
(895,674
)
(369,540
)
(2,159,236
)
As
of December 31, 2022
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
-
-
-
-
432
-
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
(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, 2023
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
(1,805
)
(90,259
)
1,805
SOFR-linked credit from
banks (1)
-
(116,151
)
-
(1,805
)
(206,410
)
1,805
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 loan from
banks
(895
)
(44,764
)
895
SOFR-linked credit from
banks (1)
-
(118,373
)
-
(895
)
(163,137
)
895
(1)
The company has loans which are linked to the
SOFR interest rate. The loans are used to finance projects under construction. 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. 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%
18,153
EURO 20,078
USD
31/03/2031
1,218
Loan to finance the Picasso
project
3
month Euribor
1.08%
71,205
EURO 78,755
USD
31/03/2039
5,425
Loan to finance the Gecama
project
6
month Euribor
0.147%
144,850
EURO 160,210
USD
30/06/2035
24,174
Loan to finance the Attila
projects
3
month
1.445%-3.7%
12,346,053
HUF 35,674
USD
31/12/2030
4,193
Loan to finance the Bjorn
project
6
month Euribor
0.526%
162,111
EURO 179,301
USD
30/06/2041
28,198
Loan to finance the Atrisco
project - PV
6
month Sofer
4.0858%
112,383
USD
30/09/2048
(7,217) During
the years 2023 and 2022, profit (loss) net of tax in the amount of USD (23,380)
thousand and USD 61,853
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. Deal
Contingent Hedge : The
. The
following table specifies the Deal Contingent Hedge contracts which were designated as hedging instruments, which exist as of the end
of the reporting period:
Hedged
contract
Interest
rates After hedging
Par
value Thousands
Repayment
date
Carrying
value USD in thousands
Loan to finance the Atrisco
project - BESS
3.8249%
140,332
USD
30/06/2044
(5,539)
(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
:
As
of December 31, 2023(**)
After
2024
2025
2026
2027
2028
2028
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
(417
)
(398
)
(342
)
(342
)
(342
)
(2,430
)
(4,271
)
Performance-based contingent
consideration (“Earn Out”), see Note 7A(1)
(27,564
)
(4,143
)
(12,237
)
-
-
-
(43,944
)
Liability in respect
of put option
-
-
-
-
-
(25,372
)
(25,372
)
Loans from non-controlling
interests
(4,492
)
(12,482
)
(13,074
)
(11,709
)
(12,460
)
(57,862
)
(112,079
)
Debentures (*)
(36,510
)
(54,135
)
(161,232
)
(55,563
)
(102,804
)
(54,006
)
(464,250
)
Credit and loans from
banks and other financial institutions (*)
(366,969
)
(173,269
)
(166,445
)
(209,582
)
(214,636
)
(1,379,280
)
(2,510,181
)
lease back liability
(3,520
)
(3,547
)
(3,555
)
(3,610
)
(3,570
)
(60,152
)
(77,954
)
Lease liability
(7,584
)
(7,147
)
(7,018
)
(6,969
)
(6,868
)
(66,512
)
(102,098
)
(447,056
)
(255,121
)
(363,903
)
(287,775
)
(340,680
)
(1,645,614
)
(3,340,149
)
(*)
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, 2023:
Level
1
Level
2
Level
3
Total
USD
in thousands
USD
in thousands
USD
in thousands
USD
in thousands
Financial
Assets at fair value:
Contracts in respect
of forward transactions -
171 -
171
Interest rate swaps
-
63,208 -
63,208
Non-marketable shares
measured at fair value through profit or loss - -
53,466
53,466
Transactions to peg electricity
prices swap (CFD differences contract) -
11,384 -
11,384
Financial
liabilities at fair value:
Interest rate swaps
-
(7,217
) -
(7,217
)
Performance-based contingent
consideration (“Earn Out”), see Note 7A(1) - -
(22,941
)
(22,941
)
Deal contingent hedge -
(5,539
) -
(5,539
) As
of December 31, 2022:
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 contingent
consideration (“Earn Out”), see Note 7A(1) - -
(52,972
)
(52,972
) 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:
2023
2022
Financial
assets
Non-marketable
shares measured at fair value through profit or loss
USD
thousands
Balance
as of January 1
42,918
28,682
Investment
5,682
10,824
Revaluation (*)
2,940
4,868
Translation differences
1,926
(1,456
)
Balance
as of December 31
53,466
42,918
2023
2022
Financial
liabilities
Performance-based
(“earn out”) contingent consideration
USD
thousands
Balance
as of January 1
(52,972
)
(61,362
)
Revaluation
25,377
6,678
)
Repayment
4,654
1,712
Balance
as of December 31
(22,941
)
(52,972
)
(*)
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
2023
2022
2023
2022
USD
in thousands
USD
in thousands
USD
in thousands
USD
in thousands
Debentures
Level 1
454,091
388,498
430,889
364,203
Loans from banks and
other financial institutions (1)
Level 3
1,305,642
1,200,199
876,561
908,964
Liability in respect
of deferred consideration arrangement (1)
Level 3
2,591
2,750
3,019
3,602
(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
2023
2022
USD
in thousands
USD
in thousands
Current
assets
Other
financial assets
Contracts
in respect of forward transactions
171
1,493
Interest
rate swaps
805
Non-current assets
Other
financial assets
Loans
to non-controlling interests
4,834
5,253
Transactions
to peg electricity prices swap (CFD differences contract)
11,384
-
Interest
rate swaps
63,208
89,143
80,403
95,889
Current
liabilities
Other
financial liabilities
Transactions
to peg electricity prices swap (CFD differences contract)
-
(50,255
)
Interest
rate swaps
(154
)
-
lease
back liability
(1,070
)
-
Financial
liabilities through profit or loss
Performance-based
contingent consideration (“Earn Out”) (1)
(13,860
)
(35,282
)
Liability
in respect of deferred consideration arrangement (2)
(180
)
(167
)
Non-current liabilities
Other
financial liabilities
Interest
rate swaps
(7,868
)
-
Deal
contingent hedge
(5,539
)
-
lease
back liability
(48,613
)
-
Financial
liabilities through profit or loss
Liability
in respect of deferred consideration arrangement (2)
(2,411
)
(2,584
)
Performance-based
contingent consideration (“Earn Out”) as well as the founder’s put option (1)
(32,113
)
(45,484
)
(111,808
)
(133,772
)
(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, 2023 and 2022, amounted to USD 2,591
thousand and USD 2,750
thousand, respectively. |
