Document and Entity Information
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2021shares | ||
Entity Addresses [Line Items] | ||
Entity Registrant Name | ELLOMAY CAPITAL LTD. | |
Entity Central Index Key | 0000946394 | |
Document Type | 20-F | |
Document Period End Date | Dec. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity's Reporting Status Current | Yes | |
Entity a Voluntary Filer | No | |
Entity Filer Category | Accelerated Filer | |
Auditor Attestation Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,849,295 | [1] |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Entity Incorporation State Country Code | IL | |
Entity Interactive Data Current | Yes | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Entity File Number | 001-35284 | |
Entity Address, Address Line One | 18 Rothschild Boulevard | |
Entity Address, Address Line Two | 1 | |
Entity Address, City or Town | Tel Aviv | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 6688121 | |
Title of 12(b) Security | Ordinary Shares | |
Trading Symbol | ELLO | |
Security Exchange Name | NYSE | |
Document Accounting Standard | International Financial Reporting Standards | |
Auditor Name | Somekh Chaikin | |
Auditor Location | Tel Aviv, Israel | |
Auditor Firm ID | 1057 | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Contact Personnel Name | Kalia Rubenbach | |
Entity Address, Address Line One | 18 Rothschild Boulevard | |
Entity Address, Address Line Two | 1 | |
Entity Address, City or Town | Tel Aviv | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 6688121 | |
City Area Code | 972 | |
Local Phone Number | 3-797-1111 | |
Contact Personnel Fax Number | 77-344-6856 | |
[1] | Does not include a total of 258,046 ordinary shares held at that date as treasury shares under Israeli law, all of which were repurchased by Ellomay. For so long as such treasury shares are owned by Ellomay they have no rights and, accordingly, are neither eligible to participate in or receive any future dividends which may be paid to Ellomay’s shareholders nor are they entitled to participate in, be voted at or be counted as part of the quorum for, any meetings of Ellomay’s shareholders. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Current assets: | ||||
Cash and cash equivalents | € 41,229 | $ 46,663 | € 66,845 | |
Marketable securities | 1,946 | 2,202 | 1,761 | |
Short term deposits | 28,410 | 32,154 | 8,113 | |
Restricted cash | 1,000 | 1,132 | 0 | |
Receivable from concession project | 1,784 | 2,019 | 1,491 | |
Trade and other receivables | 9,487 | 10,737 | 9,825 | |
Total Current assests | 83,856 | 94,907 | 88,035 | |
Non-current assets | ||||
Investment in equity accounted investee | 34,029 | 38,514 | 32,234 | |
Advances On Account Of Investments | 1,554 | 1,759 | 2,423 | |
Receivable from concession project | 26,909 | 30,456 | 25,036 | |
Fixed assets | 340,065 | 384,886 | 264,095 | |
Right-of-use asset | 23,367 | 26,447 | 17,209 | |
Intangible asset | 4,762 | 5,390 | 4,604 | |
Restricted cash and deposits | 15,630 | 17,690 | 9,931 | |
Deferred tax | 12,952 | 14,659 | 3,605 | |
Long term receivables | 5,388 | 6,098 | 2,762 | |
Derivatives | 2,635 | 2,982 | 10,238 | |
Total Non-current assets | 467,291 | 528,881 | 372,137 | |
Total assets | 551,147 | 623,788 | 460,172 | |
Current liabilities: | ||||
Current maturities of long term bank loans | 126,180 | 142,811 | 10,232 | |
Current maturities of long term loans | 16,401 | 18,563 | 4,021 | |
Current maturities of debentures | 19,806 | 22,416 | 10,600 | |
Trade payables | 2,904 | 3,285 | 12,387 | |
Other payables | 20,806 | 23,548 | 3,593 | [1] |
Current maturities of derivatives | 14,783 | 16,731 | 1,378 | [1] |
Current maturities of lease liabilities | 4,329 | 4,900 | 490 | [1] |
Total current liabilities | 205,209 | 232,254 | 42,701 | |
Non-current liabilities | ||||
Long-term lease liabilities | 15,800 | 17,882 | 17,299 | |
Long-term loans | 39,093 | 44,245 | 134,520 | |
Other long-term loans | 37,221 | 42,127 | 49,396 | |
Debentures | 117,493 | 132,979 | 72,124 | |
Deferred tax | 8,836 | 10,001 | 7,806 | |
Other long-term liabilities | 3,905 | 4,420 | 2,964 | [1] |
Derivatives | 10,107 | 11,439 | 8,336 | |
Total Non-current liabilities | 232,455 | 263,093 | 292,445 | |
Total liabilities | 437,664 | 495,347 | 335,146 | |
Equity | ||||
Share capital | 25,605 | 28,980 | 25,102 | |
Share premium | 85,883 | 97,202 | 82,401 | |
Treasury shares | (1,736) | (1,965) | (1,736) | |
Transaction reserve with non-controlling Interests | 5,697 | 6,448 | 6,106 | |
Reserves | 7,288 | 8,249 | 4,164 | |
Retained earnings (accumulated deficit) | (7,217) | (8,168) | 8,191 | |
Total equity attributed to shareholders of the Company | 115,520 | 130,746 | 124,228 | |
Non-Controlling Interest | (2,037) | (2,305) | 798 | |
Total equity | 113,483 | 128,441 | 125,026 | |
Total liabilities and equity | € 551,147 | $ 623,788 | € 460,172 | |
[1] | Reclassified |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021EUR (€)€ / shares | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020EUR (€)€ / shares | Dec. 31, 2019EUR (€)€ / shares | ||||
Profit or loss [abstract] | |||||||
Revenues | € 44,783 | $ 50,685 | € 9,645 | € 18,988 | |||
Operating expenses | (17,524) | (19,834) | (4,951) | (6,638) | |||
Depreciation and amortization expenses | (15,076) | (17,063) | (2,975) | (6,416) | |||
Gross profit | 12,183 | 13,788 | 1,719 | 5,934 | |||
Project development costs | (2,508) | (2,839) | (3,491) | (4,213) | |||
General and administrative expenses | (5,661) | (6,407) | (4,512) | (3,827) | |||
Share of profits of equity accounted investee | 117 | 132 | 1,525 | 3,086 | |||
Other income (expenses), net | 0 | [1] | 0 | 2,100 | [1] | (2,100) | [1] |
Capital gain | 0 | 0 | 0 | 18,770 | |||
Operating profit (loss) | 4,131 | 4,674 | (2,659) | 17,650 | |||
Financing income | 2,931 | 3,317 | 2,134 | 1,827 | |||
Financing income (expenses) in connection with derivatives, net | (841) | (952) | 1,094 | 897 | |||
Financing expenses | (28,974) | (32,793) | (6,862) | (10,877) | |||
Financing expenses, net | (26,884) | (30,428) | (3,634) | (8,153) | |||
Profit (loss) before taxes on Income | (22,753) | (25,754) | (6,293) | 9,497 | |||
Tax benefit | 2,489 | 2,817 | 125 | 287 | |||
Profit (loss) for the year | (20,264) | (22,937) | (6,168) | 9,784 | |||
Profit (loss) attributable to: | |||||||
Owners of the Company | (15,408) | (17,439) | (4,627) | 12,060 | |||
Non-controlling interests | (4,856) | (5,498) | (1,541) | (2,276) | |||
Profit (loss) for the year | (20,264) | (22,937) | (6,168) | 9,784 | |||
Other comprehensive income (loss) items that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: | |||||||
Foreign currency translation differences for foreign operations | 12,284 | 13,903 | (482) | 2,103 | |||
Effective portion of change in fair value of cash flow hedges, net of tax | (13,429) | (15,199) | 2,210 | 1,076 | |||
Net change in fair value of cash flow hedges transferred to profit or loss | (3,353) | (3,795) | 555 | (1,922) | |||
Total other comprehensive income (loss), net of tax | (4,498) | (5,091) | 2,283 | 1,257 | |||
Total other comprehensive income (loss) attributable to: | |||||||
Owners of the Company | 3,124 | 3,535 | 881 | 2,114 | |||
Non-controlling interests | (7,622) | (8,626) | 1,402 | (857) | |||
Total other comprehensive income (loss), net of tax | (4,498) | (5,091) | 2,283 | 1,257 | |||
Total comprehensive income (loss) for the year | (24,762) | (28,028) | (3,885) | 11,041 | |||
Total comprehensive income (loss) for the year attributable to: | |||||||
Owners of the Company | (12,284) | (13,904) | (3,746) | 14,174 | |||
Non-controlling interests | (12,478) | (14,124) | (139) | (3,133) | |||
Total comprehensive income (loss) for the year | € (24,762) | $ (28,028) | € (3,885) | € 11,041 | |||
Earnings (loss) per share | |||||||
Basic earnings (loss) per share | (per share) | € (1.20) | $ (1.39) | € (0.38) | € 1.09 | |||
Diluted earnings (loss) per share | (per share) | € (1.20) | $ (1.39) | € (0.38) | € 1.09 | |||
[1] | Indemnification in the amount of up to €2.1 million in connection with the announcement received from GSE, Italy’s energy regulation agency, by one of the Italian Subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). The Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity € in Thousands, $ in Thousands | Share capital [Member]EUR (€) | Share capital [Member]USD ($) | Share premium [Member]EUR (€) | Share premium [Member]USD ($) | Retained earnings (accumulated deficit) [Member]EUR (€) | Retained earnings (accumulated deficit) [Member]USD ($) | Treasury shares [Member]EUR (€) | Treasury shares [Member]USD ($) | Translation reserve from Foreign Operations [Member]EUR (€) | Translation reserve from Foreign Operations [Member]USD ($) | Hedging Reserve [Member]EUR (€) | Hedging Reserve [Member]USD ($) | Transaction reserve with non-controlling Interests [Member]EUR (€) | Transaction reserve with non-controlling Interests [Member]USD ($) | Total [Member]EUR (€) | Total [Member]USD ($) | Non-controlling Interests [Member]EUR (€) | Non-controlling Interests [Member]USD ($) | EUR (€) | USD ($) |
Balance at Dec. 31, 2018 | € 19,980 | € 58,344 | € 758 | € (1,736) | € 1,396 | € (227) | € 0 | € 78,515 | € (1,558) | € 76,957 | ||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | 0 | 0 | 12,060 | 0 | 0 | 0 | 0 | 12,060 | (2,276) | 9,784 | ||||||||||
Other comprehensive loss for the year | 0 | 0 | 0 | 0 | 2,960 | (846) | 0 | 2,114 | (857) | 1,257 | ||||||||||
Total comprehensive loss for the year | 0 | 0 | 12,060 | 0 | 2,960 | (846) | 0 | 14,174 | (3,133) | 11,041 | ||||||||||
Sale of shares in subsidiaries to non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 5,439 | 5,439 | 5,374 | 10,813 | ||||||||||
Issue of equity | 2,010 | 5,797 | 0 | 0 | 0 | 0 | 0 | 7,807 | 0 | 7,807 | ||||||||||
Options exercise | 8 | 11 | 0 | 0 | 0 | 0 | 0 | 19 | 0 | 19 | ||||||||||
Acquisition of shares in subsidiaries from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 667 | 667 | 254 | 921 | ||||||||||
Share-based payments | 0 | 8 | 0 | 0 | 0 | 0 | 0 | 8 | 0 | 8 | ||||||||||
Balance at Dec. 31, 2019 | 21,998 | 64,160 | 12,818 | (1,736) | 4,356 | (1,073) | 6,106 | 106,629 | 937 | 107,566 | ||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | 0 | 0 | (4,627) | 0 | 0 | 0 | 0 | (4,627) | (1,541) | (6,168) | ||||||||||
Other comprehensive loss for the year | 0 | 0 | 0 | 0 | (533) | 1,414 | 0 | 881 | 1,402 | 2,283 | ||||||||||
Total comprehensive loss for the year | 0 | 0 | (4,627) | 0 | (533) | 1,414 | 0 | (3,746) | (139) | (3,885) | ||||||||||
Issue of equity | 3,084 | 18,191 | 0 | 0 | 0 | 0 | 0 | 21,275 | 0 | 21,275 | ||||||||||
Options exercise | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 20 | ||||||||||
Share-based payments | 0 | 50 | 0 | 0 | 0 | 0 | 0 | 50 | 0 | 50 | ||||||||||
Balance at Dec. 31, 2020 | 25,102 | $ 28,411 | 82,401 | $ 93,261 | 8,191 | $ 9,271 | (1,736) | $ (1,965) | 3,823 | $ 4,327 | 341 | $ 387 | 6,106 | $ 6,911 | 124,228 | $ 140,603 | 798 | $ 905 | 125,026 | $ 141,508 |
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | 0 | 0 | 0 | 0 | (15,408) | (17,439) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (15,408) | (17,439) | (4,856) | (5,498) | (20,264) | (22,937) |
Other comprehensive loss for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11,542 | 13,063 | (8,418) | (9,528) | 0 | 0 | 3,124 | 3,535 | (7,622) | (8,626) | (4,498) | (5,091) |
Total comprehensive loss for the year | 0 | 0 | 0 | 0 | (15,408) | (17,439) | 0 | 0 | 11,542 | 13,063 | (8,418) | (9,528) | 0 | 0 | (12,284) | (13,904) | (12,478) | (14,124) | (24,762) | (28,028) |
Issue of equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,682 | 9,826 | 8,682 | 9,826 |
Warrants exercise | $ | 514 | 3,870 | 0 | 0 | 0 | 0 | 0 | 4,384 | 0 | 4,384 | ||||||||||
Options exercise | 49 | 55 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49 | 55 | 0 | 0 | 49 | 55 |
Increase Decrease Through Exercise Of Options And Warrants | 454 | 3,419 | 0 | 0 | 3,873 | 0 | 3,873 | |||||||||||||
Acquisition of shares in subsidiaries from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (409) | (463) | (409) | (463) | 961 | 1,088 | 552 | 625 |
Share-based payments | 0 | 0 | 63 | 71 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63 | 71 | 0 | 0 | 63 | 71 |
Balance at Dec. 31, 2021 | € 25,605 | $ 28,980 | € 85,883 | $ 97,202 | € (7,217) | $ (8,168) | € (1,736) | $ (1,965) | € 15,365 | $ 17,390 | € (8,077) | $ (9,141) | € 5,697 | $ 6,448 | € 115,520 | $ 130,746 | € (2,037) | $ (2,305) | € 113,483 | $ 128,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Cash flows from operating activities | ||||
Profit (loss) for the year | € (20,264) | $ (22,937) | € (6,168) | € 9,784 |
Adjustments for: | ||||
Financing expenses, net | 26,884 | 30,428 | 3,634 | 8,153 |
Capital gain | 0 | 0 | 0 | (18,770) |
Profit from settlement of derivatives contract | (407) | (461) | 0 | 0 |
Depreciation and amortization | 15,076 | 17,063 | 2,975 | 6,416 |
Share-based payment transactions | 63 | 71 | 50 | 8 |
Share of profits of equity accounted investees | (117) | (132) | (1,525) | (3,086) |
Payment of interest on loan from an equity accounted investee | 859 | 972 | 582 | 370 |
Change in trade receivables and other receivables | (1,883) | (2,131) | (3,868) | 403 |
Change in other assets | (545) | (617) | 179 | (1,950) |
Change in receivables from concessions project | 1,580 | 1,788 | 1,426 | 1,329 |
Change in accrued severance pay, net | 0 | 0 | 0 | 9 |
Change in trade payables | 154 | 174 | 190 | 461 |
Change in other payables | 2,380 | 2,694 | (1,226) | 5,336 |
Tax benefit | (2,489) | (2,817) | (125) | (287) |
Income taxes paid | (94) | (106) | (119) | (100) |
Interest received | 1,844 | 2,087 | 2,075 | 1,719 |
Interest paid | (7,801) | (8,829) | (3,906) | (6,083) |
Total adjustment to reconcile profit and loss | 35,504 | 40,184 | 342 | (6,072) |
Net cash provided by (used in) operating activities | 15,240 | 17,247 | (5,826) | 3,712 |
Cash flows from investing activities: | ||||
Acquisition of fixed assets | (82,810) | (93,724) | (128,420) | (74,587) |
Acquisition of subsidiary, net of cash acquired (see Note 6C and Note 6D) | 0 | 0 | (7,464) | (1,000) |
Repayment of loan from an equity accounted investee | 1,400 | 1,585 | 1,978 | 0 |
Loan to an equity accounted investee | (335) | (379) | (181) | 0 |
Proceeds from sale of investments | 0 | 0 | 0 | 34,586 |
Advances on account of investments | 0 | 0 | (1,554) | 0 |
Proceeds from marketable securities | 0 | 0 | 1,800 | 0 |
Acquisition of marketable securities | 0 | 0 | (1,481) | 0 |
Proceeds from settlement of derivatives, net | (976) | (1,105) | 0 | 532 |
Proceed (investment) in restricted cash, net | (5,990) | (6,779) | 23,092 | (26,003) |
Investment in short term deposit | (18,599) | (21,050) | (1,323) | (6,302) |
Investment in marketable Securities | (112) | (127) | 0 | 0 |
Repayment of loan to others | 0 | 0 | 0 | 3,912 |
Compensation as per agreement with Erez Electricity Ltd. | 0 | 0 | 1,418 | 0 |
Net cash used in investing activities | (107,422) | (121,579) | (112,135) | (68,862) |
Cash flows from financing activities: | ||||
Issuance of warrants | 3,746 | 4,240 | 2,544 | 0 |
Repayment of long-term loans | (18,905) | (21,397) | (3,959) | (5,844) |
Repayment of Debentures | (30,730) | (34,780) | (26,923) | (9,836) |
Cost associated with long term loans | (2,796) | (3,165) | (734) | (12,218) |
Proceeds from options | 49 | 55 | 20 | 19 |
Sale of shares in subsidiaries to non-controlling interests | 1,400 | 1,585 | 0 | 13,936 |
Acquisition of shares in subsidiaries from non-controlling interests | 0 | 0 | 0 | (2,961) |
Issuance of ordinary shares | 0 | 0 | 21,275 | 7,807 |
Payment of principal of lease liabilities | (4,803) | (5,436) | 0 | 0 |
Proceeds from long term loans, net | 32,947 | 37,289 | 111,357 | 59,298 |
Proceeds from issue of convertible debentures | 15,571 | 17,623 | ||
Proceeds from issuance of Debentures, net | 57,717 | 65,324 | 38,057 | 22,317 |
Net cash provided by financing activities | 54,196 | 61,338 | 141,637 | 72,518 |
Effect of exchange rate fluctuations on cash and cash equivalents | 12,370 | 14,002 | (1,340) | 259 |
Increase (decrease) in cash and cash equivalents | (25,616) | (28,992) | 22,336 | 7,627 |
Cash and cash equivalents at the beginning of year | 66,845 | 75,655 | 44,509 | 36,882 |
Cash and cash equivalents at the end of the year | € 41,229 | $ 46,663 | € 66,845 | € 44,509 |
General
General | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General Information [Abstract] | |
General | Note 1 – General A. Ellomay Capital Ltd. (hereinafter - the “Company”), is an Israeli Company operating in the business of renewable energy and a power generator and developer of renewable energy and power projects in Europe and Israel. As of December 31, 2021, the Company owns six photovoltaic plants (each, a “PV Plant” and, together, the “PV Plants”) connected to their respective national grids and operating as follows: (i) four photovoltaic plants in Spain with an aggregate installed capacity of approximately 7.9 MW, (ii) 51% of Talasol, which owns a photovoltaic plant with installed capacity of 300MW in the municipality of Talaván, Cáceres, Spain (hereinafter – the “Talasol Project") and (iii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MW. In addition, the Company indirectly owns: (i) 9.375% of Dorad Energy Ltd. (hereinafter - “Dorad”), (ii) Ellomay Solar S.L.U, that is constructing a photovoltaic plant with installed capacity of 28 MW in the municipality of Talaván, Cáceres, Spain (hereinafter – the “Ellomay Solar Project”), (iii) Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively , and (iv) 83.333% of Ellomay Pumped Storage (2014) Ltd., which is constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel (hereinafter – the “Manara PSP”) . The ordinary shares of the Company are listed on the NYSE American and on the Tel Aviv Stock Exchange (under the symbol “ELLO”). The address of the Company’s registered office is 18 Rothschild Blvd., Tel Aviv, Israel. B Definitions: In these financial statements: Consolidated companies/subsidiaries – Companies, including partnerships, the financial statements of which are fully consolidated, directly or indirectly, with the financial statements of the Company. Investee companies Related party Interested parties Unless otherwise noted, all references to “€,” “euro” or “EUR” are to the legal currency of the European Union, all references to “USD,” “US dollar,” “dollars” and “$” are to United States dollars, and all references to “NIS” are to New Israeli Shekels. C Effects of the spreading of the coronavirus: Following the outbreak of the coronavirus (Covid-19) in China in December 2019, and the spreading of Covid-19 to many other countries since the beginning of 2020, creating the current pandemic situation, there was a decrease in economic activity in many areas around the world, including Israel, Spain and Italy. The spread of the virus has led, inter alia, to a disruption in the supply chain, a decrease in global transportation, restrictions on travel and work that were announced by the State of Israel and other countries around the world and a decrease in the value of financial assets and commodities on the markets in Israel and the world. In recent months, Spain, Italy and Israel have experienced a resurgence in the number of Covid-19 cases, causing the local governments to renew restrictions and implement additional measures in order to attempt to curb the spread of the pandemic. Although the Company’s operations have not thus far been materially adversely affected by the restrictions imposed by local governments and authorities in the countries in which the Company operates, in the event the restrictions continue, or new restrictions are imposed, the operations of the Company, including the projects under construction and development, may be adversely affected. The spread of Covid-19 and its implications may also indirectly affect the operations of the Company, for example through changes in the prices of oil resulting in a decrease in the electricity prices (although the electricity prices in the European markets have increased and are currently higher than the prices that were in effect prior to the pandemic), and through reduction in demand for electricity, delays in construction of projects due to curtailment of work, limited availability of components required in order to operate or construct new projects, regulatory changes by countries affected by the virus, including changes in subsidies, collection delays, delays in obtaining permits, limited availability or changes in terms of financing for future projects, limited availability of corporate financing and lower returns on potential future investments. As a result, the Company’s business and operating results could be negatively affected. The extent to which the Covid-19 pandemic impacts the business of the Company will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of Covid-19 and the actions to contain Covid-19 or treat its impact, among others. D. Material events in the reporting period |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Basis of Preparation | Note 2 – Basis of Preparation A. Basis of preparation of the financial statements 1. The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The operating cycle of the Company is one year. The consolidated financial statements were authorized by the Company’s Board of Directors for issue on March 31, 2022. 2. Consistent accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. 3. Basis of measurement - The consolidated financial statements have been prepared on the historical cost basis, except for the following: (i) Investment in investee accounted for using the equity method; (ii) Marketable securities; (iii) Deferred tax assets and liabilities; (iv) Financial instruments measured at fair value through other comprehensive income; (v) Derivative financial instruments and other receivables measured at fair value through profit or loss; and (vi) Provisions. A. Basis of preparation of the financial statements (cont’d) The Recoverable amount of cash generating unit: The Company examines at the end of each reporting year whether there have been any events or changes in circumstances that indicate impairment of fixed assets. When an indication of impairment is revealed, the Company checks whether the carrying amount of the fixed assets is recoverable. An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. See note 6D1. B. Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements Fair value measurement of non-trading derivatives: Within the scope of the valuation of financial assets and derivatives not traded on an active market, management makes assumptions about inputs used in the valuation models. For information on a sensitivity analysis of levels 2 and 3 financial instruments carried at fair value see Note 21 regarding financial instruments. Recognition of deferred tax asset in respect of tax losses: The probability that in the future there will be taxable profits against which carried forward losses can be utilized. See Note 19 regarding taxes on income. Business combination: The Determination of fair value: Preparation of the financial statements requires the Company to determine the fair value of certain assets and liabilities. Further information about the assumptions that were used to determine fair value is included in the following notes: • Note 15, on share-based payments; and • Note 21, on financial instruments; When determining the fair value of an asset or liability, the Company uses observable market data as much as possible. There are three levels of fair value measurements in the fair value hierarchy that are based on the data used in the measurement, as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. • Level 3: inputs that are not based on observable market data (unobservable inputs). C. Initial application of new standards, amendments to standards and interpretations Amendments to IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases, Interest Rate Benchmark Reform – Phase 2 The Amendments include practical expedients regarding the accounting treatment of modifications in contractual terms that are a result of the interest rate benchmark reform (a reform that in the future will lead to the replacement of interest rates such as the Libor and Euribor). These include: - When certain modifications are made in the terms of financial assets or financial liabilities as a result of the reform, the entity shall update the effective interest rate of the financial instrument instead of recognizing a gain or loss. - Certain modifications in lease terms that are a result of the reform shall be accounted for as an update to lease payments that depend on an index or rate. - Certain modifications in terms of the hedging instrument or hedged item that are a result of the reform shall not lead to the discontinuance of hedge accounting. The Amendments are applied retrospectively as from January 1, 2021 by amending the opening balance of equity for the annual reporting period in which the amendment was adopted without a restatement of comparative data. Restatement of comparative data is allowed if this can be done without using "hindsight". Application of the Amendments did not have a material effect on the financial statements. D. Change in classification Comparative amounts were reclassified for consistency, which resulted in €2,451 thousand, €1,378 thousand and €490 thousand being reclassified as of December 31, 2020 from other payables to other long-term liabilities, current maturities of derivatives and current maturities of lease liabilities, respectively. This classification did not have any effect on the profit (loss) for the year. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant Accounting Policies A. Basis of consolidation and equity method accounting 1. Subsidiaries Subsidiaries are entities controlled by the Company. 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 Company. 2. Transactions eliminated upon consolidation Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 3. Investment in associates and joint ventures (equity accounted investees) Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. There is a rebuttable presumption that significant influence exists when the Group holds between 20% and 50% of another entity In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Long-term interests in associates and joint ventures that, in substance, form part of the net investment in the associate or joint venture, such as preferred shares and long-term loans that their repayment is not expected and is unlikely to occur in the foreseeable future, are first accounted for in accordance with the guidance of IFRS 9 and then the equity method is applied in accordance with the guidance of IAS 28. 4. Business combinations The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control. The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed. If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees, are expensed in the period the services are received. 5. Non-controlling interests Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs. Allocation of comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests. Transactions with non-controlling interests, while retaining control Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non-controlling interests is included in the owners’ share in equity of the Company directly in retained earnings. The amount of the adjustment to non-controlling interests is calculated as follows: For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, the Company derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. B. Functional and presentation currency These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated. The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates. Foreign currency transactions- Transactions in foreign currencies are translated to the respective functional currencies of the Company 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. Foreign currency differences arising on translation are generally recognized in profit or loss, except for the following differences which are recognized in other comprehensive income, arising on the translation of: - A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; - Qualifying cash flow hedges to the extent the hedge is effective. Foreign operations- The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions. Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): “foreign currency translation adjustments”. When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss). Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity as part of the translation reserve. Presentation Currency- For the convenience of the reader, the reported euro figures as of December 31, 2021 and for the year then ended, are also presented in dollars, translated at the representative rate of exchange as of December 31, 2021 (euro 0.884 = US$1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. C. Financial instruments (1) Non-derivative Financial assets The Company’s financial assets include cash and cash equivalents, marketable securities, restricted cash, trade receivables, loan to an equity accounted investee, service concession receivables and other receivables. Initial recognition and measurement of financial assets The Company initially recognizes loans, receivables and deposits on the date that they are created. All other financial assets, including assets designated at fair value through profit or loss, are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset (except for financial assets that are measured at fair value through profit and loss, for which transaction costs are recognized in profit and loss). A trade receivable without a significant financing component is initially measured at the transaction price. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset were transferred. When the Company retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Company changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and - The contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. A debt instrument is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - The contractual terms of the debt instrument give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. Assessment whether cash flows are solely payments of principal and interest For the purpose of assessing whether the cash flows are solely payments of principal and interest, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs, as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers: - Contingent events that would change the timing or amount of the cash flows; - Terms that may change the stated interest rate, including variable interest; - Extension or prepayment features; and - Terms that limit the Company’s claim to cash flows from specified assets (for example a non-recourse financial asset). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation, received or paid, for early termination of the contract. Additionally, for a financial asset acquired at a significant premium or discount compared to its contractual stated value, a feature that permits or requires prepayment at an amount that substantially represents the contractual stated value plus accrued (but unpaid) interest (which may also include reasonable additional compensation, received or paid, for early termination), is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. (2) Non-derivative financial liabilities The Company’s financial liabilities include loans and borrowings, trade payables, other payables, finance lease obligations, debentures, long-term loans and other long-term liabilities. Initial recognition of financial liabilities The Company initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities are designated at fair value through profit or loss if the Company manages such liabilities and their performance is assessed based on their fair value in accordance with the Company’s documented risk management strategy, providing that the designation is intended to prevent an accounting mismatch, or the liability is a combined instrument including an embedded derivative. Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses in the statement of financial position. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of income when the issuance is no longer expected to occur. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Company, as specified in the agreement, expires or when it is discharged or cancelled. 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 aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments, therefore, as a rule, exchanges of CPI-linked debt instruments with unlinked instruments are considered exchanges with substantially different terms even if they do not meet the aforementioned quantitative criterion. Upon the swap of debt instruments with equity instruments, equity instruments issued at the extinguishment and de-recognition of all or part of a liability, are a part of “consideration paid” for purposes of calculating the gain or loss from de-recognition of the financial liability. The equity instruments are initially recognized at fair value, unless fair value cannot be reliably measured – in which case the issued instruments are measured at the fair value of the derecognized liability. Any difference between the amortized cost of the financial liability and the initial measurement amount of the equity instruments is recognized in profit or loss under financing income or expenses. 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. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (3) Derivative financial instruments, including hedge accounting The Company holds both derivative financial instruments to hedge its foreign currency and interest rate risk exposures and derivatives that do not serve hedging purposes. Hedge accounting The Company designates certain derivatives as hedging instruments in order to hedge changes in cash flows that relate to highly probable forecasted transactions and which derive from changes in foreign currency exchange rates, fluctuation in the electricity prices and changes in the flow and interest on variable-rate loans. The Company continue to apply IAS 39 for the hedge accounting. At the inception of the hedging relationship the Company documents its risk management objective and its hedging strategy. The Company 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. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. Measurement of derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Fair value hedges Changes in the fair value of a derivative financial instrument designated as a fair value hedge are recognized in profit or loss. Furthermore, changes in the fair value of the hedged item, with respect to the hedged risks, are also recognized in profit or loss with a corresponding adjustment to the carrying amount of the hedged item. Cash flow hedges 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 within 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 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. If the result of a forecasted transaction is recognition of a non-financial asset, the amounts that were accumulated in the hedging reserve and the cost of hedging reserve are included in the initial cost of the non-financial item upon its recognition. For all other hedged forecasted transactions, the amounts accumulated in the hedging reserve and cost of hedging reserve are reclassified to profit or loss in the same period, or periods, in which the hedged forecasted future cash flows affect profit or loss. 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). If the hedged future cash flows are no longer expected to occur, the amounts accumulated in the past in the hedging reserve and cost of hedging reserve are immediately reclassified to profit or loss. Economic hedges Hedge accounting is not applied to derivative instruments that economically hedge financial assets and liabilities denominated in foreign currencies. Changes in the fair value of such derivatives are recognized in profit or loss under financing income or expenses. Derivatives that do not serve hedging purposes The changes in fair value of these derivatives are recognized in profit or loss, as financing income or expense. Inter alia, the Company implements the said accounting treatment to changes in the fair value of the conversion component of options that do not have a fixed exercise price. (4) Interest Rate Benchmark Reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a result of interest rate benchmark reform, the Company updated the effective interest rate of the financial asset or financial liability to reflect the change required by the reform. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, in addition to adjusting the effective interest rate as a result of the reform the Company applies the policies on accounting for substantial modifications in terms of debt instruments. (5) CPI-linked assets and liabilities that are not measured at fair value The value of CPI-linked financial assets and liabilities, which are not measured at fair value, is re-measured every period in accordance with the actual increase/decrease in the CPI. (6) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options and warrants are recognized as a deduction from equity. Treasury shares When share capital recognized as equity is repurchased by the Company, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. D. Fixed assets 1. Recognition and measurement Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants. The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred. Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss. 2. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item. The estimated useful lives are as follows: % per annum Mainly % per annum Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4-5 4-5 Photovoltaic plants in Italy 5 5 Anaerobic digestion plants in the Netherlands 8 8 Leasehold improvements Over the shorter of the lease period or the life of the asset 7 The estimated useful life of the project licenses of photovoltaic plants that are carried at cost is 20 years for the Company’s Italian subsidiaries and 20-25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of the Company’s Netherlands anaerobic digestion plants that are carried at cost is 12 years. The fixed asset |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Note 4 - Cash and Cash Equivalents December 31 2021 2020 € in thousands Cash 31,771 37,887 On call deposits 9,458 28,958 Cash and cash equivalents 41,229 66,845 Cash and cash equivalents in the statement of cash flows 41,229 66,845 The Company’s exposure to credit, interest rate and currency risks, and a sensitivity analysis for financial assets, are included in Note 21 regarding financial instruments. |
Restricted Cash, Deposits and M
Restricted Cash, Deposits and Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Restricted Cash Deposits And Marketable Securities [Abstract] | |
Restricted Cash, Deposits and Marketable Securities | Note 5 - Restricted Cash, Deposits and Marketable Securities December 31 2021 2020 € in thousands Marketable securities (1) 1,946 1,761 Short-term deposits 28,410 8,113 Short-term restricted cash 1,000 - Restricted cash, long-term bank deposits (2) 15,630 9,931 (1) During 2021, the Company invested in a traded Corporate Bond with a coupon rate of 3.255%. (2) Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel |
Investee Companies and other in
Investee Companies and other investments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Investee Companies and other investments | Note 6 - Investee Companies and other investments A. Equity accounted investees U. Dori Energy Infrastructures Ltd. (“Dori Energy”) – On November 25, 2010, the Company through its wholly owned subsidiary, Ellomay Clean Energy Ltd. ("Ellomay Energy") entered into an Investment Agreement (the “Dori Investment Agreement”) with Dori Group Ltd. (“Dori Group”) (currently Amos Luzon Entrepreneurship and Energy Group Ltd. – “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. The Company holds 50% of Dori Energy that holds 18.75% of the share capital of Dorad Energy Ltd. (“Dorad”), which owns an approximate 860 MWp dual-fuel operated power plant in the vicinity of Ashkelon, Israel (the “Dorad Power Plant”). Concurrently with the execution of the Dori Investment Agreement, Ellomay Energy, Dori Energy and Dori Group have also entered into the Dori Shareholders Agreement (“Dori SHA”). The Dori SHA grants each of Dori Group and Ellomay Energy with equal rights to nominate directors in Dorad, provided that in the event Dori Energy is entitled to nominate only one director in Dorad, such director shall be nominated by Ellomay Energy for so long as Ellomay Energy holds at least 30% of Dori Energy. On May 12, 2014, Dorad was issued production licenses for 20 years and a supply license for one year and, on May 19, 2014, Dorad began commercial operation of the power plant. In July 2015, Dorad was issued a long term supply license that will expire on May 11, 2034. As of December 31, 2021, the fair value of the subordinated shareholder loans granted by the Company to Dori Energy amount to approximately NIS 29,902 thousand (approximately €8,495 thousand). The shareholder loans are linked to the Israeli CPI and bear an annual interest rate that is 3% higher than the interest Dorad is committed to pay to Dorad's financing consortium during the financial period in respect of the “senior debt” (5.1% as of December 31, 2021). In June 2019, Dorad made the final repayment of shareholders loans in the aggregate amount of NIS 19 million, of which Dori Energy received approximately NIS 3,733 thousand (approximately €896 thousand based on the euro/NIS exchange rate at that time). In connection with the June 2019 repayment by Dorad, the Company received an amount of NIS 1,500 thousand (approximately €370 thousand based on the euro/NIS exchange rate at that time). In February 2020, Dorad declared a dividend distribution of NIS 120,000 thousand (approximately €31,600 thousand based on the euro/NIS exchange rate at that time). In connection with such dividend distribution, in March 2020 Dori Energy received NIS 22,500 thousand (approximately €5,800 thousand based on the euro/NIS exchange rate at that time) and repaid an amount of NIS 10,250 thousand (approximately €2,560 thousand based on the euro/NIS exchange rate at that time) loan to the Company. On May 6, 2021, Dorad declared a dividend distribution of NIS 100,000 thousand (approximately €25,400 thousand based on the euro/NIS exchange rate at that time) and such dividend was distributed during May 2021. In connection with such dividend distribution Dori Energy received NIS 18,750 thousand (approximately €4,770 thousand based on the euro/NIS exchange rate at that time) and repaid an amount of approximately NIS 9,000 thousand (approximately €2,259 thousand) loan to the Company. As of December 31, 2021, Dorad provided, through its shareholders at their proportionate holdings and as required by the financing agreements executed by Dorad, guarantees in favor of the Israeli Electricity Authority, the Israeli Electric Company (“IEC”) and the Israel Natural Gas Lines Ltd. Total performance guarantees provided by Dorad amounted to approximately NIS 180,000 thousand (approximately €51,000 thousand). The Company's indirect share of guarantees provided on behalf of Dorad by Dorad’s shareholders is approximately NIS 16,000 thousand (approximately €4,500 thousand). On December 24, 2018 the Israeli Electricity Authority published a decision regarding “Electricity Rates for Customers of IEC in 2019” which in accordance the average production component will increase by about 3.3% from January 1, 2019 to the end of 2019. On December 23, 2019, the Israeli Electricity Authority published a decision regarding “Annual Electricity Rate Update 2020,” which, among other things, averaged a 7.9% decrease in the production component from January 1, 2020 to the end of 2020. On December 27, 2020, the Israeli Electricity Authority published a decision regarding “2021 Annual Update to the Electricity Rate,” which, among other things, provided for a decrease of approximately 5.7% in the average production component commencing January 1, 2021 and throughout 2021. On January 30, 2022, the Israeli Electricity Authority published a decision regarding “Electricity Rates for Customers of IEC in 2022,” which provided for an increase in the average production component of approximately 13.5% from February 1, 2022 that will remain in effect through the end of 2022. On February 27, 2022, the Israeli Electricity Authority published a hearing regarding “Electricity Rates for Customers of IEC in 2022” which provided for a decrease in the average production component of approximately 3.7% from April 1, 2022 that will remain in effect through the end of 2022. In On November 22, 2020, the IEC filed a third-party notice against Dorad in connection with a class action submitted against the IEC claiming that the IEC was negligent in overseeing the private electricity manufacturers thereby damaging the electricity consumers. The claim against the IEC alleges that the private electricity manufacturers provided false reports in the consumption plans they submitted to the system manager in the IEC, based on the standards set by the Israeli Electricity Authority. On October 31, 2021, a hearing was held on the request to send notices to third parties, but no decision has yet been given on the request. At this point, based on the advice of legal counsel, Dorad informed the Company that it cannot estimate the outcome of this legal proceeding. The investment in Dori Energy is accounted for under the equity method. Dorad and its shareholders are involved in several legal proceedings as follows: Petition to Approve a Derivative Claim filed by Dori Energy On July 16, 2015, Dori Energy and Dori Energy’s representative on Dorad’s board of directors at the time, Mr. Hemi Raphael, filed a petition (the “Petition”), for approval of a derivative action on behalf of Dorad with the Economic Department of the Tel Aviv-Jaffa District Court. The Petition was filed originally against Zorlu Enerji Elektrik Uretim A.S, which holds 25% of Dorad (“Zorlu”), Zorlu’s current and past representatives on Dorad’s board of directors and Wood Group Gas Turbines Services Ltd. (“Wood Group”) and several of its affiliates, and thereafter amended to add Mr. Ori Edelsburg (a director in Dorad) and affiliated companies. The Petition requested, inter alia, that the court instruct the defendants to disclose and provide to Dorad documents and information relating to the contractual relationship between Zorlu and Wood Group, which included the transfer of funds from Wood Group to Zorlu in connection with the EPC agreement of the Dorad Power Plant. On December 27, 2016, this proceeding, as well as the petition to approve a derivative claim filed by Edelcom mentioned below, were moved to an arbitration proceeding. On February 23, 2017, a statement of claim was filed by Dori Energy and Mr. Hemi Raphael on behalf of Dorad against Zorlu, Mr. Edelsburg, Edelcom Ltd. (“Edelcom”) and Edeltech Holdings 2006 Ltd. (“Edeltech”) in which they repeated their claims included in the Petition and in which they required the arbitrator to obligate the defendants, jointly and severally, to pay an amount of $183,367,953 plus interest and linkage to Dorad. In April 2017, the defendants filed their statements of defense. Within the said statements of defense, Zorlu attached a third party notice against Dorad, Dori Energy and the Luzon Group, in the framework of which it repeated the claims on which its defense statement was based and claimed, among other claims, that if the plaintiffs’ claim against Zorlu was accepted and would negate Zorlu’s right receive compensation and profit from its agreement with Dorad and therefore Zorlu should be compensated in the amount of approximately NIS 906.4 million (approximately €218 million). Similarly, also within their statement of defense, Edelcom, Mr. Edelsburg and Edeltech (together, the “Edelsburg Group”) filed a third party notice against Dori Energy claiming for breaches by Dori Energy of the duty to act in good faith in contract negotiations and that any amount ruled will constitute unlawful enrichment. On October 1, 2017, Eilat Ashkelon Infrastructure Services Ltd. (“EAIS”), which holds 37.5% of Dorad’s shares, filed a statement of claim in the arbitration proceedings. In its statement of claim, EAIS joins Dori Energy’s and Mr. Raphael’s request as set forth in the statement of claim filed by them in the arbitration proceeding and raises claims that are similar to the claims raised by Dori Energy and Mr. Raphael. In January 2018, the arbitrator provided its ruling that the legal validity of the actions or inactions of board members of Dorad will be attributed to the entities that are shareholders of Dorad on whose behalf the relevant board member acted and the legal determinations, if any, will be directed only towards the shareholders of Dorad. During January 2018, Mr. Edelsburg, Edelcom and Zorlu filed their statement of defense in connection with the claim filed by EAIS and also filed third party notices against EAIS, Dori Energy and the Luzon Group claiming that EAIS and the Luzon Group enriched themselves at Dorad’s account without providing disclosure to the other shareholders and requesting that, should the position of Dori Energy and EAIS be accepted in the main proceeding, the arbitrator, among other things, obligate EAIS to refund to Doard all of the rent paid to date and determine that Dorad is not required to pay any rent in the future or determine that the rent fees be reduced to their market value and refund Dorad the excess amounts paid by it to EAIS, determine that the board members that represent EAIS and Dori Energy breached their fiduciary duties towards Dorad and obligate EAIS and Dori Energy to pay the amount of $140 million (approximately €123 million), plus interest in the amount of $43 million (approximately €38 million), which is the amount Zorlu received for the sale of its rights under the Dorad EPC agreement, and rule that in connection with the engineering and construction works performed by the Luzon Group, the Luzon Group and Dori Energy are required to refund to Dorad or compensate the defendants in an amount of $24 million (approximately €21 million), plus interest and linkage and, alternatively, determine that Mr. Edelsburg, Edelcom and Zorlu are entitled to indemnification from the third parties for the entire amount they will be required to pay. In May 2019, a new arbitrator was appointed, and dates were set for the discovery process. The evidentiary hearings were scheduled during March-June 2020 and commencing August 2020. Due to the COVID-19 crisis, several evidentiary hearings scheduled during the period commencing March 2020 were cancelled. Evidentiary hearings were held during June, August, September, October and November 2020 and during February and March 2021 and the parties filed several motions in connection with the discovery process, the evidentiary hearings and expert opinions. On February 15, 2021, the arbitrator approved replacing the late Mr. Hemi Raphael as the claimant with Mr. Ran Fridrich. The parties filed several motions in connection with the discovery process, the evidentiary hearings and expert opinions. Additional evidentiary hearings were held in March-May 2021. Following the parties’ request for approval of a procedural arrangement regarding the submission of written summaries and the possible supplemental oral argument in all proceedings subject to arbitration, the arbitrator approved the various dates for submitting summaries, ending in May 2022. With respect to the said third party notices, the Company estimates (after consulting with legal counsel) that if the main (Derivative) claim is dismissed then the third party notices will be redundant, whereas if the main claim is accepted, it is more likely than not that the third party notices shall be rejected, as they are based on arguments similar to those raised by the defendants in their statements against of defense filed against the main claim. The Company estimates (after consulting with legal counsel), that at this stage it is not yet possible to assess the outcome of the proceeding. Petition to Approve a Derivative Claim filed by Edelcom On July 25, 2016, Edelcom, which holds 18.75% of Dorad, filed a petition for approval of a derivative action on behalf of Dorad (the “Edelcom Petition”) against Ellomay Energy, Luzon Group, Dori Energy and Dorad following a letter delivered to Dorad on February 25, 2016. The Edelcom Petition refers to an entrepreneurship agreement that was signed on November 25, 2010 between Dorad and the Luzon Group, pursuant to which the Luzon Group received payment in the amount of approximately NIS 49.4 million (approximately €11.9 million) in consideration for management and entrepreneurship services. Pursuant to this agreement, the Dori Group undertook to continue holding, directly or indirectly, at least 10% of Dorad’s share capital for a period of 12 months from the date the Dorad Power Plant is handed over to Dorad by the construction contractor. The Edelcom Petition claims that as a consequence of the management rights and the options to acquire additional shares of Dori Energy granted to the Company pursuant to the Dori Investment Agreement, the holdings of the Dori Group in Dorad have fallen below 10% upon execution of the Dori Investment Agreement. The Edelcom Petition therefore claims that Dori Group breached its commitment according to entrepreneurship agreement and requests that a derivative action be approved to recover an amount of NIS 49.4 million, plus linkage and interest from the defendants. As noted above, on December 27, 2016, this proceeding, along with the proceeding mentioned above and below, was moved to arbitration. For more information see above. The Company estimates (after consulting with legal counsel), that at this stage it is not yet possible to assess the outcome of the proceeding. Opening Motion filed by Zorlu On April 8, 2019, Zorlu filed an opening motion with the District Court in Tel Aviv against Dorad and the directors serving on Dorad’s board on behalf of Dori Energy and EAIS. In the opening motion, Zorlu asked the court to instruct Dorad to convene a shareholders meeting and to include a discussion and a vote on the planning and construction of an additional power plant adjacent to the existing power plant (the “Dorad 2 Project”), on the agenda of this meeting. Zorlu claimed that while the articles of association of Dorad provides that the planning and construction of an additional power plant requires a unanimous consent of the Dorad shareholders, and while Zorlu and Edelcom are opposed to this project, including due to the current disagreements among Dorad’s shareholders, Dorad continued taking actions to advance the project, which include spending substantial amounts of Dorad’s funds. Zorlu further claims that the representatives of Dori Energy and EAIS on the Dorad board have acted to prevent the convening of a shareholders meeting as requested by Zorlu. On April 16, 2019, Edelcom submitted a request to join the opening motion as an additional respondent as Edelcom claims that it is another shareholder in Dorad that opposes the advancement of the project at this stage. In addition, Edelcom joined Dori Energy and EAIS as additional respondents to its request, claiming that these entities are required to be part of the proceeding in order to reach a complete and efficient resolution. All parties agreed to the joining of Edelcom, Dori Energy and EAIS to the proceeding. On June 15, 2019, Edelcom filed its response to the petition, requesting that the court accept the petition. On August 13, 2019, Dorad, EAIC and the Dorad board members submitted their responses and requested that the petition be dismissed. On December 8, 2019, an evidentiary hearing was held. The parties filed their summations in writing during June and July 2020. On August 27, 2020, Dorad informed the District Court that the National Infrastructure Committee resolved, inter alia, to approve the presentation of the plan submitted by Doard in connection with the additional power plant to the District Committee’s and the public’s comments, subject to amendments. On September 9, 2020, Eilat-Ashkelon Infrastructure Services Ltd., one of the shareholders of Dorad, and its representatives on the Dorad board of directors submitted a response to the notice, claiming that the information included in the notice supports a rejection of the opening motion. Zurlo and Edelcom each filed a response on September 13, 2020, asking to remove the notice provided by Dorad from the District Court’s file. On September 17, 2020, the District Court ruled that the notice will not be removed from the file. On June 28, 2021, the court ordered Dorad to convene a special shareholders meeting, on whose agenda will be the planning and construction of the “Dorad 2 Project”. Following the said ruling, Dorad’s board resolved that Dorad's management will continue to examine the feasibility of the “Dorad 2 Project” and its implications and bring its decisions to the board's approval. Dorad’s board of directors further resolved that to the extent it will approve the Dorad 2 Project, the decision will be presented to Dorad’s shareholders for approval. On July 27, 2021, a shareholders meeting of Dorad was held. In accordance with the court ruling, the agenda for such meeting included two resolutions (1) the planning and construction of the Dorad 2 Project – a resolution that Dori Energy and EAIS supported and Edelcom and Zorlu rejected; and (2) approval of the aforementioned resolution of the Dorad board of directors – a resolution which Dori Energy and EAIS supported and with respect to which Edelcom and Zorlu abstained. Following such shareholders meeting, correspondence was exchanged between Dorad and Edelcom concerning, among other issues, the implications of the aforementioned resolutions. Dorad estimates (after consulting with legal counsel) that by convening the aforementioned shareholders meeting Dorad complied with the court ruling and therefore the opening motion process ended. To the Company’s knowledge, the Dorad 2 Project is currently under initial internal examination by Dorad and there can be no assurance as to if, when and under what terms it will be advanced or promoted by Dorad. Composition of the investments December 31 2021 2020 € in thousands Investment in shares 26,371 24,047 Long-term loans 8,495 8,745 Deferred interest (837 ) (558 ) 34,029 32,234 Changes in investments 2021 2020 Changes in equity and loans: € in thousands Balance as at January 1 32,234 33,561 Long term loans extended 335 181 Repayment of long term loans (2,259 ) (2,560 ) Interest and reevaluation in connection with long term loans 799 758 Deferred interest 57 56 Elimination of interest on loan from related party (878 ) (676 ) The Company’s share of income 117 1,525 Foreign currency translation adjustments 3,624 (611 ) Balance as at December 31 34,029 32,234 Summary financial data for investees, not adjusted for the percentage ownership held by the Company (a) Summary information on financial position Rate of ownership Current Assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Equity attributable to the owners of the Company Company’s share Surplus Costs and goodwill Other Adjustments Carrying Amount of investment % € in thousands 2021 Dori Energy 50 239 64,181 64,420 (125 ) (15,871 ) (15,996 ) 48,424 24,212 2,569 (410 ) 26,371 2020 Dori Energy 50 276 60,257 60,533 (256 ) (16,885 ) (17,141 ) 43,392 21,696 2,800 (449 ) 24,047 (b) Summary information on operating results Rate of ownership as of December Income for the year Company’s share Elimination of interest on loan from related party Other Adjustments Company’s share of income of investee % € in thousands 2021 Dori Energy 50 (602 ) (301 ) 878 (459 ) 118 2020 Dori Energy 50 2,619 1,310 676 (461 ) 1,525 B. Pumped Storage Projects Pumped-storage project in the Manara Cliff in Israel - On November 3, 2014, Ellomay Manara (2014) Ltd., the Company’s indirectly wholly-owned subsidiary (“Ellomay Manara”), consummated the acquisition of 75% of the rights in Agira Sheuva Electra, L.P. (the “Partnership”), as well as 75% of the holdings in Chashgal Elyon Ltd., which is the general partner in the Partnership (the “GP”), from Electra Ltd. (“Electra”), Ortam Sahar Engineering Ltd. (“Ortam”) and the Galilee Development Cooperative Ltd., an Israeli cooperative (“Galilee”). The remaining 25% of the holdings in the Partnership and in the GP are held by Sheva Mizrakot Ltd., an Israeli private company (“Sheva Mizrakot”). The Company and Ellomay Manara did not pay any consideration upon the acquisition and undertook to pay certain consideration upon the fulfillment of certain conditions and milestones. On the same date, Ellomay Manara acquired Ortam’s holdings (50%) in the engineering, procurement, and construction contractor of the aforementioned project (the “EPC”) and immediately transferred such holdings to a subsidiary of Electra, which, following such transfer, now holds 100% of the EPC. According to the various agreements executed in connection with the Manara PSP, the Company and Ellomay Manara are jointly and severally liable to all the monetary obligations under these agreements. In December 2018, the Company executed a settlement agreement (the “A.R.Z. Settlement Agreement”) with A.R.Z., an Israeli private company that at the time held 33.33% of Sheva Mizrakot. The A.R.Z. Settlement Agreement resolves a claim made by A.R.Z. and Mr. Raanan Aloni against the Company and its affiliates, in connection with the Manara PSP, and other disputes between such parties concerning the Manara PSP. In connection with the Manara PSP Project Finance that occurred on February 2021, and based on the A.R.Z. Settlement Agreement, A.R.Z. was required to provide its indirect share of equity investment and financing to the Manara PSP. Due to the failure to provide the required funds, Ellomay Water Plants Holdings (2014) Ltd., the Company’s wholly owned subsidiary that holds 75% of Ellomay PS, seized E.R.Z.’s holdings in Sheva Mizrakot (33%) and, as a result, the Company’s indirect holdings in the Manara PSP increased from 75% to 83.333% in January 2021. As of December 31, 2021, the Company paid an amount of approximately NIS 8,726 thousand (approximately €2,472 thousand) on account of the consideration upon the acquisition and may be required, if certain conditions and milestones are met (which conditions and milestones have not currently been met), to pay certain parties additional amounts, which in the aggregate are not expected to exceed an amount of approximately NIS 20,600 thousand (approximately €5,850 thousand). Ellomay Pumped Storage (2014) Ltd. (“Ellomay PS”), the Company’s subsidiary, initially received a conditional license for the Manara PSP from the Israeli Minister of Energy (the “Minister”) for the construction of a pumped storage plant in the Manara Cliff with a capacity of 340 MW. The Conditional License includes several conditions precedent to the entitlement of the holder of the Prior Conditional License to receive an electricity production license. On December 4, 2017, the Israeli Electricity Authority announced the reduction of the capacity stipulated in the Prior Conditional License issued to Ellomay PS from 340 MW to 156 MW. The reduced capacity is based on the remaining portion of the quota for pumped storage projects in Israel as determined by the Israeli Government and implemented by the Israeli Electricity Authority, which is currently 800 MW, after deducting the capacity already allocated to two projects that were at the time in more advanced stages than the Manara PSP. On February 26, 2020, Ellomay PS retracted the Prior Conditional License issued to it, which was due to expire on February 28, 2020, because Ellomay PS did not reach financial closing by such date as was required under the milestones included in the Prior Conditional License. On the same date, Ellomay PS filed an application for a new similar conditional license for a pumped storage facility with a capacity of 156 MW. In June 2020, the Israeli Minister of Energy executed a new conditional license for the Manara PSP (the “Conditional License”), following the retraction of the previous conditional license, which permits Ellomay PS to construct the Manara PSP. The Conditional License included several conditions precedent to the entitlement of Ellomay PS to receive an electricity production license. The Conditional License is valid for a period of seventy-two (72) months commencing from the date of its approval by the Minister of Energy, subject to compliance by Ellomay PS with the milestones set forth therein and subject to the other provisions set forth therein (including financial closing, provision of guarantees and construction of the pumped storage hydro power plant). In December 2020 Ellomay PS received a land assessment from the Israel Land Authority (“ILA”), in connection with the Manara PSP and paid approximately NIS 66,700 thousand including VAT (approximately €16,980 thousand) in consideration for the ILA’s consent to the sublease of the land on which the Manara PSP is planned to be constructed. The amount paid includes an amount of approximately NIS 9,900 thousand (approximately €2,520 thousand), excluding VAT, for royalties related to excess ground removal to the ILA. On December 31, 2020, Ellomay PS received the conditional tariff approval for the project from the Israeli Electricity Authority that regulates the tariffs and formulas for purchasing energy from a pumped storage manufacturer connected to the transmission network for a period of 20 years beginning on the date of receipt of the permanent production license. The conditional tariff became effective following financial closing in February 2021. Manara PSP Project Finance On February 11, 2021, the Manara PSP Project Finance reached financial closing. The Manara PSP Project Finance is provided by a consortium of Israeli banks and institutional investors, arranged and led by Mizrahi-Tefahot Bank Ltd. The Manara PSP Project Finance is in the aggregate amount of NIS 1.22 billion (approximately €350 million based on the euro/NIS exchange rate as of December 31, 2021) including reevaluation to actual indexes similar to the PSP projected cost (see Note 11). The owners of Ellomay PS undertook to provide aggregate financing of approximately NIS 353,000 thousand (approximately €100,000 thousand based on the euro/NIS exchange rate as of December 31, 2021), pro rata to their holdings in the Manara PSP. The commitment of the shareholders to provide such financing as well as their standby equity commitments are also linked to the Project Index in the same manner and timing as the long-term facilities, as described above. Ellomay and Ampa Investments Ltd. (“Ampa”), which indirectly owns 16.667% of Ellomay PS, provided certain sponsor support undertakings towards the lenders commensurate with the size and complexity of the project and the length of the construction period, including a standby equity guarantee in the aggregate amount of approximately NIS 12,500 thousand (approximately €3,550 thousand based on the euro/NIS exchange rate as of December 31, 2021), pro rata to their holdings in the Manara PSP. This standby equity guarantee is linked and adjusted in the same manner and timing as the long term facilities, as described above. In August 2021, the Israeli Electricity Authority issued a clarification letter relating to the method of calculation of certain dynamic benefits applicable to all pumped storage projects in Israel. The owners of the Manara PSP currently estimate that if the updates to the method of calculation will be implemented, the new calculation may reduce the cover ratios of the Manara PSP during the commercial operation period by up to 5 basis points. In order to mitigate such potential future effect, the owners of the Manara PSP agreed to provide the lenders with certain undertakings to inject additional equity to the Manara PSP in certain scenarios, subject to a cap which is currently estimated by the owners of the Manara PSP to be approximately NIS 37 million (approximately €10.5 million based on the euro/NIS exchange rate as of December 31, 2021). Manara PSP EPC Agreement In February 2021, Ellomay PS executed the EPC agreement for the construction of the Manara PSP (the “Manara PSP EPC Agreement”), under a “turnkey” contract with Electra Infrastructure Ltd., or Electra Infrastructure, one of Israel’s largest construction companies. The aggregate consideration payable to Electra Infrastructure under the Manara PSP EPC Agreement is expected to be approximately NIS 1.17 billion (approximately €332 million based on the euro/NIS exchange rate as of December 31, 2021) including reevaluation to the actual change in the index affecting the EPC Contract price until October 2021. In accordance with the Manara PSP EPC Agreement Voith Hydro, the world’s leading manufacturer of hydroelectric turbines, or Voith Hydro, was nominated as the subcontractor that will be providing the electro-mechanical equipment to the Manara PSP. Manara PSP O&M Agreement In parallel to the execution of the Manara PSP EPC Agreement, Ellomay PS also executed an O&M agreement (the “Manara PSP O&M Agreement”), with Mekorot Israel National Water Co., the Israeli national water company, or Mekorot (which is fully owned by the Israeli Government), Voith Hydro and Verbund Hydro, one of the largest hydroelectric companies in Europe with extensive expertise in the operation of hydroelectric power plants, or, together, the Manara PSP O&M Contractors. The Manara PSP O&M Agreement provides that the Manara PSP O&M Contractors will be involved in the construction process through a mobilization period and that O&M services will be provided for a twenty-year period, during which Mekorot, Voith Hydro and Verbund will provide O&M services for the initial three years, with Mekorot providing O&M services exclusively for the remaining 17 years. Notice to commence the construction works was issued to Electra Infrastructure Ltd., the EPC contractor of the Manara PSP in April 2021. 62.5 months. In 2020, the Company recorded under project development costs approximately €925 thousand €79,092 thousand were capitalized as assets. Loan to PSP Gilboa and Related Receivables In June 2020, following the commencement of operations of a pumped storage project in the Gilboa, Israel, the Company received an amount of approximately NIS 5,500 thousand (approximately €1,418 thousand) from A.R.Z. Electricity Ltd. (“A.R.Z.”). The amount was due to us as part of an agreement between us and A.R.Z. related to the repayment of a loan the Company provided to A.R.Z. during 2013 and is the second and last installment under such agreement. C. Development of PV Projects in Italy First Framework Agreement In November 2019, Ellomay Luxembourg executed a Framework Agreement (the “First Framework Agreement”), with an established and experienced European developer and contractor. Pursuant to the First Framework Agreement, the developer will scout and develop photovoltaic greenfield projects in Italy with the aim of reaching an aggregate authorized capacity of at least 250 MW over a three-year period. The First Framework Agreement provides that each project will be presented to Ellomay Luxembourg when it becomes “ready to build”. Thereafter, if Ellomay Luxembourg accepts the project, the developer is obligated to transfer to Ellomay Luxembourg 100% of the share capital of the entity that holds the rights to the project. With respect to each project, subject to the conditions set forth in the First Framework Agreement, Ellomay Luxembourg will enter into engineering, procurement and construction, or EPC, and O&M co |
Trade and Other Receivables and
Trade and Other Receivables and Assets | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables and Assets | Note 7 - Trade and Other Receivables and Assets December 31 2021 2020 € in thousands Current Assets - Trade and Other receivables: Government authorities 1,602 3,232 Income receivable 3,794 3,420 Interest receivable 3 36 Current tax 76 32 Trade receivable 598 382 Inventory 640 306 Derivatives (see Note 21) 639 78 Prepaid expenses and other 2,135 2,339 9,487 9,825 Non-current Assets - Long term receivables: Prepaid expenses associated with long term loans 4,787 2,731 Annual rent deposits 33 30 Loans to others 568 - Other - 1 5,388 2,762 |
Fixed assets
Fixed assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Fixed assets | Note 8 - Fixed assets Photovoltaic Plants Pumped storage Biogas installations Office furniture and equipment Leasehold Improvements Total € in thousands Cost Balance as at January 1, 2020 102,784 - 19,588 147 52 122,571 Additions 120,842 16,607 558 38 - 138,045 New companies - - *13,961 - - 13,961 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (5 ) - (5 ) Balance as at December 31, 2020 223,626 16,607 34,107 180 - 274,520 Balance as at January 1, 2021 223,626 16,607 34,107 180 - 274,520 Additions 26,529 62,285 1,085 8 - 89,907 Effect of changes in exchange rates - - - 2 - 2 Balance as at December 31, 2021 250,155 78,892 35,192 190 - 364,429 Depreciation Balance as at January 1, 2020 5,456 - 2,545 129 52 8,182 Depreciation for the year 830 - 1,457 12 - 2,299 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (4 ) - (4 ) Balance as at December 31, 2020 6,286 - 4,002 137 - 10,425 Balance as at January 1, 2021 6,286 - 4,002 137 - 10,425 Depreciation for the year 10,971 - 2,950 16 - 13,937 Effect of changes in exchange rates - - - 2 - 2 Balance as at December 31, 2021 17,257 - 6,952 155 - 24,364 Carrying amounts As at January 1, 2020 97,328 - 17,043 18 - 114,389 As at December 31, 2020 217,340 16,607 30,105 43 - 264,095 As at December 31, 2021 232,898 78,892 28,240 35 - 340,065 * See Note 6D1, Reclassified Investment in Photovoltaic Plants As In connection with PV Plants owned by the Company as (including the Ellomay Solar Project), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately € Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2021: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2021 € in thousands “Ellomay Spain – Rinconada II” 2,275 kWp June 2010 5,509 “Rodríguez I” 1,675 kWp November 2011 3,662 “Rodríguez II” 2,691 kWp November 2011 6,631 “Fuente Librilla” 1,248 kWp June 2011 3,212 "Talasol" 300 MWP January 2021 219,048 “Ellomay Solar” 28 MWP under construction 12,093 Investment in Biogas Installations In connection with the Company’s three Biogas Installations (see Note 6D1), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately €38,464 thousand, in accordance with actual costs incurred. Depreciation with respect to the Biogas Installations is calculated using the straight-line method over 12 years commencing from the connection to the national grid that represent the estimated period of the license. During the year ended December 31, 2021, the Company recorded depreciation expenses with respect to its Biogas Installations in the Netherlands of approximately €2,950 thousand. Investment in Pumped Storage Project Commencing the fourth quarter of 2020, as it is probable that the Company will enjoy future economic benefits in connection with the Manara PSP, expenses in connection with the Manara PSP are capitalized as assets. In connection with the Manara PSP (see Note 6B), the Company recorded as of December 31, 2021, fixed assets at an aggregate value of approximately €79,092 thousand, in accordance with actual costs incurred. Capitalized borrowing costs In the reporting period borrowing costs in the amount of €2,922 thousand were capitalized to qualifying assets for the year 2021. Those expenses are related to the construction of the Talasol PV Plant and Manara PSP. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Other Payables [Abstract] | |
Other Payables | Note 9 - Other Payables December 31 2021 2020 € in thousands Employees and payroll accruals 336 278 Government authorities 1,337 213 Forward contracts closed (1) 527 666 Deferred revenues 2,753 - Accrued expenses connected to Manara PSP 9,782 310 Accrued expenses 5,142 2,066 Current tax 929 60 20,806 3,593 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €527 thousand (approximately $596.5 thousand) that are expected to be paid in 2022. |
Current maturities of long term
Current maturities of long term loans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Current Maturities Of Long Term Loans [Abstract] | |
Current maturities of long term loans | Note 10 - Current maturities of long term loans Composed as follows: Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Current maturities of long term bank loans (refer to Note 11) EURIBOR 2-3.55 128,204 8,470 Consumer price index in Israel 4.65 2,024 1,762 126,180 10,232 Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Current maturities of other long term loans EURIBOR 5.27 16,401 4,021 16,401 4,021 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Loans | Note 11 - Loans A. Loans details Composed as follows: Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Bank loans EURIBOR 2-3.55 147,446 127,470 Consumer price index in Israel 4.65 17,827 17,282 165,273 144,752 Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Other long term loans EURIBOR 5.27 45,949 47,563 3-7% 7,673 5,854 53,622 53,417 Israel - Loans details 1. The Company’s 83.333% owned Israeli subsidiary promoting the Manara PSP, entered into a loan agreement with the owner of the remaining 16.667% of its outstanding shares (Ampa). The unpaid balance (principal and interest) of the loan will bear interest at an annual rate in accordance with the interest rate for the purpose of Section 3(j) of the Israeli Income Tax Ordinance in accordance with the provisions of Regulation 2(a) of the Income Tax Regulations (Determination of Interest Rate for the Purpose of Section 3(j)), 1986. At the beginning of 2021, Ellomay PS entered into a new agreement according to which Ampa’s debt will be split into 2 separate loans, an interest-bearing loan at a rate of 7% linked to the consumer price index (senior international debt), and a Mezzanine loan (an internationally inferior debt) bearing an interest rate of 5%. The maturity date of this loan is December 31, 2027 and forward. As of December 31, 2021, the amount of the loan is €6,898 thousand. 2. On February 11, 2021, the Manara PSP Project Finance reached financial closing. The Manara PSP Project Finance is provided by a consortium of Israeli banks and institutional investors, arranged and led by Mizrahi-Tefahot Bank Ltd. The Manara PSP Project Finance is in the aggregate amount of NIS 1.22 billion (approximately €350 million based on the euro/NIS exchange rate as of December 31, 2021) including reevaluation according to actual indexes for the period since financial close and until October 2021. This aggregate amount represents the real (non-indexed) value of the project finance long term facilities. Such amount, as well as the standby facilities, is linked to a synthetic composite index comprising a weighted average of the indices and currencies applicable to the Manara PSP’s construction costs (the “Project Index”), on a yearly basis during the first 4 years of construction, and thereafter semi-annually until construction end. The Manara PSP Project Finance includes: (i) a Senior Secured Tranche at a fixed rate of interest for each drawdown, with base interest rate equal to the yield to maturity of Israeli treasury bonds with like duration of the loan drawdown, plus a spread of 3.25% per-annum during the Construction Period of the Project and a spread of 2.40% per-annum from the Actual Completion Date of the Project which proceeds the Commercial Operation Date of the Project. The Senior Secured Tranche is linked to the Israeli Consumer Price Index and is to be repaid over a period of 19.5 years from the commercial operation date; and (ii) a Subordinated Secured B Tranche at a floating rate of interest, with the base interest being the Bank of Israel rate, plus a spread of 4.35% per-annum during the Construction Period and a spread of 3.90% per-annum from the Actual Completion Date. The stated maturity of the Tranche B loan is one year less than the maturity of the Senior Secured Loan with a cash sweep mechanism that shortens its maturity to approximately 12 years from the Commercial Operation Date under the Base Case Financial Model. The Manara PSP Project Finance includes customary terms in connection with early prepayment, acceleration of payments upon certain breaches and limitations on distributions. The Manara PSP Project Finance also includes ancillary facilities such as Standby, VAT, Guarantees and Debt Service Reserve facilities in an aggregate amount of approximately NIS 146 million (approximately €41 million based on the euro/NIS exchange rate as of December 31, 2021). The Average Annual Debt Service Cover Ratio (ADSCR) was 1.35:1.00 under the base case financial model for the Senior Secured Tranche. In January 2022, shortly prior to the first utilization of funds under the long-term facilities, such ratio was amended to 1.34:1.00. The owners of Ellomay PS undertook to provide aggregate financing of approximately NIS 353,000 thousand (approximately €100,000 thousand based on the euro/NIS exchange rate as of December 31, 2021), pro rata to their holdings in the Manara PSP. The commitment of the owners to provide such financing as well as their standby equity commitments are also linked to the Project Index in the same manner and timing as the long term facilities, as described above. The Manara PSP Project Finance includes mandatory cash sweeps upon certain cover ratio and other events with respect to the Senior Secured Tranche, Cash sweep payments in connection with the Subordinated Secured Tranche as mentioned above and other lender protection mechanisms. In addition, the Manara PSP Project Finance agreement permits the owners of the Manara PSP to withdraw a developers’ fee at the Actual Completion Date (as such term is defined in the Manara PSP Project Finance agreement) of the Manara PSP, subject to availability of funding in the Standby Facility at the time and provided the Average ADSCR at the time is not less than a certain ratio. Ellomay and Ampa provided certain sponsor support undertakings towards the lenders commensurate with the size and complexity of the project and the length of the construction period, including a standby equity guarantee in the aggregate amount of approximately NIS 12,500 thousand (approximately €3,550 thousand based on the euro/NIS exchange rate as of December 31, 2021), pro rata to their holdings in the Manara PSP. This standby equity guarantee is linked and adjusted in the same manner and timing as the long term facilities, as described above. In August 2021, the Israeli Electricity Authority issued a clarification letter relating to the method of calculation of certain dynamic benefits applicable to all pumped storage projects in Israel. The owners of the Manara PSP currently estimate that if the updates to the method of calculation will be implemented, the new calculation may reduce the cover ratios of the Manara PSP during the commercial operation period by up to 5 basis points. In order to mitigate such potential future effect, the owners of the Manara PSP agreed to provide the lenders with certain undertakings to inject additional equity to the Manara PSP in certain scenarios, subject to a cap which is currently estimated by the owners of the Manara PSP to be approximately NIS 37 million (approximately €10.5 million based on the euro/NIS exchange rate as of December 31, 2021). In January 2022, subsequent to the balance sheet date, Ellomay PS completed all the preliminary conditions for the first withdrawal under the Manara PSP Project Finance and executed the first withdrawal in the amount of approximately NIS 75,000 thousand (approximately €21,300 thousand based on the euro/NIS exchange rate as of December 31, 2021), This amount was drawn from the Senior Secured Tranche and the Subordinated Secured B Tranche pro-rata. 3. On May 16, 2012, Talmei Yosef entered into a loan agreement with Israeli consortium led by Israel Discount Bank (the “Israeli Consortium”) in connection with the financing of its PV Plant, pursuant to which Talmei Yosef received financing amounting to NIS 80,000 thousand. The loan is linked to the consumer price index and bears an annual interest of 4.65%. The interest on the loan and the principal are repaid semi-annually. The final maturity date of this loan is December 31, 2031. On December 24, 2014, Talmei Yosef entered into an additional loan agreement with the Israeli Consortium in connection with additional financing in the amount of NIS 25,000 thousand. The loan is linked to the consumer price index and bears an annual interest of 4.52%. The final maturity date of this loan is June 30, 2028. The interest on the loan and the principal are repaid semi-annually. In connection with these loans, the Talmei Yosef project company provided charges on its rights in the PV Plant, notes, equity, goodwill, on all assets of the PV Plant and on future receivables from the IEC and undertook customary limitations and undertakings, including maintaining the following financial ratios: (i) upon withdrawal of funds on account of the loan framework (based on milestones), maintaining an annual Historic ADSCR (Average Debt Service Coverage Ratio), a Projected ADSCR and a Projected LLCR (loan life coverage ratio) of 1.25:1.00, (ii) upon a distribution of profits from the project company, maintaining a Historic ADSCR, a Projected ADSCR and a Projected LLCR of 1.20:1.00, and (iii) throughout the term of the loan, maintaining an annual ADSCR and a Projected ADSCR of 1.05:1.00 for the following 12 months and maintaining an LLCR of 1.08:1.00. As of December 31, 2021, the financial covenants were met. Bio Gas - The Netherland - Loans details 1. Groen Goor and Ellomay Luxembourg entered into a senior project finance agreement in 2017 (the “Goor Loan Agreement”), with Coöperatieve Rabobank U.A. (“Rabobank”), that includes the following tranches: (i) two loans with principal amounts of €3,510 thousand (with a fixed interest rate of 3% for the first five years) and €2,090 thousand, (with a fixed interest rate of 2.5% for the first five years), for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Goor Project’s facility to the grid and (ii) an on-call credit facility of €370 thousand with variable interest. The amount of €5,600 thousand was withdrawn in 2017 on account of these loans. In connection with the Goor Loan Agreement, the following securities were provided to Rabobank: (i) pledge on the present and future rights arising from the feedstock purchase agreement, the EPC agreement, the O&M agreement, the SDE subsidy, the various power and green gas purchase agreements, and the green gas certification supply agreement, (ii) pledge on all present and future (a) receivables arising from business and trade, and (b) stock and inventory including machinery and transport vehicles of Groen Goor and IPP; (iii) all rights/claims of Groen Goor and IPP against third parties existing at the time of the execution of the Loan Agreement, including rights from insurance agreements. 2. Groen Gas Oude-Tonge and Ellomay Luxembourg entered into a senior project finance agreement (the “Oude Tonge Loan Agreement”), with Rabobank, that includes the following tranches: (i) three loans with principal amounts of €3,150 thousand (with a fixed interest rate of 3.1% for the first five years), €1,540 thousand (with a fixed interest rate of 2.9% for the first five years) and €160 thousand, (with a fixed interest rate of 3.4% for the first five years), for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Oude Tonge Project’s facility to the grid and (ii) an on-call credit facility of €100 thousand with variable interest. The amount of €4,850 thousand was withdrawn in 2017 and 2018 on account of these loans. In connection with the Goor Loan Agreement and the Oude Tonge Loan Agreement Ellomay Luxembourg, the Company wholly-owned subsidiary: (i) provided the following undertakings to Rabobank: (a) that Groen Goor and Groen Gas Oude Tonge, as applicable, will not make distributions to its shareholders for a period of two years following the execution of the Loan Agreement, (b) that Groen Goor will not make distributions or repurchase its shares so long as the equity (including owners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including owners loans) to total assets ratio of Groen Goor and Groen Gas Oude Tonge will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge, as applicable, and up to a maximum of €1.2 million, and (d) that they will provide the equity required for the completion of the Goor Project (ii) provided pledges on their respective rights in connection with the shareholders loans which each provided to Groen Goor and Groen Gas Oude Tonge, which loans shall also be subordinated by Ellomay Luxembourg in the favor of Rabobank. In addition, the Company provided a guarantee to Rabobank for the fulfillment of Ellomay Luxembourg’s undertakings set forth above. As of December 31, 2021, the financial covenants were met. 3. GG Gelderland entered into a senior project finance agreement (the “Gelderland Loan Agreement”), with Rabobank, that includes the following tranches: (i) four loans with principal amounts of (a) €2,453 thousand (with a fixed interest rate of 3.6% for the first five years), (b) €1,200 thousand (with a fixed interest rate of 4.5% for the first five years), (c) €400 thousand (with a fixed interest rate of 3.55% for the first five years) and (d) €2,847 thousand, (with a fixed interest rate of 4.5% for the first five years), for a period of 12 years (144 monthly payments), repayable in equal monthly installments and (ii) an on-call credit facility of €750 thousand with variable interest. An aggregate amount of €6,900 thousand was withdrawn in 2015, 2016 and 2018 on account of these loans. On November 30, 2020 GG Gelderland replaced the loan set forth in (i)(a) above which as of that date had an outstanding principal amount of €1,890 thousand, with a another loan from Rabobank with a fixed interest rate of 3.1% per year, repayable in 56 payments monthly, with a repayment of principal in one payments on August 2025. On the same date, the interest for the other loans bearing a fixed interest rate of 4.5% per year for 5 years was reduced to 3.5% per year for the next 5 years, commencing December 2020. In connection with the Gelderland Loan Agreement, the following securities were provided to Rabobank: (i) pledge on the present and future rights arising from the feedstock purchase agreement, the EPC agreement, the O&M agreement, the SDE subsidy, the various power and green gas purchase agreements, and the green gas certification supply agreement, (ii) pledge on all present and future (a) receivables arising from business and trade, and (b) stock and inventory including machinery and transport vehicles of GG Gelderland, and (iii) all rights/claims of GG Gelderland against third parties existing at the time of the execution of the Gelderland Loan Agreement, including rights from insurance agreements. In connection with the Gelderland Loan Agreement, Ellomay Luxembourg, the Company wholly-owned subsidiary, provided the undertaking to Rabobank that Ellomay Luxembourg will not sell the shares of GG Gelderland without the prior written consent of Rabobank. 4. GG Gelderland, entered into a loan agreement in the end of November, 2020, with Ontwikkelingsnaatscgappij Oost-Nederland N.V. (“Oost”), as a benefit created following the corona period. The loan is with a principal amounts of €750 thousand with a fixed interest rate of 3 % per year for 3 years. The interest and the principle will be fully repaid in one single amount after 3 years. According to the agreement with Oost, the loan term may be prolonged up to 5 years. Spain - Loans details 1. On March 12, 2019, four of the Company’s Spanish subsidiaries (together, hereinafter – the “Subsidiaries”) entered into a €18.4 million project finance Facility Agreement (the “Facility Agreement”). The €18.4 million principal amount is divided into: (i) four term loan facilities, one for each Subsidiary, in the aggregate amount of €17.6 million with terms ending in December 2037, and (ii) a revolving credit facility to attend the debt service if needed, for a maximum amount of euro 0.8 million granted to any of the Subsidiaries. The loans provided under the Facility Agreement bear an annual interest at the rate of Euribor 6 months plus a margin of 2% (with a zero interest floor) and repaid semi-annually on June 20 and December 20. The principal is repaid on a semi-annual basis based on a pre-determined sculptured repayment schedule. Spain - Loans details The Facility Agreement provides for mandatory prepayment upon the occurrence of certain events and includes various customary representations, warranties and covenants, including covenants to maintain a DSCR on an aggregate basis not lower than 1.05:1, and not to make distributions unless, among other things: (i) the DSCR, on an aggregate basis, is equal to or higher than 1.15:1.0, (ii) the first instalment of the Project Finance has been repaid, (iii) no amount under the revolving credit tranche has been withdrawn and not fully repaid and no drawdowns of the revolving credit tranche are expected within the next six months, and (iv) the Subsidiaries’ net debt to regulatory value (as such terms are defined in the Facility Agreement) ratio is equal to or higher than 0.7:1. The regulatory value of the photovoltaic plants owned by the Subsidiaries is approximately €23.5 million, compared to their aggregate nominal purchase price, which was approximately €14.85 million and their aggregate book value, which was approximately €14.6 million as of September 30, 2018. The Facility Agreements includes a cash-sweep payment mechanism and obligation that applies in the event the Subsidiaries’ net debt to regulatory value ratio is equal to or higher than 0.7:1. As of December 31, 2021, the financial covenants were met. The Subsidiaries entered into swap agreements on March 12, 2019 with respect to approximately Euro 17.6 million (with a decreasing notional principal amount based on the amortization table) until December 2037, replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. Such swap transactions qualify for hedge accounting. See Note 21 E regarding the effect of the expected transition away from Libor and Euribor. The documents ancillary to the Facility Agreements require that security interests be provided in connection with the following: (i) the Subsidiaries’ shares (held by Ellomay Luxembourg(, (ii) pledges over accounts, (iii) pledges over relevant agreements including hedging agreements; and (iv) promissory equipment mortgage. Talasol - Loans details 1. On April 30, 2019, the Talasol Project reached financial closing in the aggregate amount of approximately €158.5 million (“the Project Finance”). The Project Finance consists of several facilities from Deutsche Bank AG and from the European Investment Bank (“EIB”). The Talasol Project Finance includes the following facilities: (a) (b) (c) (d) (e) (f) During the construction period, interest payments on the term, revolving debt and VAT facilities are made on a monthly basis, and semi-annually thereafter (commencing March 31, 2021). The VAT facilities’ interest period, however, remains on a monthly basis. The agreements executed in connection with the Talasol Project Finance provide for mandatory prepayment upon the occurrence of certain events and various customary representations, warranties and covenants, including covenants to maintain a Historic and Projected DSCR not lower than 1.05:1, and not to make distributions in the event that: (i) the Historic and Projected DSCR will be lower than 1.15:1.0 and (ii) the Loan Life Cover Ratio will be lower than 1.20:1.0. The facilities provided by the EIB include certain other representations and undertakings mandated by applicable EU regulation. As of December 31, 2021, the financial covenants were met. The Talasol Project Finance documents require that security interests be provided in connection with the following: (i) Talasol’s shares (held by the Company’s wholly-owned subsidiary, Ellomay Luxembourg), (ii) pledges over accounts, (iii) pledges over Talasol Project’s documents, (iv) pledges over receivables under the shareholders loans, (v) security assignment of hedging claims and (vi) promissory equipment mortgage. In connection with the Talasol Project Finance, Ellomay Luxembourg, and the parent company of Talasol, and the Company undertook separately to (indirectly) retain at least 50.1% of the shares in Talasol and not to buy any debt of, or hedging claims against, Talasol from the entities providing the financing to the Talasol Project. On April 30, 2019, Talasol entered into a swap agreement for an amount equal to at least 95% of the maximum amount of the term facilities and replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 0.9412%. As the financing was structured for the term of the PPA signed in connection with the Talasol Project (ten years) plus additional three years beyond the term of the PPA, the Talasol Project Finance documentation requires Talasol to prepay the term loans via cash-sweeps to ensure that the term loans are repaid in full until the termination date of the PPA. Talasol has the option to place the relevant cash sweep amounts on a reserve account instead, and, in the event it enters into a satisfactory new power purchase agreement or power hedge agreement, the amounts on the reserve account may be transferred to the operating account of Talasol, to the extent they are not required in prepayment of the term loans to ensure that during the remainder of the term loans the base case ratios are complied with. In December 2021, the Talasol Project entered into a New Facilities Agreement in the aggregate amount of €175 million with European institutional lenders (the “Talasol New Facilities Agreement”). Financial closing of the Talasol New Facilities Agreement was achieved in January 2022. The Talasol New Facilities Agreement provides for the provision of two tranches: (a) a term loan in the amount of €155 million of which the final maturity date is June 30, 2044, and (b) a term loan in the amount of €20 million of which the final maturity date is December 31, 2042. Principal and interest repayment are made on a semi-annual basis, end of June and end of December. The weighted average life of the New Talasol Financing is approximately 11.5 years, compared to an original weighted average life of 5.5 years of the Current Talasol Financing. The Talasol New Financing bears a fixed annual interest rate at a weighted average of approximately 3%, compared to a variable interest rate that was fixed at an average of approximately 3% by an interest rate swap contract in the Current Talasol Financing. The agreements executed in connection with the Talasol New Financing provide for mandatory prepayment upon the occurrence of certain events and various customary representations, warranties, and covenants, including covenants to maintain a Historic and Forecast DSCR equal to at least 1.05x. Moreover, Talasol undertook not to make distributions in the event that: (i) the Historic and Forecast DSCR will be lower than 1.10x until the expiration date of the PPA and equal to at least 1.25x thereafter and (ii) the Loan Life Cover Ratio will be lower than 1.30x from the expiration date of the PPA and until maturity. The The uses of the Talasol New Financing amount are as follows: (1) prepayment of the outstanding €121 million amount of the Talasol Previous Financing; (2) deposit of €6.9 million in Talasol’s bank account as a debt service fund; (3) deposit of €10 million in Talasol’s bank account as security for a letter of credit to the PPA provider (the “Talasol PPA Security Fund”) (4) unwinding of the interest rate SWAP entered into in connection with the Previous Financing in an amount of €3.29 million; (5) transaction costs in an amount of approximately €3 million; and (6) an expected special dividend to Talasol’s shareholders in an amount of approximately €30 million. The Talasol PPA Security Fund will be reduced by €1 million every year, up to a minimum amount of €3.5 million, which will be released at the expiration of the PPA. As of December 31, 2021, the outstanding balance of the existing Talasol Project Finance was presented under short-term liabilities as a result of the execution of the New Facilities Agreement and the expected repayment of the existing Talasol Project Finance. 2. On April 30, 2019, following the financial closing of Talasol Project and sale of 49% holdings of the Talasol Project, Talasol entered into a loan agreement with GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC (the minority shareholders of Talasol, each of whom owns 24.5% of Talasol). The unpaid balance (principal and interest) of the loan will bear interest of Euribor 6 mount plus 5.27%. The maturity date of this loan is December 31, 2037. As of December 31, 2021, the amount of the loan is €45,949 thousand. B. The aggregate annual maturities are as follows: December 31 December 31 2021 2020 € in thousands Second year 7,402 12,910 Third year 7,849 13,034 Fourth year 7,623 12,539 Fifth year 6,524 13,264 Sixth year and thereafter 46,916 132,169 Long-term loans 76,314 183,916 Current maturities 142,581 14,253 218,895 198,169 C. In order to minimize the interest-rate risk resulting from liabilities to banks and financing institutions linked to the Euribor, the Company executed swap transactions. For more information, see Note 21. D. Movement in liabilities deriving from financing activities Liabilities Loans and Note borrowings Debentures Total € in thousands Balance as at January 1, 2021 198,169 82,724 280,893 Changes from financing cash flows Proceeds from issue of debentures 12 - 71,398 71,398 Repayment of Debentures 12 - (30,730 ) (30,730 ) Receipt of loans 11 32,947 - 32,947 Repayment of loans 11 (27,587 ) - (27,587 ) Accrued interest 11 2,598 - 2,598 Transaction costs related to borrowings 9,978 567 10,545 Total net financing cash flows 216,105 123,959 340,064 Effect of changes in foreign exchange rates 2,790 13,340 16,130 Balance as at December 31, 2021 218,895 137,299 356,194 |
Debentures
Debentures | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Debentures [Abstract] | |
Debentures | Note 12 - Debentures A. Composed as follows: December 31, 2021 December 31, 2020 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 139,664 137,299 83,499 82,724 Less current maturities 20,342 19,806 10,849 10,600 Total long-term debentures 119,322 117,493 72,650 72,124 B. Debentures – Details Series A Debentures On January 13, 2014, the Company issued NIS 120,000 thousand (approximately €25,170 thousand based on the euro/NIS exchange rate at that time) principal amount of unsecured non-convertible Series A Debentures (“Series A Debentures“) through a public offering that was limited to residents of Israel. The gross proceeds of the offering were approximately NIS 116,760 thousand (approximately €24,490 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions were approximately NIS 114,700 thousand (approximately €24,059 thousand). On June 19, 2014, the Company issued additional NIS 80,341 thousand principal amount of Series A Debentures (approximately €17,115 thousand based on the euro/NIS exchange rate at that time) to Israeli classified investors in a private placement at a price of NIS 1,010 per unit. The gross proceeds of the private placement were approximately NIS 81,144 thousand (approximately €17,286 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions and interest paid on these additional Series A Debentures in June 2014 were approximately NIS 78,900 thousand (approximately €16,808 thousand). The Series A Debentures bore a fixed interest at the rate of 4.6% per year and were not linked to the Israeli CPI or otherwise and they were due to be fully repaid in 2023. In December 2019, the Company announced the early repayment of the entire outstanding principal of the Company’s Series A Debentures pursuant to the terms of the deed of trust governing these Debentures. The early repayment amount was the sum of approximately NIS 80,100 thousand (approximately €20,800 thousand) in principal, the sum of approximately NIS 50 thousand (approximately €10 thousand) in accrued interest and a prepayment charge of approximately NIS 5,700 thousand (approximately €1,500 thousand), amounting to an aggregate repayment amount of approximately NIS 85,900 thousand (approximately €22,300 thousand). On December 30, 2019, the funds designated for such repayment were transferred to the nominee company. Series B Debentures On March 14, 2017, the Company issued Series B Nonconvertible Debentures due June 30, 2024 in a public offering in Israel in the aggregate principal amount of NIS 123,232 thousand (approximately €31,700 thousand based on the euro/NIS exchange rate at that time). The gross proceeds of the offering were NIS 123,232 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions (partially paid in 2016), were approximately NIS 121,400 thousand (approximately €31,200 thousand). The Series B Debentures originally bore a fixed annual interest rate of 3.44%. The Series B Debentures were originally rated Baa1.il /Stable, on a local scale, by Midroog Ltd. The principal amount of Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). On November 13, 2017, following a rating downgrade of the Company’s Debentures from ilA- to ilBBB+ (by the previous rating company that rated the Series B Debentures, Standard & Poor’s Maalot Ltd.), the Series B Debentures fixed annual interest rate was increased by 0.25% to 3.69%. On September 25, 2019, the Company published the Company’s pro forma statement of financial position as at June 30, 2019, which indicated that the ratio of the Company’s equity (which the Company calculate in line with the definition of Balance Sheet Equity in the Series B Deed of Trust) to balance sheet as at June 30, 2019 was 29.2%, triggering a right of the holders of the Company’s Series B Debentures to an increase in the annual interest rate applicable to the Series B Debentures of 0.5% until such time as the Company publish financial results reflecting an increase in such ratio to a minimum of 30%. On December 31, 2019, the Company published the Company’s pro forma statement of financial position as at September 30, 2019, which indicated that the ratio of the Company’s equity, as set forth above, to balance sheet as of September 30, 2019 was 31.6%, triggering a decrease in the annual interest rate applicable to the Series B Debentures of 0.5% to its previous rate of 3.69%. On February 28, 2021, the Company announced that it will fully repay the Series B Debentures and on March 18, 2021, the Series B Debentures were repaid in full. Pursuant to the terms of the deed of trust governing the Series B Debentures, the early repayment amount consisted of a principal payment in the amount of approximately NIS 86,300 thousand (approximately €21,500 thousand), accrued interest in the amount of approximately NIS 700 thousand (approximately €160 thousand) and a prepayment charge of approximately NIS 3,400 thousand (approximately €860 thousand), amounting to an aggregate repayment amount of approximately NIS 90,400 thousand (approximately €22,500 thousand). In order to manage the currency risk resulting from the Series B Debentures, which are denominated in NIS, the Company executed currency swap transactions in April 2017. The Company exchanged Series B Debentures NIS denominated notional principal in the aggregate amount of NIS 83,232 thousand with a euro notional principal. Such currency swap transactions qualified for hedge accounting. Following the repayment of the Series B Debentures, the Company realized the currency swap in the amount of €246 thousand. Series C Debentures On July 25, 2019, the Company issued Series C Debentures due June 30, 2025 in a public offering in Israel in the aggregate principal amount of NIS 89,065 thousand (approximately €22,690 thousand based on the Euro/NIS exchange rate at that time). The Series C Debentures bear fixed interest at the rate of 3.3% per year and are not linked to the Israeli CPI or otherwise. The gross proceeds of the offering were NIS 89,065 thousand and the net proceeds of the offering, net of related expenses such as On October 26, 2020, the Company completed a public offering in Israel of additional Series C Debenture and a of Series 1 Options (see Note 16A). The Company issued an aggregate principal amount of NIS 154,000 thousand (approximately €38,500 thousand) of Series C Debentures and 385,000 Series 1 Options. The gross proceeds from the offering were NIS 164,200 thousand (approximately €41,100 thousand) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 162,400 thousand (approximately €40,300 thousand). On February 23, 2021, the Company issued additional Series C Debentures in a public offering in Israel in an aggregate principal amount of NIS 100,939 thousand (approximately €28,677 thousand based on the Euro /NIS exchange rate as of December 31, 2021). The gross proceeds from the offering were NIS 102,400 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 101,500 thousand (approximately €28,836 thousand based on the Euro /NIS exchange rate as of December 31, 2021). In October 2021, the Company issued additional Series C Debentures in an aggregate principal amount of NIS 120,000 thousand (approximately €32,100 thousand) to Israeli classified investors in a private placement for an aggregate gross consideration of approximately NIS 121,600 thousand (approximately €32,529 thousand), reflecting a price of NIS 1.0135 per NIS 1 principal amount. In order to manage the currency risk resulting from the Series C Debentures, which are denominated in NIS, the Company executed currency swap transactions in March 2021. The Company exchanged Series C Debentures NIS denominated notional principal in the aggregate amount of NIS 100,000 thousand with a euro notional principal. Such currency swap transactions qualify for hedge accounting. The principal amount of Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive). The Series C Deed of Trust includes customary provisions, including (i) a negative pledge such that the Company may not place a floating charge on all of the Company’s assets, subject to certain exceptions and (ii) an obligation to pay additional interest for failure to maintain certain financial covenants, with an increase of 0.25% for the period in which the Company do not meet each standard and up to an annual increase of 0.5%. The Series C Deed of Trust does not restrict the Company’s ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series C Debentures provided that: (i) the Company are not in default of any of the immediate repayment provisions included in the Series C Deed of Trust or in breach of any of the Company’s material obligations to the holders of the Series C Debentures pursuant to the terms of the Series C Deed of Trust, (ii) the expansion will not harm the Company’s compliance with the financial covenants included in the distribution undertaking Series C Deed of Trust and (iii) to the extent the Series C Debentures are rated at the time of the expansion, the expansion will not harm the rating of the existing Series C Debentures. The Series C Deed of Trust includes a number of customary causes for immediate repayment, including a default with certain financial covenants for two consecutive financial quarters, and includes a mechanism for the update of the annual interest rate of the Series C Debentures in the event the Company do not meet certain financial covenants. The financial covenants are as follows: 1. the Company’s balance sheet equity, on a consolidated basis, shall not be less than €50 million for purposes of the immediate repayment provision and shall not be less than €60 for purposes of the update of the annual interest provision; 2. The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by us and any other interest-bearing financial obligations, net of cash and cash equivalents and short-term investments and net of financing of projects, including hedging transactions in connection with such financing, of the Company’s subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity (which the Company calculate in line with the definition of Balance Sheet Equity in the Series C Deed of Trust), on a consolidated basis, plus the Net Financial Debt (the “CAP, Net”), to which the Company refer herein as the Ratio of Net Financial Debt to CAP, Net, shall not exceed the rate of 67.5% for purposes of the immediate repayment provision and shall not exceed a rate of 60% for purposes of the update of the annual interest provision; and 3. The ratio of (a) the Company’s Net Financial Debt, to (b) the Company’s earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef project, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, based on the aggregate four preceding quarters (the “Adjusted EBITDA”), to which the Company refer to herein as the Ratio of Net Financial Debt to Adjusted EBITDA, shall not be higher than 12 for purposes of the immediate repayment provision and shall not be higher than 10 for purposes of the update of the annual interest provision. The Series C Deed of Trust further provides that the Company may make distributions (as such term is defined in the Companies Law, e.g. dividends), to its shareholders, provided that: (a) the Company will not distribute more than 75% of the distributable profit, (b) the Company will not distribute dividends based on profit due to revaluation (for the removal of doubt, negative goodwill will not be considered a revaluation profit), (c) the Company is in compliance with all of its material undertakings to the holders of the Series C Debentures and (d) on the date of distribution and after the distribution no cause for immediate repayment exists. The Company is also required to maintain the following financial ratios (which are calculated based on the same definitions applicable to the financial covenants set forth above) after the distribution: (i) balance sheet equity not lower than €70 million, (ii) Ratio of Net Financial Debt to CAP, Net not to exceed 60%, and (iii) Ratio of Net Financial Debt to Adjusted EBITDA, shall not be higher than 8, and not to make distributions if the Company do not meet all of its material obligations to the holders of the Series C Debentures and if on the date of distribution and after the distribution a cause for immediate repayment exists. As of December 31, 2021, the financial covenants were met. Series D Convertible Debentures On February 23, 2021, the Company issued new Series D Convertible Debentures in a public offering in Israel in the aggregate principal amount of NIS 62,000 thousand (approximately €17,614 thousand based on the Euro/NIS exchange rate as of December 31, 2021). The principal amount of the Series D Convertible Debentures is repayable in one installment on December 31, 2026. The Series D Convertible Debentures bear a fixed interest at the rate of 1.2% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing June 30, 2021, through December 31, 2026 (inclusive). The Series D Convertible Debentures are convertible into the Company’s ordinary shares, NIS 10.00 par value per share, at a conversion price of NIS 165 (approximately €46.9 based on the Euro /NIS exchange rate as of December 31, 2021), subject to adjustments upon customary terms. The Series D Convertible Debentures are not rated. The gross proceeds from the offering were approximately NIS 62,600 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 61,800 thousand (approximately €17,557 thousand based on the Euro/NIS exchange rate as of December 31, 2021). Of the total proceeds, an amount NIS 7,504 thousand (approximately €1,890 thousand based on the Euro/NIS exchange rate at that time) was recognized in Other long-term liabilities in connection with the convertible component. As of December 31, 2021, the amount of the liability was €1,132 thousand. The Series D Deed of Trust includes customary provisions, including (i) a negative pledge such that the Company may not place a floating charge on all of the Company assets, subject to certain exceptions and (ii) an obligation to pay additional interest for failure to maintain certain financial covenants, with an increase of 0.25% in the annual interest rate for the period in which the Company do not meet each standard and up to an increase of 0.75% in the annual interest rate. The Series D Deed of Trust does not restrict the Company ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series D Convertible Debentures up to an aggregate par value of NIS 200 million provided that: (i) The Company is not in default of any of the immediate repayment provisions included in the Series D Deed of Trust or in breach of any of its material obligations to the holders of the Series D Convertible Debentures pursuant to the terms of the Series D Deed of Trust, (ii) the expansion will not harm the Company compliance with the financial covenants included in the distribution undertaking Series D Deed of Trust and (iii) to the extent the Series D Convertible Debentures are rated at the time of the expansion, the expansion will not harm the rating of the existing Series D Convertible Debentures. The Series D Deed of Trust includes a number of customary causes for immediate repayment, including a default with certain financial covenants for the applicable period, and includes a mechanism for the update of the annual interest rate of the Series D Convertible Debentures in the event the Company do not meet certain financial covenants. The financial covenants are as follows: 1. The Company Adjusted Balance Sheet Equity (as such term is defined in the Series D Deed of Trust), on a consolidated basis, shall not be less than €70 million for two consecutive quarters for purposes of the immediate repayment provision and shall not be less than €75 for purposes of the update of the annual interest provision; 2. The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by us and any other interest-bearing financial obligations provided by entities who are in the business of lending money (excluding financing of projects and other exclusions as set forth in the Series D Deed of Trust), net of cash and cash equivalents, short-term investments, deposits, financial funds and negotiable securities, to the extent that these are not restricted (with the exception of a restriction for the purpose of securing any financial debt according to this definition), or, together, the Series D Net Financial Debt, to (b) The Company Adjusted Balance Sheet Equity, on a consolidated basis, plus the Series D Net Financial Debt, or its CAP, Net, to which the Company refer herein as the Series D Ratio of Net Financial Debt to CAP, Net, shall not exceed the rate of 68% for three consecutive quarters for purposes of the immediate repayment provision and shall not exceed a rate of 60% for purposes of the updated of the annual interest provision; and 3. The ratio of (a) the Company Series D Net Financial Debt, to (b) the Company earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from its operations, such as the Talmei Yosef project, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date occurred in the four quarters that preceded the test date will be calculated based on Annual Gross Up (as such terms are defined in the Series D Deed of Trust), based on the aggregate four preceding quarters (the “Series D Adjusted EBITDA”), to which the Company refer to herein as the Ratio of Net Financial Debt to Series D Adjusted EBITDA, shall not be higher than 14 for purposes of the immediate repayment provision and shall not be higher than 12 for purposes of the update of the annual interest provision. The Series D Deed of Trust includes similar conditions to the Company ability to make distributions (as such term is defined in the Companies Law, e.g. dividends), to the Company shareholders as are included in the Series C Deed of Trust and set forth above. The Company is also required to maintain the following financial ratios (which are calculated based on the same definitions applicable to the financial covenants set forth above) after the distribution: (i) Adjusted Balance Sheet Equity not lower than €85 million, (ii) Ratio of Series D Net Financial Debt to CAP, Net not to exceed 60%, and (iii) Ratio of Series D Net Financial Debt to Series D Adjusted EBITDA, shall not be higher than 9, and not to make distributions if the Company do not meet all of the Company material obligations to the holders of the Series D Convertible Debentures and if on the date of distribution and after the distribution a cause for immediate repayment exists. C. The aggregate annual maturities are as follows: December 31 December 31 2021 2020 € in thousands Second year 19,824 13,716 Third year 40,195 15,322 Fourth year 40,263 24,629 Fifth year 17,211 18,457 Long-term Debentures 117,493 72,124 Current maturities 19,806 10,600 137,299 82,724 |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Long Term Liabilities [Abstract] | |
Other Long-term Liabilities | Note 13 - Other Long-term Liabilities December 31 December 31 2021 2020 € in thousands Forward contracts closed - 486 Warrants Liability (refer to Note16) 2,196 2,451 Other liabilities (see note 6 B) 1,665 - Liabilities for employees benefits 44 27 3,905 2,964 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Leases | Note 14 - Leases Leases in which the Company is the lessee The Company has lease agreements with respect to the following items: 1. Lands; 2. Machinery equipment 1. Information regarding material lease agreements entered into during the period Ellomay PS leases land in Israel from private lessors for a period of 24 years and 11 month, on which it sets up Manara PSP site. The contractual period of the aforesaid lease agreements ends on July 2046. Ellomay PS will pay capitalized rents in the total amount of NIS 28,800 thousand to the private lessors, not including VAT. The discounted rent is linked to the consumer price index and constitutes an advance payment for the entire rental period. In addition, Ellomay PS will pay a regular quarterly rent of approximately NIS 165 thousand per quarter, not including VAT. The quarterly rent will increase by 2% every 3 years and is linked to the consumer price index. A lease liability in the amount of €10,629 thousand and right-of-use asset in the amount of €10,629 thousand have been recognized in the statement of financial position in April, 2021 in respect of leases of land. A total amount of €4,165 thousand paid to the lessors during 2021. 2. Right-of-use assets Gelderland Spain Talasol Talmei Yosef Pumped storage Total € in thousands Cost Balance as at January 1, 2021 355 3,024 12,686 1,672 - 17,737 lease agreements entered into during the period - - - - 10,629 10,629 Other - - (4,526 ) (18 ) 48 (4,496 ) Effect of changes in exchange rates - - - 168 888 1,056 Balance as at December 31, 2021 355 3,024 8,160 1,822 11,565 24,926 Depreciation Balance as at January 1, 2021 - 150 169 209 - 528 Depreciation for the year 185 119 404 110 213 1,031 Balance as at December 31, 2021 185 269 573 319 213 1,559 Carrying amounts As at January 1, 2020 - 1,160 12,656 1,585 - 15,401 As at December 31, 2020 355 2,874 12,517 1,463 - 17,209 As at December 31, 2021 170 2,755 7,587 1,503 11,352 23,367 3. Lease liability Maturity analysis of the Company’s lease liabilities December 31, 2021 € in thousands Less than one year 4,329 One to five years 2,668 More than five years 13,132 Total 20,129 Current maturities of lease liability 4,329 Long-term lease liability 15,800 4. Additional information on leases (a) Amounts recognized in profit or loss 2021 2020 2019 € in thousands Interest expenses on lease liability 367 494 341 (b) Short-term leases As mentioned in Note 3J regarding significant accounting policies, the Company accounts for short-term leases and leases of low-value assets as expense on a straight-line basis over the lease term, instead of a right-of-use asset and lease liability. These leases include office space. |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Transactions and Balances with Related Parties | Note 15 - Transactions and Balances with Related Parties A. On December 30, 2008, the Company’s shareholders approved the terms of a management services agreement entered into among the Company, Kanir Joint Investments (2005) Limited Partnership (“Kanir”), the one of the Company’s controlling shareholders, and Meisaf Blue & White Holdings Ltd. (“Meisaf”), a company controlled by the Company’s chairman of the board and controlling shareholder, effective as of March 31, 2008 (the “Previous Management Agreement”). The updated aggregate annual management fee under the Previous Management Agreement was $400 thousand. At the annual shareholders meeting held on August 12, 2021, the Company’s shareholders approved, following the approval by the Audit and Compensation Committee and Board of Directors, an Amended and Restated Management Services Agreement, effective July 1, 2021 (the “Management Agreement”), which provides, among other things, for the payment of NIS 1,386 thousand, (approximately €394 million) per year to Meisaf in consideration for the services provided by Meisaf, including the service of Mr. Nehama as the Company Chairman of the Board in no less than a 77% position and the payment of NIS 1,800 million (approximately €511 million) per year to Kanir and Keystone R.P. Holdings and Investments Ltd., a private company wholly-owned by Mr. Ran Fridrich (“Keystone”) (in an initial allocation of NIS 0.66 million to Kanir and NIS 1.14 million to Keystone) in consideration for service provided by these entities, including the service of Mr. Fridrich as the Company Chief Executive Officer in a full-time position. Pursuant to the Management Agreement, Meisaf, Kanir and Keystone, through their employees, officers and directors, will assist us in all aspects of the management of our company and advise as required from time to time by us, including provision of Chairman, CEO and Board services as detailed above. The Management Agreement is valid until June 30, 2024 or until its earlier termination in accordance with its terms. The Company sub-leases a small part of its office space to a company controlled by Mr. Shlomo Nehama, the Company's chairman of the Board and a controlling shareholder, at a price per square meter based on the price that it pays under its lease agreements. This sub-lease agreement was approved by the Company's Board of Directors. B. Compensation to key management personnel and interested parties (including directors) Directors and officers participate in the Company’s share option programs. For further information see Note 17 regarding share-based payments. Compensation to key management personnel and interested parties that are employed by, or provide consulting services to, the Company: Year ended December 31 2021 2020 2019 Number of Number of Number of People Amount People Amount People (*) Amount € thousands € thousands € thousands Short-term employee Benefits 3 763 3 880 3 689 Post-employment Benefits 2 61 2 62 2 56 Share-based payments 3 68 1 - 1 29 * Including retired employees that were not employed throughout the entire year. Compensation to directors (excluding compensation paid under the Management Agreement): Year ended December 31 2021 2020 2019 Number of Number of Number of people Amount people Amount People (*) Amount € thousands € thousands € thousands Total compensation to directors not employed by the Company 4 72 3 63 3 72 Share-based payments 4 10 3 34 3 9 C. Debts and loans to related and interested parties The terms of the loan Balance as at December 31 Interest income recognized in statement of income for the year ended December 31 Interest Linkage rate base 2021 2020 2021 2020 2019 % € thousands Dori Energy 8.1 (*) NIS+CPI 8,495 8,745 821 620 814 (*) See Note 6A |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 16 - Equity A. Composition of share capital December 31, 2021 December 31, 2020 December 31, 2019 Issued and Issued and Issued and Authorized Outstanding(1) Authorized outstanding(1) Authorized Outstanding Number of shares Ordinary shares Of NIS 10.00 par value each 17,000,000 12,849,295 (1) 17,000,000 12,652,094 (1) 17,000,000 11,479,094 (1) (1) Net of 258,046 Ordinary shares held as treasury shares as of December 31, 2021, 2020 and 2019, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors. On July 17, 2019, the Company issued 800,000 ordinary shares to several Israeli qualified investors in a private placement undertaken in accordance with Regulation S of the Securities Act. The price per share was set at NIS 39.20 and net proceeds were approximately NIS 31,100 thousand (approximately €7,807 thousand based on the Euro /NIS exchange rate at that time) (net of related expenses such as consultancy fee and commissions of approximately NIS 200 thousand (approximately €50 thousand based on the Euro /NIS exchange rate at that time). In February 2020, the Company issued 715,000 ordinary shares and warrants to purchase an additional 178,750 ordinary shares to several Israeli institutional investors in a private placement undertaken in accordance with Regulation S of the Securities Act of 1933, as amended. The price per share was set at NIS 70 (approximately €18.9 based on the Euro /NIS exchange rate at that time). The warrants are exercisable for a period of one year, with an exercise price of NIS 80 (approximately €21.6) per ordinary share. The gross proceeds to the Company in connection with the private placement were NIS 50.05 million (approximately €13.5 million based on the Euro /NIS exchange rate at that time). Of the total proceeds, an amount of approximately NIS 1,182 million (approximately €320 thousand based on the Euro/NIS exchange rate at that time) was recognized in other liabilities in connection with these warrants. All of the warrants were exercised during January and February 2021. As a result of the exercises, the Company received gross proceeds of NIS 14,300 thousand (approximately €3,873 thousand based on the Euro /NIS exchange rate at that time). On July 20, 2020, the Company issued 450,000 ordinary shares to several Israeli qualified investors in a private placement undertaken in accordance with Regulation S. The price per share was NIS 70.5 (approximately €18 based on the Euro/NIS exchange rate at that time) and received gross proceeds of approximately NIS 31,725 thousand (approximately €8,097 thousand based on the Euro/NIS exchange rate at that time). On October 26, 2020, the Company completed a public offering in Israel of additional Series C Debenture (see Note 12B) with an aggregate principal amount of NIS 154 million (approximately €38.5 million based on the Euro/NIS exchange rate at that time) (subject to adjustments upon customary terms and 385,000 Series 1 Options, tradable on the Tel Aviv Stock Exchange, to purchase the Company’s ordinary shares at an exercise price per share of NIS 150 (approximately €37.5 based on the Euro/NIS exchange rate at that time) (subject to adjustments upon customary terms). Of the total proceeds of the offering, an amount NIS 8,891 thousand (approximately €2,224 thousand based on the Euro/NIS exchange rate at that time) was recognized in Other long-term liabilities in connection with these options. As of December 31, 2021, the amount of the liability was €1,064 thousand. On February 23, 2021, the Company issued new Series D Convertible Debentures in a public offering in Israel in the aggregate principal amount of NIS 62,000 thousand (approximately €17,614 thousand based on the Euro/NIS exchange rate as of December 31, 2021) (see Note 12B). Of the total proceeds of the offering, an amount NIS 7,504 thousand (approximately €1,890 thousand based on the Euro/NIS exchange rate at that time) was recognized in Other long-term liabilities in connection with the convertible component. As of December 31, 2021, the amount of the liability was €1,132 thousand. During 2020 and 2021 several of the Company board members and employees exercised options to purchase 8,000 and 18,451 ordinary shares, respectively. B. Rights attached to shares: 1. Voting rights at the general meeting, right to dividend and rights upon liquidation of the Company. 2. Commencing August 22, 2011, the Company’s ordinary shares have been listed on the NYSE American (formerly the NYSE MKT and the NYSE Amex). On October 27, 2013, the Company's ordinary shares were also listed for trading on the Tel Aviv Stock Exchange in Israel. C. Translation reserve from foreign operation The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. D. Capital management in the Company The Company's capital management objectives are: 1. To preserve the Company's ability to ensure business continuity thereby creating a return for the shareholders, investors and other interested parties. 2. To ensure adequate return for the shareholders by making reasonable investment decisions based on the level of internal rate of return that is in line with the Company's business activity. 3. To maintain healthy capital ratios in order to support business activity and maximize shareholders value. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Payment | Note 17 - Share-Based Payment A. Expenses recognized in the financial statements The expenses recognized in the financial statements for services received from directors and employees is shown in the following table: Year ended December 31 2021 2020 2019 € thousand Expenses arising from share-based payment Transactions 63 50 8 The share-based payments that the Company granted to its employees and directors are described below. There have been no modifications or cancellations to any of the share options plans during 2021, 2020 or 2019. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions: Year ended December 31 2021 2020 2019 Dividend yield 0 % 0 % 0 % Expected volatility 0.433 0.427 0.428 Risk-free interest 0.48 % 0.11 % 1.73 % Expected life (in years) 2-3 2-3 2-3 All options granted during 2021, 2020 and 2019 were granted with exercise price equal to or higher than the market price on the date of grant. Weighted average fair values and exercise price of options on dates of grant are as follows: Equal market price 2021 2020 US$ Weighted average exercise prices 29.27 28.91 Weighted average fair value on grant date 9.65 9.63 B. Stock Option Plans In December 1998, the Company's shareholders approved the non-employee director stock option plan (the "1998 Plan"). Each option granted under the 1998 Plan originally vested immediately and expires after 10 years. Generally, the Company grants options under the plan with an exercise price equal to the market price of the underlying shares on the date of grant. An aggregate amount of not more than 75,000 ordinary shares was reserved for grants under the 1998 Plan. The original expiration date of the 1998 Plan pursuant to its terms was December 8, 2008 (10 years after its adoption). In January 2008 and June 2018, the term of the 1998 Plan was extended and as a result it will expire on December 8, 2028, unless earlier terminated by the Board. In connection with the adoption of the Company's compensation policy in 2013, the 1998 Plan was amended to provide that options granted under the 1998 Plan will become exercisable based on the vesting schedule determined in the approvals of the option grant. During each of the years 2021, 2020 and 2019, the Company granted to independent directors options to purchase an aggregate amount of 4,000, 4,249 and 3,000 ordinary shares, respectively, under the 1998 Plan. As of December 31, 2021, options to purchase 10,749 ordinary shares are outstanding and 26,667 ordinary shares are available for future grants under the 1998 Plan. In August 2000, the Company's board of directors adopted the 2000 Stock Option Plan (the "2000 Plan"). The initial reserve to the 2000 Plan was 200,000 ordinary shares underlying options that may be granted to officers, directors, employees and consultants of the Company and its subsidiaries and this initial reserve was increased several times. The options usually vest over a three year period. The exercise price of the options under the 2000 Plan is determined to be not less than 80% of the fair market value of the Company's ordinary shares at the time of grant, and they usually expire after 10 years from the date of grant. In June 2008 and June 2018 the term of the 2000 Plan was extended by additional 10 year periods and the current expiration date of the 2000 Plan is August 31, 2028. As of December 31, 2021, options to purchase 37,935 ordinary shares are outstanding and 547,206 ordinary shares are available for future grants under the 2000 Plan. Options that are cancelled or forfeited become available for future grant. C. Changes during the year: The following table lists the number of share options, the weighted average exercise prices of share options during the current year: 2021 2020 2019 Number of options Weighted Average Exercise Price Number of options Weighted average exercise price Number of options Weighted Average Exercise Price US$ US$ US$ Outstanding at beginning of year 31,135 12.94 34,886 9.83 27,169 7.82 Granted during the year 37,000 29.27 4,249 28.91 18,303 11.41 Exercised during the year (18,451 ) 10.06 (8,000 ) 7.87 (3,586 ) 6.27 Expired during the year (1,000 ) 26.63 - - (7,000 ) 8.25 Outstanding at end of year 48,684 26.16 31,135 12.94 34,886 9.83 Exercisable at end of year 6,749 20.05 17,018 6.3 16,583 8.09 The weighted average remaining contractual life for the share options outstanding as of December 31, 2021 was 9.38 years (as of December 31, 2020 was 7.62 years and as of December 31, 2019 was 7.33 years). The range of exercise prices for share options outstanding as of December 31, 2021: $8.41- $34.44 (as of December 31, 2020 the range was $5.55- $34.44 and as of December 31, 2019 the range was $5.55- $13). |
Details of the Statements of Pr
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss Explanatory | Note 18 - Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) A. Revenues For the year ended December 31 2021 2020 2019 € in thousands Revenues from the sale of solar electricity 31,081 2,577 13,069 Revenues from the sale of gas and power produced by anaerobic digestion plants 12,686 6,002 4,786 Revenues from concessions project 1,016 1,066 1,133 Total Revenues 44,783 9,645 18,988 B. Operating Costs, Depreciation and Amortization For the year ended December 31 2021 2020 2019 € in thousands Depreciation from fixed assets 13,937 2,299 5,744 Depreciation from Right-of-use assets 774 320 321 Amortization of intangible asset 365 356 351 Professional services 1,496 482 672 Operating and maintenance services 11,390 4,025 5,322 System operator charges 3,046 - - Insurance 549 178 344 Other 1,043 266 300 Total operating costs 32,600 7,926 13,054 C. General and administrative expenses For the year ended December 31 2021 2020 2019 € in thousands Salaries and related compensation 1,505 1,442 1,324 Professional services 2,822 2,057 1,978 Other 1,334 1,013 525 Total general and administrative expenses 5,661 4,512 3,827 D. Other income (expense), net For the year ended December 31 2021 2020 2019 € in thousands Total other income (expenses), net * - 2,100 (2,100 ) (*) Indemnification in the amount of up to €2.1 million in connection with the announcement received from GSE, Italy’s energy regulation agency, by one of the Italian Subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). The Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled. E. Financing income and expenses: 1. Financing income For the year ended December 31 2021 2020 2019 € in thousands Interest income and consumer price index in Israel in connection to concession project 2,248 1,423 1,757 Interest income 276 553 70 Change in fair value of derivatives, net - 1,094 897 Consumer price index in Israel for loan - 103 - Swap interest - 55 - Profit from settlement of derivatives contract 407 - - Total financing income 2,931 3,228 2,724 2. Financing expenses (*) For the year ended December 31 2021 2020 2019 € in thousands Change in fair value of derivatives, net 841 - - Debentures interest and related expenses 3,220 2,155 4,696 Interest and commissions related to projects finance 5,589 1,775 2,944 Amortization of capitalized expenses related to projects finance 12,211 48 129 Interest on minority shareholder loan 2,055 41 59 Bank charges and other commissions 137 230 150 Forward loss - - 513 Interest on lease liability 367 494 341 Loss from exchange rate differences, net 5,395 2,119 2,045 Total financing expenses 29,815 6,862 10,877 (*) Reclassification |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Taxes on Income | Note 19 - Taxes on Income A. Regional Taxation Israeli taxation The tax rate relevant to the Company in the years 2019-2021- 23%. Luxembourg taxation Corporate Income Tax rate is 29.22%. Minimum tax payments are made based on the entity’s total assets and are considered as a conditional advance tax payment on corporate income tax due in future tax periods. Italian taxation As a rule, corporate income tax (named IRES from 2004) is payable by all resident companies on income from any source, whether earned in Italy or abroad, at the rate of 24%. Both resident and non-resident companies are subject to regional income tax (IRAP), but only on income arising in Italy at the rate from 0% (for a short period of couple of years) to 4.82%, depending on the Region. Spanish taxation As a rule, corporate income tax is payable by all resident companies on income from any source, whether earned in Spain or abroad at the rate of 25%. The Netherlands taxation The Dutch corporate income tax rate was 20% on the first EUR 200,000 of taxable profits, and 25% on taxable profits exceeding that amount in 2019. In 2020, the Dutch corporate income tax rate was 16.5% on the first EUR 200,000 of taxable profits, and 25% on taxable profits exceeding that amount. In 2021, the Dutch corporate income tax rate was 15% on the first EUR 245,000 of taxable profits, and 25% on taxable profits exceeding that amount. In 2022 and forward, the Dutch corporate income tax rate will be 15% on the first EUR 395,000 of taxable profits, and 25% on taxable profits exceeding that amount. Dutch tax laws provide for an Energy Investment Allowance (“EIA”) – a tax advantage for com-panies in the Netherlands that invest in energy-efficient technology that meet the E-ner-gy List requirements, allowing a deduction of 58% in 2017 and 45.5% from 2021 of the investment costs from the corporate income, on top of the usual depreciation. The right to the EIA is declared with the tax return, provided the investment is timely reported to the Dutch En-ter-prise Agency. B. Composition of income tax benefit (taxes on income): For the year ended December 31 2021 2020 2019 € in thousands Current tax income (expense) Current year (978 ) (119 ) (741 ) Adjustments for prior years, net - (4 ) (14 ) (978 ) (123 ) (755 ) Deferred tax income Creation and reversal of temporary differences 3,467 248 1,042 Tax benefit 2,489 125 287 C. Reconciliation between the theoretical tax on the pre-tax profit and the tax expense: 2021 2020 2019 € in thousands Profit (loss) before taxes on income (22,753 ) (6,293 ) 9,497 Primary tax rate of the Company 23 % 23 % 23 % Tax calculated according to the Company’s primary tax rate 5,233 1,447 (2,184 ) Additional tax (tax saving) in respect of: Different tax rate of foreign subsidiaries (59 ) (576 ) (11 ) Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 27 351 710 Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past - 483 3,681 Change in temporary differences for which deferred tax were not recognized 65 325 (166 ) Current year tax losses and benefits for which deferred taxes were not created (2,770 ) (1,910 ) (1,740 ) Tax benefit (taxes) in respect to previous years and others (7 ) 5 (3 ) Actual Tax benefit 2,489 125 287 D. Carry forward tax losses: As of December 31, 2021, Ellomay Capital Ltd. had available carry forward tax losses, carry forward capital tax losses and deductions aggregating to approximately €12,682 thousand, which have no expiration date. Deferred taxes of Ellomay Capital Ltd. have not been recognized as the Company’s management currently believes that as the Company has a history of losses it is more likely than not that the deferred tax regarding losses carry forward will not be utilized in the foreseeable future. Deferred taxes are recognized by operating subsidiaries for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. E. Deferred taxes: Financial Fixed Swap Carry- forward tax assets assets contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2021 (7,064 ) (1,509 ) (168 ) 4,540 (4,201 ) Changes recognized in profit or loss 926 162 - 2,379 3,467 Changes recognized in other comprehensive income (826 ) - 5,568 108 4,850 Balance of deferred tax asset (liability) as at December 31, 2021 (6,964 ) (1,347 ) 5,400 7,027 4,116 Financial Fixed Swap Carry- forward tax assets assets contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2020 (6,972 ) (1,294 ) 678 3,406 (4,182 ) Changes recognized in profit or loss (219 ) 704 - (237 ) 248 Changes recognized due to business combination - (919 ) - 1,407 488 Changes recognized in other comprehensive income 127 - (846 ) (36 ) (755 ) Balance of deferred tax asset (liability) as at December 31, 2020 (7,064 ) (1,509 ) (168 ) 4,540 (4,201 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings Per Share | Note 20 - Earnings Per Share The calculation of basic earnings per share as at December 31, 2021, 2020 and 2019 was based on the profit attributable to the Company’s shareholders divided by a weighted average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2021 2020 2019 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company (15,408 ) (4,627 ) 12,060 Weighted average ordinary shares outstanding (1) 12,824,088 12,304,269 11,064,847 Dilutive effect: Stock options and warrants 8,637 23,549 5,589 Diluted weighted average ordinary shares Outstanding 12,832,725 (2) 12,327,818 (2) 11,070,436 Basic profit (loss) per share from continuing operations (1.20 ) (0.38 ) 1.09 Diluted profit (loss) per share from continuing operations (1.20 ) (0.38 ) 1.09 (1) Net of treasury shares. (2) In 2021 and 2020 share options and warrants did not have a dilutive effect. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Note 21 - Financial Instruments A. Overview The Company has exposure to the following risks from its use of financial instruments: ● Credit risk ● Liquidity risk ● Market risk This note presents quantitative and qualitative information about the Company’s exposure to each of the above risks, and the Company’s objectives, policies and processes for measuring and managing risk. In order to manage these risks and as described hereunder, the Company executes transactions in derivative financial instruments. Presented hereunder is the composition of the derivatives: For the year ended December 2021 2020 € in thousands Derivatives presented under current assets Currency swap 639 12 Forward contracts - 66 639 78 Derivatives presented under non-current assets Financial power swap - 10,238 Currency swap 2,635 - 2,635 10,238 Derivatives presented under current liabilities Swap contracts (3,431 ) (1,378 ) Financial power swap (11,352 ) - (14,783 ) (1,378 ) Derivatives presented under non-current liabilities Financial power swap (9,542 ) - Currency swap - (144 ) Swap contracts (565 ) (8,192 ) (10,107 ) (8,336 ) The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions: December 31, 2021 Currency/ linkage/interest rate receivable Currency/ Linkage/interest rate Payable Date of expiration Fair value - € in thousand Euro 17.6 million interest swap transaction for a period of 18 years, semi-annually. Euribor 6 months Fixed 1% December 20, 2037 (706 ) The principal of the interest rate swap transaction is based on a pre-determined sculptured repayment schedule in the maximum amount of Euro 131 Euribor 6 months Fixed 0.9412% September 30, 2031 (3,290 ) NIS 100 million currency swap transaction Euro/NIS for a period of 4 years, semi-annually. NIS Euro June 2025 3,274 Financial power swap- Electricity price swap fixed for float Electricity price in Spain Fixed price September 30, 2030 (20,894 ) B. Risk management framework The Company's management and board of directors have overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management of standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. The Company Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Company Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. C. Credit Risk As at December 31, 2021, the Company does not have any significant concentration of credit risk. Cash and short-term deposits As at December 31, 2021 and 2020, the Company had cash and cash equivalents in the amount of €41,229 thousand and €66,845 thousand, respectively. The Company’s cash and cash equivalents are deposited with financial institutions that received a credit rating (international rating scale). See also Note 4. Marketable securities As at December 31, 2021 and 2020, the Company invested in a traded Bond in an amount of €1,946 thousand and €1,761 thousand, respectively, with the intention to maintain the value of its liquid resources. See also Note 5. Restricted cash As at December 31, 2021 and 2020, the Company had a balance of current restricted cash in an amount of €1,000 thousand and €0 thousand, respectively, and a balance of non-current restricted cash of €15,630 thousand and €9,931 thousand, respectively. See also Note 5. Trade and other receivables As at December 31, 2021 and 2020, the Company had a balance of trade receivables of €598 thousand and €382 thousand, respectively. This balance mainly refers to the balance from the IEC for the PV Plant located in Israel and is due in 30 days. It is also referring to NEXUS or GNERA that represent the PV Plants located in Spain in their dealings with the Spanish National Energy Commission, and are due within 60 days from issuance and trade receivables from Gas sold in market price in The Netherland due within 30 days from issuance. As at December 31, 2021 and 2020, the Company had a balance of revenue receivables of €3,794 thousand and €3,420 thousand, respectively. This balance refers to amounts to be paid from several entities. In Spain, the amounts to be paid are from NEXUS or GNERA that represent the PV Plants located in Spain in its dealings with the Spanish National Energy Commission. To the extent the facility is eligible to receive incentives (such as the Company’s four Spanish PV facilities that commenced operations prior to 2020), the incentives (consisting of an investment retribution and operational retribution) are paid on a monthly basis (commencing January) based on varying percentages of the accumulated incentives from the beginning of the fiscal year, provided that the entire amount of the incentives is required to be paid to the eligible entity by the end of June of the following fiscal year. In the Netherlands, the amounts to be paid are from Enterprise Agency that is responsible to pay the amount of subsidy for the Biogas installations in the Netherlands. The incentives are paid through equal monthly installments based on the effective production of the previous year for each plant, or if not available, on the basis of the regional forecast. The balance is paid within the end of June of the subsequent year. The Company’s management closely monitors the economic and political environment in which it operates. As per the Company's management estimations there are no significant credit risks assigned to the trade receivables and income receivables as these amounts are due by governmental agencies. As at December 31, 2021 and 2020, the Company had a balance of government authorities' receivables of €1,602 thousand and €3,232 thousand, respectively. This balance refers to VAT and withholding tax receivables in Spain, Italy, Israel and the Netherlands. D. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The cash surpluses held by Company that are not required for financing their current activity, are invested in interest-bearing investment channels such as: short-term deposits and marketable securities. These investment channels are chosen by the Company’ managements based on future forecasts of the cash the Company will require in order to meet their liabilities. Cash flow forecasts are determined on both an individual company basis and a consolidated basis. The Company examines current forecasts of its liquidity requirements so as to make certain that there is sufficient cash for its operating needs, and it is careful at all times to have enough unused credit facilities so that the Company does not exceed its credit limits and is in compliance with its financial covenants. These forecasts take into consideration matters such as the Company’s plan to use debt for financing its activity, compliance with required financial covenants, compliance with certain liquidity ratios, and compliance with external requirements such as laws or regulation. The Company has contractual commitments due to debentures issued, financing agreements and EPC and O&M agreements of its subsidiaries in Spain and in Israel. See also Note 6, Note 11 and Note 12. The following are the contractual maturities of financial liabilities at undiscounted amounts and based on the spot rates at the reporting date, including estimated interest payments. This disclosure excludes the impact of netting agreements: December 31, 2021 Carrying Contractual Less than More than amount cash flows 1 year 2 years 3-5 years 5 years € in thousands Non-derivative financial liabilities Long term loans, including current maturities 218,895 240,038 147,127 20,671 18,347 53,892 Debentures 137,299 150,116 24,244 66,481 59,391 - Lease liabilities 20,129 25,825 4,832 2,244 2,201 16,548 Trade payables and other accounts payable 22,058 22,058 22,058 - - - 398,381 438,037 198,261 89,396 79,939 70,440 Derivative finance liabilities Financial power swap 20,894 20,894 11,352 14,079 1,961 (6,498 ) Swap contracts 3,996 3,996 3,431 234 157 174 24,890 24,890 14,783 14,313 2,118 (6,324 ) December 31, 2020 Carrying Contractual Less than More than amount cash flows 1 year 2 years 3-5 years 5 years € in thousands Non-derivative financial liabilities Long term loans, including current maturities 198,169 263,112 20,896 34,645 32,594 174,977 Debentures 82,724 91,431 13,502 33,368 44,561 - Lease liabilities 17,789 28,910 1,051 1,941 1,799 24,119 Trade payables and other accounts payable 13,706 13,706 13,706 - - - 312,388 397,159 49,155 69,954 78,954 199,096 Derivative finance liabilities Currency swap 132 132 (12 ) 63 81 - Swap contracts 9,570 9,570 1,378 2,490 2,109 3,593 9,702 9,702 1,366 2,553 2,190 3,593 E. Market risk Market risk is the risk that changes in market prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. The principal risks that the Company faces, as assessed by management, are as follows: a change in the regulation applicable to the area of activity, a change in the tariffs as approved by the relevant electricity authorities in the countries in which the Company operates, changes in the situation of the electricity and gas market, political and security events. The Company uses hedging instruments in an attempt to manage interest rate, currency and other market-related risks. The majority of the Company's derivative contracts are OTC derivatives, i.e., derivative contracts that are not transacted on an exchange. These derivatives are entered into under ISDA Master Agreements. If counterparty defaults on these contracts, the underlying exposure would no longer be effectively hedged, which could result in losses. Disruptions such as market crises and economic recessions may put a strain on the availability and effectiveness of hedging instruments. For example, although the Company estimates the expected transition away from Libor and Euribor, as addressed by the Amendments to IAS 39, Financial Instruments, Interest Rate Benchmark Reform – Phase 2, not to have a material effect on the Company's financial statements, similar benchmark rates may have a different impact on the hedged item and the hedging instrument, which could cause some of the Company hedge to become ineffective, resulting in potential losses. (1) Foreign currency risk As a result of the Company’s operations and presentation currency, the Company is exposed to the impact of exchange rate fluctuations of the Euro/USD and NIS/Euro on the Company’s balance sheet and profit and loss. In order to manage the currency risk resulting from the Series B Debentures, which are denominated in NIS, the Company executed currency swap transactions in April 2017. The Company exchanged Series B Debentures NIS denominated notional principal in the aggregate amount of NIS 83,232 thousand with a euro notional principal. Such currency swap transactions qualified for hedge accounting. Following the repayment of the Series B Debentures, the Company realized the currency swap in the amount of €246 thousand. In order to manage the currency risk resulting from the Series C Debentures, which are denominated in NIS, the Company executed currency swap transactions in March 2021. The Company exchanged Series C Debentures NIS denominated notional principal in the aggregate amount of NIS 100,000 thousand with a euro notional principal. Such currency swap transactions qualify for hedge accounting. (a) The exposure to linkage and foreign currency risk The Company's exposure to linkage and foreign currency risk was as follow: December 31, 2021 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 30,405 1,090 9,734 41,229 Marketable securities - - 1,946 - 1,946 Short term deposits - 28,410 - - 28,410 Restricted cash - - - 1,000 1,000 Receivable from concession project - 1,784 - - 1,784 Trade and other receivables 1,020 739 - 7,728 9,487 Non-current assets: Investments in equity accounted investees 25,534 8,495 - - 34,029 Advances on account of investments 1,554 - - - 1,554 Receivable from concession project - 26,909 - - 26,909 Fixed assets 340,065 - - - 340,065 Right-of-use asset 23,367 - - - 23,367 Intangible asset 4,762 - - - 4,762 Restricted cash and deposits - 6,630 - 9,000 15,630 Deferred tax 12,952 - - - 12,952 Long term receivables 1,928 1,272 - 2,188 5,388 Derivatives - - - 2,635 2,635 Current liabilities: Current maturities of long term bank loans - (2,024 ) - (124,156 ) (126,180 ) Current maturities of long term loans - - - (16,401 ) (16,401 ) Current maturities of debentures - (19,806 ) - - (19,806 ) Trade payables - (218 ) - (2,686 ) (2,904 ) Other payables - (6,882 ) (527 ) (13,397 ) (20,806 ) Current maturities of derivatives - - - (14,783 ) (14,783 ) Current maturities of lease liabilities (3,782 ) - (547 ) (4,329 ) Non-current liabilities: Long-term lease liabilities - (5,154 ) - (10,646 ) (15,800 ) Long-term loans - (15,803 ) - (23,290 ) (39,093 ) Other long-term bank loans - (6,898 ) - (30,323 ) (37,221 ) Debentures - (117,493 ) - - (117,493 ) Deferred tax (8,836 ) - - - (8,836 ) Derivatives - - - (10,107 ) (10,107 ) Other long-term liabilities - (3,905 ) - - (3,905 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 402,346 (77,321 ) 2,509 (214,051 ) 113,483 (*) Including items linked to the Israeli CPI December 31, 2020 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 50,195 952 15,698 66,845 Marketable securities - - 1,761 - 1,761 Short term deposits - 8,113 - - 8,113 Restricted cash - 1,491 - - 1,491 Receivable from concession project 380 3,155 384 5,906 9,825 Non-current assets: Investments in equity accounted investees 23,489 8,745 - - 32,234 Advances on account of investments 2,423 - - - 2,423 Receivable from concession project - 25,036 - - 25,036 Fixed assets 264,095 - - - 264,095 Right-of-use asset 17,209 - - - 17,209 Intangible asset 4,604 - - - 4,604 Restricted cash and deposits - 5,882 - 4,049 9,931 Deferred tax 3,605 - - - 3,605 Long term receivables 2,593 30 - 139 2,762 Derivatives - - - 10,238 10,238 Current liabilities: Current maturities of long term bank loans - (1,762 ) - (8,470 ) (10,232 ) Current maturities of long term loans - - - (4,021 ) (4,021 ) Current maturities of debentures - (10,600 ) - - (10,600 ) Trade payables - (221 ) - (12,166 ) (12,387 ) Other payables - (974 ) (666 ) (1,953 ) (3,593 ) Current maturities of derivatives - - - (1,378 ) (1,378 ) Current maturities of lease liabilities - (77 ) - (413 ) (490 ) Non-current liabilities: Long-term lease liabilities - (1,436 ) - (15,863 ) (17,299 ) Long-term loans - (15,520 ) - (119,000 ) (134,520 ) Other long-term bank loans - (5,102 ) - (44,294 ) (49,396 ) Debentures - (72,124 ) - - (72,124 ) Deferred tax (7,806 ) - - - (7,806 ) Derivatives - - - (8,336 ) (8,336 ) Other long-term liabilities - (2,478 ) (486 ) - (2,964 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 310,592 (7,647 ) 1,945 (179,864 ) 125,026 (*) Including items linked to CPI Information regarding significant exchange rates: For the year ended December 31 Rate of Rate of Change Change % Dollar % NIS 1 Euro in 2021 (7.7 ) 1.132 (10.8 ) 3.520 1 Euro in 2020 9.3 1.227 1.7 3.944 (b) Sensitivity analysis A change as at December 31 in the exchange rates of the following euro against the USD and euro against the NIS, as indicated below would have increased (decreased) equity by the amounts shown below (after tax). This analysis is based on foreign currency exchange rate that the Company considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant. December 31, 2021 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 111 (111 ) 5% in NIS (1,098 ) 1,098 December 31, 2020 Increase Increase Equity Equity € thousands Change in the exchange rate of: 5% in the USD 79 (79 ) 5% in NIS 290 (290 ) (2) Interest rate risk The Company is exposed to changes in fair value, as a result of changes in interest rate in connection with its loans and borrowings. The debt instruments of the Company bear interest at variable rates. The Company entered into various project finance agreements that are based on EURIBOR rate and therefore it may be affected by adverse movements in interest rates. The Company utilizes interest rate swap derivatives to convert certain floating-rate debt to fixed-rate debt. The Company’s interest rate swap derivatives involve an agreement to pay a fixed-rate interest and receive a floating-rate interest, at specified intervals, calculated on an agreed notional amount that matches the amount of the original loan and paid on the same installments and maturity dates. Sensitivity analysis A change in interest rate would have increased (decreased) profit or loss by the amounts shown below: December 31, 2021 2020 Profit or loss Profit or loss € in thousands Increase of 1% 2,446 803 Increase of 3% 7,368 2,444 Decrease of 1% (2,474 ) (836 ) Decrease of 3% (7,396 ) (2,477 ) (3) Electricity market prices risk As a result of the Company’s operations in the electricity market, the Company is exposed to the impact of changes in the electricity prices. In June 2018, Talasol executed the PPA. The power produced by the Talasol Project is expected to be sold by Talasol in the open market for the then current market power price and the PPA is expected to hedge the risks associated with fluctuating electricity market prices by allowing Talasol to secure a certain level of income for the power production included under the PPA. The hedge transaction becomes effective on Talasol requesting that the counter party will fix the fixed price pursuant to the price adjustment mechanism. The PPA became effective in March 2019. The fair value of the PPA is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. The future prices are assessed the electricity field. F. Fair value (1) Fair values versus carrying amounts The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, other accounts receivables, pledged deposits, financial derivatives credit from banks and trade payables and other accounts payables are the same or proximate to their fair value. The fair values of the other financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows: December 31, 2021 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 137,299 140,293 - - Loans from banks and others (including current maturities) 218,895 - 223,287 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel 356,194 140,293 223,287 - December 31, 2020 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 82,724 84,814 - - Loans from banks and others (including current maturities) 198,169 - 209,005 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 280,893 84,814 209,005 - F. Fair value (cont’d) (2) Interest rates used for determining fair value The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread, and were as follows: December 31 2021 2020 % Non-current liabilities: Loans from banks Euribor+ 1.76%- 2.75% with a zero floor Euribor+ 1.76%- 2.75% with a zero floor Loans from banks 4.65% Linkage to Consumer price index in Israel 4.65% Linkage to Consumer price index in Israel Loans from banks fix rate for 5 years 2.9% - 3.55% fix rate for 5 years 2.9% - 3.55% Loans from others Euribor+ 5.27% Euribor+ 5.27% Loans from others 7% Linkage to Consumer price index in Israel and fixed rate of 5.5% 3% (3) Fair values hierarchy The financial instruments presented at fair value are grouped into classes with similar characteristics using the following fair value hierarchy which is determined based on the source of data used in the measurement: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable either directly or indirectly. Level 3 - Inputs that are not based on observable market data (unobservable inputs). December 31, 2021 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities 1,946 - - 1,946 Market price Swap contracts - (3,996 ) - (3,996 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - 3,274 - 3,274 Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,495 8,495 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. Financial power swap - - (20,894 ) (20,894 ) Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. December 31, 2020 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities 1,761 - - 1,761 Market price Forward contracts - 66 - 66 Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Swap contracts - (9,570 ) - (9,570 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - (132 ) - (132 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,745 8,745 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Financial power swap - - 10,238 10,238 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. (4) Level 3 financial instruments carried at fair value The table hereunder presents reconciliation from the beginning balance to the ending balance of financial instruments carried at fair value in level 3 of the fair value hierarchy: Financial assets Dori Energy loan € in thousands Balance as at December 31, 2019 10,595 Total income recognized in profit or loss 758 Repayment (2,378 ) Foreign Currency translation adjustments (230 ) Balance as at December 31, 2020 8,745 Total income recognized in profit or loss 799 Grant of loan 335 Repayment (2,259 ) Foreign Currency translation adjustments 875 Balance as at December 31, 2021 8,495 Financial assets Financial power swap € in thousands Balance as at December 31, 2019 4,967 Total income recognized in other comprehensive income 5,271 Balance as at December 31, 2020 10,238 Total income is recognized in other comprehensive income (31,132 ) Balance as at December 31, 2021 (20,894 ) |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Operating Segments | Note 22 - Operating Segments The Company’s reportable segments, which form the Company’s strategic business units, are described below: ● Photovoltaic power plants (PV Plants) – Operation of installations that convert the energy in sunlight into electrical energy as follows: (i) approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain, (ii) a photovoltaic power plant of approximately 9 MWp installed capacity in Israel, (iii) 51% of Talasol, which during the majority of the reporting period was constructing a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain, (iv) Ellomay Solar S.L.U that is constructing a photovoltaic plant with a peak capacity of 28 MW in the municipality of Talaván, Cáceres, Spain, and (v) approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, that the Company sold on December 20, 2019. ● Dorad Energy Ltd. (Dorad) – 9.375% indirect interest in Dorad, which owns and operates a combined cycle power plant based on natural gas, with production capacity of approximately 860 MW, located south of Ashkelon, Israel. ● Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V. (BioGas), project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively. ● Pumped storage hydro power plant (Manara) – 83.333% indirect interest in a company constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel. Factors that management used to identify the Company’s reportable segments The Company’s strategic business units offer different products and the allocation of resources and evaluation of performance is managed separately because they require different technology. For each of the strategic business units, the Company’s chief operating decision maker (CODM) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Company’s operating segments. The Company presented the photovoltaic power plants per geographical areas, as the information collected and analyzed by the CODM in connection with the PV Plants is presented based on the physical location of the PV Plant. The CODM reviews the NIS denominated information on Dorad and the PV Plant located in Israel and the information presented in the tables below is translated into euro. The CODM reviews the Company’s share in the results of Dorad. In the reports analyzed by the CODM, the PV Plant located in Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. Performance is measured based on segment gross profit as included in reports that are regularly reviewed by the chief operating decision maker. Segment gross profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Segment assets consist of current assets and fixed assets, as included in reports provided regularly to the chief operating decision maker. PV Total Ellomay Bio reportable Total Italy Spain Solar Talasol Israel 1 Gas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2021 € in thousands Revenues - 2,587 - 28,494 4,255 12,686 51,630 - 99,652 (54,869 ) 44,783 Operating expenses - (472 ) - (6,239 ) (367 ) (10,446 ) (39,175 ) - (56,699 ) 39,175 (17,524 ) Depreciation expenses - (904 ) - (10,546 ) (2,374 ) (3,135 ) (5,539 ) - (22,498 ) 7,422 (15,076 ) Gross profit (loss) - 1,211 - 11,709 1,514 (895 ) 6,916 - 20,455 (8,272 ) 12,183 Project development costs (2,508 ) General and administrative expenses (5,661 ) Share of loss of equity accounted investee 117 Operating profit 4,131 Financing income 2,931 Financing expenses in connection with derivatives and warrants, net (841 ) Financing expenses, net (28,974 ) Loss before taxes on Income (22,753 ) Segment assets as at December 31, 2021 1,715 13,841 14,456 246,172 38,809 34,570 118,435 107,678 575,676 (24,529 ) 551,147 1 The Talmei Yosef PV Plant located in Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2020 € in thousands Revenues - 2,577 4,089 - 6,002 57,495 - 70,163 (60,518 ) 9,645 Operating expenses - (463 ) (379 ) - (4,109 ) (44,489 ) - (49,440 ) 44,489 (4,951 ) Depreciation and amortization expenses - (905 ) (2,310 ) - (1,457 ) (5,674 ) - (10,346 ) 7,371 (2,975 ) Gross profit (loss) - 1,209 1,400 - 436 7,332 - 10,377 (8,658 ) 1,719 Project development costs (3,491 ) General and administrative expenses (4,512 ) Share of profits (loss) of equity accounted investee 1,525 Other income, net 2,100 Capital gain (loss) - Operating profit (2,659 ) Financing income 2,134 Financing income (expenses) in connection with derivatives, net 1,094 Financing expenses, net (6,862 ) Profit before taxes on Income (6,293 ) Segment assets as at December 31, 2020 503 17,574 36,521 232,955 36,253 109,983 21,925 455,714 4,458 460,172 PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2019 € in thousands Revenues 10,082 2,987 4,114 - 4,786 63,416 - 85,385 (66,397 ) 18,988 Operating expenses (1,422 ) (504 ) (325 ) - (4,387 ) (48,558 ) - (55,196 ) 48,558 (6,638 ) Depreciation and amortization expenses (3,668 ) (903 ) (2,271 ) (30 ) (1,353 ) (5,031 ) - (13,256 ) 6,840 (6,416 ) Gross profit (loss) 4,992 1,580 1,518 (30 ) (954 ) 9,827 - 16,933 (10,999 ) 5,934 Project development costs (4,213 ) General and administrative expenses (3,827 ) Share of profits (loss) of equity accounted investee 3,086 Other income, net (2,100 ) Capital gain (loss) 18,770 Operating profit 17,650 Financing income 1,827 Financing income (expenses) in connection with derivatives, net 897 Financing expenses, net (10,877 ) Profit before taxes on Income 9,497 Segment assets as at December 31, 2019 - 16,324 38,942 118,848 18,463 116,561 2,473 311,611 (1,439 ) 310,172 Geographical information The Company is domiciled in Israel and it operates in Israel, Spain and Italy (until the sale of the Italian Subsidiaries) through its subsidiaries that own PV Plants, in the Netherlands through its subsidiaries that own anaerobic digestion plants and also in Israel through Dori Energy. On December 20, 2019, the Company sold ten Italian Subsidiaries, which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW. The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain: For the year ended December 31 2021 2020 2019 € in thousands Israel 1,016 1,066 1,133 Italy - - 10,082 The Netherlands 12,686 6,002 4,786 Spain ( 31,081 2,577 2,987 Total revenues 44,783 9,645 18,988 The following table lists the fixed assets, net from the Company’s operations in Israel, Spain and the Netherlands: As at December 31 2021 2020 € in thousands Israel 78,928 16,651 Spain 232,897 217,339 The Netherlands 28,240 30,105 Total fixed assets, net 340,065 264,095 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of consolidation and equity method accounting | A. Basis of consolidation and equity method accounting 1. Subsidiaries Subsidiaries are entities controlled by the Company. 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 Company. 2. Transactions eliminated upon consolidation Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 3. Investment in associates and joint ventures (equity accounted investees) Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. There is a rebuttable presumption that significant influence exists when the Group holds between 20% and 50% of another entity In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Long-term interests in associates and joint ventures that, in substance, form part of the net investment in the associate or joint venture, such as preferred shares and long-term loans that their repayment is not expected and is unlikely to occur in the foreseeable future, are first accounted for in accordance with the guidance of IFRS 9 and then the equity method is applied in accordance with the guidance of IAS 28. 4. Business combinations The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control. The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed. If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees, are expensed in the period the services are received. 5. Non-controlling interests Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs. Allocation of comprehensive income to the shareholders Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests. Transactions with non-controlling interests, while retaining control Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non-controlling interests is included in the owners’ share in equity of the Company directly in retained earnings. The amount of the adjustment to non-controlling interests is calculated as follows: For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, the Company derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. |
Functional and presentation currency | B. Functional and presentation currency These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated. The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates. Foreign currency transactions- Transactions in foreign currencies are translated to the respective functional currencies of the Company 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. Foreign currency differences arising on translation are generally recognized in profit or loss, except for the following differences which are recognized in other comprehensive income, arising on the translation of: - A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; - Qualifying cash flow hedges to the extent the hedge is effective. Foreign operations- The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions. Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): “foreign currency translation adjustments”. When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss). Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity as part of the translation reserve. Presentation Currency- For the convenience of the reader, the reported euro figures as of December 31, 2021 and for the year then ended, are also presented in dollars, translated at the representative rate of exchange as of December 31, 2021 (euro 0.884 = US$1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. |
Financial instruments | C. Financial instruments (1) Non-derivative Financial assets The Company’s financial assets include cash and cash equivalents, marketable securities, restricted cash, trade receivables, loan to an equity accounted investee, service concession receivables and other receivables. Initial recognition and measurement of financial assets The Company initially recognizes loans, receivables and deposits on the date that they are created. All other financial assets, including assets designated at fair value through profit or loss, are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset (except for financial assets that are measured at fair value through profit and loss, for which transaction costs are recognized in profit and loss). A trade receivable without a significant financing component is initially measured at the transaction price. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset were transferred. When the Company retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Company changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and - The contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. A debt instrument is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and - The contractual terms of the debt instrument give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. Assessment whether cash flows are solely payments of principal and interest For the purpose of assessing whether the cash flows are solely payments of principal and interest, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money, for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs, as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers: - Contingent events that would change the timing or amount of the cash flows; - Terms that may change the stated interest rate, including variable interest; - Extension or prepayment features; and - Terms that limit the Company’s claim to cash flows from specified assets (for example a non-recourse financial asset). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable compensation, received or paid, for early termination of the contract. Additionally, for a financial asset acquired at a significant premium or discount compared to its contractual stated value, a feature that permits or requires prepayment at an amount that substantially represents the contractual stated value plus accrued (but unpaid) interest (which may also include reasonable additional compensation, received or paid, for early termination), is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. (2) Non-derivative financial liabilities The Company’s financial liabilities include loans and borrowings, trade payables, other payables, finance lease obligations, debentures, long-term loans and other long-term liabilities. Initial recognition of financial liabilities The Company initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities are designated at fair value through profit or loss if the Company manages such liabilities and their performance is assessed based on their fair value in accordance with the Company’s documented risk management strategy, providing that the designation is intended to prevent an accounting mismatch, or the liability is a combined instrument including an embedded derivative. Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses in the statement of financial position. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of income when the issuance is no longer expected to occur. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Company, as specified in the agreement, expires or when it is discharged or cancelled. 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 aforesaid quantitative criterion, the Group examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments, therefore, as a rule, exchanges of CPI-linked debt instruments with unlinked instruments are considered exchanges with substantially different terms even if they do not meet the aforementioned quantitative criterion. Upon the swap of debt instruments with equity instruments, equity instruments issued at the extinguishment and de-recognition of all or part of a liability, are a part of “consideration paid” for purposes of calculating the gain or loss from de-recognition of the financial liability. The equity instruments are initially recognized at fair value, unless fair value cannot be reliably measured – in which case the issued instruments are measured at the fair value of the derecognized liability. Any difference between the amortized cost of the financial liability and the initial measurement amount of the equity instruments is recognized in profit or loss under financing income or expenses. 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. Offset of financial instruments Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. (3) Derivative financial instruments, including hedge accounting The Company holds both derivative financial instruments to hedge its foreign currency and interest rate risk exposures and derivatives that do not serve hedging purposes. Hedge accounting The Company designates certain derivatives as hedging instruments in order to hedge changes in cash flows that relate to highly probable forecasted transactions and which derive from changes in foreign currency exchange rates, fluctuation in the electricity prices and changes in the flow and interest on variable-rate loans. The Company continue to apply IAS 39 for the hedge accounting. At the inception of the hedging relationship the Company documents its risk management objective and its hedging strategy. The Company 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. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. Measurement of derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. Fair value hedges Changes in the fair value of a derivative financial instrument designated as a fair value hedge are recognized in profit or loss. Furthermore, changes in the fair value of the hedged item, with respect to the hedged risks, are also recognized in profit or loss with a corresponding adjustment to the carrying amount of the hedged item. Cash flow hedges 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 within 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 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. If the result of a forecasted transaction is recognition of a non-financial asset, the amounts that were accumulated in the hedging reserve and the cost of hedging reserve are included in the initial cost of the non-financial item upon its recognition. For all other hedged forecasted transactions, the amounts accumulated in the hedging reserve and cost of hedging reserve are reclassified to profit or loss in the same period, or periods, in which the hedged forecasted future cash flows affect profit or loss. 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). If the hedged future cash flows are no longer expected to occur, the amounts accumulated in the past in the hedging reserve and cost of hedging reserve are immediately reclassified to profit or loss. Economic hedges Hedge accounting is not applied to derivative instruments that economically hedge financial assets and liabilities denominated in foreign currencies. Changes in the fair value of such derivatives are recognized in profit or loss under financing income or expenses. Derivatives that do not serve hedging purposes The changes in fair value of these derivatives are recognized in profit or loss, as financing income or expense. Inter alia, the Company implements the said accounting treatment to changes in the fair value of the conversion component of options that do not have a fixed exercise price. (4) Interest Rate Benchmark Reform When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost changed as a result of interest rate benchmark reform, the Company updated the effective interest rate of the financial asset or financial liability to reflect the change required by the reform. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by interest rate benchmark reform, in addition to adjusting the effective interest rate as a result of the reform the Company applies the policies on accounting for substantial modifications in terms of debt instruments. (5) CPI-linked assets and liabilities that are not measured at fair value The value of CPI-linked financial assets and liabilities, which are not measured at fair value, is re-measured every period in accordance with the actual increase/decrease in the CPI. (6) Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options and warrants are recognized as a deduction from equity. Treasury shares When share capital recognized as equity is repurchased by the Company, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. |
Fixed assets | D. Fixed assets 1. Recognition and measurement Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants. The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred. Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss. 2. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item. The estimated useful lives are as follows: % per annum Mainly % per annum Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4-5 4-5 Photovoltaic plants in Italy 5 5 Anaerobic digestion plants in the Netherlands 8 8 Leasehold improvements Over the shorter of the lease period or the life of the asset 7 The estimated useful life of the project licenses of photovoltaic plants that are carried at cost is 20 years for the Company’s Italian subsidiaries and 20-25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of the Company’s Netherlands anaerobic digestion plants that are carried at cost is 12 years. The fixed assets residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted if appropriate. E. Capitalization of borrowing costs A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Other borrowing costs are recognized as incurred as financing expenses in profit or loss. |
Impairment | F. Impairment Non-financial assets The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset. Non-financial assets (cont’d) The recoverable amount of an asset that does not generate independent cash flows is determined for the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets (“cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset's recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Investments in associates An investment in an associate is tested for impairment when objective evidence indicates there has been impairment such as: significant financial difficulty, probability that the associate will enter bankruptcy or other financial reorganization or losses in operation for a long period of time. Goodwill that forms part of the carrying amount of an investment in an associate is not recognized separately, and therefore is not tested for impairment separately. If objective evidence indicates that the value of the investment may have been impaired, the Company estimates the recoverable amount of the investment, which is the greater of its value in use and its net selling price. In assessing value in use of an investment in an associate, the Company estimates its share of the present value of estimated future cash flows that are expected to be generated by the associate, including cash flows from operations of the associate and the consideration from the final disposal of the investment or estimates the present value of the estimated future cash flows that are expected to be derived from dividends that will be received and from the final disposal. An impairment loss is recognized when the carrying amount of the investment, after applying the equity method, exceeds its recoverable amount, and it is recognized in profit or loss under other expenses. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of the investment after the impairment loss was recognized, and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized. |
Share-based payment transactions | G. Share-based payment transactions The Company’s directors are entitled to, and certain of the Company’s employees receive, remuneration in the form of equity-settled share-based payment transactions. The cost of equity-settled transactions with directors and employees is measured at the fair value of the equity instruments at the date on which they are granted. The fair value is determined by using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the instruments were granted, additional details are included in Note 17. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the director or the employee becomes fully entitled to the award (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. |
Employee benefits | H. Employee benefits 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions. Short-term employee benefits are measured on an undiscounted basis and are expensed as the related services are rendered or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A liability in respect of a cash bonus is recognized when the Company has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and the obligation can be estimated reliably. 2. Post-employment benefits: The post-employment plans are usually financed by deposits with insurance companies and classified as a defined contribution plan or as a defined benefit plan. The Company has defined contribution plans pursuant to Section 14 to the Israeli Severance Pay Law, 5723-1963 (the “Severance Pay Law”) with the vast majority of its employees under which the Company pays fixed contributions and has no legal or constructive obligation to pay further amounts. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense in profit or loss in the periods during which related services are rendered by employees and no additional provision is required in the financial statements. The Company also operates a defined benefit plan in respect of severance pay pursuant to the Severance Pay Law. According to the Severance Pay Law, employees are entitled to severance pay upon dismissal or retirement. The Company makes current deposits in respect of severance pay obligations to pay compensation to certain of its employees in their pension funds and insurance companies (the “plan assets”). Plan assets are not available to the Company's own creditors and cannot be returned directly to the Company. The liability for employee benefits is presented in the statements of financial position at present value of the defined benefit obligation less the fair value of the plan assets. |
Provisions | I. Provisions A provision is recognized if the Company has a present obligation (legal or constructive) that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability without adjustment for the Company’s credit risk. The carrying amount of the provision is adjusted each period to reflect the time that has passed and the amount of the adjustment is recognized as a financing expense. A provision for legal claims is recognized if the Company has a present legal or constructive obligation as a result of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably. |
Leases | J. Leases Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment of whether an arrangement conveys the right to control the use of an identified asset, the Company assesses whether it has the following two rights throughout the lease term: (a) The right to obtain substantially all the economic benefits from use of the identified asset; (b) The right to direct the identified asset’s use. Leased assets and lease liabilities Contracts that award the Company control over the use of a leased asset for a period of time in exchange for consideration, are accounted for as leases. Upon initial recognition, the Company recognizes a liability at the present value of the balance of future lease payments (these payments do not include certain variable lease payments), and concurrently recognizes a right-of-use asset at the same amount of the lease liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the Company’s leases is not readily determinable, the incremental borrowing rate of the lessee is used. Subsequent to initial recognition, the right-of-use asset is accounted for using the cost model, and depreciated over the shorter of the lease term or useful life of the asset. The Company has elected to apply the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are accounted for such that lease payments are recognized in profit or loss on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments Variable lease payments that depend on an index or a rate, are initially measured using the index or rate existing at the commencement of the lease and are included in the measurement of the lease liability. When the cash flows of future lease payments change as the result of a change in an index or a rate, the balance of the liability is adjusted against the right-of-use asset. Other variable lease payments that are not included in the measurement of the lease liability are recognized in profit or loss in the period in which the event or condition that triggers payment occurs. Depreciation of right-of-use asset After lease commencement, a right-of-use asset is measured on a cost basis less accumulated depreciation and accumulated impairment losses and is adjusted for re-measurements of the lease liability. Depreciation is calculated on a straight-line basis over the useful life or contractual lease period, whichever earlier, as follows: ● 20-40 years ● 1-4 years Reassessment of lease liability Upon the occurrence of a significant event or a significant change in circumstances that is under the control of the Company and had an effect on the decision whether it is reasonably certain that the Company will exercise an option, which was not included before in the lease term, or will not exercise an option, which was previously included in the lease term, the Company re-measures the lease liability according to the revised leased payments using a new discount rate. The change in the carrying amount of the liability is recognized against the right-of-use asset, or recognized in profit or loss if the carrying amount of the right-of-use asset was reduced to zero. |
Revenue recognition | K. Revenue recognition The Revenues from the sale of electricity and gas are recognized when the units produced are transferred to the grid at connection points on the basis of a meter reading. Revenues in respect of units produced and transferred to the grid in the period between the most recent meter reading and the date of the statement of financial position, are included based on an estimate. Identifying the contract The Company accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (b) The (c) The (d) The (e) It is For the purpose of paragraph (e) the Company examines, inter alia, the percentage of the advance payments received and the spread of the contractual payments, past experience with the customer and the status and existence of sufficient collateral. If Determining the transaction price The Contract modifications A contract modification is a change in the scope or price (or both) of a contract that was approved by the parties to the contract. A contract modification can be approved in writing, orally or be implied by customary business practices. A contract modification can take place also when the parties to the contract have a disagreement regarding the scope or price (or both) of the modification or when the parties have approved the modification in scope of the contract but have not yet agreed on the corresponding price modification. When a contract modification has not yet been approved by the parties, the Company continues to recognize revenues according to the existing contract, while disregarding the contract modification, until the date the contract modification is approved or the contract modification is legally enforceable. The Seasonality Solar power production has a seasonal cycle due to its dependency on the direct and indirect sunlight and the effect the amount of sunlight has on the output of energy produced. Thus, low radiation levels during the winter months decrease power production. Service concession arrangements Operation revenue is recognized in the period in which the goods are provided by the Company. Sale of goods Revenue from the sale of goods in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns and discounts. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement) that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. Transfers of risks and rewards vary depending on the individual terms of the contract of sale. Transfer usually occurs when the products are received by the customer. |
Income tax | L. Income tax Income tax comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that the tax arises from items which are recognized directly in equity. In such cases, the tax effect is also recognized in the relevant item in equity. Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except for a limited number of exceptions: - The initial recognition of goodwill, - The initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and - Differences relating to investments in subsidiaries, joint arrangements and associates, to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends in respect of the investment. A deferred tax asset is recognized for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable profits will be available against which they can be utilized. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously. A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more probable than not that the Company will have to use its economic resources to pay the obligation. |
Earnings (loss) per share | M. Earnings (loss) per share The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise share options granted to directors and employees. |
Financing income and expenses | N. Financing income and expenses Financing income comprises interest income on bank deposits and marketable securities, gains on changes in the fair value of financial assets at fair value through profit or loss, gains on hedging instruments that are recognized in profit or loss and exchange rate differences. Interest income is recognized as it accrues. Changes in the fair value of financial assets at fair value through profit or loss also include income from dividends and interest. Financing expenses consist of bank charges, interest expenses on borrowings and debentures, changes in the fair value of financial assets at fair value through profit or loss, losses on hedging instruments that are recognized in profit or loss, and exchange rate differences. Borrowing costs, which are not capitalized to qualifying assets, are recognized in profit or loss using the effective interest method. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either financing income or financing expenses depending on whether foreign currency movements are in a net gain or net loss position. In the statements of cash flows, interest received and Interest paid are presented as part of cash flows from operating activities. |
Service concession arrangements | O. Service concession arrangements As part of service concession arrangements with Government bodies for the construction and operation of a facility in consideration for fixed and variable payments, the Company recognizes a financial asset commencing from the start of the construction of the facility when it has an unconditional right to receive cash or some other financial asset for the construction services. The financial asset reflects the unconditional payments receivable in the future from the Government body and bears an appropriate rate of interest for risk that is determined based on the risk of the customer. The aforementioned financial assets are stated at fair value upon initial recognition and at amortized cost in subsequent periods. As from January 1, 2018, the Company’s right to receive consideration for the construction services, constitutes a contract asset until the end of the construction period. In projects accounted for using the financial asset model, when at the end of the construction period there is an unconditional right (other than that of the passing of time) to receive consideration for the construction services, the contract asset is classified to receivables (financial asset) according to the carrying amount of the contract asset. When at the end of the construction period the right to receive consideration for the construction services is conditional on other than the passing of time (such as current operation of the facility), the contract asset is not reclassified until the right to receive consideration is unconditional, which for certain projects means classification as a contract asset until actual receipt of the consideration. |
New standards, amendments to standards and interpretations not yet adopted | P. New standards, amendments to standards and interpretations not yet adopted (1) Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current The Amendment replaces certain requirements for classifying liabilities as current or non-current. Thus for example, 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, this instead of the requirement that there be an “unconditional” right. According to the Amendment, a right is in existence at the reporting date only if the entity complies with conditions for deferring settlement at that date. 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 is effective for reporting periods beginning on or after January 1, 2023 with earlier application being permitted. The Amendment is applicable retrospectively, including an amendment to comparative data. The Company is examining the effects of the Amendment on the financial statements with no plans for early adoption. (2) Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets According to the Amendment, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, which include as follows: - Incremental costs; and - An allocation of other costs that relate directly to fulfilling a contract (such as depreciation expenses for fixed assets used in fulfilling that contract and other contracts). The The Company is examining the effects of the Amendment on the financial statements and estimates no effects on the financial statements. (3) Amendment to IAS 16, Property, Plant and Equipment The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, such proceeds shall be recognized in profit or loss according to the relevant standards and the cost of the sold items will be measured according to the measurement requirements of IAS 2, Inventories. The Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. The Company is examining the effects of the Amendment on the financial statements with no plans for early adoption. (4) Amendment to IFRS 3, Business Combinations The Amendment replaces the requirement to recognize liabilities from business combinations in accordance with the conceptual framework, the reason being that the interaction between those instructions and the guidance provided in IAS 37 regarding recognition of liabilities was unclear in certain cases. The Amendment adds an exception to the principle for recognizing liabilities in IFRS 3. According to the exception, contingent liabilities are to be recognized according to the requirements of IAS 37 and IFRIC 21 and not according to the conceptual framework. The Amendment prevents differences in the timing of recognizing liabilities that could have led to the recognition of gains and losses immediately after the business combination (day 2 gain or loss). The Amendment also clarifies that contingent assets are not to be recognized on the date of the business combination. The Amendment is effective for annual periods beginning on or after January 1, 2022. (5) Amendment to IAS 12, Income Taxes: Deferred Tax related to 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. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | The estimated useful lives are as follows: % per annum Mainly % per annum Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4-5 4-5 Photovoltaic plants in Italy 5 5 Anaerobic digestion plants in the Netherlands 8 8 Leasehold improvements Over the shorter of the lease period or the life of the asset 7 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31 2021 2020 € in thousands Cash 31,771 37,887 On call deposits 9,458 28,958 Cash and cash equivalents 41,229 66,845 Cash and cash equivalents in the statement of cash flows 41,229 66,845 |
Restricted Cash, Deposits and_2
Restricted Cash, Deposits and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Restricted Cash Deposits And Marketable Securities [Abstract] | |
Schedule of Restricted Cash, Deposits and Marketable Securities | December 31 2021 2020 € in thousands Marketable securities (1) 1,946 1,761 Short-term deposits 28,410 8,113 Short-term restricted cash 1,000 - Restricted cash, long-term bank deposits (2) 15,630 9,931 (1) During 2021, the Company invested in a traded Corporate Bond with a coupon rate of 3.255%. (2) Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel |
Investee Companies and other _2
Investee Companies and other investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of associates [abstract] | |
Schedule of Composition of Investments | December 31 2021 2020 € in thousands Investment in shares 26,371 24,047 Long-term loans 8,495 8,745 Deferred interest (837 ) (558 ) 34,029 32,234 |
Schedule of Changes in Investments | Changes in investments 2021 2020 Changes in equity and loans: € in thousands Balance as at January 1 32,234 33,561 Long term loans extended 335 181 Repayment of long term loans (2,259 ) (2,560 ) Interest and reevaluation in connection with long term loans 799 758 Deferred interest 57 56 Elimination of interest on loan from related party (878 ) (676 ) The Company’s share of income 117 1,525 Foreign currency translation adjustments 3,624 (611 ) Balance as at December 31 34,029 32,234 |
Summary of Information on Financial Position | Rate of ownership Current Assets Non-current assets Total assets Current liabilities Non-current liabilities Total liabilities Equity attributable to the owners of the Company Company’s share Surplus Costs and goodwill Other Adjustments Carrying Amount of investment % € in thousands 2021 Dori Energy 50 239 64,181 64,420 (125 ) (15,871 ) (15,996 ) 48,424 24,212 2,569 (410 ) 26,371 2020 Dori Energy 50 276 60,257 60,533 (256 ) (16,885 ) (17,141 ) 43,392 21,696 2,800 (449 ) 24,047 |
Summary of Information on Operating Results | Rate of ownership as of December Income for the year Company’s share Elimination of interest on loan from related party Other Adjustments Company’s share of income of investee % € in thousands 2021 Dori Energy 50 (602 ) (301 ) 878 (459 ) 118 2020 Dori Energy 50 2,619 1,310 676 (461 ) 1,525 |
Schedule of Composition of Advances on Account of Investments | Composition of Advances on account of investments December 31 2021 2020 € in thousands On account of the Manara PSP ( * ) 869 On account of Development of PV Projects in Italy 1,554 1,554 1,554 2,423 (*) Advances on account of the Manara PSP were classified to fixed assets. See Note 6B. |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | Identifiable assets acquired and liabilities assumed: € thousands Trade and other receivables 1,243 Deferred tax 488 Right of use asset 355 Fixed assets, net 13,961 Trade and other payables (1,717 ) Lease liability (355 ) Loans and borrowings (6,511 ) Net identifiable assets 7,464 |
Schedule of Sale of Italian Indirect Wholly-Owned Subsidiaries | Identifiable sold assets and liabilities: December 31 2019 € in thousands Cash and cash equivalents 4,106 Trade and other receivables 4,569 Deferred tax and advance tax payment and tax provision 2,864 Fixed assets 41,431 Restricted cash 156 Right of use asset 1,356 Trade and other payables (2,458 ) Loans and borrowings (30,725 ) Lease liability (1,377 ) Total net identifiable assets 19,922 Capital gain 18,770 38,692 Cash and cash equivalents (4,106 ) Proceeds from sale of investments 34,586 |
Schedule of Composition of Asset from Concession Project | Asset from concession project € in thousands Balance as at December 31, 2021 28,693 Less current maturities 1,784 Asset from concession project 26,909 |
Trade and Other Receivables a_2
Trade and Other Receivables and Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables and Assets | December 31 2021 2020 € in thousands Current Assets - Trade and Other receivables: Government authorities 1,602 3,232 Income receivable 3,794 3,420 Interest receivable 3 36 Current tax 76 32 Trade receivable 598 382 Inventory 640 306 Derivatives (see Note 21) 639 78 Prepaid expenses and other 2,135 2,339 9,487 9,825 Non-current Assets - Long term receivables: Prepaid expenses associated with long term loans 4,787 2,731 Annual rent deposits 33 30 Loans to others 568 - Other - 1 5,388 2,762 |
Fixed assets (Tables)
Fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Fixed Assets | Photovoltaic Plants Pumped storage Biogas installations Office furniture and equipment Leasehold Improvements Total € in thousands Cost Balance as at January 1, 2020 102,784 - 19,588 147 52 122,571 Additions 120,842 16,607 558 38 - 138,045 New companies - - *13,961 - - 13,961 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (5 ) - (5 ) Balance as at December 31, 2020 223,626 16,607 34,107 180 - 274,520 Balance as at January 1, 2021 223,626 16,607 34,107 180 - 274,520 Additions 26,529 62,285 1,085 8 - 89,907 Effect of changes in exchange rates - - - 2 - 2 Balance as at December 31, 2021 250,155 78,892 35,192 190 - 364,429 Depreciation Balance as at January 1, 2020 5,456 - 2,545 129 52 8,182 Depreciation for the year 830 - 1,457 12 - 2,299 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (4 ) - (4 ) Balance as at December 31, 2020 6,286 - 4,002 137 - 10,425 Balance as at January 1, 2021 6,286 - 4,002 137 - 10,425 Depreciation for the year 10,971 - 2,950 16 - 13,937 Effect of changes in exchange rates - - - 2 - 2 Balance as at December 31, 2021 17,257 - 6,952 155 - 24,364 Carrying amounts As at January 1, 2020 97,328 - 17,043 18 - 114,389 As at December 31, 2020 217,340 16,607 30,105 43 - 264,095 As at December 31, 2021 232,898 78,892 28,240 35 - 340,065 * See Note 6D1, Reclassified |
Schedule of Investment in Photovoltaic Plants | Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2021: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2021 € in thousands “Ellomay Spain – Rinconada II” 2,275 kWp June 2010 5,509 “Rodríguez I” 1,675 kWp November 2011 3,662 “Rodríguez II” 2,691 kWp November 2011 6,631 “Fuente Librilla” 1,248 kWp June 2011 3,212 "Talasol" 300 MWP January 2021 219,048 “Ellomay Solar” 28 MWP under construction 12,093 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Other Payables [Abstract] | |
Schedule of Other Payables | December 31 2021 2020 € in thousands Employees and payroll accruals 336 278 Government authorities 1,337 213 Forward contracts closed (1) 527 666 Deferred revenues 2,753 - Accrued expenses connected to Manara PSP 9,782 310 Accrued expenses 5,142 2,066 Current tax 929 60 20,806 3,593 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €527 thousand (approximately $596.5 thousand) that are expected to be paid in 2022. |
Current maturities of long te_2
Current maturities of long term loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Current Maturities Of Long Term Loans [Abstract] | |
Schedule of Current Maturities of Long Term Loans | Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Current maturities of long term bank loans (refer to Note 11) EURIBOR 2-3.55 128,204 8,470 Consumer price index in Israel 4.65 2,024 1,762 126,180 10,232 Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Current maturities of other long term loans EURIBOR 5.27 16,401 4,021 16,401 4,021 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of Long-Term Loans | Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Bank loans EURIBOR 2-3.55 147,446 127,470 Consumer price index in Israel 4.65 17,827 17,282 165,273 144,752 Linkage Interest rate December 31 December 31 terms 2020 and 2021 2021 2020 % € in thousands Other long term loans EURIBOR 5.27 45,949 47,563 3-7% 7,673 5,854 53,622 53,417 |
Schedule of Aggregate Annual Maturities | December 31 December 31 2021 2020 € in thousands Second year 7,402 12,910 Third year 7,849 13,034 Fourth year 7,623 12,539 Fifth year 6,524 13,264 Sixth year and thereafter 46,916 132,169 Long-term loans 76,314 183,916 Current maturities 142,581 14,253 218,895 198,169 |
Schedule of Movement in Liabilities Deriving from Financing Activities | Liabilities Loans and Note borrowings Debentures Total € in thousands Balance as at January 1, 2021 198,169 82,724 280,893 Changes from financing cash flows Proceeds from issue of debentures 12 - 71,398 71,398 Repayment of Debentures 12 - (30,730 ) (30,730 ) Receipt of loans 11 32,947 - 32,947 Repayment of loans 11 (27,587 ) - (27,587 ) Accrued interest 11 2,598 - 2,598 Transaction costs related to borrowings 9,978 567 10,545 Total net financing cash flows 216,105 123,959 340,064 Effect of changes in foreign exchange rates 2,790 13,340 16,130 Balance as at December 31, 2021 218,895 137,299 356,194 |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Debentures [Abstract] | |
Schedule of Debentures | A. Composed as follows: December 31, 2021 December 31, 2020 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 139,664 137,299 83,499 82,724 Less current maturities 20,342 19,806 10,849 10,600 Total long-term debentures 119,322 117,493 72,650 72,124 |
Schedule of Aggregate Annual Maturities of Debentures | C. The aggregate annual maturities are as follows: December 31 December 31 2021 2020 € in thousands Second year 19,824 13,716 Third year 40,195 15,322 Fourth year 40,263 24,629 Fifth year 17,211 18,457 Long-term Debentures 117,493 72,124 Current maturities 19,806 10,600 137,299 82,724 |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Long Term Liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31 December 31 2021 2020 € in thousands Forward contracts closed - 486 Warrants Liability (refer to Note16) 2,196 2,451 Other liabilities (see note 6 B) 1,665 - Liabilities for employees benefits 44 27 3,905 2,964 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use Assets | Gelderland Spain Talasol Talmei Yosef Pumped storage Total € in thousands Cost Balance as at January 1, 2021 355 3,024 12,686 1,672 - 17,737 lease agreements entered into during the period - - - - 10,629 10,629 Other - - (4,526 ) (18 ) 48 (4,496 ) Effect of changes in exchange rates - - - 168 888 1,056 Balance as at December 31, 2021 355 3,024 8,160 1,822 11,565 24,926 Depreciation Balance as at January 1, 2021 - 150 169 209 - 528 Depreciation for the year 185 119 404 110 213 1,031 Balance as at December 31, 2021 185 269 573 319 213 1,559 Carrying amounts As at January 1, 2020 - 1,160 12,656 1,585 - 15,401 As at December 31, 2020 355 2,874 12,517 1,463 - 17,209 As at December 31, 2021 170 2,755 7,587 1,503 11,352 23,367 |
Schedule of Maturity Analysis of Company's Lease Liabilities | Maturity analysis of the Company’s lease liabilities December 31, 2021 € in thousands Less than one year 4,329 One to five years 2,668 More than five years 13,132 Total 20,129 Current maturities of lease liability 4,329 Long-term lease liability 15,800 |
Schedule of Amounts Recognized in Profit or Loss | (a) Amounts recognized in profit or loss 2021 2020 2019 € in thousands Interest expenses on lease liability 367 494 341 |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Compensation to Individuals Employed by Company | Compensation to key management personnel and interested parties that are employed by, or provide consulting services to, the Company: Year ended December 31 2021 2020 2019 Number of Number of Number of People Amount People Amount People (*) Amount € thousands € thousands € thousands Short-term employee Benefits 3 763 3 880 3 689 Post-employment Benefits 2 61 2 62 2 56 Share-based payments 3 68 1 - 1 29 * Including retired employees that were not employed throughout the entire year. |
Schedule of Compensation to Individuals not Employed by Company | Compensation to directors (excluding compensation paid under the Management Agreement): Year ended December 31 2021 2020 2019 Number of Number of Number of people Amount people Amount People (*) Amount € thousands € thousands € thousands Total compensation to directors not employed by the Company 4 72 3 63 3 72 Share-based payments 4 10 3 34 3 9 |
Schedule of Debts and Loans to Related and Interested Parties | C. Debts and loans to related and interested parties The terms of the loan Balance as at December 31 Interest income recognized in statement of income for the year ended December 31 Interest Linkage rate base 2021 2020 2021 2020 2019 % € thousands Dori Energy 8.1 (*) NIS+CPI 8,495 8,745 821 620 814 (*) See Note 6A |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Composition of Share Capital | A. Composition of share capital December 31, 2021 December 31, 2020 December 31, 2019 Issued and Issued and Issued and Authorized Outstanding(1) Authorized outstanding(1) Authorized Outstanding Number of shares Ordinary shares Of NIS 10.00 par value each 17,000,000 12,849,295 (1) 17,000,000 12,652,094 (1) 17,000,000 11,479,094 (1) (1) Net of 258,046 Ordinary shares held as treasury shares as of December 31, 2021, 2020 and 2019, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors. |
Share-Based Payment (Tables)
Share-Based Payment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of Expenses Recognized in Financial Statements | The expenses recognized in the financial statements for services received from directors and employees is shown in the following table: Year ended December 31 2021 2020 2019 € thousand Expenses arising from share-based payment Transactions 63 50 8 |
Schedule of Black-Scholes Options Pricing Model | The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions: Year ended December 31 2021 2020 2019 Dividend yield 0 % 0 % 0 % Expected volatility 0.433 0.427 0.428 Risk-free interest 0.48 % 0.11 % 1.73 % Expected life (in years) 2-3 2-3 2-3 |
Schedule of Weighted Average Fair Values and Exercise Price | Equal market price 2021 2020 US$ Weighted average exercise prices 29.27 28.91 Weighted average fair value on grant date 9.65 9.63 |
Schedule of Number and Weighted Average Exercise Prices of Share Options | The following table lists the number of share options, the weighted average exercise prices of share options during the current year: 2021 2020 2019 Number of options Weighted Average Exercise Price Number of options Weighted average exercise price Number of options Weighted Average Exercise Price US$ US$ US$ Outstanding at beginning of year 31,135 12.94 34,886 9.83 27,169 7.82 Granted during the year 37,000 29.27 4,249 28.91 18,303 11.41 Exercised during the year (18,451 ) 10.06 (8,000 ) 7.87 (3,586 ) 6.27 Expired during the year (1,000 ) 26.63 - - (7,000 ) 8.25 Outstanding at end of year 48,684 26.16 31,135 12.94 34,886 9.83 Exercisable at end of year 6,749 20.05 17,018 6.3 16,583 8.09 |
Details of the Statements of _2
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |
Schedule of Revenues | A. Revenues For the year ended December 31 2021 2020 2019 € in thousands Revenues from the sale of solar electricity 31,081 2,577 13,069 Revenues from the sale of gas and power produced by anaerobic digestion plants 12,686 6,002 4,786 Revenues from concessions project 1,016 1,066 1,133 Total Revenues 44,783 9,645 18,988 |
Schedule of Operating Costs, Depreciation and Amortization | B. Operating Costs, Depreciation and Amortization For the year ended December 31 2021 2020 2019 € in thousands Depreciation from fixed assets 13,937 2,299 5,744 Depreciation from Right-of-use assets 774 320 321 Amortization of intangible asset 365 356 351 Professional services 1,496 482 672 Operating and maintenance services 11,390 4,025 5,322 System operator charges 3,046 - - Insurance 549 178 344 Other 1,043 266 300 Total operating costs 32,600 7,926 13,054 |
Schedule of General and Administrative Expenses | C. General and administrative expenses For the year ended December 31 2021 2020 2019 € in thousands Salaries and related compensation 1,505 1,442 1,324 Professional services 2,822 2,057 1,978 Other 1,334 1,013 525 Total general and administrative expenses 5,661 4,512 3,827 |
Schedule of Other Income (Expense), Net | D. Other income (expense), net For the year ended December 31 2021 2020 2019 € in thousands Total other income (expenses), net * - 2,100 (2,100 ) (*) Indemnification in the amount of up to €2.1 million in connection with the announcement received from GSE, Italy’s energy regulation agency, by one of the Italian Subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). The Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled. |
Schedule of Financing Income | 1. Financing income For the year ended December 31 2021 2020 2019 € in thousands Interest income and consumer price index in Israel in connection to concession project 2,248 1,423 1,757 Interest income 276 553 70 Change in fair value of derivatives, net - 1,094 897 Consumer price index in Israel for loan - 103 - Swap interest - 55 - Profit from settlement of derivatives contract 407 - - Total financing income 2,931 3,228 2,724 |
Schedule of Financing Expenses | 2. Financing expenses (*) For the year ended December 31 2021 2020 2019 € in thousands Change in fair value of derivatives, net 841 - - Debentures interest and related expenses 3,220 2,155 4,696 Interest and commissions related to projects finance 5,589 1,775 2,944 Amortization of capitalized expenses related to projects finance 12,211 48 129 Interest on minority shareholder loan 2,055 41 59 Bank charges and other commissions 137 230 150 Forward loss - - 513 Interest on lease liability 367 494 341 Loss from exchange rate differences, net 5,395 2,119 2,045 Total financing expenses 29,815 6,862 10,877 (*) Reclassification |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Schedule of Composition of Income Tax Benefit (Taxes on Income) | B. Composition of income tax benefit (taxes on income): For the year ended December 31 2021 2020 2019 € in thousands Current tax income (expense) Current year (978 ) (119 ) (741 ) Adjustments for prior years, net - (4 ) (14 ) (978 ) (123 ) (755 ) Deferred tax income Creation and reversal of temporary differences 3,467 248 1,042 Tax benefit 2,489 125 287 |
Schedule of Theoretical Tax | C. Reconciliation between the theoretical tax on the pre-tax profit and the tax expense: 2021 2020 2019 € in thousands Profit (loss) before taxes on income (22,753 ) (6,293 ) 9,497 Primary tax rate of the Company 23 % 23 % 23 % Tax calculated according to the Company’s primary tax rate 5,233 1,447 (2,184 ) Additional tax (tax saving) in respect of: Different tax rate of foreign subsidiaries (59 ) (576 ) (11 ) Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 27 351 710 Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past - 483 3,681 Change in temporary differences for which deferred tax were not recognized 65 325 (166 ) Current year tax losses and benefits for which deferred taxes were not created (2,770 ) (1,910 ) (1,740 ) Tax benefit (taxes) in respect to previous years and others (7 ) 5 (3 ) Actual Tax benefit 2,489 125 287 |
Schedule of Deferred Taxes | Financial Fixed Swap Carry- forward tax assets assets contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2021 (7,064 ) (1,509 ) (168 ) 4,540 (4,201 ) Changes recognized in profit or loss 926 162 - 2,379 3,467 Changes recognized in other comprehensive income (826 ) - 5,568 108 4,850 Balance of deferred tax asset (liability) as at December 31, 2021 (6,964 ) (1,347 ) 5,400 7,027 4,116 Financial Fixed Swap Carry- forward tax assets assets contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2020 (6,972 ) (1,294 ) 678 3,406 (4,182 ) Changes recognized in profit or loss (219 ) 704 - (237 ) 248 Changes recognized due to business combination - (919 ) - 1,407 488 Changes recognized in other comprehensive income 127 - (846 ) (36 ) (755 ) Balance of deferred tax asset (liability) as at December 31, 2020 (7,064 ) (1,509 ) (168 ) 4,540 (4,201 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | For the year ended December 31 2021 2020 2019 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company (15,408 ) (4,627 ) 12,060 Weighted average ordinary shares outstanding (1) 12,824,088 12,304,269 11,064,847 Dilutive effect: Stock options and warrants 8,637 23,549 5,589 Diluted weighted average ordinary shares Outstanding 12,832,725 (2) 12,327,818 (2) 11,070,436 Basic profit (loss) per share from continuing operations (1.20 ) (0.38 ) 1.09 Diluted profit (loss) per share from continuing operations (1.20 ) (0.38 ) 1.09 (1) Net of treasury shares. (2) In 2021 and 2020 share options and warrants did not have a dilutive effect. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Composition of Derivatives | For the year ended December 2021 2020 € in thousands Derivatives presented under current assets Currency swap 639 12 Forward contracts - 66 639 78 Derivatives presented under non-current assets Financial power swap - 10,238 Currency swap 2,635 - 2,635 10,238 Derivatives presented under current liabilities Swap contracts (3,431 ) (1,378 ) Financial power swap (11,352 ) - (14,783 ) (1,378 ) Derivatives presented under non-current liabilities Financial power swap (9,542 ) - Currency swap - (144 ) Swap contracts (565 ) (8,192 ) (10,107 ) (8,336 ) |
Schedule of Forward and SWAP Contracts | December 31, 2021 Currency/ linkage/interest rate receivable Currency/ Linkage/interest rate Payable Date of expiration Fair value - € in thousand Euro 17.6 million interest swap transaction for a period of 18 years, semi-annually. Euribor 6 months Fixed 1% December 20, 2037 (706 ) The principal of the interest rate swap transaction is based on a pre-determined sculptured repayment schedule in the maximum amount of Euro 131 Euribor 6 months Fixed 0.9412% September 30, 2031 (3,290 ) NIS 100 million currency swap transaction Euro/NIS for a period of 4 years, semi-annually. NIS Euro June 2025 3,274 Financial power swap- Electricity price swap fixed for float Electricity price in Spain Fixed price September 30, 2030 (20,894 ) |
Schedule of Contractual Maturities of Financial Liabilities | December 31, 2021 Carrying Contractual Less than More than amount cash flows 1 year 2 years 3-5 years 5 years € in thousands Non-derivative financial liabilities Long term loans, including current maturities 218,895 240,038 147,127 20,671 18,347 53,892 Debentures 137,299 150,116 24,244 66,481 59,391 - Lease liabilities 20,129 25,825 4,832 2,244 2,201 16,548 Trade payables and other accounts payable 22,058 22,058 22,058 - - - 398,381 438,037 198,261 89,396 79,939 70,440 Derivative finance liabilities Financial power swap 20,894 20,894 11,352 14,079 1,961 (6,498 ) Swap contracts 3,996 3,996 3,431 234 157 174 24,890 24,890 14,783 14,313 2,118 (6,324 ) December 31, 2020 Carrying Contractual Less than More than amount cash flows 1 year 2 years 3-5 years 5 years € in thousands Non-derivative financial liabilities Long term loans, including current maturities 198,169 263,112 20,896 34,645 32,594 174,977 Debentures 82,724 91,431 13,502 33,368 44,561 - Lease liabilities 17,789 28,910 1,051 1,941 1,799 24,119 Trade payables and other accounts payable 13,706 13,706 13,706 - - - 312,388 397,159 49,155 69,954 78,954 199,096 Derivative finance liabilities Currency swap 132 132 (12 ) 63 81 - Swap contracts 9,570 9,570 1,378 2,490 2,109 3,593 9,702 9,702 1,366 2,553 2,190 3,593 |
Schedule of Company's Exposure to Linkage and Foreign Currency Risk | December 31, 2021 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 30,405 1,090 9,734 41,229 Marketable securities - - 1,946 - 1,946 Short term deposits - 28,410 - - 28,410 Restricted cash - - - 1,000 1,000 Receivable from concession project - 1,784 - - 1,784 Trade and other receivables 1,020 739 - 7,728 9,487 Non-current assets: Investments in equity accounted investees 25,534 8,495 - - 34,029 Advances on account of investments 1,554 - - - 1,554 Receivable from concession project - 26,909 - - 26,909 Fixed assets 340,065 - - - 340,065 Right-of-use asset 23,367 - - - 23,367 Intangible asset 4,762 - - - 4,762 Restricted cash and deposits - 6,630 - 9,000 15,630 Deferred tax 12,952 - - - 12,952 Long term receivables 1,928 1,272 - 2,188 5,388 Derivatives - - - 2,635 2,635 Current liabilities: Current maturities of long term bank loans - (2,024 ) - (124,156 ) (126,180 ) Current maturities of long term loans - - - (16,401 ) (16,401 ) Current maturities of debentures - (19,806 ) - - (19,806 ) Trade payables - (218 ) - (2,686 ) (2,904 ) Other payables - (6,882 ) (527 ) (13,397 ) (20,806 ) Current maturities of derivatives - - - (14,783 ) (14,783 ) Current maturities of lease liabilities (3,782 ) - (547 ) (4,329 ) Non-current liabilities: Long-term lease liabilities - (5,154 ) - (10,646 ) (15,800 ) Long-term loans - (15,803 ) - (23,290 ) (39,093 ) Other long-term bank loans - (6,898 ) - (30,323 ) (37,221 ) Debentures - (117,493 ) - - (117,493 ) Deferred tax (8,836 ) - - - (8,836 ) Derivatives - - - (10,107 ) (10,107 ) Other long-term liabilities - (3,905 ) - - (3,905 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 402,346 (77,321 ) 2,509 (214,051 ) 113,483 (*) Including items linked to the Israeli CPI December 31, 2020 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 50,195 952 15,698 66,845 Marketable securities - - 1,761 - 1,761 Short term deposits - 8,113 - - 8,113 Restricted cash - 1,491 - - 1,491 Receivable from concession project 380 3,155 384 5,906 9,825 Non-current assets: Investments in equity accounted investees 23,489 8,745 - - 32,234 Advances on account of investments 2,423 - - - 2,423 Receivable from concession project - 25,036 - - 25,036 Fixed assets 264,095 - - - 264,095 Right-of-use asset 17,209 - - - 17,209 Intangible asset 4,604 - - - 4,604 Restricted cash and deposits - 5,882 - 4,049 9,931 Deferred tax 3,605 - - - 3,605 Long term receivables 2,593 30 - 139 2,762 Derivatives - - - 10,238 10,238 Current liabilities: Current maturities of long term bank loans - (1,762 ) - (8,470 ) (10,232 ) Current maturities of long term loans - - - (4,021 ) (4,021 ) Current maturities of debentures - (10,600 ) - - (10,600 ) Trade payables - (221 ) - (12,166 ) (12,387 ) Other payables - (974 ) (666 ) (1,953 ) (3,593 ) Current maturities of derivatives - - - (1,378 ) (1,378 ) Current maturities of lease liabilities - (77 ) - (413 ) (490 ) Non-current liabilities: Long-term lease liabilities - (1,436 ) - (15,863 ) (17,299 ) Long-term loans - (15,520 ) - (119,000 ) (134,520 ) Other long-term bank loans - (5,102 ) - (44,294 ) (49,396 ) Debentures - (72,124 ) - - (72,124 ) Deferred tax (7,806 ) - - - (7,806 ) Derivatives - - - (8,336 ) (8,336 ) Other long-term liabilities - (2,478 ) (486 ) - (2,964 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 310,592 (7,647 ) 1,945 (179,864 ) 125,026 (*) Including items linked to CPI |
Schedule of Significant Exchange Rates | For the year ended December 31 Rate of Rate of Change Change % Dollar % NIS 1 Euro in 2021 (7.7 ) 1.132 (10.8 ) 3.520 1 Euro in 2020 9.3 1.227 1.7 3.944 |
Schedule of Sensitivity Analysis | December 31, 2021 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 111 (111 ) 5% in NIS (1,098 ) 1,098 December 31, 2020 Increase Increase Equity Equity € thousands Change in the exchange rate of: 5% in the USD 79 (79 ) 5% in NIS 290 (290 ) |
Schedule of Change in Interest Rate | December 31, 2021 2020 Profit or loss Profit or loss € in thousands Increase of 1% 2,446 803 Increase of 3% 7,368 2,444 Decrease of 1% (2,474 ) (836 ) Decrease of 3% (7,396 ) (2,477 ) |
Schedule of Statement of Fair value of Other Financial Liabilities | December 31, 2021 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 137,299 140,293 - - Loans from banks and others (including current maturities) 218,895 - 223,287 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel 356,194 140,293 223,287 - December 31, 2020 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 82,724 84,814 - - Loans from banks and others (including current maturities) 198,169 - 209,005 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 280,893 84,814 209,005 - |
Schedule of Interest Rates Used to Discount Estimated Cash Flows | December 31 2021 2020 % Non-current liabilities: Loans from banks Euribor+ 1.76%- 2.75% with a zero floor Euribor+ 1.76%- 2.75% with a zero floor Loans from banks 4.65% Linkage to Consumer price index in Israel 4.65% Linkage to Consumer price index in Israel Loans from banks fix rate for 5 years 2.9% - 3.55% fix rate for 5 years 2.9% - 3.55% Loans from others Euribor+ 5.27% Euribor+ 5.27% Loans from others 7% Linkage to Consumer price index in Israel and fixed rate of 5.5% 3% |
Schedule of Fair Values Hierarchy | December 31, 2021 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities 1,946 - - 1,946 Market price Swap contracts - (3,996 ) - (3,996 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - 3,274 - 3,274 Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,495 8,495 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. Financial power swap - - (20,894 ) (20,894 ) Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. December 31, 2020 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities 1,761 - - 1,761 Market price Forward contracts - 66 - 66 Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Swap contracts - (9,570 ) - (9,570 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - (132 ) - (132 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,745 8,745 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Financial power swap - - 10,238 10,238 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. |
Schedule of Reconciliation Financial Instruments Carried at Fair Value | Financial assets Dori Energy loan € in thousands Balance as at December 31, 2019 10,595 Total income recognized in profit or loss 758 Repayment (2,378 ) Foreign Currency translation adjustments (230 ) Balance as at December 31, 2020 8,745 Total income recognized in profit or loss 799 Grant of loan 335 Repayment (2,259 ) Foreign Currency translation adjustments 875 Balance as at December 31, 2021 8,495 Financial assets Financial power swap € in thousands Balance as at December 31, 2019 4,967 Total income recognized in other comprehensive income 5,271 Balance as at December 31, 2020 10,238 Total income is recognized in other comprehensive income (31,132 ) Balance as at December 31, 2021 (20,894 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Assets Consist of Current Assets, Fixed Assets and Revenues from Company's Operation in Italy and Spain | Segment assets consist of current assets and fixed assets, as included in reports provided regularly to the chief operating decision maker. PV Total Ellomay Bio reportable Total Italy Spain Solar Talasol Israel 1 Gas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2021 € in thousands Revenues - 2,587 - 28,494 4,255 12,686 51,630 - 99,652 (54,869 ) 44,783 Operating expenses - (472 ) - (6,239 ) (367 ) (10,446 ) (39,175 ) - (56,699 ) 39,175 (17,524 ) Depreciation expenses - (904 ) - (10,546 ) (2,374 ) (3,135 ) (5,539 ) - (22,498 ) 7,422 (15,076 ) Gross profit (loss) - 1,211 - 11,709 1,514 (895 ) 6,916 - 20,455 (8,272 ) 12,183 Project development costs (2,508 ) General and administrative expenses (5,661 ) Share of loss of equity accounted investee 117 Operating profit 4,131 Financing income 2,931 Financing expenses in connection with derivatives and warrants, net (841 ) Financing expenses, net (28,974 ) Loss before taxes on Income (22,753 ) Segment assets as at December 31, 2021 1,715 13,841 14,456 246,172 38,809 34,570 118,435 107,678 575,676 (24,529 ) 551,147 1 The Talmei Yosef PV Plant located in Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2020 € in thousands Revenues - 2,577 4,089 - 6,002 57,495 - 70,163 (60,518 ) 9,645 Operating expenses - (463 ) (379 ) - (4,109 ) (44,489 ) - (49,440 ) 44,489 (4,951 ) Depreciation and amortization expenses - (905 ) (2,310 ) - (1,457 ) (5,674 ) - (10,346 ) 7,371 (2,975 ) Gross profit (loss) - 1,209 1,400 - 436 7,332 - 10,377 (8,658 ) 1,719 Project development costs (3,491 ) General and administrative expenses (4,512 ) Share of profits (loss) of equity accounted investee 1,525 Other income, net 2,100 Capital gain (loss) - Operating profit (2,659 ) Financing income 2,134 Financing income (expenses) in connection with derivatives, net 1,094 Financing expenses, net (6,862 ) Profit before taxes on Income (6,293 ) Segment assets as at December 31, 2020 503 17,574 36,521 232,955 36,253 109,983 21,925 455,714 4,458 460,172 PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2019 € in thousands Revenues 10,082 2,987 4,114 - 4,786 63,416 - 85,385 (66,397 ) 18,988 Operating expenses (1,422 ) (504 ) (325 ) - (4,387 ) (48,558 ) - (55,196 ) 48,558 (6,638 ) Depreciation and amortization expenses (3,668 ) (903 ) (2,271 ) (30 ) (1,353 ) (5,031 ) - (13,256 ) 6,840 (6,416 ) Gross profit (loss) 4,992 1,580 1,518 (30 ) (954 ) 9,827 - 16,933 (10,999 ) 5,934 Project development costs (4,213 ) General and administrative expenses (3,827 ) Share of profits (loss) of equity accounted investee 3,086 Other income, net (2,100 ) Capital gain (loss) 18,770 Operating profit 17,650 Financing income 1,827 Financing income (expenses) in connection with derivatives, net 897 Financing expenses, net (10,877 ) Profit before taxes on Income 9,497 Segment assets as at December 31, 2019 - 16,324 38,942 118,848 18,463 116,561 2,473 311,611 (1,439 ) 310,172 |
Schedule of Segment Assets Consist of Current Assets and Fixed Assets | The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain: For the year ended December 31 2021 2020 2019 € in thousands Israel 1,016 1,066 1,133 Italy - - 10,082 The Netherlands 12,686 6,002 4,786 Spain ( 31,081 2,577 2,987 Total revenues 44,783 9,645 18,988 |
Schedule of Fixed Assets, Net from Company's Operation | The following table lists the fixed assets, net from the Company’s operations in Israel, Spain and the Netherlands: As at December 31 2021 2020 € in thousands Israel 78,928 16,651 Spain 232,897 217,339 The Netherlands 28,240 30,105 Total fixed assets, net 340,065 264,095 |
General (Details)
General (Details) € in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2021 | Nov. 25, 2010 | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019 | Dec. 31, 2021USD ($) | |
Disclosure of associates [line items] | |||||||
Option issued | 37,000 | 37,000 | 4,249 | 18,303 | |||
Borrowings | € | € 218,895 | € 198,169 | |||||
Talasol New Facilities Agreement [Member] | |||||||
Disclosure of associates [line items] | |||||||
Interest rate | 3.00% | 3.00% | |||||
Aggregate financing amount | $ 175 | ||||||
Current outstanding finance debt | 121 | ||||||
Amount of debt service fund | 6.9 | ||||||
Amount for security for letter of credit | 10 | ||||||
Reduction of security for letter of credit fund | 1 | ||||||
Minimum amount of expiration of security fund | $ 3.5 | ||||||
Tranche One [Member] | Talasol New Facilities Agreement [Member] | |||||||
Disclosure of associates [line items] | |||||||
Borrowings | $ 155 | ||||||
Term of loan | 22.5 years | 22.5 years | |||||
Tranche Two [Member] | Talasol New Facilities Agreement [Member] | |||||||
Disclosure of associates [line items] | |||||||
Borrowings | $ 20 | ||||||
Term of loan | 21 years | 21 years | |||||
Groen Gas Goor B.V. [Member] | |||||||
Disclosure of associates [line items] | |||||||
Green gas production capacity per year | 3 million | 3 million | |||||
Groen Gas Oude-Tonge B.V. [Member] | |||||||
Disclosure of associates [line items] | |||||||
Green gas production capacity per year | 3.8 million | 3.8 million | |||||
Groen Gas Gelderland B.V [Member] | |||||||
Disclosure of associates [line items] | |||||||
Green gas production capacity per year | 9.5 million | 9.5 million | |||||
Repayment of shares and shareholder loans | € | € 1,567 | ||||||
Repayment of other existing loans | € | € 5,897 | ||||||
Groen Gas Gelderland B.V [Member] | License [Member] | |||||||
Disclosure of associates [line items] | |||||||
Green gas production capacity per year | 7.5 million | 7.5 million | |||||
Manara PSP [Member] | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest | 83.333% | ||||||
Talasol Solar S.L.U [Member] | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest | 51.00% | 51.00% | |||||
Dorad Energy Ltd [Member] | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest | 50.00% | 9.375% | 9.375% |
Basis of Preparation (Details)
Basis of Preparation (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure Of Basis Of Preparation [Abstract] | ||||
Other payables to other long-term liabilities | € 2,451 | |||
Current derivative financial liabilities | € 14,783 | $ 16,731 | 1,378 | [1] |
Current lease liabilities | € 4,329 | $ 4,900 | € 490 | [1] |
[1] | Reclassified |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Lands [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life or contractual lease period under right-of-use-assets | 20-40 years |
Machinery [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life or contractual lease period under right-of-use-assets | 1-4 years |
Euro [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Rate of exchange | 0.884 |
USD [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Rate of exchange | 1 |
Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of hedge | 80.00% |
Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of hedge | 125.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Italian Subsidiaries [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (Years) | 20 years |
Spanish subsidiaries [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (Years) | 20-25 years |
Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage on straight-line basis over the useful life of the assets (in %) | 6-33 |
Mainly % | 33 |
Photovoltaic plants in Spain [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage on straight-line basis over the useful life of the assets (in %) | 4-5 |
Mainly % | 4-5 |
Photovoltaic plants in Italy [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage on straight-line basis over the useful life of the assets (in %) | 5 |
Mainly % | 5 |
Anaerobic digestion plants in the Netherlands [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage on straight-line basis over the useful life of the assets (in %) | 8 |
Mainly % | 8 |
Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation percentage on straight-line basis over the useful life of the assets (in %) | Over the shorter of the lease period or the life of the asset |
Mainly % | 7 |
Anaerobic digestion plants [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (Years) | 12 years |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) |
Cash and cash equivalents [abstract] | ||||||
Cash | € 31,771 | € 37,887 | ||||
On call deposits | 9,458 | 28,958 | ||||
Cash and cash equivalents | € 41,229 | $ 46,663 | € 66,845 | $ 75,655 | € 44,509 | € 36,882 |
Restricted Cash, Deposits and_3
Restricted Cash, Deposits and Marketable Securities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Restricted Cash Deposits And Marketable Securities [Abstract] | |
Bonds coupon rate | 3.255% |
Restricted Cash, Deposits and_4
Restricted Cash, Deposits and Marketable Securities (Schedule of Restricted Cash) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Disclosure Of Restricted Cash Deposits And Marketable Securities [Abstract] | |||
Marketable securities | € 1,946 | € 1,761 | |
Short term deposits | 28,410 | $ 32,154 | 8,113 |
Short-term restricted cash | 1,000 | $ 1,132 | 0 |
Restricted cash, long-term bank deposits | € 15,630 | € 9,931 |
Investee Companies and other _3
Investee Companies and other investments (Equity Accounted Investees) (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | May 06, 2021EUR (€) | May 06, 2021ILS (₪) | Oct. 01, 2017 | May 12, 2014 | Mar. 31, 2020EUR (€) | Mar. 31, 2020ILS (₪) | Jun. 30, 2019EUR (€) | Jun. 30, 2019ILS (₪) | Jul. 25, 2016EUR (€) | Jul. 16, 2015 | Nov. 25, 2010 | Dec. 31, 2021EUR (€) | Dec. 31, 2021ILS (₪) | Dec. 31, 2020EUR (€) | Feb. 27, 2022 | Jan. 30, 2022 | Dec. 30, 2020 | Dec. 31, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 23, 2019 | Dec. 24, 2018 | Apr. 02, 2017EUR (€) | Apr. 02, 2017ILS (₪) | Feb. 23, 2017USD ($) | Jul. 25, 2016ILS (₪) |
Manara [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Project development costs | € | € 925 | ||||||||||||||||||||||||
Dorad Energy Ltd [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Percentage of share capital holds | 18.75% | ||||||||||||||||||||||||
Issued production licenses | 20 years | ||||||||||||||||||||||||
License expiration date | May 11, 2034 | ||||||||||||||||||||||||
Proportion of ownership interest | 50.00% | 9.375% | 9.375% | ||||||||||||||||||||||
Senior debt | 5.10% | 5.10% | |||||||||||||||||||||||
Amount received for payment of loan | € 5,800 | ₪ 22,500 | |||||||||||||||||||||||
Repayment of shareholders loan | € 2,259 | ₪ 9,000 | 2,560 | 10,250 | € 896 | ₪ 19,000 | |||||||||||||||||||
Proceeds from subsidiaries | € 370 | 1,500 | |||||||||||||||||||||||
Amount financial agreement guarantees by direct share | € 51,000 | ₪ 180,000 | |||||||||||||||||||||||
Amount financial agreement guarantees by indirect share | € 4,500 | ₪ 16,000 | |||||||||||||||||||||||
Claims amount payment | $ | $ 183,367,953 | ||||||||||||||||||||||||
Refund amount to Dorad | € | € 21,000 | ||||||||||||||||||||||||
Percentage of average production reduced | 3.70% | 5.70% | 7.90% | ||||||||||||||||||||||
Percentage of production increase | 13.50% | 3.30% | |||||||||||||||||||||||
Dividend distribution amount | 25,400 | 100,000 | € 31,600 | ₪ 120,000 | |||||||||||||||||||||
Dori Energy [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Percentage of share capital holds | 10.00% | 30.00% | |||||||||||||||||||||||
Proportion of ownership interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||
Shareholders loans | € 8,495 | ₪ 29,902 | |||||||||||||||||||||||
Repayment of shareholders loan | ₪ | ₪ 3,733 | ||||||||||||||||||||||||
Percentage decrease from Dorad Holding | 10.00% | ||||||||||||||||||||||||
Dividend distribution amount | € 4,770 | ₪ 18,750 | |||||||||||||||||||||||
Zorlu Enerji Elektrik Uretim A.S [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Percentage of share capital holds | 25.00% | ||||||||||||||||||||||||
Luzon Group [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Claims amount payment | € 218,000 | ₪ 906,400 | |||||||||||||||||||||||
Payment received for management and entrepreneurship services | € 11,900 | ₪ 49,400 | |||||||||||||||||||||||
Recovery of amounts committed | ₪ | ₪ 49,400 | ||||||||||||||||||||||||
Eilat Ashkelon Infrastructure Services Ltd [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Percentage of share capital holds | 37.50% | ||||||||||||||||||||||||
Zorlu [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Claims amount payment | 123,000 | $ 140,000 | |||||||||||||||||||||||
Claims interest payment amount | € 38,000 | 43,000 | |||||||||||||||||||||||
Dorad [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Refund amount to Dorad | $ | $ 24,000 | ||||||||||||||||||||||||
Edelcom Ltd [Member] | |||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||
Percentage of share capital holds | 18.75% |
Investee Companies and other _4
Investee Companies and other investments (Schedule of Composition of Investments) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Disclosure of associates [abstract] | |||
Investment in shares | € 26,371 | € 24,047 | |
Long-term loans | 8,495 | 8,745 | |
Deferred interest | (837) | (558) | |
Investment in equity accounted investee | € 34,029 | $ 38,514 | € 32,234 |
Investee Companies and other _5
Investee Companies and other investments (Schedule of Changes in Investments) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes In Equity And Loans [Abstract] | |||
Balance as at January 1 | € 32,234 | € 33,561 | |
Long term loans extended | 335 | 181 | |
Repayment of long term loans | (2,259) | (2,560) | |
Interest and reevaluation in connection with long term loans | 799 | 758 | |
Deferred Interests | 57 | 56 | |
Elimination of interest on loan from related party | (878) | (676) | |
Company's share of income of investee | 117 | 1,525 | € 3,086 |
Foreign currency translation adjustments | (3,624) | 611 | |
Balance as at December 31 | € 34,029 | € 32,234 | € 33,561 |
Investee Companies and other _6
Investee Companies and other investments (Summary of Information on Financial Position) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of associates [line items] | |||||||
Current Assets | € 83,856 | € 88,035 | $ 94,907 | ||||
Non-current assets | 467,291 | 372,137 | 528,881 | ||||
Total assets | 551,147 | 460,172 | 623,788 | € 551,147 | € 310,172 | ||
Current liabilities | (205,209) | (42,701) | (232,254) | ||||
Non-current liabilities | (232,455) | (292,445) | (263,093) | ||||
Total liabilities | (437,664) | (335,146) | (495,347) | ||||
Equity attributable to the owners of the Company | 115,520 | 124,228 | 130,746 | ||||
Company's share | (113,483) | (125,026) | $ (128,441) | $ (141,508) | € (107,566) | € (76,957) | |
Carrying Amount of investment | € 26,371 | € 24,047 | |||||
Dori Energy [Member] | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest | 50.00% | 50.00% | |||||
Current Assets | € 239 | € 276 | |||||
Non-current assets | 64,181 | 60,257 | |||||
Total assets | 64,420 | 60,533 | |||||
Current liabilities | (125) | (256) | |||||
Non-current liabilities | (15,871) | (16,885) | |||||
Total liabilities | (15,996) | (17,141) | |||||
Equity attributable to the owners of the Company | 48,424 | 43,392 | |||||
Company's share | 24,212 | 21,696 | |||||
Surplus Costs and goodwill | 2,569 | 2,800 | |||||
Other Adjustments | (410) | (449) | |||||
Carrying Amount of investment | € 26,371 | € 24,047 |
Investee Companies and other _7
Investee Companies and other investments (Summary of Information on Operating Results) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of associates [line items] | ||||
Income for the year | € 44,783 | $ 50,685 | € 9,645 | € 18,988 |
Elimination of interest on loan from related party | 878 | 676 | ||
Company's share of income of investee | € 117 | € 1,525 | € 3,086 | |
Dori Energy [Member] | ||||
Disclosure of associates [line items] | ||||
Rate of ownership as of December 31 | 50.00% | 50.00% | 50.00% | |
Income for the year | € (602) | € 2,619 | ||
Company's share | (301) | 1,310 | ||
Elimination of interest on loan from related party | 878 | 676 | ||
Other Adjustments | (459) | (461) | ||
Company's share of income of investee | € 118 | € 1,525 |
Investee Companies and other _8
Investee Companies and other investments (Pumped Storage Projects) (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | Feb. 11, 2021EUR (€) | Nov. 03, 2014 | Apr. 30, 2021 | Feb. 28, 2021EUR (€) | Jan. 31, 2021 | Jun. 30, 2020EUR (€) | Jun. 30, 2020ILS (₪) | Dec. 31, 2018 | Aug. 31, 2016 | Dec. 31, 2021EUR (€) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Aug. 31, 2021EUR (€) | Aug. 31, 2021ILS (₪) | Jun. 30, 2021EUR (€) | Feb. 28, 2021ILS (₪) | Feb. 11, 2021ILS (₪) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) |
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | € 218,895 | € 198,169 | ||||||||||||||||||
Repayment of loan and accrued interest | 27,587 | |||||||||||||||||||
Capitalized assets | € 551,147 | $ 623,788 | € 551,147 | € 460,172 | € 310,172 | |||||||||||||||
Israel Electricity Authority [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings, interest rate | 5.90% | 5.90% | 5.90% | |||||||||||||||||
Ellomay and Ampa Investments Ltd [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | 7.00% | |||||||||||||||||
Pumped Storage Projects [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Amount of Acquisition | € 2,472 | ₪ 8,726 | ||||||||||||||||||
Remaining amount of Acquisition | 5,850 | 20,600 | ||||||||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | Second Installment [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Compensation received | € 1,418 | ₪ 5,500 | ||||||||||||||||||
Sheva Mizrakot Ltd [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of subsidiary owned | 33.33% | |||||||||||||||||||
Sheva Mizrakot Ltd [Member] | Pumped Storage Projects [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of acquire cooperatives holdings | 25.00% | |||||||||||||||||||
Agira Sheuva Electra, L.P [Member] | Pumped Storage Projects [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of acquire cooperatives holdings | 75.00% | |||||||||||||||||||
Chashgal Elyon Ltd. [Member] | Pumped Storage Projects [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of acquire cooperatives holdings | 75.00% | |||||||||||||||||||
Ellomay Pumped Storage [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | 100,000 | ₪ 353,000 | ||||||||||||||||||
Licence period | 72 months | |||||||||||||||||||
Amount paid in land assessment | 16,980 | 66,700 | ||||||||||||||||||
Amount of royalties | 2,520 | ₪ 9,900 | ||||||||||||||||||
Ellomay Pumped Storage [Member] | Ellomay and Ampa Investments Ltd [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Standby equity guarantee | 3,550 | ₪ 12,500 | ||||||||||||||||||
Manara PSP [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | € 350,000 | ₪ 1,220,000 | ||||||||||||||||||
Percentage of subsidiary owned | 83.333% | 75.00% | ||||||||||||||||||
Capitalized assets | € 79,092 | |||||||||||||||||||
Period of tariff approval | 20 years | 20 years | ||||||||||||||||||
Manara PSP [Member] | Israel Electricity Authority [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Additional equity | € 10,500 | ₪ 37,000 | ||||||||||||||||||
Manara PSP [Member] | Electra Infrastructure Ltd [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Construction period | 62 months 15 days | |||||||||||||||||||
Manara PSP [Member] | Electra Infrastructure Ltd [Member] | Manara Psp Epc Agreement [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Aggregate Consideration Payable | € 332,000 | ₪ 1,170,000 | ||||||||||||||||||
E.R.Z [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of subsidiary owned | 33.00% | 33.00% | ||||||||||||||||||
Ortam Sahar Engineering Ltd [Member] | Pumped Storage Projects [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of acquire cooperatives holdings | 50.00% | |||||||||||||||||||
Ellomay PS [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | € 100,000 | 353,000 | ||||||||||||||||||
Percentage of subsidiary owned | 75.00% | |||||||||||||||||||
Ellomay PS [Member] | Ellomay and Ampa Investments Ltd [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of subsidiary owned | 16.667% | |||||||||||||||||||
Standby equity guarantee | € 3,550 | ₪ 12,500 |
Investee Companies and other _9
Investee Companies and other investments (Schedule of Composition of Advances on Account of Investments) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||
Disclosure of associates [line items] | |||||
Advances on account of investments | € 0 | $ 0 | € 1,554 | € 0 | |
Total advances on account of investment | 1,554 | 2,423 | |||
Manara PSP [Member] | |||||
Disclosure of associates [line items] | |||||
Advances on account of investments | [1] | 869 | |||
Development Of Pv Projects In Italy [Member] | |||||
Disclosure of associates [line items] | |||||
Advances on account Talasol Project | € 1,554 | € 1,554 | |||
[1] | Advances on account of the Manara PSP were classified to fixed assets. See Note 6B |
Investee Companies and other_10
Investee Companies and other investments (Subsidiaries) (Narrative) (Details) € in Thousands, $ in Thousands | Jan. 20, 2019EUR (€) | Feb. 26, 2021EUR (€) | Nov. 30, 2019EUR (€) | Apr. 17, 2019EUR (€) | Mar. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2017 | Jul. 31, 2016 | Dec. 31, 2021EUR (€) | Dec. 31, 2021EUR (€)₪ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021USD ($) | Jan. 27, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 20, 2019EUR (€) | Sep. 30, 2019EUR (€) | Apr. 30, 2017EUR (€) |
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | € 218,895 | € 218,895 | € 198,169 | |||||||||||||||||
Revenue | 44,783 | $ 50,685 | 9,645 | € 18,988 | ||||||||||||||||
Equity | € 76,957 | 113,483 | 113,483 | 125,026 | 107,566 | $ 128,441 | $ 141,508 | |||||||||||||
Capital Gain | € 18,800 | 0 | $ 0 | 0 | € 18,770 | |||||||||||||||
Transaction costs related to borrowings | 10,545 | |||||||||||||||||||
Acquisition cost of intangible asset | € 5,505 | 5,505 | ||||||||||||||||||
Groen Gas Gelderland B.V [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Green gas production capacity per year | 9.5 million | 9.5 million | ||||||||||||||||||
Repayment of shares and shareholder loans | € 1,567 | |||||||||||||||||||
Repayment of other existing loans | 5,897 | |||||||||||||||||||
Amount receivable for subsidy payments | 493 | |||||||||||||||||||
Amount of subsidy higher than estimated | € 680 | |||||||||||||||||||
Groen Gas Gelderland B.V [Member] | License [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Green gas production capacity per year | 7.5 million | 7.5 million | ||||||||||||||||||
Italian indirect wholly-owned subsidiaries [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Borrowings | 30,725 | |||||||||||||||||||
Adjusted amount of funds received | € 2,300 | |||||||||||||||||||
Aggregate purchase price | € 38,700 | |||||||||||||||||||
Fair value of identifiable assets acquired and liabilities assumed | € 7,464 | 7,464 | ||||||||||||||||||
Indemnification for potential tax liabilities | 250 | 250 | ||||||||||||||||||
Indemnification for potential incentive reduction | € 500 | € 500 | ||||||||||||||||||
Indemnification for potential incentive reduction second | € 2,100 | |||||||||||||||||||
Israel Electricity Authority [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Period of concession project | 16 years | 16 years | ||||||||||||||||||
Weighted interest rate | 5.90% | 5.90% | 5.90% | |||||||||||||||||
Biogas [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Acquisition-related costs | € 60 | |||||||||||||||||||
Discounted cash flow rate | 5.80% | 5.80% | ||||||||||||||||||
Ellomay Solar Project [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 100.00% | |||||||||||||||||||
Fixed and lump-sum amount | € 15,820 | |||||||||||||||||||
Ellomay Luxembourg [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Advance payment | € 1,250 | |||||||||||||||||||
Additional advance payment | € 304 | |||||||||||||||||||
Deferred payment received | € 1,400 | |||||||||||||||||||
Percentage of share capital holds | 100.00% | |||||||||||||||||||
Amount received from insurance reimbursement | € 187 | |||||||||||||||||||
Ellomay Luxembourg [Member] | Biogas [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | |||||||||||||||||||
Ellomay Luxembourg [Member] | Groen Goor Anaerobic Digestion Project [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | |||||||||||||||||||
Ludan [Member] | Biogas [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 49.00% | |||||||||||||||||||
Talmei Yosef [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 100.00% | |||||||||||||||||||
Period of plant operate | 20 years | 20 years | ||||||||||||||||||
Electricity produced per KWP | ₪ / shares | € 0.9631 | |||||||||||||||||||
Groen Goor and Groen Gas Oude-Tonge [Member] | Biogas [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 49.00% | |||||||||||||||||||
Amount of consideration of subsidiaries | € 3 | |||||||||||||||||||
Talasol [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 24.50% | |||||||||||||||||||
Aggregate purchase price | € 10,000 | |||||||||||||||||||
Output percentage of financial power swap | 80.00% | |||||||||||||||||||
Period of financial power swap | 10 years | |||||||||||||||||||
Proceeds from project finance | € 177,000 | |||||||||||||||||||
EPC Agreement [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Fixed and lump-sum amount | € 192,500 | |||||||||||||||||||
Talasol SPA [Member] | ||||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||||
Percentage of payment of shares | 49.00% | |||||||||||||||||||
Project financing aggregate amount | € 16,100 | € 175,000 | € 175,000 | |||||||||||||||||
Deferred aggregate purchase price | 1,400 | |||||||||||||||||||
Equity | 6,100 | |||||||||||||||||||
Payment of shares | 4,900 | |||||||||||||||||||
Recognized amount in equity | 6,100 | |||||||||||||||||||
Associated expenses in equity | € 700 | |||||||||||||||||||
Prepayment of outstanding amount | 121,000 | |||||||||||||||||||
Deposit as debt service fund | 6,900 | 6,900 | ||||||||||||||||||
Deposit as security for letter of credit | 10,000 | 10,000 | ||||||||||||||||||
Previous financing amount | 3,290 | |||||||||||||||||||
Transaction costs related to borrowings | 3,000 | |||||||||||||||||||
Expected special dividend | € 30,000 | € 30,000 |
Investee Companies and other_11
Investee Companies and other investments (Schedule of Identifiable Assets Acquired And Liabilities Assumed) (Details) - Italian indirect wholly-owned subsidiaries [Member] € in Thousands | Dec. 31, 2021EUR (€) |
Disclosure of subsidiaries [line items] | |
Trade and other receivables | € 1,243 |
Deferred tax | 488 |
Right of use asset | 355 |
Fixed assets, net | 13,961 |
Trade and other payables | (1,717) |
Lease liability | (355) |
Loans and borrowings | (6,511) |
Net identifiable assets | € 7,464 |
Investee Companies and other_12
Investee Companies and other investments (Schedule of Sale of Italian Indirect Wholly-Owned Subsidiaries) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Jun. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of subsidiaries [line items] | |||||||
Cash and cash equivalents | € 66,845 | € 41,229 | $ 46,663 | $ 75,655 | € 44,509 | € 36,882 | |
Trade and other receivables | 9,825 | 9,487 | 10,737 | ||||
Deferred tax and advance tax payment and tax provision | 32 | 76 | |||||
Fixed assets | 264,095 | 340,065 | 384,886 | ||||
Restricted cash | 0 | 1,000 | 1,132 | ||||
Right of use asset | 17,209 | 23,367 | 26,447 | 15,401 | |||
Loans and borrowings | (198,169) | (218,895) | |||||
Lease liability | (20,129) | ||||||
Total net identifiable assets | 460,172 | 551,147 | 623,788 | € 551,147 | 310,172 | ||
Cash and cash equivalents | (66,845) | € (41,229) | $ (46,663) | $ (75,655) | € (44,509) | € (36,882) | |
Italian indirect wholly-owned subsidiaries [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Cash and cash equivalents | 4,106 | ||||||
Trade and other receivables | 4,569 | ||||||
Deferred tax and advance tax payment and tax provision | 2,864 | ||||||
Fixed assets | 41,431 | ||||||
Restricted cash | 156 | ||||||
Right of use asset | 1,356 | ||||||
Trade and other payables | (2,458) | ||||||
Loans and borrowings | (30,725) | ||||||
Lease liability | (1,377) | ||||||
Total net identifiable assets | 19,922 | ||||||
Capital gain | 18,770 | ||||||
Assets after capital gain | 38,692 | ||||||
Cash and cash equivalents | (4,106) | ||||||
Proceeds from sale of investments | € 34,586 |
Investee Companies and other_13
Investee Companies and other investments (Schedule of Composition of Asset from Concession Project) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Long-term Asset from concession project | € 26,909 | € 25,036 |
Asset from concession project [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Balance as at Ending | 28,693 | |
Less current maturities | 1,784 | |
Long-term Asset from concession project | € 26,909 |
Trade and Other Receivables a_3
Trade and Other Receivables and Assets (Schedule of Trade and Other Receivables and Assets) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Trade and Other receivables: | |||
Government authorities | € 1,602 | € 3,232 | |
Income receivable | 3,794 | 3,420 | |
Interest receivable | 3 | 36 | |
Current tax | 76 | 32 | |
Trade receivable | 598 | 382 | |
Inventory | 640 | 306 | |
Derivatives | 639 | 78 | |
Prepaid expenses and other | 2,135 | 2,339 | |
Total Current Assets and other receivables | 9,487 | $ 10,737 | 9,825 |
Long term receivables | |||
Prepaid expenses associated with long term loans | 4,787 | 2,731 | |
Annual rent deposits | 33 | 30 | |
Loans to others | 568 | 0 | |
Other | 0 | 1 | |
Total Non current Assets and Long term receivables | € 5,388 | € 2,762 |
Fixed assets (Narrative) (Detai
Fixed assets (Narrative) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | € 340,065 | $ 384,886 | € 264,095 |
Capitalized borrowing costs | 2,922 | ||
SPAIN | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | 232,897 | 217,339 | |
Depreciation expenses | € 10,971 | ||
Useful lives | 20-25 years | ||
Netherlands [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | € 28,240 | € 30,105 | |
Depreciation expenses | € 2,950 | ||
Useful lives | 12 years | ||
Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | € 250,155 | ||
Biogas Installations [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | 38,464 | ||
Manara PSP [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Fixed Assets | € 79,092 |
Fixed assets (Schedule of Fixed
Fixed assets (Schedule of Fixed Assets) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | € 264,095 | |||
Balance | 340,065 | $ 384,886 | € 264,095 | |
Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 250,155 | |||
Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 274,520 | 122,571 | ||
Additions | 89,907 | 138,045 | ||
New companies | 13,961 | |||
Disposals | (52) | |||
Effect of changes in exchange rates | 2 | (5) | ||
Balance | 364,429 | 274,520 | ||
Gross carrying amount [member] | Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 223,626 | 102,784 | ||
Additions | 26,529 | 120,842 | ||
New companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 250,155 | 223,626 | ||
Gross carrying amount [member] | Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 16,607 | 0 | ||
Additions | 62,285 | 16,607 | ||
New companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 78,892 | 16,607 | ||
Gross carrying amount [member] | Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 34,107 | 19,588 | ||
Additions | 1,085 | 558 | ||
New companies | [1] | 13,961 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 35,192 | 34,107 | ||
Gross carrying amount [member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 180 | 147 | ||
Additions | 8 | 38 | ||
New companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 2 | (5) | ||
Balance | 190 | 180 | ||
Gross carrying amount [member] | Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 52 | ||
Additions | 0 | 0 | ||
New companies | 0 | |||
Disposals | (52) | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 0 | 0 | ||
Depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | (10,425) | (8,182) | ||
Depreciation for the year | 13,937 | 2,299 | ||
Disposals | 52 | |||
Effect of changes in exchange rates | 2 | (4) | ||
Balance | (24,364) | (10,425) | ||
Depreciation [Member] | Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | (6,286) | (5,456) | ||
Depreciation for the year | 10,971 | 830 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | (17,257) | (6,286) | ||
Depreciation [Member] | Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 0 | ||
Depreciation for the year | 0 | 0 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 0 | 0 | ||
Depreciation [Member] | Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | (4,002) | (2,545) | ||
Depreciation for the year | 2,950 | 1,457 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | (6,952) | (4,002) | ||
Depreciation [Member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | (137) | (129) | ||
Depreciation for the year | 16 | 12 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 2 | (4) | ||
Balance | (155) | (137) | ||
Depreciation [Member] | Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | (52) | ||
Depreciation for the year | 0 | 0 | ||
Disposals | 52 | |||
Effect of changes in exchange rates | 0 | 0 | ||
Balance | 0 | 0 | ||
Carrying Amounts [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 264,095 | 114,389 | ||
Balance | 340,065 | 264,095 | ||
Carrying Amounts [Member] | Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 217,340 | 97,328 | ||
Balance | 232,898 | 217,340 | ||
Carrying Amounts [Member] | Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 16,607 | 0 | ||
Balance | 78,892 | 16,607 | ||
Carrying Amounts [Member] | Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 30,105 | 17,043 | ||
Balance | 28,240 | 30,105 | ||
Carrying Amounts [Member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 43 | 18 | ||
Balance | 35 | 43 | ||
Carrying Amounts [Member] | Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 0 | ||
Balance | € 0 | € 0 | ||
[1] | See Note 6D1, Reclassified |
Fixed assets (Schedule of Inves
Fixed assets (Schedule of Investment in Photovoltaic Plants) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€)Kilowatt | Dec. 31, 2021USD ($)Kilowatt | Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Investments in photovoltaic plants | € 340,065 | $ 384,886 | € 264,095 |
Ellomay Spain - Rinconada II [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 2,275 | 2,275 | |
Connection to Grid | June 2010 | ||
Investments in photovoltaic plants | € | € 5,509 | ||
Rodriguez I [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 1,675 | 1,675 | |
Connection to Grid | November 2011 | ||
Investments in photovoltaic plants | € | € 3,662 | ||
Rodriguez II [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 2,691 | 2,691 | |
Connection to Grid | November 2011 | ||
Investments in photovoltaic plants | € | € 6,631 | ||
Fuente Librilla [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 1,248 | 1,248 | |
Connection to Grid | June 2011 | ||
Investments in photovoltaic plants | € | € 3,212 | ||
Talasol [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 300 | 300 | |
Connection to Grid | January 2021 | ||
Investments in photovoltaic plants | € | € 219,048 | ||
Ellomay Solar [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | Kilowatt | 28 | 28 | |
Connection to Grid | under construction | ||
Investments in photovoltaic plants | € | € 12,093 |
Other Payables (Schedule of Oth
Other Payables (Schedule of Other Payables) (Details) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |||
Statement Line Items [Line Items] | ||||||
Employees and payroll accruals | € 336 | € 278 | ||||
Government authorities | 1,337 | 213 | ||||
Forward contracts closed | [1] | 527 | 666 | |||
Deferred revenues | 2,753 | 0 | ||||
Accrued Expenses Connected To Manara Psp | 9,782 | 310 | ||||
Accrued expenses | 5,142 | 2,066 | ||||
Current tax | 929 | 60 | ||||
Total Other Current Payables | 20,806 | $ 23,548,000 | € 3,593 | [2] | ||
Accumulated loss | € 527 | $ 596,500 | ||||
[1] | The Company closed euro/USD forward contracts with an accumulated loss of approximately €527 thousand (approximately $596.5 thousand) that are expected to be paid in 2022. | |||||
[2] | Reclassified |
Current maturities of long te_3
Current maturities of long term loans (Schedule of Current Maturities of Long Term Loans) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about borrowings [line items] | |||
Current Portion Of Long Term Bank Borrowings | € 126,180 | $ 142,811 | € 10,232 |
Current maturities of other long term loans | 16,401 | € 4,021 | |
Interest rate of other long term loans | 5.27% | ||
Consumer price index in Israel [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current Portion Of Long Term Bank Borrowings | € 2,024 | € 1,762 | |
Linkage terms | Consumer price index in Israel | ||
Borrowings, interest rate | 4.65% | 4.65% | 4.65% |
EURIBOR [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current Portion Of Long Term Bank Borrowings | € 128,204 | € 8,470 | |
Linkage terms | EURIBOR | ||
Current maturities of other long term loans | € 16,401 | € 4,021 | |
Linkage terms of other long term loans | EURIBOR | ||
Interest rate of other long term loans | 5.27% | 5.27% | |
Bottom of range [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.00% | ||
Bottom of range [Member] | EURIBOR [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 2.00% | 2.00% | |
Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 3.55% | ||
Top of range [member] | EURIBOR [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings, interest rate | 3.55% | 3.55% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) € in Thousands, ₪ in Thousands | Mar. 12, 2019EUR (€) | Aug. 31, 2021EUR (€) | Nov. 30, 2020EUR (€)Installment | Apr. 30, 2019EUR (€) | Dec. 24, 2014ILS (₪) | May 16, 2012ILS (₪) | Dec. 31, 2021EUR (€)Installment | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 31, 2022EUR (€) | Jan. 31, 2022ILS (₪) | Dec. 31, 2021ILS (₪) | Aug. 31, 2021ILS (₪) | Feb. 11, 2021EUR (€) | Feb. 11, 2021ILS (₪) | Sep. 30, 2018EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 218,895 | € 198,169 | |||||||||||||||
Borrowings Transaction Costs | € 10,545 | ||||||||||||||||
Annual historic average debt service coverage ratio | ADSCR (Average Debt Service Coverage Ratio), a Projected ADSCR and a Projected LLCR (loan life coverage ratio) of 1.25:1.00, (ii) upon a distribution of profits from the project company, maintaining a Historic ADSCR, a Projected ADSCR and a Projected LLCR of 1.20:1.00 | ||||||||||||||||
Maintaining of annual historic average debt service coverage ratio | annual ADSCR and a Projected ADSCR of 1.05:1.00 for the following 12 months and maintaining an LLCR of 1.08:1.00 | ||||||||||||||||
Spanish subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 18,400 | 18,400 | |||||||||||||||
Interest rate basis | Euribor 6 months plus a margin of 2% (with a zero interest floor) and repaid semi-annually on June 20 and December 20 | ||||||||||||||||
Maturity date | December 2037 | ||||||||||||||||
Description of Debt Equity ratio and holdings | The Facility Agreement provides for mandatory prepayment upon the occurrence of certain events and includes various customary representations, warranties and covenants, including covenants to maintain a DSCR on an aggregate basis not lower than 1.05:1, and not to make distributions unless, among other things: (i) the DSCR, on an aggregate basis, is equal to or higher than 1.15:1.0, (ii) the first instalment of the Project Finance has been repaid, (iii) no amount under the revolving credit tranche has been withdrawn and not fully repaid and no drawdowns of the revolving credit tranche are expected within the next six months, and (iv) the Subsidiaries’ net debt to regulatory value (as such terms are defined in the Facility Agreement) ratio is equal to or higher than 0.7:1. | ||||||||||||||||
Spanish subsidiaries [Member] | Swap contract [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Interest rate basis | Euribor 6 month rate with a fixed 6 month rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. | ||||||||||||||||
Maturity date | December 2037 | ||||||||||||||||
Notional amount | € 17,600 | ||||||||||||||||
Photovoltaic Plants Subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | 23,500 | ||||||||||||||||
Aggregate nominal purchase price | € 14,850 | ||||||||||||||||
Aggregate Book Value Investment In Subsidiary | € 14,600 | ||||||||||||||||
Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 158,500 | ||||||||||||||||
Interest rate basis | Talasol entered into a swap agreement for an amount equal to at least 95% of the maximum amount of the term facilities and replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 0.9412% | ||||||||||||||||
Amount Withdrawn from loan account | € 65,900 | ||||||||||||||||
Description of Debt Equity ratio and holdings | During the construction period, interest payments on the term, revolving debt and VAT facilities are made on a monthly basis, and semi-annually thereafter (commencing March 31, 2021). The VAT facilities’ interest period, however, remains on a monthly basis. The agreements executed in connection with the Talasol Project Finance provide for mandatory prepayment upon the occurrence of certain events and various customary representations, warranties and covenants, including covenants to maintain a Historic and Projected DSCR not lower than 1.05:1, and not to make distributions in the event that: (i) the Historic and Projected DSCR will be lower than 1.15:1.0 and (ii) the Loan Life Cover Ratio will be lower than 1.20:1.0. The facilities provided by the EIB include certain other representations and undertakings mandated by applicable EU regulation | ||||||||||||||||
Revolving credit facility [Member] | Spanish subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 800 | ||||||||||||||||
Term facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 65,900 | ||||||||||||||||
Interest rate basis | annual interest of EURIBOR (with a zero floor and synchronous with the applicable interest period | ||||||||||||||||
Maturity date | September 30, 2033 | ||||||||||||||||
Description of applicable margin | The applicable margins are: (i) 2.25% until technical completion, (ii) 2% from technical completion until the 5th anniversary of technical completion, (iii) 2.25% from the 5th anniversary of technical completion until the termination date of the PPA (see Note 21) (i.e., September 30, 2030), and (iv) 2.5% from the termination date of the PPA until the end of the term of the commercial term facility | ||||||||||||||||
Revolving debt service reserve facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 4,450 | ||||||||||||||||
Interest rate basis | annual interest of 6 month EURIBOR (with a zero floor) plus a margin determined based on the stage of the Talasol Project. | ||||||||||||||||
Maturity date | September 30, 2033 or (ii) the date on which the commercial term loan set forth under (a) above has been repaid in full | ||||||||||||||||
Description of applicable margin | The applicable margins are: (i) 2.5% until technical completion, (ii) 2.25% from technical completion until the 5th anniversary of technical completion, (iii) 2.50% from the 5th anniversary of technical completion until the termination date of the PPA, and (iv) 2.75% from the termination date of the PPA until the termination date; | ||||||||||||||||
VAT facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 6,670 | ||||||||||||||||
Interest rate basis | annual interest of 1 month EURIBOR (with a zero floor) plus a margin of 2% | ||||||||||||||||
Maturity date | June 30, 2021 | ||||||||||||||||
Letter of credit facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 12,000 | ||||||||||||||||
Interest rate basis | annual interest of (i) 1.25% for amounts cash covered, and (ii) 2% for any other amounts | ||||||||||||||||
Maturity date | September 30, 2030 | ||||||||||||||||
Term facility from EIB [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 65,000 | ||||||||||||||||
Interest rate basis | annual interest of EURIBOR synchronous with the applicable interest period plus a margin (expected to be 1.76%) | ||||||||||||||||
Maturity date | September 30, 2033 | ||||||||||||||||
Amount Withdrawn from loan account | € 65,000 | ||||||||||||||||
Revolving debt service reserve facility from EIB [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 4,450 | ||||||||||||||||
Interest rate basis | annual interest of 6 month EURIBOR (with a zero floor) plus a margin | ||||||||||||||||
Maturity date | September 30, 2033 or (ii) the date on which the commercial term loan set forth under | ||||||||||||||||
Shares in Talasol [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Proportion of ownership interest | 50.10% | ||||||||||||||||
Ellomay and Ampa Investments Ltd [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | |||||||||||||||
Mezzanine Loan [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 5.00% | 5.00% | |||||||||||||||
New Facilities Agreement [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Revised weighted average life | 11 years 6 months | ||||||||||||||||
Original weighted average life | 5 years 6 months | ||||||||||||||||
Fixed annual interest rate | 3.00% | ||||||||||||||||
Variable interest rate | 3.00% | ||||||||||||||||
New Facilities Agreement [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 175,000 | ||||||||||||||||
Prepayment Of Outstanding Loan | 121,000 | ||||||||||||||||
Deposit As Debt Service Fund | 6,900 | ||||||||||||||||
Deposit As Security For Letter Of Credit | 10,000 | ||||||||||||||||
Unwinding Of Interest Rate Swap | 3,290 | ||||||||||||||||
Borrowings Transaction Costs | 3,000 | ||||||||||||||||
Expected Special Dividend | 30,000 | ||||||||||||||||
Security Fund Monthly Reduction | 1,000 | ||||||||||||||||
Threshold limit of security fund monthly reduction | 3,500 | ||||||||||||||||
June 30, 2044 [Member] | New Facilities Agreement [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | 155,000 | ||||||||||||||||
December 31, 2042 [Member] | New Facilities Agreement [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 20,000 | ||||||||||||||||
Manara Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Proportion of ownership interest | 83.333% | ||||||||||||||||
Ellomay Pumped Storage [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 100,000 | ₪ 353,000 | |||||||||||||||
Ellomay Pumped Storage [Member] | Ellomay and Ampa Investments Ltd [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Standby Equity Guarantee | 3,550 | ₪ 12,500 | |||||||||||||||
Manara Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 6,898 | ||||||||||||||||
Reduced cover ratio | 5 basis points | ||||||||||||||||
Estimated Additional Equity | € 10,500 | ₪ 37,000 | |||||||||||||||
Manara Project [Member] | Senior Secured Tranche[Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Maturity period | 19 years 6 months | ||||||||||||||||
Manara Project [Member] | Subordinated Secured B Tranche [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Maturity period | 12 years | ||||||||||||||||
Manara Project [Member] | Construction Period Of Project [Member] | Senior Secured Tranche[Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 3.25% | 3.25% | |||||||||||||||
Manara Project [Member] | Construction Period Of Project [Member] | Subordinated Secured B Tranche [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 4.35% | 4.35% | |||||||||||||||
Manara Project [Member] | Actual Completion Date Of Project [Member] | Senior Secured Tranche[Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 2.40% | 2.40% | |||||||||||||||
Average annual debt service cover ratio | 1.35:1.00 | ||||||||||||||||
Revised average annual debt service cover ratio | 1.34:1.00 | ||||||||||||||||
Manara Project [Member] | Actual Completion Date Of Project [Member] | Subordinated Secured B Tranche [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 3.90% | 3.90% | |||||||||||||||
Manara Project [Member] | Ellomay Pumped Storage [Member] | Subsequent Events [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Standby Equity Guarantee | € 21,300 | ₪ 75,000 | |||||||||||||||
Sheva Mizrakot Ltd [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Proportion of ownership interest | 16.667% | ||||||||||||||||
Goor Loan Agreement [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Maturity period | 12 years 3 months | ||||||||||||||||
Amount Withdrawn from loan account | € 5,600 | ||||||||||||||||
Goor Loan Agreement [Member] | Credit Facility [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 370 | ||||||||||||||||
Goor Loan Agreement [Member] | Tranche One [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 3,510 | ||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | |||||||||||||||
Goor Loan Agreement [Member] | Tranche Two [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 2,090 | ||||||||||||||||
Borrowings, interest rate | 2.50% | 2.50% | |||||||||||||||
GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 45,949 | ||||||||||||||||
Interest rate basis | Euribor 6 mount plus 5.27%. | ||||||||||||||||
Maturity date | December 31, 2037 | ||||||||||||||||
Proportion of ownership interest | 49.00% | ||||||||||||||||
Percentage of minority interest of ownership interest in associate | 24.50% | ||||||||||||||||
Oude Tonge Loan Agreement [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
On-call Credit facility | 100 | ||||||||||||||||
Oude Tonge Loan Agreement [Member] | Tranche One [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 3,150 | ||||||||||||||||
Borrowings, interest rate | 3.10% | 3.10% | |||||||||||||||
Maturity period | 12 years 3 months | ||||||||||||||||
Amount Withdrawn from loan account | € 4,850 | 4,850 | |||||||||||||||
Oude Tonge Loan Agreement [Member] | Tranche Two [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 1,540 | ||||||||||||||||
Borrowings, interest rate | 2.90% | 2.90% | |||||||||||||||
Maturity period | 12 years 3 months | ||||||||||||||||
Amount Withdrawn from loan account | 4,850 | 4,850 | |||||||||||||||
Oude Tonge Loan Agreement [Member] | Tranche Three [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 160 | ||||||||||||||||
Borrowings, interest rate | 3.40% | 3.40% | |||||||||||||||
Maturity period | 12 years 3 months | ||||||||||||||||
Amount Withdrawn from loan account | € 4,850 | € 4,850 | |||||||||||||||
Ludan and Ellomay Luxemburg [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Description of Debt Equity ratio and holdings | that Groen Goor will not make distributions or repurchase its shares so long as the equity (including owners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including owners loans) to total assets ratio of Groen Goor and Groen Gas Oude Tonge will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge, as applicable, and up to a maximum of €1.2 million | ||||||||||||||||
Israeli consortium Loan Agreement [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | ₪ 25,000 | ₪ 80,000 | € 350,000 | ₪ 1,220,000 | |||||||||||||
Maturity date | June 30, 2028 | December 31, 2031 | |||||||||||||||
Borrowings, interest rate | 4.52% | 4.65% | |||||||||||||||
Israeli consortium Loan Agreement [Member] | Manara Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Aggregate Book Value Investment In Subsidiary | € 41,000 | ₪ 146,000 | |||||||||||||||
Groen Gas Gelderland B.V [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 750 | ||||||||||||||||
On-call Credit facility | 750 | ||||||||||||||||
Maturity date | 5 years | ||||||||||||||||
Borrowings, interest rate | 3.00% | ||||||||||||||||
Maturity period | 3 years | ||||||||||||||||
Remaining principle Amount | € 1,890 | ||||||||||||||||
Number of payments | Installment | 56 | ||||||||||||||||
Groen Gas Gelderland B.V [Member] | Tranche One [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 2,453 | ||||||||||||||||
Borrowings, interest rate | 3.60% | 3.60% | |||||||||||||||
Maturity period | 12 years | ||||||||||||||||
Number of payments | Installment | 144 | ||||||||||||||||
Groen Gas Gelderland B.V [Member] | Tranche Two [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 1,200 | ||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||||||||
Maturity period | 12 years | ||||||||||||||||
Number of payments | Installment | 144 | ||||||||||||||||
Groen Gas Gelderland B.V [Member] | Tranche Three [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 400 | ||||||||||||||||
Borrowings, interest rate | 3.55% | 3.55% | |||||||||||||||
Maturity period | 12 years | ||||||||||||||||
Number of payments | Installment | 144 | ||||||||||||||||
Groen Gas Gelderland B.V [Member] | Tranche Four [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 2,847 | ||||||||||||||||
Borrowings, interest rate | 4.50% | 4.50% | |||||||||||||||
Maturity period | 12 years | ||||||||||||||||
Number of payments | Installment | 144 | ||||||||||||||||
Rabobank [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Maturity date | August 2025 | ||||||||||||||||
Borrowings, interest rate | 3.10% | 3.10% | |||||||||||||||
Other Loans [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Borrowings, interest rate | 3.50% | 4.50% | 3.50% | ||||||||||||||
Term of borrowing interest rate | 5 years | 5 years |
Loans (Schedule of Loans) (Deta
Loans (Schedule of Loans) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||
Bank loans | € 165,273 | € 144,752 |
Other long-term loans | 53,622 | 53,417 |
Bank Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Bank loans | € 147,446 | 127,470 |
Linkage terms | EURIBOR | |
Other long-term loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other long-term loans | € 45,949 | € 47,563 |
Linkage terms | EURIBOR | |
Borrowings, interest rate | 5.27% | 5.27% |
Bottom of range [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.00% | |
Bottom of range [Member] | Bank Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 2.00% | 2.00% |
Top of range [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 3.55% | |
Top of range [member] | Bank Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 3.55% | 3.55% |
Consumer price index in Israel [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.65% | 4.65% |
Consumer price index in Israel [Member] | Bank Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Bank loans | € 17,827 | € 17,282 |
Linkage terms | Consumer price index in Israel | |
Borrowings, interest rate | 4.65% | |
Consumer price index in Israel [Member] | Other long-term loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Other long-term loans | € 7,673 | € 5,854 |
Consumer price index in Israel [Member] | Bottom of range [Member] | Other long-term loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 3.00% | 3.00% |
Consumer price index in Israel [Member] | Top of range [member] | Other long-term loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 7.00% | 7.00% |
Loans (Schedule of Aggregate An
Loans (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | € 76,314 | € 183,916 |
Current maturities | 142,581 | 14,253 |
Long-term loans | 218,895 | 198,169 |
Second year [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | 7,402 | 12,910 |
Third year [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | 7,849 | 13,034 |
Fourth year [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | 7,623 | 12,539 |
Fifth year [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | 6,524 | 13,264 |
More than 5 years [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total of long term loans | € 46,916 | € 132,169 |
Loans (Schedule of Movement in
Loans (Schedule of Movement in Liabilities Deriving from Financing Activities) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2020 | € 280,893 | |||
Changes from financing cash flows | ||||
Proceeds from issue of debentures | 71,398 | |||
Repayment of Debentures | (30,730) | $ (34,780) | € (26,923) | € (9,836) |
Receipt of loans | 32,947 | |||
Repayment of loans | (27,587) | |||
Accrued interest | 2,598 | |||
Borrowings Transaction Costs | 10,545 | |||
Cash Flows From Used In Financing Activities 1 | 340,064 | |||
Effect of changes in foreign exchange rates | 16,130 | |||
Balance as at December 31, 2020 | 356,194 | 280,893 | ||
Loans and borrowings [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2020 | 198,169 | |||
Changes from financing cash flows | ||||
Proceeds from issue of debentures | 0 | |||
Repayment of Debentures | 0 | |||
Receipt of loans | 32,947 | |||
Repayment of loans | (27,587) | |||
Accrued interest | 2,598 | |||
Borrowings Transaction Costs | 9,978 | |||
Cash Flows From Used In Financing Activities 1 | 216,105 | |||
Effect of changes in foreign exchange rates | 2,790 | |||
Balance as at December 31, 2020 | 218,895 | 198,169 | ||
Convertible debentures [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2020 | 82,724 | |||
Changes from financing cash flows | ||||
Proceeds from issue of debentures | 71,398 | |||
Repayment of Debentures | (30,730) | |||
Receipt of loans | 0 | |||
Repayment of loans | 0 | |||
Accrued interest | 0 | |||
Borrowings Transaction Costs | 567 | |||
Cash Flows From Used In Financing Activities 1 | 123,959 | |||
Effect of changes in foreign exchange rates | 13,340 | |||
Balance as at December 31, 2020 | € 137,299 | € 82,724 |
Debentures (Narrative) (Details
Debentures (Narrative) (Details) € / shares in Units, ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | Oct. 20, 2020EUR (€) | Oct. 20, 2020ILS (₪) | Mar. 14, 2017EUR (€) | Mar. 14, 2017ILS (₪) | Oct. 20, 2021EUR (€) | Oct. 20, 2021ILS (₪) | Feb. 28, 2021EUR (€) | Feb. 28, 2021ILS (₪) | Feb. 23, 2021EUR (€)€ / shares | Feb. 23, 2021ILS (₪) | Sep. 25, 2019 | Jul. 25, 2019EUR (€) | Jul. 25, 2019ILS (₪) | Apr. 30, 2017EUR (€) | Jun. 19, 2014EUR (€) | Jun. 19, 2014ILS (₪)₪ / shares | Jan. 31, 2014EUR (€) | Jan. 31, 2014ILS (₪) | Dec. 31, 2021EUR (€) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019ILS (₪) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Oct. 31, 2021₪ / shares | Oct. 21, 2021EUR (€) | Oct. 21, 2021ILS (₪) | Jun. 25, 2021EUR (€) | Feb. 23, 2021ILS (₪)₪ / shares | Feb. 23, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 26, 2020EUR (€) | Oct. 26, 2020ILS (₪) | Jul. 25, 2019ILS (₪) | Dec. 31, 2018EUR (€) | Nov. 14, 2017 | Apr. 30, 2017ILS (₪) | Mar. 14, 2017ILS (₪) | Jan. 31, 2014ILS (₪) | Jan. 19, 2014EUR (€) | Jan. 19, 2014ILS (₪) |
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 137,299 | € 82,724 | |||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | 71,398 | ||||||||||||||||||||||||||||||||||||||||||
Equity | 113,483 | 125,026 | € 107,566 | $ 128,441 | $ 141,508 | € 76,957 | |||||||||||||||||||||||||||||||||||||
Repayments of bonds, notes and debentures | € 30,730 | $ 34,780 | € 26,923 | € 9,836 | |||||||||||||||||||||||||||||||||||||||
Ratio of equity | 31.60% | 31.60% | 31.60% | ||||||||||||||||||||||||||||||||||||||||
Option issued | 37,000 | 37,000 | 37,000 | 4,249 | 18,303 | 18,303 | |||||||||||||||||||||||||||||||||||||
Liabilities | € 437,664 | € 335,146 | $ 495,347 | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.00% | 2.00% | |||||||||||||||||||||||||||||||||||||||||
Top of range [member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.55% | 3.55% | |||||||||||||||||||||||||||||||||||||||||
Series A Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 25,170 | € 17,115 | |||||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | € 17,286 | 24,490 | |||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | € 16,808 | € 24,059 | |||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.60% | ||||||||||||||||||||||||||||||||||||||||||
Repayments of bonds, notes and debentures | € 22,300 | ||||||||||||||||||||||||||||||||||||||||||
Principal repayment of debentures value | € 21,500 | 20,800 | |||||||||||||||||||||||||||||||||||||||||
Accrued interest in repayment of debenture | 160 | 10 | |||||||||||||||||||||||||||||||||||||||||
Prepayment charge in repayment of debenture | 860 | € 1,500 | |||||||||||||||||||||||||||||||||||||||||
Aggregate repayment of debenture | € 22,500 | ||||||||||||||||||||||||||||||||||||||||||
Series A Debentures [Member] | NIS [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 120,000 | ₪ 80,341 | |||||||||||||||||||||||||||||||||||||||||
Debenture issued per unit price | ₪ / shares | ₪ 1,010 | ||||||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 81,144 | ₪ 116,760 | |||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 78,900 | ₪ 114,700 | |||||||||||||||||||||||||||||||||||||||||
Repayments of bonds, notes and debentures | ₪ | ₪ 85,900 | ||||||||||||||||||||||||||||||||||||||||||
Principal repayment of debentures value | ₪ | ₪ 86,300 | 80,100 | |||||||||||||||||||||||||||||||||||||||||
Accrued interest in repayment of debenture | ₪ | 700 | 50 | |||||||||||||||||||||||||||||||||||||||||
Prepayment charge in repayment of debenture | ₪ | 3,400 | ₪ 5,700 | |||||||||||||||||||||||||||||||||||||||||
Aggregate repayment of debenture | ₪ | ₪ 90,400 | ||||||||||||||||||||||||||||||||||||||||||
Series B Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 31,700 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | € 31,200 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.44% | 3.44% | |||||||||||||||||||||||||||||||||||||||||
Debentures payable term | Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). | Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). | |||||||||||||||||||||||||||||||||||||||||
Increase in percentage of interest | 0.50% | ||||||||||||||||||||||||||||||||||||||||||
Aggregate repayment of debenture | € 246 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of triggering to increase in annual interest | 29.20% | ||||||||||||||||||||||||||||||||||||||||||
Series B Debentures [Member] | Bottom of range [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.69% | 0.25% | |||||||||||||||||||||||||||||||||||||||||
Series B Debentures [Member] | Top of range [member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 0.50% | 3.69% | |||||||||||||||||||||||||||||||||||||||||
Series B Debentures [Member] | NIS [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 123,232 | ||||||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 123,232 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 121,400 | ||||||||||||||||||||||||||||||||||||||||||
Notional amount | ₪ | ₪ 83,232 | ||||||||||||||||||||||||||||||||||||||||||
Series C Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 28,677 | € 2,690 | € 32,100 | € 38,500 | |||||||||||||||||||||||||||||||||||||||
Debenture issued per unit price | ₪ / shares | ₪ 1.0135 | ||||||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | € 32,529 | € 41,100 | |||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | € 40,300 | € 28,836 | € 22,317 | ||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.30% | 3.30% | |||||||||||||||||||||||||||||||||||||||||
Percentage of distributable profit | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||||||||||||||
Debentures payable term | Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive) | Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive) | |||||||||||||||||||||||||||||||||||||||||
Liabilities | € 1,064 | ||||||||||||||||||||||||||||||||||||||||||
Series C Debentures [Member] | Bottom of range [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||||||
Series C Debentures [Member] | Top of range [member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 0.50% | 0.50% | |||||||||||||||||||||||||||||||||||||||||
Series C Debentures [Member] | NIS [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 120,000 | ₪ 100,939 | ₪ 154,000 | ₪ 89,065 | |||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 121,600 | ₪ 102,400 | ₪ 89,065 | ₪ 164,200 | |||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 162,400 | ₪ 101,500 | ₪ 87,600 | ||||||||||||||||||||||||||||||||||||||||
Notional amount | ₪ | ₪ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Series 1 Options [Member] | NIS [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 385,000 | ||||||||||||||||||||||||||||||||||||||||||
Series D Debentures [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 17,614 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | € 17,557 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.20% | 1.20% | 1.20% | ||||||||||||||||||||||||||||||||||||||||
Equity | € 70,000 | € 50,000 | |||||||||||||||||||||||||||||||||||||||||
Debentures payable term | The principal amount of the Series D Convertible Debentures is repayable in one installment on December 31, 2026. The Series D Convertible Debentures bear a fixed interest at the rate of 1.2% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing June 30, 2021, through December 31, 2026 (inclusive). | The principal amount of the Series D Convertible Debentures is repayable in one installment on December 31, 2026. The Series D Convertible Debentures bear a fixed interest at the rate of 1.2% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing June 30, 2021, through December 31, 2026 (inclusive). | |||||||||||||||||||||||||||||||||||||||||
Amount of immediate repayment provision | € 75 | € 60 | |||||||||||||||||||||||||||||||||||||||||
Decrease In Annual Interest Rate For Debentures | 0.75% | 0.75% | |||||||||||||||||||||||||||||||||||||||||
Conversion price | € / shares | € 46.9 | ||||||||||||||||||||||||||||||||||||||||||
long term liabilities recognized in connection with convertible debt | € 1,890 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | € 1,132 | $ 1,132 | |||||||||||||||||||||||||||||||||||||||||
Series D Debentures [Member] | Net Financial Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Percentage of equity on consolidated basis | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | 60.00% | |||||||||||||||||||||||||||||||||||||
Percentage of immediate repayment provision | 68.00% | 68.00% | 67.50% | 67.50% | |||||||||||||||||||||||||||||||||||||||
Percentage of interest increase provision | 60.00% | 60.00% | 60.00% | 60.00% | |||||||||||||||||||||||||||||||||||||||
Series D Debentures [Member] | Company Balance Sheet [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Equity | € 70,000 | ||||||||||||||||||||||||||||||||||||||||||
Series D Debentures [Member] | NIS [Member] | |||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||||||||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 62,000 | ||||||||||||||||||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 62,600 | ||||||||||||||||||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 61,800 | ||||||||||||||||||||||||||||||||||||||||||
Debentures convertible into ordinary shares par value per share | ₪ / shares | ₪ 10 | ||||||||||||||||||||||||||||||||||||||||||
Conversion price | ₪ / shares | ₪ 165 | ||||||||||||||||||||||||||||||||||||||||||
long term liabilities recognized in connection with convertible debt | ₪ | ₪ 7,504 |
Debentures (Schedule of Debentu
Debentures (Schedule of Debentures) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Disclosure of detailed information about financial instruments [line items] | |||
Debentures | € 137,299 | € 82,724 | |
Less current maturities | 19,806 | $ 22,416 | 10,600 |
Total long-term debentures | 117,493 | $ 132,979 | 72,124 |
Face value | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debentures | 139,664 | 83,499 | |
Less current maturities | 20,342 | 10,849 | |
Total long-term debentures | 119,322 | 72,650 | |
Carrying amount [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debentures | 137,299 | 82,724 | |
Less current maturities | 19,806 | 10,600 | |
Total long-term debentures | € 117,493 | € 72,124 |
Debentures (Schedule of Aggrega
Debentures (Schedule of Aggregate Annual Maturities) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Disclosure of detailed information about financial instruments [line items] | |||
Long-term debentures | € 117,493 | $ 132,979 | € 72,124 |
Current maturities | 19,806 | $ 22,416 | 10,600 |
Long-term loans | 137,299 | 82,724 | |
Second year [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term debentures | 19,824 | 13,716 | |
Third year [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term debentures | 40,195 | 15,322 | |
Fourth year [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term debentures | 40,263 | 24,629 | |
Fifth year [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Long-term debentures | € 17,211 | € 18,457 |
Other Long-term Liabilities (Sc
Other Long-term Liabilities (Schedule of Other Long-Term Liabilities) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure Of Other Long Term Liabilities [Abstract] | ||||
Forward contracts closed | € 0 | € 486 | ||
Warrants Liability | 2,196 | 2,451 | ||
Other liabilities | 1,665 | 0 | ||
Liabilities for employees benefits | 44 | 27 | ||
Other long-term liabilities | € 3,905 | $ 4,420 | € 2,964 | [1] |
[1] | Reclassified |
Leases (Narrative) (Details)
Leases (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Statement Line Items [Line Items] | |||||
Lease liability | € 20,129 | ||||
Right-of-use asset | 23,367 | $ 26,447 | € 17,209 | € 15,401 | |
Gelderland [Member] | |||||
Statement Line Items [Line Items] | |||||
Right-of-use asset | € 170 | € 355 | € 0 | ||
Ellomay Solar photovoltaic [Member] | |||||
Statement Line Items [Line Items] | |||||
Operating lease agreements (Years) | 24 years and 11 month | 24 years and 11 month | |||
Capitalized rent | ₪ | ₪ 28,800 | ||||
Quarterly rent | ₪ | ₪ 165 | ||||
Lease Expire dates | July 2046 | July 2046 | |||
Lease liability | € 10,629 | ||||
Right-of-use asset | 10,629 | ||||
Payment of lease liabilities | € 4,165 |
Leases (Schedule of Right-of-us
Leases (Schedule of Right-of-use Assets) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | € 17,209 | € 15,401 | ||
Depreciation for the year | 774 | 320 | € 321 | |
Balance at December 31 | 23,367 | $ 26,447 | 17,209 | 15,401 |
Gelderland [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 355 | 0 | ||
Balance at December 31 | 170 | 355 | 0 | |
Spain [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 2,874 | 1,160 | ||
Balance at December 31 | 2,755 | 2,874 | 1,160 | |
Talasol [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 12,517 | 12,656 | ||
Balance at December 31 | 7,587 | 12,517 | 12,656 | |
Talmei Yosef [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 1,463 | 1,585 | ||
Balance at December 31 | 1,503 | 1,463 | 1,585 | |
Pumped Storage [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 0 | 0 | ||
Balance at December 31 | 11,352 | 0 | € 0 | |
Cost [member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 17,737 | |||
lease agreements entered into during the period | 10,629 | |||
Other | (4,496) | |||
Effect of changes in exchange rates | 1,056 | |||
Balance at December 31 | 24,926 | 17,737 | ||
Cost [member] | Gelderland [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 355 | |||
lease agreements entered into during the period | 0 | |||
Other | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance at December 31 | 355 | 355 | ||
Cost [member] | Spain [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 3,024 | |||
lease agreements entered into during the period | 0 | |||
Other | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance at December 31 | 3,024 | 3,024 | ||
Cost [member] | Talasol [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 12,686 | |||
lease agreements entered into during the period | 0 | |||
Other | (4,526) | |||
Effect of changes in exchange rates | 0 | |||
Balance at December 31 | 8,160 | 12,686 | ||
Cost [member] | Talmei Yosef [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 1,672 | |||
lease agreements entered into during the period | 0 | |||
Other | (18) | |||
Effect of changes in exchange rates | 168 | |||
Balance at December 31 | 1,822 | 1,672 | ||
Cost [member] | Pumped Storage [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 0 | |||
lease agreements entered into during the period | 10,629 | |||
Other | (48) | |||
Effect of changes in exchange rates | 888 | |||
Balance at December 31 | 11,565 | 0 | ||
Depreciation [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | (528) | |||
Depreciation for the year | 1,031 | |||
Balance at December 31 | (1,559) | (528) | ||
Depreciation [Member] | Gelderland [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 0 | |||
Depreciation for the year | 185 | |||
Balance at December 31 | (185) | 0 | ||
Depreciation [Member] | Spain [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | (150) | |||
Depreciation for the year | 119 | |||
Balance at December 31 | (269) | (150) | ||
Depreciation [Member] | Talasol [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | (169) | |||
Depreciation for the year | 404 | |||
Balance at December 31 | (573) | (169) | ||
Depreciation [Member] | Talmei Yosef [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | (209) | |||
Depreciation for the year | 110 | |||
Balance at December 31 | (319) | (209) | ||
Depreciation [Member] | Pumped Storage [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Balance at January 1 | 0 | |||
Depreciation for the year | 213 | |||
Balance at December 31 | € (213) | € 0 |
Leases (Schedule of Maturity An
Leases (Schedule of Maturity Analysis of Company's Lease Liabilities) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Lease Liability | € 20,129 | |||
Current maturities of lease liability | 4,329 | $ 4,900 | € 490 | [1] |
Long-term lease liability | 15,800 | $ 17,882 | € 17,299 | |
Less than one year [Member] | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Lease Liability | 4,329 | |||
One to five years [Member] | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Lease Liability | 2,668 | |||
More than 5 years [Member] | ||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||
Lease Liability | € 13,132 | |||
[1] | Reclassified |
Leases (Schedule of Amounts Rec
Leases (Schedule of Amounts Recognized in Profit or Loss) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Presentation of leases for lessee [abstract] | ||||
Interest expenses on lease liability | [1] | € 367 | € 494 | € 341 |
[1] | Reclassification |
Transactions and Balances wit_3
Transactions and Balances with Related Parties (Narrative) (Details) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2013USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2021ILS (₪) | |
Kanir and Meisaf [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | $ 400 | € 394 | ₪ 1,386,000 |
Kanir and Keystone R.P. Holdings and Investments Ltd [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | € 511 | 1,800,000 | |
Keystone [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | 1,140,000 | ||
Kanir [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | ₪ 660 |
Transactions and Balances wit_4
Transactions and Balances with Related Parties (Schedule of Compensation to Individuals Employed by Company) (Details) - Director [Member] € in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||
Disclosure of transactions between related parties [line items] | ||||
Number of people for short-term employee Benefits | 3 | 3 | 3 | [1] |
Number of people for post-employment Benefits | 2 | 2 | 2 | [1] |
Number of people for Share-based payments | 3 | 1 | 1 | [1] |
Short-term employee Benefits | € 763 | € 880 | € 689 | |
Post-employment Benefits | 61 | 62 | 56 | |
Share-based payments | € 68 | € 0 | € 29 | |
[1] | Including retired employees that were not employed throughout the entire year |
Transactions and Balances wit_5
Transactions and Balances with Related Parties (Schedule of Compensation to Individuals not Employed by Company) (Details) - Non Employed [Member] € in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of transactions between related parties [line items] | |||
Number of people for compensation not employed by the company | 4 | 3 | 3 |
Number of people for share-based payments | 4 | 3 | 3 |
Total compensation to directors not employed by the company | € 72 | € 63 | € 72 |
Share-based payments | € 10 | € 34 | € 9 |
Transactions and Balances wit_6
Transactions and Balances with Related Parties (Schedule of Debts and Loans to Related and Interested Parties) (Details) - Dori Energy [Member] - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure of transactions between related parties [line items] | ||||
Borrowings, interest rate | [1] | 8.10% | ||
Debts and loans to related and intrested parites | € 8,495 | € 8,745 | ||
Interest income recognized in statement of income | € 821 | € 620 | € 814 | |
[1] | See Note 6A |
Equity (Narrative) (Details)
Equity (Narrative) (Details) € / shares in Units, ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jul. 17, 2019EUR (€) | Jul. 17, 2019ILS (₪)₪ / sharesshares | Dec. 31, 2021EUR (€)Shareshares | Dec. 31, 2021USD ($)Share | Dec. 31, 2020EUR (€)Shareshares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2021USD ($)shares | Feb. 28, 2021EUR (€) | Feb. 28, 2021ILS (₪) | Feb. 23, 2021EUR (€) | Feb. 23, 2021ILS (₪) | Feb. 23, 2021USD ($) | Oct. 26, 2020EUR (€)€ / shares | Oct. 26, 2020ILS (₪)₪ / shares | Oct. 26, 2020USD ($) | Jul. 20, 2020EUR (€)€ / sharesshares | Jul. 20, 2020ILS (₪)₪ / sharesshares | Feb. 28, 2020EUR (€)€ / sharesshares | Feb. 28, 2020ILS (₪)₪ / sharesshares | Jul. 25, 2019 | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Maximum dividend paid | 0.00% | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Issue of equity | € 8,682 | $ 9,826 | € 21,275 | € 7,807 | ||||||||||||||||
Liabilities | 437,664 | 335,146 | $ 495,347 | |||||||||||||||||
Aggregate principal amount | € | € 218,895 | € 198,169 | ||||||||||||||||||
Number of share options exercised to ordinary shares | 18,451 | 18,451 | 8,000 | 3,586 | ||||||||||||||||
Board member and employees [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of share options exercised to ordinary shares | Share | 18,451 | 18,451 | 8,000 | |||||||||||||||||
Series C Debentures [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Liabilities | € | € 1,064 | |||||||||||||||||||
Aggregate principal amount | € 38,500 | ₪ 154,000 | ||||||||||||||||||
Interest rate | 3.30% | |||||||||||||||||||
Series D Debentures [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Proceeds from private placement | € 1,890 | ₪ 7,504 | ||||||||||||||||||
Liabilities | 1,132 | $ 1,132 | ||||||||||||||||||
Aggregate principal amount | € 17,614 | ₪ 62,000 | ||||||||||||||||||
Interest rate | 1.20% | 1.20% | 1.20% | |||||||||||||||||
Ordinary Shares [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Treasury shares | 258,046 | 258,046 | 258,046 | 258,046 | ||||||||||||||||
Ordinary Shares [Member] | Series 1 Options [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Amount of ordinary shares repurchased | $ | $ 385,000 | |||||||||||||||||||
Ordinary Shares [Member] | Series C Debentures [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Price per share | (per share) | € 37.5 | ₪ 150 | ||||||||||||||||||
Proceeds from private placement | € 2,224 | ₪ 8,891 | ||||||||||||||||||
Ordinary Shares [Member] | Private Placement Undertaking [Member] | Qualified Investors [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Number of ordinary shares issue | 450,000 | 450,000 | ||||||||||||||||||
Price per share | (per share) | € 18 | ₪ 70.5 | ||||||||||||||||||
Proceeds from private placement | € 8,097 | ₪ 31,725 | ||||||||||||||||||
Ordinary Shares [Member] | Private Placement Undertaking [Member] | Investors [Member] | ||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||
Warrant issued to purchase ordinary shares | 178,750 | 178,750 | ||||||||||||||||||
Exercise price of warrant | (per share) | ₪ 39.20 | € 21.6 | ₪ 80 | |||||||||||||||||
Number of ordinary shares issue | 800,000 | 715,000 | 715,000 | |||||||||||||||||
Price per share | (per share) | € 18.9 | ₪ 70 | ||||||||||||||||||
Issue of equity | € 7,807 | ₪ 31,100 | ||||||||||||||||||
Share issue related cost | € 50 | ₪ 200 | ||||||||||||||||||
Proceeds from private placement | € 3,873 | ₪ 14,300 | € 13,500 | ₪ 50,050 | ||||||||||||||||
Amount recognized in other liabilities in connection with warrants | € 320 | ₪ 1,182,000 |
Equity (Schedule of Composition
Equity (Schedule of Composition of Share Capital) (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | ||||
Ordinary shares of NIS 10.00 par value, Authorized | 17,000,000 | 17,000,000 | 17,000,000 | |
Ordinary shares of NIS 10.00 par value, Outstanding | [1] | 12,849,295 | 12,652,094 | 11,479,094 |
[1] | Net of 258,046 Ordinary shares held as treasury shares as of December 31, 2021, 2020 and 2019, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors |
Share-Based Payment (Narrative)
Share-Based Payment (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2000 | Dec. 31, 1998 | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option reserve for grant | 37,000 | 4,249 | 18,303 | |||
Options outstanding | 48,684 | 31,135 | 34,886 | 27,169 | ||
Weighted average remaining contractual life outstanding | 9 years 4 months 17 days | 7 years 7 months 13 days | 7 years 3 months 29 days | |||
Exericse prices for share options outstanding | $ 26.16 | $ 12.94 | $ 9.83 | $ 7.82 | ||
Bottom of range [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exericse prices for share options outstanding | 8.41 | 5.55 | 5.55 | |||
Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exericse prices for share options outstanding | $ 34.44 | $ 34.44 | $ 13 | |||
1998 Plan [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option expiration term | 10 years | |||||
Stock option extended expiration term | December 8, 2028 | |||||
Stock option reserve for grant | 75,000 | |||||
Stock option expiration date | December 8, 2008 | |||||
Options outstanding | 10,749 | |||||
Ordinary shares available for future grants | 26,667 | |||||
1998 Plan [Member] | Director [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option reserve for grant | 4,000 | 4,249 | 3,000 | |||
2000 Plan [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option expiration term | 10 years | |||||
Stock option reserve for grant | 200,000 | |||||
Stock option expiration date | August 31, 2028 | |||||
Stock option vesting term | over a three year period | |||||
Percentage of exercise price | 80.00% | |||||
Options outstanding | 37,935 | |||||
Ordinary shares available for future grants | 547,206 |
Share-Based Payment (Schedule o
Share-Based Payment (Schedule of Expenses Recognized in Financial Statements) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expenses arising from share-based payment Transactions | € 63 | € 50 | € 8 |
Share-Based Payment (Schedule_2
Share-Based Payment (Schedule of Black-Scholes Options Pricing Model) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 0.433% | 0.427% | 0.428% |
Risk-free interest | 0.48% | 0.11% | 1.73% |
Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected life (in years) | 2 | 2 | 2 |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected life (in years) | 3 | 3 | 3 |
Share-Based Payment (Schedule_3
Share-Based Payment (Schedule of Weighted Average Fair Values and Exercise Price) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Weighted average exercise prices | $ 29.27 | $ 28.91 | $ 11.41 |
Weighted average fair value on grant date | $ 9.65 | $ 9.63 |
Share-Based Payment (Schedule_4
Share-Based Payment (Schedule of Number and Weighted Average Exercise Prices of Share Options) (Details) | 12 Months Ended | ||
Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Number of Options | |||
Outstanding at beginning of year | 31,135 | 34,886 | 27,169 |
Granted | 37,000 | 4,249 | 18,303 |
Exercised | (18,451) | (8,000) | (3,586) |
Expired | (1,000) | 0 | (7,000) |
Outstanding at end of year | 48,684 | 31,135 | 34,886 |
Exercisable at end of year | 6,749 | 17,018 | 16,583 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year | $ 12.94 | $ 9.83 | $ 7.82 |
Granted | 29.27 | 28.91 | 11.41 |
Exercised | 10.06 | 7.87 | 6.27 |
Expired | 26.63 | 0 | 8.25 |
Outstanding at end of year | 26.16 | 12.94 | 9.83 |
Exercisable at end of year | $ 20.05 | $ 6.3 | $ 8.09 |
Details of the Statements of _3
Details of the Statements of Profit or Loss and Other Comprehensive Income (Revenues) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |||
Revenues from the sale of solar electricity | € 31,081 | € 2,577 | € 13,069 |
Revenues from the sale of gas and power produced by anaerobic digestion plants | 12,686 | 6,002 | 4,786 |
Revenues from concessions project | 1,016 | 1,066 | 1,133 |
Total Revenues | € 44,783 | € 9,645 | € 18,988 |
Details of the Statements of _4
Details of the Statements of Profit or Loss and Other Comprehensive Income (Schedule of Costs and Depreciation) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |||
Depreciation from fixed assets | € 13,937 | € 2,299 | € 5,744 |
Depreciation from Right-of-use assets | 774 | 320 | 321 |
Amortization | 365 | 356 | 351 |
Professional services | 1,496 | 482 | 672 |
Operating and maintenance services | 11,390 | 4,025 | 5,322 |
System operator charges | 3,046 | 0 | 0 |
Insurance | 549 | 178 | 344 |
Other | 1,043 | 266 | 300 |
Total operating costs | € 32,600 | € 7,926 | € 13,054 |
Details of the Statements of _5
Details of the Statements of Profit or Loss and Other Comprehensive Income (General and Administrative Expenses) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | ||||
Salaries and related compensation | € 1,505 | € 1,442 | € 1,324 | |
Professional services | 2,822 | 2,057 | 1,978 | |
Other | 1,334 | 1,013 | 525 | |
Total general and administrative expenses | € 5,661 | $ 6,407 | € 4,512 | € 3,827 |
Details of the Statements of _6
Details of the Statements of Profit or Loss and Other Comprehensive Income (Other Income (Expense), Net) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||||
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |||||||
Total other income (expenses), net | € 0 | [1] | $ 0 | € (2,100) | [1] | € 2,100 | [1] |
[1] | Indemnification in the amount of up to €2.1 million in connection with the announcement received from GSE, Italy’s energy regulation agency, by one of the Italian Subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). The Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled. |
Details of the Statements of _7
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Schedule of Financing Income) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | |||
Interest Income and consumer price index in Israel in connection to concession project | € 2,248 | € 1,423 | € 1,757 |
Interest income | 276 | 553 | 70 |
Gains (losses) on change in fair value of derivatives | 0 | 1,094 | 897 |
Consumer Price Index In Israel For Loan 1 | 0 | 103 | 0 |
Swap interest | 0 | 55 | 0 |
Profit from settlement of derivatives contract | 407 | 0 | 0 |
Total financing income | € 2,931 | € 3,228 | € 2,724 |
Details of the Statements of _8
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Schedule of Financing Expenses) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Disclosure Of Details Of Statements Of Profit Or Loss And Other Comprehensive Income Loss [Abstract] | ||||
Change in fair value of derivatives, net | [1] | € 841 | € 0 | € 0 |
Debentures interest and related expenses | [1] | 3,220 | 2,155 | 4,696 |
Interest and commissions related to projects finance | [1] | 5,589 | 1,775 | 2,944 |
Amortization of capitalized expenses related to projects finance | [1] | 12,211 | 48 | 129 |
Interest on minority shareholder loan | [1] | 2,055 | 41 | 59 |
Bank charges and other commissions | [1] | 137 | 230 | 150 |
Forward loss | [1] | 0 | 0 | 513 |
Interest on lease liability | [1] | 367 | 494 | 341 |
Loss from exchange rate differences, net | [1] | 5,395 | 2,119 | 2,045 |
Total financing expenses | [1] | € 29,815 | € 6,862 | € 10,877 |
[1] | Reclassification |
Taxes on Income (Narrative) (De
Taxes on Income (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 23.00% | 23.00% | 23.00% | ||
The Netherlands taxation [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 15.00% | 15.00% | 16.50% | ||
Unrecognized tax benefits | € 395,000 | € 245,000 | € 200,000 | ||
Percetage of taxable profits exceeding | 25.00% | 25.00% | |||
Percentage of decuation in investment costs from corporate income | 45.50% | 58.00% | |||
The Netherlands taxation [Member] | 2020 [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 20.00% | ||||
Unrecognized tax benefits | € 200,000 | ||||
Percetage of taxable profits exceeding | 25.00% | ||||
Luxembourg taxation [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 29.22% | ||||
Italian taxation [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 24.00% | ||||
Italian taxation [Member] | Resident and Non-Resident [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax rate reduced | only on income arising in Italy at the rate from 0% (for a short period of couple of years) to 4.82% | ||||
Spanish taxation [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Corporate tax rates | 25.00% |
Taxes on Income (Schedule of Co
Taxes on Income (Schedule of Composition of Income Tax Benefit (Taxes on Income)) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Current tax income (expense) | ||||
Current year | € (978) | € (119) | € (741) | |
Adjustments for prior years, net | 0 | (4) | (14) | |
Total current tax income (expense) | (978) | (123) | (755) | |
Deferred tax income | ||||
Creation and reversal of temporary differences | 3,467 | 248 | 1,042 | |
Tax benefit | € 2,489 | $ 2,817 | € 125 | € 287 |
Taxes on Income (Schedule of Th
Taxes on Income (Schedule of Theoretical Tax) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Major components of tax expense (income) [abstract] | ||||
Profit (loss) before taxes on income | € (22,753) | $ (25,754) | € (6,293) | € 9,497 |
Primary tax rate of the Company | 23.00% | 23.00% | 23.00% | 23.00% |
Tax calculated according to the Company's primary tax rate | € 5,233 | € 1,447 | € (2,184) | |
Different tax rate of foreign subsidiaries | (59) | (576) | (11) | |
Neutralization of tax calculated in respect of the Company's share in profits of equity accounted investees | 27 | 351 | 710 | |
Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past | 0 | 483 | 3,681 | |
Change in temporary differences for which deferred tax were not recognized | 65 | 325 | (166) | |
Current year tax losses and benefits for which deferred taxes were not created | (2,770) | (1,910) | (1,740) | |
Tax benefit (taxes) in respect to previous years and others | (7) | 5 | (3) | |
Actual Tax benefit | € 2,489 | $ 2,817 | € 125 | € 287 |
Taxes on Income (Schedule of De
Taxes on Income (Schedule of Deferred Taxes) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) Beginning | € (4,201) | $ (168) | € (4,182) |
Changes recognized in profit or loss | 3,467 | 248 | |
Changes recognized due to business combination | 488 | ||
Changes recognized in other comprehensive income | 4,850 | (755) | |
Balance of deferred tax asset (liability) Ending | 4,116 | (4,201) | |
Financial assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) Beginning | (7,064) | (6,972) | |
Changes recognized in profit or loss | 926 | (219) | |
Changes recognized due to business combination | 0 | ||
Changes recognized in other comprehensive income | (826) | 127 | |
Balance of deferred tax asset (liability) Ending | (6,964) | (7,064) | |
Fixed Assets [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) Beginning | (1,509) | (1,294) | |
Changes recognized in profit or loss | 162 | 704 | |
Changes recognized due to business combination | (919) | ||
Balance of deferred tax asset (liability) Ending | (1,347) | (1,509) | |
Swap contract [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) Beginning | (168) | 678 | |
Changes recognized in profit or loss | 0 | 0 | |
Changes recognized due to business combination | 0 | ||
Changes recognized in other comprehensive income | 5,568 | (846) | |
Balance of deferred tax asset (liability) Ending | 5,400 | (168) | |
Losses on Income [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance of deferred tax asset (liability) Beginning | 4,540 | 3,406 | |
Changes recognized in profit or loss | 2,379 | (237) | |
Changes recognized due to business combination | 1,407 | ||
Changes recognized in other comprehensive income | 108 | (36) | |
Balance of deferred tax asset (liability) Ending | € 7,027 | € 4,540 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) € / shares in Units, € in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021EUR (€)€ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020EUR (€)€ / sharesshares | Dec. 31, 2019EUR (€)€ / sharesshares | |||||
Earnings per share [abstract] | ||||||||
Net income (loss) attributed to owners of the Company | € (15,408) | $ (17,439) | € (4,627) | € 12,060 | ||||
Weighted average ordinary shares outstanding | shares | [1] | 12,824,088 | 12,824,088 | 12,304,269 | 11,064,847 | |||
Dilutive effect: | ||||||||
Stock options and warrants | € | € 8,637 | € 23,549 | € 5,589 | |||||
Diluted weighted average ordinary shares Outstanding | shares | 12,832,725 | [2] | 12,832,725 | [2] | 12,327,818 | [2] | 11,070,436 | |
Basic profit (loss) per share from continuing operations | € / shares | € (1.20) | € (0.38) | € 1.09 | |||||
Diluted profit (loss) per share from continuing operations | € / shares | € (1.20) | € (0.38) | € 1.09 | |||||
[1] | Net of treasury shares. | |||||||
[2] | In 2021 and 2020 share options and warrants did not have a dilutive effect. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Dec. 31, 2021ILS (₪) | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |
Disclosure of financial assets [line items] | ||||||||
Cash and cash equivalents | € 41,229 | $ 46,663 | € 66,845 | $ 75,655 | € 44,509 | € 36,882 | ||
Derivative financial assets | 1,946 | 2,202 | 1,761 | |||||
Short-term restricted cash | 1,000 | 1,132 | 0 | |||||
Non-current restricted cash | 15,630 | $ 17,690 | 9,931 | |||||
Trade receivables | 598 | 382 | ||||||
Revenue receivables | 3,794 | 3,420 | ||||||
Government authorities receivables | € 1,602 | € 3,232 | ||||||
Denominated notional principal amount | ₪ | ₪ 100,000 | |||||||
Talasol [Member] | ||||||||
Disclosure of financial assets [line items] | ||||||||
Output percentage of financial power swap | 80.00% | |||||||
Period of financial power swap | 10 years |
Financial Instruments (Schedule
Financial Instruments (Schedule of Composition of Derivatives) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | € 639 | € 78 | ||
Derivatives presented under non-current assets | 2,635 | $ 2,982 | 10,238 | |
Derivatives presented under current liabilities | (14,783) | (16,731) | (1,378) | [1] |
Derivatives presented under non-current liabilities | (10,107) | $ (11,439) | (8,336) | |
Financial power swap [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under non-current assets | 0 | 10,238 | ||
Derivatives presented under current liabilities | (11,352) | 0 | ||
Derivatives presented under non-current liabilities | (9,542) | 0 | ||
Forward contract [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | 0 | 66 | ||
Currency Swap 1 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | 639 | 12 | ||
Derivatives presented under non-current assets | 2,635 | 0 | ||
Derivatives presented under non-current liabilities | 0 | (144) | ||
Swap contract [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current liabilities | (3,431) | (1,378) | ||
Derivatives presented under non-current liabilities | € (565) | € (8,192) | ||
[1] | Reclassified |
Financial Instruments (Schedu_2
Financial Instruments (Schedule of Forward and SWAP Contracts) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 218,895 | € 198,169 |
Interest swap contract [Member] | Semi-annually [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Description Of Currency Linkage Receivable | Euribor 6 months | |
Description Of Currency Linkage Payable | Fixed 1% | |
Date of expiration | December 20, 2037 | |
Fair value | € (706) | |
Interest swap transaction period | 18 years | |
Interest swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 17,600 | |
Interest rate swap contract [Member] | Semi-annually [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Description Of Currency Linkage Receivable | Euribor 6 months | |
Description Of Currency Linkage Payable | Fixed 0.9412% | |
Date of expiration | September 30, 2031 | |
Fair value | € (3,290) | |
Interest rate swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 131,000 | |
Currency swap [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Description Of Currency Linkage Receivable | NIS | |
Description Of Currency Linkage Payable | Euro | |
Date of expiration | June 2025 | |
Fair value | € 3,274 | |
Interest swap transaction period | 4 years | |
Currency swap [Member] | NIS [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 100,000 | |
Financial power swap [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Description Of Currency Linkage Receivable | Electricity price in Spain | |
Description Of Currency Linkage Payable | Fixed price | |
Date of expiration | September 30, 2030 | |
Fair value | € (20,894) |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Contractual Maturities of Financial Liabilities) (Details) - EUR (€) € in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative finance liabilities | ||
Financial power swap | € (20,894) | € 10,238 |
Currency swap | 3,274 | (132) |
Carrying amount [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 218,895 | 198,169 |
Debentures | 137,299 | 82,724 |
Lease liabilities | 20,129 | 17,789 |
Trade payables and other accounts payable | 22,058 | 13,706 |
Total non-derivative financial liabilities | 398,381 | 312,388 |
Derivative finance liabilities | ||
Financial power swap | 20,894 | |
Currency swap | 132 | |
Swap contracts | 3,996 | 9,570 |
Total derivative finance liabilities | 24,890 | 9,702 |
Contractual cash flows [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 240,038 | 263,112 |
Debentures | 150,116 | 91,431 |
Lease liabilities | 25,825 | 28,910 |
Trade payables and other accounts payable | 22,058 | 13,706 |
Total non-derivative financial liabilities | 438,037 | 397,159 |
Derivative finance liabilities | ||
Financial power swap | 20,894 | |
Currency swap | 132 | |
Swap contracts | 3,996 | 9,570 |
Total derivative finance liabilities | 24,890 | 9,702 |
Less than one year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 147,127 | 20,896 |
Debentures | 24,244 | 13,502 |
Lease liabilities | 4,832 | 1,051 |
Trade payables and other accounts payable | 22,058 | 13,706 |
Total non-derivative financial liabilities | 198,261 | 49,155 |
Derivative finance liabilities | ||
Financial power swap | 11,352 | |
Currency swap | (12) | |
Swap contracts | 3,431 | 1,378 |
Total derivative finance liabilities | 14,783 | 1,366 |
Second year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 20,671 | 34,645 |
Debentures | 66,481 | 33,368 |
Lease liabilities | 2,244 | 1,941 |
Trade payables and other accounts payable | 0 | 0 |
Total non-derivative financial liabilities | 89,396 | 69,954 |
Derivative finance liabilities | ||
Financial power swap | 14,079 | |
Currency swap | 63 | |
Swap contracts | 234 | 2,490 |
Total derivative finance liabilities | 14,313 | 2,553 |
3-5 year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 18,347 | 32,594 |
Debentures | 59,391 | 44,561 |
Lease liabilities | 2,201 | 1,799 |
Trade payables and other accounts payable | 0 | 0 |
Total non-derivative financial liabilities | 79,939 | 78,954 |
Derivative finance liabilities | ||
Financial power swap | 1,961 | |
Currency swap | 81 | |
Swap contracts | 157 | 2,109 |
Total derivative finance liabilities | 2,118 | 2,190 |
More than 5 years [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 53,892 | 174,977 |
Debentures | 0 | 0 |
Lease liabilities | 16,548 | 24,119 |
Trade payables and other accounts payable | 0 | 0 |
Total non-derivative financial liabilities | 70,440 | 199,096 |
Derivative finance liabilities | ||
Financial power swap | (6,498) | |
Currency swap | 0 | |
Swap contracts | 174 | 3,593 |
Total derivative finance liabilities | € (6,324) | € 3,593 |
Financial Instruments (Schedu_4
Financial Instruments (Schedule of Company's Exposure to Linkage and Foreign Currency Risk) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | |||
Current assets: | |||||||||
Cash and cash equivalents | € 41,229 | $ 46,663 | € 66,845 | $ 75,655 | € 44,509 | € 36,882 | |||
Marketable securities | 1,946 | 1,761 | |||||||
Short Term Deposits | 28,410 | 32,154 | 8,113 | ||||||
Restricted cash | 1,000 | 1,491 | |||||||
Asset from concession project | 1,784 | 2,019 | 1,491 | ||||||
Trade and other receivables | 9,487 | 10,737 | 9,825 | ||||||
Non-current assets: | |||||||||
Investments in equity accounted investees | 34,029 | 38,514 | 32,234 | ||||||
Advances on account of investments in process | 1,554 | 1,759 | 2,423 | ||||||
Asset from concession project | 26,909 | 25,036 | |||||||
Fixed assets | 340,065 | 384,886 | 264,095 | ||||||
Right of use asset | 23,367 | 26,447 | 17,209 | 15,401 | |||||
Concession intangible asset | 4,762 | 5,390 | 4,604 | ||||||
Restricted cash long-term | 15,630 | 17,690 | 9,931 | ||||||
Deferred tax | 12,952 | 14,659 | 3,605 | ||||||
Other assets | 5,388 | 6,098 | 2,762 | ||||||
Derivatives | 2,635 | 2,982 | 10,238 | ||||||
Current liabilities: | |||||||||
Current maturities of long term bank loans | (126,180) | (10,232) | |||||||
Current maturities of long term loans | (16,401) | (4,021) | |||||||
Short-term debentures | (19,806) | (22,416) | (10,600) | ||||||
Trade payables | (2,904) | (3,285) | (12,387) | ||||||
Accrued expenses and other payables | (20,806) | (23,548) | (3,593) | [1] | |||||
Derivatives ST | (14,783) | (16,731) | (1,378) | [1] | |||||
Lease liability | (4,329) | (4,900) | (490) | [1] | |||||
Non-current liabilities: | |||||||||
Lease liability | (15,800) | (17,882) | (17,299) | ||||||
Liabilities to banks | (39,093) | (134,520) | |||||||
Other long-term loans | (37,221) | (42,127) | (49,396) | ||||||
Long-term debentures | (117,493) | (132,979) | (72,124) | ||||||
Deferred tax | (8,836) | (10,001) | (7,806) | ||||||
Derivatives | (10,107) | (11,439) | (8,336) | ||||||
Other long-term liabilities | (3,905) | (4,420) | (2,964) | [1] | |||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 113,483 | $ 128,441 | 125,026 | $ 141,508 | € 107,566 | € 76,957 | |||
Non-Monetary [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | |||||||
Marketable securities | 0 | 0 | |||||||
Short Term Deposits | 0 | 0 | |||||||
Restricted cash | 0 | 0 | |||||||
Asset from concession project | 0 | ||||||||
Trade and other receivables | 1,020 | 380 | |||||||
Non-current assets: | |||||||||
Investments in equity accounted investees | 25,534 | 23,489 | |||||||
Advances on account of investments in process | 1,554 | 2,423 | |||||||
Asset from concession project | 0 | 0 | |||||||
Fixed assets | 340,065 | 264,095 | |||||||
Right of use asset | 23,367 | 17,209 | |||||||
Concession intangible asset | 4,762 | 4,604 | |||||||
Restricted cash long-term | 0 | 0 | |||||||
Deferred tax | 12,952 | 3,605 | |||||||
Other assets | 1,928 | 2,593 | |||||||
Derivatives | 0 | 0 | |||||||
Current liabilities: | |||||||||
Current maturities of long term bank loans | 0 | 0 | |||||||
Current maturities of long term loans | 0 | 0 | |||||||
Short-term debentures | 0 | 0 | |||||||
Trade payables | 0 | 0 | |||||||
Accrued expenses and other payables | 0 | 0 | |||||||
Derivatives ST | 0 | 0 | |||||||
Lease liability | 0 | ||||||||
Non-current liabilities: | |||||||||
Lease liability | 0 | 0 | |||||||
Liabilities to banks | 0 | 0 | |||||||
Other long-term loans | 0 | 0 | |||||||
Long-term debentures | 0 | 0 | |||||||
Deferred tax | (8,836) | (7,806) | |||||||
Derivatives | 0 | 0 | |||||||
Other long-term liabilities | 0 | 0 | |||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 402,346 | 310,592 | |||||||
NIS [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 30,405 | [2] | 50,195 | [3] | |||||
Marketable securities | 0 | [2] | 0 | [3] | |||||
Short Term Deposits | 28,410 | [2] | 8,113 | [3] | |||||
Restricted cash | 0 | [2] | 1,491 | [3] | |||||
Asset from concession project | [2] | 1,784 | |||||||
Trade and other receivables | 739 | [2] | 3,155 | [3] | |||||
Non-current assets: | |||||||||
Investments in equity accounted investees | 8,495 | [2] | 8,745 | [3] | |||||
Advances on account of investments in process | 0 | [2] | 0 | [3] | |||||
Asset from concession project | 26,909 | [2] | 25,036 | [3] | |||||
Fixed assets | 0 | [2] | 0 | [3] | |||||
Right of use asset | 0 | [2] | 0 | [3] | |||||
Concession intangible asset | 0 | [2] | 0 | [3] | |||||
Restricted cash long-term | 6,630 | [2] | 5,882 | [3] | |||||
Deferred tax | 0 | [2] | 0 | [3] | |||||
Other assets | 1,272 | [2] | 30 | [3] | |||||
Derivatives | 0 | [2] | 0 | [3] | |||||
Current liabilities: | |||||||||
Current maturities of long term bank loans | (2,024) | [2] | (1,762) | [3] | |||||
Current maturities of long term loans | 0 | [2] | 0 | [3] | |||||
Short-term debentures | (19,806) | [2] | (10,600) | [3] | |||||
Trade payables | (218) | [2] | (221) | [3] | |||||
Accrued expenses and other payables | (6,882) | [2] | (974) | [3] | |||||
Derivatives ST | 0 | [2] | 0 | [3] | |||||
Lease liability | (3,782) | [2] | (77) | [3] | |||||
Non-current liabilities: | |||||||||
Lease liability | (5,154) | [2] | (1,436) | [3] | |||||
Liabilities to banks | (15,803) | [2] | (15,520) | [3] | |||||
Other long-term loans | (6,898) | [2] | (5,102) | [3] | |||||
Long-term debentures | (117,493) | [2] | (72,124) | [3] | |||||
Deferred tax | 0 | [2] | 0 | [3] | |||||
Derivatives | 0 | [2] | 0 | [3] | |||||
Other long-term liabilities | (3,905) | [2] | (2,478) | [3] | |||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | (77,321) | [2] | (7,647) | [3] | |||||
Unliked [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 1,090 | 952 | |||||||
Marketable securities | 1,946 | 1,761 | |||||||
Short Term Deposits | 0 | 0 | |||||||
Restricted cash | 0 | 0 | |||||||
Asset from concession project | 0 | ||||||||
Trade and other receivables | 0 | 384 | |||||||
Non-current assets: | |||||||||
Investments in equity accounted investees | 0 | 0 | |||||||
Advances on account of investments in process | 0 | 0 | |||||||
Asset from concession project | 0 | 0 | |||||||
Fixed assets | 0 | 0 | |||||||
Right of use asset | 0 | 0 | |||||||
Concession intangible asset | 0 | 0 | |||||||
Restricted cash long-term | 0 | 0 | |||||||
Deferred tax | 0 | 0 | |||||||
Other assets | 0 | 0 | |||||||
Derivatives | 0 | 0 | |||||||
Current liabilities: | |||||||||
Current maturities of long term bank loans | 0 | 0 | |||||||
Current maturities of long term loans | 0 | 0 | |||||||
Short-term debentures | 0 | 0 | |||||||
Trade payables | 0 | 0 | |||||||
Accrued expenses and other payables | (527) | (666) | |||||||
Derivatives ST | 0 | 0 | |||||||
Lease liability | 0 | 0 | |||||||
Non-current liabilities: | |||||||||
Lease liability | 0 | 0 | |||||||
Liabilities to banks | 0 | 0 | |||||||
Other long-term loans | 0 | 0 | |||||||
Long-term debentures | 0 | 0 | |||||||
Deferred tax | 0 | 0 | |||||||
Derivatives | 0 | 0 | |||||||
Other long-term liabilities | 0 | (486) | |||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 2,509 | 1,945 | |||||||
Euro [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 9,734 | 15,698 | |||||||
Marketable securities | 0 | 0 | |||||||
Short Term Deposits | 0 | 0 | |||||||
Restricted cash | 1,000 | 0 | |||||||
Asset from concession project | 0 | ||||||||
Trade and other receivables | 7,728 | 5,906 | |||||||
Non-current assets: | |||||||||
Investments in equity accounted investees | 0 | 0 | |||||||
Advances on account of investments in process | 0 | 0 | |||||||
Asset from concession project | 0 | 0 | |||||||
Fixed assets | 0 | 0 | |||||||
Right of use asset | 0 | 0 | |||||||
Concession intangible asset | 0 | 0 | |||||||
Restricted cash long-term | 9,000 | 4,049 | |||||||
Deferred tax | 0 | 0 | |||||||
Other assets | 2,188 | 139 | |||||||
Derivatives | 2,635 | 10,238 | |||||||
Current liabilities: | |||||||||
Current maturities of long term bank loans | (124,156) | (8,470) | |||||||
Current maturities of long term loans | (16,401) | (4,021) | |||||||
Short-term debentures | 0 | 0 | |||||||
Trade payables | (2,686) | (12,166) | |||||||
Accrued expenses and other payables | (13,397) | (1,953) | |||||||
Derivatives ST | (14,783) | (1,378) | |||||||
Lease liability | (547) | (413) | |||||||
Non-current liabilities: | |||||||||
Lease liability | (10,646) | (15,863) | |||||||
Liabilities to banks | (23,290) | (119,000) | |||||||
Other long-term loans | (30,323) | (44,294) | |||||||
Long-term debentures | 0 | 0 | |||||||
Deferred tax | 0 | 0 | |||||||
Derivatives | (10,107) | (8,336) | |||||||
Other long-term liabilities | 0 | 0 | |||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | € (214,051) | € (179,864) | |||||||
[1] | Reclassified | ||||||||
[2] | Including items linked to the Israeli CPI | ||||||||
[3] | Including items linked to CPI |
Financial Instruments (Schedu_5
Financial Instruments (Schedule of Significant Exchange Rates) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
USD [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Spot price of 1 Euro at the reporting date | 1 | |
Currency Risk Euro [Member] | USD [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
% of change | (7.70%) | 9.30% |
Spot price of 1 Euro at the reporting date | 1.132 | 1.227 |
Currency Risk Euro [Member] | NIS [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
% of change | (10.80%) | 1.70% |
Spot price of 1 Euro at the reporting date | 3.520 | 3.944 |
Financial Instruments (Schedu_6
Financial Instruments (Schedule of Sensitivity Analysis of Equity) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Currency Risk Five Percentage Of Euro In Crease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € 111 | € 79 |
Currency Risk Five Percentage Of Euro Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | (111) | (79) |
5% in NIS Increase Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | (1,098) | 290 |
Currency Risk Five Percentage Of Nis Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € 1,098 | € (290) |
Financial Instruments (Schedu_7
Financial Instruments (Schedule of Change in Interest Rate Profit (Loss)) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Increase of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € 2,446 | € 803 |
Increase of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | 7,368 | 2,444 |
Decrease of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | (2,474) | (836) |
Decrease of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € (7,396) | € (2,477) |
Financial Instruments (Schedu_8
Financial Instruments (Schedule of Fair Values of Other Financial Liabilities) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Non-current liabilities: | ||
Total fair value of other financial liabilities | € 356,194 | € 280,893 |
Level 1 [Member] | ||
Non-current liabilities: | ||
Debentures | 140,293 | 84,814 |
Loans from banks and others (including current maturities) | 0 | 0 |
Total fair value of other financial liabilities | 140,293 | 84,814 |
Level 2 [Member] | ||
Non-current liabilities: | ||
Debentures | 0 | 0 |
Loans from banks and others (including current maturities) | 223,287 | 209,005 |
Total fair value of other financial liabilities | 223,287 | 209,005 |
Level 3 [Member] | ||
Non-current liabilities: | ||
Debentures | 0 | 0 |
Loans from banks and others (including current maturities) | 0 | 0 |
Total fair value of other financial liabilities | 0 | 0 |
Carrying Value [Member] | ||
Non-current liabilities: | ||
Debentures | 137,299 | 82,724 |
Loans from banks and others (including current maturities) | 218,895 | 198,169 |
Total fair value of other financial liabilities | € 356,194 | € 280,893 |
Loans from banks and others [Member] | ||
Non-current liabilities: | ||
Valuation techniques for determining fair value | Discounting future cash flows by the market interest rate on the date of measurement. | Discounting future cash flows by the market interest rate on the date of measurement. |
Inputs used to determine fair value | Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel | Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel |
Financial Instruments (Schedu_9
Financial Instruments (Schedule of Interest Rates Used to Discount Estimated Cash Flows) (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans from banks [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | Euribor+ 1.76%- 2.75% with a zero floor | Euribor+ 1.76%- 2.75% with a zero floor |
Loans from banks Two [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | 4.65% Linkage to Consumer price index in Israel | 4.65% Linkage to Consumer price index in Israel |
Loans from banks Three [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | fix rate for 5 years 2.9% - 3.55% | fix rate for 5 years 2.9% - 3.55% |
Loans from banks Four [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | Euribor+ 5.27% | Euribor+ 5.27% |
Loan from other [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | 7% Linkage to Consumer price index in Israel and fixed rate of 5.5% | 3% |
Financial Instruments (Sched_10
Financial Instruments (Schedule of Fair Values Hierarchy) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2021USD ($) | |
Disclosure of fair value measurement of assets [line items] | |||
Marketable securities | € 1,946 | € 1,761 | $ 2,202 |
Forward contracts | 66 | ||
Swap contracts | (3,996) | (9,570) | |
Currency swap | 3,274 | (132) | |
Dori Energy loan | 8,495 | 8,745 | |
Financial power swap | € (20,894) | € 10,238 | |
Marketable securities [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | Market price | Market price | |
Forward contract [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | ||
Swap contract [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | |
Currency swap [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | |
Dori loan [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | |
Financial power swap [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Valuation techniques for determining fair value | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. | |
Level 1 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Marketable securities | € 1,946 | € 1,761 | |
Forward contracts | 0 | ||
Swap contracts | 0 | 0 | |
Currency swap | 0 | 0 | |
Dori Energy loan | 0 | 0 | |
Financial power swap | 0 | 0 | |
Level 2 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Marketable securities | 0 | 0 | |
Forward contracts | 66 | ||
Swap contracts | (3,996) | (9,570) | |
Currency swap | 3,274 | (132) | |
Dori Energy loan | 0 | 0 | |
Financial power swap | 0 | 0 | |
Level 3 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Marketable securities | 0 | 0 | |
Forward contracts | 0 | ||
Swap contracts | 0 | 0 | |
Currency swap | 0 | 0 | |
Dori Energy loan | 8,495 | 8,745 | |
Financial power swap | € (20,894) | € 10,238 |
Financial Instruments (Sched_11
Financial Instruments (Schedule of Reconciliation Financial Instruments Carried at Fair Value) (Details) - Level 3 [Member] - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dori Energy Loan [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Balance as at Beginning | € 8,745 | € 10,595 |
Total income recognized in other comprehensive income | 799 | 758 |
Grant of loan | 335 | |
Repayment | (2,259) | (2,378) |
Foreign Currency translation adjustments | 875 | (230) |
Balance as at Ending | 8,495 | 8,745 |
Financial power swap [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Balance as at Beginning | 10,238 | 4,967 |
Total income recognized in other comprehensive income | (31,132) | 5,271 |
Balance as at Ending | € (20,894) | € 10,238 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
PV Plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | (i) approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain, (ii) a photovoltaic power plant of approximately 9 MWp installed capacity in Israel, (iii) 51% of Talasol, which during the majority of the reporting period was constructing a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain, (iv) Ellomay Solar S.L.U that is constructing a photovoltaic plant with a peak capacity of 28 MW in the municipality of Talaván, Cáceres, Spain, and (v) approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, that the Company sold on December 20, 2019. |
Dorad Energy Ltd [Member] | |
Disclosure of geographical areas [line items] | |
Proportion of ownership interest | 9.375% |
Production capacity | production capacity of approximately 860 MW, located south of Ashkelon, Israel |
Anaerobic digestion plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V. (BioGas), project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively |
Anaerobic digestion plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | 83.333% indirect interest in a company constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel. |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Assets Consist of Current Assets, Fixed Assets) (Details) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | ||||
Disclosure of geographical areas [line items] | |||||||
Revenues | € 44,783 | $ 50,685 | € 9,645 | € 18,988 | |||
Operating expenses | (17,524) | (19,834) | (4,951) | (6,638) | |||
Depreciation and amortization expenses | (15,076) | (17,063) | (2,975) | (6,416) | |||
Gross profit (loss) | 12,183 | 13,788 | 1,719 | 5,934 | |||
Project development costs | (2,508) | (2,839) | (3,491) | (4,213) | |||
General and administrative expenses | (5,661) | (6,407) | (4,512) | (3,827) | |||
Share of profits (loss) of equity accounted investee | 117 | 1,525 | 3,086 | ||||
Other income (expenses), net | 0 | [1] | 0 | 2,100 | [1] | (2,100) | [1] |
Capital gain (loss) | 0 | 0 | 0 | 18,770 | |||
Operating profit (loss) | 4,131 | 4,674 | (2,659) | 17,650 | |||
Financing income | 2,931 | 3,317 | 2,134 | 1,827 | |||
Financing Income Expenses In Connection With Derivatives Net | (841) | (952) | 1,094 | 897 | |||
Financing expenses, net | (28,974) | (32,793) | (6,862) | (10,877) | |||
Profit (loss) before taxes on Income | (22,753) | (25,754) | (6,293) | 9,497 | |||
Segment assets | 551,147 | $ 623,788 | 460,172 | 310,172 | |||
Italy [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 0 | 0 | 10,082 | ||||
Operating expenses | 0 | 0 | (1,422) | ||||
Depreciation and amortization expenses | 0 | 0 | (3,668) | ||||
Gross profit (loss) | 0 | 0 | 4,992 | ||||
Segment assets | 1,715 | 503 | 0 | ||||
SPAIN | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 2,587 | 2,577 | 2,987 | ||||
Operating expenses | (472) | (463) | (504) | ||||
Depreciation and amortization expenses | (904) | (905) | (903) | ||||
Gross profit (loss) | 1,211 | 1,209 | 1,580 | ||||
Segment assets | 13,841 | 17,574 | 16,324 | ||||
Ellomay Solar [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 0 | ||||||
Operating expenses | 0 | ||||||
Depreciation and amortization expenses | 0 | ||||||
Gross profit (loss) | 0 | ||||||
Segment assets | 14,456 | ||||||
Talasol [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 28,494 | 0 | 0 | ||||
Operating expenses | (6,239) | 0 | 0 | ||||
Depreciation and amortization expenses | (10,546) | 0 | (30) | ||||
Gross profit (loss) | 11,709 | 0 | (30) | ||||
Segment assets | 246,172 | 232,955 | 118,848 | ||||
Israel [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 4,255 | 4,089 | 4,114 | ||||
Operating expenses | (367) | (379) | (325) | ||||
Depreciation and amortization expenses | (2,374) | (2,310) | (2,271) | ||||
Gross profit (loss) | 1,514 | 1,400 | 1,518 | ||||
Segment assets | 38,809 | 36,521 | 38,942 | ||||
Biogas [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 12,686 | 6,002 | 4,786 | ||||
Operating expenses | (10,446) | (4,109) | (4,387) | ||||
Depreciation and amortization expenses | (3,135) | (1,457) | (1,353) | ||||
Gross profit (loss) | 895 | 436 | (954) | ||||
Segment assets | 34,570 | 36,253 | 18,463 | ||||
Dorad [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 51,630 | 57,495 | 63,416 | ||||
Operating expenses | (39,175) | (44,489) | (48,558) | ||||
Depreciation and amortization expenses | (5,539) | (5,674) | (5,031) | ||||
Gross profit (loss) | 6,916 | 7,332 | 9,827 | ||||
Segment assets | 118,435 | 109,983 | 116,561 | ||||
Manara [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 0 | 0 | 0 | ||||
Operating expenses | 0 | 0 | 0 | ||||
Depreciation and amortization expenses | 0 | 0 | 0 | ||||
Gross profit (loss) | 0 | 0 | 0 | ||||
Segment assets | 107,678 | 21,925 | 2,473 | ||||
Total reportable segments [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | 99,652 | 70,163 | 85,385 | ||||
Operating expenses | (56,699) | (49,440) | (55,196) | ||||
Depreciation and amortization expenses | (22,498) | (10,346) | (13,256) | ||||
Gross profit (loss) | 20,455 | 10,377 | 16,933 | ||||
Segment assets | 575,676 | 455,714 | 311,611 | ||||
Reconciliations [Member] | |||||||
Disclosure of geographical areas [line items] | |||||||
Revenues | (54,869) | (60,518) | (66,397) | ||||
Operating expenses | 39,175 | 44,489 | 48,558 | ||||
Depreciation and amortization expenses | 7,422 | 7,371 | 6,840 | ||||
Gross profit (loss) | (8,272) | (8,658) | (10,999) | ||||
Segment assets | € (24,529) | € 4,458 | € (1,439) | ||||
[1] | Indemnification in the amount of up to €2.1 million in connection with the announcement received from GSE, Italy’s energy regulation agency, by one of the Italian Subsidiaries, claiming alleged non-compliance of the installed modules with the required certifications under the applicable regulation and raising the need to examine incentive eligibility implications (the “GSE Claim”). The Company recorded this potential payment as other expenses. In 2020, with the cooperation of the acquirer of the Italian subsidiaries, an appeal was submitted to GSE. Following the positive outcomes of such appeal, the provision for the potential indemnification was cancelled. |
Operating Segments (Schedule _2
Operating Segments (Schedule of Revenues from Company's Operation in Italy and Spain) (Details) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
Disclosure of geographical areas [line items] | ||||
Revenue | € 44,783 | $ 50,685 | € 9,645 | € 18,988 |
Israel [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,016 | 1,066 | 1,133 | |
Italy [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 0 | 0 | 10,082 | |
NETHERLANDS | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 12,686 | 6,002 | 4,786 | |
Spain (including Talasol Project) [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | € 31,081 | € 2,577 | € 2,987 |
Operating Segments (Schedule _3
Operating Segments (Schedule of Fixed Assets, Net from Company's Operation) (Details) € in Thousands, $ in Thousands | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) |
Disclosure of geographical areas [line items] | |||
Fixed assets | € 340,065 | $ 384,886 | € 264,095 |
Israel [Member] | |||
Disclosure of geographical areas [line items] | |||
Fixed assets | 78,928 | 16,651 | |
SPAIN | |||
Disclosure of geographical areas [line items] | |||
Fixed assets | 232,897 | 217,339 | |
NETHERLANDS | |||
Disclosure of geographical areas [line items] | |||
Fixed assets | € 28,240 | € 30,105 |
Subsequent Events (Details)
Subsequent Events (Details) € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2021EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2021ILS (₪) | Feb. 11, 2021EUR (€) | Feb. 11, 2021ILS (₪) | |
Disclosure of classes of share capital [line items] | ||||||||||
Aggregate principal amount | € 218,895 | € 198,169 | ||||||||
Gross proceeds from the offering | 8,682 | $ 9,826 | 21,275 | € 7,807 | ||||||
Aggregate repayment amount | 30,730 | $ 34,780 | € 26,923 | € 9,836 | ||||||
Ellomay Pumped Storage [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Aggregate principal amount | € 100,000 | ₪ 353,000 | ||||||||
E.R.Z [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Proportion of ownership interest | 33.00% | 33.00% | ||||||||
Manara PSP [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Aggregate principal amount | € 350,000 | ₪ 1,220,000 | ||||||||
Proportion of ownership interest | 83.333% | 75.00% | ||||||||
Ellomay PS [Member] | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Aggregate principal amount | € 100,000 | ₪ 353,000 | ||||||||
Proportion of ownership interest | 75.00% |