Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | Ellomay Capital Ltd. |
Entity Central Index Key | 0000946394 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer | No |
Is Entity a Voluntary Filer | No |
Is Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 10,675,508 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position € in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Current assets: | ||||
Cash and cash equivalents | € | € 36,882 | € 23,962 | ||
Marketable securities | € | [1] | 2,132 | 2,162 | |
Restricted cash and marketable securities | € | [2] | 4,653 | 3,265 | |
Asset from concession project | € | 1,292 | 1,286 | ||
Financial assets | € | 1,282 | 1,249 | ||
Trade and other receivables | € | 12,623 | 10,645 | ||
Total Current assests | € | 58,864 | 42,569 | ||
Non-current assets | ||||
Investment in equity accounted investee | € | 27,746 | 27,655 | ||
Advances on account of investments | € | 798 | 8,825 | ||
Asset from concession project | € | 25,710 | 27,725 | ||
Fixed assets | € | 87,220 | 78,837 | ||
Intangible asset | € | 4,882 | 5,505 | ||
Restricted cash and deposits | € | 2,062 | 3,660 | ||
Deferred tax | € | 2,423 | 1,777 | ||
Long term receivables | € | 1,455 | 1,535 | ||
Total Non-current assets | € | 152,296 | 155,519 | ||
Total assets | € | 211,160 | 198,088 | ||
Current liabilities | ||||
Current maturities of long term loans | € | 5,864 | 3,103 | ||
Debentures | € | 8,758 | 4,644 | ||
Trade payables | € | 2,126 | 1,349 | ||
Other payables | € | 3,103 | 2,187 | ||
Total current liabilities | € | 19,851 | 11,283 | ||
Non-current liabilities | ||||
Finance lease obligations | € | 3,690 | |||
Long-term loans | € | 60,228 | 42,091 | ||
Debentures | € | 42,585 | 52,987 | ||
Deferred tax | € | 6,219 | 5,982 | ||
Other long-term liabilities | € | 5,320 | 4,555 | ||
Total Non-current liabilities | € | 114,352 | 109,305 | ||
Total liabilities | € | 134,203 | 120,588 | ||
Equity | ||||
Share capital | € | 19,980 | 19,980 | ||
Share premium | € | 58,344 | 58,339 | ||
Treasury shares | € | (1,736) | (1,736) | ||
Reserves | € | 1,169 | 2,357 | ||
Retained earnings (accumulated deficit) | € | 758 | (299) | ||
Total equity attributed to shareholders of the Company | € | 78,515 | 78,641 | ||
Non-Controlling Interest | € | (1,558) | (1,141) | ||
Total equity | € | 76,957 | 77,500 | ||
Total liabilities and equity | € | € 211,160 | € 198,088 | ||
USD [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | $ | $ 42,231 | |||
Marketable securities | $ | 2,441 | |||
Restricted cash and marketable securities | $ | 5,328 | |||
Asset from concession project | $ | 1,479 | |||
Financial assets | $ | 1,468 | |||
Trade and other receivables | $ | 14,454 | |||
Total Current assests | $ | 67,401 | |||
Non-current assets | ||||
Investment in equity accounted investee | $ | 31,770 | |||
Advances on account of investments | $ | 914 | |||
Asset from concession project | $ | 29,439 | |||
Fixed assets | $ | 99,870 | |||
Intangible asset | $ | 5,590 | |||
Restricted cash and deposits | $ | 2,361 | |||
Deferred tax | $ | 2,774 | |||
Long term receivables | $ | 1,666 | |||
Total Non-current assets | $ | 174,384 | |||
Total assets | $ | 241,785 | |||
Current liabilities | ||||
Current maturities of long term loans | $ | 6,714 | |||
Debentures | $ | 10,028 | |||
Trade payables | $ | 2,434 | |||
Other payables | $ | 3,553 | |||
Total current liabilities | $ | 22,729 | |||
Non-current liabilities | ||||
Finance lease obligations | $ | ||||
Long-term loans | $ | 68,963 | |||
Debentures | $ | 48,761 | |||
Deferred tax | $ | 7,121 | |||
Other long-term liabilities | $ | 6,092 | |||
Total Non-current liabilities | $ | 130,937 | |||
Total liabilities | $ | 153,666 | |||
Equity | ||||
Share capital | $ | 22,878 | |||
Share premium | $ | 66,806 | |||
Treasury shares | $ | (1,988) | |||
Reserves | $ | 1,339 | |||
Retained earnings (accumulated deficit) | $ | 868 | |||
Total equity attributed to shareholders of the Company | $ | 89,903 | |||
Non-Controlling Interest | $ | (1,784) | |||
Total equity | $ | 88,119 | |||
Total liabilities and equity | $ | $ 241,785 | |||
[1] | During 2017 and 2018, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. | |||
[2] | Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss) € in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2018EUR (€)€ / shares | Dec. 31, 2017EUR (€)€ / shares | Dec. 31, 2016EUR (€)€ / shares | [1] | |
Statement Line Items [Line Items] | |||||
Revenues | € | € 18,117 | € 13,636 | € 11,632 | ||
Operating expenses | € | (6,342) | (2,549) | (2,082) | ||
Depreciation and amortization expenses | € | (5,816) | (4,518) | (4,411) | ||
Gross profit | € | 5,959 | 6,569 | 5,139 | ||
Project development costs | € | (2,878) | (2,739) | (2,201) | ||
General and administrative expenses | € | (3,600) | (2,420) | (2,032) | ||
Share of profits of equity accounted investee | € | 2,545 | 1,531 | 1,375 | ||
Other income, net | € | 884 | 18 | 90 | ||
Operating Profit | € | 2,910 | 2,959 | 2,371 | ||
Financing income | € | 2,936 | 1,333 | 263 | ||
Financing income (expenses) in connection with derivatives, net | € | 494 | (3,156) | 636 | ||
Financing expenses | € | (5,521) | (7,405) | (3,333) | ||
Financing income (expenses), net | € | (2,091) | (9,228) | (2,434) | ||
Profit (loss) before taxes on income | € | 819 | (6,269) | (63) | ||
Taxes on income | € | (215) | (372) | (569) | ||
Profit (loss) for the year | € | 604 | (6,641) | (632) | ||
Profit (loss) attributable to: | |||||
Owners of the Company | € | 1,057 | (6,115) | (209) | ||
Non-controlling interests | € | (453) | (526) | (423) | ||
Profit (loss) for the year | € | 604 | (6,641) | (632) | ||
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 | € | (787) | (359) | 692 | ||
Effective portion of change in fair value of cash flow hedges | € | (1,008) | (1,244) | |||
Net change in fair value of cash flow hedges transferred to profit or loss | € | 643 | 1,382 | |||
Total other comprehensive income (loss) | € | (1,152) | (221) | 692 | ||
Total comprehensive income (loss) for the year | € | € (548) | € (6,862) | € 60 | ||
Earnings (loss) per share | |||||
Basic earnings (loss) per share | € / shares | € 0.10 | € (0.57) | € (0.02) | ||
Diluted earnings (loss) per share | € / shares | € 0.10 | € (0.57) | € (0.02) | ||
USD [Member] | |||||
Statement Line Items [Line Items] | |||||
Revenues | $ | $ 20,745 | ||||
Operating expenses | $ | (7,262) | ||||
Depreciation and amortization expenses | $ | (6,660) | ||||
Gross profit | $ | 6,823 | ||||
Project development costs | $ | (3,295) | ||||
General and administrative expenses | $ | (4,122) | ||||
Share of profits of equity accounted investee | $ | 2,914 | ||||
Other income, net | $ | 1,012 | ||||
Operating Profit | $ | 3,332 | ||||
Financing income | $ | 3,362 | ||||
Financing income (expenses) in connection with derivatives, net | $ | 566 | ||||
Financing expenses | $ | (6,322) | ||||
Financing income (expenses), net | $ | (2,394) | ||||
Profit (loss) before taxes on income | $ | 938 | ||||
Taxes on income | $ | (246) | ||||
Profit (loss) for the year | $ | 692 | ||||
Profit (loss) attributable to: | |||||
Owners of the Company | $ | 1,211 | ||||
Non-controlling interests | $ | (519) | ||||
Profit (loss) for the year | $ | 692 | ||||
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 | $ | (901) | ||||
Effective portion of change in fair value of cash flow hedges | $ | (1,154) | ||||
Net change in fair value of cash flow hedges transferred to profit or loss | $ | 736 | ||||
Total other comprehensive income (loss) | $ | (1,319) | ||||
Total comprehensive income (loss) for the year | $ | $ (627) | ||||
Earnings (loss) per share | |||||
Basic earnings (loss) per share | $ / shares | $ 0.11 | ||||
Diluted earnings (loss) per share | $ / shares | $ 0.11 | ||||
[1] | Please refer to Note 2C for functional and presentation currency. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity € in Thousands, $ in Thousands | Share capital [Member]EUR (€) | Share capital [Member]USD [Member]USD ($) | Share premium [Member]EUR (€) | Share premium [Member]USD [Member]USD ($) | Retained earnings (accumulated deficit) [Member]EUR (€) | Retained earnings (accumulated deficit) [Member]USD [Member]USD ($) | Treasury shares [Member]EUR (€) | Treasury shares [Member]USD [Member]USD ($) | Translation reserve from foreign operations [Member]EUR (€) | Translation reserve from foreign operations [Member]USD [Member]USD ($) | Hedging Reserve [Member]EUR (€) | Hedging Reserve [Member]USD [Member]USD ($) | Total [Member]EUR (€) | Total [Member]USD [Member]USD ($) | Non-controlling Interests [Member]EUR (€) | Non-controlling Interests [Member]USD [Member]USD ($) | EUR (€) | USD [Member]USD ($) | ||
Balance at Dec. 31, 2015 | [1] | € 19,980 | € 58,331 | € 8,148 | € (1,711) | € 1,938 | € 86,686 | € (244) | € 86,442 | |||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | (209) | (209) | (423) | (632) | [1] | |||||||||||||||
Other comprehensive loss for the year | 726 | 726 | (34) | 692 | [1] | |||||||||||||||
Total comprehensive loss for the year | (209) | 726 | 517 | (457) | 60 | [1] | ||||||||||||||
Dividends to owners | (2,123) | (2,123) | (2,123) | |||||||||||||||||
Own shares acquired | (11) | (11) | (11) | |||||||||||||||||
Share-based payments | 3 | 3 | 3 | |||||||||||||||||
Balance at Dec. 31, 2016 | 19,980 | 58,334 | 5,816 | (1,722) | 2,664 | 85,072 | (701) | 84,371 | [1] | |||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | (6,115) | (6,115) | (526) | (6,641) | ||||||||||||||||
Other comprehensive loss for the year | (445) | 138 | (307) | 86 | (221) | |||||||||||||||
Total comprehensive loss for the year | (6,115) | (445) | 138 | (6,422) | (440) | (6,862) | ||||||||||||||
Own shares acquired | (14) | (14) | (14) | |||||||||||||||||
Share-based payments | 5 | 5 | 5 | |||||||||||||||||
Balance at Dec. 31, 2017 | 19,980 | $ 22,878 | 58,339 | $ 66,800 | (299) | $ (343) | (1,736) | $ (1,988) | 2,219 | $ 2,541 | 138 | $ 158 | 78,641 | $ 90,046 | (1,141) | $ (1,306) | 77,500 | $ 88,740 | ||
Statement Line Items [Line Items] | ||||||||||||||||||||
Profit (Loss) for the year | 1,057 | 1,211 | 1,057 | 1,211 | (453) | (519) | 604 | 692 | ||||||||||||
Other comprehensive loss for the year | (823) | (942) | (365) | (418) | (1,188) | (1,360) | 36 | 41 | (1,152) | (1,319) | ||||||||||
Total comprehensive loss for the year | 1,057 | 1,065 | (823) | (942) | (365) | (418) | (131) | (149) | (417) | (478) | (548) | (627) | ||||||||
Share-based payments | 5 | 6 | 5 | 6 | 5 | 6 | ||||||||||||||
Balance at Dec. 31, 2018 | € 19,980 | $ 22,878 | € 58,344 | $ 66,806 | € 758 | $ 868 | € (1,736) | $ (1,988) | € 1,396 | $ 1,599 | € (227) | $ (260) | € 78,515 | $ 89,903 | € (1,558) | $ (1,784) | € 76,957 | $ 88,119 | ||
[1] | Please refer to Note 2C for functional and presentation currency. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | [1] | ||
Cash flows from operating activities | ||||||
Profit (loss) for the year | € | € 604 | € (6,641) | € (632) | |||
Adjustments for: | ||||||
Net Financing expenses | € | 2,091 | 9,228 | 2,434 | |||
Depreciation and amortization | € | 5,816 | 4,518 | 4,411 | |||
Share-based payment transactions | € | 5 | 5 | 3 | |||
Share of profits of equity accounted investees | € | (2,545) | (1,531) | (1,375) | |||
Payment of interest on loan from an equity accounted investee | € | 3,036 | 407 | 4,646 | |||
Change in trade receivables and other receivables | € | (17) | 2,012 | (1,771) | |||
Change in other assets | € | 37 | 126 | (1,087) | |||
Change in asset from concessions project | € | 1,431 | (84) | ||||
Change in accrued severance pay, net | € | 15 | 2 | (16) | |||
Change in trade payables | € | 633 | (258) | 802 | |||
Change in other payables | € | (1,565) | (2,655) | 2,148 | |||
Income tax expense | € | 215 | 372 | 569 | |||
Income taxes paid | € | (77) | (42) | (54) | |||
Interest received | € | 1,835 | 505 | 224 | |||
Interest paid | € | (4,924) | (3,659) | (2,985) | |||
Total adjustment to reconcile profit and loss | € | 5,986 | 8,946 | 7,949 | |||
Net cash from operating activities | € | 6,590 | 2,305 | 7,317 | |||
Cash flows from investing activities: | ||||||
Acquisition of fixed assets | € | (3,708) | (7,576) | (5,122) | |||
Acquisition of subsidiary, net of cash acquired | € | (1,000) | (9,851) | ||||
Investment in equity accounted investee | € | (812) | |||||
Advances on account of investments | € | (8,000) | (710) | ||||
Repayment of loan from an equity accounted investee | € | 1,540 | 2,388 | ||||
Acquisition of marketable securities | € | (6,677) | (923) | ||||
Proceeds from marketable securities | € | 3,316 | 1,277 | 5,814 | |||
Proceeds from settlement of derivatives, net | € | 664 | 620 | ||||
Decrease (increase) in restricted cash, net | € | (3,107) | 3,225 | (56) | |||
Loans to others | € | (3,500) | (361) | ||||
Net cash from (used in) investing activities | € | (5,795) | (27,343) | 579 | |||
Cash flows from financing activities: | ||||||
Dividends paid | € | (2,123) | |||||
Repayment of long-term loans and finance lease obligations | € | (17,819) | (2,224) | (1,089) | |||
Repayment of Debentures | € | (4,668) | (4,842) | (4,954) | |||
Repurchase of own shares | € | (14) | (11) | ||||
Proceeds from long term loans | € | 34,745 | 5,575 | 5,726 | |||
Proceeds from issuance of debentures, net | € | 31,175 | |||||
Net cash from (used in) financing activities | € | 12,258 | 29,670 | (2,451) | |||
Effect of exchange rate fluctuations on cash and cash equivalents | € | (133) | (3,156) | (153) | |||
Increase in cash and cash equivalents | € | 12,920 | 1,476 | 5,292 | |||
Cash and cash equivalents at the beginning of year | € | 23,962 | 22,486 | [1] | 17,194 | ||
Cash and cash equivalents at the end of the year | € | € 36,882 | € 23,962 | € 22,486 | |||
USD [Member] | ||||||
Cash flows from operating activities | ||||||
Profit (loss) for the year | $ | $ 692 | |||||
Adjustments for: | ||||||
Net Financing expenses | $ | 2,394 | |||||
Depreciation and amortization | $ | 6,660 | |||||
Share-based payment transactions | $ | 6 | |||||
Share of profits of equity accounted investees | $ | (2,914) | |||||
Payment of interest on loan from an equity accounted investee | $ | 3,476 | |||||
Change in trade receivables and other receivables | $ | (19) | |||||
Change in other assets | $ | 42 | |||||
Change in asset from concessions project | $ | 1,639 | |||||
Change in accrued severance pay, net | $ | 17 | |||||
Change in trade payables | $ | 725 | |||||
Change in other payables | $ | (1,792) | |||||
Income tax expense | $ | 246 | |||||
Income taxes paid | $ | (88) | |||||
Interest received | $ | 2,101 | |||||
Interest paid | $ | (5,638) | |||||
Total adjustment to reconcile profit and loss | $ | 6,855 | |||||
Net cash from operating activities | $ | 7,547 | |||||
Cash flows from investing activities: | ||||||
Acquisition of fixed assets | $ | (4,246) | |||||
Acquisition of subsidiary, net of cash acquired | $ | (1,145) | |||||
Investment in equity accounted investee | $ | ||||||
Advances on account of investments | $ | ||||||
Repayment of loan from an equity accounted investee | $ | 1,763 | |||||
Acquisition of marketable securities | $ | ||||||
Proceeds from marketable securities | $ | 3,797 | |||||
Proceeds from settlement of derivatives, net | $ | 760 | |||||
Decrease (increase) in restricted cash, net | $ | (3,558) | |||||
Loans to others | $ | (4,008) | |||||
Net cash from (used in) investing activities | $ | (6,637) | |||||
Cash flows from financing activities: | ||||||
Dividends paid | $ | ||||||
Repayment of long-term loans and finance lease obligations | $ | (20,403) | |||||
Repayment of Debentures | $ | (5,345) | |||||
Repurchase of own shares | $ | ||||||
Proceeds from long term loans | $ | 39,784 | |||||
Proceeds from issuance of debentures, net | $ | ||||||
Net cash from (used in) financing activities | $ | 14,036 | |||||
Effect of exchange rate fluctuations on cash and cash equivalents | $ | (152) | |||||
Increase in cash and cash equivalents | $ | 14,794 | |||||
Cash and cash equivalents at the beginning of year | $ | 27,437 | |||||
Cash and cash equivalents at the end of the year | $ | $ 42,231 | |||||
[1] | Please refer to Note 2C for functional and presentation currency. |
General
General | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of general [Abstract] | |
General | Note 1 – General A. Ellomay Capital Ltd. (hereinafter - the "Company"), is an Israeli Company operating in the business of renewable energy and power generator and developer of renewable energy and power projects in Europe and Israel. The Company owns seventeen photovoltaic plants (each, a “PV Plant” and, together, the “PV Plants”) that are connected to their respective national grids and operating as follows: (i) twelve photovoltaic plants in Italy with an aggregate installed capacity of approximately 22.6 MWp, (ii) four photovoltaic plants in Spain with an aggregate installed capacity of approximately 7.9 MWp and (iii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MWp. In addition, the Company indirectly owns 9.375% of Dorad Energy Ltd. (hereinafter - “Dorad”), 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel, wholly owns Talasol Solar S.L. U 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 9 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 – Subsidiaries and companies, including a partnership, the Company's investment in which is stated, directly or indirectly, on the equity basis. Related party - Within its meaning in IAS 24 (2009), "Related Party Disclosures". 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Significant Accounting Policies | Note 2 – Significant Accounting Policies 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 for issue on March 28, 2019 by the Company’s Board of Directors. 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 (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. B. Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions regarding circumstances and events that involve considerable uncertainty, that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The key assumptions made in the financial statements with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities within the next financial year are discussed below: 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. Assessment of probability of contingent liabilities: Whether it is more likely than not that an outflow of economic resources will be required in respect of legal claims pending against the Company and its investees. See Note 14 regarding commitments and contingent liabilities Business combination: Fair value of assets and liabilities acquired in a business combination. See Note 6 regarding subsidiaries. C. 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. Change in Presentation Currency- Effective December 31, 2017, the Company changed its presentation currency from the United States dollar to the euro. The Company ceased using the U.S. dollar as its presentation currency to assist investors to evaluate its financial results as the Company’s functional currency is the euro and a substantial portion of its assets, revenues and liabilities is denominated in euro. Furthermore, the change reduced the impact of the volatility of the euro/USD exchange rate on the Company’s operating results. The consolidated financial statements for all prior years presented have been translated into euro. Assets and liabilities have been translated using period end exchange rates, equity transactions have been translated using the exchange rate in effect on the date of the specific transaction or the average exchange rate during the respective period, and revenues, expenses, gains, losses, and cash flow amounts have been translated into the presentation currency using the average exchange rate during the respective period. For the convenience of the reader, the reported euro figures as of December 31, 2018 and for the year then ended, are presented in dollars, translated at the representative rate of exchange as of December 31, 2018 (euro 0.873 = 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. D. 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. 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. 3. Investment in associates and joint ventures (equity accounted investees) (cont’d) 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. 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. E. 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. 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. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources that were not specifically capitalized. Other borrowing costs are expensed as incurred. 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: % Mainly % Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4 4 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 25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of 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. F. Financial instruments Non-derivative Financial assets – policy applicable as from January 1, 2018 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. 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 are transferred. 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. Non-derivative financial assets – policy applicable before January 1, 2018 Initial recognition and measurement of financial assets The Company initially recognizes loans and receivables and deposits on the date that they are created. All other financial assets acquired in a regular way purchase, 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, meaning on the date the Company undertook to purchase or sell the asset. Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, including service concession receivables and cash and cash equivalents. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or the Company transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are 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 The Company classifies its financial assets according to the following categories: Held-to-maturity investments If the Company has the positive intent and ability to hold debt securities to maturity, then such debt securities are classified as held-to-maturity. Held-to-maturity investments are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition held-to-maturity investments are measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets include debentures. Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Company manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy, providing that the designation is intended to prevent an accounting mismatch, or the asset is a combined instrument including an embedded derivative. Financial assets at fair value through profit or loss (cont'd) Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Financial assets designated at fair value through profit or loss also include equity investments that otherwise would have been classified as available for sale. Financial assets classified as held-for-trading comprise securities that are held to support the Company’s short-term liquidity needs. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise cash and cash equivalents, trade and other receivables, investments in non-marketable debentures and service concession receivables. Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents include short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or that are not classified in any of the previous categories. The Group’s investments in equity securities and certain debt securities are classified as available-for-sale financial assets. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, foreign currency differences and the accrual of effective interest on available-for-sale debt instruments, are recognized directly in other comprehensive income and presented within equity in a reserve for financial assets classified as available-for-sale. A dividend received in respect of available-for-sale financial assets is recognized in profit or loss on the date the entity’s right to receive the dividend is established. When an investment is derecognized, the cumulative gain or loss in the reserve for available-for-sale financial assets is transferred to profit or loss. 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. 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. 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 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 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Note 3 - Cash and Cash Equivalents December 31 2018 2017 € in thousands Cash 35,984 11,729 On Call deposits (*) 898 12,233 36,882 23,962 (*) The annual interest rate for deposits as of December 31, 2018 is 2.3% (1.5% as of December 31, 2017). The Company’s exposure to credit and currency risks is disclosed in Note 21. |
Restricted Cash, Deposits and M
Restricted Cash, Deposits and Marketable Securities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Restricted Cash, Deposits and Marketable Securities | Note 4 - Restricted Cash, Deposits and Marketable Securities December 31 2018 2017 € in thousands Marketable securities (1) 2,132 2,162 Short-term restricted cash (2) 4,653 15 Restricted marketable securities (3) - 3,250 Long-term restricted non-interest bearing bank deposits (4) 408 1,458 Restricted cash, long-term bank deposits (5) 1,654 2,202 Long-term restricted cash and deposits 2,062 3,660 (1) During 2017 and 2018, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. (2) Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. (3) Marketable securities securing the Company's Forward contracts. (4) Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel (5) Bank deposits used to secure obligations under loan agreements (see Note 11). |
Trade and Other Receivables and
Trade and Other Receivables and Assets | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables and Assets | December 31 2018 2017 € in thousands Current Assets - Other receivables: Government authorities 2,706 2,306 Income receivable 3,830 3,436 Interest receivable 6 153 Current tax 195 48 Current Maturities of loan to an equity accounted investee 415 3,165 Trade receivable 156 407 Forward contracts (1) 529 580 Loan to others (2) 3,500 - Prepaid expenses and other 1,286 550 12,623 10,645 Non-current Assets - Long term receivables: Advance tax payment 996 1,078 Forward contracts - 12 Annual rent deposits 27 30 Other 432 415 1,455 1,535 (1) The Company that (2) In November 2018, Talasol Solar S.L.U, which is promoting the construction of a photovoltaic plant with a peak capacity of 300 MW, provided an amount of €3,500 thousand to METKA EGN Limited, the EPC contractor, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. This amount will be repaid either out of the first payment to Metka under the EPC agreement or ten days after the deadline to provide a notice to proceed under the EPC agreement in the event such notice is not granted. We received a bank guarantee from Metka for the prepayment amount. |
Investee Companies and other in
Investee Companies and other investments | 12 Months Ended |
Dec. 31, 2018 | |
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. Dori Energy holds 18.75% of the share capital of Dorad Energy Ltd. ("Dorad"), which owns an approximate 850 MWp bi-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. In May 2016, the Company exercised an option to acquire additional share capital of Dori Energy. Following the exercise of this option, the Company’s holdings in Dori Energy increased from 49% to 50% and the Company’s indirect ownership of Dorad increased from 9.1875% to 9.375%. The aggregate amount paid by the Company in connection with the exercise of the second option amounted to approximately NIS 2,800 thousand (approximately € € As of December 31, 2018, subordinated shareholder loans granted by the Company to Dori Energy (including amounts extended in connection with the exercise of the first and second options) amount to approximately NIS 39,419 thousand (approximately €9,185 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, 2018 following a decrease of 0.4% that occurred in July 2018 as a result of an increase in Dorad’s rating). During July 2016, in connection with the repayment by Dorad of interest and principal on account of shareholders loans in the aggregate amount of approximately NIS 350,000 thousand (approximately € € € € During January and November 2018, in connection with the repayment by Dorad of interest and principal on account of shareholders loans in the aggregate amount of approximately NIS 80,000 thousand and NIS 110,000 thousand, respectively (approximately € € € € thousand € As of December 31, 2018, 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 and the Israel Natural Gas Lines Ltd. Total performance guarantees provided by Dorad amounted to approximately NIS 173,000 thousand (approximately € €3,780 On December 19, 2016, the Israeli Electricity Authority published a summary decision regarding “Electricity Rates for Customers of IEC in 2016” which in accordance the average production component was reduced by approximately 0.5% as from January 1, 2017 and remained in effect to the end of 2017. On January 15, 2018, the electricity rate has been changed. According to the decision the average production component increased by approximately 6% from January 15, 2018 and remained in effect to the end of 2018. On December 24, 2018, the Israeli Electricity Authority published its decision to increase the 2019 electricity rate by approximately 3% 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, 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 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, all together, the Defendants. 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 January 12, 2016, Dori Energy filed a motion to amend the Petition to add Ori Edelsburg (a director in Dorad) and affiliated companies as additional respondents, to remove Zorlu's representatives and to add several documents which were obtained by Dori Energy, after the Petition had been filed. At a hearing held on April 20, 2016, the request submitted in January 2016 to amend the Dori Energy Petition to add Ori Edelsburg (a director in Dorad) and affiliated companies as additional respondents was approved. On December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the two proceedings mentioned below will be arbitrated before Judge (retired) Hila Gerstel. Following the execution of the arbitration agreement, Dori Energy and Mr. Hemi Raphael requested the deletion of the proceeding and the request was approved. 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. on February 23, 2017 in which they repeated their claims included in the amended 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. During March 2017, the respondents filed two motions with the arbitrator as follows: (i) to instruct the plaintiffs to resubmit the statement of claim filed in connection with the arbitration proceedings in a form that will be identical to the form of the statement of claim submitted to the court, with the addition of the monetary demand only or, alternatively, to instruct that several sections and exhibits will be deleted from the statement of claim and (ii) to postpone the date for filing their responses by 45 days from the date the motion set forth under (i) is decided upon. The plaintiffs filed their objection to both motions and some of the respondents filed their responses to the objection. In April 2017, the arbitrator rejected the majority of the defendants’ motions that were filed in March 2017. 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 November 2017, Dori Energy and Mr. Raphael filed their responses to the defendants’ statements of defense and in December 2017, Dori Energy, Mr. Raphael and EAIS filed their statements of defense to the third party notices submitted by the defendants. In December 2017, Zorlu filed a request in connection with the Dori Energy statement of claim to the extent it is directed at board members serving on behalf of Zorlu and 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, to 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), (approximately €38 million), (approximately €21 million), In March 2018, Zorlu and Edelcom submitted requests to remove the arbitrator from her position. In April 2018 the other parties to the arbitration filed their responses (objections) to the said requests and responses were also submitted thereafter by Zorlu and Edelcom. In June 2018, the arbitrator rejected the requests for her removal from office. In July 2018, an arbitration meeting was held, in which the parties agreed to postpone the dates set for the arbitration process, and among other things, the dates for evidentiary hearings were set for March and April 2019. In addition, in July 2018, Edelcom and Zorlu submitted opening motions to the Tel Aviv District Court for the removal of the arbitrator from her position. In October 2018 a hearing was held in the Tel Aviv District Court and the court ruled to reject the opening motions and ordered that the parties should resume the arbitration proceedings. The parties are in the process of appointing a new arbitrator. In November 2018, Edelcom and Zorlu submitted requests to the Israeli Supreme Court for permission to file an appeal on the Tel Aviv District Court’s ruling. The requests in connection with the removal of the arbitrator from her position also relate to the other proceedings held before the arbitrator as set forth below. In November 2018, Zorlu submitted an agreed-upon request for approval of a procedural arrangement in connection with meeting dates and discovery process. In January 2019, Dori Energy, EAIS and Dori Energy’s representative on the Dorad board of directors filed their response to the request for permission to file an appeal submitted by Edelcom and Zorlu to the Israeli Supreme Court. On January 30, 2019, the arbitrator ruled to cancel the evidentiary hearings scheduled for March and April 2019 and determined that the parties are to immediately schedule new hearing dates. Following requests submitted by Zorlu and the Edelsburg Group in connection with discovery on behalf of Dori Energy and EAIS, on January 23, 2019 the parties filed a notice of an agreed-upon process in the matter pursuant to which Dori Energy and EAIS will submit updated discovery on January 24, 2019. In February 2019, the Edelsburg Group submitted a request to delete sections of EAIS’ response and EAIS and Dori Energy submitted a request to remove redactions from discovery. On February 12, 2019, the Israeli Supreme Court ruled by a majority ruling that the appeal submitted should be accepted by removing the arbitrator from her position and determined that the respondents in the proceedings will pay expenses to Zorlu in the amount of NIS 10,000 (approximately €2,430). The said motions to remove of the arbitrator from her position also relate to the additional proceedings further described below held in front of the same arbitrator. 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 early 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 Ltd., which holds 18.75% of Dorad (“Edelcom”), 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. The Company estimates (after consulting with legal counsel), that at this early stage it is not yet possible to assess the outcome of the proceeding. As noted above, on December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the proceeding mentioned above and below will be arbitrated before Judge (retired) Hila Gerstel and the proceeding before the court was deleted. On February 23, 2017, Edelcom submitted the petition to approve the derivative claim to the arbitrator. For more information see above. Statement of Claim filed by Edelcom In July 2016, Edelcom filed a statement of claim (the “Edelcom Claim”), with the Tel Aviv District Court against Dori Energy, Ellomay Energy, the Luzon Group, Dorad and the other shareholders of Dorad. In the Edelcom Claim, Edelcom contends that a certain section of the shareholders agreement among Dorad’s shareholders (“the Dorad SHA”), contains several mistakes and does not correctly reflect the agreement of the parties. Edelcom claims that these purported mistakes were used in bad faith by the Luzon Group, Ellomay Energy and Dori Energy during 2010 in connection with the issuance of Dori Energy’s shares to Ellomay Energy and that, in effect, such issuance was allegedly in breach of the restriction placed on Dorad’s shares and the right of first refusal granted to Dorad’s shareholders in the Dorad SHA. The Edelcom Claim requests the court to: (i) issue an order compelling the Luzon Group, Ellomay and Dori Energy to act in accordance with the right of first refusal mechanism included in the Dorad SHA and to offer to the other shareholders of Dorad, including Edelcom, a right of first refusal in connection with 50% of Dori Energy’s shares (which are currently held by Ellomay Energy, a wholly-owned subsidiary of the Company), under the same terms agreed upon by the Luzon Group, Ellomay Energy and Dori Energy in 2010, (ii) issue an order instructing Dorad to delay all payment due to Dori Energy as a shareholder of Dorad, including dividends or repayment of shareholders’ loans, for a period as set forth in the Edelcom Claim, (iii) issue an order instructing Dorad to remove Dori Energy’s representative from Dorad’s board of directors (currently Mr. Hemi Raphael, who also serves on the Company’s Board) and to prohibit his presence and voting at the Dorad board of directors’ meetings, for a period as set forth in the Edelcom Claim, and (iv) grant any other orders as the court may deem appropriate under the circumstances. As noted above, on December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the two proceeding mentioned above, will be arbitrated before Judge (retired) Hila Gerstel and the proceeding before the court was deleted. On February 23, 2017, Edelcom submitted the statement of claim to the arbitrator. For more information see above. The Company estimates (after consulting with legal counsel), that at this early stage it is not yet possible to assess the outcome of the proceeding. Opening Motion filed by Edelcom On December 8, 2016, Edelcom filed an opening motion with the Economic Department of the Tel Aviv-Yaffo District Court against the Luzon Group, Dori Energy and Dorad (“the Opening Motion”). The Opening Motion was filed shortly after the publication in Israel of a prospectus by the Luzon Group for the issuance of debentures to the Israeli public, proposed to be secured, among other securities, by a pledge on Dori Energy’s shares that are held by the Luzon Group (representing a 50% ownership percentage in Dori Energy, with us, indirectly, holding the remaining 50%). In the Opening Motion, Edelcom requests the court to declare that: (a) the creation of a lien on Dori Energy’s shares held by the Luzon Group triggers the right of first refusal mechanism included in the Dorad SHA, (b) that the Luzon Group and/or Dori Energy are obligated to act in accordance with such right of first refusal and enable the shareholders of Dorad to acquire all of Luzon Group’s holdings in Dori Energy or, indirectly, in Dorad, for a consideration of NIS 70 million less the value of other securities provided to the debenture holders or, alternatively, for an amount to be determined by an economic expert appointed by the court, and (c) to determine that Edelcom’s notice of exercise of its right of first refusal, obligates the Luzon Group and/or Dori Energy. During January 2017, Edelcom filed a request to amend the Opening Motion to request the court to also examine the issuance of shares of Dori Energy to Ellomay Energy in 2010 as, based on Edelcom’s position, the pledging of Dori Energy’s shares by the Luzon Group finalized the disposition of all of the Luzon Group’s shares in Dori Energy to third parties and therefore Edelcom claims that the right of first refusal included in the Dorad SHA is available to Edelcom. During January 2017 the Luzon Group filed its response to the Opening Motion and a request to schedule an urgent hearing. Thereafter, the Luzon Group filed its objection to Edelcom’s request to amend the Opening Motion claiming that Edelcom did not disclose the relevant sections of the Dorad SHA and the request to amend the Opening Motion does not comply with the applicable law regarding amending court claims. During January 2017, after the Luzon Group amended its prospectus to reflect the issuance of unsecured debentures, Edelcom filed a motion to stop the Opening Motion as Edelcom claimed it was no longer relevant. The Luzon Group requested the court to either rule that Edelcom’s request to stop the Opening Motion permits the creation of the lien on the Luzon Group’s shares of Dori Energy or, to the extent Edelcom has not changed its claims, the request to stop the Opening Motion should be rejected and the case ruled on by the court as soon as possible in order to enable the Luzon Group to provide a pledge on its shares of Dori Energy to its debenture holders. In February 2017, Edelcom filed its response to the Luzon Group’s request noting that the Luzon Group’s position is not possible as the Luzon Group undertook not to pledge Dori Energy shares until the Opening Motion is decided on and on the other hand the Luzon Group claims that there is still an undertaking to provide the pledge. The trustee of the debentures issued by the Luzon Group notified the court that it does not have a position in the matter. During March 2017 a hearing was held and it was decided that the Luzon Group will file during March 2017 an opening motion on its behalf and such opening motion was filed by the Luzon Group. A hearing was scheduled for May 2017. Based on its review of the Opening Motion and related documents, the Company estimates that the chances of the court dismissing the Opening Motion filed by Edelcom are higher than the chances of the court granting the relief requested in such Opening Motion. On January 5, 2017, Ellomay Energy LP filed a request to join the proceeding as the outcome of the Opening Motion may materially affect its rights. The court approved Ellomay Energy LP’s request. In March 2017, the Luzon Group filed an opening motion on its behalf requesting that the court rule on the issues raised in the Opening Motion. On August 31, 2017, the court ruled that a pledge on Dori Energy's shares held by the Luzon Group as contemplated by the Luzon Group in its prospectus governing the debentures issued by the Luzon Group does not trigger a right of first refusal to any of Dorad's shareholders. The Court further determined that Edelcom will pay legal expenses to the Luzon Group and the other parties to the proceeding. The Luzon Group noted in its filing with the Israel Securities Authority that subject to the ruling becoming final and the passing of the appeal period on this ruling, its conditional undertaking to provide a pledge on its Dori Energy shares will become effective. On October 26, 2017, Edelcom filed an appeal with respect to the ruling of the Israeli District Court with the Israeli Supreme Court. In February 2018, following the filing by the various parties of their claims and responses, a hearing was held in the Israeli Supreme Court and Edelcom withdrew the appeal and it was dismissed. In February 2018, a pledge was registered on the Luzon Group’s rights in, and shares of, Dori Energy for the benefit of the Luzon Group’s series H debentures. Composition of the investments December 31 2018 2017 € in thousands Investment in shares 19,641 18,515 Long-term loans 8,774 9,860 Deferred interest (669 ) (720 ) 27,746 27,655 Current Maturities of the long-term loans 415 3,165 28,161 30,820 Changes in investments 2018 2017 Changes in equity and loans: € in thousands Balance as at January 1 30,820 30,509 Repayment of long term loans (4,576 ) (407 ) Interest on long term loans 1,079 1,104 Deferred interest 52 54 Elimination of interest on loan from related party (1,130 ) (1,158 ) The Company’s share of income 2,545 1,531 Foreign currency translation adjustments (629 ) (813 ) Balance as at December 31 28,161 30,820 Summary financial data for investees, not adjusted for the percentage ownership held by the Company (a) Summary information on financial position Equity Rate of Current Non-current Total Current Non- current Total attributable to the owners of the Company’s Surplus Costs and Other Carrying Amount of ownership Assets assets assets liabilities liabilities liabilities Company share goodwill Adjustments investment % € in thousands 2018 Dori Energy 50 1,154 49,629 50,783 (204 ) (18,005 ) (18,209 ) 32,574 16,287 3,376 (22 ) 19,641 2017 Dori Energy 50 8,013 47,959 55,972 (51 ) (26,006 ) (26,057 ) 29,915 14,958 3,925 (367 ) 18,515 (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 2018 Dori Energy 50 3,668 1,834 1,130 (419 ) 2,545 2017 Dori Energy 50 1,751 876 1,158 (503 ) 1,531 B. Pumped Storage Projects Loan to PSP Gilboa and Related Receivables On July 17, 2013, the Company entered into a loan agreement with A.R.Z. Electricity Ltd. ("A.R.Z. Electricity") that owns, among its other holdings, 24% of the pumped storage project in the Gilboa, Israel ("PSP Gilboa") pursuant to which an amount of approximately NIS 770 thousand ( € € € € € Pumped-storage project in the Manara Cliff in Israel (“Manara PSP”)- 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. and the Galilee Development Cooperative Ltd., an Israeli cooperative (“Ortam”). 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 precedent. 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 severallyliable to all the monetary obligations under these agreements. As of December 31, 2018, the Company paid an amount of approximately NIS 3,400 thousand (approximately €798 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 NIS 39,800 9,300 In August 2016, Ellomay Pumped Storage (2014) Ltd. (“Ellomay PS”), the Company’s 75% owned subsidiary, received a conditional license for the Manara PSP (the “Conditional License”) from the Israeli Minister of Energy (the “Minister”). The Conditional License initially regulated 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 Conditional License 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, subject to compliance by Ellomay PS with the milestones set forth therein and subject to the other provisions set forth therein (including a financial closing, the provision of guarantees and the construction of the pumped storage hydro power plant). In September 2016, Ellomay PS filed a petition (the “First Petition”), with the Israeli High Court of Justice against the Minister, the Israeli Electricity Authority and Kochav Pumped Storage Ltd. (“ Among its claims, Ellomay PS claimed that as the quota for pumped storage projects in Israel is 800 MW, and there is one 300 MW project that has been allocated a portion of such quota, the extension approved by the Israeli Electricity Authority could irreparably harm Ellomay PS’s chances of securing a portion of the quota. In January 2017, the Israeli High Court of Justice dismissed the Petition. On March 3, 2017, Ellomay PS filed another petition, or the Second Petition, with the Israeli High Court of Justice against the Minister, the Electricity Authority and Kochav PS. Ellomay PS has also filed concurrently with the Second Petition, a motion for an interim relief, which would prevent the Minister and the Israeli Electricity Authority from granting Kochav PS any approval in connection with its compliance with any milestones stipulated in its conditional license. The Second Petition was filed in connection with the decision of the Israeli Electricity Authority, dated February 20, 2017, to extend the following milestones deadlines stipulated in Kochav PS’s conditional license: (i) financial closing milestone deadline; and (ii) construction period for Kochav PS’s project. The Minister and the Israeli Electricity Authority claimed, amongst other claims, that the motion should be dismissed, as should the Second Petition. In May 2017, the Israeli High Court of Justice dismissed the Second Petition. In June 2017, the court accepted a motion filed by Kochav PS requesting that the court maintain the NIS 2 million guarantee that was provided by Ellomay PS, due to costs and alleged damages incurred by Kochav PS, and costs incurred by the governmental authorities, and ruled that the guarantee will be maintained by the Court for a period of three months pending a filing of a claim for damages by Kochav Hayarden. According to the ruling, in case a claim will not be filed by Kochav PS within the said three months, the guarantee will be returned to Ellomay PS. On December 27, 2017, Kochav PS filed a statement of claim against Ellomay PS with the Tel Aviv – Jaffa Magistrate Court claiming damages allegedly caused due to delays in connection with the Second Petition. Kochav PS claims damages in an aggregate amount of approximately NIS 4.2 million (approximately €1.02 million). Kochav Hayarden claims damages in an aggregate amount of approximately NIS 4,238 thousand (approximately €1,020 thousand). On March 18, 2018 the Court ordered Kochav PS to submit a Letter of Commitment. In April 2018 Ellomay PS submitted a statement of defense and in August 2018 Kochav PS submitted a plea. In addition, the parties reached an arrangement whereby the NIS 2 million guarantee will be returned to Ellomay PS and the shareholders of Ellomay PS provided a commitement to pay Kochav PS any amount ordered by the Court to be paid by Ellomay PS up to an amount of NIS 1,900 thousand (approximately €443 thousand). Since the claim is in its early stages, at this point it is not possible to assess its chances. On December 4, 2017, the Israeli Electricity Authority announced the reduction of the capacity stipulated in the Conditional License issued to Ellomay PS from 340 MW to 156 MW. The reduced capacity is based on the remaining capacity in the quota determined by the Israeli Electricity Authority after deducting the capacity already allocated to two projects that are in more advanced stages than the Manara PSP. The Israeli Electricity Authority also announced the extension by an aggregate period of six months of the deadline for producing a connection survey in both conditional licenses. In its decision, the Israeli Electricity Authority noted that in the event one of the holders of the conditional licenses reaches financial closing, the Israeli Electricity Authority will commence the process of revoking the other conditional licenses for projects that have not yet reached financial closing. The Company expects to continue promoting the Manara PSP but may, for various reasons including changes in the applicable regulation and adverse economic conditions, resolve not to continue the |
Fixed assets
Fixed assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Fixed assets | Note 7 - Fixed assets Office Photovoltaic Biogas furniture and Leasehold Plants installations equipment Improvements Total € in thousands Cost Balance as at January 1, 2017 87,921 5,081 117 52 93,171 Additions 1 10,076 4 - 10,081 Balance as at December 31, 2017 87,922 15,157 121 52 103,252 Balance as at January 1, 2018 87,922 15,157 121 52 103,252 Additions *10,367 3,499 17 - 13,883 Balance as at December 31, 2018 98,289 18,656 138 52 117,135 Depreciation Balance as at January 1, 2017 19,758 - 87 52 19,897 Depreciation for the year 4,396 111 11 - 4,518 Balance as at December 31, 2017 24,154 111 98 52 24,415 Balance as at January 1, 2018 24,154 111 98 52 24,415 Depreciation for the year 4, 396 1,081 23 - 5, 500 Balance as at December 31, 2018 28, 550 1,192 121 52 29,915 Carrying amounts As at January 1, 2017 68,163 5,081 30 - 73,274 As at December 31, 2017 63,768 15,046 23 - 78,837 As at December 31, 2018 69, 739 17,464 17 - 87, 220 *See note 6C Investment in Photovoltaic Plants Since March 4, 2010, the Company acquired seventeen photovoltaic plants located in Italy, Spain and Israel (see Note 6D). In addition, the Company’s subsidiary, Talasol, is promoting the Talasol Project (see Note 6C 2). In connection with the Company's PV Plants and the Talasol Project, the Company recorded as of December 31, 2018, fixed assets at an aggregate value of approximately € 396 Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2018: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2018 € in thousands “Troia 8” 995.67 kWp January 2011 3,502 “Troia 9” 995.67 kWp January 2011 3,478 “Del Bianco” 734.40 kWp April 2011 2,096 “Costantini” 734.40 kWp April 2011 2,115 “Giaché” 730.01 kWp April 2011 2,767 “Massaccesi” 749.7 kWp April 2011 2,750 “Galatina” 994.43 kWp May 2011 4,131 “Pedale 2,993 kWp May 2011 11,254 “Acquafresca” 947.6 kWp June 2011 3,165 “D‘Angella” 930.5 kWp June 2011 3,119 “Soleco” 5,924 kWp August 2011 15,335 “Technoenergy” 5,900 kWp August 2011 15,196 “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 - 10,367 Investment in Biogas Installations In connection with the Company's Biogas Installations (see Note 6C 1), the Company recorded as of December 31, 2018, fixed assets at an aggregate value of approximately € 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 useful lives of the assets. During the year ended December 31, 2018, the Company had recorded depreciation expenses with respect to its Biogas Installations in the Netherlands of approximately €1,081 thousand. Capitalized borrowing costs In the reporting period borrowing costs in the amount of €81 thousand were capitalized to qualifying assets. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Other Payables [Abstract] | |
Other Payables | Note 8 - Other Payables December 31 2018 2017 € in thousands Employees and payroll accruals 111 241 Government authorities 185 227 SWAP and forward related balances 365 121 Accrued expenses 2, 316 1,414 Current tax 126 184 3, 103 2,187 |
Current maturities of long term
Current maturities of long term loans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of current maturities of long term loans [Abstract] | |
Current maturities of long term loans | Note 9 - Current maturities of long term loans Composed as follows: Linkage Interest rate December 31 December 31 terms 2017 and 2018 2018 2017 % € in thousands Current maturities of long term EURIBOR 1.6-3.5 4,405 1,648 loans (refer to Notes 10 and 11) Consumer price index in Israel 4.65 1,459 1,455 5,864 3,103 |
Finance Lease Obligation
Finance Lease Obligation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance lease and operating lease by lessee [abstract] | |
Finance Lease Obligation | Note 10 – Finance Lease Obligation Composed as follows: Linkage Interest rate December 31 December 31 Terms 2017 and 2018 2018 2017 % € in thousands Leasing institution EURIBOR 3.5 - 4,020 Current maturities - 330 Leasing institution-long term - 3,690 1. On December 31, 2010, two wholly-owned Italian subsidiaries of the Company entered into financial leasing agreements, (the “Leasing Agreements”) in the amount of €3,000 thousand each (€6,000 thousand in total) for the financing of the subsidiaries, with a nominal annual interest rate of 3.43%. The Company is required to make monthly payments in the amount of €20 thousand each, commencing 210 days after issuance, for the duration of the Leasing Agreements (17 years) which are linked to the 3 months EURIBOR. As of December 31, 2011, the first two drawdowns under the Leasing Agreements were received in the aggregate amount of approximately €5 million net of expenses capitalized in the amount of approximately €1.142 million comprised mainly of Cadastral tax and VAT paid in connection with the Leasing Agreements. In March 2012, the final drawdown under the Leasing Agreements was received in the amount of approximately €818.5 thousand. 2. On May 17, 2018, five of the Company’s Italian subsidiaries (together, hereinafter – the “Subsidiaries”) entered into a €35.9 million project finance Facility Agreement (the “Facility Agreement”). The €35.9 million principal amount is divided into: (i) five term loan facilities, one for each Subsidiary, which are to be used to refinance the existing financing of the subsidiaries including the finance lease obligation and for general purposes of the Subsidiaries, in the aggregate amount of €33.7 million with terms ending in May 2028, and (ii) five revolving facilities, one for each Subsidiary, aimed to cover financial needs for the debt service coverage in case of a liquidity shortfall of the Subsidiaries, in the aggregate amount of €2.2 million with terms ending in November 2027. The Company repaid the entire finance lease obligation under the Leasing Agreements on that date. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Long-term Loans | Note 11 - Loans A. Loans details Composed as follows: Linkage Interest December 31 2018 term % € in thousands Bank loans EURIBOR 1.6-3 42,545 Consumer price index in Israel 4.65 18,843 Other long-term loans 2.5-5 4,704 66,092 Linkage Interest December 31 2017 term % € in thousands Bank loans EURIBOR 1.6-3 19,661 Consumer price index in Israel 4.65 20,820 Other long-term loans 2.5-5 4,383 44,864 1. On February 17, 2011, one of the Company's Italian subsidiaries entered into a project finance facilities credit agreement (the “Finance Agreement”) with an Italian bank (Centrobanca – Banca di Credito Finanziario e Mobiliare S.p.A., acquired by UBI in 2013). Pursuant to the Finance Agreement a Senior Loan was provided with respect to the costs of construction of the relevant PV Plants (Del Bianco and Costantini) (up to 80% of the relevant amount), in the amount of €4.1 million, accruing interest at the EURIBOR rate, increased by a margin of 200 basis points per annum, to be repaid in six-monthly installments with a maturity date of December 31, 2027. On November 30, 2011, an amount of approximately €3.8 million was drawn down on account of this Senior Loan. Related expenses capitalized to the loan comprised mainly of related notary fee and bank charges amount to The Finance Agreement also requires the payment of commitment fees equal to 0.5% per annum calculated on the undrawn and un-cancelled amount of both the Senior Loan and the VAT Line and certain additional payments, including an arranging fee and annual agency fee. The Company's Italian subsidiary undertook to comply with the following financial covenants verified at each repayment date starting from the first installment of the Senior Loan and up to the final redemption date: DSCR (Debt Rate Cover Ratio): equal or greater than 1.25:1; LLCR (Loan Life Coverage Ratio): equal or greater than 1.25:1; and Debt/Equity: equal or less than 80:20. As of December 31, 2018, the financial covenants were met. 2. On June 29, 2015, the Company entered into a loan agreement with UBI Banca S.c.p.a., in connection with the financing of one of its PV Plants, pursuant to which the Company received financing amounting to approximately €10,271 thousand, net of expenses capitalized in the amount of approximately €409 thousand bearing an interest at the Euribor 6 month rate plus 2.85% per annum. The interest on the loan and the principal are to be repaid semi-annually. The final maturity date of this loan is December 31, 2029. Draw down of the loan occurred in September 2015. Following the entry into the Facility Agreement as set forth in Note 10, the Company repaid the entire loan. 3. The Company's 75% owned Israeli subsidiary promoting the Manara PSP, entered into a loan agreement with the owner of the remaining 25% of its outstanding shares, Sheva Mizrakot Ltd. 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. The maturity date of this loan is December 31, 2022. As of December 31, 2018, the amount of the loan is € 930 thousand. 4. Groen Goor, Independent Power Plant B.V. (“IPP”) (the entity that holds the permits and subsidies in connection with the Goor Project and is wholly-owned by Groen Goor), Ludan, 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. Groen Gas Oude Tonge, Groen Gas Oude-Tonge Holding B.V. (the entity that holds the permits and subsidies in connection with the Oude Tonge Project and is wholly-owned by Groen Gas Oude Tonge), Ludan, 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. As of December 31, 2018, an amount of €4,850 thousand was withdrawn on account of these loans. In connection with the Oude Tonge 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 Gas Oude Tonge and Groen Gas Oude Tonge Holding B.V.; (iii) all rights/claims of Groen Gas Oude Tonge and Groen Gas Oude Tonge Holding B.V. against third parties existing at the time of the execution of the Loan Agreement, including rights from insurance agreements. In connection with the Loan Agreements, Ludan and Ellomay Luxemburg, the Company wholly-owned subsidiary: (i) provided the following undertakings to Rabobank: (a) that Groen Goor and Groen Gas Oude Tonge 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 oweners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including oweners 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 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 and (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 and Ludan in the favor of Rabobank. As of December 31, 2018, the financial covenants were met. Shortages in liquidity as a result of exceeding the construction budget and/or extension of start-up costs of the Goor Project and the Oude Tonge Project shall be provided by Ludan and Ellomay Luxembourg and not financed by Rabobank. In addition, the Company provided a guarantee to Rabobank for the fulfillment of Ellomay Luxemburg’s undertakings set forth above. 5. 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. During 2013, in accordance with the millstones set on the loan agreement, an aggregate amount of NIS 60,000 thousand was withdrawn on account of such loan agreement. During 2014, an additional aggregate amount of NIS 20,000 thousand was withdrawn. 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 interest on the loan and the principal are repaid semi-annually. The final maturity date of this loan is June 30, 2028. 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, 2018, the financial covenants were met. 6. On May 17, 2018, five of the Company’s Italian subsidiaries (together, hereinafter – the “Subsidiaries”) entered into a €35.9 million project finance Facility Agreement (the “Facility Agreement”). The €35.9 million principal amount is divided into: (i) five term loan facilities, one for each Subsidiary, which are to be used to refinance the existing financing of the subsidiaries and for general purposes of the Subsidiaries, in the aggregate amount of €33.7 million with terms ending in May 2028, and (ii) five revolving facilities, one for each Subsidiary, aimed to cover financial needs for the debt service coverage in case of a liquidity shortfall of the Subsidiaries, in the aggregate amount of €2.2 million with terms ending in November 2027. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 185 basis points. The Facility Agreement includes customary terms, including requirements to maintain financial ratios, various securities provided by the Subsidiaries and a pledge on the shares of the Subsidiaries and subordination agreement provided by Ellomay Luxemburg, the Company’s wholly-owned subsidiary and the parent company of the Subsidiaries. The Facility Agreement provides for a cross-collateralization mechanism among the Subsidiaries, whereby each Subsidiary shall guarantee each other’s obligations under the Facility Agreement and the other finance documents for a maximum guaranteed amount up to 180% of the relevant Subsidiary’s loan facility. In addition, the Company provided guarantees in connection with specific exposures, one in the amount of approximately €1.8 million (an amount that is gradually reduced to zero on January 1 of each of the years 2019-2021) and the second in amounts ranging between approximately €1.0 million up to a maximum of €1.5 million through the date the loans under the Facility Agreement are repaid in full. In connection with the Facility Agreement, on May 29, 2018, the Subsidiaries entered into interest swap agreements effective from the first repayment date of June 2018 for an amount of approximately €25 million equal to 75% of the overall amount of the term loan facilities (with a decreasing notional principal amount based on the amortization table) until May 2028, replacing the Euribor 6 month rate with a fixed interest rate of 0.71%, resulting in a fixed annual interest rate of 2.56%. B. The aggregate annual maturities are as follows: December 31 December 31 2018 2017 € in thousands Second year 6,069 3,403 Third year 5,847 3,584 Fourth year 6,040 3,712 Fifth year 6,163 3,795 Sixth year and thereafter 36,109 27,597 Long-term loans 60,228 42,091 Current maturities 5,864 2,773 66,092 44,864 C. In order to minimize the interest-rate risk resulting from liabilities to banks and financing institutions in Italy linked to the Euribor, the Company executed swap transactions. See Note 21. D. Movement in liabilities deriving from financing activities Liabilities Loans and Convertible Finance lease Note borrowings debentures liability Total € in thousands Balance as at January 1, 2018 44,864 57,631 4,020 106,515 Changes from financing cash flows Payment of Debentures 12 - (4,668 ) - (4,668 ) Receipt of loans 10,11 34,745 - - 34,745 Repayment of loans 10,11 (13,593 ) - - (13,593 ) Accrued interest 10,11 180 - - 180 Payment of finance lease liability 10 - - (4,226 ) (4,226 ) Transaction costs related to borrowings 606 250 206 1,062 Total net financing cash flows 66,802 53,213 - 120,015 Effect of changes in foreign exchange rates (710 ) (1,870 ) - (2,580 ) Balance as at December 31, 2018 66,092 51,343 - 117,435 |
Debentures
Debentures | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of debentures [Abstract] | |
Debentures | Note 12 - Debentures A. Composed as follows: December 31, 2018 December 31, 2017 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 52,056 51,343 58,623 57,631 Less current maturities 8,975 8,758 4,825 4,644 Total long-term debentures 43,081 42,585 53,798 52,987 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 at a price of NIS 973 per unit (each unit comprised of NIS 1,000 principal amount of Series A Debentures). 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 are traded on the TASE (Tel Aviv Stock Exchange) and have been rated ilA-, on a local scale, by Standard & Poor’s Maalot Ltd in 2016 (such rating was updated on November 13, 2017 to ilBBB). The Series A Debentures bear fixed interest at the rate of 4.6% per year and are not linked to the Israeli CPI or otherwise. The Series A Deed of Trust includes customary provisions and also includes the following: (i) a negative pledge such that the Company may not place a floating charge on all of its assets, subject to certain exceptions, and (ii) an obligation to pay additional interest for certain security rating downgrades, up to an increase of 1% for a decrease of four rating levels compared to the rating at the time of issuance of the Series A Debentures. The Series A Deed of Trust further includes a number of customary causes for immediate repayment, including a default in connection with certain financial covenants for two consecutive financial quarters, which is not cured within the cure period set forth in the Series A Deed of Trust. The financial covenants are as follows: 1. The Company’s equity, on a consolidated basis, shall not be less than $55 million; 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 project finance, including hedging transactions in connection with such project finance, of our subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity, on a consolidated basis, plus the Net Financial Debt, shall not exceed a rate of 65%; and 3. The ratio of (a) the Company’s equity, on a consolidated basis, to (b) the Company’s balance sheet, on a consolidated basis, shall not be less than a rate of 20%. The Series A Deed of Trust further provides that the Company may make distributions (as such term is defined in the Companies Law, e.g. dividends), to shareholders, provided that: (a) the Company’s equity following such distribution will not be less than $75 million, (b) the Company shall meet the financial covenants set forth above prior to and following the distribution, (c) the Company will not distribute more than 75% of the distributable profit and (d) 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). As of December 31, 2018, the financial covenants were met. 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 123,232,000 (approximately €31.7 million based on the euro/NIS exchange rate at that time). The gross proceeds of the offering were NIS 123,232,000 and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions (partially paid in 2016), were approximately NIS 121.4 million (approximately €31.2 million). The Series B Debentures originally bore a fixed annual interest rate of 3.44% and are not linked to the Israeli CPI or otherwise. On November 13, 2017 Standard & Poors Maalot Ltd. updated the rating of the Company and of the Company's Series A and Series B Nonconvertible Debentures traded on the Tel Aviv Stock Exchange from "ilA-" to "ilBBB+". Pursuant to the terms of the Company's Series B Debentures, this rating downgrade triggered an increase of 0.25% in the annual interest rate payable on the principal of these Debentures on November 14, 2017. The annual interest rate payable on the principal of the Company's Series A Debentures will remain unchanged. 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 interest on the Series B Debentures is payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). The Series B Deed of Trust includes customary provisions and also includes the following: (i) a negative pledge such that we may not place a floating charge on all of our assets, subject to certain exceptions, (ii) an obligation to pay additional interest for certain security rating downgrades, up to an increase of 1% for a decrease of four rating levels compared to the rating at the time of issuance of the Series B Debentures and (iii) an obligation to pay additional interest for failure to maintain certain financial covenants, up to an increase of 1% (with a cap on the combined increase in interest due to security rating downgrades and failure to meet financial covenants of 1.75%). The Series B Deed of Trust does not restrict our ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series B Debentures subject to maintaining the rating assigned to the Series B Debentures and to our continued compliance with the financial covenants included in the Series B Deed of Trust and provided that we are not in default of any of the immediate repayment provisions included in the Series B Deed of Trust or in material default of our obligations to the holders of the Series B Debentures pursuant to the terms of the Series B Deed of Trust. The Series B Deed of Trust further includes a number of customary causes for immediate repayment, including a default in connection with certain financial covenants for two consecutive financial quarters. The financial covenants are as follows: 1. The Company’s equity, on a consolidated basis, shall not be less than $55 million; 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 our subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity, on a consolidated basis, plus the Net Financial Debt: a. Until and including the financial results for June 30, 2018 – shall not exceed the rate of 65% for purposes of the immediate repayment provision and shall not exceed the rate of 60% for purposes of the interest increase provision (due to failure to meet financial covenants as noted above); and b. Commencing from the financial results for September 30, 2018 – shall not exceed the rate of 60% for purposes of the immediate repayment provision and shall not exceed the rate of 55% for purposes of the interest increase provision; and 3. The ratio of (a) the Company’s equity, on a consolidated basis, to (b) the Company’s balance sheet, on a consolidated basis: c. Until and including the financial results for June 30, 2018 – shall not be less than a rate of 20% for purposes of the immediate repayment provision and shall not be less than a rate of 25% for purposes of the interest increase provision; and d. Commencing from the financial results for September 30, 2018 – shall not be less than a rate of 25% for purposes of the immediate repayment provision and shall not be less than a rate of 30% for purposes of the interest increase provision. The Series B Deed of Trust includes similar conditions to our ability to make distributions (as such term is defined in the Companies Law, e.g. dividends), to our shareholders as are included in the Series A Deed of Trust and set forth above. As of December 31, 2018, the financial covenants were met. 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 (approximately €19,394 thousand, based on the NIS/euro exchange rate as at December 31, 2018) with a euro notional principal (currency swap transactions). Such currency swap transactions qualify for hedge accounting. C. The aggregate annual maturities are as follows: December 31 December 31 2018 2017 € in thousands Second year 8,789 8,977 Third year 8,833 9,084 Fourth year 8,874 9,129 Fifth year 10,354 9,171 Sixth year and thereafter 5,735 16,626 Long-term loans 42,585 52,987 Current maturities 8,758 4,644 51,343 57,631 |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other long-term liabilities [Abstract] | |
Other Long-term Liabilities | Note 13 - Other Long-term Liabilities December 31 December 31 2018 2017 € in thousands Government authorities 209 239 Derivatives 3,362 4,312 Forward contracts (1) 1,730 - Liabilities for employees benefits 19 4 5,320 4,555 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €1,730 thousand (approximately $1,982) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and Contingent Liabilities | Note 14 - Commitments and Contingent Liabilities A. Lease commitments The PV Plants are constructed on land leased for 20-25 years under operating lease agreements, which expire on various dates, ranging from 2031 to 2036. In respect to several of the leases the Company has the option to extend the lease for different terms, the latest of which is until 2051. The Company leases its office space under an operating lease that expires in September 2020. The following table summarizes the minimum annual rental commitments as of the periods indicated under the non-cancelable operating leases and sub-lease arrangements with initial or remaining terms of more than one year, reflecting the terms that were in effect as of December 31, 2018: Operating lease € in thousands Year ended December 31 2019 427 2020 408 2021 352 2022 352 2023 and thereafter 3,988 Total minimum lease payments 5,527 B. Legal proceedings: Other than described elsewhere in these financial statements, there are no additional material legal proceedings that require further disclosure. C. Pledges: The Company placed the following first ranking unlimited pledges and provided the following undertakings to secure its credit facilities: · A fixed pledge and mortgage on the Company's holdings of Ellomay Clean Energy, Limited Partnership, the holdings of such partnership in U. Dori Energy Infrastructures Ltd. and the holdings of the Company in the general partner of said partnership, Ellomay Clean Energy Ltd as well as on the rights (including shareholders loans) of said general partner in and/or towards the partnership. · A fixed pledge on Ellomay Clean Energy, Limited Partnership and Ellomay Clean Energy Ltd.'s bank accounts. · A floating lien on Ellomay Clean Energy Ltd.'s rights, assets, registered and non-issued capital and goodwill. |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
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") 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 "Management Agreement"). According to the Management Agreement, Kanir and Meisaf, through their employees, officers and directors, provide assistance to the Company in all aspects of the new operations process, including but not limited to, any activities to be conducted in connection with identification and evaluation of the business opportunities, the negotiations and the integration and management of any new operations and including discussions with the Company's management to assist and advise them on such matters and on any matters concerning the Company's affairs and business. In consideration of the performance of the management services and the board services pursuant to the Management Agreement, the Company initially agreed to pay Kanir and Meisaf an aggregate annual management services fee in the amount of $250 thousand. This annual amount was increased to $400 thousand in June 2013 (approximately €349 thousand, based on the NIS/euro exchange rate as at December 31, 2018) following approval by the Audit Committee, Compensation Committee, Board of Directors and by the Company's shareholders at the shareholders' meeting held in June 2013. The current term of the Management Agreement is until June 17, 2019. 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 participate in the Company’s share option programs. For further information see Note 16 regarding share-based payments. Compensation to key management personnel and interested parties that are employed by the Company: Year ended December 31 2018 2017 2016 Number of Number of Number of People Amount People (**) Amount people Amount € thousands € thousands € thousands Short-term employee Benefits 2 371 2 377 2 368 Post-employment Benefits 2 48 2 57 2 89 Share-based payments 2 - 2 - 2 * * Less than €1 thousand ** Including retired employees that were not employed throughout the entire year Compensation to key management personnel (including directors but excluding compensation paid under the Management Agreement) that are not employed by the Company: Year ended December 31 2018 2017 2016 Number of Number of Number of people Amount people Amount People (**) Amount € thousands € thousands € thousands Total compensation to directors not employed by the Company 3 49 3 35 3 63 share-based payments 3 5 3 14 3 3 * Less than €1 thousand ** Including Board members that did not serve throughout the entire year C. Debts and loans to related and interested parties Interest income recognized in statement of The terms of the loan Balance as at December 31 income for the year ended December 31 Interest Linkage rate base 2018 2017 2018 2017 2016 % € thousands Dori Energy 8.1 (*) NIS+CPI 9,189 13,025 1,130 1,158 1,243 (*) See Note 6A |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 16 - Equity A. Composition of share capital December 31, 2018 December 31, 2017 December 31, 2016 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 10,675,508(1 ) 17,000,000 10,675,508(1 ) 17,000,000 10,677,370(1 ) (1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2018, and as of December 31, 2017 and 256,184 Ordinary shares as of December 31, 2016, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors. B. Rights attached to shares: 1. Voting rights at the general meeting, right to dividend and rights upon liquidation of the Company. 2. The Ordinary shares of the Company were traded until May 2005 on the NASDAQ Capital Market. From May 19, 2005, the Company's Ordinary shares have been quoted over-the-counter in the "pink sheets" and, commencing August 22, 2011, 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. E. Dividend distribution and buyback program On March 18, 2015, the Company’s Board of Directors adopted a dividend distribution policy (the “Policy”), pursuant to which the Company intends to distribute a dividend of up to 33% of the annual distributable profits each year, either by way of a cash dividend, a share buyback program or a combination of both. The distribution of the dividends and the dividend amounts pursuant to the Policy are not guaranteed and are subject to the specific approval of the Company’s Board of Directors, based on various factors they deem appropriate including, among others, the Company’s financial position, the Company’s outstanding liabilities and contractual obligations, prospective acquisitions, the Company’s business plan and the market conditions. In May 2015, the Company’s Board of Directors approved the repurchase of up to $3,000 thousand (approximately €2,700 thousand) of the Company’s ordinary shares. The authorized repurchases will be made from time to time in the open market on the NYSE American and Tel Aviv Stock Exchange or in privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management and will be dependent on regulatory restrictions, market conditions, the price and availability of the Company’s ordinary shares, applicable securities laws and other factors, including compliance with the terms of the Series A and Series B Debentures. No assurance can be given that any particular amount of ordinary shares will be repurchased. The buyback program does not obligate the Company to acquire a specific number of shares in any period, and it may be modified, suspended, extended or discontinued at any time, without prior notice. As of December 31, 2018, the Company repurchased 172,391 ordinary shares at an aggregate purchase price of $1,477 thousand (approximately €1,332 thousand) in the NYSE American under this buyback program. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Payment | Note 17 - Share-Based Payment A. Expenses recognized in the financial statements The expenses recognized in the financial statements for services received from employees is shown in the following table: Year ended December 31 2018 2017 2016 € thousand Expenses arising from share-based payment Transactions 5 5 3 The share-based payments that the Company granted to its employees and directors are described below. There have been no modifications or cancellations to any of the stock options plans during 2018, 2017 or 2016. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. A. Expenses recognized in the financial statements (cont’d) The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions: Year ended December 31 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 0.384 0.342 0.332 Risk-free interest 2.67 % 1.34 % 0. 67 % Expected life (in years) 2-3 2-3 2-3 All options granted during 2018, 2017 and 2016 were granted with exercise price equal to or higher than the market price on the date of grant. Weighted average fair values and exercise price of options on dates of grant are as follows: Equal market price 2018 2017 US$ Weighted average exercise prices 8.95 9.02 Weighted average fair value on grant date 2.1 1.8 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 2018, 2017 and 2016, the Company granted to independent directors options to purchase an aggregate amount of 3,000 ordinary shares 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, 2018, 27,169 options are outstanding and 30,416 ordinary shares are available for future grants under the 1998 Plan. As of December 31, 2018, no options are outstanding and 595,009 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: 2018 2017 2016 Weighted Weighted Weighted Average average Average Number of Exercise Number of exercise Number of Exercise options Price options price options Price US$ US$ US$ Outstanding at beginning of year 25,502 7.54 22,502 7.34 19,502 7.19 Granted during the year 3,000 8.95 3,000 9.02 3,000 8.3 Exercised during the year - - - - - - Expired during the year 1,333 5 - - - - Outstanding at end of year 27,169 7.82 25,502 7.54 22,502 7.34 Exercisable at end of year 24,169 7.68 22,502 7.34 18,502 7.19 D. The weighted average remaining contractual life for the share options outstanding as of December 31, 2018 was 5.51 years (as of December 31, 2017 was 5.72 years and as of December 31, 2016 was 4.1- 8.1 years). E. The range of exercise prices for share options outstanding as of December 31, 2018: $4.7- $9.37 (as of December 31, 2017 and as of December 31, 2016 was $4.7- $9.37). |
Details of the Statements of Pr
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |
Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) | Note 18 - Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) A. Financing income and expenses: 1. Financing income For the year ended December 31 2018 2017 2016 € in thousands Interest Income and consumer price index in Israel in conection to concession project 1,948 789 - Interest income 291 544 263 Change in fair value of derivatives, net 494 - 636 Gain from exchange rate differences, net 697 - - Total financing income 3,430 1,333 899 2. Financing expenses For the year ended December 31 2018 2017 2016 € in thousands Change in fair value of derivatives, net - 3,156 - Swap interest 206 110 607 Debentures interest and related expenses 2,604 2,753 1,990 Interest on loans 2,330 776 504 Loss from exchange rate differences, net - 3,586 81 Consumer price index in Israel for loan 171 - - Bank charges and other commissions 210 180 151 Total financing expenses 5,521 10,561 3,333 B. Operating Costs, Depreciation and Amortization For the year ended December 31 2018 2017 2016 € in thousands Depreciation 5, 500 4,518 4,411 Amortization 316 - - Professional services 375 210 104 Annual rent 390 267 233 Operating and maintenance services 4,942 1,574 1,287 Insurance 245 203 194 Other 390 295 264 Total operating costs 12, 158 7,067 6,493 C. General and administrative expenses For the year ended December 31 2018 2017 2016 € in thousands Salaries and related compensation 1,016 1,030 1,027 Professional services 2,185 1,255 1,480 Other 399 135 (475 ) Total general and administrative expenses 3, 600 2,420 2,032 D. Other income (expense), net For the year ended December 31 2018 2017 2016 € in thousands Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6) 73 18 56 Compensation from contractor (*) 811 - - Other - - 34 Total other income, net 884 18 90 (*) Compensation from EPC and O&M contractor of the Company's Bio Gas projects in Netherlands due to deficiencies in the operation of these projects. E. Revenues For the year ended December 31 2018 2017 2016 € in thousands Revenues from the sale of solar electricity 12,593 13,150 11,632 Revenues from the sale of gas and power produced by anaerobic digestion plants 4,483 303 - Revenues from concessions project 1,041 183 - Total Revenues 18,117 13,636 11,632 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Taxes on Income | Note 19 - Taxes on Income A. Regional Taxation Israeli taxation Presented hereunder are the tax rates relevant to the Company in the years 2016-2018: 2016 – 25%, 2017 – 24% and 2018 – 23%. On January 4, 2016 the Knesset plenum passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, by which, inter alia, the corporate tax rate would be reduced by 1.5% to a rate of 25% as from January 1, 2016. Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as from January 2017 and the second step will be to a rate of 23% as from January 2018. 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 27.5%. Starting from 2017 the IRES rate is reduced to 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. During 2015 the company applied a tax incentive as per Article 6 paras. 13-19 of Law 23 December 2000, no. 388 (“Tremonti- ambiente”). Such incentive consisted of a reduction of the taxable profit for a fiscal year equal to the amount of investments in tangible fixed assets in the same year, which are necessary to prevent, reduce and repair environmental damages, providing these investments exceed the average environmental investments made in the two previous years. The Company determined the specific amount of environmental investments and filed the required communications with the tax authorities and recorded tax benefit in the amount of approximately €2,900 thousand. During 2017, following a tax inspection and a final settlement reached with the tax authorities, the Company reduced the recorded tax benefit by approximately €500 thousand. 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 Prior to 1 January 2019, the Dutch corporate income tax rate was 20% on the first EUR 200,000 of taxable profits (lower rate), and 25% on taxable profits exceeding that amount (standard rate). The rates will be gradually reduced - the standard rate will be reduced from 25% to 22.55% in 2020 and to 20.5% in 2021. The lower rate will decrease from 20% to 19% in 2019, to 16.5% in 2020, and to 15% in 2021. 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% 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 Netherlands Enterprise Agency. B. Composition of income tax benefit (taxes on income): For the year ended December 31 2018 2017 2016 € in thousands Current tax income (expense) Current year ( 438 ) (494 ) (252 ) Previous years 26 1,044 (67 ) ( 412 ) 550 (319 ) Deferred tax income Creation and reversal of temporary differences 197 (922 ) (250 ) Taxes on income ( 215 ) (372 ) (569 ) C. Theoretical tax: Statutory rate applied to corporations in Israel and the actual tax expense, is as follows: 2018 2017 2016 € in thousands Profit (loss) before taxes on income 819 (6,269 ) (63 ) Primary tax rate of the Company 23 % 24 % 25 % Tax benefit (tax on income) ( 188 ) 1,505 16 Profit (loss) subject to different tax rate 45 (106 ) (15 ) Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past - (448 ) - Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 585 367 344 Change in temporary differences for which deferred tax were not recognized (576 ) (359 ) (347 ) Current year tax losses and benefits for which deferred taxes were not created (136 ) (1,142 ) (378 ) Tax benefit (taxes) in respect to previous years and others 55 (189 ) (189 ) Actual tax on income ( 215 ) (372 ) (569 ) D. Carry forward tax losses: During 2018, following a tax inspection and a final settlement reached with the tax authorities, the Company reduced the carry forward tax losses by approximately €20,000 thousand. As of December 31, 2018, Ellomay Capital Ltd. had available carry forward tax losses, carry forward capital tax losses and deductions aggregating to approximately €20,838 thousand, which have no expiration date. Deferred taxes of the Company have not been recognized as the Company has carry forward tax losses. The Company's management currently believes that as Ellomay Capital Ltd. 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: Finance lease Losses Financial Fixed obligations and Swap on assets assets long term loans contract income Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2017 (1,279 ) (3,061 ) 2,104 178 3,662 1,604 Changes recognized due to business combination (7,678 ) - - - 2,791 (4,887 ) Changes recognized in profit or loss 1,565 (117 ) (84 ) (61 ) (2,225 ) (922 ) Balance of deferred tax asset (liability) as at December 31, 2017 (7,392 ) (3,178 ) 2,020 117 4,228 (4,205 ) Finance lease Losses Financial Fixed obligations and Swap on assets assets long term loans contract income Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2018 (7,392 ) (3,178 ) 2,020 117 4,228 (4,205 ) Changes recognized due to business combination - - - - 2 2 Changes recognized in profit or loss 200 1,262 (1,310 ) 39 6 197 Changes recognized in other comprehensive income 257 - 42 (89 ) 210 Balance of deferred tax asset (liability) as at December 31, 2018 (6,935 ) (1,916 ) 710 198 4,147 (3,796 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Earnings Per Share | Note 20 - Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: For the year ended December 31 2018 2017 2016 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company 1,057 (6,115 ) (209 ) Weighted average ordinary shares outstanding (1) 10,675,508 10,675,757 10,677,700 Dilutive effect: Stock options and warrants 3,349 - - Diluted weighted average ordinary shares Outstanding 10,678,857 10,675,757 10,677,700 Basic profit (loss) per share from continuing operations 0. 10 (0.57 ) (0.02 ) Diluted profit (loss) per share from continuing operations 0. 10 (0.57 ) (0.02 ) (1) Net of treasury shares. Amount of dilutive stock options and warrants that were not included in diluted loss per share because they are anti-dilutive for the year ended December 2017 is 3,198 and for the year ended December 2016 is 2,953. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 € in thousands Derivatives presented under current liabilities Currency swap (192 ) - Swap contracts (173 ) (121 ) (365 ) (121 ) Derivatives presented under non-current liabilities Forward contracts (977 ) (2,650 ) Currency swap ( 1,925 ) (1,244 ) Swap contracts (459 ) (418 ) (3,361 ) (4,312 ) The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions: December 31, 2018 Currency/ Currency/ linkage/interest rate Linkage/interest rate Date of expiration Fair value - € receivable Payable thousand Euro 3.75 million interest swap transaction for a period of 15 years, semi-annually. Euribor 6 months Fixed 2.53% June 30, 2027 (236) Euro 25 million interest rate swap transaction for a period of 10 years, semi-annually. Euribor 6 months Fixed 0.71% December 31, 2027 (396) Forward EUR/USD contracts with an aggregate EUR denominated principal of EUR 18 million. weighted November 2021 (977) NIS 83.2 million currency swap transaction EUR/NIS for a period of 7 years, semi-annually. NIS Euro June 2024 (2,117) 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. C. Credit Risk As at December 31, 2018, the Company does not have any significant concentration of credit risk. Cash and short-term deposits As at December 31, 2018 and 2017, the Company had cash and cash equivalents in the amount of €36,882 thousand and €23,962 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 3. Marketable securities As at December 31, 2018 and 2017, the Company invested in a traded Bond in an amount of €2,132 thousand and €5,412 thousand, respectively, with the intention to maintain the value of its liquid resources. See also Note 4 and Note 2-G. Restricted cash As at December 31, 2018 and 2017, the Company had a balance of current restricted cash in an amount of €4,653 thousand and €15 thousand, respectively, and a balance of non-current restricted cash of €2,062 thousand and €3,660 thousand, respectively. See also Note 4. Trade and other receivables As at December 31, 2018 and 2017, the Company had a balance of trade receivables of €156 thousand and €406 thousand, respectively. This balance mainly refers to NEXUS or GNERA that represent the PV Plants located in Spain in its dealings with the Spanish National Energy Commission, and are due within 60 days from issuance. It is also referring to the balance from the Israeli Electricity Authority for the As at December 31, 2018 and 2017, the Company had a balance of revenue receivables of €3,830 thousand and €3,436 thousand, respectively. This balance refers to amounts to be paid from several entities. In Italy, the amounts to be paid are from GSE, Italy's energy regulation agency. The incentives are paid through equal monthly installments in an amount of 90% of the average production of each plant in the relevant solar calendar year, based on the effective production before June 30th of the previous year, or if not available, on the basis of the regional forecast. The balance is paid within 60 days from the sending of the actual production data and in any event within June 30th of the subsequent year. 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 existing four Spanish PV facilities), 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 Enterprice Agency that is responsible to pay the amount of subsidy for the Bio Gas plants 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 June 30th of the subsequent year. The Company’s management closely monitors the economic and political environment in which it operates . As at December 31, 2018 and 2017, the Company had a balance of government authorities' receivables of €2,706 thousand and €2,306 thousand, respectively. This balance refers to VAT and withholding tax receivables in Italy, Spain 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 Company has contractual commitments due to debentures issued and financing agreements and EPC and O&M agreements of its subsidiaries in Italy and Spain. See also Note 14A. 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, 2018 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 66,092 71,826 7,350 7,805 22,501 34,170 Debentures 51,343 58,667 11,029 10,656 31,133 5,849 Trade payables and other accounts payable 4, 819 4, 819 4, 819 - - - 122, 254 135, 312 23, 198 18,461 53,634 40,019 Derivative finance liabilities Forward contracts 977 977 - - 977 - Currency swap 2, 117 2, 117 192 622 947 356 Swap contracts 632 632 173 263 155 41 3, 726 3, 726 365 885 2, 079 397 December 31, 2017 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 44,864 48,506 4,313 4,861 14,744 24,588 Finance lease obligation including current maturities 4,020 4,987 483 483 1,449 2,572 Debentures 57,631 67,884 7,251 11,398 31,880 17,355 Trade payables and other accounts payable 2,990 2,990 2,990 - - - 109,505 124,367 15,037 16,742 48,073 44,515 Derivative finance liabilities Forward contracts 2,650 2,650 - - 2,650 - Currency swap 1,244 1,244 (145 ) 75 446 868 Swap contracts 539 539 121 183 116 119 4,433 4,433 (24 ) 258 3,212 987 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. (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 EUR/USD and NIS/EUR on the Company's balance sheet. (a) The exposure to linkage and foreign currency risk The Company's exposure to linkage and foreign currency risk except in respect of derivatives (see hereunder) was as follow: December 31, 2018 Non-monetary/ NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 287 937 35,658 36,882 Marketable securities - - 2,132 - 2,132 Restricted cash short-term and restricted marketable securities - 3,338 - 1,315 4,653 Asset from concession project - 1,292 - - 1,292 Trade and other receivables 1,279 780 531 10,033 12,623 Financial asset short-term - 1,282 - - 1,282 Non-current assets: Investments in equity accounted investees 21,175 6,571 - - 27,746 Advances on account of investments in process 798 - - - 798 Concession intangible asset 4,882 - - - 4,882 Asset from concession project - 25,710 - - 25,710 Fixed assets 87, 220 - - - 87, 220 Restricted cash long-term - 1,654 267 141 2,062 Deferred tax 2, 423 - - - 2, 423 Other assets 1,055 - - 400 1,455 Current liabilities: Loans and borrowings - (1,622 ) - (4,242 ) (5,864 ) Short-term debentures - (8,758 ) - - (8,758 ) Accounts payable - (24 ) - (2,102 ) (2,126 ) Accrued expenses and other payables - (1,116 ) - (1, 987 ) (3, 103 ) Non-current liabilities: Long-term loans - (18,314 ) - (41,914 ) (60,228 ) Long-term debentures - (42,585 ) - - (42,585 ) Deferred tax (6,219 ) - - - (6,219 ) Other long-term liabilities - (19 ) - (5, 301 ) (5, 320 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 112, 613 (31,524 ) 3,867 ( 7,999 ) 76, 957 (*) including items linked to CPI December 31, 2017 Non-monetary/Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 2,723 11,742 9,497 23,962 Marketable securities - - 2,162 - 2,162 Restricted cash short-term and - - 3,250 15 3,265 Asset from concession project - 1,286 - - 1,286 Trade and other receivables 548 3,359 731 6,007 10,645 Financial asset short-term - 1,249 - - 1,249 Non-current assets: Investments in equity accounted investees 17,171 10,484 - - 27,655 Advances on account of investments in process 8,825 - - - 8,825 Concession intangible asset 5,505 - - - 5,505 Asset from concession project - 27,725 - - 27,725 Fixed assets 78,837 - - - 78,837 Restricted cash long-term - 1,797 351 1,512 3,660 Deferred tax 1,777 - - - 1,777 Other assets 1,122 - - 413 1,535 Current liabilities: Loans and borrowings - (1,455 ) - (1,648 ) (3,103 ) Short-term debentures - (4,644 ) - - (4,644 ) Accounts payable - 7 - (1,356 ) (1,349 ) Accrued expenses and other payables - (811 ) - (1,376 ) (2,187 ) Non-current liabilities: Finance lease obligations - - - (3,690 ) (3,690 ) Long-term loans - (20,141 ) - (21,950 ) (42,091 ) Long-term debentures - (52,987 ) - - (52,987 ) Deferred tax (5,982 ) - - - (5,982 ) Other long-term liabilities - (4 ) - (4,551 ) (4,555 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 107,803 (31,412 ) 18,236 (17,127 ) 77,500 (*) 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 2018 (4.4 ) 1.145 3.3 4.292 1 euro in 2017 13.9 1.198 2.7 4.153 (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, 2018 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 169 (169 ) 5% in NIS (367 ) 367 December 31, 2017 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 761 (761 ) 5% in NIS (378 ) 378 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. Sensitivity analysis A change in interest rate would have increased (decreased) profit or loss by the amounts shown below: December 31, 2018 2017 Profit or loss Profit or loss € in thousands Increase of 1% 1,012 804 Increase of 3% 2,604 2,473 Decrease of 1% (581 ) (863 ) Decrease of 3% (2,172 ) (2,532 ) 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, 2018 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 51,343 49,190 - - Loans from banks and others (including current maturities) 66,092 - 66,233 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, Discount rate of Euribor+ 1.85%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 117,435 49,190 66,233 - December 31, 2017 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 57,631 60,518 - - Loans from banks and others (including current maturities) 44,864 - 45,561 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel Finance lease obligations (including current maturities) 4,020 - 4,209 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.85% 106,515 60,518 49,770 - (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 2018 2017 % Non-current liabilities: Loans from banks Euribor+ 2.53% Euribor+ 2.53% Loans from banks 4.65% Linkage 4.65% Linkage Loans from banks Euribor+ 1.85% - Loans from banks fix rate for 5 years 2.9% - 3.1% - Finance lease obligations - Euribor+ 2.85% (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, 2018 Level 1 Level 2 Level 3 Total Valuation techniques for € determining fair value Income receivable in connection with the A.R.Z. - - 1,282 1,282 The fair value of the income receivable in connection with the A.R.Z. Marketable securities - 2,132 - 2,132 Market price Forward contracts - 977 - 977 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 - 632 - 632 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 - 2, 117 - 2, 117 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 9,189 9,189 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. December 31, 201 Level 1 Level 2 Level 3 Total Valuation techniques for € determining fair value Income receivable in connection with the A.R.Z. - - 1,249 1,249 The fair value of the income receivable in connection with the A.R.Z. Marketable securities - 5,412 - 5,412 Market price Forward contracts - 2,650 - 2,650 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 - 539 - 539 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 - 1,244 - 1,244 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. (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 Income receivable in connection with the A.R.Z. electricity pumped storage project € in thousands Balance as at December 31, 2016 1,265 Total income recognized in profit or loss 17 Exercise of first option to acquire additional shares - Foreign Currency translation adjustments (33 ) Balance as at December 31, 2017 1,249 Total income recognized in profit or loss 73 Exercise of second option to acquire additional shares - Foreign Currency translation adjustments (40 ) Balance as at December 31, 2018 1,282 Asset from concession project Income receivable in connection with the concession project € in thousands Balance as at December 31, 2017 29,011 Total income recognized in profit or loss 1,949 Proceeds from asset from concession project (3,040 ) Foreign Currency translation adjustments (918 ) Balance as at December 31, 2018 27,002 |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
Segments Information | Note 22 - Operating Segments The Company presented the results of its reportable segments starting the current reporting period, in view of the Company's recent entry into additional operations such as the Bio Gas in the Netherlands resulting in separate segment reporting reviewed and analyzed by the CODM. Comparison figures were presented accordingly. 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. Approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MWp installed capacity in Israel. Also, Talasol Solar S.L. U — 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 850 MW, located south of Ashkelon, Israel. — Anaerobic digestion plants (Bio Gas) 51% of Groen Gas Goor B.V. and of , project companies developing and operating anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in , the Netherlands, respectively. — Pumped storage hydro power plant (Manara) 75% of a project to construct 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 Israeli Shekel 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 reportable Total Italy Spain Israel Talasol Bio Gas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2018 € in thousands Revenues 9,560 3,033 4,011 - 4,483 58,063 - 79,150 (61,033 ) 18,117 Operating expenses (1, 579 ) (574 ) (507 ) - (3,682 ) (44,600 ) - (50, 942 ) 44,600 (6, 342 ) Depreciation expenses (3, 569 ) (828 ) (2,042 ) - (1,081 ) (4,811 ) - (12, 331 ) 6,515 (5, 816 ) Gross profit (loss) 4, 412 1,631 1,462 - (280) 8,652 - 15, 877 (9,918 ) 5, 959 Project development costs ( 2,878 ) ( 2,878 ) General and administrative expenses (3, 600 ) (3, 600 ) Share of profits (loss) of equity accounted investee 2,545 2,545 Other income, net 884 884 Operating profit 2, 910 Financing income 2,936 2,936 Financing income (expenses) in connection with derivatives, net 494 494 Financing expenses, net (5,521 ) (5,521 ) Profit before taxes on Income 819 Segment assets as at December 31, 2018 54, 539 16,799 34,258 15,169 18,879 105,246 2,318 247, 208 (36,048 ) 211, 160 PV Total Reportable Total Italy Spain Israel Dorad Bio Gas Manara Segments Reconciliations consolidated For the year ended December 31, 2017 € in thousands Revenues 10,143 3,007 1,378 58,234 303 - 73,065 (59,429 ) 13,636 Operating expenses (1,660 ) (677 ) (117 ) (45,027 ) (95 ) - (47,576 ) 45,027 (2,549 ) Depreciation expenses (3,567 ) (828 ) (447 ) (4,817 ) (111 ) - (9,770 ) 5,252 (4,518 ) Gross profit 4,916 1,502 814 8,390 97 - 15,719 (9,150 ) 6,569 Project development costs (2,739 ) (2,739 ) General and administrative expenses (2,420 ) (2,420 ) Share of profits (loss) of equity accounted investee 1,531 1,531 Other income, net 18 18 Operating Profit 2,959 Financing income 1,333 1,333 Financing income (expenses) in connection with derivatives, net (3,156 ) (3,156 ) Financing expenses, net (7,405 ) (7,405 ) Loss before taxes on Income (6,269 ) Segment assets as at December 31, 2017 59,441 16,779 37,903 114,282 16,882 2,386 247,673 (49,586 ) 198,087 PV Total reportable Total Italy Spain Israel Dorad Bio Gas Manara segments Reconciliations consolidated For the year ended December 31, 2016 € in thousands Revenues 8,919 2,713 - 50,730 - - 62,362 (50,730 ) 11,632 Operating expenses (1,518 ) (564 ) - (39,628 ) - - (41,710 ) 39,628 (2,082 ) Depreciation expenses (3,566 ) (828 ) - (4,612 ) - - (9,006 ) 4,595 (4,411 ) Gross profit 3,835 1,321 - 6,490 - - 11,646 (6,507 ) 5,139 Project development costs (2,201 ) (2,201 ) General and administrative expenses (2,032 ) (2,032 ) Share of pro loss of equity accounted investee 1,375 1,375 Other income, net 90 90 Operating Profit 2,371 Financing income 263 263 Financing income (expenses) in connection with derivatives, net 636 636 Financing expenses, net (3,333 ) (3,333 ) Loss before taxes on Income (63 ) Segment assets as at December 31, 2016 62,099 17,321 - 117,047 8,360 380 205,207 (56,743 ) 148,464 Geographical information The Company is domiciled in Israel and it operates in Israel, Italy and in Spain through its subsidiaries that own seventeen PV Plants, in the Netherlands through its subsidiaries that own anaerobic digestion plants and also in Israel through Dori Energy. The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain: For the year ended December 31 2018 2017 2016 € in thousands Israel 1,041 183 - The Netherlands 4,483 303 - Italy 9,560 10,143 8,919 Spain 3,033 3,007 2,713 Total revenues 18,117 13,636 11,632 The following table lists the fixed assets, net from the Company's operation: For the year ended December 31 2018 2017 € in thousands Israel 17 22 The Netherlands 17,464 15,046 Italy 44, 986 48,555 Spain 24,753 15,214 Total fixed assets, net 87, 220 78,837 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 23 - Subsequent Events 1. In March 2019, the Company executed an agreement (the “Ludan Acquisition Agreement”), with Ludan and several entities affiliated with Ludan, for the acquisition by Ellomay Luxemburg of 49% of Groen Goor and Goren Gas Oude-Tonge. As the Company currently indirectly owns 51% of the WtE projects operated by these companies, following consummation of the acquisition contemplated by the Ludan Acquisition Agreement, the Company will indirectly wholly-own these projects in their entirety. The consummation of the acquisition contemplated by the Ludan Acquisition Agreement is subject to customary conditions, including the approval of the financing bank of the WtE projects. The Ludan Acquisition Agreement also provides for the immediate (and unconditional) termination of the operations and maintenance arrangement of the WtE projects with Ludan’s affiliates effective as of January 27, 2019. 2. On March 12, 2019, four of the Company’s Spanish subsidiaries (together, hereinafter – the “Subsidiaries”) entered into a €18.4 million facility agreement (the “Facility Agreement”) with term ending in December 31, 2037. The loans provided under the Facility Agreement bear an annual interest rate equal to the Euribor 6 month rate plus a margin of 200 basis points (with a zero interest floor) and are repaid semi-annually. The Facility Agreement provides for mandatory prepayment upon the occurrence of certain events and includes customary terms, including requirements to maintain financial ratios, various securities provided by the Subsidiaries and a pledge on the shares of the Subsidiaries. In connection with the Facility Agreement, on March 12, 2019, the Subsidiaries entered into interest swap agreements for an amount of 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 interest rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. 3. In 2019, |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Basis of preparation of the financial statements | 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 for issue on March 28, 2019 by the Company’s Board of Directors. 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 (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. |
Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements | B. Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions regarding circumstances and events that involve considerable uncertainty, that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The key assumptions made in the financial statements with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities within the next financial year are discussed below: 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. Assessment of probability of contingent liabilities: Whether it is more likely than not that an outflow of economic resources will be required in respect of legal claims pending against the Company and its investees. See Note 14 regarding commitments and contingent liabilities Business combination: Fair value of assets and liabilities acquired in a business combination. See Note 6 regarding subsidiaries. |
Functional and presentation currency | C. 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. Change in Presentation Currency- Effective December 31, 2017, the Company changed its presentation currency from the United States dollar to the euro. The Company ceased using the U.S. dollar as its presentation currency to assist investors to evaluate its financial results as the Company’s functional currency is the euro and a substantial portion of its assets, revenues and liabilities is denominated in euro. Furthermore, the change reduced the impact of the volatility of the euro/USD exchange rate on the Company’s operating results. The consolidated financial statements for all prior years presented have been translated into euro. Assets and liabilities have been translated using period end exchange rates, equity transactions have been translated using the exchange rate in effect on the date of the specific transaction or the average exchange rate during the respective period, and revenues, expenses, gains, losses, and cash flow amounts have been translated into the presentation currency using the average exchange rate during the respective period. For the convenience of the reader, the reported euro figures as of December 31, 2018 and for the year then ended, are presented in dollars, translated at the representative rate of exchange as of December 31, 2018 (euro 0.873 = 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. |
Basis of consolidation and equity method accounting | D. 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. 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. 3. Investment in associates and joint ventures (equity accounted investees) (cont’d) 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. 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. |
Fixed assets | E. 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. 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. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources that were not specifically capitalized. Other borrowing costs are expensed as incurred. 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: % Mainly % Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4 4 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 25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of 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. |
Financial instruments | F. Financial instruments Non-derivative Financial assets – policy applicable as from January 1, 2018 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. 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 are transferred. 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. Non-derivative financial assets – policy applicable before January 1, 2018 Initial recognition and measurement of financial assets The Company initially recognizes loans and receivables and deposits on the date that they are created. All other financial assets acquired in a regular way purchase, 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, meaning on the date the Company undertook to purchase or sell the asset. Non-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, including service concession receivables and cash and cash equivalents. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or the Company transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are 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 The Company classifies its financial assets according to the following categories: Held-to-maturity investments If the Company has the positive intent and ability to hold debt securities to maturity, then such debt securities are classified as held-to-maturity. Held-to-maturity investments are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition held-to-maturity investments are measured at amortized cost using the effective interest method, less any impairment losses. Held-to-maturity financial assets include debentures. Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Company manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy, providing that the designation is intended to prevent an accounting mismatch, or the asset is a combined instrument including an embedded derivative. Financial assets at fair value through profit or loss (cont'd) Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Financial assets designated at fair value through profit or loss also include equity investments that otherwise would have been classified as available for sale. Financial assets classified as held-for-trading comprise securities that are held to support the Company’s short-term liquidity needs. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise cash and cash equivalents, trade and other receivables, investments in non-marketable debentures and service concession receivables. Cash and cash equivalents include cash balances available for immediate use and call deposits. Cash equivalents include short-term highly liquid investments (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or that are not classified in any of the previous categories. The Group’s investments in equity securities and certain debt securities are classified as available-for-sale financial assets. Available-for-sale financial assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, foreign currency differences and the accrual of effective interest on available-for-sale debt instruments, are recognized directly in other comprehensive income and presented within equity in a reserve for financial assets classified as available-for-sale. A dividend received in respect of available-for-sale financial assets is recognized in profit or loss on the date the entity’s right to receive the dividend is established. When an investment is derecognized, the cumulative gain or loss in the reserve for available-for-sale financial assets is transferred to profit or loss. 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. 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. 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 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. 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. 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. 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. |
Impairment | G. 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. 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 (as described above). 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. 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 | H. Share-based payment transactions The Company's directors are entitled to remuneration in the form of equity-settled share-based payment transactions. The cost of equity-settled transactions with directors 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 16. 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 become 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 | I. 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 its 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. |
Leases | J. Leases The criteria for classifying leases as finance or operating leases depend on the substance of the agreements and classification is made at the inception of the lease. Finance leases Finance leases Other leases are classified as Operating leases Determining whether an arrangement contains a lease At inception or upon reassessment of an arrangement, the Company determines whether such an arrangement is or contains a lease. An arrangement is a lease or contains a lease if the following two criteria are met: - The fulfillment of the arrangement is dependent on the use of a specific asset or assets; and - The arrangement contains rights to use the asset. |
Revenue recognition | K. Revenue recognition The Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue amount to which the Company expects to be entitled in exchange goods or services promised to the customer, other than amounts collected for third parties 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. 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 or service revenue is recognized in the period in which the services are provided by the Company. |
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, - 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. |
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 comprise 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. |
Provisions | O. 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 measured according to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value of money and, where appropriate, those risks specific to the liability. 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. |
Service concession arrangements | P. 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. |
Initial application of new standards, amendments to standards and interpretations | Q. Initial application of new standards, amendments to standards and interpretations (1) IFRS 9 (2014), Financial Instruments As from January 1, 2018 the Company applies IFRS 9 (2014), Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Prepayment Features with “Negative Compensation” Financial Instruments: Disclosures Presentation of Financial Statements Classification and measurement of financial assets and financial liabilities IFRS 9 contains three principal classification categories for financial assets: measured at amortized cost, fair value through profit or loss and fair value through other comprehensive income. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. For further information on how the Company classifies and measures financial instruments and accounts for related gains and losses under IFRS 9, see Note 21. The table hereunder presents the original measurement categories according to IAS 39 and the new measurement categories according to IFRS 9 with respect to the financial assets and financial liabilities of the Company as at January 1, 2018, and the effects of the transition to IFRS 9 on the opening balances of reserves and retained earnings and other components of equity. Original New Carrying Carrying classification classification amount amount according to according to according to according to IAS 39 IFRS 9 IAS 39 IFRS 9 € thousands € thousands Financial assets Loans granted to associates Loans and receivables Fair value through profit or loss 11,653 11,902 Reserves and retained earnings Retained earnings - - - 341 The implementation of the Standard did not have a material effect on the financial assets and liabilities except what is shown in the table, therefore the balance of retained earnings (accumulated deficit) as of January 1, 2018 was not presented. The Company has loans to associates that essentially form part of the net investment in the associate. These loans do not have definite repayment dates and they will be repaid only after the other debts of the associate are repaid. Such loans are in the scope of the Standard and were classified on the basis of the contractual cash flow characteristics of the financial asset. Therefore, such loans are measured at fair value through profit or loss as their contractual cash flow characteristics do not include solely payments of principal and interest. Interest income on such loans is included as part of the Company’s share of profits of equity accounted investee, and exchange rate differences and reevaluation are recorded through financing income (expenses). Hedge accounting The Company chose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9. The Company applies that policy to all of its hedging relationships. See Note 21. (2) IFRS 15, Revenue from Contracts with Customers As from January 1, 2018, the Company applies International Financial Reporting Standard 15 (hereinafter in this section “the Standard”), which provides guidance on revenue recognition. The Standard establishes two approaches to revenue recognition: at a point in time or over time. The Standard introduces a five-step model for analyzing transactions in order to determine the timing of the recognition and the amount of revenue. In addition, the Standard provides new and broader disclosure requirements than those existing today. The Company elected to apply the Standard using the cumulative effect approach. The implementation of the Standard did not have a material effect on the financial statements, therefore the balance of retained earnings (accumulated deficit) as of January 1, 2018 was not adjusted. According to the Standard, the Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. Contract asset and contract liability A contract asset is recognized when the Company has a right to consideration for goods or services it transferred to the customer that is conditional on other than the passing of time, such as future performance of the Company. Contract assets are classified as receivables when the rights in their respect become unconditional. A contract liability is recognized when the Company has an obligation to transfer goods or services to the customer for which it received consideration (or the consideration is payable) from the customer. In the project accounted for using the financial asset model under IFRIC 12, 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). Accordingly, the contract asset is not reclassified to receivables (financial asset) until the right to receive consideration is unconditional. |
Standards issued but not yet effective | R. Standards issued but not yet effective (1). IFRS 16, Leases The Standard replaces IAS 17, Leases In addition, IFRS 16 permits the lessee to apply the definition of the term lease according to one of the following two alternatives consistently for all leases: retrospective application for all the lease agreements, which means reassessing the existence of a lease for each separate contract, or alternatively, application of a practical expedient that permits continuing with the assessment made regarding existence of a lease based on the guidance in IAS 17, Leases Determining whether an Arrangement contains a Lease IFRS 16 is applicable for annual periods as of January 1, 2019. IFRS 16 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application consistently for all leases: full retrospective application or recognizing a cumulative effect, which means application (with the possibility of certain practical expedients) as from the mandatory effective date with an adjustment to the balance of retained earnings at that date. The Company plans to adopt IFRS 16 as from January 1, 2019 using the cumulative effect method, with an adjustment to the balance of retained earnings as at January 1, 2019. Method of application and expected effects Expedients : Expedients available for the Company of essentially similar assets - Not applying the requirement to recognize a right-of-use asset and a lease liability in respect of short-term leases of up to one year. Expedients for each separate lease (1) Relying on a previous assessment of whether an arrangement contains a lease in accordance with current guidance with respect to agreements that exist at the date of initial application. (2) Applying a single discount rate to a portfolio of leases with reasonably similar characteristics. Expected effects : - The Company plans to elect to apply the transitional provision of recognizing a lease liability at the date of initial application, for all the leases that award it control over the use of identified assets for a specified period of time, and except for when the Company has elected to apply the standard’s expedients as aforesaid, according to the present value of the future lease payments discounted at the incremental borrowing rate of the lessee at that date, and concurrently recognizing a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments that were recognized as an asset or liability before the date of initial application. Therefore, application of the standard is not expected to have an effect on the balance of retained earnings at the date of initial application. These changes are expected to result in an increase of €4,148 thousand in the balance of right-of-use assets at the date of initial application and an increase of €4,148 thousand in the balance of the lease liability at the date of initial application. Accordingly, depreciation and amortization expenses will be recognized in subsequent periods in respect of the right-of-use asset, and the need for recognizing impairment of the right-of-use asset will be examined in accordance with IAS 36. Furthermore, financing expenses will be recognized in respect of the lease liability. Therefore, as from the date of initial application and in subsequent periods, depreciation expenses and financing expenses will be recognized instead of lease expenses relating to assets leased under an operating lease, which were presented as part of the general and administrative expenses item in the income statement. In addition, the nominal discount rates used for measuring the lease liability are in the range of 2.56% to 4.57%. This range is affected by differences in the length of the lease term, differences between the various groups of assets and so forth. - The Company expects a change in principal financial ratios such as: an increase in the leverage ratio, a decrease in the interest coverage ratio and a decrease in the current ratio. The Company does not expect that its ability to satisfy financial covenants applicable to it will be affected by these changes in financial ratios. The information mentioned above, constitutes an estimate of the Company based on the existing lease agreements and understanding the requirements of the standard at this stage. (2). , Uncertainty Over Income Tax Treatments IFRIC 23 clarifies how to apply the recognition and measurement requirements of IAS 12 for uncertainties in income taxes. According to IFRIC 23, when determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the entity should assess whether it is probable that the tax authority will accept its tax position. Insofar as it is probable that the tax authority will accept the entity’s tax position, the entity will recognize the tax effects on the financial statements according to that tax position. On the other hand, if it is not probable that the tax authority will accept the entity’s tax position, the entity is required to reflect the uncertainty in its accounts by using one of the following methods: the most likely outcome or the expected value. IFRIC 23 clarifies that when the entity examines whether or not it is probable that the tax authority will accept the entity’s position, it is assumed that the tax authority with the right to examine any amounts reported to it will examine those amounts and that it has full knowledge of all relevant information when doing so. Furthermore, according to IFRIC 23 an entity has to consider changes in circumstances and new information that may change its assessment. IFRIC 23 also emphasizes the need to provide disclosures of the judgments and assumptions made by the entity regarding uncertain tax positions. IFRIC 23 is effective for annual reporting periods beginning on or after January 1, 2019. The interpretation includes two alternatives for applying the transitional provisions, so that companies can choose between retrospective application or prospective application as from the first reporting period in which the entity initially applied the interpretation. In the opinion of the Company, the effects of applying IFRIC 23 on the financial statements will be immaterial. (3). Amendment to IFRS 3, Business Combinations The Amendment clarifies whether a transaction to acquire an operation is the acquisition of a "business" or an asset. For the purpose of this examination, the Amendment added an optional concentration test so that if substantially all of the fair value of the acquired assets is concentrated in a single identifiable asset or a group of similar identifiable assets, the acquisition will be of an asset. In addition, the minimum requirements for definition as a business have been clarified, such as for example the requirement that the acquired processes be substantive so that in order for it to be a business, the operation shall include at least one input element and one substantive process, which together significantly contribute to the ability to create outputs. Furthermore, the Amendment narrows the reference to the outputs element required in order to meet the definition of a business and added examples illustrating the aforesaid examination. The Amendment is effective for transactions to acquire an asset or business for which the acquisition date is in annual periods beginning on or after January 1, 2020, with earlier application being permitted. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of Estimated Useful Lives | The estimated useful lives are as follows: % Mainly % Office furniture and equipment 6-33 33 Photovoltaic plants in Spain 4 4 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 |
Schedule of Reserves and Retained Earnings and Other Components Equity | The table hereunder presents the original measurement categories according to IAS 39 and the new measurement categories according to IFRS 9 with respect to the financial assets and financial liabilities of the Company as at January 1, 2018, and the effects of the transition to IFRS 9 on the opening balances of reserves and retained earnings and other components of equity. Original New Carrying Carrying classification classification amount amount according to according to according to according to IAS 39 IFRS 9 IAS 39 IFRS 9 € thousands € thousands Financial assets Loans granted to associates Loans and receivables Fair value through profit or loss 11,653 11,902 Reserves and retained earnings Retained earnings - - - 341 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31 2018 2017 € in thousands Cash 35,984 11,729 On Call deposits (*) 898 12,233 36,882 23,962 (*) The annual interest rate for deposits as of December 31, 2018 is 2.3% (1.5% as of December 31, 2017). |
Restricted Cash, Deposits and_2
Restricted Cash, Deposits and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Schedule of Restricted Cash, Deposits and Marketable Securities | December 31 2018 2017 € in thousands Marketable securities (1) 2,132 2,162 Short-term restricted cash (2) 4,653 15 Restricted marketable securities (3) - 3,250 Long-term restricted non-interest bearing bank deposits (4) 408 1,458 Restricted cash, long-term bank deposits (5) 1,654 2,202 Long-term restricted cash and deposits 2,062 3,660 (1) During 2017 and 2018, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. (2) Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. (3) Marketable securities securing the Company's Forward contracts. (4) Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel (5) Bank deposits used to secure obligations under loan agreements (see Note 11). |
Trade and Other Receivables a_2
Trade and Other Receivables and Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables and Assets | December 31 2018 2017 € in thousands Current Assets - Other receivables: Government authorities 2,706 2,306 Income receivable 3,830 3,436 Interest receivable 6 153 Current tax 195 48 Current Maturities of loan to an equity accounted investee 415 3,165 Trade receivable 156 407 Forward contracts (1) 529 580 Loan to others (2) 3,500 - Prepaid expenses and other 1,286 550 12,623 10,645 Non-current Assets - Long term receivables: Advance tax payment 996 1,078 Forward contracts - 12 Annual rent deposits 27 30 Other 432 415 1,455 1,535 (1) The Company that (2) In November 2018, Talasol Solar S.L.U, which is promoting the construction of a photovoltaic plant with a peak capacity of 300 MW, provided an amount of €3,500 thousand to METKA EGN Limited, the EPC contractor, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. This amount will be repaid either out of the first payment to Metka under the EPC agreement or ten days after the deadline to provide a notice to proceed under the EPC agreement in the event such notice is not granted. We received a bank guarantee from Metka for the prepayment amount. |
Investee Companies and other _2
Investee Companies and other investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of associates [abstract] | |
Schedule of Composition of Investments | December 31 2018 2017 € in thousands Investment in shares 19,641 18,515 Long-term loans 8,774 9,860 Deferred interest (669 ) (720 ) 27,746 27,655 Current Maturities of the long-term loans 415 3,165 28,161 30,820 |
Schedule of Changes in Investments | 2018 2017 Changes in equity and loans: € in thousands Balance as at January 1 30,820 30,509 Repayment of long term loans (4,576 ) (407 ) Interest on long term loans 1,079 1,104 Deferred interest 52 54 Elimination of interest on loan from related party (1,130 ) (1,158 ) The Company’s share of income 2,545 1,531 Foreign currency translation adjustments (629 ) (813 ) Balance as at December 31 28,161 30,820 |
Summary of Information on Financial Position | Summary information on financial position Equity Rate of Current Non-current Total Current Non- current Total attributable to the owners of the Company’s Surplus Costs and Other Carrying Amount of ownership Assets assets assets liabilities liabilities liabilities Company share goodwill Adjustments investment % € in thousands 2018 Dori Energy 50 1,154 49,629 50,783 (204 ) (18,005 ) (18,209 ) 32,574 16,287 3,376 (22 ) 19,641 2017 Dori Energy 50 8,013 47,959 55,972 (51 ) (26,006 ) (26,057 ) 29,915 14,958 3,925 (367 ) 18,515 |
Summary of Information on Operating Results | 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 2018 Dori Energy 50 3,668 1,834 1,130 (419 ) 2,545 2017 Dori Energy 50 1,751 876 1,158 (503 ) 1,531 |
Schedule of Composition of Advances on Account of Investments | Composition of Advances on account of investments December 31 2018 2017 € in thousands On account of the Manara PSP 798 825 On account of the Talasol Project - 8,000 798 8,825 |
Schedule of Composition Short-term and Long-term of Financial Assets | Composition of short-term and long-term financial assets December 31 2018 2017 € in thousands Income receivable in connection with the A.R.Z. Electricity PSP 1,282 1,249 1,282 1,249 |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | Identifiable assets acquired and liabilities assumed (based on amounts as described hereunder): Acquisition date € in thousands Asset from concessions project 28,927 Intangible asset 5,505 Restricted cash 1,795 Long-term loan (21,370 ) Working Capital, net (excluding cash and cash equivalents) (119 ) Deferred tax (4,887 ) Total net identifiable assets 9,851 |
Schedule of Aggregate Cash Flows Derived | The aggregate cash flows derived for the Company as a result of the acquisition: € in thousands Cash and cash equivalents paid 11,815 Less - cash and cash equivalents of the subsidiary (1,964 ) 9,851 (*)The fair value of the income receivable in connection with concession project was calculated according to the cash flows expected to be received from the Israeli |
Fixed assets (Tables)
Fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Fixed Assets | Office Photovoltaic Biogas furniture and Leasehold Plants installations equipment Improvements Total € in thousands Cost Balance as at January 1, 2017 87,921 5,081 117 52 93,171 Additions 1 10,076 4 - 10,081 Balance as at December 31, 2017 87,922 15,157 121 52 103,252 Balance as at January 1, 2018 87,922 15,157 121 52 103,252 Additions *10,367 3,499 17 - 13,883 Balance as at December 31, 2018 98,289 18,656 138 52 117,135 Depreciation Balance as at January 1, 2017 19,758 - 87 52 19,897 Depreciation for the year 4,396 111 11 - 4,518 Balance as at December 31, 2017 24,154 111 98 52 24,415 Balance as at January 1, 2018 24,154 111 98 52 24,415 Depreciation for the year 4, 396 1,081 23 - 5, 500 Balance as at December 31, 2018 28, 550 1,192 121 52 29,915 Carrying amounts As at January 1, 2017 68,163 5,081 30 - 73,274 As at December 31, 2017 63,768 15,046 23 - 78,837 As at December 31, 2018 69, 739 17,464 17 - 87, 220 *See note 6C |
Schedule of Investment in Photovoltaic Plants | Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2018: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2018 € in thousands “Troia 8” 995.67 kWp January 2011 3,502 “Troia 9” 995.67 kWp January 2011 3,478 “Del Bianco” 734.40 kWp April 2011 2,096 “Costantini” 734.40 kWp April 2011 2,115 “Giaché” 730.01 kWp April 2011 2,767 “Massaccesi” 749.7 kWp April 2011 2,750 “Galatina” 994.43 kWp May 2011 4,131 “Pedale 2,993 kWp May 2011 11,254 “Acquafresca” 947.6 kWp June 2011 3,165 “D‘Angella” 930.5 kWp June 2011 3,119 “Soleco” 5,924 kWp August 2011 15,335 “Technoenergy” 5,900 kWp August 2011 15,196 “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 - 10,367 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Other Payables [Abstract] | |
Schedule of Other Payables | December 31 2018 2017 € in thousands Employees and payroll accruals 111 241 Government authorities 185 227 SWAP and forward related balances 365 121 Accrued expenses 2, 316 1,414 Current tax 126 184 3, 103 2,187 |
Current maturities of long te_2
Current maturities of long term loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of current maturities of long term loans [Abstract] | |
Schedule of Current Maturities of Long Term Loans | Composed as follows: Linkage Interest rate December 31 December 31 terms 2017 and 2018 2018 2017 % € in thousands Current maturities of long term EURIBOR 1.6-3.5 4,405 1,648 loans (refer to Notes 10 and 11) Consumer price index in Israel 4.65 1,459 1,455 5,864 3,103 |
Finance Lease Obligation (Table
Finance Lease Obligation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance lease and operating lease by lessee [abstract] | |
Schedule of Finance Lease Obligation | Composed as follows: Linkage Interest rate December 31 December 31 Terms 2017 and 2018 2018 2017 % € in thousands Leasing institution EURIBOR 3.5 - 4,020 Current maturities - 330 Leasing institution-long term - 3,690 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [abstract] | |
Schedule of Long-Term Loans | Linkage Interest December 31 2018 term % € in thousands Bank loans EURIBOR 1.6-3 42,545 Consumer price index in Israel 4.65 18,843 Other long-term loans 2.5-5 4,704 66,092 Linkage Interest December 31 2017 term % € in thousands Bank loans EURIBOR 1.6-3 19,661 Consumer price index in Israel 4.65 20,820 Other long-term loans 2.5-5 4,383 44,864 |
Schedule of Aggregate Annual Maturities | The aggregate annual maturities are as follows: December 31 December 31 2018 2017 € in thousands Second year 6,069 3,403 Third year 5,847 3,584 Fourth year 6,040 3,712 Fifth year 6,163 3,795 Sixth year and thereafter 36,109 27,597 Long-term loans 60,228 42,091 Current maturities 5,864 2,773 66,092 44,864 |
Schedule of Movement in Liabilities Deriving from Financing Activities | Liabilities Loans and Convertible Finance lease Note borrowings debentures liability Total € in thousands Balance as at January 1, 2018 44,864 57,631 4,020 106,515 Changes from financing cash flows Payment of Debentures 12 - (4,668 ) - (4,668 ) Receipt of loans 10,11 34,745 - - 34,745 Repayment of loans 10,11 (13,593 ) - - (13,593 ) Accrued interest 10,11 180 - - 180 Payment of finance lease liability 10 - - (4,226 ) (4,226 ) Transaction costs related to borrowings 606 250 206 1,062 Total net financing cash flows 66,802 53,213 - 120,015 Effect of changes in foreign exchange rates (710 ) (1,870 ) - (2,580 ) Balance as at December 31, 2018 66,092 51,343 - 117,435 |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of debentures [Abstract] | |
Schedule of Debentures | Composed as follows: December 31, 2018 December 31, 2017 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 52,056 51,343 58,623 57,631 Less current maturities 8,975 8,758 4,825 4,644 Total long-term debentures 43,081 42,585 53,798 52,987 |
Schedule of Aggregate Annual Maturities of Debentures | The aggregate annual maturities are as follows: December 31 December 31 2018 2017 € in thousands Second year 8,789 8,977 Third year 8,833 9,084 Fourth year 8,874 9,129 Fifth year 10,354 9,171 Sixth year and thereafter 5,735 16,626 Long-term loans 42,585 52,987 Current maturities 8,758 4,644 51,343 57,631 |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other long-term liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31 December 31 2018 2017 € in thousands Government authorities 209 239 Derivatives 3,362 4,312 Forward contracts (1) 1,730 - Liabilities for employees benefits 19 4 5,320 4,555 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €1,730 thousand (approximately $1,982) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Schedule of Minimum Annual Lease Payments | The following table summarizes the minimum annual rental commitments as of the periods indicated under the non-cancelable operating leases and sub-lease arrangements with initial or remaining terms of more than one year, reflecting the terms that were in effect as of December 31, 2018: Operating lease € in thousands Year ended December 31 2019 427 2020 408 2021 352 2022 352 2023 and thereafter 3,988 Total minimum lease payments 5,527 |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 the Company: Year ended December 31 2018 2017 2016 Number of Number of Number of People Amount People (**) Amount people Amount € thousands € thousands € thousands Short-term employee Benefits 2 371 2 377 2 368 Post-employment Benefits 2 48 2 57 2 89 Share-based payments 2 - 2 - 2 * * Less than €1 thousand ** Including retired employees that were not employed throughout the entire year |
Schedule of Compensation to Individuals not Employed by Company | Compensation to key management personnel (including directors but excluding compensation paid under the Management Agreement) that are not employed by the Company: Year ended December 31 2018 2017 2016 Number of Number of Number of people Amount people Amount People (**) Amount € thousands € thousands € thousands Total compensation to directors not employed by the Company 3 49 3 35 3 63 share-based payments 3 5 3 14 3 3 * Less than €1 thousand ** Including Board members that did not serve throughout the entire year |
Schedule of Debts and Loans to Related and Interested Parties | Debts and loans to related and interested parties Interest income recognized in statement of The terms of the loan Balance as at December 31 income for the year ended December 31 Interest Linkage rate base 2018 2017 2018 2017 2016 % € thousands Dori Energy 8.1 (*) NIS+CPI 9,189 13,025 1,130 1,158 1,243 (*) See Note 6A |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Composition of Share Capital | Composition of share capital December 31, 2018 December 31, 2017 December 31, 2016 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 10,675,508(1 ) 17,000,000 10,675,508(1 ) 17,000,000 10,677,370(1 ) (1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2018, and as of December 31, 2017 and 256,184 Ordinary shares as of December 31, 2016, 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, 2018 | |
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 employees is shown in the following table: Year ended December 31 2018 2017 2016 € thousand Expenses arising from share-based payment Transactions 5 5 3 |
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 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 0.384 0.342 0.332 Risk-free interest 2.67 % 1.34 % 0. 67 % Expected life (in years) 2-3 2-3 2-3 |
Schedule of Weighted Average Fair Values and Exercise Price | Weighted average fair values and exercise price of options on dates of grant are as follows: Equal market price 2018 2017 US$ Weighted average exercise prices 8.95 9.02 Weighted average fair value on grant date 2.1 1.8 |
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: 2018 2017 2016 Weighted Weighted Weighted Average average Average Number of Exercise Number of exercise Number of Exercise options Price options price options Price US$ US$ US$ Outstanding at beginning of year 25,502 7.54 22,502 7.34 19,502 7.19 Granted during the year 3,000 8.95 3,000 9.02 3,000 8.3 Exercised during the year - - - - - - Expired during the year 1,333 5 - - - - Outstanding at end of year 27,169 7.82 25,502 7.54 22,502 7.34 Exercisable at end of year 24,169 7.68 22,502 7.34 18,502 7.19 |
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, 2018 | |
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |
Schedule of Financing Income | Financing income For the year ended December 31 2018 2017 2016 € in thousands Interest Income and consumer price index in Israel in conection to concession project 1,948 789 - Interest income 291 544 263 Change in fair value of derivatives, net 494 - 636 Gain from exchange rate differences, net 697 - - Total financing income 3,430 1,333 899 |
Schedule of Financing Expenses | Financing expenses For the year ended December 31 2018 2017 2016 € in thousands Change in fair value of derivatives, net - 3,156 - Swap interest 206 110 607 Debentures interest and related expenses 2,604 2,753 1,990 Interest on loans 2,330 776 504 Loss from exchange rate differences, net - 3,586 81 Consumer price index in Israel for loan 171 - - Bank charges and other commissions 210 180 151 Total financing expenses 5,521 10,561 3,333 |
Schedule of Operating Costs, Depreciation and Amortization | Operating Costs, Depreciation and Amortization For the year ended December 31 2018 2017 2016 € in thousands Depreciation 5, 500 4,518 4,411 Amortization 316 - - Professional services 375 210 104 Annual rent 390 267 233 Operating and maintenance services 4,942 1,574 1,287 Insurance 245 203 194 Other 390 295 264 Total operating costs 12, 158 7,067 6,493 |
Schedule of General and Administrative Expenses | General and administrative expenses For the year ended December 31 2018 2017 2016 € in thousands Salaries and related compensation 1,016 1,030 1,027 Professional services 2,185 1,255 1,480 Other 399 135 (475 ) Total general and administrative expenses 3, 600 2,420 2,032 |
Schedule of Other Income (Expense), Net | Other income (expense), net For the year ended December 31 2018 2017 2016 € in thousands Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6) 73 18 56 Compensation from contractor (*) 811 - - Other - - 34 Total other income, net 884 18 90 (*) Compensation from EPC and O&M contractor of the Company's Bio Gas projects in Netherlands due to deficiencies in the operation of these projects. |
Schedule of Revenues | Revenues For the year ended December 31 2018 2017 2016 € in thousands Revenues from the sale of solar electricity 12,593 13,150 11,632 Revenues from the sale of gas and power produced by anaerobic digestion plants 4,483 303 - Revenues from concessions project 1,041 183 - Total Revenues 18,117 13,636 11,632 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Schedule of Composition of Income Tax Benefit (Taxes on Income) | Composition of income tax benefit (taxes on income): For the year ended December 31 2018 2017 2016 € in thousands Current tax income (expense) Current year ( 438 ) (494 ) (252 ) Previous years 26 1,044 (67 ) ( 412 ) 550 (319 ) Deferred tax income Creation and reversal of temporary differences 197 (922 ) (250 ) Taxes on income ( 215 ) (372 ) (569 ) |
Schedule of Theoretical Tax | Statutory rate applied to corporations in Israel and the actual tax expense, is as follows: 2018 2017 2016 € in thousands Profit (loss) before taxes on income 819 (6,269 ) (63 ) Primary tax rate of the Company 23 % 24 % 25 % Tax benefit (tax on income) ( 188 ) 1,505 16 Profit (loss) subject to different tax rate 45 (106 ) (15 ) Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past - (448 ) - Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 585 367 344 Change in temporary differences for which deferred tax were not recognized (576 ) (359 ) (347 ) Current year tax losses and benefits for which deferred taxes were not created (136 ) (1,142 ) (378 ) Tax benefit (taxes) in respect to previous years and others 55 (189 ) (189 ) Actual tax on income ( 215 ) (372 ) (569 ) |
Schedule of Deferred Taxes | Finance lease Losses Financial Fixed obligations and Swap on assets assets long term loans contract income Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2017 (1,279 ) (3,061 ) 2,104 178 3,662 1,604 Changes recognized due to business combination (7,678 ) - - - 2,791 (4,887 ) Changes recognized in profit or loss 1,565 (117 ) (84 ) (61 ) (2,225 ) (922 ) Balance of deferred tax asset (liability) as at December 31, 2017 (7,392 ) (3,178 ) 2,020 117 4,228 (4,205 ) Finance lease Losses Financial Fixed obligations and Swap on assets assets long term loans contract income Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2018 (7,392 ) (3,178 ) 2,020 117 4,228 (4,205 ) Changes recognized due to business combination - - - - 2 2 Changes recognized in profit or loss 200 1,262 (1,310 ) 39 6 197 Changes recognized in other comprehensive income 257 - 42 (89 ) 210 Balance of deferred tax asset (liability) as at December 31, 2018 (6,935 ) (1,916 ) 710 198 4,147 (3,796 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share [abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: For the year ended December 31 2018 2017 2016 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company 1,057 (6,115 ) (209 ) Weighted average ordinary shares outstanding (1) 10,675,508 10,675,757 10,677,700 Dilutive effect: Stock options and warrants 3,349 - - Diluted weighted average ordinary shares Outstanding 10,678,857 10,675,757 10,677,700 Basic profit (loss) per share from continuing operations 0. 10 (0.57 ) (0.02 ) Diluted profit (loss) per share from continuing operations 0. 10 (0.57 ) (0.02 ) (1) Net of treasury shares. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Composition of Derivatives | 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 2018 2017 € in thousands Derivatives presented under current liabilities Currency swap (192 ) - Swap contracts (173 ) (121 ) (365 ) (121 ) Derivatives presented under non-current liabilities Forward contracts (977 ) (2,650 ) Currency swap ( 1,925 ) (1,244 ) Swap contracts (459 ) (418 ) (3,361 ) (4,312 ) |
Schedule of Forward and SWAP Contracts | The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions: December 31, 2018 Currency/ Currency/ linkage/interest rate Linkage/interest rate Date of expiration Fair value - € receivable Payable thousand Euro 3.75 million interest swap transaction for a period of 15 years, semi-annually. Euribor 6 months Fixed 2.53% June 30, 2027 (236) Euro 25 million interest rate swap transaction for a period of 10 years, semi-annually. Euribor 6 months Fixed 0.71% December 31, 2027 (396) Forward EUR/USD contracts with an aggregate EUR denominated principal of EUR 18 million. weighted November 2021 (977) NIS 83.2 million currency swap transaction EUR/NIS for a period of 7 years, semi-annually. NIS Euro June 2024 (2,117) |
Schedule of Contractual Maturities of Financial Liabilities | 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, 2018 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 66,092 71,826 7,350 7,805 22,501 34,170 Debentures 51,343 58,667 11,029 10,656 31,133 5,849 Trade payables and other accounts payable 4, 819 4, 819 4, 819 - - - 122, 254 135, 312 23, 198 18,461 53,634 40,019 Derivative finance liabilities Forward contracts 977 977 - - 977 - Currency swap 2, 117 2, 117 192 622 947 356 Swap contracts 632 632 173 263 155 41 3, 726 3, 726 365 885 2, 079 397 December 31, 2017 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 44,864 48,506 4,313 4,861 14,744 24,588 Finance lease obligation including current maturities 4,020 4,987 483 483 1,449 2,572 Debentures 57,631 67,884 7,251 11,398 31,880 17,355 Trade payables and other accounts payable 2,990 2,990 2,990 - - - 109,505 124,367 15,037 16,742 48,073 44,515 Derivative finance liabilities Forward contracts 2,650 2,650 - - 2,650 - Currency swap 1,244 1,244 (145 ) 75 446 868 Swap contracts 539 539 121 183 116 119 4,433 4,433 (24 ) 258 3,212 987 |
Schedule of Company's Exposure to Linkage and Foreign Currency Risk | The Company's exposure to linkage and foreign currency risk except in respect of derivatives (see hereunder) was as follow: December 31, 2018 Non-monetary/ NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 287 937 35,658 36,882 Marketable securities - - 2,132 - 2,132 Restricted cash short-term and restricted marketable securities - 3,338 - 1,315 4,653 Asset from concession project - 1,292 - - 1,292 Trade and other receivables 1,279 780 531 10,033 12,623 Financial asset short-term - 1,282 - - 1,282 Non-current assets: Investments in equity accounted investees 21,175 6,571 - - 27,746 Advances on account of investments in process 798 - - - 798 Concession intangible asset 4,882 - - - 4,882 Asset from concession project - 25,710 - - 25,710 Fixed assets 87, 220 - - - 87, 220 Restricted cash long-term - 1,654 267 141 2,062 Deferred tax 2, 423 - - - 2, 423 Other assets 1,055 - - 400 1,455 Current liabilities: Loans and borrowings - (1,622 ) - (4,242 ) (5,864 ) Short-term debentures - (8,758 ) - - (8,758 ) Accounts payable - (24 ) - (2,102 ) (2,126 ) Accrued expenses and other payables - (1,116 ) - (1, 987 ) (3, 103 ) Non-current liabilities: Long-term loans - (18,314 ) - (41,914 ) (60,228 ) Long-term debentures - (42,585 ) - - (42,585 ) Deferred tax (6,219 ) - - - (6,219 ) Other long-term liabilities - (19 ) - (5, 301 ) (5, 320 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 112, 613 (31,524 ) 3,867 ( 7,999 ) 76, 957 (*) including items linked to CPI December 31, 2017 Non-monetary/Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 2,723 11,742 9,497 23,962 Marketable securities - - 2,162 - 2,162 Restricted cash short-term and - - 3,250 15 3,265 Asset from concession project - 1,286 - - 1,286 Trade and other receivables 548 3,359 731 6,007 10,645 Financial asset short-term - 1,249 - - 1,249 Non-current assets: Investments in equity accounted investees 17,171 10,484 - - 27,655 Advances on account of investments in process 8,825 - - - 8,825 Concession intangible asset 5,505 - - - 5,505 Asset from concession project - 27,725 - - 27,725 Fixed assets 78,837 - - - 78,837 Restricted cash long-term - 1,797 351 1,512 3,660 Deferred tax 1,777 - - - 1,777 Other assets 1,122 - - 413 1,535 Current liabilities: Loans and borrowings - (1,455 ) - (1,648 ) (3,103 ) Short-term debentures - (4,644 ) - - (4,644 ) Accounts payable - 7 - (1,356 ) (1,349 ) Accrued expenses and other payables - (811 ) - (1,376 ) (2,187 ) Non-current liabilities: Finance lease obligations - - - (3,690 ) (3,690 ) Long-term loans - (20,141 ) - (21,950 ) (42,091 ) Long-term debentures - (52,987 ) - - (52,987 ) Deferred tax (5,982 ) - - - (5,982 ) Other long-term liabilities - (4 ) - (4,551 ) (4,555 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 107,803 (31,412 ) 18,236 (17,127 ) 77,500 (*) including items linked to CPI |
Schedule of Significant Exchange Rates | Information regarding significant exchange rates: For the year ended December 31 Rate of Rate of Change Change % Dollar % NIS 1 euro in 2018 (4.4 ) 1.145 3.3 4.292 1 euro in 2017 13.9 1.198 2.7 4.153 |
Schedule of Sensitivity Analysis | The analysis assumes that all other variables, in particular interest rates, remain constant. December 31, 2018 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 169 (169 ) 5% in NIS (367 ) 367 December 31, 2017 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 761 (761 ) 5% in NIS (378 ) 378 |
Schedule of Change in Interest Rate | A change in interest rate would have increased (decreased) profit or loss by the amounts shown below: December 31, 2018 2017 Profit or loss Profit or loss € in thousands Increase of 1% 1,012 804 Increase of 3% 2,604 2,473 Decrease of 1% (581 ) (863 ) Decrease of 3% (2,172 ) (2,532 ) |
Schedule of Statement of Fair value of Other Financial Liabilities | 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, 2018 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 51,343 49,190 - - Loans from banks and others (including current maturities) 66,092 - 66,233 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, Discount rate of Euribor+ 1.85%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 117,435 49,190 66,233 - December 31, 2017 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 57,631 60,518 - - Loans from banks and others (including current maturities) 44,864 - 45,561 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel Finance lease obligations (including current maturities) 4,020 - 4,209 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.85% 106,515 60,518 49,770 - |
Schedule of Interest Rates Used to Discount Estimated Cash Flows | 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 2018 2017 % Non-current liabilities: Loans from banks Euribor+ 2.53% Euribor+ 2.53% Loans from banks 4.65% Linkage 4.65% Linkage Loans from banks Euribor+ 1.85% - Loans from banks fix rate for 5 years 2.9% - 3.1% - Finance lease obligations - Euribor+ 2.85% |
Schedule of Fair Values Hierarchy | December 31, 2018 Level 1 Level 2 Level 3 Total Valuation techniques for € determining fair value Income receivable in connection with the A.R.Z. - - 1,282 1,282 The fair value of the income receivable in connection with the A.R.Z. Marketable securities - 2,132 - 2,132 Market price Forward contracts - 977 - 977 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 - 632 - 632 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 - 2, 117 - 2, 117 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 9,189 9,189 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. December 31, 201 Level 1 Level 2 Level 3 Total Valuation techniques for € determining fair value Income receivable in connection with the A.R.Z. - - 1,249 1,249 The fair value of the income receivable in connection with the A.R.Z. Marketable securities - 5,412 - 5,412 Market price Forward contracts - 2,650 - 2,650 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 - 539 - 539 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 - 1,244 - 1,244 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. |
Schedule of Reconciliation 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 Income receivable in connection with the A.R.Z. electricity pumped storage project € in thousands Balance as at December 31, 2016 1,265 Total income recognized in profit or loss 17 Exercise of first option to acquire additional shares - Foreign Currency translation adjustments (33 ) Balance as at December 31, 2017 1,249 Total income recognized in profit or loss 73 Exercise of second option to acquire additional shares - Foreign Currency translation adjustments (40 ) Balance as at December 31, 2018 1,282 Asset from concession project Income receivable in connection with the concession project € in thousands Balance as at December 31, 2017 29,011 Total income recognized in profit or loss 1,949 Proceeds from receivable from concession project (3,040 ) Foreign Currency translation adjustments (918 ) Balance as at December 31, 2018 27,002 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of operating segments [abstract] | |
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 2018 2017 2016 € in thousands Israel 1,041 183 - The Netherlands 4,483 303 - Italy 9,560 10,143 8,919 Spain 3,033 3,007 2,713 Total revenues 18,117 13,636 11,632 |
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 reportable Total Italy Spain Israel Talasol Bio Gas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2018 € in thousands Revenues 9,560 3,033 4,011 - 4,483 58,063 - 79,150 (61,033 ) 18,117 Operating expenses (1, 579 ) (574 ) (507 ) - (3,682 ) (44,600 ) - (50, 942 ) 44,600 (6, 342 ) Depreciation expenses (3, 569 ) (828 ) (2,042 ) - (1,081 ) (4,811 ) - (12, 331 ) 6,515 (5, 816 ) Gross profit (loss) 4, 412 1,631 1,462 - (280) 8,652 - 15, 877 (9,918 ) 5, 959 Project development costs ( 2,878 ) ( 2,878 ) General and administrative expenses (3, 600 ) (3, 600 ) Share of profits (loss) of equity accounted investee 2,545 2,545 Other income, net 884 884 Operating profit 2, 910 Financing income 2,936 2,936 Financing income (expenses) in connection with derivatives, net 494 494 Financing expenses, net (5,521 ) (5,521 ) Profit before taxes on Income 819 Segment assets as at December 31, 2018 54, 539 16,799 34,258 15,169 18,879 105,246 2,318 247, 208 (36,048 ) 211, 160 PV Total Reportable Total Italy Spain Israel Dorad Bio Gas Manara Segments Reconciliations consolidated For the year ended December 31, 2017 € in thousands Revenues 10,143 3,007 1,378 58,234 303 - 73,065 (59,429 ) 13,636 Operating expenses (1,660 ) (677 ) (117 ) (45,027 ) (95 ) - (47,576 ) 45,027 (2,549 ) Depreciation expenses (3,567 ) (828 ) (447 ) (4,817 ) (111 ) - (9,770 ) 5,252 (4,518 ) Gross profit 4,916 1,502 814 8,390 97 - 15,719 (9,150 ) 6,569 Project development costs (2,739 ) (2,739 ) General and administrative expenses (2,420 ) (2,420 ) Share of profits (loss) of equity accounted investee 1,531 1,531 Other income, net 18 18 Operating Profit 2,959 Financing income 1,333 1,333 Financing income (expenses) in connection with derivatives, net (3,156 ) (3,156 ) Financing expenses, net (7,405 ) (7,405 ) Loss before taxes on Income (6,269 ) Segment assets as at December 31, 2017 59,441 16,779 37,903 114,282 16,882 2,386 247,673 (49,586 ) 198,087 PV Total reportable Total Italy Spain Israel Dorad Bio Gas Manara segments Reconciliations consolidated For the year ended December 31, 2016 € in thousands Revenues 8,919 2,713 - 50,730 - - 62,362 (50,730 ) 11,632 Operating expenses (1,518 ) (564 ) - (39,628 ) - - (41,710 ) 39,628 (2,082 ) Depreciation expenses (3,566 ) (828 ) - (4,612 ) - - (9,006 ) 4,595 (4,411 ) Gross profit 3,835 1,321 - 6,490 - - 11,646 (6,507 ) 5,139 Project development costs (2,201 ) (2,201 ) General and administrative expenses (2,032 ) (2,032 ) Share of pro loss of equity accounted investee 1,375 1,375 Other income, net 90 90 Operating Profit 2,371 Financing income 263 263 Financing income (expenses) in connection with derivatives, net 636 636 Financing expenses, net (3,333 ) (3,333 ) Loss before taxes on Income (63 ) Segment assets as at December 31, 2016 62,099 17,321 - 117,047 8,360 380 205,207 (56,743 ) 148,464 |
Schedule of Fixed Assets, Net from Company's Operation | The following table lists the fixed assets, net from the Company's operation: For the year ended December 31 2018 2017 € in thousands Israel 17 22 The Netherlands 17,464 15,046 Italy 44, 986 48,555 Spain 24,753 15,214 Total fixed assets, net 87, 220 78,837 |
General (Details)
General (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Dorad Energy Ltd [Member] | |
Disclosure of associates [line items] | |
Proportion of ownership interest | 9.375% |
Chashgal Elyon Ltd. [Member] | |
Disclosure of associates [line items] | |
Proportion of ownership interest | 75.00% |
Groen Gas Goor B.V [Member] | |
Disclosure of associates [line items] | |
Proportion of ownership interest | 51.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2018EUR (€) | |
Statement Line Items [Line Items] | |
Right-of-use assets | € 4,148 |
Lease liability | € 4,148 |
Euro [Member] | |
Statement Line Items [Line Items] | |
Rate of exchange | 0.873 |
USD [Member] | |
Statement Line Items [Line Items] | |
Rate of exchange | 1 |
Bottom of range [Member] | |
Statement Line Items [Line Items] | |
Percentage of hedge | 80.00% |
Discount rates used for measuring the lease liability | 2.56% |
Top of range [member] | |
Statement Line Items [Line Items] | |
Percentage of hedge | 125.00% |
Discount rates used for measuring the lease liability | 4.57% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Italian Subsidiaries [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (Years) | 20 |
Spanish subsidiaries [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life (Years) | 25 |
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 |
Mainly % | 4 |
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 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Effects of Retained Earnings and Other Components of Equity) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Loans granted to associates | € 11,653 | |
Reserves and retained earnings | ||
Retained earnings | 758 | € (299) |
IFRS 9 [Member] | ||
Financial assets | ||
Loans granted to associates | 11,902 | |
Reserves and retained earnings | ||
Retained earnings | 341 | |
Loans and Receivbles [Member] | ||
Reserves and retained earnings | ||
Retained earnings | ||
Fair value through profit or loss [Member] | ||
Reserves and retained earnings | ||
Retained earnings |
Cash and Cash Equivalents (Narr
Cash and Cash Equivalents (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||
Annual interest rate for deposits | 2.30% | 1.50% |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [2] | Dec. 31, 2015 | [2] | |
Cash and cash equivalents [abstract] | |||||||
Cash | € 35,984 | € 11,729 | |||||
On Call deposits | [1] | 898 | 12,233 | ||||
Total cash and cash equivalents | € 36,882 | € 23,962 | € 22,486 | € 17,194 | |||
[1] | The annual interest rate for deposits as of December 31, 2018 is 2.3% (1.5% as of December 31, 2017). | ||||||
[2] | Please refer to Note 2C for functional and presentation currency. |
Restricted Cash, Deposits and_3
Restricted Cash, Deposits and Marketable Securities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||
Bonds coupon rate | 3.389% | 3.389% |
Bonds Maturity date | Dec. 30, 2018 | Dec. 30, 2018 |
Bonds rating | Baa3 | Baa3 |
Annual interest rate | 2.30% | 1.50% |
WACHOVIA [Member] | ||
Disclosure of financial assets [line items] | ||
Bonds coupon rate | 4.435% | |
Bonds Maturity date | Dec. 30, 2020 | |
Bonds rating | Baa3 | |
Annual interest rate | 5.80% |
Restricted Cash, Deposits and_4
Restricted Cash, Deposits and Marketable Securities (Schedule of Restricted Cash) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |||
Marketable securities | [1] | € 2,132 | € 2,162 |
Short-term restricted cash | [2] | 4,653 | 3,265 |
Restricted marketable securities | [3] | 3,250 | |
Long-term restricted non-interest bearing bank deposits | [4] | 408 | 1,458 |
Restricted cash, long-term bank deposits | [5] | 1,654 | 2,202 |
Long-term restricted cash and deposits | € 2,062 | € 3,660 | |
[1] | During 2017 and 2018, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. | ||
[2] | Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. | ||
[3] | Marketable securities securing the Company's Forward contracts. | ||
[4] | Deposits used to secure obligations towards the Israeli Electricity Authority for the license for the pumped-storage project in the Manara Cliff in Israel and to secure obligations under loan agreements (see Note 11). | ||
[5] | Bank deposits used to secure obligations under loan agreements (see Note 11). |
Trade and Other Receivables a_3
Trade and Other Receivables and Assets (Narrative) (Details) - 12 months ended Dec. 31, 2018 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Statement Line Items [Line Items] | ||
Accumulated profit from forward contracts | € | € 529 | |
USD [Member] | ||
Statement Line Items [Line Items] | ||
Accumulated profit from forward contracts | $ | $ 606 |
Trade and Other Receivables a_4
Trade and Other Receivables and Assets (Schedule of Trade and Other Receivables and Assets) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Other receivables | |||
Government authorities | € 2,706 | € 2,306 | |
Income receivable | 3,830 | 3,436 | |
Interest receivable | 6 | 153 | |
Current tax | 195 | 48 | |
Current Maturities of loan to an equity accounted investee | 415 | 3,165 | |
Trade receivable | 156 | 407 | |
Forward contracts | [1] | 529 | 580 |
Loan to others | [2] | 3,500 | |
Prepaid expenses and other | 1,286 | 550 | |
Total Current Assets and other receivables | 12,623 | 10,645 | |
Long term receivables | |||
Advance tax payment | 996 | 1,078 | |
Forward contracts | 12 | ||
Annual rent deposits | 27 | 30 | |
Other | 432 | 415 | |
Total Non current Assets and Long term receivables | € 1,455 | € 1,535 | |
[1] | The Company closed euro/USD forward contracts with an accumulated profit of approximately 529 thousand (approximately $606 thousand) that are expected to be received between January and March 2019 (depending on the relevant dates of the forward positions). | ||
[2] | In November 2018, Talasol Solar S.L.U, which is promoting the construction of a photovoltaic plant with a peak capacity of 300 MW, provided an amount of 3,500 thousand to METKA EGN Limited, the EPC contractor, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. This amount will be repaid either out of the first payment to Metka under the EPC agreement or ten days after the deadline to provide a notice to proceed under the EPC agreement in the event such notice is not granted. We received a bank guarantee from Metka for the prepayment amount. |
Investee Companies and other _3
Investee Companies and other investments (Equity Accounted Investees) (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | Oct. 01, 2017 | Dec. 08, 2016 | May 12, 2014 | Feb. 28, 2019ILS (₪) | Feb. 28, 2019EUR (€) | Nov. 30, 2018ILS (₪) | Nov. 30, 2018EUR (€) | Jan. 31, 2018ILS (₪) | Jan. 31, 2018EUR (€) | Jan. 31, 2017ILS (₪) | Jan. 31, 2017EUR (€) | Jul. 31, 2016ILS (₪) | Jul. 31, 2016EUR (€) | Jul. 25, 2016ILS (₪) | May 31, 2016ILS (₪) | May 31, 2016EUR (€) | Jul. 16, 2015 | Nov. 25, 2010 | Dec. 31, 2018ILS (₪) | Dec. 31, 2018EUR (€) | Dec. 31, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 24, 2018 | Jul. 31, 2018 | Jan. 15, 2018 | Apr. 02, 2017EUR (€) | Feb. 23, 2017USD ($) | Dec. 19, 2016 | Jul. 25, 2016EUR (€) | Dec. 31, 2010 |
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Annual interest rate | 3.50% | 3.50% | 3.50% | 3.43% | |||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Repayment of shareholders loan | € 26,040 | € 19,265 | € 12,330 | ||||||||||||||||||||||||||||
Proceeds from subsidiaries | 2,440 | 1,670 | € 407 | ||||||||||||||||||||||||||||
Current maturities of loan on equity | 415 | € 415 | |||||||||||||||||||||||||||||
Claims amount payment | $ | $ 183,368 | ||||||||||||||||||||||||||||||
Percentage of production increase | 3.00% | 6.00% | |||||||||||||||||||||||||||||
Edelsburg Group [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Expenses paid to Zorlu | ₪ | ₪ 10,000 | ||||||||||||||||||||||||||||||
Bottom of range [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Annual interest rate | 1.60% | 1.60% | 1.60% | ||||||||||||||||||||||||||||
Top of range [member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Annual interest rate | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||||||||||
NIS [Member] | Dorad Energy Ltd [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Repayment of shareholders loan | ₪ | ₪ 110,000 | ₪ 80,000 | ₪ 50,000 | ||||||||||||||||||||||||||||
Proceeds from subsidiaries | ₪ | 10,300 | 6,950 | ₪ 1,750 | ||||||||||||||||||||||||||||
Current maturities of loan on equity | ₪ | 1,780 | ₪ 1,780 | |||||||||||||||||||||||||||||
NIS [Member] | Dorad Energy Ltd [Member] | Tranche One [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Proceeds from subsidiaries | ₪ | ₪ 2,000 | ||||||||||||||||||||||||||||||
Euro [Member] | Dorad Energy Ltd [Member] | Tranche One [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Proceeds from subsidiaries | € 466 | ||||||||||||||||||||||||||||||
Euro [Member] | Edelsburg Group [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Expenses paid to Zorlu | € 2,430 | ||||||||||||||||||||||||||||||
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 | 9.375% | 9.375% | |||||||||||||||||||||||||||||
Annual interest rate | 3.00% | 3.00% | 4.00% | ||||||||||||||||||||||||||||
Senior debt | 5.10% | 5.10% | |||||||||||||||||||||||||||||
Repayment of shareholders loan | € 82,000 | ||||||||||||||||||||||||||||||
Proceeds from subsidiaries | € 7,030 | ||||||||||||||||||||||||||||||
Amount financial agreement guarantees by direct share | € 40,311 | ||||||||||||||||||||||||||||||
Amount financial agreement guarantees by indirect share | € 3,780 | ||||||||||||||||||||||||||||||
Percentage of average production reduced | 0.50% | ||||||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | Bottom of range [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest | 9.1875% | 9.1875% | |||||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | Top of range [member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Proportion of ownership interest | 9.375% | 9.375% | |||||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | NIS [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Repayment of shareholders loan | ₪ | ₪ 350,000 | ||||||||||||||||||||||||||||||
Proceeds from subsidiaries | ₪ | ₪ 30,000 | ||||||||||||||||||||||||||||||
Amount financial agreement guarantees by direct share | ₪ | ₪ 173,000 | ||||||||||||||||||||||||||||||
Amount financial agreement guarantees by indirect share | ₪ | ₪ 16,200 | ||||||||||||||||||||||||||||||
Dori Energy [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Percentage of share capital holds | 50.00% | 30.00% | 10.00% | ||||||||||||||||||||||||||||
Proportion of ownership interest | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||||
Shareholders loans | € 9,185 | ||||||||||||||||||||||||||||||
Percentage decrease from Dorad Holding | 10.00% | ||||||||||||||||||||||||||||||
Dori Energy [Member] | Second Option [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Increase percentage of holding share | 50.00% | 50.00% | |||||||||||||||||||||||||||||
Aggregate amount paid for exercise of option | € 657 | ||||||||||||||||||||||||||||||
Shareholders loans | € 93 | ||||||||||||||||||||||||||||||
Dori Energy [Member] | NIS [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Shareholders loans | ₪ | ₪ 39,419 | ||||||||||||||||||||||||||||||
Dori Energy [Member] | NIS [Member] | Second Option [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Aggregate amount paid for exercise of option | ₪ | ₪ 2,800 | ||||||||||||||||||||||||||||||
Shareholders loans | ₪ | ₪ 400 | ||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Percentage of share capital holds | 50.00% | ||||||||||||||||||||||||||||||
Claims amount payment | € 218,000 | ||||||||||||||||||||||||||||||
Payment received for management and entrepreneurship services | € 11,900 | ||||||||||||||||||||||||||||||
Luzon Group [Member] | NIS [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Claims amount payment | € 906,400 | ||||||||||||||||||||||||||||||
Payment received for management and entrepreneurship services | ₪ | ₪ 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] | USD [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Claims amount payment | $ | $ 140,000 | ||||||||||||||||||||||||||||||
Claims interest payment amount | $ | 43,000 | ||||||||||||||||||||||||||||||
Zorlu [Member] | Euro [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Claims amount payment | € 123,000 | ||||||||||||||||||||||||||||||
Claims interest payment amount | 38,000 | ||||||||||||||||||||||||||||||
Dorad [Member] | USD [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Refund amount to Dorad | $ | $ 24,000 | ||||||||||||||||||||||||||||||
Dorad [Member] | Euro [Member] | |||||||||||||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||||||||||||
Refund amount to Dorad | € 21,000 | ||||||||||||||||||||||||||||||
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) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of associates [abstract] | |||
Investment in shares | € 19,641 | € 18,515 | |
Long-term loans | 8,774 | 9,860 | |
Deferred interest | (669) | (720) | |
Investment in equity accounted investee | 27,746 | 27,655 | |
Current Maturities of the long-term loans | 415 | 3,165 | |
Total investment composition | € 28,161 | € 30,820 | € 30,509 |
Investee Companies and other _5
Investee Companies and other investments (Schedule of Changes in Investments) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Changes in equity and loans: | ||||
Balance as at January 1 | € 30,820 | € 30,509 | ||
Repayment of long term loans | (4,576) | (407) | ||
Interest on long term loans | 1,079 | 1,104 | ||
Deferred interest | 52 | 54 | ||
Elimination of interest on loan from related party | (1,130) | (1,158) | ||
The Company's share of income | 2,545 | 1,531 | € 1,375 | [1] |
Foreign currency translation adjustments | (629) | (813) | ||
Balance as at December 31 | € 28,161 | € 30,820 | € 30,509 | |
[1] | Please refer to Note 2C for functional and presentation currency. |
Investee Companies and other _6
Investee Companies and other investments (Summary of Information on Financial Position) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of associates [line items] | ||||||
Current Assets | € 58,864 | € 42,569 | ||||
Non-current assets | 152,296 | 155,519 | ||||
Total assets | 211,160 | 198,088 | € 148,464 | |||
Current liabilities | (19,851) | (11,283) | ||||
Non-current liabilities | (114,352) | (109,305) | ||||
Total liabilities | (134,203) | (120,588) | ||||
Equity attributable to the owners of the Company | 78,515 | 78,641 | ||||
Company's share | (76,957) | (77,500) | € (84,371) | € (86,442) | ||
Carrying Amount of investment | € 19,641 | € 18,515 | ||||
Dori Energy [Member] | ||||||
Disclosure of associates [line items] | ||||||
Proportion of ownership interest | 50.00% | 50.00% | ||||
Current Assets | € 1,154 | € 8,013 | ||||
Non-current assets | 49,629 | 47,959 | ||||
Total assets | 50,783 | 55,972 | ||||
Current liabilities | (204) | (51) | ||||
Non-current liabilities | (18,005) | (26,006) | ||||
Total liabilities | (18,209) | (26,057) | ||||
Equity attributable to the owners of the Company | 32,574 | 29,915 | ||||
Company's share | 16,287 | 14,958 | ||||
Surplus Costs and goodwill | 3,376 | 3,925 | ||||
Other Adjustments | (22) | (367) | ||||
Carrying Amount of investment | € 19,641 | € 18,515 | ||||
[1] | Please refer to Note 2C for functional and presentation currency. |
Investee Companies and other _7
Investee Companies and other investments (Summary of Information on Operating Results) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Disclosure of associates [line items] | ||||
Income for the year | € 18,117 | € 13,636 | € 11,632 | |
Elimination of interest on loan from related party | 1,130 | 1,158 | ||
Company's share of income of investee | € 2,545 | € 1,531 | € 1,375 | |
Dori Energy [Member] | ||||
Disclosure of associates [line items] | ||||
Rate of ownership as of December 31 | 50.00% | 50.00% | ||
Income for the year | € 3,668 | € 1,751 | ||
Company's share | 1,834 | 876 | ||
Elimination of interest on loan from related party | 1,130 | 1,158 | ||
Other Adjustments | (419) | (503) | ||
Company's share of income of investee | € 2,545 | € 1,531 | ||
[1] | Please refer to Note 2C for functional and presentation currency. |
Investee Companies and other _8
Investee Companies and other investments (Pumped Storage Projects) (Narrative) (Details) € in Thousands, ₪ in Thousands | Jun. 02, 2017EUR (€) | Nov. 03, 2014 | Dec. 27, 2017ILS (₪) | Dec. 27, 2017EUR (€) | Jul. 31, 2014ILS (₪) | Jul. 31, 2014EUR (€) | Nov. 30, 2013ILS (₪)Installment | Nov. 30, 2013EUR (€)Installment | Jul. 17, 2013ILS (₪) | Dec. 31, 2018ILS (₪) | Dec. 31, 2018EUR (€) | Dec. 31, 2016 | Dec. 31, 2017EUR (€) | Jul. 17, 2013EUR (€) |
Disclosure of subsidiaries [line items] | ||||||||||||||
Amount of loan | € 66,092 | € 44,864 | ||||||||||||
Repayment of loan and accrued interest | (13,593) | |||||||||||||
NIS [Member] | Kochav Hayarden's [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Claims damages | ₪ | ₪ 4,238 | |||||||||||||
Euro [Member] | Kochav Hayarden's [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Claims damages | € 1,020 | |||||||||||||
Euro [Member] | Kochav Pumped Storage [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Claims damages | 1,020 | |||||||||||||
Pumped Storage Projects [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Amount of Acquisition | 798 | |||||||||||||
Remaining amount of Acquisition | 9,300 | |||||||||||||
Pumped Storage Projects [Member] | NIS [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Amount of Acquisition | ₪ | ₪ 3,400 | |||||||||||||
Remaining amount of Acquisition | ₪ | 39,800 | |||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Percentage of share capital holds | 24.00% | |||||||||||||
Amount of loan | € 164 | |||||||||||||
Repayment of loan and accrued interest | € 200 | |||||||||||||
Additional compensation aggregate amount | € 1,400 | |||||||||||||
Number of installments | Installment | 2 | 2 | ||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | First Installment [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Compensation paid | € 250 | |||||||||||||
Compensation received | € 260 | |||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | Second Installment [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Compensation paid | € 1,160 | |||||||||||||
Compensation received | € 1,282 | |||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Amount of loan | ₪ | ₪ 770 | |||||||||||||
Repayment of loan and accrued interest | ₪ | ₪ 1,000 | |||||||||||||
Additional compensation aggregate amount | ₪ | 6,700 | |||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member] | First Installment [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Compensation paid | ₪ | 1,200 | |||||||||||||
Compensation received | ₪ | ₪ 1,200 | |||||||||||||
A.R.Z. Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member] | Second Installment [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Compensation paid | ₪ | ₪ 5,500 | |||||||||||||
Compensation received | ₪ | ₪ 5,500 | |||||||||||||
Electra's holdings [Member] | Pumped Storage Projects [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Percentage of share capital holds | 100.00% | |||||||||||||
Sheva Mizrakot Ltd [Member] | Pumped Storage Projects [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Percentage of acquire cooperatives holdings | 25.00% | |||||||||||||
Ellomay Pumped Storage [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Percentage of subsidiary owned | 75.00% | |||||||||||||
Licence period | 72 months | |||||||||||||
Ellomay Pumped Storage [Member] | NIS [Member] | Kochav Hayarden's [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Obligated post bond for damages | € 2,000 | |||||||||||||
Kochav Pumped Storage [Member] | NIS [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Claims damages | € 4,200 | |||||||||||||
Agira Sheuva Electra, L.P [Member] | Pumped Storage Projects [Member] | ||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||
Percentage of acquire cooperatives holdings | 75.00% |
Investee Companies and other _9
Investee Companies and other investments (Schedule of Composition of Advances on Account of Investments) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Disclosure of associates [line items] | ||||
Advances on account of investments | € 8,000 | € 710 | ||
Total advances on account of investment | 798 | 8,825 | ||
Manara Project [Member] | ||||
Disclosure of associates [line items] | ||||
Advances on account of investments | 798 | 825 | ||
Talasol Project [Member] | ||||
Disclosure of associates [line items] | ||||
Advances on account Talasol Project | € 8,000 | |||
[1] | Please refer to Note 2C for functional and presentation currency. |
Investee Companies and other_10
Investee Companies and other investments (Schedule of Composition of Financial Assets) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of associates [abstract] | ||
Income receivable in connection with the A.R.Z. Electricity PSP | € 1,282 | € 1,249 |
Composition of short-term and long-term financial assets | € 1,282 | € 1,249 |
Investee Companies and other_11
Investee Companies and other investments (Subsidiaries) (Narrative) (Details) ₪ / shares in Units, € in Thousands, ₪ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2018EUR (€) | Apr. 30, 2018EUR (€) | Jun. 30, 2017ILS (₪) | Jul. 31, 2016EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2018EUR (€)₪ / shares | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | [1] | Jan. 31, 2019EUR (€) | Jan. 02, 2019EUR (€) | Oct. 31, 2018EUR (€) | Oct. 18, 2017ILS (₪) | Oct. 18, 2017EUR (€) | Jun. 30, 2017EUR (€) | May 31, 2017EUR (€) | Apr. 30, 2017EUR (€) | Dec. 31, 2010 | |
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Amount of loan | € 66,092 | € 66,092 | € 44,864 | |||||||||||||||
Fair value of identifiable assets acquired and liabilities assumed | € 9,851 | |||||||||||||||||
Revenue | € 18,117 | € 13,636 | € 11,632 | |||||||||||||||
Weighted interest rate | 3.50% | 3.50% | 3.50% | 3.43% | ||||||||||||||
Ellomay Luxemburg [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Escrow deposit | € 2,000 | |||||||||||||||||
Ellomay Luxemburg [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Escrow deposit | € 8,000 | |||||||||||||||||
Ellomay Luxemburg [Member] | Additional Amount [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Aggregate purchase price | € 7,000 | |||||||||||||||||
Israel Electricity Authority [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Period of concession project | 16 years | |||||||||||||||||
Weighted interest rate | 5.90% | 5.90% | ||||||||||||||||
Groen Gas Oude-Tonge Anaerobic Digestion Project [Member] | Euro [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Amount of loan | € 1,700 | € 1,836 | € 1,836 | € 1,836 | ||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | |||||||||||||||||
Groen Gas Oude-Tonge Anaerobic Digestion Project [Member] | Euro [Member] | Tranche One [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Amount of loan | € 1,540 | |||||||||||||||||
Weighted interest rate | 2.90% | |||||||||||||||||
Period of financial power swap | 12 years 2 months 30 days | |||||||||||||||||
Groen Gas Oude-Tonge Anaerobic Digestion Project [Member] | Euro [Member] | Tranche Two [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Amount of loan | € 160 | |||||||||||||||||
Weighted interest rate | 3.40% | |||||||||||||||||
Period of financial power swap | 12 years 2 months 30 days | |||||||||||||||||
Ellomay Luxembourg [Member] | Waste-to-energy [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] | Waste-to-energy [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 49.00% | |||||||||||||||||
Ludan [Member] | Groen Goor Anaerobic Digestion Project [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | |||||||||||||||||
Ludan [Member] | Groen Goor Anaerobic Digestion Project [Member] | Euro [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Amount of loan | € 2,115 | |||||||||||||||||
Talasol [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
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 | |||||||||||||||||
Talmei Yosef [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 100.00% | |||||||||||||||||
Aggregate purchase price | € 11,815 | € 9,476 | ||||||||||||||||
Percentage of financed amount | 100.00% | |||||||||||||||||
Period of plant operate | 20 years | |||||||||||||||||
Electricity produced per KWP | ₪ / shares | € 0.9631 | |||||||||||||||||
Talmei Yosef [Member] | NIS [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Aggregate purchase price | ₪ | ₪ 39,000 | ₪ 48,625 | ||||||||||||||||
Down-payment [Member] | Ellomay Luxemburg [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Aggregate purchase price | € 1,000 | |||||||||||||||||
EPC Agreement [Member] | ||||||||||||||||||
Disclosure of subsidiaries [line items] | ||||||||||||||||||
Fixed and lump-sum amount | € 192,500 | |||||||||||||||||
[1] | Please refer to Note 2C for functional and presentation currency. |
Investee Companies and other_12
Investee Companies and other investments (Schedule of Identifiable Assets Acquired and Liabilities Assumed) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 18, 2017 |
Disclosure of associates [abstract] | |||
Asset from concessions project | € 28,927 | ||
Intangible asset | 5,505 | ||
Restricted cash | 1,795 | ||
Long-term loan | € (60,228) | € (42,091) | (21,370) |
Working Capital, net (excluding cash and cash equivalents) | (119) | ||
Deferred tax | (4,887) | ||
Total net identifiable assets | € 9,851 |
Investee Companies and other_13
Investee Companies and other investments (Schedule of Aggregate Cash Flows Derived) (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 18, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Disclosure of associates [abstract] | |||||
Cash and cash equivalents paid | € 11,815 | ||||
Less - cash and cash equivalents of the subsidiary | (1,964) | ||||
Total cash and cash equivalents | € 9,851 | € 1,000 | € 9,851 | ||
[1] | Please refer to Note 2C for functional and presentation currency. |
Fixed assets (Narrative) (Detai
Fixed assets (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 87,220 | € 78,837 |
Capitalized borrowing costs | 81 | |
Italy [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 44,986 | 48,555 |
Useful lives | 20 years | |
Spain [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 24,753 | € 15,214 |
Useful lives | 25 years | |
Italy and Spain [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation expenses | € 4,396 | |
Netherlands [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation expenses | € 1,081 | |
Useful lives | 12 years | |
Photovoltaic Plants [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 98,289 | |
Biogas Installations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 18,656 |
Fixed assets (Schedule of Fixed
Fixed assets (Schedule of Fixed Assets) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | € 78,837 | ||
Balance | 87,220 | € 78,837 | |
Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 98,289 | ||
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 103,252 | 93,171 | |
Additions | 13,883 | 10,081 | |
Balance | 117,135 | 103,252 | |
Cost [Member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 87,922 | 87,921 | |
Additions | 10,367 | [1] | 1 |
Balance | 98,289 | 87,922 | |
Cost [Member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 15,157 | 5,081 | |
Additions | 3,499 | 10,076 | |
Balance | 18,656 | 15,157 | |
Cost [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 121 | 117 | |
Additions | 17 | 4 | |
Balance | 138 | 121 | |
Cost [Member] | Leasehold Improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 52 | 52 | |
Additions | |||
Balance | 52 | 52 | |
Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 24,415 | 19,897 | |
Depreciation for the year | 5,500 | 4,518 | |
Balance | 29,915 | 24,415 | |
Depreciation [Member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 24,154 | 19,758 | |
Depreciation for the year | 4,396 | 4,396 | |
Balance | 28,550 | 24,154 | |
Depreciation [Member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 111 | ||
Depreciation for the year | 1,081 | 111 | |
Balance | 1,192 | 111 | |
Depreciation [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 98 | 87 | |
Depreciation for the year | 23 | 11 | |
Balance | 121 | 98 | |
Depreciation [Member] | Leasehold Improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 52 | 52 | |
Depreciation for the year | 52 | ||
Balance | 52 | 52 | |
Carrying Amounts [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 78,837 | 73,274 | |
Balance | 87,220 | 78,837 | |
Carrying Amounts [Member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 63,768 | 68,163 | |
Balance | 69,739 | 63,768 | |
Carrying Amounts [Member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 15,046 | 5,081 | |
Balance | 17,464 | 15,046 | |
Carrying Amounts [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 23 | 30 | |
Balance | 17 | 23 | |
Carrying Amounts [Member] | Leasehold Improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | |||
Balance | |||
[1] | See note 6C |
Fixed assets (Schedule of Inves
Fixed assets (Schedule of Investment in Photovoltaic Plants) (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2018EUR (€)kWMW | Dec. 31, 2017EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Investments in photovoltaic plants | € 87,220 | € 78,837 |
Troia 8 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 995.67 | |
Connection to Grid | January 2011 | |
Investments in photovoltaic plants | € 3,502 | |
Troia 9 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 995.67 | |
Connection to Grid | January 2011 | |
Investments in photovoltaic plants | € 3,478 | |
Del Bianco [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 734.40 | |
Connection to Grid | April 2011 | |
Investments in photovoltaic plants | € 2,096 | |
Costantini [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 734.40 | |
Connection to Grid | April 2011 | |
Investments in photovoltaic plants | € 2,115 | |
Giache [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 730.01 | |
Connection to Grid | April 2011 | |
Investments in photovoltaic plants | € 2,767 | |
Massaccesi [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 749.7 | |
Connection to Grid | April 2011 | |
Investments in photovoltaic plants | € 2,750 | |
Galatina [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 994.43 | |
Connection to Grid | May 2011 | |
Investments in photovoltaic plants | € 4,131 | |
Pedale [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 2,993 | |
Connection to Grid | May 2011 | |
Investments in photovoltaic plants | € 11,254 | |
Acquafresca [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 947.6 | |
Connection to Grid | June 2011 | |
Investments in photovoltaic plants | € 3,165 | |
D'Angella [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 930.5 | |
Connection to Grid | June 2011 | |
Investments in photovoltaic plants | € 3,119 | |
Soleco[Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 5,924 | |
Connection to Grid | August 2011 | |
Investments in photovoltaic plants | € 15,335 | |
Technoenergy [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 5,900 | |
Connection to Grid | August 2011 | |
Investments in photovoltaic plants | € 15,196 | |
Ellomay Spain - Rinconada II [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Nominal Capacity | kW | 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 | kW | 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 | kW | 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 | kW | 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 | MW | 300 | |
Investments in photovoltaic plants | € 10,367 |
Other Payables (Schedule of Oth
Other Payables (Schedule of Other Payables) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Other Payables [Abstract] | ||
Employees and payroll accruals | € 111 | € 241 |
Government authorities | 185 | 227 |
SWAP and forward related balances | 365 | 121 |
Accrued expenses | 2,316 | 1,414 |
Current tax | 126 | 184 |
Total Other Current Payables | € 3,103 | € 2,187 |
Current maturities of long te_3
Current maturities of long term loans (Schedule of Current Maturities of Long Term Loans) (Details) - EUR (€) € in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2010 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Current maturities of long term loans | € 5,864 | € 3,103 | |
Linkage terms | 3 months EURIBOR | ||
Interest rate | 3.43% | 3.50% | 3.50% |
Consumer price index in Israel [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current maturities of long term loans | € 1,459 | € 1,455 | |
Linkage terms | Consumer price index in Israel | ||
Interest rate | 4.65% | ||
EURIBOR [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Current maturities of long term loans | € 4,405 | € 1,648 | |
Linkage terms | EURIBOR | ||
Bottom of range [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.60% | 1.60% | |
Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.50% | 3.50% |
Finance Lease Obligation (Narra
Finance Lease Obligation (Narrative) (Details) - EUR (€) € in Thousands | 1 Months Ended | |||||||||
May 31, 2028 | Nov. 30, 2027 | May 17, 2018 | Dec. 31, 2010 | Dec. 31, 2018 | May 29, 2018 | Dec. 31, 2017 | Mar. 31, 2012 | Dec. 31, 2011 | Dec. 30, 2010 | |
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Annual interest rate | 3.43% | 3.50% | 3.50% | |||||||
Term of leasing agreements | 17 Years | |||||||||
Linkage terms | 3 months EURIBOR | |||||||||
Euro [Member] | ||||||||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Financial leasing agreement | € 6,000 | |||||||||
Aggregate amount received under leasing agreement drawdowns | € 819 | € 5,000 | ||||||||
Net of expenses capitalized amount | € 1,142 | |||||||||
Italian Subsidiaries [Member] | Facility Agreement [Member] | Euro [Member] | ||||||||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Annual interest rate | 2.56% | |||||||||
Proceeds from project finance | € 35,900 | |||||||||
Terms of project finance | The euro 35.9 million principal amount is divided into: (i) five term loan facilities, one for each Subsidiary, which are to be used to refinance the existing financing of the subsidiaries including the finance lease obligation and for general purposes of the Subsidiaries. | |||||||||
Italian Subsidiaries [Member] | Facility Agreement [Member] | Euro [Member] | Aggregate amount [Member] | ||||||||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Proceeds from project finance | € 33,700 | € 2,200 | ||||||||
Italian Subsidiaries One [Member] | Euro [Member] | ||||||||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Financial leasing agreement | 3,000 | |||||||||
Monthly lease payment | € 20 | |||||||||
Italian Subsidiaries Two [Member] | Euro [Member] | ||||||||||
Disclosure of maturity analysis of finance lease payments receivable [line items] | ||||||||||
Financial leasing agreement | € 3,000 | |||||||||
Monthly lease payment | € 20 |
Finance Lease Obligation (Sched
Finance Lease Obligation (Schedule of Finance Lease Obligation) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2010 | |
Disclosure of recognised finance lease as assets by lessee [abstract] | |||
Leasing institution | € 4,020 | ||
Current maturities | 330 | ||
Leasing institution-long term | € 3,690 | ||
Linkage terms | EURIBOR | EURIBOR | |
Interest rate | 3.50% | 3.50% | 3.43% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) € in Thousands, ₪ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
May 31, 2028EUR (€) | Nov. 30, 2027EUR (€) | May 29, 2018EUR (€) | May 17, 2018EUR (€) | Jun. 29, 2015EUR (€) | Dec. 24, 2014ILS (₪) | May 16, 2012ILS (₪) | Feb. 17, 2011EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2014ILS (₪) | Dec. 31, 2013ILS (₪) | May 16, 2012EUR (€) | Nov. 30, 2011EUR (€) | Dec. 31, 2010 | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 66,092 | € 44,864 | |||||||||||||
Interest rate basis | EURIBOR | EURIBOR | |||||||||||||
Interest rate | 3.50% | 3.50% | 3.43% | ||||||||||||
Bottom of range [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 1.60% | 1.60% | |||||||||||||
Top of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||
Manara Project [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 930 | ||||||||||||||
Manara Project [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maturity date | December 31, 2022 | ||||||||||||||
Proportion of ownership interest | 75.00% | ||||||||||||||
Sheva Mizrakot Ltd [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Proportion of ownership interest | 25.00% | ||||||||||||||
Goor Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maturity period | 12 years 3 months | ||||||||||||||
Goor Loan Agreement [Member] | Fifth year [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate | 3.00% | ||||||||||||||
Israeli consortium Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maturity date | December 31, 2031 | ||||||||||||||
Interest rate | 4.65% | 4.65% | |||||||||||||
Euro [Member] | Italian Subsidiaries [Member] | Facility Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate basis | Euribor 6 month rate with a fixed interest rate of 0.71% | ||||||||||||||
Interest rate | 2.56% | ||||||||||||||
Proceeds from project finance | € 35,900 | ||||||||||||||
Terms of project finance | The euro 35.9 million principal amount is divided into: (i) five term loan facilities, one for each Subsidiary, which are to be used to refinance the existing financing of the subsidiaries including the finance lease obligation and for general purposes of the Subsidiaries. | ||||||||||||||
Percentage of maximum guaranteed amount | 180.00% | ||||||||||||||
Guarantee amount | € 1,800 | ||||||||||||||
Interest swap agreement amount | € 25,000 | ||||||||||||||
Percentage of overall amount of term loan facilities | 75.00% | ||||||||||||||
Euro [Member] | Italian Subsidiaries [Member] | Facility Agreement [Member] | Aggregate amount [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Proceeds from project finance | € 33,700 | € 2,200 | |||||||||||||
Euro [Member] | Italian Subsidiaries [Member] | Facility Agreement [Member] | Bottom of range [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Guarantee amount | 1,000 | ||||||||||||||
Euro [Member] | Italian Subsidiaries [Member] | Facility Agreement [Member] | Top of range [member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Guarantee amount | € 1,500 | ||||||||||||||
Euro [Member] | Tranche One [Member] | Italian Subsidiaries [Member] | Facility Agreement [Member] | Aggregate amount [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Proceeds from project finance | € 33,700 | € 2,200 | |||||||||||||
Euro [Member] | Goor Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Amount Withdrawn from loan account | € 5,600 | ||||||||||||||
Euro [Member] | Goor Loan Agreement [Member] | Tranche One [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 3,510 | ||||||||||||||
Euro [Member] | Goor Loan Agreement [Member] | Tranche Two [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 2,090 | ||||||||||||||
Interest rate | 2.50% | ||||||||||||||
Euro [Member] | Oude Tonge Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
On-call Credit facility | € 100 | ||||||||||||||
Euro [Member] | Oude Tonge Loan Agreement [Member] | Tranche One [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 3,150 | ||||||||||||||
Interest rate | 3.10% | ||||||||||||||
Maturity period | 12 years 2 months 30 days | ||||||||||||||
Amount Withdrawn from loan account | € 4,850 | ||||||||||||||
Euro [Member] | Oude Tonge Loan Agreement [Member] | Tranche Two [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 1,540 | ||||||||||||||
Interest rate | 2.90% | ||||||||||||||
Maturity period | 12 years 2 months 30 days | ||||||||||||||
Amount Withdrawn from loan account | € 4,850 | ||||||||||||||
Euro [Member] | Oude Tonge Loan Agreement [Member] | Tranche Three [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 160 | ||||||||||||||
Interest rate | 3.40% | ||||||||||||||
Maturity period | 12 years 2 months 30 days | ||||||||||||||
Amount Withdrawn from loan account | € 4,850 | ||||||||||||||
Euro [Member] | 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 oweners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including oweners 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 and up to a maximum of €1.2 million | ||||||||||||||
Euro [Member] | Israeli consortium Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 0 | ||||||||||||||
NIS [Member] | Israeli consortium Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | ₪ | ₪ 25,000 | ₪ 80,000 | |||||||||||||
Maturity date | June 30, 2028 | ||||||||||||||
Interest rate | 4.52% | ||||||||||||||
Amount Withdrawn from loan account | ₪ | ₪ 20,000 | ₪ 60,000 | |||||||||||||
Senior Loan [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Interest rate basis | 200 basis points per annum | ||||||||||||||
Maturity date | December 31, 2027 | ||||||||||||||
Senior Loan [Member] | Euro [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Percentage of Senior loan relevant to amount | 80.00% | ||||||||||||||
Loan agreement | € 4,100 | € 3,800 | |||||||||||||
Related expenses capitalized to loan | € 170 | ||||||||||||||
Percentage of Payment of Commitment fees | 0.50% | ||||||||||||||
UBI Banca [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Maturity date | December 31, 2029 | ||||||||||||||
Interest rate | 2.85% | ||||||||||||||
UBI Banca [Member] | Euro [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 10,271 | ||||||||||||||
Related expenses capitalized to loan | € 409 | ||||||||||||||
Credit Facility [Member] | Euro [Member] | Goor Loan Agreement [Member] | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Loan agreement | € 370 |
Loans (Schedule of Loans) (Deta
Loans (Schedule of Loans) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2010 | |
Disclosure of detailed information about borrowings [line items] | |||
Bank loans | € 42,545 | € 19,661 | |
Other long-term loans | 4,704 | 4,384 | |
Total of long term loans | € 66,092 | € 44,864 | |
Linkage terms | EURIBOR | EURIBOR | |
Interest rate | 3.50% | 3.50% | 3.43% |
Bottom of range [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.60% | 1.60% | |
Bottom of range [Member] | Bank Loan [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.60% | 1.60% | |
Bottom of range [Member] | Other long-term loans [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 2.50% | 2.50% | |
Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.50% | 3.50% | |
Top of range [member] | Bank Loan [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.00% | 3.00% | |
Top of range [member] | Other long-term loans [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.00% | 5.00% | |
Consumer price index in Israel [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank loans | € 18,843 | € 20,820 | |
Linkage terms | Consumer price index in Israel | Consumer price index in Israel | |
Interest rate | 4.65% |
Loans (Schedule of Aggregate An
Loans (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 18, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | € 60,228 | € 42,091 | € 21,370 |
Current maturities | 5,864 | 2,773 | |
Long-term loans | 66,092 | 44,864 | |
Second year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 6,069 | 3,403 | |
Third year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 5,847 | 3,584 | |
Fourth year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 6,040 | 3,712 | |
Fifth year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 6,163 | 3,795 | |
Sixth year and thereafter [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | € 36,109 | € 27,597 |
Loans (Schedule of Movement in
Loans (Schedule of Movement in Liabilities Deriving from Financing Activities) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | |
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2018 | € 106,515 | |||
Changes from financing cash flows | ||||
Proceeds from issue of convertible debentures | € 31,175 | |||
Payment of Debentures | (4,668) | (4,842) | € (4,954) | |
Receipt of loans | 34,745 | |||
Repayment of loans | (13,593) | |||
Accrued interest | 180 | |||
Payment of finance lease liability | (4,226) | |||
Transaction costs related to borrowings | 1,062 | |||
Total net financing cash flows | 120,015 | |||
Effect of changes in foreign exchange rates | (2,580) | |||
Balance as at December 31, 2018 | 117,435 | 106,515 | ||
Loans and borrowings [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2018 | 44,864 | |||
Changes from financing cash flows | ||||
Payment of Debentures | ||||
Receipt of loans | 34,745 | |||
Repayment of loans | (13,593) | |||
Accrued interest | 180 | |||
Payment of finance lease liability | ||||
Transaction costs related to borrowings | 606 | |||
Total net financing cash flows | 66,802 | |||
Effect of changes in foreign exchange rates | (710) | |||
Balance as at December 31, 2018 | 66,092 | 44,864 | ||
Convertible debentures [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2018 | 57,631 | |||
Changes from financing cash flows | ||||
Payment of Debentures | (4,668) | |||
Receipt of loans | ||||
Repayment of loans | ||||
Accrued interest | ||||
Payment of finance lease liability | ||||
Transaction costs related to borrowings | 250 | |||
Total net financing cash flows | 53,213 | |||
Effect of changes in foreign exchange rates | (1,870) | |||
Balance as at December 31, 2018 | 51,343 | 57,631 | ||
Finance lease liability [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Balance as at January 1, 2018 | 4,020 | |||
Changes from financing cash flows | ||||
Payment of Debentures | ||||
Receipt of loans | ||||
Repayment of loans | ||||
Accrued interest | ||||
Payment of finance lease liability | (4,226) | |||
Transaction costs related to borrowings | 206 | |||
Total net financing cash flows | ||||
Effect of changes in foreign exchange rates | ||||
Balance as at December 31, 2018 | € 4,020 | |||
[1] | Please refer to Note 2C for functional and presentation currency. |
Debentures (Narrative) (Details
Debentures (Narrative) (Details) ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | Mar. 14, 2017ILS (₪) | Mar. 14, 2017EUR (€) | Sep. 30, 2018 | Jun. 30, 2018 | Jun. 19, 2014ILS (₪) | Jun. 19, 2014EUR (€) | Jan. 31, 2014ILS (₪)₪ / shares | Jan. 31, 2014EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) | [1] | Dec. 31, 2018USD ($) | Dec. 31, 2018ILS (₪) | Dec. 31, 2018EUR (€) | Nov. 14, 2017 | Mar. 14, 2017EUR (€) | Dec. 31, 2015EUR (€) | [1] | Jun. 19, 2014USD ($) | Jun. 19, 2014ILS (₪)₪ / shares | Jun. 19, 2014EUR (€) | Jan. 31, 2014EUR (€) | Dec. 31, 2010 |
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 57,631 | € 51,343 | ||||||||||||||||||||||
Net proceeds from offering | € 31,175 | |||||||||||||||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | 3.43% | |||||||||||||||||||
Equity | € 77,500 | € 84,371 | € 76,957 | € 86,442 | ||||||||||||||||||||
Bottom of range [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Interest rate | 1.60% | 1.60% | 1.60% | 1.60% | ||||||||||||||||||||
Top of range [member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||
Series A Debentures [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 17,115 | € 25,170 | ||||||||||||||||||||||
Gross proceeds from offering | € 17,286 | € 24,490 | ||||||||||||||||||||||
Net proceeds from offering | € 16,808 | € 24,059 | ||||||||||||||||||||||
Interest rate | 4.60% | 4.60% | 4.60% | |||||||||||||||||||||
Obligation to pay additional interest | 1.00% | 1.00% | 1.00% | |||||||||||||||||||||
Amount of distribution of equity | $ | $ 75,000 | |||||||||||||||||||||||
Percentage of distributable profit | 75.00% | 75.00% | 75.00% | |||||||||||||||||||||
Equity | $ | $ 55,000 | |||||||||||||||||||||||
Series A Debentures [Member] | Bottom of range [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Percentage of equity on consolidated basis | 20.00% | 20.00% | 20.00% | |||||||||||||||||||||
Series A Debentures [Member] | Top of range [member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Percentage of equity on consolidated basis | 65.00% | 65.00% | 65.00% | |||||||||||||||||||||
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 | ₪ 973 | ₪ 1,010 | ||||||||||||||||||||||
Principal amount of each unit comprised | ₪ | ₪ 1,000 | |||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 81,144 | 116,760 | ||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 78,900 | ₪ 114,700 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
Interest rate | 3.44% | 3.44% | ||||||||||||||||||||||
Equity | $ | $ 55,000 | |||||||||||||||||||||||
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 interest on the Series B Debentures is 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 interest on the Series B Debentures is 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 | 1.00% | 1.00% | ||||||||||||||||||||||
Increase in interest percentage due to security rating | 1.75% | 1.75% | ||||||||||||||||||||||
Notional amount | € 19,394 | |||||||||||||||||||||||
Series B Debentures [Member] | Net Financial Debt [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Percentage of immediate repayment provision | 60.00% | 65.00% | ||||||||||||||||||||||
Percentage of interest increase provision | 55.00% | 60.00% | ||||||||||||||||||||||
Series B Debentures [Member] | Company's balance sheet [Member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Percentage of immediate repayment provision | 25.00% | 20.00% | ||||||||||||||||||||||
Percentage of interest increase provision | 30.00% | 25.00% | ||||||||||||||||||||||
Series B Debentures [Member] | Top of range [member] | ||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||
Interest rate | 0.25% | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
[1] | Please refer to Note 2C for functional and presentation currency. |
Debentures (Schedule of Debentu
Debentures (Schedule of Debentures) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | € 51,343 | € 57,631 |
Less current maturities | (8,758) | (4,644) |
Total long-term debentures | 42,585 | 52,987 |
Face value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 52,056 | 58,623 |
Less current maturities | 8,975 | 4,825 |
Total long-term debentures | 43,081 | 53,798 |
Carrying amount [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 51,343 | 57,631 |
Less current maturities | 8,758 | 4,644 |
Total long-term debentures | € 42,585 | € 52,987 |
Debentures (Schedule of Aggrega
Debentures (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | € 42,585 | € 52,987 |
Current maturities | 8,758 | 4,644 |
Long-term loans | 51,343 | 57,631 |
Second year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 8,789 | 8,977 |
Third year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 8,833 | 9,084 |
Fourth year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 8,874 | 9,129 |
Fifth year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 10,354 | 9,171 |
Sixth year and thereafter [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | € 5,735 | € 16,626 |
Other Long-term Liabilities (Sc
Other Long-term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other long-term liabilities [Abstract] | |||
Government authorities | € 209 | € 239 | |
Derivatives | 3,362 | 4,312 | |
Forward contracts | [1] | 1,730 | |
Liabilities for employees benefits | 19 | 4 | |
Other long-term liabilities | € 5,320 | € 4,555 | |
[1] | The Company closed euro/USD forward contracts with an accumulated loss of approximately 1,730 thousand (approximately $1,982) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Lease Expire dates | September 2020 |
Bottom of range [Member] | PV Plants [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Operating lease agreements (Years) | 20 Years |
Lease Expire dates | 2031 |
Top of range [member] | PV Plants [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Operating lease agreements (Years) | 25 Years |
Lease Expire dates | 2036 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Schedule of Minimum Lease Payments) (Details) € in Thousands | Dec. 31, 2018EUR (€) |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | € 5,527 |
2019 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | 427 |
2020 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | 408 |
2021 [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | 352 |
2022 Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | 352 |
2023 and thereafter [Member] | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Total minimum lease payments | € 3,988 |
Transactions and Balances wit_3
Transactions and Balances with Related Parties (Narrative) (Details) - Kanir and Meisaf [Member] € in Thousands, $ in Thousands | 1 Months Ended | ||
Jun. 30, 2013USD ($) | Jun. 30, 2013EUR (€) | Dec. 30, 2008EUR (€) | |
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | € | € 349 | € 250 | |
USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Aggregate annual services fee | $ | $ 400 |
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, 2018EUR (€)People | Dec. 31, 2017EUR (€)People | Dec. 31, 2016EUR (€)People | |||
Disclosure of transactions between related parties [line items] | |||||
Number of people for short-term employee Benefits | People | 2 | 2 | [1] | 2 | |
Number of people for post employment Benefits | People | 2 | 2 | [1] | 2 | |
Number of people for Share-based payments | People | 2 | 2 | [1] | 2 | |
Short-term employee Benefits | € | € 371 | € 377 | € 368 | ||
Post-employment Benefits | € | 48 | 57 | 89 | ||
Share-based payments | € | [2] | ||||
[1] | Including retired employees that were not employed throughout the entire year | ||||
[2] | Less than 1 thousand |
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, 2018EUR (€)People | Dec. 31, 2017EUR (€)People | Dec. 31, 2016EUR (€)People | ||
Disclosure of transactions between related parties [line items] | ||||
Number of people for compensation not employed by the company | People | 3 | 3 | 3 | [1] |
Number of people for share-based payments | People | 3 | 3 | 3 | [1] |
Total compensation to directors not employed by the company | € | € 49 | € 35 | € 63 | |
Share-based payments | € | € 5 | € 14 | € 3 | |
[1] | Including Board members that did not serve throughout the entire year |
Transactions and Balances wit_6
Transactions and Balances with Related Parties (Schedule of Debts and Loans to Related and Interested Parties) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2010 | ||
Disclosure of transactions between related parties [line items] | |||||
Interest rate | 3.50% | 3.50% | 3.43% | ||
Linkage base | EURIBOR | EURIBOR | |||
Dori Energy [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Interest rate | [1] | 8.10% | |||
Linkage base | NIS+CPI | ||||
Debts and loans to related and intrested parites | € 9,189 | € 13,025 | |||
Interest income recognized in statement of income | € 1,130 | € 1,158 | € 1,243 | ||
[1] | See Note 6A |
Equity (Narrative) (Details)
Equity (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 18, 2015 | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2018EUR (€)shares | May 31, 2015USD ($) | May 31, 2015EUR (€) | |
Disclosure of classes of share capital [line items] | |||||||
Maximum dividend paid | 33.00% | 0.00% | 0.00% | 0.00% | |||
Ordinary Shares [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Treasury shares | shares | 258,046 | 256,184 | 256,184 | 258,046 | |||
Repurchase of ordinary shares | shares | 172,391 | 172,391 | |||||
Amount of ordinary shares repurchased | $ | $ 1,477 | ||||||
Ordinary Shares [Member] | Euro [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Amount of ordinary shares repurchased | € | € 1,332 | ||||||
Ordinary Shares [Member] | Director [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Amount of ordinary shares repurchased | $ | $ 3,000 | ||||||
Ordinary Shares [Member] | Director [Member] | Euro [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Amount of ordinary shares repurchased | € | € 2,700 |
Equity (Schedule of Composition
Equity (Schedule of Composition of Share Capital) (Details) - ₪ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [abstract] | ||||
Ordinary shares of NIS 10 par value, Authorized | 17,000,000 | 17,000,000 | 17,000,000 | |
Ordinary shares of NIS 10 par value, Outstanding | [1] | 10,675,508 | 10,675,508 | 10,677,370 |
Ordinary shares par value | ₪ 10 | ₪ 10 | ₪ 10 | |
[1] | Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, and as of December 31, 2017 and 256,184 Ordinary shares as of December 31, 2016, 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, 2000shares | Dec. 31, 1998shares | Dec. 31, 2018USD ($)sharesyr | Dec. 31, 2017USD ($)sharesyr | Dec. 31, 2016USD ($)sharesyr | Dec. 31, 2015USD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option reserve for grant | 3,000 | 3,000 | 3,000 | |||
Options outstanding | 27,169 | 25,502 | 22,502 | 19,502 | ||
Exericse prices for share options outstanding | $ | $ 7.82 | $ 7.54 | $ 7.34 | $ 7.19 | ||
Bottom of range [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Weighted average remaining contractual life outstanding | yr | 0.41 | |||||
Exericse prices for share options outstanding | $ | $ 4.7 | $ 4.7 | $ 4.7 | |||
Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Weighted average remaining contractual life outstanding | yr | 5.51 | 5.72 | 0.81 | |||
Exericse prices for share options outstanding | $ | $ 9.37 | $ 9.37 | $ 9.37 | |||
1998 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 | 75,000 | |||||
Stock option expiration date | December 8, 2008 | |||||
Stock option extended expiration date | December 8, 2028 | |||||
Options outstanding | 27,169 | |||||
Ordinary shares available for future grants | 30,416 | |||||
1998 Plan [Member] | Director [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option reserve for grant | 3,000 | 3,000 | 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% | |||||
Ordinary shares available for future grants | 595,009 |
Share-Based Payment (Schedule o
Share-Based Payment (Schedule of Expenses Recognized in Financial Statements) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expenses arising from share-based payment transactions | € 5 | € 5 | € 3 |
Share-Based Payment (Schedule_2
Share-Based Payment (Schedule of Black-Scholes Options Pricing Model) (Details) - yr | 1 Months Ended | 12 Months Ended | ||
Mar. 18, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Dividend yield | 33.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 0.384% | 0.342% | 0.332% | |
Risk-free interest | 2.67% | 1.34% | 0.67% | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Weighted average exercise prices | $ 8.95 | $ 9.02 | $ 8.3 |
Weighted average fair value on grant date | $ 2.1 | $ 1.8 |
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, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Number of Options | |||
Outstanding at beginning of year | shares | 25,502 | 22,502 | 19,502 |
Granted | shares | 3,000 | 3,000 | 3,000 |
Exercised | shares | |||
Expired | shares | 1,333 | ||
Outstanding at end of year | shares | 27,169 | 25,502 | 22,502 |
Exercisable at end of year | shares | 24,169 | 22,502 | 18,502 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year | $ | $ 7.54 | $ 7.34 | $ 7.19 |
Granted | $ | 8.95 | 9.02 | 8.3 |
Exercised | $ | |||
Expired | $ | 5 | ||
Outstanding at end of year | $ | 7.82 | 7.54 | 7.34 |
Exercisable at end of year | $ | $ 7.68 | $ 7.34 | $ 7.19 |
Details of the Statements of _3
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |||
Interest Income and consumer price index in Israel in conection to concession project | € 1,948 | € 789 | |
Interest income | 291 | 544 | 263 |
Change in fair value of derivatives, net | 494 | 636 | |
Gain from exchange rate differences, net | 697 | ||
Total financing income | € 3,430 | € 1,333 | € 899 |
Details of the Statements of _4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |||
Change in fair value of derivatives, net | € 3,156 | ||
Swap interest | 206 | 110 | 607 |
Debentures interest and related expenses | 2,604 | 2,753 | 1,990 |
Interest on loans | 2,330 | 776 | 504 |
Loss from exchange rate differences, net | 3,586 | 81 | |
Consumer price index in Israel for loan | 171 | ||
Bank charges and other commissions | 210 | 180 | 151 |
Total financing expenses | € 5,521 | € 10,561 | € 3,333 |
Details of the Statements of _5
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | ||||
Depreciation | € 5,500 | € 4,518 | € 4,411 | [1] |
Amortization | 316 | |||
Professional services | 375 | 210 | 104 | |
Annual rent | 390 | 267 | 233 | |
Operating and maintenance services | 4,942 | 1,574 | 1,287 | |
Insurance | 245 | 203 | 194 | |
Other | 390 | 295 | 264 | |
Total operating costs | € 12,158 | € 7,067 | € 6,493 | |
[1] | Please refer to Note 2C for functional and presentation currency. |
Details of the Statements of _6
Details of the Statements of Profit or Loss and Other Comprehensive Income (General and Administrative Expenses) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | ||||
Salaries and related compensation | € 1,016 | € 1,030 | € 1,027 | |
Professional services | 2,185 | 1,255 | 1,480 | |
Other | 399 | 135 | (475) | |
Total general and administrative expenses | € 3,600 | € 2,420 | € 2,032 | [1] |
[1] | Please refer to Note 2C for functional and presentation currency. |
Details of the Statements of _7
Details of the Statements of Profit or Loss and Other Comprehensive Income (Other Income (Expense), Net) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |||||
Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6) | € 73 | € 18 | € 56 | ||
Compensation from contractor | [1] | 811 | |||
Other | 34 | ||||
Total other income, net | € 884 | € 18 | € 90 | [2] | |
[1] | Compensation from EPC and O&M contractor of the Company's Bio Gas projects in Netherlands due to deficiencies in the operation of these projects. | ||||
[2] | Please refer to Note 2C for functional and presentation currency. |
Details of the Statements of _8
Details of the Statements of Profit or Loss and Other Comprehensive Income (Revenues) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Details of Statements of Profit or Loss and Other Comprehensive Income Loss [Abstract] | |||
Revenues from the sale of solar electricity | € 12,593 | € 13,150 | € 11,632 |
Revenues from the sale of gas and power produced by anaerobic digestion plants | 4,483 | 303 | |
Revenues from concessions project | 1,041 | 183 | |
Total Revenues | € 18,117 | € 13,636 | € 11,632 |
Taxes on Income (Narrative) (De
Taxes on Income (Narrative) (Details) - EUR (€) € in Thousands | Jan. 02, 2021 | Jan. 02, 2020 | Jan. 02, 2019 | Jan. 04, 2016 | Jan. 31, 2018 | Jan. 31, 2017 | Dec. 22, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||
Corporate tax rates | 23.00% | 24.00% | 25.00% | ||||||||
Tax rate reduced | 1.5% to a rate of 25% | Reduced from 25% to 23% in two steps | |||||||||
Tax loss carryforwards | € 20,838 | ||||||||||
Increase decrease in tax loss carryforwards | € 20,000 | ||||||||||
Tax benefit | € 2,900 | ||||||||||
Reduced tax benefit | € 500 | ||||||||||
Changes in tax rates or tax laws enacted or announced [Member] | |||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||
Tax rate reduced | 23% | 24% | |||||||||
The Netherlands taxation [Member] | |||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||
Corporate tax rates | 20.00% | ||||||||||
Tax rate reduced | 20.5% | 22.55% | |||||||||
Unrecognized tax benefits | € 200,000 | ||||||||||
Percetage of taxable profits exceeding | 25.00% | ||||||||||
Lower rate | 15% | 16.5% | 19% | ||||||||
Percentage of decuation in investment costs from corporate income | 58.00% | ||||||||||
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 | 27.50% | ||||||||||
Tax rate reduced | Starting from 2017 the IRES rate is reduced to 24%. | ||||||||||
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% to 4.82% | ||||||||||
Spanish taxation [Member] | |||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||
Corporate tax rates | 25.00% | ||||||||||
Israel [Member] | |||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||
Corporate tax rates | 23.00% | 24.00% | 25.00% |
Taxes on Income (Schedule of Co
Taxes on Income (Schedule of Composition of Income Tax Benefit (Taxes on Income)) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Current tax income (expense) | ||||
Current year | € (438) | € (494) | € (252) | |
Previous years | 26 | 1,044 | (67) | |
Total current tax income (expense) | (412) | 550 | (319) | |
Deferred tax income | ||||
Creation and reversal of temporary differences | 197 | (922) | (250) | |
Actual tax benefit (tax on income) | € (215) | € (372) | € (569) | [1] |
[1] | Please refer to Note 2C for functional and presentation currency. |
Taxes on Income (Schedule of Th
Taxes on Income (Schedule of Theoretical Tax) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Major components of tax expense (income) [abstract] | ||||
Profit (loss) before taxes on income | € 819 | € (6,269) | € (63) | [1] |
Primary tax rate of the Company | 23.00% | 24.00% | 25.00% | |
Tax benefit (tax on income) | € (188) | € 1,505 | € 16 | |
Profit (loss) subject to different tax rate | 45 | (106) | (15) | |
Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past | (448) | |||
Neutralization of tax calculated in respect of the Company's share in profits of equity accounted investees | 585 | 367 | 344 | |
Change in temporary differences for which deferred tax were not recognized | (576) | (359) | (347) | |
Current year tax losses and benefits for which deferred taxes were not created | (136) | (1,142) | (378) | |
Tax benefit (taxes) in respect to previous years and others | 55 | (189) | (189) | |
Actual tax benefit (tax on income) | € (215) | € (372) | € (569) | [1] |
[1] | Please refer to Note 2C for functional and presentation currency. |
Taxes on Income (Schedule of De
Taxes on Income (Schedule of Deferred Taxes) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | € (4,205) | € 1,604 |
Changes recognized due to business combination | 2 | (4,887) |
Changes recognized in profit or loss | 197 | (922) |
Changes recognized in other comprehensive income | 210 | |
Balance of deferred tax asset (liability) Ending | (3,796) | (4,205) |
Financial assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | (7,392) | (1,279) |
Changes recognized due to business combination | (7,678) | |
Changes recognized in profit or loss | 200 | 1,565 |
Changes recognized in other comprehensive income | 257 | |
Balance of deferred tax asset (liability) Ending | (6,935) | (7,392) |
Fixed Assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | (3,178) | (3,061) |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | 1,262 | (117) |
Changes recognized in other comprehensive income | ||
Balance of deferred tax asset (liability) Ending | (1,916) | (3,178) |
Finance Lease Obligations And Long Term Loans [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | 2,020 | 2,104 |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | (1,310) | (84) |
Balance of deferred tax asset (liability) Ending | 710 | 2,020 |
Swap contract [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | 117 | 178 |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | 39 | (61) |
Changes recognized in other comprehensive income | 42 | |
Balance of deferred tax asset (liability) Ending | 198 | 117 |
Losses on Income [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | 4,228 | 3,662 |
Changes recognized due to business combination | 2 | 2,791 |
Changes recognized in profit or loss | 6 | (2,225) |
Changes recognized in other comprehensive income | (89) | |
Balance of deferred tax asset (liability) Ending | € 4,147 | € 4,228 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) € in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018$ / shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017$ / shares | Dec. 31, 2017EUR (€)shares | Dec. 31, 2016$ / shares | Dec. 31, 2016EUR (€)shares | |||
Earnings per share [abstract] | ||||||||
Net income (loss) attributed to owners of the Company | € | € 1,057 | € (6,115) | € (209) | [1] | ||||
Weighted average ordinary shares outstanding | [2] | 10,675,508 | 10,675,757 | 10,677,700 | ||||
Dilutive effect: | ||||||||
Stock options and warrants | 3,349 | |||||||
Diluted weighted average ordinary shares Outstanding | 10,678,857 | 10,675,757 | 10,677,700 | |||||
Basic profit (loss) per share from continuing operations | $ / shares | $ 0.10 | $ (0.57) | $ (0.02) | |||||
Diluted profit (loss) per share from continuing operations | $ / shares | $ 0.10 | $ (0.57) | $ (0.02) | |||||
Amount of dilutive stock options and warrants | € | € 3,198 | € 2,953 | ||||||
[1] | Please refer to Note 2C for functional and presentation currency. | |||||||
[2] | Net of treasury shares. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Disclosure of detailed information about financial instruments [abstract] | |||||||
Cash and cash equivalents | € 36,882 | € 23,962 | € 22,486 | € 17,194 | |||
Marketable Securities | 2,132 | 5,412 | |||||
Short-term restricted cash | [2] | 4,653 | 3,265 | ||||
Non-current restricted cash | 2,062 | 3,660 | |||||
Trade receivables | 156 | 407 | |||||
Revenue receivables | 3,830 | 3,436 | |||||
Government authorities receivables | € 2,706 | € 2,306 | |||||
[1] | Please refer to Note 2C for functional and presentation currency. | ||||||
[2] | Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. |
Financial Instruments (Schedule
Financial Instruments (Schedule of Composition of Derivatives) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives presented under current liabilities | € 365 | € 121 |
Derivatives presented under non-current liabilities | (3,361) | (4,312) |
Forward contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives presented under non-current liabilities | (977) | (2,650) |
Currency swap [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives presented under current liabilities | (192) | |
Derivatives presented under non-current liabilities | (1,925) | (1,244) |
Swap contract [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives presented under current liabilities | (173) | (121) |
Derivatives presented under non-current liabilities | € (459) | € (418) |
Financial Instruments (Schedu_2
Financial Instruments (Schedule of Forward and SWAP Contracts) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about hedges [line items] | ||
Interest Swap transaction | € 66,092 | € 44,864 |
Interest swap contract [Member] | Semi-annually [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate receivable | Euribor 6 months | |
Currency linkage interest rate payable | Fixed 2.53% | |
Date of expiration | June 30, 2027 | |
Fair value | € (236) | |
Interest swap transaction period | 15 years | |
Interest swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Interest Swap transaction | € 3,750 | |
Interest rate swap contract [Member] | Semi-annually [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate receivable | Euribor 6 months | |
Currency linkage interest rate payable | Fixed 0.71% | |
Date of expiration | December 31, 2027 | |
Fair value | € (396) | |
Interest swap transaction period | 10 years | |
Interest rate swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Interest Swap transaction | € 25,000 | |
Forward contract [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate payable | weighted average rate of approximately 1.18 | |
Date of expiration | November 2021 | |
Forward contract [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Fair value | € (977) | |
Interest Swap transaction | € 18,000 | |
Currency swap [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate receivable | NIS | |
Currency linkage interest rate payable | Euro | |
Date of expiration | June 30, 2024 | |
Fair value | € (2,117) | |
Interest swap transaction period | 7 years | |
Currency swap [Member] | NIS [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Interest Swap transaction | € 83,200 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Contractual Maturities of Financial Liabilities ) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative finance liabilities | ||
Currency swap | € 2,117 | € 1,244 |
Carrying amount [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 66,092 | 44,864 |
Finance lease obligation including current maturities | 4,020 | |
Debentures | 51,343 | 57,631 |
Trade payables and other accounts payable | 4,819 | 2,990 |
Total non-derivative financial liabilities | 122,254 | 109,505 |
Derivative finance liabilities | ||
Forward contracts | 977 | 2,650 |
Currency swap | 2,117 | 1,244 |
Swap contracts | 632 | 539 |
Total derivative finance liabilities | 3,726 | 4,433 |
Contractual cash flows [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 71,826 | 48,506 |
Finance lease obligation including current maturities | 4,987 | |
Debentures | 58,667 | 67,884 |
Trade payables and other accounts payable | 4,819 | 2,990 |
Total non-derivative financial liabilities | 135,312 | 124,367 |
Derivative finance liabilities | ||
Forward contracts | 977 | 2,650 |
Currency swap | 2,117 | 1,244 |
Swap contracts | 632 | 539 |
Total derivative finance liabilities | 3,726 | 4,433 |
Less than 1 year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 7,350 | 4,313 |
Finance lease obligation including current maturities | 483 | |
Debentures | 11,029 | 7,251 |
Trade payables and other accounts payable | 4,819 | 2,990 |
Total non-derivative financial liabilities | 23,198 | 15,037 |
Derivative finance liabilities | ||
Forward contracts | ||
Currency swap | 192 | (145) |
Swap contracts | 173 | 121 |
Total derivative finance liabilities | 365 | (24) |
Second year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 7,805 | 4,861 |
Finance lease obligation including current maturities | 483 | |
Debentures | 10,656 | 11,398 |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 18,461 | 16,742 |
Derivative finance liabilities | ||
Forward contracts | ||
Currency swap | 622 | 75 |
Swap contracts | 263 | 183 |
Total derivative finance liabilities | 885 | 258 |
3-5 year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 22,501 | 14,744 |
Finance lease obligation including current maturities | 1,449 | |
Debentures | 31,133 | 31,880 |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 53,634 | 48,073 |
Derivative finance liabilities | ||
Forward contracts | 977 | 2,650 |
Currency swap | 947 | 446 |
Swap contracts | 155 | 116 |
Total derivative finance liabilities | 2,079 | 3,212 |
Sixth year and thereafter [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 34,170 | 24,588 |
Finance lease obligation including current maturities | 2,572 | |
Debentures | 5,849 | 17,355 |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 40,019 | 44,515 |
Derivative finance liabilities | ||
Forward contracts | ||
Currency swap | 356 | 868 |
Swap contracts | 41 | 119 |
Total derivative finance liabilities | € 397 | € 987 |
Financial Instruments (Schedu_4
Financial Instruments (Schedule of Company's Exposure to Linkage and Foreign Currency Risk) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 18, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | [1] | |
Current assets: | ||||||||
Cash and cash equivalents | € 36,882 | € 23,962 | € 22,486 | € 17,194 | ||||
Marketable securities | [2] | 2,132 | 2,162 | |||||
Restricted cash short-term and restricted marketable securities | [3] | 4,653 | 3,265 | |||||
Asset from concession project | 1,292 | 1,286 | ||||||
Trade and other receivables | 12,623 | 10,645 | ||||||
Financial asset short-term | 1,282 | 1,249 | ||||||
Non-current assets: | ||||||||
Investments in equity accounted investees | 27,746 | 27,655 | ||||||
Advances on account of investments in process | 798 | 8,825 | ||||||
Concession intangible asset | 4,882 | 5,505 | ||||||
Asset from concession project | 1,282 | 1,249 | ||||||
Fixed assets | 87,220 | 78,837 | ||||||
Restricted cash long-term | 2,062 | 3,660 | ||||||
Deferred tax | 2,423 | 1,777 | ||||||
Other assets | 1,455 | 1,535 | ||||||
Current liabilities: | ||||||||
Loans and borrowings | (5,864) | (3,103) | ||||||
Short-term debentures | (8,758) | (4,644) | ||||||
Accounts payable | (2,126) | (1,349) | ||||||
Accrued expenses and other payables | (3,103) | (2,187) | ||||||
Non-current liabilities: | ||||||||
Finance lease obligations | (3,690) | |||||||
Long-term loans | (60,228) | (42,091) | € (21,370) | |||||
LT Debentures | (42,585) | (52,987) | ||||||
Deferred tax | (6,219) | (5,982) | ||||||
Other long-term liabilities | 5,320 | 4,555 | ||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 76,957 | 77,500 | € 84,371 | € 86,442 | ||||
Non-Monetary [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | ||||||||
Marketable securities | ||||||||
Restricted cash short-term and restricted marketable securities | ||||||||
Asset from concession project | ||||||||
Trade and other receivables | 1,279 | 548 | ||||||
Financial asset short-term | ||||||||
Non-current assets: | ||||||||
Investments in equity accounted investees | 21,175 | 17,171 | ||||||
Advances on account of investments in process | 798 | 8,825 | ||||||
Concession intangible asset | 4,882 | 5,505 | ||||||
Asset from concession project | ||||||||
Fixed assets | 87,220 | 78,837 | ||||||
Restricted cash long-term | ||||||||
Deferred tax | 2,423 | 1,777 | ||||||
Other assets | 1,055 | 1,122 | ||||||
Current liabilities: | ||||||||
Loans and borrowings | ||||||||
Short-term debentures | ||||||||
Accounts payable | ||||||||
Accrued expenses and other payables | ||||||||
Non-current liabilities: | ||||||||
Finance lease obligations | ||||||||
Long-term loans | ||||||||
LT Debentures | ||||||||
Deferred tax | (6,219) | (5,982) | ||||||
Other long-term liabilities | ||||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 112,613 | 107,803 | ||||||
NIS [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | [4] | 287 | 2,723 | |||||
Marketable securities | [4] | |||||||
Restricted cash short-term and restricted marketable securities | [4] | 3,338 | ||||||
Asset from concession project | [4] | 1,292 | 1,286 | |||||
Trade and other receivables | [4] | 780 | 3,359 | |||||
Financial asset short-term | [4] | 1,282 | 1,249 | |||||
Non-current assets: | ||||||||
Investments in equity accounted investees | [4] | 6,571 | 10,484 | |||||
Advances on account of investments in process | [4] | |||||||
Concession intangible asset | [4] | |||||||
Asset from concession project | [4] | 25,710 | 27,725 | |||||
Fixed assets | [4] | |||||||
Restricted cash long-term | [4] | 1,654 | 1,797 | |||||
Deferred tax | [4] | |||||||
Other assets | [4] | |||||||
Current liabilities: | ||||||||
Loans and borrowings | [4] | (1,622) | (1,455) | |||||
Short-term debentures | [4] | (8,758) | (4,644) | |||||
Accounts payable | [4] | (24) | 7 | |||||
Accrued expenses and other payables | [4] | (1,116) | (811) | |||||
Non-current liabilities: | ||||||||
Finance lease obligations | [4] | |||||||
Long-term loans | [4] | (18,314) | (20,141) | |||||
LT Debentures | [4] | (42,585) | (52,987) | |||||
Deferred tax | [4] | |||||||
Other long-term liabilities | [4] | (19) | (4) | |||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | [4] | (31,524) | (31,412) | |||||
Unliked [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 937 | 11,742 | ||||||
Marketable securities | 2,132 | 2,162 | ||||||
Restricted cash short-term and restricted marketable securities | 3,250 | |||||||
Asset from concession project | ||||||||
Trade and other receivables | 531 | 731 | ||||||
Financial asset short-term | ||||||||
Non-current assets: | ||||||||
Investments in equity accounted investees | ||||||||
Advances on account of investments in process | ||||||||
Concession intangible asset | ||||||||
Asset from concession project | ||||||||
Fixed assets | ||||||||
Restricted cash long-term | 267 | 351 | ||||||
Deferred tax | ||||||||
Other assets | ||||||||
Current liabilities: | ||||||||
Loans and borrowings | ||||||||
Short-term debentures | ||||||||
Accounts payable | ||||||||
Accrued expenses and other payables | ||||||||
Non-current liabilities: | ||||||||
Finance lease obligations | ||||||||
Long-term loans | ||||||||
LT Debentures | ||||||||
Deferred tax | ||||||||
Other long-term liabilities | ||||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 3,867 | 18,236 | ||||||
Euro [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 35,658 | 9,497 | ||||||
Marketable securities | ||||||||
Restricted cash short-term and restricted marketable securities | 1,315 | 15 | ||||||
Asset from concession project | ||||||||
Trade and other receivables | 10,033 | 6,007 | ||||||
Financial asset short-term | ||||||||
Non-current assets: | ||||||||
Investments in equity accounted investees | ||||||||
Advances on account of investments in process | ||||||||
Concession intangible asset | ||||||||
Asset from concession project | ||||||||
Fixed assets | 1,512 | |||||||
Restricted cash long-term | 141 | |||||||
Deferred tax | 413 | |||||||
Other assets | 400 | |||||||
Current liabilities: | ||||||||
Loans and borrowings | (4,242) | (1,648) | ||||||
Short-term debentures | ||||||||
Accounts payable | (2,102) | (1,356) | ||||||
Accrued expenses and other payables | (1,987) | (1,376) | ||||||
Non-current liabilities: | ||||||||
Finance lease obligations | (3,690) | |||||||
Long-term loans | (41,914) | (21,950) | ||||||
LT Debentures | ||||||||
Deferred tax | ||||||||
Other long-term liabilities | (5,301) | (4,551) | ||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | € (7,999) | € (17,127) | ||||||
[1] | Please refer to Note 2C for functional and presentation currency. | |||||||
[2] | During 2017 and 2018, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float. | |||||||
[3] | Current accounts and bank deposits securing short term obligations. Bank deposits securing the Company's forward contracts. The annual interest rate as of December 31, 2018 was 0.58%. | |||||||
[4] | including items linked to CPI |
Financial Instruments (Schedu_5
Financial Instruments (Schedule of Significant Exchange Rates) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | |
1 Euro [Member] | USD [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
% of change | (4.40%) | 13.90% |
Spot price of 1 Euro at the reporting date | 1.145 | 1.198 |
1 Euro [Member] | NIS [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
% of change | 3.30% | 2.70% |
Spot price of 1 Euro at the reporting date | 4.292 | 4.153 |
Financial Instruments (Schedu_6
Financial Instruments (Schedule of Sensitivity Analysis of Equity) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
5% in Euro Increase Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € 169 | € 761 |
5% in Euro Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | (169) | (761) |
5% in NIS Increase Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | (367) | (378) |
5% in NIS Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € 367 | € 378 |
Financial Instruments (Schedu_7
Financial Instruments (Schedule of Change in Interest Rate Profit (Loss)) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Increase of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € 1,012 | € 804 |
Increase of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | 2,604 | 2,473 |
Decrease of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | (581) | (863) |
Decrease of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € (2,172) | € (2,532) |
Financial Instruments (Schedu_8
Financial Instruments (Schedule of Fair Values of Other Financial Liabilities) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Non-current liabilities: | ||
Total fair value of other financial liabilities | € 117,435 | € 106,515 |
Level 1 [Member] | ||
Non-current liabilities: | ||
Debentures | 49,190 | 60,518 |
Loans from banks and others (including current maturities) | ||
Finance lease obligations (including current maturities) | ||
Total fair value of other financial liabilities | 49,190 | 60,518 |
Level 2 [Member] | ||
Non-current liabilities: | ||
Debentures | ||
Loans from banks and others (including current maturities) | 66,233 | 45,561 |
Finance lease obligations (including current maturities) | 4,209 | |
Total fair value of other financial liabilities | 66,233 | 49,770 |
Level 3 [Member] | ||
Non-current liabilities: | ||
Debentures | ||
Loans from banks and others (including current maturities) | ||
Finance lease obligations (including current maturities) | ||
Total fair value of other financial liabilities | ||
Carrying Value [Member] | ||
Non-current liabilities: | ||
Debentures | 51,343 | 57,631 |
Loans from banks and others (including current maturities) | 66,092 | 44,864 |
Finance lease obligations (including current maturities) | 4,020 | |
Total fair value of other financial liabilities | € 117,435 | € 106,515 |
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+ 2.53%, Discount rate of Euribor+ 1.85%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel | Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel |
Finance lease obligations[Member] | ||
Non-current liabilities: | ||
Valuation techniques for determining fair value | Discounting future cash flows by the market interest rate on the date of measurement. | |
Inputs used to determine fair value | Discount rate of Euribor+ 2.85% |
Financial Instruments (Schedu_9
Financial Instruments (Schedule of Interest Rates Used to Discount Estimated Cash Flows) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Loans from banks [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | Euribor+ 2.53% | Euribor+ 2.53% |
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 | Euribor+ 1.85% | |
Loans from banks Four [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | fix rate for 5 years 2.9% - 3.1% | |
Finance lease obligations[Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Inputs used to determine fair value | Euribor+ 2.85% |
Financial Instruments (Sched_10
Financial Instruments (Schedule of Fair Values Hierarchy) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of fair value measurement of assets [line items] | ||
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6) | € 1,282 | € 1,249 |
Marketable securities | 2,132 | 5,412 |
Forward contracts | 977 | 2,650 |
Swap contracts | 632 | 539 |
Currency swap | 2,117 | € 1,244 |
Dori loan | € 9,189 | |
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. | 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. | |
Income receivable in connection with the A.R.Z. Electricity PSP [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | The fair value of the income receivable in connection with the A.R.Z. electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor. | The fair value of the income receivable in connection with the A.R.Z. electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor. |
Marketable securities [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | Market price | Market price |
Level 1 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6) | ||
Marketable securities | ||
Forward contracts | ||
Swap contracts | ||
Currency swap | ||
Level 2 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6) | ||
Marketable securities | 2,132 | 5,412 |
Forward contracts | 977 | 2,650 |
Swap contracts | 632 | 539 |
Currency swap | 2,117 | 1,244 |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6) | 1,282 | 1,249 |
Marketable securities | ||
Forward contracts | ||
Swap contracts | ||
Currency swap | ||
Dori loan | € 9,189 |
Financial Instruments (Sched_11
Financial Instruments (Schedule of Reconciliation Financial Instruments Carried at Fair Value) (Details) - EUR (€) € in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of fair value measurement of assets [line items] | |||
Balance as at Ending | € 1,282 | € 1,249 | |
Income receivable in connection with the A.R.Z. Electricity PSP [Member] | Level 3 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Balance as at Beginning | 1,249 | € 1,265 | |
Total income recognized in profit or loss | 73 | 17 | |
Exercise of first option to acquire additional shares | |||
Foreign Currency translation adjustments | (40) | (33) | |
Balance as at Ending | € 1,282 | € 1,249 | |
Income receivable in connection with the concession project [Member] | Level 3 [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Balance as at Beginning | 29,011 | ||
Total income recognized in profit or loss | 1,949 | ||
Proceeds from asset from concession project | (3,040) | ||
Foreign Currency translation adjustments | (918) | ||
Balance as at Ending | € 27,002 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
PV Plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | Approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MWp installed capacity in Israel. |
Dorad Energy Ltd [Member] | |
Disclosure of geographical areas [line items] | |
Proportion of ownership interest | 9.375% |
Production capacity | Production capacity of approximately 850 MW, located south of Ashkelon, Israel. |
Anaerobic digestion plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing and operating anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively. |
Anaerobic digestion plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | 75% of a project to construct 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) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of geographical areas [line items] | ||||
Revenues | € 18,117 | € 13,636 | € 11,632 | [1] |
Operating expenses | (6,342) | (2,549) | (2,082) | [1] |
Depreciation expenses | (5,500) | (4,518) | (4,411) | [1] |
Gross profit | 5,959 | 6,569 | 5,139 | [1] |
Project development costs | (2,878) | (2,739) | (2,201) | [1] |
General and administrative expenses | (3,600) | (2,420) | (2,032) | |
Share of profits (loss) of equity accounted investee | 2,545 | 1,531 | 1,375 | [1] |
Other income, net | 884 | 18 | 90 | [1] |
Operating Profit | 2,910 | 2,959 | 2,371 | [1] |
Financing income | 2,936 | 1,333 | 263 | [1] |
Financing income (expenses) in connection with derivatives, net | 494 | (3,156) | 636 | [1] |
Financing expenses, net | (5,521) | (7,405) | (3,333) | [1] |
Profit (Loss) before taxes on Income | 819 | (6,269) | (63) | [1] |
Segment assets | 211,160 | 198,088 | 148,464 | [1] |
Italy [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 9,560 | 10,143 | 8,919 | |
Operating expenses | (1,579) | (1,660) | (1,518) | |
Depreciation expenses | (3,569) | (3,567) | (3,566) | |
Gross profit | 4,412 | 4,916 | 3,835 | |
Segment assets | 54,539 | 59,441 | 62,099 | |
Spain [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3,033 | 3,007 | 2,713 | |
Operating expenses | (574) | (677) | (564) | |
Depreciation expenses | (828) | (828) | (828) | |
Gross profit | 1,631 | 1,502 | 1,321 | |
Segment assets | 16,799 | 16,779 | 17,321 | |
Israel [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4,011 | 1,378 | ||
Operating expenses | (507) | (117) | ||
Depreciation expenses | (2,042) | (447) | ||
Gross profit | 1,462 | 814 | ||
Segment assets | 34,258 | 37,903 | ||
Talasol [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | ||||
Operating expenses | ||||
Depreciation expenses | ||||
Gross profit | ||||
Segment assets | 15,169 | |||
Bio Gas [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 4,483 | 303 | ||
Operating expenses | (3,682) | (95) | ||
Depreciation expenses | (1,081) | (111) | ||
Gross profit | (280) | 97 | ||
Segment assets | 18,879 | 16,882 | 8,360 | |
Dorad [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 58,063 | 58,234 | 50,730 | |
Operating expenses | (44,600) | (45,027) | (39,628) | |
Depreciation expenses | (4,811) | (4,817) | (4,612) | |
Gross profit | 8,652 | 8,390 | 6,490 | |
Segment assets | 105,246 | 114,282 | 117,047 | |
Manara [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | ||||
Operating expenses | ||||
Depreciation expenses | ||||
Gross profit | ||||
Segment assets | 2,318 | 2,386 | 380 | |
Total reportable segments [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 79,150 | 73,065 | 62,362 | |
Operating expenses | (50,942) | (47,575) | (41,710) | |
Depreciation expenses | (12,331) | (9,770) | (9,006) | |
Gross profit | 15,877 | 15,719 | 11,646 | |
Segment assets | 247,208 | 247,673 | 205,207 | |
Reconciliations [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (61,033) | (59,429) | (50,730) | |
Operating expenses | 44,600 | 45,027 | 39,628 | |
Depreciation expenses | 6,515 | 5,252 | 4,595 | |
Gross profit | (9,918) | (9,150) | (6,507) | |
Project development costs | (2,878) | (2,739) | (2,201) | |
General and administrative expenses | (3,600) | (2,420) | (2,032) | |
Share of profits (loss) of equity accounted investee | 2,545 | 1,531 | 1,375 | |
Other income, net | 884 | 18 | 90 | |
Financing income | 2,936 | 1,333 | 263 | |
Financing income (expenses) in connection with derivatives, net | 494 | (3,156) | 636 | |
Financing expenses, net | (5,521) | (7,405) | (3,333) | |
Segment assets | € (36,048) | € (49,586) | € (56,743) | |
[1] | Please refer to Note 2C for functional and presentation currency. |
Operating Segments (Schedule _2
Operating Segments (Schedule of Revenues from Company's Operation in Italy and Spain) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of geographical areas [line items] | ||||
Revenue | € 18,117 | € 13,636 | € 11,632 | [1] |
Israel [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,041 | 183 | ||
Netherland [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 4,483 | 303 | ||
Italy [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 9,560 | 10,143 | 8,919 | |
Spain [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | € 3,033 | € 3,007 | € 2,713 | |
[1] | Please refer to Note 2C for functional and presentation currency. |
Operating Segments (Schedule _3
Operating Segments (Schedule of Fixed Assets, Net from Company's Operation) (Details) - EUR (€) € in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||
Fixed assets | € 87,220 | € 78,837 |
Israel [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 17 | 22 |
Netherland [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 17,464 | 15,046 |
Italy [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 44,986 | 48,555 |
Spain [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | € 24,753 | € 15,214 |
Subsequent Events (Details)
Subsequent Events (Details) € in Thousands, ₪ in Thousands | Mar. 12, 2019EUR (€) | Mar. 31, 2019ILS (₪) | Mar. 31, 2019EUR (€) | Jan. 31, 2019 | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Jan. 02, 2019 |
Disclosure of detailed information about business combination [line items] | |||||||
Amount of loan | € 66,092 | € 44,864 | |||||
Interest rate basis | EURIBOR | EURIBOR | |||||
Groen Goor and Goren Gas Oude-Tonge [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Owenership percentage | 49.00% | ||||||
WtE projects [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Owenership percentage | 51.00% | ||||||
Spanish Subsidiaries [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Amount of loan | € 18,400 | ||||||
Notional principal amount | € 17,600 | ||||||
Interest rate basis | Euribor 6 month rate with a fixed interest rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. | Annual interest rate equal to the Euribor 6 month rate plus a margin of 200 basis points (with a zero interest floor) and are repaid semi-annually | |||||
Maturity date | December 31, 2037 | ||||||
Subsidiaries [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Amount of bank guarantee | € 500 | ||||||
Additional amount bank guarantee | € 230 | ||||||
Subsidiaries [Member] | NIS [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Amount of bank guarantee | ₪ | ₪ 2,145 | ||||||
Additional amount bank guarantee | ₪ | ₪ 1,000 |