Document and Entity Information
Document and Entity Information | 12 Months Ended | |
Dec. 31, 2019shares | ||
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, 2019 | |
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 | 11,479,094 | [1] |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 | |
Entity Incorporation State Country Code | IL | |
Entity Interactive Data Current | Yes | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
[1] | Does not include a total of 258,046 ordinary shares held at that date as treasury shares under Israeli law, all of which were repurchased by Ellomay. For so long as such treasury shares are owned by Ellomay they have no rights and, accordingly, are neither eligible to participate in or receive any future dividends which may be paid to Ellomay's shareholders nor are they entitled to participate in, be voted at or be counted as part of the quorum for, any meetings of Ellomay's shareholders. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position € in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | ||
Current assets: | |||||
Cash and cash equivalents | € | € 44,509 | € 36,882 | |||
Marketable securities | € | [1] | 2,242 | 2,132 | ||
Short term deposits | € | [2] | 6,446 | |||
Restricted cash | € | [3] | 22,162 | 1,315 | [4] | |
Receivable from concession project | € | 1,463 | 1,292 | |||
Financial assets | € | 1,418 | 1,282 | |||
Trade and other receivables | € | 4,882 | 12,623 | |||
Total Current assests | € | 83,122 | 55,526 | |||
Non-current assets | |||||
Investment in equity accounted investee | € | 33,561 | 27,746 | |||
Advances on account of investments | € | 883 | 798 | |||
Receivable from concession project | € | 27,122 | 25,710 | |||
Fixed assets | € | 114,389 | 87,220 | |||
Right-of-use asset | € | 15,401 | ||||
Intangible asset | € | 5,042 | 4,882 | |||
Restricted cash and deposits | € | 10,956 | 5,400 | [4] | ||
Deferred tax | € | 2,285 | 2,423 | |||
Long term receivables | € | 12,249 | 1,455 | |||
Derivatives | € | 5,162 | ||||
Total Non-current assets | € | 227,050 | 155,634 | |||
Total assets | € | 310,172 | 211,160 | |||
Current liabilities | |||||
Current maturities of long term loans | € | 4,138 | 5,864 | |||
Debentures | € | 26,773 | 8,758 | |||
Trade payables | € | 1,765 | 2,126 | |||
Other payables | € | 5,010 | 3,103 | |||
Total current liabilities | € | 37,686 | 19,851 | |||
Non-current liabilities | |||||
Lease liability | € | 15,402 | ||||
Long-term loans | € | 89,182 | 60,228 | |||
Debentures | € | 44,811 | 42,585 | |||
Deferred tax | € | 6,467 | 6,219 | |||
Other long-term liabilities | € | 1,795 | 1,959 | [4] | ||
Derivatives | € | 7,263 | 3,361 | [4] | ||
Total Non-current liabilities | € | 164,920 | 114,352 | |||
Total liabilities | € | 202,606 | 134,203 | |||
Equity | |||||
Share capital | € | 21,998 | 19,980 | |||
Share premium | € | 64,160 | 58,344 | |||
Treasury shares | € | (1,736) | (1,736) | |||
Transaction reserve with non-controlling Interests | € | 6,106 | ||||
Reserves | € | 3,283 | 1,169 | |||
Retained earnings | € | 12,818 | 758 | |||
Total equity attributed to shareholders of the Company | € | 106,629 | 78,515 | |||
Non-Controlling Interest | € | 937 | (1,558) | |||
Total equity | € | 107,566 | 76,957 | |||
Total liabilities and equity | € | € 310,172 | € 211,160 | |||
USD [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | $ | $ 49,946 | ||||
Marketable securities | $ | 2,516 | ||||
Short term deposits | $ | 7,233 | ||||
Restricted cash | $ | 24,869 | ||||
Receivable from concession project | $ | 1,642 | ||||
Financial assets | $ | 1,591 | ||||
Trade and other receivables | $ | 5,478 | ||||
Total Current assests | $ | 93,275 | ||||
Non-current assets | |||||
Investment in equity accounted investee | $ | 37,661 | ||||
Advances on account of investments | $ | 991 | ||||
Receivable from concession project | $ | 30,435 | ||||
Fixed assets | $ | 128,363 | ||||
Right-of-use asset | $ | 17,282 | ||||
Intangible asset | $ | 5,658 | ||||
Restricted cash and deposits | $ | 12,294 | ||||
Deferred tax | $ | 2,564 | ||||
Long term receivables | $ | 13,746 | ||||
Derivatives | $ | 5,793 | ||||
Total Non-current assets | $ | 254,787 | ||||
Total assets | $ | 348,062 | ||||
Current liabilities | |||||
Current maturities of long term loans | $ | 4,644 | ||||
Debentures | $ | 30,044 | ||||
Trade payables | $ | 1,979 | ||||
Other payables | $ | 5,622 | ||||
Total current liabilities | $ | 42,289 | ||||
Non-current liabilities | |||||
Lease liability | $ | 17,284 | ||||
Long-term loans | $ | 100,077 | ||||
Debentures | $ | 50,285 | ||||
Deferred tax | $ | 7,257 | ||||
Other long-term liabilities | $ | 2,014 | ||||
Derivatives | $ | 8,150 | ||||
Total Non-current liabilities | $ | 185,067 | ||||
Total liabilities | $ | 227,356 | ||||
Equity | |||||
Share capital | $ | 24,685 | ||||
Share premium | $ | 71,998 | ||||
Treasury shares | $ | (1,948) | ||||
Transaction reserve with non-controlling Interests | $ | 6,852 | ||||
Reserves | $ | 3,684 | ||||
Retained earnings | $ | 14,384 | ||||
Total equity attributed to shareholders of the Company | $ | 119,655 | ||||
Non-Controlling Interest | $ | 1,051 | ||||
Total equity | $ | 120,706 | ||||
Total liabilities and equity | $ | $ 348,062 | ||||
[1] | 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] | Bank deposits with annual interest rate as of December 31, 2019 of 0.58%. | ||||
[3] | On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company's Series | ||||
[4] | Reclassified, see Note 2E |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss) € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019EUR (€)€ / shares | Dec. 31, 2018EUR (€)€ / shares | Dec. 31, 2017EUR (€)€ / shares | |
Statement Line Items [Line Items] | ||||
Revenues | € | € 18,988 | € 18,117 | € 13,636 | |
Operating expenses | € | (6,638) | (6,342) | (2,549) | |
Depreciation and amortization expenses | € | (6,416) | (5,816) | (4,518) | |
Gross profit | € | 5,934 | 5,959 | 6,569 | |
Project development costs | € | (4,213) | (2,878) | (2,739) | |
General and administrative expenses | € | (3,827) | (3,600) | (2,420) | |
Share of profits of equity accounted investee | € | 3,086 | 2,545 | 1,531 | |
Other income (expenses), net | € | (2,100) | 884 | 18 | |
Capital gain | € | 18,770 | |||
Operating Profit | € | 17,650 | 2,910 | 2,959 | |
Financing income | € | 1,827 | 2,936 | 1,333 | |
Financing income (expenses) in connection with derivatives, net | € | 897 | 494 | (3,156) | |
Financing expenses | € | (10,877) | (5,521) | (7,405) | |
Financing expenses, net | € | (8,153) | (2,091) | (9,228) | |
Profit (loss) before taxes on income | € | 9,497 | 819 | (6,269) | |
Tax benefit (taxes on income) | € | 287 | (215) | (372) | |
Profit (loss) for the year | € | 9,784 | 604 | (6,641) | |
Profit (loss) attributable to: | ||||
Owners of the Company | € | 12,060 | 1,057 | (6,115) | |
Non-controlling interests | € | (2,276) | (453) | (526) | |
Profit (loss) for the year | € | 9,784 | 604 | (6,641) | |
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 | € | 2,103 | (787) | (359) | |
Effective portion of change in fair value of cash flow hedges | € | 1,076 | (1,008) | (1,244) | |
Net change in fair value of cash flow hedges transferred to profit or loss | € | (1,922) | 643 | 1,382 | |
Total other comprehensive income (loss) | € | 1,257 | (1,152) | (221) | |
Total comprehensive income (loss) for the year | € | € 11,041 | € (548) | € (6,862) | |
Earnings (loss) per share | ||||
Basic earnings (loss) per share | € / shares | € 1.09 | € 0.1 | € (0.57) | |
Diluted earnings (loss) per share | € / shares | € 1.09 | € 0.1 | € (0.57) | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Revenues | $ | $ 21,308 | |||
Operating expenses | $ | (7,449) | |||
Depreciation and amortization expenses | $ | (7,200) | |||
Gross profit | $ | 6,659 | |||
Project development costs | $ | (4,728) | |||
General and administrative expenses | $ | (4,295) | |||
Share of profits of equity accounted investee | $ | 3,463 | |||
Other income (expenses), net | $ | (2,357) | |||
Capital gain | $ | 21,063 | |||
Operating Profit | $ | 19,805 | |||
Financing income | $ | 2,050 | |||
Financing income (expenses) in connection with derivatives, net | $ | 1,007 | |||
Financing expenses | $ | (12,206) | |||
Financing expenses, net | $ | (9,149) | |||
Profit (loss) before taxes on income | $ | 10,656 | |||
Tax benefit (taxes on income) | $ | 322 | |||
Profit (loss) for the year | $ | 10,978 | |||
Profit (loss) attributable to: | ||||
Owners of the Company | $ | 13,533 | |||
Non-controlling interests | $ | (2,555) | |||
Profit (loss) for the year | $ | 10,978 | |||
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 | $ | 2,360 | |||
Effective portion of change in fair value of cash flow hedges | $ | 1,207 | |||
Net change in fair value of cash flow hedges transferred to profit or loss | $ | (2,157) | |||
Total other comprehensive income (loss) | $ | 1,410 | |||
Total comprehensive income (loss) for the year | $ | $ 12,388 | |||
Earnings (loss) per share | ||||
Basic earnings (loss) per share | $ / shares | $ 1.24 | |||
Diluted earnings (loss) per share | $ / shares | $ 1.24 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity € in Thousands, $ in Thousands | Share capital [Member]EUR (€) | Share capital [Member]USD [Member]USD ($) | Share capital [Member]USD [Member]EUR (€) | Share premium [Member]EUR (€) | Share premium [Member]USD [Member]USD ($) | Share premium [Member]USD [Member]EUR (€) | Retained earnings (accumulated deficit) [Member]EUR (€) | Retained earnings (accumulated deficit) [Member]USD [Member]USD ($) | Retained earnings (accumulated deficit) [Member]USD [Member]EUR (€) | Treasury shares [Member]EUR (€) | Treasury shares [Member]USD [Member]USD ($) | Treasury shares [Member]USD [Member]EUR (€) | Translation reserve from Foreign Operations [Member]EUR (€) | Translation reserve from Foreign Operations [Member]USD [Member]USD ($) | Translation reserve from Foreign Operations [Member]USD [Member]EUR (€) | Hedging Reserve [Member]EUR (€) | Hedging Reserve [Member]USD [Member]USD ($) | Hedging Reserve [Member]USD [Member]EUR (€) | Transaction reserve with non-controlling InterestsEUR (€) | Transaction reserve with non-controlling InterestsUSD [Member]USD ($) | Transaction reserve with non-controlling InterestsUSD [Member]EUR (€) | Total [Member]EUR (€) | Total [Member]USD [Member]USD ($) | Total [Member]USD [Member]EUR (€) | Non-controlling Interests [Member]EUR (€) | Non-controlling Interests [Member]USD [Member]USD ($) | Non-controlling Interests [Member]USD [Member]EUR (€) | EUR (€) | USD [Member]USD ($) | USD [Member]EUR (€) |
Balance at Dec. 31, 2016 | € 19,980 | € 58,334 | € 5,816 | € (1,722) | € 2,664 | € 85,072 | € (701) | € 84,371 | ||||||||||||||||||||||
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 | 58,339 | (299) | (1,736) | 2,219 | 138 | 78,641 | (1,141) | 77,500 | |||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||
Profit (Loss) for the year | 1,057 | 1,057 | (453) | 604 | ||||||||||||||||||||||||||
Other comprehensive loss for the year | (823) | (365) | (1,188) | 36 | (1,152) | |||||||||||||||||||||||||
Total comprehensive loss for the year | 1,057 | (823) | (365) | (131) | (417) | (548) | ||||||||||||||||||||||||
Share-based payments | 5 | 5 | 5 | |||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | 19,980 | $ 22,420 | 58,344 | $ 65,472 | 758 | $ 851 | (1,736) | $ (1,948) | 1,396 | $ 1,567 | (227) | $ (255) | 78,515 | $ 88,107 | (1,558) | $ (1,748) | 76,957 | $ 86,359 | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||
Profit (Loss) for the year | 12,060 | 13,533 | 12,060 | 13,533 | (2,276) | (2,555) | 9,784 | 10,978 | ||||||||||||||||||||||
Other comprehensive loss for the year | 2,960 | 3,322 | (846) | (950) | 2,114 | 2,372 | (857) | (962) | 1,257 | 1,410 | ||||||||||||||||||||
Total comprehensive loss for the year | 12,060 | 13,533 | 2,960 | 3,322 | (846) | (950) | 14,174 | 15,905 | (3,133) | (3,517) | 11,041 | 12,388 | ||||||||||||||||||
Sale of shares in subsidiaries to non-controlling interests | 5,439 | € 6,104 | 5,439 | € 6,104 | 5,374 | € 6,031 | 10,813 | € 12,135 | ||||||||||||||||||||||
Buy/Purchase of shares in subsidiaries from non-controlling interests | 667 | € 748 | 667 | € 748 | 254 | € 285 | 921 | € 1,033 | ||||||||||||||||||||||
Issuance of ordinary shares | 2,010 | 2,256 | 5,797 | 6,505 | 7,807 | 8,761 | 7,807 | 8,761 | ||||||||||||||||||||||
Options exercise | 8 | 9 | 11 | 12 | 19 | 21 | 19 | 21 | ||||||||||||||||||||||
Share-based payments | 8 | 9 | 8 | 9 | 8 | 9 | ||||||||||||||||||||||||
Balance at Dec. 31, 2019 | € 21,998 | $ 24,685 | € 64,160 | $ 71,998 | € 12,818 | $ 14,384 | € (1,736) | $ (1,948) | € 4,356 | $ 4,889 | € (1,073) | $ (1,205) | € 6,106 | $ 6,852 | € 106,629 | $ 119,655 | € 937 | $ 1,051 | € 107,566 | $ 120,706 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Cash flows from operating activities | ||||
Profit (loss) for the year | € | € 9,784 | € 604 | € (6,641) | |
Adjustments for: | ||||
Financing expenses, net | € | 8,153 | 2,091 | 9,228 | |
Capital gain | € | (18,770) | |||
Depreciation and amortization | € | 6,416 | 5,816 | 4,518 | |
Share-based payment transactions | € | 8 | 5 | 5 | |
Share of profits of equity accounted investees | € | (3,086) | (2,545) | (1,531) | |
Payment of interest on loan from an equity accounted investee | € | 370 | 3,036 | 407 | |
Change in trade receivables and other receivables | € | 403 | (17) | 2,012 | |
Change in other assets | € | (1,950) | 37 | 126 | |
Change in asset from concessions project | € | 1,329 | 1,431 | (84) | |
Change in accrued severance pay, net | € | 9 | 15 | 2 | |
Change in trade payables | € | 461 | 633 | (258) | |
Change in other payables | € | 5,336 | (1,565) | (2,655) | |
Taxes on income (tax benefit) | € | (287) | 215 | 372 | |
Income taxes paid | € | (100) | (77) | (42) | |
Interest received | € | 1,719 | 1,835 | 505 | |
Interest paid | € | (6,083) | (4,924) | (3,659) | |
Total adjustment to reconcile profit and loss | € | (6,072) | 5,986 | 8,946 | |
Net cash provided by operating activities | € | 3,712 | 6,590 | 2,305 | |
Cash flows from investing activities: | ||||
Acquisition of fixed assets | € | (74,587) | (3,708) | (7,576) | |
Acquisition of subsidiary, net of cash acquired | € | (1,000) | (1,000) | (9,851) | |
Repayment of loan from an equity accounted investee | € | 1,540 | |||
Proceeds from sale of investments | € | 34,586 | |||
Advances on account of investments | € | (8,000) | |||
Proceeds from marketable securities | € | 3,316 | 1,277 | ||
Acquisition of marketable securities | € | (6,677) | |||
Proceeds from settlement of derivatives, net | € | 532 | 664 | 620 | |
Proceed (investment) in restricted cash, net | € | (26,003) | (3,107) | 3,225 | |
Investment in short term deposit | € | (6,302) | |||
Repayment (grant) Loan to others | € | 3,912 | (3,500) | (361) | |
Net cash used in investing activities | € | (68,862) | (5,795) | (27,343) | |
Cash flows from financing activities: | ||||
Repayment of long-term loans and finance lease obligations | € | (5,844) | (17,819) | (2,224) | |
Repayment of Debentures | € | (9,836) | (4,668) | (4,842) | |
Cost associated with long term loans | € | (12,218) | |||
Proceeds from options | € | 19 | |||
Sale of shares in subsidiaries to non-controlling interests | € | 13,936 | |||
Acquisition of shares in subsidiaries from non-controlling interests | € | (2,961) | |||
Issuance of ordinary shares | € | 7,807 | |||
Repurchase of own shares | € | (14) | |||
Proceeds from long term loans, net | € | 59,298 | 34,745 | 5,575 | |
Proceeds from issuance of debentures, net | € | 22,317 | 31,175 | ||
Net cash from financing activities | € | 72,518 | 12,258 | 29,670 | |
Effect of exchange rate fluctuations on cash and cash equivalents | € | 259 | (133) | (3,156) | |
Increase in cash and cash equivalents | € | 7,627 | 12,920 | 1,476 | |
Cash and cash equivalents at the beginning of year | € | 36,882 | 23,962 | 22,486 | |
Cash and cash equivalents at the end of the year | € | € 44,509 | € 36,882 | € 23,962 | |
USD [Member] | ||||
Cash flows from operating activities | ||||
Profit (loss) for the year | $ | $ 10,978 | |||
Adjustments for: | ||||
Financing expenses, net | $ | 9,149 | |||
Capital gain | $ | (21,063) | |||
Depreciation and amortization | $ | 7,200 | |||
Share-based payment transactions | $ | 9 | |||
Share of profits of equity accounted investees | $ | (3,463) | |||
Payment of interest on loan from an equity accounted investee | $ | 415 | |||
Change in trade receivables and other receivables | $ | 452 | |||
Change in other assets | $ | (2,188) | |||
Change in asset from concessions project | $ | 1,491 | |||
Change in accrued severance pay, net | $ | 10 | |||
Change in trade payables | $ | 517 | |||
Change in other payables | $ | 5,988 | |||
Taxes on income (tax benefit) | $ | (322) | |||
Income taxes paid | $ | (112) | |||
Interest received | $ | 1,929 | |||
Interest paid | $ | (6,826) | |||
Total adjustment to reconcile profit and loss | $ | (6,814) | |||
Net cash provided by operating activities | $ | 4,164 | |||
Cash flows from investing activities: | ||||
Acquisition of fixed assets | $ | (83,699) | |||
Acquisition of subsidiary, net of cash acquired | $ | (1,122) | |||
Repayment of loan from an equity accounted investee | $ | ||||
Proceeds from sale of investments | $ | 38,811 | |||
Advances on account of investments | $ | ||||
Proceeds from marketable securities | $ | ||||
Acquisition of marketable securities | $ | ||||
Proceeds from settlement of derivatives, net | $ | 597 | |||
Proceed (investment) in restricted cash, net | $ | (29,180) | |||
Investment in short term deposit | $ | (7,072) | |||
Repayment (grant) Loan to others | $ | 4,390 | |||
Net cash used in investing activities | $ | (77,275) | |||
Cash flows from financing activities: | ||||
Repayment of long-term loans and finance lease obligations | $ | (6,558) | |||
Repayment of Debentures | $ | (11,038) | |||
Cost associated with long term loans | $ | (13,711) | |||
Proceeds from options | $ | 21 | |||
Sale of shares in subsidiaries to non-controlling interests | $ | 15,638 | |||
Acquisition of shares in subsidiaries from non-controlling interests | $ | (3,323) | |||
Issuance of ordinary shares | $ | 8,761 | |||
Repurchase of own shares | $ | ||||
Proceeds from long term loans, net | $ | 66,542 | |||
Proceeds from issuance of debentures, net | $ | 25,043 | |||
Net cash from financing activities | $ | 81,375 | |||
Effect of exchange rate fluctuations on cash and cash equivalents | $ | 294 | |||
Increase in cash and cash equivalents | $ | 8,558 | |||
Cash and cash equivalents at the beginning of year | $ | 41,388 | |||
Cash and cash equivalents at the end of the year | $ | $ 49,946 |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
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 a power generator and developer of renewable energy and power projects in Europe and Israel. As of December 31, 2019, the Company owns five photovoltaic plants (each, a “PV Plant” and, together, the “PV Plants”) that are connected to their respective national grids and operating as follows: (i) four photovoltaic plants in Spain with an aggregate installed capacity of approximately 7.9 MWp and (ii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MWp. In addition, the Company indirectly owns: (i) 9.375% of Dorad Energy Ltd. (hereinafter - “Dorad”), (ii) 75% of Ellomay Pumped Storage (2014) Ltd. (including 6.67% that are held by a trustee in trust for the Company and other parties), 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. C. Material events in the reporting period 1. On April 30, 2019, the Company, through its Spanish subsidiary Talasol Solar, S.L.U. (“Talasol”), closed on the financing for the construction of a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, in Extramadura Spain (the “Talasol Project”) and on the sale of 49% of its indirect holdings in Talasol. The purchase price under the Talasol SPA was fixed at €16.1 million. Following the consummation of these transactions, Talasol provided the engineering, procurement and construction contractor of the Talasol Project, METKA EGN Limited, a notice to proceed with the construction works of the Talasol Project. The Talasol Project’s total CAPEX is expected to be approximately €228 million, of which an aggregate amount of approximately €131 million will be provided by a term loan under the project finance obtained by Talasol from Rabobank, ABN AMRO and Deutsche Bank (commercial tranche) and the European Investment Bank. 2. During 2019, the Company completed the purchase of 49% of the companies that own the anaerobic digestion plans in Goor and Oude-Tonge, both in the Netherlands, from Ludan and several entities affiliated with Ludan for an acquisition price of approximately €3 million. As of December 31, 2019, the Company wholly-owns these companies. 3. On July 17, 2019, the Company issued 800,000 ordinary shares to several Israeli qualified investors in a private placement undertaken in accordance with Regulation S of the Securities Act of 1933, as amended. The price per share was set at NIS 39.20 and the gross proceeds to the Company were approximately NIS 31.3 million (approximately €7,807 thousand). 4. On July 25, 2019, the Company issued NIS 89,065 thousand (approximately €22,690 thousand based on the Euro /NIS exchange rate at that time) principal amount of unsecured non-convertible Series C Debentures (“Series C Debentures”) through a public offering limited to residents of Israel at a fixed annual interest rate of 3.3%. The gross proceeds of the offering were approximately NIS 89.1 million (including offering expenses and commissions of approximately NIS 1.6 million). The Series C Debentures are traded on the TASE (Tel Aviv Stock Exchange). 5. In 2019, the Company announced the early repayment of the entire outstanding principal of the Company’s Series A Debentures pursuant to the terms of the deed of trust governing these Debentures. On December 30, 2019 the Company transferred to the nominee company an amount of approximately NIS 85.9 million (approximately €22.3 million) including prepayment charge of approximately NIS 5.7 million (approximately €1.5 million) designated for such repayment that was executed on January 5, 2020 (See Note 12B Series A Debentures). 6. On December 20, 2019, the Company sold ten Italian indirect wholly-owned subsidiaries (the “Italian Subsidiaries”), which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW for a purchase price of €38.7 million (after approximately €2.3 million adjustments in connection with funds received by the Company from the Italian Subsidiaries during 2019). The Company recorded a profit of approximately €18.8 million in connection with the sale of the Italian Subsidiaries in its financial results for the year ended December 31, 2019. 7. In November 2019, the Company, through its wholly-owned subsidiary, Ellomay Luxembourg executed a Framework Agreement (the “First Framework Agreement”), with an established European developer and contractor. Pursuant to the First Framework Agreement, the developer will scout and develop photovoltaic greenfield projects in Italy with the aim of reaching an aggregate authorized capacity of at least 250 MW over a three-year period. The First Framework Agreement provides that each project will be presented to Ellomay Luxembourg when it becomes “ready to build”. Thereafter, if Ellomay Luxembourg accepts the project, the developer is obligated to transfer to Ellomay Luxembourg 100% of the share capital of the entity that holds the rights to the project. With respect to each project, subject to the conditions set forth in the First Framework Agreement, Ellomay Luxembourg will enter into engineering, procurement and construction, or EPC, and O&M contracts with the developer to construct and operate the projects. In connection with the execution of the First Framework Agreement, Ellomay Luxembourg is expected to pay the developer an advance payment of approximately €1.2 million, based on the target aggregate project capacity of 250 MW, and undertook to pay an additional advance payment per each project when the project submits its environmental impact assessment application. In the event the target aggregate capacity is not achieved within a three-year period or in the event a project does not reach “ready to build” status, the advance payment will be proportionately refunded. In December 2019, the Company, through its wholly-owned subsidiary, Ellomay Luxembourg executed an additional Framework Agreement (the ‘Second Framework Agreement”), with an established and experienced European developer. Pursuant to the Second Framework Agreement, the developer will provide Ellomay Luxembourg with development services with respect to photovoltaic greenfield projects in Italy in the scope of 350 MW with the aim of reaching an aggregate “ready to build” authorized capacity of at least 265 MW over a forty-one month period. The Second Framework Agreement provides that the developer will offer all projects identified during the term of the Second Framework Agreement exclusively to Ellomay Luxembourg and that, with respect to each project acquired by Ellomay Luxembourg, the developer will be entitled to provide development services until it reaches the “ready to build” status. The parties agreed on a development budget including a monthly development service consideration, to be paid to the developer and all other payments for the tasks required to bring the projects to a ready to build. In addition, Ellomay Luxembourg undertook to pay a success fee to the developer with respect to each project that achieves a “ready to build” status. Currently development is progressing as planned. In addition to the 265 MW mentioned above, Ellomay Luxembourg has the option to purchase approximately 37 MW that are already under development by the developer, 30 MW of which have already received the approval for connection to the Italian electricity grid. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation [Abstract] | |
Basis of Preparation | Note 2 – Basis of Preparation A. Basis of preparation of the financial statements 1. The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The operating cycle of the Company is one year. The consolidated financial statements were authorized by the Company’s Board of Directors for issue on April 7, 2020. 2. Consistent accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. 3. Basis of measurement - The consolidated financial statements have been prepared on the historical cost basis, except for the following: (i) Investment in investee accounted for using the equity method; (ii) Marketable securities; (iii) Deferred tax assets and liabilities; (iv) Financial instruments measured at fair value through other comprehensive income; (v) Derivative financial instruments and other receivables measured at fair value through profit or loss; and (vi) Provisions. 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. The Company’s management prepares the estimates on the basis of past experience, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. 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. Business combination: Fair value of assets and liabilities acquired in a business combination. See Note 6 regarding subsidiaries. Determination of fair value Preparation of the financial statements requires the Company to determine the fair value of certain assets and liabilities. When determining the fair value of an asset or liability, the Company uses observable market data as much as possible. There are three levels of fair value measurements in the fair value hierarchy that are based on the data used in the measurement, as follows: • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. • Level 3: inputs that are not based on observable market data (unobservable inputs). C. Initial application of new standards, amendments to standards and interpretations (1) IFRS 16, Leases As from January 1, 2019 (hereinafter: “the date of initial application”) the Company applies International Financial Reporting Standard 16, Leases (hereinafter: “IFRS 16” or “the standard”), which replaced International Accounting Standard 17, Leases (hereinafter: "IAS 17" or "the previous standard"). The main effect of the standard’s application is reflected in annulment of the existing requirement from lessees to classify leases as operating (off-balance sheet) or finance leases and the presentation of a unified model for lessees to account for all leases similarly to the accounting treatment of finance leases in the previous standard. Until the date of initial application, the Company classified most of the leases in which it is the lessee as operating leases, as it did not substantially bear all the risks and rewards from the assets. Assets leased under a finance lease included mainly photovoltaic plants. In accordance with IFRS 16, for agreements in which the Company is the lessee, the Company recognizes a right-of-use asset and a lease liability at the inception of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time, other than exceptions specified in the standard. Accordingly, the Company recognizes depreciation and amortization expenses in respect of a right-of-use asset, tests a right-of-use asset for impairment in accordance with IAS 36 and recognizes financing expenses on a lease liability. Therefore, as from the date of initial application, lease payments relating to assets leased under an operating lease, which were presented as part of general and administrative expenses in the income statement, are capitalized to assets and written down as depreciation and amortization expenses. Furthermore, leased assets, which were classified as finance leases at inception of the lease and were recognized in the statement of financial position as fixed assets, were reclassified as right-of-use assets. The Company elected to apply the standard using the modified retrospective approach, with an adjustment to the balance of retained earnings as at January 1, 2019 and without a restatement of comparative data. In respect of all the leases, the Company elected to apply the transitional provisions such that on the date of initial application it recognized a liability at the present value of the balance of future lease payments discounted at its incremental borrowing rate at that date calculated according to the average duration of the remaining lease period as from the date of initial application, and concurrently recognized 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 did not have an effect on the Company’s equity at the date of initial application. Furthermore, as part of the initial application of the standard, the Company has chosen to apply the following expedients: (1) Relying on a previous definition and/or assessment of whether an arrangement is 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; (3) Applying the practical expedient regarding the recognition and measurement of short-term leases, for both leases that end within 12 months from the date of initial application and leases for a period of up to 12 months from the date of their inception for all groups of underlying assets to which the right-of-use relates; The table below presents the cumulative effects of the items affected by the initial application on the statement of financial position as at January 1, 2019: (1) IFRS 16, Leases According to According to IAS 17 The change IFRS 16 € in thousands Right-of-use asset - 4,192 4,192 Deferred tax assets - 1,040 1,040 Lease liabilities - 4,192 4,192 Deferred tax liabilities - 1,040 1,040 In measurement of the lease liabilities, the Company discounted lease payments using the nominal incremental borrowing rate at January 1, 2019. The discount rates used to measure the lease liability range between 2.56% and 4.57% (weighted average of 3.4%). This range is affected by differences in the lease term, differences between asset groups, and so forth. (2) IFRIC 23, Uncertainty Over Income Tax Treatments (“IFRIC 23”) 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 applied using the cumulative effect approach. The application of IFRIC 23 did not have a material effect on the financial statements. (3) Amendment to IAS 28, Investments in Associates and Joint Venture: Long-Term Interests in Associates or Joint Ventures (hereinafter – the “Amendment”) The Amendment clarifies that for long-term interests that form part of the entity’s net investment in the associate or joint venture, the entity shall first apply the requirements of IFRS 9 and then apply the instructions of IAS 28 with respect to the remainder of those interests, so that the long-term interests are in the scope of both IFRS 9 and IAS 28. The Amendment clarifies that for long-term interests that form part of the entity’s net investment in the associate or joint venture, the entity shall first apply the requirements of IFRS 9 and then apply the instructions of IAS 28 with respect to the remainder of those interests, so that the long-term interests are in the scope of both IFRS 9 and IAS 28. The application of the Amendment did not have a material effect on the financial statements. D. Change in classification During the current year, the Company changed the consolidated statements of financial position classification related derivatives and long-term liabilities. An amount of €3,361 thousand liabilities in connection with derivatives in 2018 was reclassified from long-term liabilities and presented separately due to materiality considerations. E. Immaterial adjustment of comparative data During 2019 an immaterial error was found with respect to the classification of a restricted deposit in the amount of €3,338 thousand that was classified as short-term restricted cash and deposits instead of long-term. The Company recorded a correction with respect to the comparative amounts as at December 31, 2018, thereby reducing current assets and increasing non-current assets by €3,338 thousand. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Significant Accounting Policies | Note 3 – Significant Accounting Policies A. Basis of consolidation and equity method accounting 1. Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company. 2. Transactions eliminated upon consolidation Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 3. Investment in associates and joint ventures (equity accounted investees) Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Long-term interests in associates and joint ventures that, in substance, form part of the net investment in the associate or joint venture, such as preferred shares and long-term loans that their repayment is not expected and is unlikely to occur in the foreseeable future, are first accounted for in accordance with the guidance of IFRS 9 and then the equity method is applied in accordance with the guidance of IAS 28. 4. Business combinations The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control. The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed. If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees, are expensed in the period the services are received. 5. Non-controlling interests Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination : Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs. Allocation of comprehensive income to the shareholders : Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests. Transactions with non-controlling interests, while retaining control Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non-controlling interests is included in the owners’ share in equity of the Company directly in retained earnings. The amount of the adjustment to non-controlling interests is calculated as follows: For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, the Company derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. B. Functional and presentation currency These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated. The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates. Foreign currency transactions- Transactions in foreign currencies are translated to the respective functional currencies of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are generally recognized in profit or loss, except for the following differences which are recognized in other comprehensive income, arising on the translation of: - A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; - Qualifying cash flow hedges to the extent the hedge is effective. Foreign operations- The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions. Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): "foreign currency translation adjustments". When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss). Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity as part of the translation reserve. Presentation Currency- For the convenience of the reader, the reported euro figures as of December 31, 2019 and for the year then ended, are presented in dollars, translated at the representative rate of exchange as of December 31, 2019 (euro 0.891 = US$ 1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. C. Financial instruments 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 (except for financial assets that are measured at fair value through profit and loss, for which transaction costs are recognized in profit and loss). A trade receivable without a significant financing component is initially measured at the transaction price. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset 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. 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 Company’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 Company’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 Company’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, fluctuation in the electricity prices and changes in the flow and interest on variable-rate loans. The Company continue to apply IAS 39 for the hedge accounting. At the inception of the hedging relationship the Company documents its risk management objective and its hedging strategy. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. Measurement of derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. 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. D. Fixed assets 1. Recognition and measurement Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants. The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred. Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss. 2. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item. The estimated useful lives are as follows: % 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. E. Capitalization of borrowing costs Policy applicable as from January 1, 2018 A qualifying asset is an ass |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | Note 4 - Cash and Cash Equivalents December 31 2019 2018 € in thousands Cash 24,948 35,984 On call deposits 19,561 898 Cash and cash equivalents 44,509 36,882 Cash and cash equivalents in the statement of cash flows 44,509 36,882 The Company’s exposure to credit, interest rate and currency risks, and a sensitivity analysis for financial assets, are included in Note 21 regarding financial instruments. |
Restricted Cash, Deposits and M
Restricted Cash, Deposits and Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Restricted Cash, Deposits and Marketable Securities | Note 5 - Restricted Cash, Deposits and Marketable Securities December 31 2019 2018 € in thousands Marketable securities (1) 2,242 2,132 Short-term restricted cash (2) 22,162 *1,315 Short-term deposits (3) 6,446 - Long-term restricted non-interest bearing bank deposits (4) 3,094 408 Restricted cash, long-term bank deposits (5) 7,862 4,992 Long-term restricted cash and deposits 10,956 *5,400 * Reclassified, see Note 2 (1) 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) On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company’s Series A Debentures on December 31, 2019. Due to technical issues related to the clearing system, the Company executed a regular principal repayment of NIS 20,034 thousand (approximately €5,160 thousand) and the repayment of the remaining outstanding principal balance was scheduled for January, 2020. On December 30, 2019 the funds designated for such repayment were transferred to the nominee company. (3) Bank deposits with annual interest rate as of December 31, 2019 of 0.58%. (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). |
Investee Companies and other in
Investee Companies and other investments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of associates [abstract] | |
Investee Companies and other investments | Note 6 - Investee Companies and other investments A. Equity accounted investees U. Dori Energy Infrastructures Ltd. (“Dori Energy”) – On November 25, 2010, the Company through its wholly owned subsidiary, Ellomay Clean Energy Ltd. ("Ellomay Energy") entered into an Investment Agreement (the "Dori Investment Agreement") with Dori Group Ltd. ("Dori Group") (currently Amos Luzon Entrepreneurship and Energy Group Ltd. – “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. The Company holds 50% of Dori Energy that holds 18.75% of the share capital of Dorad Energy Ltd. ("Dorad"), which owns an approximate 860 MWp dual-fuel operated power plant in the vicinity of Ashkelon, Israel (the "Dorad Power Plant"). Concurrently with the execution of the Dori Investment Agreement, Ellomay Energy, Dori Energy and Dori Group have also entered into the Dori Shareholders Agreement ("Dori SHA"). The Dori SHA grants each of Dori Group and Ellomay Energy with equal rights to nominate directors in Dorad, provided that in the event Dori Energy is entitled to nominate only one director in Dorad, such director shall be nominated by Ellomay Energy for so long as Ellomay Energy holds at least 30% of Dori Energy. On May 12, 2014, Dorad was issued production licenses for 20 years and a supply license for one year and, on May 19, 2014, Dorad began commercial operation of the power plant. In July 2015, Dorad was issued a long term supply license that will expire on May 11, 2034. As of December 31, 2019, 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 41,177 thousand (approximately €10,618 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, 2019). During January and November 2018, Dorad repaid 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 €19,265 thousand and €26,040 thousand, respectively). During 2018, Dori Energy paid the Company an aggregate amount of approximately NIS 19,250 thousand (approximately €4,576 thousand) as repayment of shareholders loans. In June 2019, Dorad made the final repayment of shareholders loans in the aggregate amount of NIS 19 million, of which Dori Energy received approximately NIS 3,733 thousand (approximately €896 thousand). In connection with the June 2019 repayment by Dorad, the Company received an amount of NIS 1,500 thousand (approximately €370 thousand). Subsequent to the report date, in February 2020, Dorad declared a dividend distribution of NIS 120,000 thousand (approximately €31,600 thousand). In connection with such dividend distribution, Dori Energy received NIS 22,500 thousand (approximately €5,800 thousand) and repaid an amount of NIS 10,250 thousand (approximately €2,643 thousand) loan to the Company. As of December 31, 2019, 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 171,000 thousand (approximately €44,093 thousand). The Company's indirect share of guarantees provided on behalf of Dorad by Dorad’s shareholders is approximately NIS 16,031 thousand (approximately €4,134 thousand). On January 15, 2018 the Israeli Electricity Authority published a decision regarding “Electricity Rates for Customers of IEC in 2018” which in accordance the average production component will increase by about 6% from January 15, 2018 and will remain in effect to the end of 2018. In August 2019, the Israeli Electricity Authority published a proposed resolution that is subject to a public hearing concerning an amendment to the standards governing deviations from consumption plans. These standards regulate the accounting mechanism in the event the actual consumer consumption is different than the consumption plan submitted by the electricity manufacturers, and include a mechanism protecting the manufacturers from random deviations in actual consumption volumes. The Israeli Electricity Authority proposed revoking the protections included in the aforementioned standards, claiming that the manufacturers are misusing the protections and regularly submit plans and forecasts that deviate from the actual expected consumption, and also seeks to impose financial sanctions on the manufacturers, which may be in material amounts upon the occurrence of certain deviation events. On January 27, 2020, the Israeli Electricity Authority issued a resolution amending the standards and imposing financial sanctions in cases of certain extraordinary events that may add up to significant sums. The resolution will enter into effect as of September 1, 2020. 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 originally against Zorlu Enerji Elektrik Uretim A.S, which holds 25% of Dorad (“Zorlu”), Zorlu’s current and past representatives on Dorad’s board of directors and Wood Group Gas Turbines Services Ltd. (“Wood Group”) and several of its affiliates, and thereafter amended to add Mr. Ori Edelsburg (a director in Dorad) and affiliated companies. The petition requested, inter alia, that the court instruct the defendants to disclose and provide to Dorad documents and information relating to the contractual relationship between Zorlu and Wood Group, which included the transfer of funds from Wood Group to Zorlu in connection with the EPC agreement of the Dorad Power Plant. On December 27, 2016, this proceeding, as well as the two proceedings mentioned below, were moved to an arbitration proceeding. On February 23, 2017, a statement of claim was filed by Dori Energy and Mr. Hemi Raphael on behalf of Dorad against Zorlu, Mr. Edelsburg, Edelcom Ltd. (“Edelcom”) and Edeltech Holdings 2006 Ltd. in which they repeated their claims included in the Petition and in which they required the arbitrator to obligate the defendants, jointly and severally, to pay an amount of $183,367,953 plus interest and linkage to Dorad. In April 2017, the defendants filed their statements of defense. Within the said statements of defense, Zorlu attached a third party notice against Dorad, Dori Energy and the Luzon Group, in the framework of which it repeated the claims on which its defense statement was based and claimed, among other claims, that if the plaintiffs’ claim against Zorlu was accepted and would negate Zorlu’s right receive compensation and profit from its agreement with Dorad and therefore Zorlu should be compensated in the amount of approximately NIS 906.4 million (approximately €218 million). Similarly, also within their statement of defense, Edelcom, Mr. Edelsburg and Edeltech (together, the “Edelsburg Group”) filed a third party notice against Dori Energy claiming for breaches by Dori Energy of the duty to act in good faith in contract negotiations and that any amount ruled will constitute unlawful enrichment. On October 1, 2017, Eilat Ashkelon Infrastructure Services Ltd. (“EAIS”), which holds 37.5% of Dorad’s shares, filed a statement of claim in the arbitration proceedings. In its statement of claim, EAIS joins Dori Energy’s and Mr. Raphael’s request as set forth in the statement of claim filed by them in the arbitration proceeding and raises claims that are similar to the claims raised by Dori Energy and Mr. Raphael. In January 2018 the arbitrator provided its ruling that the legal validity of the actions or inactions of board members of Dorad will be attributed to the entities that are shareholders of Dorad on whose behalf the relevant board member acted and the legal determinations, if any, will be directed only towards the shareholders of Dorad. During January 2018, Mr. Edelsburg, Edelcom and Zorlu filed their statement of defense in connection with the claim filed by EAIS and also filed third party notices against EAIS, Dori Energy and the Luzon Group claiming that EAIS and the Luzon Group enriched themselves at Dorad’s account without providing disclosure to the other shareholders and requesting that, should the position of Dori Energy and EAIS be accepted in the main proceeding, the arbitrator, among other things, obligate EAIS to refund to Doard all of the rent paid to date and determine that Dorad is not required to pay any rent in the future or determine that the rent fees be reduced to their market value and refund Dorad the excess amounts paid by it to EAIS, determine that the board members that represent EAIS and Dori Energy breached their fiduciary duties towards Dorad and obligate EAIS and Dori Energy to pay the amount of $140 million (approximately €123 million), plus interest in the amount of $43 million (approximately €38 million), which is the amount Zorlu received for the sale of its rights under the Dorad EPC agreement, and rule that in connection with the engineering and construction works performed by the Luzon Group, the Luzon Group and Dori Energy are required to refund to Dorad or compensate the defendants in an amount of $24 million (approximately €21 million), plus interest and linkage and, alternatively, determine that Mr. Edelsburg, Edelcom and Zorlu are entitled to indemnification from the third parties for the entire amount they will be required to pay. Commencing March 2018, Zorlu and Edelcom initiated requests and actions in order to remove the arbitrator from her position. On February 12, 2019, the Israeli Supreme Court ruled by a majority ruling that an appeal submitted by Zorlu and Edelcom in connection with the removal of the arbitrator from her position should be accepted and determined that the respondents in the proceedings will pay expenses to Zorlu in the amount of NIS 10,000 (approximately €2,430). In May 2019, a new arbitrator was appointed and dates were set for the discovery process. The evidentiary hearings were scheduled during March-June 2020 and commencing August 2020. Due to the COVID-19 crisis, the evidentiary hearings scheduled for March 2020 and the beginning of April 2020 were cancelled. With respect to the said third party notices, the Company estimates (after consulting with legal counsel) that if the main (Derivative) claim is dismissed then the third party notices will be redundant, whereas if the main claim is accepted, it is more likely than not that the third party notices shall be rejected, as they are based on arguments similar to those raised by the defendants in their statements against of defense filed against the main claim. The Company estimates (after consulting with legal counsel), that at this stage it is not yet possible to assess the outcome of the proceeding. Petition to Approve a Derivative Claim filed by Edelcom On July 25, 2016, Edelcom, which holds 18.75% of Dorad, filed a petition for approval of a derivative action on behalf of Dorad (the “Edelcom Petition”) against Ellomay Energy, Luzon Group, Dori Energy and Dorad following a letter delivered to Dorad on February 25, 2016. The Edelcom Petition refers to an entrepreneurship agreement that was signed on November 25, 2010 between Dorad and the Luzon Group, pursuant to which the Luzon Group received payment in the amount of approximately NIS 49.4 million (approximately €11.9 million) in consideration for management and entrepreneurship services. Pursuant to this agreement, the Dori Group undertook to continue holding, directly or indirectly, at least 10% of Dorad’s share capital for a period of 12 months from the date the Dorad Power Plant is handed over to Dorad by the construction contractor. The Edelcom Petition claims that as a consequence of the management rights and the options to acquire additional shares of Dori Energy granted to the Company pursuant to the Dori Investment Agreement, the holdings of the Dori Group in Dorad have fallen below 10% upon execution of the Dori Investment Agreement. The Edelcom Petition therefore claims that Dori Group breached its commitment according to entrepreneurship agreement and requests that a derivative action be approved to recover an amount of NIS 49.4 million, plus linkage and interest from the defendants. As noted above, on December 27, 2016, this proceeding, along with the proceeding mentioned above and below, was moved to arbitration. For more information see above. The Company estimates (after consulting with legal counsel), that at this stage it is not yet possible to assess the outcome of the proceeding. 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, this proceeding, along with the two proceeding mentioned above, was moved to arbitration. Statement of Claim filed by Edelcom On July 31, 2019, Edelcom (together with Edeltech and Mr. Edelsburg) submitted a notice of withdrawal of the statement of claim. On August 11, 2019, Dori Energy submitted its response to the notice requesting that the claim be rejected and expenses and legal fees will be determined for the benefit of Dori Energy. On October 22, 2019, the arbitrator deleted the claim subject to Edelcom, Mr. Edelsburg and Edeltech being barred from resubmitting the claim to any other judicial or quasi-judicial entity. Opening Motion filed by Zorlu On April 8, 2019, Zorlu filed an opening motion with the District Court in Tel Aviv against Dorad and the directors serving on Dorad’s board on behalf of Dori Energy and EAIS. In the opening motion, Zorlu asked the court to instruct Dorad to convene a shareholders meeting and to include a discussion and a vote on the planning and construction of an additional power plant adjacent to the existing power plant (the “Dorad 2 Project”), on the agenda of this meeting. Zorlu claimed that while the articles of association of Dorad provides that the planning and construction of an additional power plant requires a unanimous consent of the Dorad shareholders, and while Zorlu and Edelcom are opposed to this project, including due to the current disagreements among Dorad’s shareholders, Dorad continued taking actions to advance the project, which include spending substantial amounts our of Dorad’s funds. Zorlu further claims that the representatives of Dori Energy and EAIS on the Dorad board have acted to prevent the convening of a shareholders meeting as requested by Zorlu. On April 16, 2019, Edelcom submitted a request to join the opening motion as an additional respondent as Edelcom claims that it is another shareholder in Dorad that opposes the advancement of the project at this stage. In addition, Edelcom joined Dori Energy and EAIS as additional respondents to its request, claiming that these entities are required to be part of the proceeding in order to reach a complete and efficient resolution. All parties agreed to the joining of Edelcom, Dori Energy and EAIS to the proceeding. On June 15, 2019, Edelcom filed its response to the petition, requesting that the court accept the petition. On August 13, 2019, Dorad, EAIC and the Dorad board members submitted their responses and requested that the petition be dismissed. On December 8, 2019 an evidentiary hearing was held. Subsequent to the report date ,on January 12, 2020, the court ruled that Zorlu and Edelcom will submit written summaries within 45 days and that the respondents will submit written summaries 45 days thereafter. To the Company’s knowledge, the Dorad 2 Project is currently under initial internal examination by Dorad and there can be no assurance as to if, when and under what terms it will be advanced or promoted by Dorad. Composition of the investments December 31 2019 2018 € in thousands Investment in shares 23,580 19,641 Long-term loans 10,595 8,774 Deferred interest (614 ) (669 ) 33,561 27,746 Current Maturities of the long-term loans - 415 33,561 28,161 Changes in investments 2019 2018 Changes in equity and loans: € in thousands Balance as at January 1 28,161 30,820 Repayment of long term loans (370 ) (4,576 ) Interest and reevaluation in connection with long term loans 782 1,079 Deferred interest 54 52 Elimination of interest on loan from related party (868 ) (1,130 ) The Company’s share of income 3,086 2,545 Foreign currency translation adjustments 2,716 (629 ) Balance as at December 31 33,561 28,161 Summary financial data for investees, not adjusted for the percentage ownership held by the Company (a) Summary information on financial position Rate of Current Non- Total Current Non- Total Equity Company’s Surplus Other Carrying % €in thousands 2019 Dori Energy 50 44 62,484 62,506 (215 ) (20,852 ) (21,067 ) 41,483 20,742 3,269 (431 ) 23,580 2018 Dori Energy 50 1,154 49,629 50,783 (204 ) (18,005 ) (18,209 ) 32,574 16,287 3,376 (22 ) 19,641 (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 2019 Dori Energy 50 5,281 2,640 868 (422 ) 3,086 2018 Dori Energy 50 3,668 1,834 1,130 (419 ) 2,545 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 (€164 thousand) was loaned to A.R.Z. Electricity. In November 2013 in connection with the sale of A.R.Z. Electricity's holdings in PSP to third parties, the Company and A.R.Z. Electricity reached an agreement according to which the Company is entitled to the repayment of the amount loaned including accrued interest and linkage, amounting to approximately NIS 1,000 thousand (€200 thousand) and may be entitled to additional compensation in the aggregate amount of NIS 6,700 thousand (approximately €1,400 thousand), which will be linked to the Israeli CPI and will be paid in 2 installments of approximately NIS 1,200 thousand (approximately €250 thousand) upon financial closing of PSP Gilboa and NIS 5,500 thousand (approximately €1,160 thousand) upon receipt of permanent licenses for generation of power and the approval of the technical advisor appointed by the financial institutions who have financed PSP Gilboa to the transfer from set up phase to operational phase. The Company received the first installment of approximately NIS 1,200 thousand (approximately €260 thousand) in July 2014 and believes it will also be entitled to receive the second installment. As at December 31, 2019, the Company estimated the fair value of the second installment to be paid at approximately NIS 5,500 thousand (approximately €1,418 thousand) using a discounted cash flow model. The revaluation of such financial asset has been recognized as Other Income in consolidated statements of profit and loss. 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. (“Ortam”) and the Galilee Development Cooperative Ltd., an Israeli cooperative (“Galilee”). The remaining 25% of the holdings in the Partnership and in the GP are held by Sheva Mizrakot Ltd., an Israeli private company (“Sheva Mizrakot”). The Company and Ellomay Manara did not pay any consideration upon the acquisition, and undertook to pay certain consideration upon the fulfillment of certain conditions and milestones. On the same date, Ellomay Manara acquired Ortam’s holdings (50%) in the engineering, procurement and construction contractor of the aforementioned project (the “EPC”) and immediately transferred such holdings to a subsidiary of Electra, which, following such transfer, now holds 100% of the EPC. According to the various agreements executed in connection with the Manara PSP, the Company and Ellomay Manara are jointly and severally liable to all the monetary obligations under these agreements. As of December 31, 2019, the Company paid an amount of approximately NIS 3,400 thousand (approximately €883 thousand) on account of the consideration upon the acquisition and may be required, if certain conditions and milestones are met (which conditions and milestones have not currently been met), to pay certain parties additional amounts, which in the aggregate are not expected to exceed an amount of approximately NIS 39,000 thousands (approximately €10,000 thousand). 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 “Prior Conditional License”) from the Israeli Minister of Energy (the “Minister”). The Prior Conditional License initially regulated the construction of a pumped storage plant in the Manara Cliff with a capacity of 340 MW. The Prior Conditional License includes several conditions precedent to the entitlement of the holder of the Prior Conditional License to receive an electricity production license. The Prior 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. (“Kochav PS”), the owner of the Kochav Hayarden pumped storage project (“Kochav Hayarden Pumped Storage Project”). The First Petition was filed in connection with the decision of the Israeli Electricity Authority, which was approved by the Minister, to extend the financial closing milestone deadline of the Kochav Hayarden Project, which received a conditional license for a pumped storage plant with a capacity of approximately 340 MW in 2014. 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 commitment 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). On March 14, 2019, a pre-trial hearing was held. It was agreed that the parties would hold talks and update the court if they reach any agreement regarding compromising. On March 24, 2019 the parties notified the court that they did not reach a compromise. The claim is now in disclosure proceedings. 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 Prior 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. In November 2019 Ellomay PS received a land assessment, or the Assessment, from the Israel Land Authority, or the ILA, in connection with the Manara PSP. The Assessment requires Ellomay PS to pay approximately NIS 160 million (approximately €41.3 million) to the ILA in consideration for the ILA’s consent to the sublease of the land on which the Manara PSP is currently planned to be constructed. The ILA’s consent is required in order to obtain building permits and financing for the construction of the Manara PSP. Ellomay PS has contested the Assessment and is waiting for the ILA’s response. Ellomay PS also has the right to appeal the Assessment if its contest of the Assessment will be rejected. Ellomay PS and its advisors believe that the consent fee required is significantly higher than the reasonable amount, among other reasons due to the consent fee reflecting a demand for payment of more than NIS 1 million per one installed MW. Ellomay PS is reviewing the Assessment and contemplating its future steps in connection with the Assessment and the Manara PSP. Ellomay PS will attempt to reduce the Assessment to a reasonable amount that will maintain the economic feasibility of the Manara PSP. On February 26, 2020, Ellomay PS retracted the Prior Conditional License issued to it, which was due to expire on February 28, 2020 because Ellomay PS did not reach financial closing by such date as was required under the milestones included in the Prior Conditional License. On the same date, Ellomay PS filed an application for a new similar conditional license for a pumped storage facility with a capacity of 156 MW, based on the remaining portion of the quota for pumped storage projects in Israel as determined by the Israeli Government and implemented by the Israeli Electricity Authority, which is currently 800 MW. In December 2018, the Company executed a settlement agreement, with A.R.Z. Electricity, which indirectly holds 8.33% in Ellomay PS. The Settlement Agreement resolves a claim made by A.R.Z. Electricity and Mr. Raanan Aloni against the Company and its affiliates, in connection with the Manara PSP, and other disputes between such parties concerning the Manara PSP. The Settlement Agreement provides, inter alia, for the grant to A.R.Z. Electricity of a right to acquire, on financial closing of the Manara PSP (to the extent such financial closing occurs), an additional 6.67% of the Manara PSP, subject to the full and timely payment by A.R.Z. Electricity and Raanan Aloni of all their obligations and debts to the Company and to Ellomay PS, plus interest at a rate of 5% per annum. In 2019 an amount of approximately €3,500 thousand, mainly attributable to consultancy expenses for the planned construction of Manara PSP power plant, was recorded under project development costs. The Company expects to continue promoting the Manara PSP but may, for various reasons including in the event the Assessment is not timely overturned or significantly reduced, in the event a new conditional license is not issued, or in the event of changes in the applicable regulation and adverse economic conditions, resolve not to continue the advancement of the Manara PSP without further liability to the other parties under the aforementioned agreements. Composition of Advances on account of investments December 31 2019 2018 € in thousands On account of the Manara PSP 883 798 883 798 Composition of short-term and long-term financial assets December 31 2019 2018 € in thousands Income receivable in connection with the A.R.Z. Electricity PSP 1,418 1,282 1,418 1,282 C. Subsidiaries - 1. Biogas Projects in the Netherlands In July 2016, the Company, through its wholly-owned subsidiary Ellomay Luxembourg Holdings S.àr.l. (“Ellomay Luxembourg”), entered into a strategic agreement (“the Ludan Agreement”), with Ludan Energy Overseas B.V. (an indirectly wholly-owned subsidiary of Ludan Engineerin |
Trade and Other Receivables and
Trade and Other Receivables and Assets | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables and Assets | Note 7 - Trade and Other Receivables and Assets December 31 2019 2018 € in thousands Current Assets - Other receivables: Government authorities 781 2,706 Income receivable 1,075 3,830 Interest receivable 38 6 Current tax - 195 Current Maturities of loan to an equity accounted investee - 415 Trade receivable 805 156 Inventory 284 - Derivatives (refer to Note 21) 94 - Forward contracts closed (1) - 529 Loan to others (2) - 3,500 Prepaid expenses and other 1,805 1,286 4,882 12,623 Non-current Assets - Long term receivables: Advance tax payment - 996 Prepaid expenses associated with long term loans 12,218 - Annual rent deposits 30 27 Other 1 432 12,249 1,455 (1) The Company closed euro/USD forward contracts with an accumulated profit of approximately €529 thousand (approximately $606 thousand) and received between January and March 2019 an amount of €531 thousand. (2) In November 2018, Talasol provided an amount of €3,500 thousand to METKA EGN Limited, the EPC contractor of the Talasol Project, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. The amount was repaid in May 2019. (3) Prepaid commission expenses paid in connection with the credit Talasol project finance. |
Fixed assets
Fixed assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Fixed assets | Note 8 - Fixed assets Office Photovoltaic Biogas furniture and Leasehold Plants installations equipment Improvements Total € in thousands Cost 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 Balance as at January 1, 2019 98,289 18,656 138 52 117,135 Additions *73,402 932 9 - 74,343 Disposals *(68,908 ) - - - (68,908 ) Effect of changes in exchange rates 1 - - - 1 Balance as at December 31, 2019 102,784 19,588 147 52 122,571 Depreciation 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 Balance as at January 1, 2019 28,550 1,192 121 52 29,915 Depreciation for the year 4,383 1,353 8 - 5,744 Disposals *(27,477 ) - - - (27,477 ) Balance as at December 31, 2019 5,456 2,545 129 52 8,182 Carrying amounts As at January 1, 2018 63,768 15,046 23 - 78,837 As at December 31, 2018 69,739 17,464 17 - 87,220 As at December 31, 2019 97,328 17,043 18 - 114,389 *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). On December 20, 2019, the Company sold ten Italian indirectly wholly-owned subsidiaries, which own twelve of the aforementioned seventeen photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW. In connection with PV Plants owned by the Company as of December 31, 2019 and the Talasol Project, the Company recorded as of December 31, 2019, fixed assets at an aggregate value of approximately € Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2019: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2019 € in thousands “Ellomay Spain – Rinconada II” 2,275 kWp June 2010 5,509 “Rodríguez I” 1,675 kWp November 2011 3,662 “Rodríguez II” 2,691 kWp November 2011 6,631 “Fuente Librilla” 1,248 kWp June 2011 3,212 "Talasol" 300 MWP under construction 83,770 Investment in Biogas Installations In connection with the Company's Biogas Installations (see Note 6C 1), the Company recorded as of December 31, 2019, fixed assets at an aggregate value of approximately €19,588 thousand, in accordance with actual costs incurred. Depreciation with respect to the Biogas Installations is calculated using the straight-line method over 12 years commencing from the connection to the national grid that represent the estimated useful lives of the assets. During the year ended December 31, 2019, the Company recorded depreciation expenses with respect to its Biogas Installations in the Netherlands of approximately €1,353 thousand. Capitalized borrowing costs In the reporting period borrowing costs in the amount of €1,140 thousand were capitalized to qualifying assets. Those expenses are related to the Talasol Project. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Other Payables [Abstract] | |
Other Payables | Note 9 - Other Payables December 31 2019 2018 € in thousands Employees and payroll accruals 224 111 Indemnification liability (refer to Note 18D) 2,100 - Government authorities 155 185 Lease liability (S/T) 225 - Derivatives (refer to note 21) 766 365 Accrued expenses 1,430 2,316 Current tax 110 126 5,010 3,103 |
Current maturities of long term
Current maturities of long term loans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of current maturities of long term loans [Abstract] | |
Current maturities of long term loans | Note 10 - Current maturities of long term loans Composed as follows: Linkage Interest rate December 31 December 31 terms 2018 and 2019 2019 2018 % € in thousands Current maturities of long term EURIBOR 1.6-3.5 2,469 4,405 loans (refer to Note 11) Consumer price index in Israel 4.65 1,669 1,459 4,138 5,864 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Long-term Loans | Note 11 - Loans A. Loans details Composed as follows: Linkage Interest December term rate 2019 31 2019 % € in thousands Bank loans EURIBOR 1.6-3.5 25,620 Consumer price index in Israel 4.65 19,323 Other long-term loans 2.5-5.5 48,377 93,320 Linkage Interest December term rate 2018 31 2018 % € in thousands Bank loans EURIBOR 1.6-3.5 42,545 Consumer price index in Israel 4.65 18,843 Other long-term loans 2.5-5 4,704 66,092 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 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 December 20, 2019, the Company sold its holdings in this subsidiary. 2. 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, 2025. As of December 31, 2019, the amount of the loan is €1,755 thousand. 3. 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), 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), and Ellomay Luxembourg entered into a senior project finance agreement (the “Oude Tonge Loan Agreement”), with Rabobank, that includes the following tranches: (i) three loans with principal amounts of €3,150 thousand (with a fixed interest rate of 3.1% for the first five years), €1,540 thousand (with a fixed interest rate of 2.9% for the first five years) and €160 thousand, (with a fixed interest rate of 3.4% for the first five years), for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Oude Tonge Project’s facility to the grid and (ii) an on-call credit facility of €100 thousand with variable interest. The amount of €4,850 thousand was withdrawn in 2017 and 2018 on account of these loans. In connection with the 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 Ellomay Luxembourg, 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 owners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including owners loans) to total assets ratio of Groen Goor and Groen Gas Oude Tonge will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge 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 in the favor of Rabobank. As of December 31, 2019, 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 Ellomay Luxembourg and not financed by Rabobank. In addition, the Company provided a guarantee to Rabobank for the fulfillment of Ellomay Luxembourg’s undertakings set forth above. 4. 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. 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, 2019, the financial covenants were met. 5. 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. 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%. On December 20, 2019, the Company sold its holdings in these subsidiaries. 6. On March 12, 2019, four of the Company’s Spanish subsidiaries (together, hereinafter – the “Subsidiaries”) entered into a €18.4 million project finance Facility Agreement (the “Facility Agreement”). The €18.4 million principal amount is divided into: (i) four term loan facilities, one for each Subsidiary, in the aggregate amount of €17.6 million with terms ending in December 2037, and (ii) a revolving credit facility to attend the debt service if needed, for a maximum amount of euro 0.8 million granted to any of the Subsidiaries. The loans provided under the Facility Agreement bear an annual interest at the rate of Euribor 6 months plus a margin of 2% (with a zero interest floor) and repaid semi-annually on June 20 and December 20. The principal is repaid on a semi-annual basis based on a pre-determined sculptured repayment schedule. The Facility Agreement provides for mandatory prepayment upon the occurrence of certain events and includes various customary representations, warranties and covenants, including covenants to maintain a DSCR on an aggregate basis not lower than 1.05:1, and not to make distributions unless, among other things: (i) the DSCR, on an aggregate basis, is equal to or higher than 1.15:1.0, (ii) the first instalment of the Project Finance has been repaid, (iii) no amount under the revolving credit tranche has been withdrawn and not fully repaid and no drawdowns of the revolving credit tranche are expected within the next six months, and (iv) the Subsidiaries’ net debt to regulatory value (as such terms are defined in the Facility Agreement) ratio is equal to or higher than 0.7:1. The regulatory value of the photovoltaic plants owned by the Subsidiaries is approximately €23.5 million, compared to their aggregate nominal purchase price, which was approximately €14.85 million and their aggregate book value, which was approximately €14.6 million as of September 30, 2018. The Facility Agreements includes a cash-sweep payment mechanism and obligation that applies in the event the Subsidiaries’ net debt to regulatory value ratio is equal to or higher than 0.7:1. As of December 31, 2019, the financial covenants were met. The Subsidiaries entered into swap agreements on March 12, 2019 with respect to approximately Euro 17.6 million (with a decreasing notional principal amount based on the amortization table) until December 2037, replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. Such swap transactions qualify for hedge accounting. The Project Finance documents require that security interests be provided in connection with the following: (i) the Subsidiaries’ shares (held by Ellomay Luxembourg(, (ii) pledges over accounts, (iii) pledges over relevant agreements including hedging agreements; and (iv) promissory equipment mortgage. 7. On April 30, 2019, the Talasol Project reached financial closing in the aggregate amount of approximately €158.5 million (“the Project Finance”). The Project Finance consists of several facilities from Deutsche Bank AG and from the European Investment Bank (“EIB”). The Talasol Project Finance includes the following facilities: (a) a term facility in the amount of approximately €65.9 million, with a term ending on September 30, 2033, repaid in unequal sculptured semi-annual installments. Loan amounts drawn from this facility will bear an annual interest of EURIBOR (with a zero floor and synchronous with the applicable interest period described below) plus a margin determined based on the stage of the Talasol Project. The applicable margins are: (i) 2.25% until technical completion, (ii) 2% from technical completion until the 5th anniversary of technical completion, (iii) 2.25% from the 5th anniversary of technical completion until the termination date of the financial power swap agreement that Talasol entered into last June (see Note 21) (the “PPA”, i.e., September 30, 2030), and (iv) 2.5% from the termination date of the PPA until the end of the term of the commercial term facility. As of December 31, 2019, the Company made no withdrawals on account of this facility; (b) a revolving debt service reserve facility in the amount of €4.45 million, with a term ending on the earlier of: (i) September 30, 2033 or (ii) the date on which the commercial term loan set forth under (a) above has been repaid in full. Loan amounts drawn from this facility will bear an annual interest of 6 month EURIBOR (with a zero floor) plus a margin determined based on the stage of the Talasol Project. The applicable margins are: (i) 2.5% until technical completion, (ii) 2.25% from technical completion until the 5th anniversary of technical completion, (iii) 2.50% from the 5th anniversary of technical completion until the termination date of the PPA, and (iv) 2.75% from the termination date of the PPA until the termination date; (c) VAT facility in the amount of €6.67 million, with a term ending on June 30, 2021, repaid by using balances available in the VAT reimbursement account but in no event later than June 30, 2021. Loan amounts drawn from this facility will bear an annual interest of 1 month EURIBOR (with a zero floor) plus a margin of 2%. As of December 31, 2019, the amount of the VAT facility is €80 thousand; (d) a letter of credit facility in the initial amount of €12 million, with a term ending on September 30, 2030, to be repaid in full on its termination date and bearing an annual interest of (i) 1.25% for amounts cash covered, and (ii) 2% for any other amounts; (e) a term facility in the amount of €65 million from EIB, granted under the Investment Plan for Europe known as the Juncker Plan, with a term ending on September 30, 2033, repaid in unequal sculptured semi-annual installments. Loan amounts drawn from this facility will bear an annual interest of EURIBOR synchronous with the applicable interest period plus a margin (expected to be 1.76%). As of December 31, 2019, the Company made no withdrawals on account of this facility; and (f) a revolving debt service reserve facility from the EIB in the amount of €4.45 million granted by EIB under the Investment Plan for Europe, with a term ending on the earlier of: (i) September 30, 2033 or (ii) the date on which the commercial term loan set forth under (e) above has been repaid in full. Loans drawn from this facility will bear an annual interest of 6 month EURIBOR (with a zero floor) plus a margin, which is expected to be similar to the CFL Debt Service Reserve Facility under (b) above. During the construction period, interest payments on the term, revolving debt and VAT facilities will be made on a monthly basis, and semi-annually thereafter (commencing March 31, 2021). The VAT facilities’ interest period, however, remains on a monthly basis. The agreements executed in connection with the Talasol Project Finance provide for mandatory prepayment upon the occurrence of certain events and various customary representations, warranties and covenants, including covenants to maintain a Historic and Projected DSCR not lower than 1.05:1, and not to make distributions in the event that: (i) the Historic and Projected DSCR will be lower than 1.15:1.0 and (ii) the Loan Life Cover Ratio will be lower than 1.20:1.0. The facilities provided by the EIB include certain other representations and undertakings mandated by applicable EU regulation. The Talasol Project Finance documents require that security interests be provided in connection with the following: (i) Talasol’s shares (held by the Company’s wholly-owned subsidiary, Ellomay Luxembourg), (ii) pledges over accounts, (iii) pledges over Talasol Project’s documents, (iv) pledges over receivables under the shareholders loans, (v) security assignment of hedging claims and (vi) promissory equipment mortgage. In connection with the Talasol Project Finance, Ellomay Luxembourg, and the parent company of Talasol and the Company undertook separately to (indirectly) retain at least 50.1% of the shares in Talasol and not to buy any debt of, or hedging claims against, Talasol from the entities providing the financing to the Talasol Project. On April 30, 2019 Talasol entered into a swap agreement for an amount equal to at least 95% of the maximum amount of the term facilities and replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 0.9412%. As the financing was structured for the term of the PPA signed in connection with the Talasol Project (ten years) plus additional three years beyond the term of the PPA, the Talasol Project Finance documentation requires Talasol to prepay the term loans via cash-sweeps to ensure that the term loans are repaid in full until the termination date of the PPA. Talasol has the option to place the relevant cash sweep amounts on a reserve account instead, and, in the event it enters into a satisfactory new power purchase agreement or power hedge agreement, the amounts on the reserve account may be transferred to the operating account of Talasol, to the extent they are not required in prepayment of the term loans to ensure that during the remainder of the term loans the base case ratios are complied with. 8. On April 30, 2019, following the financial closing of Talasol Project and sale of 49% holdings of the Talasol Project, Talasol entered into a loan agreement with GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC (own 24.5%, respectively). The unpaid balance (principal and interest) of the loan will bear interest of Euribor 6 mount plus 5.27%. The maturity date of this loan is December 31, 2037. As of December 31, 2019, the amount of the loan is €46,622 thousand. B. The aggregate annual maturities are as follows: December 31 December 31 2019 2018 € in thousands Second year 7,656 6,069 Third year 5,274 5,847 Fourth year 5,342 6,040 Fifth year 5,242 6,163 Sixth year and thereafter 65,668 36,109 Long-term loans 89,182 60,228 Current maturities 4,138 5,864 93,320 66,092 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. For more information , see Note 21. D. Movement in liabilities deriving from financing activities Liabilities Loans and Note borrowings Debentures Total € in thousands Balance as at January 1, 2019 66,092 51,343 117,435 Changes from financing cash flows Proceeds from issue of debentures 12 - 22,317 22,317 Repayment of Debentures 12 - (9,836 ) (9,836 ) Receipt of loans 11 63,821 - 63,821 Repayment of loans 11 (11,051 ) - (11,051 ) Accrued interest 11 1,608 - 1,608 Transaction costs related to borrowings 223 2,101 2,324 Sale of Italian subsidiaries (29,400 ) - (29,400 ) Total net financing cash flows 91,293 65,925 157,218 Effect of changes in foreign exchange rates 2,027 5,659 7,686 Balance as at December 31, 2019 93,320 71,584 164,904 |
Debentures
Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of debentures [Abstract] | |
Debentures | Note 12 - Debentures A. Composed as follows: December 31, 2019 December 31, 2018 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 72,137 71,584 52,056 51,343 Less current maturities 26,928 26,773 8,975 8,758 Total long-term debentures 45,209 44,811 43,081 42,585 B. Debentures – Details Series A Debentures On January 13, 2014, the Company issued NIS 120,000 thousand (approximately €25,170 thousand based on the euro/NIS exchange rate at that time) principal amount of unsecured non-convertible Series A Debentures (“Series A Debentures“) through a public offering that was limited to residents of Israel. The gross proceeds of the offering were approximately NIS 116,760 thousand (approximately €24,490 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions were approximately NIS 114,700 thousand (approximately €24,059 thousand). On June 19, 2014, the Company issued additional NIS 80,341 thousand principal amount of Series A Debentures (approximately €17,115 thousand based on the euro/NIS exchange rate at that time) to Israeli classified investors in a private placement at a price of NIS 1,010 per unit. The gross proceeds of the private placement were approximately NIS 81,144 thousand (approximately €17,286 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions and interest paid on these additional Series A Debentures in June 2014 were approximately NIS 78,900 thousand (approximately €16,808 thousand). The Series A Debentures 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 the Company’s 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). In December 2019, the Company announced the early repayment of the entire outstanding principal of the Company’s Series A Debentures pursuant to the terms of the deed of trust governing these Debentures. The early repayment amount was the sum of approximately NIS 80.1 million (approximately €20.8 million) in principal, the sum of approximately NIS 0.05 million (approximately €0.01 million) in accrued interest and a prepayment charge of approximately NIS 5.7 million (approximately €1.5 million), amounting to an aggregate repayment amount of approximately NIS 85.9 million (approximately €22.3 million). On December 30, 2019 the funds designated for such repayment were transferred to the nominee company. Series B Debentures On March 14, 2017, the Company issued Series B Nonconvertible Debentures due June 30, 2024 in a public offering in Israel in the aggregate principal amount of NIS 123,232,000 (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. The Series B Debentures are traded on the TASE and have been rated Baa1.il /Stable, on a local scale, by Midroog Ltd. The principal amount of Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). On November 13, 2017, following a rating downgrade of the Company’s Debentures from ilA- to ilBBB+ (by the previous rating company that rated the Series B Debentures, Standard & Poor’s Maalot Ltd.), the Series B Debentures fixed annual interest rate was increased by 0.25% to 3.69%. The Series B 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 the Company’s 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, with an increase of 0.5% for the period in which the Company do not meet each standard and up to an increase of 1% in the annual interest (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 the Company’s ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series B Debentures subject to maintaining the rating assigned to the Series B Debentures and to the Company’s continued compliance with the financial covenants included in the Series B Deed of Trust and provided that the Company are not in default of any of the immediate repayment provisions included in the Series B Deed of Trust or in material default of the Company’s 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 and includes a mechanism for the update of the annual interest rate of the Series B Debentures in the event the Company do not meet certain financial standards. The financial covenants are as follows: 1. the Company’s balance sheet 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 the Company’s subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity (which the Company calculate in line with the definition of balance sheet equity in the Series B Deed of Trust), on a consolidated basis, plus the Net Financial Debt, 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 annual interest update provision; and 3. The ratio of (a) the Company’s equity (which the Company calculate in line with the definition of balance sheet equity in the Series B Deed of Trust), on a consolidated basis, to (b) the Company’s balance sheet, on a consolidated basis, 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 annual interest update provision. On September 25, 2019, the Company published the Company’s pro forma statement of financial position as at June 30, 2019, which indicated that the ratio of the Company’s equity (which the Company calculate in line with the definition of Balance Sheet Equity in the Series B Deed of Trust) to balance sheet as at June 30, 2019 was 29.2%, triggering a right of the holders of the Company’s Series B Debentures to an increase in the annual interest rate applicable to the Series B Debentures of 0.5% until such time as the Company publish financial results reflecting an increase in such ratio to a minimum of 30%. On December 31, 2019, the Company published the Company’s pro forma statement of financial position as at September 30, 2019, which indicated that the ratio of the Company’s equity, as set forth above, to balance sheet as of September 30, 2019 was 31.6%, triggering a decrease in the annual interest rate applicable to the Series B Debentures of 0.5% to its previous rate of 3.69%. The Series B Deed of Trust includes similar conditions to the Company’s ability to make distributions (as such term is defined in the Companies Law, e.g. dividends), to the Company’s shareholders as are included in the Series A Deed of Trust and set forth above. As of December 31, 2019, 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 €21,452 thousand, based on the NIS/euro exchange rate as at December 31, 2019) with a euro notional principal. Such currency swap transactions qualify for hedge accounting. Series C Debentures On July 25, 2019, the Company issued Series C Debentures due June 30, 2025 in a public offering in Israel in the aggregate principal amount of NIS 89,065 thousand (approximately €22,690 thousand based on the Euro /NIS exchange rate at that time). The Series C Debentures bear fixed interest at the rate of 3.3% per year and are not linked to the Israeli CPI or otherwise. The gross proceeds of the offering were NIS 89,065 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 87,600 thousand (approximately €22,317 thousand). The principal amount of Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive). The Series C Deed of Trust includes customary provisions, including (i) a negative pledge such that the Company may not place a floating charge on all of the Company’s assets, subject to certain exceptions and (ii) an obligation to pay additional interest for failure to maintain certain financial covenants, with an increase of 0.25% for the period in which the Company do not meet each standard and up to an annual increase of 0.5%. The Series C Deed of Trust does not restrict the Company’s ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series C Debentures provided that: (i) the Company are not in default of any of the immediate repayment provisions included in the Series C Deed of Trust or in breach of any of the Company’s material obligations to the holders of the Series C Debentures pursuant to the terms of the Series C Deed of Trust, (ii) the expansion will not harm the Company’s compliance with the financial covenants included in the distribution undertaking Series C Deed of Trust and (iii) to the extent the Series C Debentures are rated at the time of the expansion, the expansion will not harm the rating of the existing Series C Debentures. The Series C Deed of Trust includes a number of customary causes for immediate repayment, including a default with certain financial covenants for two consecutive financial quarters, and includes a mechanism for the update of the annual interest rate of the Series B Debentures in the event the Company do not meet certain financial standards. The financial covenants are as follows: 1. the Company’s balance sheet equity, on a consolidated basis, shall not be less than €50 million for purposes of the immediate repayment provision and shall not be less than €60 for purposes of the annual interest update provision; 2. The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by us and any other interest-bearing financial obligations, net of cash and cash equivalents and short-term investments and net of financing of projects, including hedging transactions in connection with such financing, of the Company’s subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity (which the Company calculate in line with the definition of Balance Sheet Equity in the Series C Deed of Trust), on a consolidated basis, plus the Net Financial Debt, or the Company’s CAP, Net, to which the Company refer herein as the Ratio of Net Financial Debt to CAP, Net, shall not exceed the rate of 67.5% for purposes of the immediate repayment provision and shall not exceed a rate of 60% for purposes of the annual interest update provision; and 3. The ratio of (a) the Company’s Net Financial Debt, to (b) the Company’s earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef project, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, based on the aggregate four preceding quarters, or the Company’s Adjusted EBITDA, to which the Company refer to herein as the Ratio of Net Financial Debt to Adjusted EBITDA, shall not be higher than 12 for purposes of the immediate repayment provision and shall not be higher than 10 for purposes of the annual interest update provision. The Series C Deed of Trust includes similar conditions to the Company’s ability to make distributions to the Company’s shareholders as are included in the Series A and Series B Deeds of Trust and set forth above. the Company are also required to maintain the following financial ratios (which are calculated based on the same definitions applicable to the financial standards set forth above) after the distribution: (i) balance sheet equity not lower than €70 million, (ii) Ratio of Net Financial Debt to CAP, Net not to exceed 60%, and (iii) Ratio of Net Financial Debt to Adjusted EBITDA, shall not be higher than 8, and not to make distributions if the Company do not meet all of the Company’s material obligations to the holders of the Series C Debentures and if on the date of distribution and after the distribution a cause for immediate repayment exists. As of December 31, 2019, the financial covenants were met. C. The aggregate annual maturities are as follows: December 31 December 31 2019 2018 € in thousands Second year 6,927 8,789 Third year 8,098 8,833 Fourth year 9,714 8,874 Fifth year 13,195 10,354 Sixth year and thereafter 6,877 5,735 Long-term loans 44,811 42,585 Current maturities 26,773 8,758 71,584 51,343 |
Other Long-term Liabilities
Other Long-term Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other long-term liabilities [Abstract] | |
Other Long-term Liabilities | Note 13 - Other Long-term Liabilities December 31 December 31 2019 2018 € in thousands Government authorities - 209 Forward contracts closed (1) 1,767 1,731 Liabilities for employees benefits 28 19 1,795 1,959 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €1,767 thousand (approximately $1,982 thousand) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Leases | Note 14 - Leases Leases in which the Company is the lessee The Company applies IFRS 16, Leases, as from January 1, 2019. The Company has lease agreements with respect to lessees of lands. 1. Information regarding material lease agreements entered into during the period a. The Company leases land in Talmei Yosef from the Talmei Yosef Moshav for a period of approximately 25 years, on which the Talmei Yosef PV Plant is located. The contractual period of the aforesaid lease agreements ends on November 25, 2034. A lease liability in the amount of €1,606 thousand and right-of-use asset in the amount of €1,585 thousand have been recognized in the statement of financial positon as at December 31, 2019 in respect of leases of land. b. The Company leases land in Spain from private lessors for a period of approximately 16 years, on which it sets up photovoltaic sites. The contractual period of the aforesaid lease agreements ends on July 25, 2035. A lease liability in the amount of €1,177 thousand and right-of-use asset in the amount of €1,160 thousand have been recognized in the statement of financial positon as at December 31, 2019 in respect of leases of land. c. The Company leases land in Spain from the Municipality of Talaván for a period of approximately 42 years, on which it sets up photovoltaic sites. The contractual period of the aforesaid lease agreements ends on September 8, 2060. A lease liability in the amount of €12,844 thousand and right-of-use asset in the amount of €12,656 thousand have been recognized in the statement of financial positon as at December 31, 2019 in respect of leases of land. 2. Right-of-use assets Talmei Yosef Spain Talasol Italy Total € in thousands Cost Balance as at January 1, 2019 - - - - - Additions 1,516 1,235 12,686 1,469 16,906 Disposals - - - (1,469 ) (1,469 ) Effect of changes in exchange rates 172 - - - 172 Balance as at December 31, 2019 1,688 1,235 12,686 - 15,609 Depreciation Balance as at January 1, 2019 - - - - - Depreciation for the year 103 75 30 113 321 Disposals - - - (113 ) (113 ) Balance as at December 31, 2019 103 75 30 - 208 Carrying amounts As at January 1, 2018 - - - - - As at December 31, 2018 - - - - - As at December 31, 2019 1,585 1,160 12,656 - 15,401 3. Lease liability Maturity analysis of the company's lease liabilities December 31, 2019 € in thousands Less than one year 225 One to five years 1,439 More than five years 13,963 Total 15,627 Current maturities of lease liability 225 Long-term lease liability 15,402 4. Additional information on leases (a) Amounts recognized in profit or loss 2019 € in thousands Interest expenses on lease liability 341 Total 341 (b) Short-term leases As mentioned in Note 3J regarding significant accounting policies, the Company accounts for short-term leases and leases of low-value assets as expense on a straight-line basis over the lease term, instead of a right-of-use asset and lease liability. These leases include office space. |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
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 and provide board services and chief executive officer services. 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 management fee was increased to $400 thousand in June 2013 (approximately €356 thousand, based on the NIS/euro exchange rate as at December 31, 2019 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, 2022. The Company sub-leases a small part of its office space to a company controlled by Mr. Shlomo Nehama, the Company's chairman of the Board and a controlling shareholder, at a price per square meter based on the price that it pays under its lease agreements. This sub-lease agreement was approved by the Company's Board of Directors. B. Compensation to key management personnel and interested parties (including directors) Directors and officers participate in the Company’s share option programs. For further information see Note 17 regarding share-based payments. Compensation to key management personnel and interested parties that are employed by the Company: Year ended December 31 2019 2018 2017 Number of Number of Number of People Amount People Amount People (*) Amount € thousands € thousands € thousands Short-term employee Benefits 3 689 2 371 2 377 Post-employment Benefits 2 56 2 48 2 57 Share-based payments 1 29 2 - 2 - * 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 2019 2018 2017 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 72 3 49 3 35 share-based payments 3 9 3 5 3 14 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 2019 2018 2019 2018 2017 % € thousands Dori Energy 8.1 (*) NIS+CPI 10,595 9,189 814 1,130 1,158 (*) See Note 6A |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 16 - Equity A. Composition of share capital December 31, 2019 December 31, 2018 December 31, 2017 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 11,737,140 (1) 17,000,000 10,675,508 (1) 17,000,000 10,675,508 (1) (1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2019, 2018 and 2017, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors. On July 17, 2019, the Company issued 800,000 ordinary shares to several Israeli qualified investors in a private placement undertaken in accordance with Regulation S of the Securities Act. The price per share was set at NIS 39.20 and net proceeds were approximately NIS 31,100 thousand (approximately €7,807 thousand based on the Euro /NIS exchange rate at that time) (net of related expenses such as consultancy fee and commissions of approximately NIS 200 thousand (approximately €50 thousand based on the Euro /NIS exchange rate at that time). B. Rights attached to shares: 1. Voting rights at the general meeting, right to dividend and rights upon liquidation of the Company. 2. Commencing August 22, 2011, the Company’s ordinary shares have been listed on the NYSE American (formerly the NYSE MKT and the NYSE Amex). On October 27, 2013, the Company's ordinary shares were also listed for trading on the Tel Aviv Stock Exchange in Israel. C. Translation reserve from foreign operation The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. D. Capital management in the Company The Company's capital management objectives are: 1. To preserve the Company's ability to ensure business continuity thereby creating a return for the shareholders, investors and other interested parties. 2. To ensure adequate return for the shareholders by making reasonable investment decisions based on the level of internal rate of return that is in line with the Company's business activity. 3. To maintain healthy capital ratios in order to support business activity and maximize shareholders value. 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 were to 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 were 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, which were then outstanding. The buyback program did not obligate the Company to acquire a specific number of shares in any period. As of December 31, 2019, 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. On March 23, 2016, the Company announced the decision to distribute a cash dividend in the amount of $0.225 per share (an aggregate distribution of approximately $2.4 million). The Company distributed this dividend in April 2016. The Company did not declare or pay a cash dividend during 2017 and did not repurchase any of its ordinary shares or declare or pay a cash dividend during 2018 and 2019. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share-Based Payment | Note 17 - Share-Based Payment A. Expenses recognized in the financial statements The expenses recognized in the financial statements for services received from directors and employees is shown in the following table: Year ended December 31 2019 2018 2017 € thousand Expenses arising from share-based payment Transactions 8 5 5 The share-based payments that the Company granted to its employees and directors are described below. The share option plans were extended for an additional ten-year period in 2018. Other than the extension, there have been no modifications or cancellations to any of the share options plans during 2019, 2018 or 2017. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions: Year ended December 31 2019 2018 2017 Dividend yield 0 % 0 % 0 % Expected volatility 0.428 0.384 0.342 Risk-free interest 1.73 % 2.67 % 1.34 % Expected life (in years) 2-3 2-3 2-3 All options granted during 2019, 2018 and 2017 were granted with exercise price equal to or higher than the market price on the date of grant. Weighted average fair values and exercise price of options on dates of grant are as follows: Equal market price 2019 2018 US$ Weighted average exercise prices 11.4 8.95 Weighted average fair value on grant date 3.4 2.1 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. As of December 31, 2019, 20,083 options are outstanding and 33,916 ordinary shares are available for future grants under the 1998 Plan. In August 2000, the Company's board of directors adopted the 2000 Stock Option Plan (the "2000 Plan"). The initial reserve to the 2000 Plan was 200,000 ordinary shares underlying options that may be granted to officers, directors, employees and consultants of the Company and its subsidiaries and this initial reserve was increased several times. The options usually vest over a three year period. The exercise price of the options under the 2000 Plan is determined to be not less than 80% of the fair market value of the Company's ordinary shares at the time of grant, and they usually expire after 10 years from the date of grant. In June 2008 and June 2018 the term of the 2000 Plan was extended by additional 10 year periods and the current expiration date of the 2000 Plan is August 31, 2028. As of December 31, 2019, options to purchase 14,803 ordinary shares are outstanding and 580,206 ordinary shares are available for future grants under the 2000 Plan. Options that are cancelled or forfeited become available for future grant. C. Changes during the year: The following table lists the number of share options, the weighted average exercise prices of share options during the current year: 2019 2018 2017 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 27,169 7.82 25,502 7.54 22,502 7.34 Granted during the year 18,303 11.41 3,000 8.95 3,000 9.02 Exercised during the year (3,586 ) 6.27 - - - - Expired during the year (7,000 ) 8.25 (1,333 ) 5 - - Outstanding at end of year 34,886 9.83 27,169 7.82 25,502 7.54 Exercisable at end of year 16,583 8.09 24,169 7.68 22,502 7.34 D. The weighted average remaining contractual life for the share options outstanding as of December 31, 2019 was 7.33 years (as of December 31, 2018 was 5.51 years and as of December 31, 2017 was 5.72 years). E. The range of exercise prices for share options outstanding as of December 31, 2019: $5.55- $13 (as of December 31, 2018 and as of December 31, 2017 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, 2019 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |
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 2019 2018 2017 € in thousands Interest Income and consumer price index in Israel in connection to concession project 1,757 1,948 789 Interest income 70 291 544 Change in fair value of derivatives, net 897 494 - Gain from exchange rate differences, net - 697 - Total financing income 2,724 3,430 1,333 2. Financing expenses For the year ended December 31 2019 2018 2017 € in thousands Change in fair value of derivatives, net - - 3,156 Swap interest 270 206 110 Debentures interest and related expenses 4,696 2,604 2,753 Interest on loans 2,666 2,330 776 Consumer price index in Israel for loan 102 171 - Bank charges and other commissions 585 210 180 Forward loss 513 - - Loss from exchange rate differences, net 2,045 - 3,586 Total financing expenses 10,877 5,521 10,561 B. Operating Costs, Depreciation and Amortization For the year ended December 31 2019 2018 2017 € in thousands Depreciation from fixed assets 5,744 5,500 4,518 Depreciation from Right-of-use assets 321 - - Amortization 351 316 - Professional services 663 375 210 Annual rent 9 390 267 Operating and maintenance services 5,322 4,942 1,574 Insurance 344 245 203 Other 300 390 295 Total operating costs 13,054 12,158 7,067 C. General and administrative expenses For the year ended December 31 2019 2018 2017 € in thousands Salaries and related compensation 1,324 1,016 1,030 Professional services 1,978 2,185 1,255 Other 525 399 135 Total general and administrative expenses 3,827 3,600 2,420 D. Other income (expense), net For the year ended December 31 2019 2018 2017 € in thousands Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - 73 18 Compensation from contractor (*) - 811 - Other (**) (2,100 ) - - Total other income, net (2,100 ) 884 18 (*) Compensation from EPC and O&M contractor of the Company's Biogas projects in Netherlands due to deficiencies in the operation of these projects. (**) Indemnification in the amount of up to €2,100 thousand in connection with potential incentive reduction under limited circumstances in one of the Italian subsidiaries that was sold on December 20, 2019. In connection with such indemnification, the Company recorded expenses in the amount of approximately €2,100 thousand (see Note 6C). E. Revenues For the year ended December 31 2019 2018 2017 € in thousands Revenues from the sale of solar electricity 13,069 12,593 13,150 Revenues from the sale of gas and power produced by anaerobic digestion plants 4,786 4,483 303 Revenues from concessions project 1,133 1,041 183 Total Revenues 18,988 18,117 13,636 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2019 | |
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 2017-2019: 2017 – 24%, 2018 – 23% and 2019 – 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. 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 companies in the Netherlands that invest in energy-efficient technology that meet the Energy 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 2019 2018 2017 € in thousands Current tax income (expense) Current year (741 ) (438 ) (494 ) Adjustments for prior years, net (14 ) 26 1,044 (755 ) (412 ) 550 Deferred tax income Creation and reversal of temporary differences 1,042 197 (922 ) Actual Tax benefit (tax on income) 287 (215 ) (372 ) C. Reconciliation between the theoretical tax on the pre-tax profit and the tax expense: 2019 2018 2017 € in thousands Profit (loss) before taxes on income 9,497 819 (6,269 ) Primary tax rate of the Company 23 % 23 % 24 % Tax calculated according to the Company’s primary tax rate (2,184 ) (188 ) 1,505 Additional tax (tax saving) in respect of: Different tax rate of foreign subsidiaries (11 ) 45 (106 ) Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 710 585 367 Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past 3,681 - (448 ) Change in temporary differences for which deferred tax were not recognized (166 ) (576 ) (359 ) Current year tax losses and benefits for which deferred taxes were not created (1,740 ) (136 ) (1,142 ) Tax benefit (taxes) in respect to previous years and others (3 ) 55 (189 ) Actual Tax benefit (tax on income) 287 (215 ) (372 ) D. Carry forward tax losses: As of December 31, 2019, Ellomay Capital Ltd. had available carry forward tax losses, carry forward capital tax losses and deductions aggregating to approximately €600 thousand, which have no expiration date. Such carry tax losses are following a decrease of approximately €20,000 thousand as a result of a tax inspection and a final settlement reached with the tax authorities in 2018. 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: Carry- Financial Fixed Long term Swap forward tax assets assets loans contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2019 (6,935 ) (1,916 ) 710 198 4,147 (3,796 ) Changes recognized in profit or loss 719 865 (97 ) (27 ) (418 ) 1,042 Changes recognized due to sale of operation - (243 ) (613 ) (261 ) (555 ) (1,672 ) Changes recognized in other comprehensive income (756 ) - - 768 232 244 Balance of deferred tax asset (liability) as at December 31, 2019 (6,972 ) (1,294 ) - 678 3,406 (4,182 ) Carry- Financial Fixed Long term Swap forward tax assets assets loans contract losses 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, 2019 | |
Earnings per share [abstract] | |
Earnings Per Share | Note 20 - Earnings Per Share The calculation of basic earnings per share as at December 31, 2019, December 31, 2018 and December 31, 2017 was based on the profit attributable to the Company’s ordinary shareholders divided by a weighted average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2019 2018 2017 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company 12,060 1,057 (6,115 ) Weighted average ordinary shares outstanding (1) 11,064,847 10,675,508 10,675,757 Dilutive effect: Stock options and warrants (2) 5,589 3,349 - Diluted weighted average ordinary shares Outstanding 11,070,436 10,678,857 10,675,757 Basic profit (loss) per share from continuing operations 1.09 0.10 (0.57 ) Diluted profit (loss) per share from continuing operations 1.09 0.10 (0.57 ) (1) Net of treasury shares. (2) An amount of 3,198 dilutive stock options and warrants were not included in diluted loss per share because they are anti-dilutive for the year ended December 2017. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 € in thousands Derivatives presented under current assets Currency swap 94 - Derivatives presented under non-current assets Financial power swap 4,967 - Currency swap 103 - Forward contracts 92 - 5,162 - Derivatives presented under current liabilities Currency swap - (192 ) Swap contracts (766 ) (173 ) (766 ) (365 ) Derivatives presented under non-current liabilities Forward contracts (344 ) (977 ) Currency swap - (1,925 ) Swap contracts (6,919 ) (459 ) (7,263 ) (3,361 ) The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions: December 31, 2019 Currency/ Currency/ linkage/interest rate Linkage/interest rate Fair value - € in receivable Payable Date of expiration thousand Euro 17.6 million interest swap transaction for a period of 18 years, semi-annually. Euribor 6 months Fixed 1% December 20, 2037 (907) The principal of the interest rate swap transaction is based on a pre-determined sculptured repayment schedule in the maximum amount of Euro 131 million for a period of 12 years, semi-annually. Euribor 6 months Fixed 0.9412% September 30, 2031 (6,778) Forward Euro/USD contracts with an aggregate Euro denominated principal of Euro 18 million. weighted average rate of approximately 1.18 November 2021 (252) NIS 83.2 million currency swap transaction Euro/NIS for a period of 7 years, semi-annually. NIS Euro June 2024 197 Financial power swap- Electricity price swap fixed for float Electricity price in Spain Fixed price September 30, 2030 4,967 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, 2019, the Company does not have any significant concentration of credit risk. Cash and short-term deposits As at December 31, 2019 and 2018, the Company had cash and cash equivalents in the amount of €44,509 thousand and €36,882 thousand, respectively. The Company’s cash and cash equivalents are deposited with financial institutions that received a credit rating (international rating scale). See also Note 4. Marketable securities As at December 31, 2019 and 2018, the Company invested in a traded Bond in an amount of €2,242 thousand and €2,132 thousand, respectively, with the intention to maintain the value of its liquid resources. See also Note 5. Restricted cash As at December 31, 2019 and 2018, the Company had a balance of current restricted cash in an amount of €22,162 thousand and €1,315 thousand, respectively, and a balance of non-current restricted cash of €10,956 thousand and €5,400 thousand, respectively. See also Note 5 and also Note 2 E for Reclassified comparative data. Trade and other receivables As at December 31, 2019 and 2018, the Company had a balance of trade receivables of €805 thousand and €156 thousand, respectively. This balance mainly refers to the balance from the Israeli Electricity Authority for the PV Plant located in Israel and is due in 30 days. It is also referring to NEXUS or GNERA that represent the PV Plants located in Spain in its dealings with the Spanish National Energy Commission, and are due within 60 days from issuance. As at December 31, 2019 and 2018, the Company had a balance of revenue receivables of €1,075 thousand and €3,830 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. On December 20, 2019, the Company sold ten Italian indirect wholly-owned subsidiaries. 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 Biogas installations in the Netherlands. The incentives are paid through equal monthly installments based on the effective production of the previous year for each plant, or if not available, on the basis of the regional forecast. The balance is paid within June 30th of the subsequent year. The Company’s management closely monitors the economic and political environment in which it operates. As per the Company's management estimations there are no significant credit risks assigned to the trade receivables and income receivables as these amounts are due by governmental agencies. As at December 31, 2019 and 2018, the Company had a balance of government authorities' receivables of €781 thousand and €2,706 thousand, respectively. This balance refers to VAT and withholding tax receivables in Italy, Spain, Israel and the Netherlands. D. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. The Company has contractual commitments due to debentures issued, financing agreements and EPC and O&M agreements of its subsidiaries in Spain. See also Note 6, Note 11 and Note 12. The following are the contractual maturities of financial liabilities at undiscounted amounts and based on the spot rates at the reporting date, including estimated interest payments. This disclosure excludes the impact of netting agreements: December 31, 2019 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 93,320 100,415 5,075 9,041 19,154 67,145 Debentures 71,584 78,235 28,718 8,615 33,899 7,003 Lease liabilities 15,627 25,859 462 806 2,417 22,174 Trade payables and other accounts payable 2,928 2,928 2,928 - - - 183,459 207,437 37,183 18,462 55,470 96,322 Derivative finance liabilities Forward contracts 252 252 - 252 - - Swap contracts 7,685 7,685 766 2,682 2,172 2,065 7,937 7,937 766 2,934 2,172 2,065 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 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 Euro/USD and NIS/Euro on the Company's balance sheet. 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 million with a euro notional principal (currency swap transactions). Such currency swap transactions qualify for hedge accounting. In order to manage the foreign exchange exposure in USD, the Company executed several forward transactions, of which Euro/USD forward positions with an aggregate euro denominated principal of €18 million, with a weighted average rate of approximately 1.18 USD/EUR and expiration dates in November 2021. (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, 2019 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 23,385 1,517 19,607 44,509 Marketable securities - - 2,242 - 2,242 Short term deposits - 6,446 - - 6,446 Restricted cash - 22,162 - - 22,162 Asset from concession project - 1,463 - - 1,463 Financial asset short-term - 1,418 - - 1,418 Trade and other receivables 304 1,199 396 2,983 4,882 Non-current assets: Investments in equity accounted investees 26,131 7,430 - - 33,561 Advances on account of investments in process 883 - - - 883 Asset from concession project - 27,122 - - 27,122 Fixed assets 114,389 - - - 114,389 Right of use asset - 1,585 - 13,816 15,401 Concession intangible asset 5,042 - - - 5,042 Restricted cash long-term - 5,639 - 5,317 10,956 Deferred tax 2,285 - - - 2,285 Other assets 12,218 31 - - 12,249 Derivatives - - - 5,162 5,162 Current liabilities: Loans and borrowings - (1,669 ) - (2,469 ) (4,138 ) Short-term debentures - (26,773 ) - - (26,773 ) Trade payables - (266 ) - (1,499 ) (1,765 ) Accrued expenses and other payables - (3,519 ) - (1,491 ) (5,010 ) Non-current liabilities: Lease liability - (1,529 ) - (13,873 ) (15,402 ) Long-term loans - (19,409 ) - (69,773 ) (89,182 ) Long-term debentures - (44,811 ) - - (44,811 ) Deferred tax (6,467 ) - - - (6,467 ) Derivatives - - - (7,263 ) (7,263 ) Other long-term liabilities - (28 ) - (1,767 ) (1,795 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 154,785 (124 ) 4,155 (51,250 ) 107,566 (*) including items linked to CPI December 31, 2018 Non-monetary/ Non finance 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 - - - 1,315 **1,315 Asset from concession project - 1,292 - - 1,292 Financial asset short-term - 1,282 - - 1,282 Trade and other receivables 1,279 780 531 10,033 12,623 Non-current assets: Investments in equity accounted investees 21,175 6,571 - - 27,746 Advances on account of investments in process 798 - - - 798 Asset from concession project - 25,710 - - 25,710 Fixed assets 87,220 - - - 87,220 Concession intangible asset 4,882 - - - 4,882 Restricted cash long-term - 4,992 267 141 **5,400 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 ) Trade payables - (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 (**) Reclassified, see Note 2 E Information regarding significant exchange rates: For the year ended December 31 Rate of Rate of Change Change % Dollar % NIS 1 Euro in 2019 (2 ) 1.122 (9.6 ) 3.878 1 Euro in 2018 (4.4 ) 1.145 3.3 4.292 (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, 2019 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 185 (185 ) 5% in NIS 412 (412 ) December 31, 2018 Increase Increase Equity Equity € thousands Change in the exchange rate of: 5% in the USD 169 (169 ) 5% in NIS (367 ) 367 (2) Interest rate risk The Company is exposed to changes in fair value, as a result of changes in interest rate in connection with its loans and borrowings. The debt instruments of the Company bear interest at variable rates. The Company entered into various project finance agreements that are based on EURIBOR rate and therefore it may be affected by adverse movements in interest rates. The Company utilize interest rate swap derivatives to convert certain floating-rate debt to fixed-rate debt. The Company interest rate swap derivatives involve an agreement to pay a fixed-rate interest and receive a floating-rate interest, at specified intervals, calculated on an agreed notional amount that matches the amount of the original loan and paid on the same installments and maturity dates. Sensitivity analysis A change in interest rate would have increased (decreased) profit or loss by the amounts shown below: December 31, 2019 2018 Profit or loss Profit or loss € in thousands Increase of 1% 580 1,012 Increase of 3% 1,701 2,604 Decrease of 1% (542 ) (581 ) Decrease of 3% (1,663 ) (2,172 ) (3) Electricity market prices risk As a result of the Company's operations in the electricity market, the Company is exposed to the impact of changes in the electricity prices. In June 2018, Talasol executed a financial power swap in respect of approximately 80% of the output of the Talasol Project for a period of 10 years (the "PPA").The power produced by the Talasol Project is expected to be sold by Talasol in the open market for the then current market power price and the PPA is expected to hedge the risks associated with fluctuating electricity market prices by allowing Talasol to secure a certain level of income for the power production included under the PPA. The hedge transaction becomes effective on Talasol requesting that the counter party will fix the fixed price pursuant to the price adjustment mechanism. The PPA became effective in March 2019. The fair value of the PPA is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. The future prices are assessed the electricity field. F. Fair value (1) Fair values versus carrying amounts The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, other accounts receivables, pledged deposits, financial derivatives credit from banks and trade payables and other accounts payables are the same or proximate to their fair value. The fair values of the other financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows: December 31, 2019 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 71,584 73,211 - - Loans from banks and others (including current maturities) 93,320 - 94,677 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 164,904 73,211 94,677 - 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 - (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 2019 2018 % Non-current liabilities: Loans from banks Euribor+ 2.53% Euribor+ 2.53% Loans from banks 4.65% Linkage to Consumer price index in Israel 4.65% Linkage to Consumer price index in Israel Loans from banks - Euribor+ 1.85% Loans from banks fix rate for 5 years 2.9% - 3.1% fix rate for 5 years 2.9% - 3.1% (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, 2019 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - - 1,418 1,418 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 - 2,242 - 2,242 Market price Forward contracts - (252 ) - (252 ) 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 - (7,685 ) - (7,685 ) 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 - 197 - 197 Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 10,595 10,595 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. Financial power swap - - 4,967 4,967 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. December 31, 2018 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - - 1,282 1,282 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 - 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 Energy 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. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. (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, 2018 1,282 Foreign Currency translation adjustments 136 Balance as at December 31, 2019 1,418 Financial assets Dori Energy loan € in thousands Balance as at December 31, 2018 9,189 Total income recognized in profit or loss 413 Foreign Currency translation adjustments 993 Balance as at December 31, 2019 10,595 Financial assets Financial power swap € in thousands Balance as at December 31, 2018 - Total income is recognized in other comprehensive income 4,967 Balance as at December 31, 2019 4,967 |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Segments Information | Note 22 - Operating Segments The Company’s reportable segments, which form the Company’s strategic business units, are described below: • Photovoltaic power plants (PV Plants) – Operation of installations that convert the energy in sunlight into electrical energy as follows: (i) approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, that the Company sold on December 20, 2019, (ii) approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain, (iii) a photovoltaic power plant of approximately 9 MWp installed capacity in Israel and (iv) Talasol, which is constructing a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain. • Dorad Energy Ltd. (Dorad) – 9.375% indirect interest in Dorad, which owns and operates a combined cycle power plant based on natural gas, with production capacity of approximately 860 MW, located south of Ashkelon, Israel. • Anaerobic digestion plants (Biogas) – Groen Gas Goor B.V. and of , project companies 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 Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2019 € in thousands Revenues 10,082 2,987 4,114 - 4,786 63,416 - 85,385 (66,397 ) 18,988 Operating expenses (1,422 ) (504 ) (325 ) - (4,387 ) (48,558 ) - (55,196 ) 48,558 (6,638 ) Depreciation and amortization expenses (3,668 ) (903 ) (2,271 ) (30 ) (1,353 ) (5,031 ) - (13,256 ) 6,840 (6,416 ) Gross profit (loss) 4,992 1,580 1,518 (30 ) (954 ) 9,827 - 16,933 (10,999 ) 5,934 Project development costs (4,213 ) General and administrative expenses (3,827 ) Share of profits (loss) of equity accounted investee 3,086 Other income, net (2,100 ) Capital gain (loss) 18,770 Operating profit 17,650 Financing income 1,827 Financing income (expenses) in connection with derivatives, net 897 Financing expenses, net (10,877 ) Profit before taxes on Income 9,497 Segment assets as at December 31, 2019 - 16,324 38,942 118,848 18,463 116,561 2,473 311,611 (1,439 ) 310,172 PV Total reportable Total Italy Spain Israel Talasol Biogas 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 and amortization 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 ) General and administrative expenses (3,600 ) Share of profits (loss) of equity accounted investee 2,545 Other income, net 884 Operating profit 2,910 Financing income 2,936 Financing income (expenses) in connection with derivatives, net 494 Financing expenses, net (5,521 ) Profit before taxes on Income 819 Segment assets as at 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 Biogas 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 and amortization 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 ) General and administrative expenses (2,420 ) Share of pro loss of equity accounted investee 1,531 Other income, net 18 Operating Profit 2,959 Financing income 1,333 Financing income (expenses) in connection with derivatives, net (3,156 ) Financing expenses, net (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 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. On December 20, 2019, the Company sold ten Italian Subsidiaries, which own twelve photovoltaic plants with an aggregate nominal capacity of approximately 22.6 MW. The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain: For the year ended December 31 2019 2018 2017 € in thousands Israel 1,133 1,041 183 The Netherlands 4,786 4,483 303 Italy 10,082 9,560 10,143 Spain 2,987 3,033 3,007 Total revenues 18,988 18,117 13,636 The following table lists the fixed assets, net from the Company's operation: For the year ended December 31 2019 2018 € in thousands Israel 19 17 The Netherlands 17,043 17,464 Italy - 44,986 Spain 109,545 24,753 Total fixed assets, net 126,607 87,220 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 23 - Subsequent Events a. In February 2020, the Company issued 715,000 ordinary shares and warrants to purchase an additional 178,750 ordinary shares to several Israeli institutional investors in a private placement undertaken in accordance with Regulation S of the Securities Act of 1933, as amended. The price per share was set at NIS 70 (approximately €18.9). The warrants are exercisable for a period of one year, with an exercise price of NIS 80 (approximately €21.6) per ordinary share. The gross proceeds to the Company in connection with the private placement were NIS 50.05 million (approximately €13.5 million). b. In December 2019, COVID-19 was identified in Wuhan, China. This virus continues to spread globally and as of the end of March 2020, has spread to over 180 countries, including Spain and Italy, which as of the end of March 2020 have the highest numbers of deaths, and Israel. The spread of COVID-19 has resulted in the World Health Organization declaring the outbreak of COVID-19 as a “pandemic.” Many countries around the world, including Spain, Israel and Italy, have imposed quarantines and restrictions on travel and mass gatherings and curtailed and limited non-essential works in an attempt to slow the spread of the virus. Although the Company’s operations have not thus far been materially adversely affected by the restrictions imposed by local governments and authorities in the countries in which the Company operate, in the event the restrictions continue our operations, including our projects under construction and development, may be adversely affected. The spread of COVID-19 and its implications may also affect our operations through changes in the prices of oil, resulting in a decrease in the electricity prices, reduction in demand for electricity, delays in construction of projects due to curtailment of work, limited availability of components required in order to operate or construct new projects, regulatory changes by countries affected by the virus, including changes in subsidies, collection delays, delays in obtaining permits, limited availability or changes in terms of financing for future projects, limited availability of corporate financing and lower returns on potential future investments. As a result, our business and operating results could be negatively affected. The extent to which COVID-19 impacts our business will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. For example, at the end of March 2020, the Spanish government issued orders stopping all construction works and other non-essential activities for two weeks, until Easter. The Company is closely monitoring the situation and evaluating the potential implications on its business operations. c. On March 30, 2020, the Company’s Board of Directors approved a plan to repurchase the Company’s Debentures in an aggregate amount of up to NIS 15 million (approximately €3.9 million) for a six month period. The timing, volume and nature of repurchases will be at the sole discretion of management and will depend on market conditions, the price and availability of our Debentures, and other factors. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Basis of consolidation and equity method accounting | A. Basis of consolidation and equity method accounting 1. Subsidiaries Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company. 2. Transactions eliminated upon consolidation Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. 3. Investment in associates and joint ventures (equity accounted investees) Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases. When the Company increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee. Long-term interests in associates and joint ventures that, in substance, form part of the net investment in the associate or joint venture, such as preferred shares and long-term loans that their repayment is not expected and is unlikely to occur in the foreseeable future, are first accounted for in accordance with the guidance of IFRS 9 and then the equity method is applied in accordance with the guidance of IAS 28. 4. Business combinations The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control. The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed. If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination. The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses. Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees, are expensed in the period the services are received. 5. Non-controlling interests Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company. Measurement of non-controlling interests on the date of the business combination : Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs. Allocation of comprehensive income to the shareholders : Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests. Transactions with non-controlling interests, while retaining control Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non-controlling interests is included in the owners’ share in equity of the Company directly in retained earnings. The amount of the adjustment to non-controlling interests is calculated as follows: For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, the Company derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings in the same manner that would have been applicable if the subsidiary had itself realized the same assets or liabilities. |
Functional and presentation currency | B. Functional and presentation currency These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated. The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates. Foreign currency transactions- Transactions in foreign currencies are translated to the respective functional currencies of the Company at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are generally recognized in profit or loss, except for the following differences which are recognized in other comprehensive income, arising on the translation of: - A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; - Qualifying cash flow hedges to the extent the hedge is effective. Foreign operations- The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions. Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): "foreign currency translation adjustments". When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss). Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity as part of the translation reserve. Presentation Currency- For the convenience of the reader, the reported euro figures as of December 31, 2019 and for the year then ended, are presented in dollars, translated at the representative rate of exchange as of December 31, 2019 (euro 0.891 = US$ 1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. |
Financial instruments | C. Financial instruments 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 (except for financial assets that are measured at fair value through profit and loss, for which transaction costs are recognized in profit and loss). A trade receivable without a significant financing component is initially measured at the transaction price. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset 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. 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 Company’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 Company’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 Company’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, fluctuation in the electricity prices and changes in the flow and interest on variable-rate loans. The Company continue to apply IAS 39 for the hedge accounting. At the inception of the hedging relationship the Company documents its risk management objective and its hedging strategy. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and the hedging instrument are expected to offset each other. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent. Measurement of derivative financial instruments Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below. 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. |
Fixed assets | D. Fixed assets 1. Recognition and measurement Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants. The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred. Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss. 2. Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item. The estimated useful lives are as follows: % 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. |
Capitalization of borrowing costs | E. Capitalization of borrowing costs Policy applicable as from January 1, 2018 A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Other borrowing costs are recognized as incurred as financing expenses in profit or loss. Policy applicable before January 1, 2018 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. |
Impairment | F. Impairment Non-financial assets The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets (“cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset's recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Investments in associates An investment in an associate is tested for impairment when objective evidence indicates there has been impairment such as: significant financial difficulty, probability that the associate will enter bankruptcy or other financial reorganization or losses in operation for a long period 0f time Goodwill that forms part of the carrying amount of an investment in an associate is not recognized separately, and therefore is not tested for impairment separately. If objective evidence indicates that the value of the investment may have been impaired, the Company estimates the recoverable amount of the investment, which is the greater of its value in use and its net selling price. In assessing value in use of an investment in an associate, the Company estimates its share of the present value of estimated future cash flows that are expected to be generated by the associate, including cash flows from operations of the associate and the consideration from the final disposal of the investment. An impairment loss is recognized when the carrying amount of the investment, after applying the equity method, exceeds its recoverable amount, and it is recognized in profit or loss under other expenses. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of the investment after the impairment loss was recognized, and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized. |
Share-based payment transactions | G. Share-based payment transactions The Company's directors are entitled to, and certain of the Company’s employees receive, remuneration in the form of equity-settled share-based payment transactions. The cost of equity-settled transactions with directors and employees is measured at the fair value of the equity instruments at the date on which they are granted. The fair value is determined by using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the instruments were granted, additional details are included in Note 17. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the director 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 | H. Employee benefits 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions. Short-term employee benefits are measured on an undiscounted basis and are expensed as the related services are rendered or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A liability in respect of a cash bonus is recognized when the Company has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and the obligation can be estimated reliably. 2. Post-employment benefits: The post-employment plans are usually financed by deposits with insurance companies and classified as a defined contribution plan or as a defined benefit plan. The Company has defined contribution plans pursuant to Section 14 to the Israeli Severance Pay Law, 5723-1963 (the “Severance Pay Law”) with the vast majority of its employees under which the Company pays fixed contributions and has no legal or constructive obligation to pay further amounts. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense in profit or loss in the periods during which related services are rendered by employees and no additional provision is required in the financial statements. The Company also operates a defined benefit plan in respect of severance pay pursuant to the Severance Pay Law. According to the Severance Pay Law, employees are entitled to severance pay upon dismissal or retirement. The Company makes current deposits in respect of severance pay obligations to pay compensation to certain of its employees in 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. |
Provisions | I. Provisions A provision is recognized if the Company has a present obligation (legal or constructive) that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability without adjustment for the Company’s credit risk. The carrying amount of the provision is adjusted each period to reflect the time that has passed and the amount of the adjustment is recognized as a financing expense. A provision for legal claims is recognized if the Company has a present legal or constructive obligation as a result of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably. |
Leases | J. Leases Policy applicable as from January 1, 2019 Determining whether an arrangement contains a lease On the inception date of the lease, the Company determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment of whether an arrangement conveys the right to control the use of an identified asset, the Company assesses whether it has the following two rights throughout the lease term: (a) The right to obtain substantially all the economic benefits from use of the identified asset; (b) The right to direct the identified asset’s use. Leased assets and lease liabilities Contracts that award the Company control over the use of a leased asset for a period of time in exchange for consideration, are accounted for as leases. Upon initial recognition, the Company recognizes a liability at the present value of the balance of future lease payments (these payments do not include certain variable lease payments), and concurrently recognizes a right-of-use asset at the same amount of the lease liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Since the interest rate implicit in the Company's leases is not readily determinable, the incremental borrowing rate of the lessee is used. Subsequent to initial recognition, the right-of-use asset is accounted for using the cost model, and depreciated over the shorter of the lease term or useful life of the asset. The Company has elected to apply the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are accounted for such that lease payments are recognized in profit or loss on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments Variable lease payments that depend on an index or a rate, are initially measured using the index or rate existing at the commencement of the lease and are included in the measurement of the lease liability. When the cash flows of future lease payments change as the result of a change in an index or a rate, the balance of the liability is adjusted against the right-of-use asset. Other variable lease payments that are not included in the measurement of the lease liability are recognized in profit or loss in the period in which the event or condition that triggers payment occurs. Depreciation of right-of-use asset After lease commencement, a right-of-use asset is measured on a cost basis less accumulated depreciation and accumulated impairment losses and is adjusted for re-measurements of the lease liability. Depreciation is calculated on a straight-line basis over the useful life or contractual lease period, whichever earlier, as follows: • Lands 20-40 years Reassessment of lease liability Upon the occurrence of a significant event or a significant change in circumstances that is under the control of the Company and had an effect on the decision whether it is reasonably certain that the Company will exercise an option, which was not included before in the lease term, or will not exercise an option, which was previously included in the lease term, the Company re-measures the lease liability according to the revised leased payments using a new discount rate. The change in the carrying amount of the liability is recognized against the right-of-use asset, or recognized in profit or loss if the carrying amount of the right-of-use asset was reduced to zero. Policy applicable before January 1, 2019 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 : leases where the Company assumes substantially all the risks and rewards incident to ownership of the leased asset are classified as 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 Policy applicable as from January 1, 2018 The Company recognizes revenue when the customer obtains control over the promised goods. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods 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. Identifying the contract The Company accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (b) The Company can identify the rights of each party in relation to the goods that will be transferred; (c) The Company can identify the payment terms for the goods that will be transferred; (d) The contract has a commercial substance (i.e. the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and (e) It is probable that the consideration, to which the Company is entitled to in exchange for the goods transferred to the customer, will be collected. For the purpose of paragraph (e) the Company examines, inter alia, the percentage of the advance payments received and the spread of the contractual payments, past experience with the customer and the status and existence of sufficient collateral. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: the Company has no remaining obligations to transfer goods to the customer and any consideration promised by the customer has been received and cannot be returned; or the contract has been terminated and the consideration received from the customer cannot be refunded. Determining the transaction price The transaction price is the amount of the consideration to which the Company expects to be entitled in exchange for the goods promised to the customer. Contract modifications A contract modification is a change in the scope or price (or both) of a contract that was approved by the parties to the contract. A contract modification can be approved in writing, orally or be implied by customary business practices. A contract modification can take place also when the parties to the contract have a disagreement regarding the scope or price (or both) of the modification or when the parties have approved the modification in scope of the contract but have not yet agreed on the corresponding price modification. When a contract modification has not yet been approved by the parties, the Company continues to recognize revenues according to the existing contract, while disregarding the contract modification, until the date the contract modification is approved or the contract modification is legally enforceable. The Company accounts for a contract modification as an adjustment of the existing contract since the remaining goods after the contract modification are not distinct and therefore constitute a part of one performance obligation that is partially satisfied on the date of the contract modification. The effect of the modification on the transaction price is recognized as an adjustment to revenues (increase or decrease) on the date of the contract modification, meaning on a catch-up basis. Seasonality Solar power production has a seasonal cycle due to its dependency on the direct and indirect sunlight and the effect the amount of sunlight has on the output of energy produced. Thus, low radiation levels during the winter months decrease power production. Service concession arrangements Operation revenue is recognized in the period in which the goods are provided by the Company. Policy applicable before January 1, 2018 Sale of goods Revenue from the sale of goods in the ordinary course of business is measured at the fair value of the consideration received or receivable, net of returns and discounts. When the credit period is short and constitutes the accepted credit in the industry, the future consideration is not discounted. Revenue is recognized when persuasive evidence exists (usually in the form of an executed sales agreement) that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. Transfers of risks and rewards vary depending on the individual terms of the contract of sale. Transfer usually occurs when the products are received by the customer. |
Income tax | L. Income tax Income tax comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that the tax arises from items which are recognized directly in equity. In such cases, the tax effect is also recognized in the relevant item in equity. Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except for a limited number of exceptions: - The initial recognition of goodwill, - The initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, - Differences relating to investments in subsidiaries, joint arrangements and associates, to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends in respect of the investment. A deferred tax asset is recognized for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable profits will be available against which they can be utilized. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously. A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more probable than not that the Company will have to use its economic resources to pay the obligation. |
Earnings (loss) per share | M. Earnings (loss) per share The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise share options granted to directors and employees. |
Financing income and expenses | 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. In the statements of cash flows, interest received and Interest paid are presented as part of cash flows from operating activities. |
Service concession arrangements | O. Service concession arrangements As part of service concession arrangements with Government bodies for the construction and operation of a facility in consideration for fixed and variable payments, the Company recognizes a financial asset commencing from the start of the construction of the facility when it has an unconditional right to receive cash or some other financial asset for the construction services. The financial asset reflects the unconditional payments receivable in the future from the Government body and bears an appropriate rate of interest for risk that is determined based on the risk of the customer. The aforementioned financial assets are stated at fair value upon initial recognition and at amortized cost in subsequent periods. As from January 1, 2018, the Company's right to receive consideration for the construction services, constitutes a contract asset until the end of the construction period. In projects accounted for using the financial asset model, when at the end of the construction period there is an unconditional right (other than that of the passing of time) to receive consideration for the construction services, the contract asset is classified to receivables (financial asset) according to the carrying amount of the contract asset. When at the end of the construction period the right to receive consideration for the construction services is conditional on other than the passing of time (such as current operation of the facility), the contract asset is not reclassified until the right to receive consideration is unconditional, which for certain projects means classification as a contract asset until actual receipt of the consideration. |
New standards, amendments to standards and interpretations not yet adopted | P. New standards, amendments to standards and interpretations not yet adopted (1) Amendment to IFRS 3, Business Combinations (“the Amendment”) 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. In the opinion of the Company, application of the Amendment will not have a material effect on the accounting treatment of future acquisitions of operations. (2) Amendments to IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures, Interest Rate Benchmark Reform The Amendments include several mandatory reliefs relevant for examining whether a hedging relationship affected by the uncertainty arising from the IBOR interest rate reform (a reform that in the future will lead to the elimination of interest rates such as the Libor and Euribor interest rates) qualifies for hedge accounting. Thus for example: - When determining the probability of occurrence of the hedged cash flows, the existing contractual cash flows should be used, and future changes arising from the IBOR reform should be ignored. - When performing a prospective assessment of effectiveness, the existing contractual terms of the hedged item and hedging item should be taken into consideration, and the uncertainties arising from the reform be ignored. The Amendments are applicable retrospectively as from January 1, 2020 with earlier application being permitted. The relief included in the Amendments will end on the earlier of: the date the uncertainty arising from the reform no longer exists and the date the hedging relationship was discontinued. In the opinion of the Company, application of the Amendments will not have a material effect on the financial statements. |
Basis of Preparation (Tables)
Basis of Preparation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation [Abstract] | |
Schedule of Cumulative Effects of Statement of Financial Position | The table below presents the cumulative effects of the items affected by the initial application on the statement of financial position as at January 1, 2019: (1) IFRS 16, Leases According to According to IAS 17 The change IFRS 16 € in thousands Right-of-use asset - 4,192 4,192 Deferred tax assets - 1,040 1,040 Lease liabilities - 4,192 4,192 Deferred tax liabilities - 1,040 1,040 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31 2019 2018 € in thousands Cash 24,948 35,984 On call deposits 19,561 898 Cash and cash equivalents 44,509 36,882 Cash and cash equivalents in the statement of cash flows 44,509 36,882 |
Restricted Cash, Deposits and_2
Restricted Cash, Deposits and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Schedule of Restricted Cash, Deposits and Marketable Securities | December 31 2019 2018 € in thousands Marketable securities (1) 2,242 2,132 Short-term restricted cash (2) 22,162 *1,315 Short-term deposits (3) 6,446 - Long-term restricted non-interest bearing bank deposits (4) 3,094 408 Restricted cash, long-term bank deposits (5) 7,862 4,992 Long-term restricted cash and deposits 10,956 *5,400 * Reclassified, see Note 2 (1) 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) On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company’s Series A Debentures on December 31, 2019. Due to technical issues related to the clearing system, the Company executed a regular principal repayment of NIS 20,034 thousand (approximately €5,160 thousand) and the repayment of the remaining outstanding principal balance was scheduled for January, 2020. On December 30, 2019 the funds designated for such repayment were transferred to the nominee company. (3) Bank deposits with annual interest rate as of December 31, 2019 of 0.58%. (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). |
Investee Companies and other _2
Investee Companies and other investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of associates [abstract] | |
Schedule of Composition of Investments | Composition of the investments December 31 2019 2018 € in thousands Investment in shares 23,580 19,641 Long-term loans 10,595 8,774 Deferred interest (614 ) (669 ) 33,561 27,746 Current Maturities of the long-term loans - 415 33,561 28,161 |
Schedule of Changes in Investments | Changes in investments 2019 2018 Changes in equity and loans: € in thousands Balance as at January 1 28,161 30,820 Repayment of long term loans (370 ) (4,576 ) Interest and reevaluation in connection with long term loans 782 1,079 Deferred interest 54 52 Elimination of interest on loan from related party (868 ) (1,130 ) The Company’s share of income 3,086 2,545 Foreign currency translation adjustments 2,716 (629 ) Balance as at December 31 33,561 28,161 |
Summary of Information on Financial Position | Summary information on financial position Rate of Current Non- Total Current Non- Total Equity Company’s Surplus Other Carrying % €in thousands 2019 Dori Energy 50 44 62,484 62,506 (215 ) (20,852 ) (21,067 ) 41,483 20,742 3,269 (431 ) 23,580 2018 Dori Energy 50 1,154 49,629 50,783 (204 ) (18,005 ) (18,209 ) 32,574 16,287 3,376 (22 ) 19,641 |
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 2019 Dori Energy 50 5,281 2,640 868 (422 ) 3,086 2018 Dori Energy 50 3,668 1,834 1,130 (419 ) 2,545 |
Schedule of Composition of Advances on Account of Investments | Composition of Advances on account of investments December 31 2019 2018 € in thousands On account of the Manara PSP 883 798 883 798 |
Schedule of Composition Short-term and Long-term of Financial Assets | Composition of short-term and long-term financial assets December 31 2019 2018 € in thousands Income receivable in connection with the A.R.Z. Electricity PSP 1,418 1,282 1,418 1,282 |
Schedule of Sale of Italian Indirect Wholly-Owned Subsidiaries | Identifiable assets sold and liabilities assumed (based on provisional amounts as described hereunder): ` December 31 2019 € in thousands Cash and cash equivalents 4,106 Trade and other receivables 4,569 Deferred tax and advance tax payment and tax provision 2,864 Fixed assets 41,431 Restricted cash 156 Right of use asset 1,356 Trade and other payables (2,458 ) Loans and borrowings (30,725 ) Lease liability (1,377 ) Total net identifiable assets 19,992 Capital gain 18,770 38,692 Cash and cash equivalents (4,106 ) Proceeds from sale of investments 34,586 |
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 Electricity Authority for a period of 16 years, discounted at a weighted interest rate of 5.9% reflecting the credit risk of the debtor. |
Schedule of Composition of Asset from Concession Project | Composition of Asset from concession project Asset from concession project € in thousands Balance as at December 31, 2018 27,002 Total income recognized in profit or loss 1,757 Proceeds from asset from concession project (2,994 ) Foreign Currency translation adjustments 2,820 Balance as at December 31, 2019 28,585 Less current maturities 1,463 Long-term Asset from concession project 27,122 |
Trade and Other Receivables a_2
Trade and Other Receivables and Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables and Assets | December 31 2019 2018 € in thousands Current Assets - Other receivables: Government authorities 781 2,706 Income receivable 1,075 3,830 Interest receivable 38 6 Current tax - 195 Current Maturities of loan to an equity accounted investee - 415 Trade receivable 805 156 Inventory 284 - Derivatives (refer to Note 21) 94 - Forward contracts closed (1) - 529 Loan to others (2) - 3,500 Prepaid expenses and other 1,805 1,286 4,882 12,623 Non-current Assets - Long term receivables: Advance tax payment - 996 Prepaid expenses associated with long term loans 12,218 - Annual rent deposits 30 27 Other 1 432 12,249 1,455 (1) The Company closed euro/USD forward contracts with an accumulated profit of approximately €529 thousand (approximately $606 thousand) and received between January and March 2019 an amount of €531 thousand. (2) In November 2018, Talasol provided an amount of €3,500 thousand to METKA EGN Limited, the EPC contractor of the Talasol Project, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. The amount was repaid in May 2019. |
Fixed assets (Tables)
Fixed assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 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 Balance as at January 1, 2019 98,289 18,656 138 52 117,135 Additions *73,402 932 9 - 74,343 Disposals *(68,908 ) - - - (68,908 ) Effect of changes in exchange rates 1 - - - 1 Balance as at December 31, 2019 102,784 19,588 147 52 122,571 Depreciation 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 Balance as at January 1, 2019 28,550 1,192 121 52 29,915 Depreciation for the year 4,383 1,353 8 - 5,744 Disposals *(27,477 ) - - - (27,477 ) Balance as at December 31, 2019 5,456 2,545 129 52 8,182 Carrying amounts As at January 1, 2018 63,768 15,046 23 - 78,837 As at December 31, 2018 69,739 17,464 17 - 87,220 As at December 31, 2019 97,328 17,043 18 - 114,389 *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, 2019: PV Plant Title Nominal Capacity Connection to Grid Cost included in the Book value as at December 31, 2019 € in thousands “Ellomay Spain – Rinconada II” 2,275 kWp June 2010 5,509 “Rodríguez I” 1,675 kWp November 2011 3,662 “Rodríguez II” 2,691 kWp November 2011 6,631 “Fuente Librilla” 1,248 kWp June 2011 3,212 "Talasol" 300 MWP under construction 83,770 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Other Payables [Abstract] | |
Schedule of Other Payables | December 31 2019 2018 € in thousands Employees and payroll accruals 224 111 Indemnification liability (refer to Note 18D) 2,100 - Government authorities 155 185 Lease liability (S/T) 225 - Derivatives (refer to Note 21) 766 365 Accrued expenses 1,430 2,316 Current tax 110 126 5,010 3,103 |
Current maturities of long te_2
Current maturities of long term loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2018 and 2019 2019 2018 % € in thousands Current maturities of long term EURIBOR 1.6-3.5 2,469 4,405 loans (refer to Note 11) Consumer price index in Israel 4.65 1,669 1,459 4,138 5,864 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Schedule of Long-Term Loans | Composed as follows: Linkage Interest December term rate 2019 31 2019 % € in thousands Bank loans EURIBOR 1.6-3.5 25,620 Consumer price index in Israel 4.65 19,323 Other long-term loans 2.5-5.5 48,377 93,320 Linkage Interest December term rate 2018 31 2018 % € in thousands Bank loans EURIBOR 1.6-3.5 42,545 Consumer price index in Israel 4.65 18,843 Other long-term loans 2.5-5 4,704 66,092 |
Schedule of Aggregate Annual Maturities | The aggregate annual maturities are as follows: December 31 December 31 2019 2018 € in thousands Second year 7,656 6,069 Third year 5,274 5,847 Fourth year 5,342 6,040 Fifth year 5,242 6,163 Sixth year and thereafter 65,668 36,109 Long-term loans 89,182 60,228 Current maturities 4,138 5,864 93,320 66,092 |
Schedule of Movement in Liabilities Deriving from Financing Activities | Movement in liabilities deriving from financing activities Liabilities Loans and Note borrowings Debentures Total € in thousands Balance as at January 1, 2019 66,092 51,343 117,435 Changes from financing cash flows Proceeds from issue of debentures 12 - 22,317 22,317 Repayment of Debentures 12 - (9,836 ) (9,836 ) Receipt of loans 11 63,821 - 63,821 Repayment of loans 11 (11,051 ) - (11,051 ) Accrued interest 11 1,608 - 1,608 Transaction costs related to borrowings 223 2,101 2,324 Sale of Italian subsidiaries (29,400 ) - (29,400 ) Total net financing cash flows 91,293 65,925 157,218 Effect of changes in foreign exchange rates 2,027 5,659 7,686 Balance as at December 31, 2019 93,320 71,584 164,904 |
Debentures (Tables)
Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of debentures [Abstract] | |
Schedule of Debentures | Composed as follows: December 31, 2019 December 31, 2018 Face value Carrying amount Face value Carrying amount € in thousands € in thousands Debentures 72,137 71,584 52,056 51,343 Less current maturities 26,928 26,773 8,975 8,758 Total long-term debentures 45,209 44,811 43,081 42,585 |
Schedule of Aggregate Annual Maturities of Debentures | The aggregate annual maturities are as follows: December 31 December 31 2019 2018 € in thousands Second year 6,927 8,789 Third year 8,098 8,833 Fourth year 9,714 8,874 Fifth year 13,195 10,354 Sixth year and thereafter 6,877 5,735 Long-term loans 44,811 42,585 Current maturities 26,773 8,758 71,584 51,343 |
Other Long-term Liabilities (Ta
Other Long-term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other long-term liabilities [Abstract] | |
Schedule of Other Long-Term Liabilities | December 31 December 31 2019 2018 € in thousands Government authorities - 209 Forward contracts closed (1) 1,767 1,731 Liabilities for employees benefits 28 19 1,795 1,959 (1) The Company closed euro/USD forward contracts with an accumulated loss of approximately €1,767 thousand (approximately $1,982 thousand) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use Assets | Right-of-use assets Talmei Yosef Spain Talasol Italy Total € in thousands Cost Balance as at January 1, 2019 - - - - - Additions 1,516 1,235 12,686 1,469 16,906 Disposals - - - (1,469 ) (1,469 ) Effect of changes in exchange rates 172 - - - 172 Balance as at December 31, 2019 1,688 1,235 12,686 - 15,609 Depreciation Balance as at January 1, 2019 - - - - - Depreciation for the year 103 75 30 113 321 Disposals - - - (113 ) (113 ) Balance as at December 31, 2019 103 75 30 - 208 Carrying amounts As at January 1, 2018 - - - - - As at December 31, 2018 - - - - - As at December 31, 2019 1,585 1,160 12,656 - 15,401 |
Schedule of Maturity Analysis of Company's Lease Liabilities | Maturity analysis of the company's lease liabilities December 31, 2019 € in thousands Less than one year 225 One to five years 1,439 More than five years 13,963 Total 15,627 Current maturities of lease liability 225 Long-term lease liability 15,402 |
Schedule of Amounts Recognized in Profit or Loss | Amounts recognized in profit or loss 2019 € in thousands Interest expenses on lease liability 341 Total 341 |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 2017 Number of Number of Number of People Amount People Amount People (*) Amount € thousands € thousands € thousands Short-term employee Benefits 3 689 2 371 2 377 Post-employment Benefits 2 56 2 48 2 57 Share-based payments 1 29 2 - 2 - * 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 2019 2018 2017 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 72 3 49 3 35 share-based payments 3 9 3 5 3 14 |
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 2019 2018 2019 2018 2017 % € thousands Dori Energy 8.1 (*) NIS+CPI 10,595 9,189 814 1,130 1,158 (*) See Note 6A |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Composition of Share Capital | Composition of share capital December 31, 2019 December 31, 2018 December 31, 2017 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 11,737,140 (1) 17,000,000 10,675,508 (1) 17,000,000 10,675,508 (1) (1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2019, 2018 and 2017, 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, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of Expenses Recognized in Financial Statements | The expenses recognized in the financial statements for services received from directors and employees is shown in the following table: Year ended December 31 2019 2018 2017 € thousand Expenses arising from share-based payment Transactions 8 5 5 |
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 2019 2018 2017 Dividend yield 0 % 0 % 0 % Expected volatility 0.428 0.384 0.342 Risk-free interest 1.73 % 2.67 % 1.34 % 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 2019 2018 US$ Weighted average exercise prices 11.4 8.95 Weighted average fair value on grant date 3.4 2.1 |
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: 2019 2018 2017 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 27,169 7.82 25,502 7.54 22,502 7.34 Granted during the year 18,303 11.41 3,000 8.95 3,000 9.02 Exercised during the year (3,586 ) 6.27 - - - - Expired during the year (7,000 ) 8.25 (1,333 ) 5 - - Outstanding at end of year 34,886 9.83 27,169 7.82 25,502 7.54 Exercisable at end of year 16,583 8.09 24,169 7.68 22,502 7.34 |
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, 2019 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |
Schedule of Financing Income | Financing income and expenses: 1. Financing income For the year ended December 31 2019 2018 2017 € in thousands Interest Income and consumer price index in Israel in connection to concession project 1,757 1,948 789 Interest income 70 291 544 Change in fair value of derivatives, net 897 494 - Gain from exchange rate differences, net - 697 - Total financing income 2,724 3,430 1,333 |
Schedule of Financing Expenses | Financing expenses For the year ended December 31 2019 2018 2017 € in thousands Change in fair value of derivatives, net - - 3,156 Swap interest 270 206 110 Debentures interest and related expenses 4,696 2,604 2,753 Interest on loans 2,666 2,330 776 Consumer price index in Israel for loan 102 171 - Bank charges and other commissions 585 210 180 Forward loss 513 - - Loss from exchange rate differences, net 2,045 - 3,586 Total financing expenses 10,877 5,521 10,561 |
Schedule of Operating Costs, Depreciation and Amortization | Operating Costs, Depreciation and Amortization For the year ended December 31 2019 2018 2017 € in thousands Depreciation from fixed assets 5,744 5,500 4,518 Depreciation from Right-of-use assets 321 - - Amortization 351 316 - Professional services 663 375 210 Annual rent 9 390 267 Operating and maintenance services 5,322 4,942 1,574 Insurance 344 245 203 Other 300 390 295 Total operating costs 13,054 12,158 7,067 |
Schedule of General and Administrative Expenses | General and administrative expenses For the year ended December 31 2019 2018 2017 € in thousands Salaries and related compensation 1,324 1,016 1,030 Professional services 1,978 2,185 1,255 Other 525 399 135 Total general and administrative expenses 3,827 3,600 2,420 |
Schedule of Other Income (Expense), Net | Other income (expense), net For the year ended December 31 2019 2018 2017 € in thousands Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - 73 18 Compensation from contractor (*) - 811 - Other (**) (2,100 ) - - Total other income, net (2,100 ) 884 18 (*) Compensation from EPC and O&M contractor of the Company's Biogas projects in Netherlands due to deficiencies in the operation of these projects. (**) Indemnification in the amount of up to €2,100 thousand in connection with potential incentive reduction under limited circumstances in one of the Italian subsidiaries that was sold on December 20, 2019. In connection with such indemnification, the Company recorded expenses in the amount of approximately €2,100 thousand (see Note 6C). |
Schedule of Revenues | Revenues For the year ended December 31 2019 2018 2017 € in thousands Revenues from the sale of solar electricity 13,069 12,593 13,150 Revenues from the sale of gas and power produced by anaerobic digestion plants 4,786 4,483 303 Revenues from concessions project 1,133 1,041 183 Total Revenues 18,988 18,117 13,636 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 2017 € in thousands Current tax income (expense) Current year (741 ) (438 ) (494 ) Adjustments for prior years, net (14 ) 26 1,044 (755 ) (412 ) 550 Deferred tax income Creation and reversal of temporary differences 1,042 197 (922 ) Actual Tax benefit (tax on income) 287 (215 ) (372 |
Schedule of Theoretical Tax | Reconciliation between the theoretical tax on the pre-tax profit and the tax expense: 2019 2018 2017 € in thousands Profit (loss) before taxes on income 9,497 819 (6,269 ) Primary tax rate of the Company 23 % 23 % 24 % Tax calculated according to the Company’s primary tax rate (2,184 ) (188 ) 1,505 Additional tax (tax saving) in respect of: Different tax rate of foreign subsidiaries (11 ) 45 (106 ) Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees 710 585 367 Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past 3,681 - (448 ) Change in temporary differences for which deferred tax were not recognized (166 ) (576 ) (359 ) Current year tax losses and benefits for which deferred taxes were not created (1,740 ) (136 ) (1,142 ) Tax benefit (taxes) in respect to previous years and others (3 ) 55 (189 ) Actual Tax benefit (tax on income) 287 (215 ) (372 ) |
Schedule of Deferred Taxes | Carry- Financial Fixed Long term Swap forward tax assets assets loans contract losses Total € in thousands Balance of deferred tax asset (liability) as at January 1, 2019 (6,935 ) (1,916 ) 710 198 4,147 (3,796 ) Changes recognized in profit or loss 719 865 (97 ) (27 ) (418 ) 1,042 Changes recognized due to sale of operation - (243 ) (613 ) (261 ) (555 ) (1,672 ) Changes recognized in other comprehensive income (756 ) - - 768 232 244 Balance of deferred tax asset (liability) as at December 31, 2019 (6,972 ) (1,294 ) - 678 3,406 (4,182 ) Carry- Financial Fixed Long term Swap forward tax assets assets loans contract losses 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, 2019 | |
Earnings per share [abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The calculation of basic earnings per share as at December 31, 2019, December 31, 2018 and December 31, 2017 was based on the profit attributable to the Company’s ordinary shareholders divided by a weighted average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2019 2018 2017 € in thousands (other than share and per share data) Net income (loss) attributed to owners of the Company 12,060 1,057 (6,115 ) Weighted average ordinary shares outstanding (1) 11,064,847 10,675,508 10,675,757 Dilutive effect: Stock options and warrants (2) 5,589 3,349 - Diluted weighted average ordinary shares Outstanding 11,070,436 10,678,857 10,675,757 Basic profit (loss) per share from continuing operations 1.09 0.10 (0.57 ) Diluted profit (loss) per share from continuing operations 1.09 0.10 (0.57 ) (1) Net of treasury shares. (2) An amount of 3,198 dilutive stock options and warrants were not included in diluted loss per share because they are anti-dilutive for the year ended December 2017. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 € in thousands Derivatives presented under current assets Currency swap 94 - Derivatives presented under non-current assets Financial power swap 4,967 - Currency swap 103 - Forward contracts 92 - 5,162 - Derivatives presented under current liabilities Currency swap - (192 ) Swap contracts (766 ) (173 ) (766 ) (365 ) Derivatives presented under non-current liabilities Forward contracts (344 ) (977 ) Currency swap - (1,925 ) Swap contracts (6,919 ) (459 ) (7,263 ) (3,361 ) |
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, 2019 Currency/ Currency/ linkage/interest rate Linkage/interest rate Fair value - € in receivable Payable Date of expiration thousand Euro 17.6 million interest swap transaction for a period of 18 years, semi-annually. Euribor 6 months Fixed 1% December 20, 2037 (907) The principal of the interest rate swap transaction is based on a pre-determined sculptured repayment schedule in the maximum amount of Euro 131 million for a period of 12 years, semi-annually. Euribor 6 months Fixed 0.9412% September 30, 2031 (6,778) Forward Euro/USD contracts with an aggregate Euro denominated principal of Euro 18 million. weighted average rate of approximately 1.18 November 2021 (252) NIS 83.2 million currency swap transaction Euro/NIS for a period of 7 years, semi-annually. NIS Euro June 2024 197 Financial power swap- Electricity price swap fixed for float Electricity price in Spain Fixed price September 30, 2030 4,967 |
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, 2019 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 93,320 100,415 5,075 9,041 19,154 67,145 Debentures 71,584 78,235 28,718 8,615 33,899 7,003 Lease liabilities 15,627 25,859 462 806 2,417 22,174 Trade payables and other accounts payable 2,928 2,928 2,928 - - - 183,459 207,437 37,183 18,462 55,470 96,322 Derivative finance liabilities Forward contracts 252 252 - 252 - - Swap contracts 7,685 7,685 766 2,682 2,172 2,065 7,937 7,937 766 2,934 2,172 2,065 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 |
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, 2019 Non-monetary/ Non finance NIS(*) Unlinked EURO Total € in thousands Current assets: Cash and cash equivalents - 23,385 1,517 19,607 44,509 Marketable securities - - 2,242 - 2,242 Short term deposits - 6,446 - - 6,446 Restricted cash - 22,162 - - 22,162 Asset from concession project - 1,463 - - 1,463 Financial asset short-term - 1,418 - - 1,418 Trade and other receivables 304 1,199 396 2,983 4,882 Non-current assets: Investments in equity accounted investees 26,131 7,430 - - 33,561 Advances on account of investments in process 883 - - - 883 Asset from concession project - 27,122 - - 27,122 Fixed assets 114,389 - - - 114,389 Right of use asset - 1,585 - 13,816 15,401 Concession intangible asset 5,042 - - - 5,042 Restricted cash long-term - 5,639 - 5,317 10,956 Deferred tax 2,285 - - - 2,285 Other assets 12,218 31 - - 12,249 Derivatives - - - 5,162 5,162 Current liabilities: Loans and borrowings - (1,669 ) - (2,469 ) (4,138 ) Short-term debentures - (26,773 ) - - (26,773 ) Trade payables - (266 ) - (1,499 ) (1,765 ) Accrued expenses and other payables - (3,519 ) - (1,491 ) (5,010 ) Non-current liabilities: Lease liability - (1,529 ) - (13,873 ) (15,402 ) Long-term loans - (19,409 ) - (69,773 ) (89,182 ) Long-term debentures - (44,811 ) - - (44,811 ) Deferred tax (6,467 ) - - - (6,467 ) Derivatives - - - (7,263 ) (7,263 ) Other long-term liabilities - (28 ) - (1,767 ) (1,795 ) Total exposure in statement of financial position in respect of financial assets and financial liabilities 154,785 (124 ) 4,155 (51,250 ) 107,566 (*) including items linked to CPI December 31, 2018 Non-monetary/ Non finance 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 - - - 1,315 **1,315 Asset from concession project - 1,292 - - 1,292 Financial asset short-term - 1,282 - - 1,282 Trade and other receivables 1,279 780 531 10,033 12,623 Non-current assets: Investments in equity accounted investees 21,175 6,571 - - 27,746 Advances on account of investments in process 798 - - - 798 Asset from concession project - 25,710 - - 25,710 Fixed assets 87,220 - - - 87,220 Concession intangible asset 4,882 - - - 4,882 Restricted cash long-term - 4,992 267 141 **5,400 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 ) Trade payables - (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 (**) Reclassified, see Note 2 E |
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 2019 (2 ) 1.122 (9.6 ) 3.878 1 Euro in 2018 (4.4 ) 1.145 3.3 4.292 |
Schedule of Sensitivity Analysis | The analysis assumes that all other variables, in particular interest rates, remain constant. December 31, 2019 Increase Decrease Equity Equity € thousands Change in the exchange rate of: 5% in the USD 185 (185 ) 5% in NIS 412 (412 ) December 31, 2018 Increase Increase Equity Equity € thousands Change in the exchange rate of: 5% in the USD 169 (169 ) 5% in NIS (367 ) 367 |
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, 2019 2018 Profit or loss Profit or loss € in thousands Increase of 1% 580 1,012 Increase of 3% 1,701 2,604 Decrease of 1% (542 ) (581 ) Decrease of 3% (1,663 ) (2,172 ) |
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, 2019 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 71,584 73,211 - - Loans from banks and others (including current maturities) 93,320 - 94,677 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel 164,904 73,211 94,677 - 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 - |
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 2019 2018 % Non-current liabilities: Loans from banks Euribor+ 2.53% Euribor+ 2.53% Loans from banks 4.65% Linkage to Consumer price index in Israel 4.65% Linkage to Consumer price index in Israel Loans from banks - Euribor+ 1.85% Loans from banks fix rate for 5 years 2.9% - 3.1% fix rate for 5 years 2.9% - 3.1% |
Schedule of Fair Values Hierarchy | December 31, 2019 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - - 1,418 1,418 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 - 2,242 - 2,242 Market price Forward contracts - (252 ) - (252 ) 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 - (7,685 ) - (7,685 ) 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 - 197 - 197 Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 10,595 10,595 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. Financial power swap - - 4,967 4,967 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. December 31, 2018 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) - - 1,282 1,282 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 - 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 Energy 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. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. |
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, 2018 1,282 Foreign Currency translation adjustments 136 Balance as at December 31, 2019 1,418 Financial assets Dori Energy loan € in thousands Balance as at December 31, 2018 9,189 Total income recognized in profit or loss 413 Foreign Currency translation adjustments 993 Balance as at December 31, 2019 10,595 Financial assets Financial power swap € in thousands Balance as at December 31, 2018 - Total income is recognized in other comprehensive income 4,967 Balance as at December 31, 2019 4,967 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Assets Consist of Current Assets, Fixed Assets and Revenues from Company's Operation in Italy and Spain | Segment assets consist of current assets and fixed assets, as included in reports provided regularly to the chief operating decision maker. PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2019 € in thousands Revenues 10,082 2,987 4,114 - 4,786 63,416 - 85,385 (66,397 ) 18,988 Operating expenses (1,422 ) (504 ) (325 ) - (4,387 ) (48,558 ) - (55,196 ) 48,558 (6,638 ) Depreciation and amortization expenses (3,668 ) (903 ) (2,271 ) (30 ) (1,353 ) (5,031 ) - (13,256 ) 6,840 (6,416 ) Gross profit (loss) 4,992 1,580 1,518 (30 ) (954 ) 9,827 - 16,933 (10,999 ) 5,934 Project development costs (4,213 ) General and administrative expenses (3,827 ) Share of profits (loss) of equity accounted investee 3,086 Other income, net (2,100 ) Capital gain (loss) 18,770 Operating profit 17,650 Financing income 1,827 Financing income (expenses) in connection with derivatives, net 897 Financing expenses, net (10,877 ) Profit before taxes on Income 9,497 Segment assets as at December 31, 2019 - 16,324 38,942 118,848 18,463 116,561 2,473 311,611 (1,439 ) 310,172 PV Total reportable Total Italy Spain Israel Talasol Biogas 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 and amortization 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 ) General and administrative expenses (3,600 ) Share of profits (loss) of equity accounted investee 2,545 Other income, net 884 Operating profit 2,910 Financing income 2,936 Financing income (expenses) in connection with derivatives, net 494 Financing expenses, net (5,521 ) Profit before taxes on Income 819 Segment assets as at 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 Biogas 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 and amortization 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 ) General and administrative expenses (2,420 ) Share of pro loss of equity accounted investee 1,531 Other income, net 18 Operating Profit 2,959 Financing income 1,333 Financing income (expenses) in connection with derivatives, net (3,156 ) Financing expenses, net (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 |
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 2019 2018 2017 € in thousands Israel 1,133 1,041 183 The Netherlands 4,786 4,483 303 Italy 10,082 9,560 10,143 Spain 2,987 3,033 3,007 Total revenues 18,988 18,117 13,636 |
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 2019 2018 € in thousands Israel 19 17 The Netherlands 17,043 17,464 Italy - 44,986 Spain 109,545 24,753 Total fixed assets, net 126,607 87,220 |
General (Details)
General (Details) ₪ / shares in Units, € in Thousands, ₪ in Thousands | Jan. 05, 2020ILS (₪) | Jan. 05, 2020EUR (€) | Dec. 30, 2019ILS (₪) | Dec. 30, 2019EUR (€) | Nov. 30, 2019EUR (€) | Jul. 25, 2019ILS (₪) | Jul. 25, 2019EUR (€) | Jul. 17, 2019ILS (₪) | Jul. 17, 2019EUR (€)shares | Apr. 30, 2019EUR (€) | Oct. 18, 2017EUR (€) | Nov. 25, 2010 | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019₪ / shares | Dec. 20, 2019EUR (€) | Jul. 25, 2019EUR (€) | Jul. 17, 2019₪ / shares | Dec. 31, 2018₪ / shares | Dec. 31, 2017₪ / shares |
Disclosure of associates [line items] | |||||||||||||||||||||
Proceeds from sale of associate | € 34,586 | ||||||||||||||||||||
Price per share | ₪ / shares | ₪ 10 | ₪ 10 | ₪ 10 | ||||||||||||||||||
Issue of equity | 7,807 | ||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 71,584 | € 51,343 | |||||||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||||||
Net proceeds from offering | € 22,317 | 31,175 | |||||||||||||||||||
Aggregate repayment of unsecured non convertible debentures | 9,836 | 4,668 | 4,842 | ||||||||||||||||||
Cash payment for acquisitin of subsidiary | € 9,851 | 1,000 | 1,000 | 9,851 | |||||||||||||||||
Gain on sale of subsidiary | € 18,770 | ||||||||||||||||||||
Ellomay Luxembourg [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Advance payment of developer | € 1,200 | ||||||||||||||||||||
Series A Debentures [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Aggregate repayment of unsecured non convertible debentures | € 1,500 | € 22,300 | |||||||||||||||||||
Italian Subsidiaries [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Adjusted amount of funds received | € 38,700 | ||||||||||||||||||||
Aggregate purchase price | € 2,300 | ||||||||||||||||||||
NIS [Member] | Series A Debentures [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Aggregate repayment of unsecured non convertible debentures | ₪ | ₪ 5,700 | ₪ 85,900 | |||||||||||||||||||
Private Placement Undertaking [Member] | Ordinary Shares [Member] | Qualified Investors [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Number of ordinary shares issue | shares | 800,000 | ||||||||||||||||||||
Issue of equity | € 7,807 | ||||||||||||||||||||
Private Placement Undertaking [Member] | Ordinary Shares [Member] | Qualified Investors [Member] | NIS [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Price per share | ₪ / shares | ₪ 39.20 | ||||||||||||||||||||
Issue of equity | ₪ | ₪ 31,300 | ||||||||||||||||||||
Series C Debentures [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 22,690 | € 22,690 | |||||||||||||||||||
Interest rate | 3.30% | 3.30% | 3.30% | ||||||||||||||||||
Net proceeds from offering | € 22,317 | ||||||||||||||||||||
Series C Debentures [Member] | NIS [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ 89,065 | € 89,065 | |||||||||||||||||||
Gross proceeds from offering | 89,065 | 89,100 | |||||||||||||||||||
Net proceeds from offering | ₪ 87,600 | € 1,600 | |||||||||||||||||||
Dorad Energy Ltd [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Proportion of ownership interest | 50.00% | 9.375% | |||||||||||||||||||
Interest rate | 3.00% | ||||||||||||||||||||
Ellomay Pumped Storage (2014) Ltd. [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Proportion of ownership interest | 75.00% | ||||||||||||||||||||
Held By Trustee [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Proportion of ownership interest | 6.67% | ||||||||||||||||||||
Talasol Solar S.L.U [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Proportion of ownership interest | 51.00% | ||||||||||||||||||||
Sale of indirect holding | 49.00% | ||||||||||||||||||||
Proceeds from sale of associate | € 16,100 | ||||||||||||||||||||
Rabobank, ABN AMRO and Deutsche Bank (commercial tranche) and the European Investment Bank [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Payment to acquire associate holding | 228,000 | ||||||||||||||||||||
Rabobank, ABN AMRO and Deutsche Bank (commercial tranche) and the European Investment Bank [Member] | Term Loan [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Acquisition funded by term loan | € 131,000 | ||||||||||||||||||||
Companies Own Plans In Goor and Oude-Tonge [Member] | |||||||||||||||||||||
Disclosure of associates [line items] | |||||||||||||||||||||
Proportion of ownership interest | 49.00% | ||||||||||||||||||||
Payment to acquire associate holding | € 3,000 |
Basis of Preparation (Narrative
Basis of Preparation (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Deposit reclassified from short-term to long-term restricted cash and deposits | € 3,338 | |
Amount of liabilities in connection with derivatives | € 3,361 | |
Accounting correction amount | € 3,338 | |
Bottom of range [Member] | ||
Statement Line Items [Line Items] | ||
Discount rates used for measuring the lease liability | 2.56% | |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Discount rates used for measuring the lease liability | 4.57% | |
Weighted Average [Member] | ||
Statement Line Items [Line Items] | ||
Discount rates used for measuring the lease liability | 3.40% |
Basis of Preparation (Schedule
Basis of Preparation (Schedule of Cumulative Effects of Statement of Financial Position) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use asset | € 15,401 | |
Deferred tax assets | 2,285 | 2,423 |
Lease liabilities | 15,627 | |
Deferred tax liabilities | € 6,467 | 6,219 |
According to IAS 17 [Member] | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use asset | ||
Deferred tax assets | ||
Lease liabilities | ||
Deferred tax liabilities | ||
The change [Member] | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use asset | 4,192 | |
Deferred tax assets | 1,040 | |
Lease liabilities | 4,192 | |
Deferred tax liabilities | 1,040 | |
According to IFRS 16 [Member] | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Right-of-use asset | 4,192 | |
Deferred tax assets | 1,040 | |
Lease liabilities | 4,192 | |
Deferred tax liabilities | € 1,040 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life or contractual lease period for Lands under right-of-use-assets | 20-40 years |
Euro [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Rate of exchange | 0.891 |
USD [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Rate of exchange | 1 |
Bottom of range [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of hedge | 80.00% |
Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Percentage of hedge | 125.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 %) | 20-40 years |
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 |
Cash and Cash Equivalents (Sche
Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash | € 24,948 | € 35,984 | ||
On call deposits | 19,561 | 898 | ||
Cash and cash equivalents | € 44,509 | € 36,882 | € 23,962 | € 22,486 |
Restricted Cash, Deposits and_3
Restricted Cash, Deposits and Marketable Securities (Narrative) (Details) € in Thousands, ₪ in Thousands | Jan. 05, 2020ILS (₪) | Jan. 05, 2020EUR (€) | Dec. 30, 2019ILS (₪) | Dec. 30, 2019EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) |
Disclosure of financial assets [line items] | |||||||
Short-term deposits interest rate | 0.58% | ||||||
Repayment of debentures | € 9,836 | € 4,668 | € 4,842 | ||||
Series A Debentures [Member] | |||||||
Disclosure of financial assets [line items] | |||||||
Repayment of debentures | € 1,500 | € 22,300 | |||||
Series A Debentures [Member] | NIS [Member] | |||||||
Disclosure of financial assets [line items] | |||||||
Repayment of debentures | ₪ | ₪ 5,700 | ₪ 85,900 | |||||
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, 2019 | Dec. 31, 2018 | ||
Disclosure of Restricted cash deposits and marketable securities [Abstract] | ||||
Marketable securities | [1] | € 2,242 | € 2,132 | |
Short-term restricted cash | [2] | 22,162 | 1,315 | [3] |
Short-term deposits | [4] | 6,446 | ||
Long-term restricted non-interest bearing bank deposits | [5] | 3,094 | 408 | |
Restricted cash, long-term bank deposits | [6] | 7,862 | 4,992 | |
Long-term restricted cash and deposits | € 10,956 | € 5,400 | [3] | |
[1] | 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] | On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company's Series | |||
[3] | Reclassified, see Note 2E | |||
[4] | Bank deposits with annual interest rate as of December 31, 2019 of 0.58%. | |||
[5] | 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). | |||
[6] | Bank deposits used to secure obligations under loan agreements (see Note 11). |
Investee Companies and other _3
Investee Companies and other investments (Equity Accounted Investees) (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | Feb. 12, 2019ILS (₪) | Feb. 12, 2019EUR (€) | Oct. 01, 2017 | Dec. 08, 2016 | May 12, 2014 | Mar. 31, 2020ILS (₪) | Mar. 31, 2020EUR (€) | Jun. 30, 2019ILS (₪) | Jun. 30, 2019EUR (€) | Nov. 30, 2018ILS (₪) | Nov. 30, 2018EUR (€) | Jan. 31, 2018ILS (₪) | Jan. 31, 2018EUR (€) | Jul. 25, 2016ILS (₪) | Jul. 16, 2015 | Nov. 25, 2010 | Dec. 31, 2019ILS (₪) | Dec. 31, 2019EUR (€) | Dec. 31, 2018ILS (₪) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 23, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 24, 2018 | Jan. 15, 2018 | Apr. 02, 2017ILS (₪) | Apr. 02, 2017EUR (€) | Feb. 23, 2017USD ($) | Jul. 25, 2016EUR (€) |
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Annual interest rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||||||||
Project development costs | € 4,213 | € 2,878 | € 2,739 | |||||||||||||||||||||||||||
Manara [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Project development costs | € 3,500 | |||||||||||||||||||||||||||||
Biogas [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Discounted rate | 6.60% | 6.60% | ||||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Repayment of shareholders loan | € 896 | € 26,040 | € 19,265 | |||||||||||||||||||||||||||
Proceeds from subsidiaries | € 360 | € 4,576 | ||||||||||||||||||||||||||||
Claims amount payment | $ | $ 183,368 | |||||||||||||||||||||||||||||
Percentage of production increase | 3.30% | 6.00% | ||||||||||||||||||||||||||||
Edelsburg Group [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Expenses paid to Zorlu | ₪ | ₪ 10,000 | |||||||||||||||||||||||||||||
NIS [Member] | Dorad Energy Ltd [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Repayment of shareholders loan | ₪ | ₪ 19,000 | ₪ 110,000 | ₪ 80,000 | |||||||||||||||||||||||||||
Proceeds from subsidiaries | ₪ | 1,500 | ₪ 19,250 | ||||||||||||||||||||||||||||
NIS [Member] | Dorad Energy Ltd [Member] | Tranche One [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Repayment of shareholders loan | 2,000 | |||||||||||||||||||||||||||||
NIS [Member] | Dori Energy [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Repayment of shareholders loan | ₪ | ₪ 3,733 | |||||||||||||||||||||||||||||
Euro [Member] | Dorad Energy Ltd [Member] | Tranche One [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Repayment of shareholders loan | € 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 | 50.00% | 9.375% | 9.375% | |||||||||||||||||||||||||||
Annual interest rate | 3.00% | 3.00% | ||||||||||||||||||||||||||||
Senior debt | 5.10% | 5.10% | ||||||||||||||||||||||||||||
Amount received for payment of loan | € 5,800 | |||||||||||||||||||||||||||||
Repayment of shareholders loan | 2,643 | |||||||||||||||||||||||||||||
Amount financial agreement guarantees by direct share | € 44,093 | |||||||||||||||||||||||||||||
Amount financial agreement guarantees by indirect share | € 4,134 | |||||||||||||||||||||||||||||
Percentage of average production reduced | 7.90% | |||||||||||||||||||||||||||||
Dividend distribution amount | € 31,600 | |||||||||||||||||||||||||||||
Dorad Energy Ltd [Member] | NIS [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Amount received for payment of loan | ₪ | ₪ 22,500 | |||||||||||||||||||||||||||||
Repayment of shareholders loan | ₪ | 10,250 | |||||||||||||||||||||||||||||
Amount financial agreement guarantees by direct share | ₪ | ₪ 171,000 | |||||||||||||||||||||||||||||
Amount financial agreement guarantees by indirect share | ₪ | ₪ 16,031 | |||||||||||||||||||||||||||||
Dividend distribution amount | ₪ | ₪ 120,000 | |||||||||||||||||||||||||||||
Dori Energy [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Percentage of share capital holds | 10.00% | 30.00% | ||||||||||||||||||||||||||||
Proportion of ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||||||||
Shareholders loans | € 10,618 | |||||||||||||||||||||||||||||
Percentage decrease from Dorad Holding | 10.00% | |||||||||||||||||||||||||||||
Dori Energy [Member] | NIS [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Shareholders loans | ₪ | ₪ 41,177 | |||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||
Edelcom Ltd [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Percentage of share capital holds | 18.75% | |||||||||||||||||||||||||||||
Zorlu [Member] | Euro [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Claims amount payment | € 123,000 | |||||||||||||||||||||||||||||
Claims interest payment amount | 38,000 | |||||||||||||||||||||||||||||
Zorlu [Member] | USD [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Claims amount payment | $ | $ 140,000 | |||||||||||||||||||||||||||||
Claims interest payment amount | $ | 43,000 | |||||||||||||||||||||||||||||
Dorad [Member] | Euro [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Refund amount to Dorad | € 21,000 | |||||||||||||||||||||||||||||
Dorad [Member] | USD [Member] | ||||||||||||||||||||||||||||||
Disclosure of associates [line items] | ||||||||||||||||||||||||||||||
Refund amount to Dorad | $ | $ 24,000 |
Investee Companies and other _4
Investee Companies and other investments (Schedule of Composition of Investments) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of associates [abstract] | |||
Investment in shares | € 23,580 | € 19,641 | |
Long-term loans | 10,595 | 8,774 | |
Deferred interest | (614) | (669) | |
Investment in equity accounted investee | 33,561 | 27,746 | |
Current Maturities of the long-term loans | 415 | ||
Total investment composition | € 33,561 | € 28,161 | € 30,820 |
Investee Companies and other _5
Investee Companies and other investments (Schedule of Changes in Investments) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in equity and loans: | |||
Balance as at January 1 | € 28,161 | € 30,820 | |
Repayment of long term loans | (370) | (4,576) | |
Interest and reevaluation in connection with long term loans | 782 | 1,079 | |
Deferred interest | 54 | 52 | |
Elimination of interest on loan from related party | (868) | (1,130) | |
The Company's share of income | 3,086 | 2,545 | € 1,531 |
Foreign currency translation adjustments | 2,716 | (629) | |
Balance as at December 31 | € 33,561 | € 28,161 | € 30,820 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | ||||
Current Assets | € 83,122 | € 55,526 | ||
Non-current assets | 227,050 | 155,634 | ||
Total assets | 310,172 | 211,160 | € 198,087 | |
Current liabilities | (37,686) | (19,851) | ||
Non-current liabilities | (164,920) | (114,352) | ||
Total liabilities | (202,606) | (134,203) | ||
Equity attributable to the owners of the Company | 106,629 | 78,515 | ||
Company's share | (107,566) | (76,957) | € (77,500) | € (84,371) |
Carrying Amount of investment | € 23,580 | € 19,641 | ||
Dori Energy [Member] | ||||
Disclosure of associates [line items] | ||||
Proportion of ownership interest | 50.00% | 50.00% | ||
Current Assets | € 44 | € 1,154 | ||
Non-current assets | 62,484 | 49,629 | ||
Total assets | 62,506 | 50,783 | ||
Current liabilities | (215) | (204) | ||
Non-current liabilities | (20,852) | (18,005) | ||
Total liabilities | (21,067) | (18,209) | ||
Equity attributable to the owners of the Company | 41,483 | 32,574 | ||
Company's share | 20,742 | 16,287 | ||
Surplus Costs and goodwill | 3,269 | 3,376 | ||
Other Adjustments | (431) | (22) | ||
Carrying Amount of investment | € 23,580 | € 19,641 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Income for the year | € 18,988 | € 18,117 | € 13,636 |
Elimination of interest on loan from related party | 868 | 1,130 | |
Company's share of income of investee | € 3,086 | € 2,545 | € 1,531 |
Dori Energy [Member] | |||
Disclosure of associates [line items] | |||
Rate of ownership as of December 31 | 50.00% | 50.00% | |
Income for the year | € 5,281 | € 3,668 | |
Company's share | 2,640 | 1,834 | |
Elimination of interest on loan from related party | 868 | 1,130 | |
Other Adjustments | (422) | (419) | |
Company's share of income of investee | € 3,086 | € 2,545 |
Investee Companies and other _8
Investee Companies and other investments (Pumped Storage Projects) (Narrative) (Details) € in Thousands, ₪ in Thousands | Jun. 02, 2017ILS (₪) | Nov. 03, 2014 | Nov. 30, 2019ILS (₪) | Apr. 30, 2018EUR (€) | Dec. 27, 2017ILS (₪) | Dec. 27, 2017EUR (€) | Aug. 31, 2016 | Jul. 31, 2014ILS (₪) | Jul. 31, 2014EUR (€) | Nov. 30, 2013ILS (₪)Installment | Nov. 30, 2013EUR (€)Installment | Jul. 17, 2013ILS (₪) | Dec. 31, 2019ILS (₪) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Nov. 30, 2019EUR (€) | Jul. 17, 2013EUR (€) |
Disclosure of subsidiaries [line items] | |||||||||||||||||
Amount of loan | € 93,320 | € 66,092 | |||||||||||||||
Repayment of loan and accrued interest | € 11,051 | ||||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||
NIS [Member] | Israel Land Authority [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Land assessment liability | ₪ | ₪ 160,000 | ||||||||||||||||
Consent fee charging payment limit | ₪ | ₪ 1,000 | ||||||||||||||||
Expiry date of prior conditional license | Feb. 28, 2020 | ||||||||||||||||
NIS [Member] | Kochav Hayarden's [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Claims damages | ₪ | ₪ 4,238 | ||||||||||||||||
Euro [Member] | Israel Land Authority [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Land assessment liability | € 41,300 | ||||||||||||||||
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 | ||||||||||||||||
Commitment to pay ordered by court | € 443 | ||||||||||||||||
Pumped Storage Projects [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Amount of Acquisition | € 883 | ||||||||||||||||
Remaining amount of Acquisition | 10,000 | ||||||||||||||||
Pumped Storage Projects [Member] | A.R.Z. Electricity Ltd [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage of share capital holds | 8.33% | ||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||
Pumped Storage Projects [Member] | Manara PSP [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage of share capital holds | 6.67% | ||||||||||||||||
Pumped Storage Projects [Member] | NIS [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Amount of Acquisition | ₪ | ₪ 3,400 | ||||||||||||||||
Remaining amount of Acquisition | ₪ | 39,000 | ||||||||||||||||
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 | € 1,418 | ||||||||||||||||
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% | ||||||||||||||||
Agira Sheuva Electra, L.P [Member] | Pumped Storage Projects [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage of acquire cooperatives holdings | 75.00% | ||||||||||||||||
Chashgal Elyon Ltd. [Member] | Pumped Storage Projects [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
Percentage of acquire cooperatives holdings | 75.00% | ||||||||||||||||
Ellomay Pumped Storage [Member] | |||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||
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 | ||||||||||||||||
Commitment to pay ordered by court | € 1,900 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Advances on account of investments | € 8,000 | ||
Total advances on account of investment | € 883 | € 798 | |
Manara Project [Member] | |||
Disclosure of associates [line items] | |||
Advances on account of investments | € 883 | € 798 |
Investee Companies and other_10
Investee Companies and other investments (Schedule of Composition of Financial Assets) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of associates [abstract] | ||
Income receivable in connection with the A.R.Z. Electricity PSP | € 1,418 | € 1,282 |
Composition of short-term and long-term financial assets | € 1,418 | € 1,282 |
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 | |||||||||||||||||
Apr. 17, 2019EUR (€) | Mar. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jun. 30, 2018EUR (€) | Jun. 30, 2017ILS (₪) | Jul. 31, 2016 | Dec. 31, 2019EUR (€) | Dec. 31, 2019EUR (€)₪ / shares | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 20, 2019Number | Jan. 31, 2019EUR (€) | Jan. 02, 2019EUR (€) | Oct. 31, 2018EUR (€) | Oct. 18, 2017EUR (€) | Jun. 30, 2017EUR (€) | May 31, 2017EUR (€) | Apr. 30, 2017EUR (€) | Dec. 31, 2016EUR (€) | |
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Amount of loan | € 66,092 | € 93,320 | € 93,320 | € 66,092 | |||||||||||||||
Fair value of identifiable assets acquired and liabilities assumed | € 9,851 | ||||||||||||||||||
Revenue | € 18,988 | € 18,117 | € 13,636 | ||||||||||||||||
Weighted interest rate | 3.50% | 3.50% | 3.50% | 3.50% | |||||||||||||||
Equity | € 76,957 | € 107,566 | € 107,566 | € 76,957 | 77,500 | € 84,371 | |||||||||||||
Capital gain | 18,770 | ||||||||||||||||||
Italian indirect wholly-owned subsidiaries [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Amount of loan | 30,725 | 30,725 | |||||||||||||||||
Adjusted amount of funds received | 2,300 | 2,300 | |||||||||||||||||
Aggregate purchase price | 38,700 | 38,700 | |||||||||||||||||
Number of subsidiaries sold | Number | 10 | ||||||||||||||||||
Indemnification for potential tax liabilities | 250 | 250 | |||||||||||||||||
Indemnification for potential incentive reduction | 500 | 500 | |||||||||||||||||
Indemnification for potential incentive reduction second | 2,100 | € 2,100 | |||||||||||||||||
Expenses recorded for indemnification for potential incentive reduction second | € 2,100 | ||||||||||||||||||
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] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | ||||||||||||||||||
Ellomay Luxembourg [Member] | Biogas [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | ||||||||||||||||||
Ellomay Luxembourg [Member] | Groen Goor Anaerobic Digestion Project [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 51.00% | ||||||||||||||||||
Ludan [Member] | Biogas [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 49.00% | ||||||||||||||||||
Talmei Yosef [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 100.00% | ||||||||||||||||||
Aggregate purchase price | € 9,476 | ||||||||||||||||||
Aggregate purchase price after adjustment | € 11,815 | ||||||||||||||||||
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 | ||||||||||||||||||
Aggregate purchase price after adjustment | ₪ | ₪ 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 | ||||||||||||||||||
Talasol [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 24.50% | ||||||||||||||||||
Aggregate purchase price | € 10,000 | ||||||||||||||||||
Output percentage of financial power swap | 80.00% | ||||||||||||||||||
Period of financial power swap | 10 years | ||||||||||||||||||
Proceeds from project finance | € 177,000 | ||||||||||||||||||
Groen Goor and Groen Gas Oude-Tonge [Member] | Biogas [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Amount of loan | € 3,000 | ||||||||||||||||||
Percentage of Acquired additional interest subsidiaries | 49.00% | ||||||||||||||||||
Talasol SPA [Member] | |||||||||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||||||||
Percentage of payment of shares | 49.00% | ||||||||||||||||||
Project financing aggregate amount | € 16,100 | ||||||||||||||||||
Deferred aggregate purchase price | 1,400 | ||||||||||||||||||
Equity | 6,100 | ||||||||||||||||||
Payment of shares | 4,900 | ||||||||||||||||||
Recognized amount in equity | 6,100 | ||||||||||||||||||
Associated expenses in equity | € 700 |
Investee Companies and other_12
Investee Companies and other investments (Schedule of Sale of Italian Indirect Wholly-Owned Subsidiaries) (Details) - EUR (€) € in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of subsidiaries [line items] | ||||||
Cash and cash equivalents | € 44,509 | € 36,882 | € 23,962 | € 22,486 | ||
Trade and other receivables | 4,882 | 12,623 | ||||
Deferred tax and advance tax payment and tax provision | 195 | |||||
Fixed assets | 114,389 | 87,220 | ||||
Restricted cash | [1] | 22,162 | 1,315 | [2] | ||
Right of use asset | 15,401 | |||||
Loans and borrowings | (93,320) | (66,092) | ||||
Lease liability | (15,627) | |||||
Total net identifiable assets | 310,172 | 211,160 | 198,087 | |||
Cash and cash equivalents | (44,509) | € (36,882) | € (23,962) | € (22,486) | ||
Italian indirect wholly-owned subsidiaries [Member] | ||||||
Disclosure of subsidiaries [line items] | ||||||
Cash and cash equivalents | 4,106 | |||||
Trade and other receivables | 4,569 | |||||
Deferred tax and advance tax payment and tax provision | 2,864 | |||||
Fixed assets | 41,431 | |||||
Restricted cash | 156 | |||||
Right of use asset | 1,356 | |||||
Trade and other payables | (2,458) | |||||
Loans and borrowings | (30,725) | |||||
Lease liability | (1,377) | |||||
Total net identifiable assets | 19,922 | |||||
Capital gain | 18,770 | |||||
Assets after capital gain | 38,692 | |||||
Cash and cash equivalents | (4,106) | |||||
Proceeds from sale of investments | € 34,586 | |||||
[1] | On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company's Series | |||||
[2] | Reclassified, see Note 2E |
Investee Companies and other_13
Investee Companies and other investments (Schedule of Identifiable Assets Acquired and Liabilities Assumed) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 18, 2017 |
Disclosure of associates [abstract] | |||
Asset from concessions project | € 28,927 | ||
Intangible asset | 5,505 | ||
Restricted cash | 1,795 | ||
Long-term loan | € (89,182) | € (60,228) | (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_14
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | € 1,000 | € 9,851 |
Investee Companies and other_15
Investee Companies and other investments (Schedule of Composition of Asset from Concession Project) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | € 1,282 |
Balance as at Ending | 1,418 |
Asset from concession project [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | 27,002 |
Total income recognized in profit or loss | 1,757 |
Proceeds from asset from concession project | (2,994) |
Foreign Currency translation adjustments | 2,820 |
Balance as at Ending | 28,585 |
Less current maturities | 1,463 |
Long-term Asset from concession project | € 27,122 |
Trade and Other Receivables a_3
Trade and Other Receivables and Assets (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
Statement Line Items [Line Items] | |||
Accumulated profit from forward contracts | € | € 531 | € 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, 2019 | Dec. 31, 2018 | |
Other receivables | |||
Government authorities | € 781 | € 2,706 | |
Income receivable | 1,075 | 3,830 | |
Interest receivable | 38 | 6 | |
Current tax | 195 | ||
Current Maturities of loan to an equity accounted investee | 415 | ||
Trade receivable | 805 | 156 | |
Inventory | 284 | ||
Derivatives (refer to Note 21) | 94 | ||
Forward contracts closed | [1] | 529 | |
Loan to others | [2] | 3,500 | |
Prepaid expenses and other | 1,805 | 1,286 | |
Total Current Assets and other receivables | 4,882 | 12,623 | |
Long term receivables | |||
Advance tax payment | 996 | ||
Prepaid expenses associated with long term loans | 12,218 | ||
Annual rent deposits | 30 | 27 | |
Other | 1 | 432 | |
Total Non current Assets and Long term receivables | € 12,249 | € 1,455 | |
[1] | The Company closed euro/USD forward contracts with an accumulated profit of approximately 529 thousand euros (approximately $606 thousand) and received between January and March 2019 an amount of 531 thousand euros. | ||
[2] | In November 2018, Talasol provided an amount of 3,500 thousand euros to METKA EGN Limited, the EPC contractor of the Talasol Project, for the purpose of securing or executing main supply contracts for the execution of the EPC agreement with Metka. The amount was repaid in May 2019. |
Fixed assets (Narrative) (Detai
Fixed assets (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 114,389 | € 87,220 |
Useful lives | 20-40 years | |
Capitalized borrowing costs | € 1,140 | |
Italy [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | 44,986 | |
Useful lives | 20 years | |
Spain [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 109,545 | € 24,753 |
Useful lives | 25 years | |
Italy and Spain [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation expenses | € 4,383 | |
Netherlands [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation expenses | € 1,353 | |
Useful lives | 12 years | |
Photovoltaic Plants [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 102,784 | |
Biogas Installations [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Fixed Assets | € 19,588 |
Fixed assets (Schedule of Fixed
Fixed assets (Schedule of Fixed Assets) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | € 87,220 | ||
Balance | 114,389 | € 87,220 | |
Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 102,784 | ||
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 117,135 | 103,252 | |
Additions | 74,343 | 13,883 | |
Disposals | (68,908) | ||
Effect of changes in exchange rates | 1 | ||
Balance | 122,571 | 117,135 | |
Gross carrying amount [member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 98,289 | 87,922 | |
Additions | [1] | 73,402 | 10,367 |
Disposals | [1] | (68,908) | |
Effect of changes in exchange rates | 1 | ||
Balance | 102,784 | 98,289 | |
Gross carrying amount [member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 18,656 | 15,157 | |
Additions | 932 | 3,499 | |
Disposals | |||
Effect of changes in exchange rates | |||
Balance | 19,588 | 18,656 | |
Gross carrying amount [member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 138 | 121 | |
Additions | 9 | 17 | |
Disposals | |||
Effect of changes in exchange rates | |||
Balance | 147 | 138 | |
Gross carrying amount [member] | Leasehold Improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 52 | 52 | |
Additions | |||
Disposals | |||
Effect of changes in exchange rates | |||
Balance | 52 | 52 | |
Depreciation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 29,915 | 24,415 | |
Depreciation for the year | 5,744 | 5,500 | |
Disposals | (27,477) | ||
Balance | 8,182 | 29,915 | |
Depreciation [Member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 28,550 | 24,154 | |
Depreciation for the year | 4,383 | 4,396 | |
Disposals | [1] | (27,477) | |
Balance | 5,456 | 28,550 | |
Depreciation [Member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 1,192 | 111 | |
Depreciation for the year | 1,353 | 1,081 | |
Disposals | |||
Balance | 2,545 | 1,192 | |
Depreciation [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 121 | 98 | |
Depreciation for the year | 8 | 23 | |
Disposals | |||
Balance | 129 | 121 | |
Depreciation [Member] | Leasehold Improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 52 | 52 | |
Depreciation for the year | |||
Disposals | |||
Balance | 52 | 52 | |
Carrying Amounts [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 87,220 | 78,837 | |
Balance | 114,389 | 87,220 | |
Carrying Amounts [Member] | Photovoltaic Plants [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 69,739 | 63,768 | |
Balance | 97,328 | 69,739 | |
Carrying Amounts [Member] | Biogas installation [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 17,464 | 15,046 | |
Balance | 17,043 | 17,464 | |
Carrying Amounts [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 17 | 23 | |
Balance | 18 | 17 | |
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 | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019EUR (€)kWMW | Dec. 31, 2019EUR (€)kWMW | Dec. 31, 2018EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Investments in photovoltaic plants | € 114,389 | € 114,389 | € 87,220 |
Ellomay Spain - Rinconada II [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | kW | 2,275 | 2,275 | |
Connection to Grid | June 2010 | ||
Investments in photovoltaic plants | € 5,509 | € 5,509 | |
Rodriguez I [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | kW | 1,675 | 1,675 | |
Connection to Grid | November 2011 | ||
Investments in photovoltaic plants | € 3,662 | € 3,662 | |
Rodriguez II [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | kW | 2,691 | 2,691 | |
Connection to Grid | November 2011 | ||
Investments in photovoltaic plants | € 6,631 | € 6,631 | |
Fuente Librilla [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | kW | 1,248 | 1,248 | |
Connection to Grid | June 2011 | ||
Investments in photovoltaic plants | € 3,212 | € 3,212 | |
Talasol [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Nominal Capacity | MW | 300 | 300 | |
Connection to Grid | Under construction | ||
Investments in photovoltaic plants | € 83,770 | € 83,770 |
Other Payables (Schedule of Oth
Other Payables (Schedule of Other Payables) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Other Payables [Abstract] | ||
Employees and payroll accruals | € 224 | € 111 |
Indemnification liability (refer to Note 18D) | 2,100 | |
Government authorities | 155 | 185 |
Lease liability (S/T) | 225 | |
Derivatives (refer to Note 21) | 766 | 365 |
Accrued expenses | 1,430 | 2,316 |
Current tax | 110 | 126 |
Total Other Current Payables | € 5,010 | € 3,103 |
Current maturities of long te_3
Current maturities of long term loans (Schedule of Current Maturities of Long Term Loans) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||
Current maturities of long term loans | € 4,138 | € 5,864 |
Interest rate | 3.50% | 3.50% |
Consumer price index in Israel [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current maturities of long term loans | € 1,669 | € 1,459 |
Linkage terms | Consumer price index in Israel | |
Interest rate | 4.65% | 4.65% |
EURIBOR [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Current maturities of long term loans | € 2,469 | € 4,405 |
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% |
Loans (Narrative) (Details)
Loans (Narrative) (Details) € in Thousands, ₪ in Thousands | Mar. 12, 2019EUR (€) | May 31, 2028EUR (€) | Nov. 30, 2027EUR (€) | Apr. 30, 2019EUR (€) | Apr. 30, 2019EUR (€) | May 29, 2018EUR (€) | May 17, 2018EUR (€) | Dec. 24, 2014ILS (₪) | May 16, 2012ILS (₪) | Feb. 17, 2011EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2014ILS (₪) | Dec. 31, 2013ILS (₪) | Sep. 30, 2018EUR (€) | May 16, 2012EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 93,320 | € 66,092 | |||||||||||||||
Interest rate basis | EURIBOR | EURIBOR | |||||||||||||||
Interest rate | 3.50% | 3.50% | |||||||||||||||
Spanish subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 18,400 | ||||||||||||||||
Interest rate basis | Euribor 6 months plus a margin of 2% (with a zero interest floor) and repaid semi-annually on June 20 and December 20. | ||||||||||||||||
Maturity date | December 31, 2037 | ||||||||||||||||
Description of Debt Equity ratio and holdings | The Facility Agreement provides for mandatory prepayment upon the occurrence of certain events and includes various customary representations, warranties and covenants, including covenants to maintain a DSCR on an aggregate basis not lower than 1.05:1, and not to make distributions unless, among other things: (i) the DSCR, on an aggregate basis, is equal to or higher than 1.15:1.0, (ii) the first instalment of the Project Finance has been repaid, (iii) no amount under the revolving credit tranche has been withdrawn and not fully repaid and no drawdowns of the revolving credit tranche are expected within the next six months, and (iv) the Subsidiaries’ net debt to regulatory value (as such terms are defined in the Facility Agreement) ratio is equal to or higher than 0.7:1. | ||||||||||||||||
Spanish subsidiaries [Member] | Swap contract [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Interest rate basis | Euribor 6 month rate with a fixed 6 month rate of approximately 1%, resulting in a fixed annual interest rate of approximately 3%. | ||||||||||||||||
Maturity date | December 2037 | ||||||||||||||||
Notional amount | € 17,600 | ||||||||||||||||
Photovoltaic Plants Subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | 23,500 | ||||||||||||||||
Aggregate nominal purchase price | € 14,850 | ||||||||||||||||
Aggregate book value | 14,600 | ||||||||||||||||
Amount of the VAT facility | € 80 | ||||||||||||||||
Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 158,500 | € 158,500 | € 46,622 | ||||||||||||||
Interest rate basis | Talasol entered into a swap agreement for an amount equal to at least 95% of the maximum amount of the term facilities and replacing the Euribor 6 month rate with a fixed 6 month rate of approximately 0.9412%. | Euribor 6 mount plus 5.27%. | |||||||||||||||
Maturity date | December 31, 2037 | ||||||||||||||||
Proportion of ownership interest | 49.00% | ||||||||||||||||
Description of Debt Equity ratio and holdings | During the construction period, interest payments on the term, revolving debt and VAT facilities will be made on a monthly basis, and semi-annually thereafter (commencing March 31, 2021). The VAT facilities’ interest period, however, remains on a monthly basis. The agreements executed in connection with the Talasol Project Finance provide for mandatory prepayment upon the occurrence of certain events and various customary representations, warranties and covenants, including covenants to maintain a Historic and Projected DSCR not lower than 1.05:1, and not to make distributions in the event that: (i) the Historic and Projected DSCR will be lower than 1.15:1.0 and (ii) the Loan Life Cover Ratio will be lower than 1.20:1.0. The facilities provided by the EIB include certain other representations and undertakings mandated by applicable EU regulation. | ||||||||||||||||
Manara Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 1,755 | ||||||||||||||||
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 2 months 30 days | ||||||||||||||||
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 €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. | ||||||||||||||||
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] | Tranche One [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 | 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 | 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 | € 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 owners loans) to total assets ratio of Groen Goor is less than 40%, (c) that in the event the equity (including owners loans) to total assets ratio of Groen Goor and Groen Gas Oude Tonge will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge 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] | |||||||||||||||||
Loan agreement | € 4,100 | ||||||||||||||||
Credit Facility [Member] | Euro [Member] | Goor Loan Agreement [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 370 | ||||||||||||||||
Four tranches [Member] | Spanish subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | 17,600 | ||||||||||||||||
Revolving credit facility [Member] | Spanish subsidiaries [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 800 | ||||||||||||||||
Term facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 65,900 | € 65,900 | |||||||||||||||
Interest rate basis | annual interest of EURIBOR (with a zero floor and synchronous with the applicable interest period | ||||||||||||||||
Maturity date | September 30, 2033 | ||||||||||||||||
Description of applicable margin | The applicable margins are: (i) 2.25% until technical completion, (ii) 2% from technical completion until the 5th anniversary of technical completion, (iii) 2.25% from the 5th anniversary of technical completion until the termination date of the financial power swap agreement that Talasol entered into last June (see Note 21) (the “PPA”, i.e., September 30, 2030), and (iv) 2.5% from the termination date of the PPA until the end of the term of the commercial term facility. | ||||||||||||||||
Revolving debt service reserve facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 4,450 | 4,450 | |||||||||||||||
Interest rate basis | annual interest of 6 month EURIBOR (with a zero floor) plus a margin determined based on the stage of the Talasol Project | ||||||||||||||||
Maturity date | September 30, 2033 or (ii) the date on which the commercial term loan set forth under (a) above has been repaid in full. | ||||||||||||||||
Description of applicable margin | The applicable margins are: (i) 2.5% until technical completion, (ii) 2.25% from technical completion until the 5th anniversary of technical completion, (iii) 2.50% from the 5th anniversary of technical completion until the termination date of the PPA, and (iv) 2.75% from the termination date of the PPA until the termination date | ||||||||||||||||
VAT facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 6,670 | 6,670 | |||||||||||||||
Interest rate basis | annual interest of 1 month EURIBOR (with a zero floor) plus a margin of 2% | ||||||||||||||||
Maturity date | June 30, 2021 | ||||||||||||||||
Letter of credit facility [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 12,000 | 12,000 | |||||||||||||||
Interest rate basis | annual interest of (i) 1.25% for amounts cash covered, and (ii) 2% for any other amounts | ||||||||||||||||
Maturity date | September 30, 2030 | ||||||||||||||||
Term facility from EIB [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 65,000 | 65,000 | |||||||||||||||
Interest rate basis | annual interest of EURIBOR synchronous with the applicable interest period plus a margin (expected to be 1.76%) | ||||||||||||||||
Maturity date | September 30, 2033 | ||||||||||||||||
Revolving debt service reserve facility from EIB [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Loan agreement | € 4,450 | € 4,450 | |||||||||||||||
Interest rate basis | annual interest of 6 month EURIBOR (with a zero floor) plus a margin | ||||||||||||||||
Maturity date | September 30, 2033 or (ii) the date on which the commercial term loan set forth under | ||||||||||||||||
Shares in Talasol [Member] | Talasol Project [Member] | |||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||
Proportion of ownership interest | 50.10% |
Loans (Schedule of Loans) (Deta
Loans (Schedule of Loans) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about borrowings [line items] | ||
Bank loans | € 25,620 | € 42,545 |
Other long-term loans | 48,377 | 4,704 |
Total of long term loans | € 93,320 | € 66,092 |
Linkage terms | EURIBOR | EURIBOR |
Interest rate | 3.50% | 3.50% |
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 | 3.50% | 3.50% |
Top of range [member] | Other long-term loans [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Interest rate | 5.50% | 5.00% |
Consumer price index in Israel [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Bank loans | € 19,323 | € 18,843 |
Linkage terms | Consumer price index in Israel | Consumer price index in Israel |
Interest rate | 4.65% | 4.65% |
Loans (Schedule of Aggregate An
Loans (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 18, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | € 89,182 | € 60,228 | € 21,370 |
Current maturities | 4,138 | 5,864 | |
Long-term loans | 93,320 | 66,092 | |
Second year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 7,656 | 6,069 | |
Third year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 5,274 | 5,847 | |
Fourth year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 5,342 | 6,040 | |
Fifth year [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | 5,242 | 6,163 | |
More than five years [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Total of long term loans | € 65,668 | € 36,109 |
Loans (Schedule of Movement in
Loans (Schedule of Movement in Liabilities Deriving from Financing Activities) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Balance as at January 1, 2019 | € 117,435 | ||
Changes from financing cash flows | |||
Proceeds from issue of convertible debentures | 22,317 | € 31,175 | |
Repayment of Debentures | (9,836) | (4,668) | € (4,842) |
Receipt of loans | 63,821 | ||
Repayment of loans | (11,051) | ||
Accrued interest | 1,608 | ||
Transaction costs related to borrowings | 2,324 | ||
Sale of Italian subsidiaries | (29,400) | ||
Total net financing cash flows | 157,218 | ||
Effect of changes in foreign exchange rates | 7,686 | ||
Balance as at December 31, 2019 | 164,904 | 117,435 | |
Loans and borrowings [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance as at January 1, 2019 | 66,092 | ||
Changes from financing cash flows | |||
Proceeds from issue of convertible debentures | |||
Repayment of Debentures | |||
Receipt of loans | 63,821 | ||
Repayment of loans | (11,051) | ||
Accrued interest | 1,608 | ||
Transaction costs related to borrowings | 223 | ||
Sale of Italian subsidiaries | (29,400) | ||
Total net financing cash flows | 91,293 | ||
Effect of changes in foreign exchange rates | 2,027 | ||
Balance as at December 31, 2019 | 93,320 | 66,092 | |
Convertible debentures [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance as at January 1, 2019 | 51,343 | ||
Changes from financing cash flows | |||
Proceeds from issue of convertible debentures | 22,317 | ||
Repayment of Debentures | (9,836) | ||
Receipt of loans | |||
Repayment of loans | |||
Accrued interest | |||
Transaction costs related to borrowings | 2,101 | ||
Sale of Italian subsidiaries | |||
Total net financing cash flows | 65,925 | ||
Effect of changes in foreign exchange rates | 5,659 | ||
Balance as at December 31, 2019 | € 71,584 | € 51,343 |
Debentures (Narrative) (Details
Debentures (Narrative) (Details) ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | Mar. 14, 2017ILS (₪) | Mar. 14, 2017EUR (€) | Sep. 30, 2019 | Sep. 25, 2019 | Jul. 25, 2019ILS (₪) | Jul. 25, 2019EUR (€) | Jul. 17, 2019EUR (€) | Jun. 30, 2019 | Sep. 30, 2018 | Jun. 19, 2014ILS (₪) | Jun. 19, 2014EUR (€) | Jan. 31, 2014ILS (₪) | Jan. 31, 2014EUR (€) | Dec. 31, 2019ILS (₪) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019ILS (₪) | Dec. 31, 2019EUR (€) | Jul. 25, 2019EUR (€) | Nov. 14, 2017 | Mar. 14, 2017EUR (€) | Dec. 31, 2016EUR (€) | Jun. 19, 2014USD ($) | Jun. 19, 2014ILS (₪)₪ / shares | Jun. 19, 2014EUR (€) | Jan. 31, 2014EUR (€) |
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 51,343 | € 71,584 | ||||||||||||||||||||||||||
Net proceeds from offering | € 22,317 | € 31,175 | ||||||||||||||||||||||||||
Interest rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||||||||||||||||||||||
Equity | € 76,957 | 77,500 | € 107,566 | € 84,371 | ||||||||||||||||||||||||
Repayment of debentures value | € 9,836 | € 4,668 | € 4,842 | |||||||||||||||||||||||||
Ratio of equity | 29.20% | 31.60% | 31.60% | |||||||||||||||||||||||||
Bottom of range [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Interest rate | 1.60% | 1.60% | 1.60% | 1.60% | ||||||||||||||||||||||||
Ratio of equity | 30.00% | |||||||||||||||||||||||||||
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 | € 20,800 | € 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 | |||||||||||||||||||||||||||
Repayment date of debentures | Jan. 5, 2020 | Jan. 5, 2020 | ||||||||||||||||||||||||||
Repayment of debentures value | € 22,300 | |||||||||||||||||||||||||||
Principal repayment of debentures value | 20,800 | |||||||||||||||||||||||||||
Accrued interest in repayment of debenture | 10 | |||||||||||||||||||||||||||
Prepayment charge in repayment of debenture | € 1,500 | |||||||||||||||||||||||||||
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 | ₪ 1,010 | |||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | ₪ 81,144 | 116,760 | ||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 78,900 | ₪ 114,700 | ||||||||||||||||||||||||||
Repayment of debentures value | ₪ | ₪ 85,900 | |||||||||||||||||||||||||||
Principal repayment of debentures value | ₪ | 80,100 | |||||||||||||||||||||||||||
Accrued interest in repayment of debenture | ₪ | 50 | |||||||||||||||||||||||||||
Prepayment charge in repayment of debenture | ₪ | ₪ 5,700 | |||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||
Obligation to pay additional interest | 0.50% | 0.50% | ||||||||||||||||||||||||||
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 Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). | Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The Series B Debentures initially bore a fixed interest at the rate of 3.44% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive). | ||||||||||||||||||||||||||
Increase in percentage of interest | 0.50% | 0.50% | 0.50% | |||||||||||||||||||||||||
Increase in interest percentage due to security rating | 1.75% | 1.75% | ||||||||||||||||||||||||||
Notional amount | € 21,452 | |||||||||||||||||||||||||||
Decrease in annual interest rate | 1.00% | 1.00% | 0.50% | |||||||||||||||||||||||||
Series B Debentures [Member] | Net Financial Debt [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Percentage of immediate repayment provision | 60.00% | |||||||||||||||||||||||||||
Percentage of interest increase provision | 55.00% | |||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||
Percentage of interest increase provision | 30.00% | |||||||||||||||||||||||||||
Series B Debentures [Member] | Bottom of range [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Interest rate | 0.25% | |||||||||||||||||||||||||||
Series B Debentures [Member] | Top of range [member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Interest rate | 3.69% | |||||||||||||||||||||||||||
Series B Debentures [Member] | NIS [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ | ₪ 123,232 | |||||||||||||||||||||||||||
Gross proceeds from offering | ₪ | 123,232 | |||||||||||||||||||||||||||
Net proceeds from offering | ₪ | ₪ 121,400 | |||||||||||||||||||||||||||
Notional amount | ₪ | ₪ 83,232 | |||||||||||||||||||||||||||
Series C Debentures [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | € 22,690 | € 22,690 | ||||||||||||||||||||||||||
Net proceeds from offering | € 22,317 | |||||||||||||||||||||||||||
Interest rate | 3.30% | 3.30% | 3.30% | |||||||||||||||||||||||||
Equity | 50,000 | |||||||||||||||||||||||||||
Debentures payable term | Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive). | Series C Debentures is repayable in five (5) unequal annual installments as follows: on June 30, 2021 10% of the principal shall be paid, on June 30 of each of the years 2022 and 2023, 15% of the principal shall be paid and on June 30 of each of the years 2024 and 2025, 30% of the principal shall be paid. The Series C Debentures bear a fixed interest at the rate of 3.3% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing December 31, 2019 through June 30, 2025 (inclusive). | ||||||||||||||||||||||||||
Amount of immediate repayment provision | € 60,000 | |||||||||||||||||||||||||||
Series C Debentures [Member] | Net Financial Debt [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Percentage of equity on consolidated basis | 60.00% | 60.00% | 60.00% | |||||||||||||||||||||||||
Percentage of immediate repayment provision | 67.50% | 67.50% | ||||||||||||||||||||||||||
Percentage of interest increase provision | 60.00% | 60.00% | ||||||||||||||||||||||||||
Series C Debentures [Member] | Company's balance sheet [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Equity | € 70,000 | |||||||||||||||||||||||||||
Series C Debentures [Member] | Bottom of range [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Interest rate | 0.25% | 0.25% | ||||||||||||||||||||||||||
Series C Debentures [Member] | Top of range [member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Interest rate | 0.50% | 0.50% | ||||||||||||||||||||||||||
Series C Debentures [Member] | NIS [Member] | ||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||||||||||||||||||||||
Principal amount of unsecured non convertible debentures | ₪ 89,065 | € 89,065 | ||||||||||||||||||||||||||
Gross proceeds from offering | 89,065 | 89,100 | ||||||||||||||||||||||||||
Net proceeds from offering | ₪ 87,600 | € 1,600 |
Debentures (Schedule of Debentu
Debentures (Schedule of Debentures) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | € 71,584 | € 51,343 |
Less current maturities | 26,773 | 8,758 |
Total long-term debentures | 44,811 | 42,585 |
Face value | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 72,137 | 52,056 |
Less current maturities | 26,928 | 8,975 |
Total long-term debentures | 45,209 | 43,081 |
Carrying amount [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debentures | 71,584 | 51,343 |
Less current maturities | 26,773 | 8,758 |
Total long-term debentures | € 44,811 | € 42,585 |
Debentures (Schedule of Aggrega
Debentures (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | € 44,811 | € 42,585 |
Current maturities | 26,773 | 8,758 |
Long-term loans | 71,584 | 51,343 |
Second year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 6,927 | 8,789 |
Third year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 8,098 | 8,833 |
Fourth year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 9,714 | 8,874 |
Fifth year [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | 13,195 | 10,354 |
More than five years [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Long-term debentures | € 6,877 | € 5,735 |
Other Long-term Liabilities (Sc
Other Long-term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of other long-term liabilities [Abstract] | ||||
Government authorities | € 209 | |||
Forward contracts closed | [1] | 1,767 | 1,731 | |
Liabilities for employees benefits | 28 | 19 | ||
Other long-term liabilities | € 1,795 | € 1,959 | [2] | |
[1] | The Company closed euro/USD forward contracts with an accumulated loss of approximately 1,767 thousand euros (approximately $1,982 thousand) that are expected to be received between 2021 and 2022 (depending on the relevant dates of the forward positions). | |||
[2] | Reclassified, see Note 2E |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Lease liability | € 15,627 | |
Right-of-use asset | 15,401 | |
Talmei Yosef [Member] | ||
Statement Line Items [Line Items] | ||
Right-of-use asset | € 1,585 | |
PV Plants [Member] | Talmei Yosef [Member] | ||
Statement Line Items [Line Items] | ||
Operating lease agreements (Years) | 25 years | |
Lease Expire dates | Nov. 25, 2034 | |
PV Plants [Member] | Spain from Private Lessors [Member] | ||
Statement Line Items [Line Items] | ||
Operating lease agreements (Years) | 16 years | |
Lease Expire dates | Jul. 25, 2035 | |
Lease liability | € 1,177 | |
Right-of-use asset | € 1,160 | |
PV Plants [Member] | Spain from Municipality of Talavan [Member] | ||
Statement Line Items [Line Items] | ||
Operating lease agreements (Years) | 42 years | |
Lease Expire dates | Sep. 8, 2060 | |
Lease liability | € 12,844 | |
Right-of-use asset | 12,656 | |
Land [Member] | Talmei Yosef [Member] | ||
Statement Line Items [Line Items] | ||
Lease liability | 1,606 | |
Right-of-use asset | € 1,585 |
Leases (Schedule of Right-of-us
Leases (Schedule of Right-of-use Assets) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 321 | ||
Balance at December 31 | 15,401 | ||
Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Balance at December 31 | 1,585 | ||
Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Balance at December 31 | 1,160 | ||
Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Balance at December 31 | 12,656 | ||
Italy [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Balance at December 31 | |||
Depreciation [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 321 | ||
Disposals | (113) | ||
Balance at December 31 | 208 | ||
Depreciation [Member] | Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 103 | ||
Disposals | |||
Balance at December 31 | 103 | ||
Depreciation [Member] | Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 75 | ||
Disposals | |||
Balance at December 31 | 75 | ||
Depreciation [Member] | Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 30 | ||
Disposals | |||
Balance at December 31 | 30 | ||
Depreciation [Member] | Italy [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Depreciation for the year | 113 | ||
Disposals | (113) | ||
Balance at December 31 | |||
Gross carrying amount [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Additions | 16,906 | ||
Disposals | (1,469) | ||
Effect of changes in exchange rates | 172 | ||
Balance at December 31 | 15,609 | ||
Gross carrying amount [member] | Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Additions | 1,516 | ||
Disposals | |||
Effect of changes in exchange rates | 172 | ||
Balance at December 31 | 1,688 | ||
Gross carrying amount [member] | Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Additions | 1,235 | ||
Disposals | |||
Effect of changes in exchange rates | |||
Balance at December 31 | 1,235 | ||
Gross carrying amount [member] | Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Additions | 12,686 | ||
Disposals | |||
Effect of changes in exchange rates | |||
Balance at December 31 | 12,686 | ||
Gross carrying amount [member] | Italy [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Balance at January 1 | |||
Additions | 1,469 | ||
Disposals | (1,469) | ||
Effect of changes in exchange rates | |||
Balance at December 31 |
Leases (Schedule of Maturity An
Leases (Schedule of Maturity Analysis of Company's Lease Liabilities) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease Liability | € 15,627 | |
Current maturities of lease liability | 225 | |
Long-term lease liability | 15,402 | |
Less than one year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease Liability | 462 | |
One to five years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease Liability | 1,439 | |
More than five years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease Liability | € 22,174 |
Leases (Schedule of Amounts Rec
Leases (Schedule of Amounts Recognized in Profit or Loss) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Presentation of leases for lessee [abstract] | |
Interest expenses on lease liability | € 341 |
Total | € 341 |
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 | € | € 356 | € 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, 2019EUR (€)People | Dec. 31, 2018EUR (€)People | Dec. 31, 2017EUR (€)People | ||
Disclosure of transactions between related parties [line items] | ||||
Number of people for short-term employee Benefits | People | 3 | 2 | 2 | [1] |
Number of people for post employment Benefits | People | 2 | 2 | 2 | [1] |
Number of people for Share-based payments | People | 1 | 2 | 2 | [1] |
Short-term employee Benefits | € | € 689 | € 371 | € 377 | |
Post-employment Benefits | € | 56 | 48 | 57 | |
Share-based payments | € | € 29 | |||
[1] | Including retired employees that were not employed throughout the entire year. |
Transactions and Balances wit_5
Transactions and Balances with Related Parties (Schedule of Compensation to Individuals not Employed by Company) (Details) - Non Employed [Member] € in Thousands | 12 Months Ended | ||
Dec. 31, 2019EUR (€)People | Dec. 31, 2018EUR (€)People | Dec. 31, 2017EUR (€)People | |
Disclosure of transactions between related parties [line items] | |||
Number of people for compensation not employed by the company | People | 3 | 3 | 3 |
Number of people for share-based payments | People | 3 | 3 | 3 |
Total compensation to directors not employed by the company | € | € 72 | € 49 | € 35 |
Share-based payments | € | € 9 | € 5 | € 14 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of transactions between related parties [line items] | ||||
Interest rate | 3.50% | 3.50% | ||
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 | € 10,595 | € 9,189 | ||
Interest income recognized in statement of income | € 814 | € 1,130 | € 1,158 | |
[1] | See Note 6A |
Equity (Narrative) (Details)
Equity (Narrative) (Details) ₪ / shares in Units, $ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 17, 2019ILS (₪)₪ / sharesshares | Jul. 17, 2019EUR (€) | Mar. 18, 2015 | Dec. 31, 2019USD ($)shares | Dec. 31, 2019EUR (€) | Dec. 31, 2018₪ / sharesshares | Dec. 31, 2017₪ / sharesshares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2019₪ / shares | Mar. 23, 2016USD ($)$ / 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% | 0.00% | |||||||
Price per share | ₪ / shares | ₪ 10 | ₪ 10 | ₪ 10 | |||||||||
Issue of equity | € 7,807 | |||||||||||
USD [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Issue of equity | $ | $ 8,761 | |||||||||||
Cash dividend per share | $ / shares | $ 0.225 | |||||||||||
Cash dividend | $ | $ 2,400 | |||||||||||
Ordinary Shares [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Treasury shares | shares | 258,046 | 258,046 | 258,046 | 258,046 | ||||||||
Repurchase of ordinary shares | shares | 172,391 | 172,391 | ||||||||||
Amount of ordinary shares repurchased | $ | $ 1,477 | |||||||||||
Ordinary Shares [Member] | Director [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Amount of ordinary shares repurchased | $ | $ 3,000 | |||||||||||
Ordinary Shares [Member] | Investors [Member] | Private Placement Undertaking [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Number of ordinary shares issue | shares | 800,000 | |||||||||||
Issue of equity | € 7,807 | |||||||||||
Consultancy fee and commissions | € 50 | |||||||||||
Ordinary Shares [Member] | Euro [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Amount of ordinary shares repurchased | € 1,332 | |||||||||||
Ordinary Shares [Member] | Euro [Member] | Director [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Amount of ordinary shares repurchased | € 2,700 | |||||||||||
Ordinary Shares [Member] | NIS [Member] | Investors [Member] | Private Placement Undertaking [Member] | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Price per share | ₪ / shares | ₪ 39.20 | |||||||||||
Issue of equity | ₪ | ₪ 31,100 | |||||||||||
Consultancy fee and commissions | ₪ | ₪ 200 |
Equity (Schedule of Composition
Equity (Schedule of Composition of Share Capital) (Details) - ₪ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | ||||
Ordinary shares of NIS 10.00 par value, Authorized | 17,000,000 | 17,000,000 | 17,000,000 | |
Ordinary shares of NIS 10.00 par value, Outstanding | [1] | 11,737,140 | 10,675,508 | 10,675,508 |
Ordinary shares par value | ₪ 10 | ₪ 10 | ₪ 10 | |
[1] | Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2019, 2018 and 2017, 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, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Stock option reserve for grant | 18,303 | 3,000 | 3,000 | |||
Options outstanding | 34,886 | 27,169 | 25,502 | 22,502 | ||
Weighted average remaining contractual life outstanding | 7 years 3 months 29 days | 5 years 6 months 3 days | 5 years 8 months 19 days | |||
Exericse prices for share options outstanding | $ / shares | $ 9.83 | $ 7.82 | $ 7.54 | $ 7.34 | ||
Bottom of range [Member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exericse prices for share options outstanding | $ / shares | 5.55 | 5.55 | 4.7 | |||
Top of range [member] | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exericse prices for share options outstanding | $ / shares | $ 13 | $ 13 | $ 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 extended 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 | 20,083 | |||||
Ordinary shares available for future grants | 33,916 | |||||
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% | |||||
Options outstanding | 14,803 | |||||
Ordinary shares available for future grants | 580,206 |
Share-Based Payment (Schedule o
Share-Based Payment (Schedule of Expenses Recognized in Financial Statements) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expenses arising from share-based payment transactions | € 8 | € 5 | € 5 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Dividend yield | 33.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 0.428% | 0.384% | 0.342% | |
Risk-free interest | 1.73% | 2.67% | 1.34% | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Weighted average exercise prices | $ 11.41 | $ 8.95 | $ 9.02 |
Weighted average fair value on grant date | $ 3.4 | $ 2.1 |
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, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | |
Number of Options | |||
Outstanding at beginning of year | shares | 27,169 | 25,502 | 22,502 |
Granted | shares | 18,303 | 3,000 | 3,000 |
Exercised | shares | (3,586) | ||
Expired | shares | (7,000) | (1,333) | |
Outstanding at end of year | shares | 34,886 | 27,169 | 25,502 |
Exercisable at end of year | shares | 16,583 | 24,169 | 22,502 |
Weighted Average Exercise Price | |||
Outstanding at beginning of year | $ / shares | $ 7.82 | $ 7.54 | $ 7.34 |
Granted | $ / shares | 11.41 | 8.95 | 9.02 |
Exercised | $ / shares | 6.27 | ||
Expired | $ / shares | 8.25 | 5 | |
Outstanding at end of year | $ / shares | 9.83 | 7.82 | 7.54 |
Exercisable at end of year | $ / shares | $ 8.09 | $ 7.68 | $ 7.34 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |||
Interest Income and consumer price index in Israel in conection to concession project | € 1,757 | € 1,948 | € 789 |
Interest income | 70 | 291 | 544 |
Change in fair value of derivatives, net | 897 | 494 | |
Gain from exchange rate differences, net | 697 | ||
Total financing income | € 2,724 | € 3,430 | € 1,333 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |||
Change in fair value of derivatives, net | € 3,156 | ||
Swap interest | 270 | 206 | 110 |
Debentures interest and related expenses | 4,696 | 2,604 | 2,753 |
Interest on loans | 2,666 | 2,330 | 776 |
Consumer price index in Israel for loan | 102 | 171 | |
Bank charges and other commissions | 585 | 210 | 180 |
Forward loss | 513 | ||
Loss from exchange rate differences, net | 2,045 | 3,586 | |
Total financing expenses | € 10,877 | € 5,521 | € 10,561 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |||
Depreciation from fixed assets | € 5,744 | € 5,500 | € 4,518 |
Depreciation from Right-of-use assets | 321 | ||
Amortization | 351 | 316 | |
Professional services | 663 | 375 | 210 |
Annual rent | 9 | 390 | 267 |
Operating and maintenance services | 5,322 | 4,942 | 1,574 |
Insurance | 344 | 245 | 203 |
Other | 300 | 390 | 295 |
Total operating costs | € 13,054 | € 12,158 | € 7,067 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |||
Salaries and related compensation | € 1,324 | € 1,016 | € 1,030 |
Professional services | 1,978 | 2,185 | 1,255 |
Other | 525 | 399 | 135 |
Total general and administrative expenses | € 3,827 | € 3,600 | € 2,420 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | ||||
Other income in connection with the A.R.Z. electricity pumped storage project (see Note 6B) | € 73 | € 18 | ||
Compensation from contractor | [1] | 811 | ||
Other | [2] | (2,100) | ||
Total other income, net | € (2,100) | € 884 | € 18 | |
[1] | Compensation from EPC and O&M contractor of the Company's Biogas projects in Netherlands due to deficiencies in the operation of these projects. | |||
[2] | Indemnification in the amount of up to 2,100 thousand euros in connection with potential incentive reduction under limited circumstances in one of the Italian subsidiaries that was sold on December 20, 2019. In connection with such indemnification, the Company recorded expenses in the amount of approximately 2,100 thousand euros (see Note 6C). |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Revenues | |||
Revenues from the sale of solar electricity | € 13,069 | € 12,593 | € 13,150 |
Revenues from the sale of gas and power produced by anaerobic digestion plants | 4,786 | 4,483 | 303 |
Revenues from concessions project | 1,133 | 1,041 | 183 |
Total Revenues | € 18,988 | € 18,117 | € 13,636 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||||||
Corporate tax rates | 23.00% | 23.00% | 24.00% | |||||||
Tax rate reduced | 1.5% to a rate of 25% | Reduced from 25% to 23% in two steps | ||||||||
Tax loss carryforwards | € 600 | |||||||||
Increase decrease in tax loss carryforwards | € 20,000 | |||||||||
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% | 23.00% | 24.00% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax income (expense) | |||
Current year | € (741) | € (438) | € (494) |
Adjustments for prior years, net | (14) | 26 | 1,044 |
Total current tax income (expense) | (755) | (412) | 550 |
Deferred tax income | |||
Creation and reversal of temporary differences | 1,042 | 197 | (922) |
Actual Tax benefit (tax on income) | € 287 | € (215) | € (372) |
Taxes on Income (Schedule of Th
Taxes on Income (Schedule of Theoretical Tax) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Profit (loss) before taxes on income | € 9,497 | € 819 | € (6,269) |
Primary tax rate of the Company | 23.00% | 23.00% | 24.00% |
Tax calculated according to the Company's primary tax rate | € (2,184) | € (188) | € 1,505 |
Different tax rate of foreign subsidiaries | (11) | 45 | (106) |
Neutralization of tax calculated in respect of the Company's share in profits of equity accounted investees | 710 | 585 | 367 |
Changes in deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past | (3,681) | (448) | |
Change in temporary differences for which deferred tax were not recognized | (166) | (576) | (359) |
Current year tax losses and benefits for which deferred taxes were not created | (1,740) | (136) | (1,142) |
Tax benefit (taxes) in respect to previous years and others | (3) | 55 | (189) |
Actual Tax benefit (tax on income) | € 287 | € (215) | € (372) |
Taxes on Income (Schedule of De
Taxes on Income (Schedule of Deferred Taxes) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | € (3,796) | € (4,205) |
Changes recognized due to business combination | 2 | |
Changes recognized in profit or loss | 1,042 | 197 |
Changes recognized in equity | 768 | |
Changes recognized due to sale of operation | (1,672) | |
Changes recognized in other comprehensive income | 244 | 210 |
Balance of deferred tax asset (liability) Ending | (4,182) | (3,796) |
Financial assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | (6,935) | (7,392) |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | 719 | 200 |
Changes recognized in equity | ||
Changes recognized due to sale of operation | ||
Changes recognized in other comprehensive income | (756) | 257 |
Balance of deferred tax asset (liability) Ending | (6,972) | (6,935) |
Fixed Assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | (1,916) | (3,178) |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | 865 | 1,262 |
Changes recognized in equity | ||
Changes recognized due to sale of operation | (243) | |
Changes recognized in other comprehensive income | ||
Balance of deferred tax asset (liability) Ending | (1,294) | (1,916) |
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 | 710 | 2,020 |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | (97) | (1,310) |
Changes recognized in equity | ||
Changes recognized due to sale of operation | (613) | |
Changes recognized in other comprehensive income | ||
Balance of deferred tax asset (liability) Ending | 710 | |
Swap contract [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | 198 | 117 |
Changes recognized due to business combination | ||
Changes recognized in profit or loss | (27) | 39 |
Changes recognized in equity | 768 | |
Changes recognized due to sale of operation | (261) | |
Changes recognized in other comprehensive income | 768 | 42 |
Balance of deferred tax asset (liability) Ending | 678 | 198 |
Losses on Income [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Balance of deferred tax asset (liability) Beginning | 4,147 | 4,228 |
Changes recognized due to business combination | 2 | |
Changes recognized in profit or loss | (418) | 6 |
Changes recognized in equity | ||
Changes recognized due to sale of operation | (555) | |
Changes recognized in other comprehensive income | 232 | (89) |
Balance of deferred tax asset (liability) Ending | € 3,406 | € 4,147 |
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, 2019$ / shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018$ / shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017$ / shares | Dec. 31, 2017EUR (€)shares | ||
Earnings per share [abstract] | |||||||
Net income (loss) attributed to owners of the Company | € | € 12,060 | € 1,057 | € (6,115) | ||||
Weighted average ordinary shares outstanding | [1] | 11,064,847 | 10,675,508 | 10,675,757 | |||
Dilutive effect: | |||||||
Stock options and warrants | [2] | 5,589 | 3,349 | ||||
Diluted weighted average ordinary shares Outstanding | 11,070,436 | 10,678,857 | 10,675,757 | ||||
Basic profit (loss) per share from continuing operations | $ / shares | $ 1.09 | $ 0.10 | $ (0.57) | ||||
Diluted profit (loss) per share from continuing operations | $ / shares | $ 1.09 | $ 0.10 | $ (0.57) | ||||
Amount of dilutive stock options and warrants | € | € 3,198 | ||||||
[1] | Net of treasury shares. | ||||||
[2] | An amount of 3,198 dilutive stock options and warrants were not included in diluted loss per share because they are anti-dilutive for the year ended December 2017. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - EUR (€) € in Thousands | 1 Months Ended | ||||||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Disclosure of financial assets [line items] | |||||||
Cash and cash equivalents | € 44,509 | € 36,882 | € 23,962 | € 22,486 | |||
Marketable Securities | 2,242 | 2,132 | |||||
Short-term restricted cash | [1] | 22,162 | 1,315 | [2] | |||
Non-current restricted cash | 10,956 | 5,400 | [2] | ||||
Trade receivables | 805 | 156 | |||||
Revenue receivables | 1,075 | 3,830 | |||||
Government authorities receivables | € 781 | € 2,706 | |||||
Talasol [Member] | |||||||
Disclosure of financial assets [line items] | |||||||
Output percentage of financial power swap | 80.00% | ||||||
Period of financial power swap | 10 years | ||||||
[1] | On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company's Series | ||||||
[2] | Reclassified, see Note 2E |
Financial Instruments (Schedule
Financial Instruments (Schedule of Composition of Derivatives) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives presented under current assets | € 94 | ||
Derivatives presented under non-current assets | 5,162 | ||
Derivatives presented under current liabilities | 766 | 365 | |
Derivatives presented under non-current liabilities | (7,263) | (3,361) | [1] |
Financial power swap [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives presented under non-current assets | 4,967 | ||
Currency swap [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives presented under current assets | 94 | ||
Derivatives presented under non-current assets | 103 | ||
Derivatives presented under current liabilities | (192) | ||
Derivatives presented under non-current liabilities | (1,925) | ||
Forward contract [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives presented under non-current assets | 92 | ||
Derivatives presented under non-current liabilities | (344) | (977) | |
Swap contract [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Derivatives presented under current liabilities | (766) | (173) | |
Derivatives presented under non-current liabilities | € (6,919) | € (459) | |
[1] | Reclassified, see Note 2E |
Financial Instruments (Schedu_2
Financial Instruments (Schedule of Forward and SWAP Contracts) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 93,320 | € 66,092 |
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 1% | |
Date of expiration | December 20, 2037 | |
Fair value | € (907) | |
Interest swap transaction period | 18 years | |
Interest swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 17,600 | |
Interest rate swap contract [Member] | Semi-annually [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate receivable | Euribor 6 months | |
Currency linkage interest rate payable | Fixed 0.9412% | |
Date of expiration | September 30, 2031 | |
Fair value | € (6,778) | |
Interest swap transaction period | 12 years | |
Interest rate swap contract [Member] | Semi-annually [Member] | Euro [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 131,000 | |
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 | € (252) | |
Loan agreement | € 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 | € 197 | |
Interest swap transaction period | 7 years | |
Currency swap [Member] | NIS [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Loan agreement | € 83,200 | |
Financial power swap [Member] | ||
Disclosure of detailed information about hedges [line items] | ||
Currency linkage interest rate receivable | Electricity price in Spain | |
Currency linkage interest rate payable | Fixed price | |
Date of expiration | September 30, 2030 | |
Fair value | € 4,967 |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Contractual Maturities of Financial Liabilities) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-derivative financial liabilities | ||
Lease liabilities | € 15,627 | |
Derivative finance liabilities | ||
Currency swap | 197 | € (2,117) |
Carrying amount [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 93,320 | 66,092 |
Debentures | 71,584 | 51,343 |
Lease liabilities | 15,627 | |
Trade payables and other accounts payable | 2,928 | 4,819 |
Total non-derivative financial liabilities | 183,459 | 122,254 |
Derivative finance liabilities | ||
Forward contracts | 252 | 977 |
Currency swap | 2,117 | |
Swap contracts | 7,685 | 632 |
Total derivative finance liabilities | 7,937 | 3,726 |
Contractual cash flows [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 100,415 | 71,826 |
Debentures | 78,235 | 58,667 |
Lease liabilities | 25,859 | |
Trade payables and other accounts payable | 2,928 | 4,819 |
Total non-derivative financial liabilities | 207,437 | 135,312 |
Derivative finance liabilities | ||
Forward contracts | 252 | 977 |
Currency swap | 2,117 | |
Swap contracts | 7,685 | 632 |
Total derivative finance liabilities | 7,937 | 3,726 |
Less than one year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 5,075 | 7,350 |
Debentures | 28,718 | 11,029 |
Lease liabilities | 462 | |
Trade payables and other accounts payable | 2,928 | 4,819 |
Total non-derivative financial liabilities | 37,183 | 23,198 |
Derivative finance liabilities | ||
Forward contracts | ||
Currency swap | 192 | |
Swap contracts | 766 | 173 |
Total derivative finance liabilities | 766 | 365 |
Second year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 9,041 | 7,805 |
Debentures | 8,615 | 10,656 |
Lease liabilities | 806 | |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 18,462 | 18,461 |
Derivative finance liabilities | ||
Forward contracts | 252 | |
Currency swap | 622 | |
Swap contracts | 2,682 | 263 |
Total derivative finance liabilities | 2,934 | 885 |
3-5 year [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 19,154 | 22,501 |
Debentures | 33,899 | 31,133 |
Lease liabilities | 2,417 | |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 55,470 | 53,634 |
Derivative finance liabilities | ||
Forward contracts | 977 | |
Currency swap | 947 | |
Swap contracts | 2,172 | 155 |
Total derivative finance liabilities | 2,172 | 2,079 |
More than five years [Member] | ||
Non-derivative financial liabilities | ||
Long term loans, including current maturities | 67,145 | 34,170 |
Debentures | 7,003 | 5,849 |
Lease liabilities | 22,174 | |
Trade payables and other accounts payable | ||
Total non-derivative financial liabilities | 96,322 | 40,019 |
Derivative finance liabilities | ||
Forward contracts | ||
Currency swap | 356 | |
Swap contracts | 2,065 | 41 |
Total derivative finance liabilities | € 2,065 | € 397 |
Financial Instruments (Schedu_4
Financial Instruments (Schedule of Company's Exposure to Linkage and Foreign Currency Risk) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 18, 2017 | Dec. 31, 2016 | ||
Current assets: | |||||||
Cash and cash equivalents | € 44,509 | € 36,882 | € 23,962 | € 22,486 | |||
Marketable securities | [1] | 2,242 | 2,132 | ||||
Short term deposits | [2] | 6,446 | |||||
Restricted cash short-term and restricted marketable securities | [3] | 22,162 | 1,315 | [4] | |||
Asset from concession project | 1,463 | 1,292 | |||||
Financial asset short-term | 1,418 | 1,282 | |||||
Trade and other receivables | 4,882 | 12,623 | |||||
Non-current assets: | |||||||
Investments in equity accounted investees | 33,561 | 27,746 | |||||
Advances on account of investments in process | 883 | 798 | |||||
Asset from concession project | 1,418 | 1,282 | |||||
Fixed assets | 114,389 | 87,220 | |||||
Right-of-use asset | 15,401 | ||||||
Concession intangible asset | 5,042 | 4,882 | |||||
Restricted cash long-term | 10,956 | 5,400 | [4] | ||||
Deferred tax | 2,285 | 2,423 | |||||
Other assets | 12,249 | 1,455 | |||||
Derivatives | 5,162 | ||||||
Current liabilities: | |||||||
Loans and borrowings | (4,138) | (5,864) | |||||
Short-term debentures | (26,773) | (8,758) | |||||
Trade payables | (1,765) | (2,126) | |||||
Accrued expenses and other payables | (5,010) | (3,103) | |||||
Non-current liabilities: | |||||||
Lease liability | (15,402) | ||||||
Long-term loans | (89,182) | (60,228) | € (21,370) | ||||
LT Debentures | (44,811) | (42,585) | |||||
Deferred tax | (6,467) | (6,219) | |||||
Derivatives | 7,263 | 3,361 | [4] | ||||
Other long-term liabilities | (1,795) | (1,959) | [4] | ||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 107,566 | 76,957 | € 77,500 | € 84,371 | |||
Non-Monetary [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | |||||||
Marketable securities | |||||||
Short term deposits | |||||||
Restricted cash short-term and restricted marketable securities | |||||||
Asset from concession project | |||||||
Financial asset short-term | |||||||
Trade and other receivables | 304 | 1,279 | |||||
Non-current assets: | |||||||
Investments in equity accounted investees | 26,131 | 21,175 | |||||
Advances on account of investments in process | 883 | 798 | |||||
Asset from concession project | |||||||
Fixed assets | 114,389 | 87,220 | |||||
Right-of-use asset | |||||||
Concession intangible asset | 5,042 | 4,882 | |||||
Restricted cash long-term | |||||||
Deferred tax | 2,285 | 2,423 | |||||
Other assets | 12,218 | 1,055 | |||||
Derivatives | |||||||
Current liabilities: | |||||||
Loans and borrowings | |||||||
Short-term debentures | |||||||
Trade payables | |||||||
Accrued expenses and other payables | |||||||
Non-current liabilities: | |||||||
Lease liability | |||||||
Long-term loans | |||||||
LT Debentures | |||||||
Deferred tax | (6,467) | (6,219) | |||||
Derivatives | |||||||
Other long-term liabilities | |||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 154,785 | 112,613 | |||||
NIS [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | [5] | 23,385 | 287 | ||||
Marketable securities | [5] | ||||||
Short term deposits | [5] | 6,446 | |||||
Restricted cash short-term and restricted marketable securities | [5] | 22,162 | |||||
Asset from concession project | [5] | 1,463 | 1,292 | ||||
Financial asset short-term | [5] | 1,418 | 1,282 | ||||
Trade and other receivables | [5] | 1,199 | 780 | ||||
Non-current assets: | |||||||
Investments in equity accounted investees | [5] | 7,430 | 6,571 | ||||
Advances on account of investments in process | [5] | ||||||
Asset from concession project | [5] | 27,122 | 25,710 | ||||
Fixed assets | [5] | ||||||
Right-of-use asset | [5] | 1,585 | |||||
Concession intangible asset | [5] | ||||||
Restricted cash long-term | [5] | 5,639 | 4,992 | ||||
Deferred tax | [5] | ||||||
Other assets | [5] | 31 | |||||
Derivatives | [5] | ||||||
Current liabilities: | |||||||
Loans and borrowings | [5] | (1,669) | (1,622) | ||||
Short-term debentures | [5] | (26,773) | (8,758) | ||||
Trade payables | [5] | (266) | (24) | ||||
Accrued expenses and other payables | [5] | (3,519) | (1,116) | ||||
Non-current liabilities: | |||||||
Lease liability | [5] | (1,529) | |||||
Long-term loans | [5] | (19,409) | (18,314) | ||||
LT Debentures | [5] | (44,811) | (42,585) | ||||
Deferred tax | [5] | ||||||
Derivatives | [5] | ||||||
Other long-term liabilities | [5] | (28) | (19) | ||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | [5] | (124) | (31,524) | ||||
Unliked [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 1,517 | 937 | |||||
Marketable securities | 2,242 | 2,132 | |||||
Short term deposits | |||||||
Restricted cash short-term and restricted marketable securities | |||||||
Asset from concession project | |||||||
Financial asset short-term | |||||||
Trade and other receivables | 396 | 531 | |||||
Non-current assets: | |||||||
Investments in equity accounted investees | |||||||
Advances on account of investments in process | |||||||
Asset from concession project | |||||||
Fixed assets | |||||||
Right-of-use asset | |||||||
Concession intangible asset | |||||||
Restricted cash long-term | 267 | ||||||
Deferred tax | |||||||
Other assets | |||||||
Derivatives | |||||||
Current liabilities: | |||||||
Loans and borrowings | |||||||
Short-term debentures | |||||||
Trade payables | |||||||
Accrued expenses and other payables | |||||||
Non-current liabilities: | |||||||
Lease liability | |||||||
Long-term loans | |||||||
LT Debentures | |||||||
Deferred tax | |||||||
Derivatives | |||||||
Other long-term liabilities | |||||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | 4,155 | 3,867 | |||||
Euro [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 19,607 | 35,658 | |||||
Marketable securities | |||||||
Short term deposits | |||||||
Restricted cash short-term and restricted marketable securities | 1,315 | ||||||
Asset from concession project | |||||||
Financial asset short-term | |||||||
Trade and other receivables | 2,983 | 10,033 | |||||
Non-current assets: | |||||||
Investments in equity accounted investees | |||||||
Advances on account of investments in process | |||||||
Asset from concession project | |||||||
Fixed assets | |||||||
Right-of-use asset | 13,816 | ||||||
Concession intangible asset | |||||||
Restricted cash long-term | 5,317 | 141 | |||||
Deferred tax | |||||||
Other assets | 400 | ||||||
Derivatives | 5,162 | ||||||
Current liabilities: | |||||||
Loans and borrowings | (2,469) | (4,242) | |||||
Short-term debentures | |||||||
Trade payables | (1,499) | (2,102) | |||||
Accrued expenses and other payables | (1,491) | (1,987) | |||||
Non-current liabilities: | |||||||
Lease liability | (13,873) | ||||||
Long-term loans | (69,773) | (41,914) | |||||
LT Debentures | |||||||
Deferred tax | |||||||
Derivatives | (7,263) | ||||||
Other long-term liabilities | (1,767) | (5,301) | |||||
Total exposure in statement of financial position in respect of financial assets and financial liabilities | € (51,250) | € (7,999) | |||||
[1] | 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] | Bank deposits with annual interest rate as of December 31, 2019 of 0.58%. | ||||||
[3] | On December 16, 2019, the Company announced its intention to repay the entire outstanding principal of the Company's Series | ||||||
[4] | Reclassified, see Note 2E | ||||||
[5] | Including items linked to CPI |
Financial Instruments (Schedu_5
Financial Instruments (Schedule of Significant Exchange Rates) (Details) | 12 Months Ended | |
Dec. 31, 2019$ / shares₪ / shares | Dec. 31, 2018$ / shares₪ / shares | |
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 | (2.00%) | (4.40%) |
Spot price of 1 Euro at the reporting date | $ / shares | 1.122 | 1.145 |
1 Euro [Member] | NIS [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
% of change | (9.60%) | 3.30% |
Spot price of 1 Euro at the reporting date | ₪ / shares | 3.878 | 4.292 |
Financial Instruments (Schedu_6
Financial Instruments (Schedule of Sensitivity Analysis of Equity) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
5% in Euro Increase Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € 185 | € 169 |
5% in Euro Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | (185) | (169) |
5% in NIS Increase Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | 412 | (367) |
5% in NIS Decrease Equity [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Change in exchange rate of Increase (Decrease) of Equity | € (412) | € 367 |
Financial Instruments (Schedu_7
Financial Instruments (Schedule of Change in Interest Rate Profit (Loss)) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Increase of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € 580 | € 1,012 |
Increase of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | 1,701 | 2,604 |
Decrease of 1% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | (542) | (581) |
Decrease of 3% [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gain (loss) from increase decrease in interest rate | € (1,663) | € (2,172) |
Financial Instruments (Schedu_8
Financial Instruments (Schedule of Fair Values of Other Financial Liabilities) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-current liabilities: | ||
Total fair value of other financial liabilities | € 164,904 | € 117,435 |
Level 1 [Member] | ||
Non-current liabilities: | ||
Debentures | 73,211 | 49,190 |
Loans from banks and others (including current maturities) | ||
Total fair value of other financial liabilities | 73,211 | 49,190 |
Level 2 [Member] | ||
Non-current liabilities: | ||
Debentures | ||
Loans from banks and others (including current maturities) | 94,677 | 66,233 |
Total fair value of other financial liabilities | 94,677 | 66,233 |
Level 3 [Member] | ||
Non-current liabilities: | ||
Debentures | ||
Loans from banks and others (including current maturities) | ||
Total fair value of other financial liabilities | ||
Carrying Value [Member] | ||
Non-current liabilities: | ||
Debentures | 71,584 | 51,343 |
Loans from banks and others (including current maturities) | 93,320 | 66,092 |
Total fair value of other financial liabilities | € 164,904 | € 117,435 |
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%, 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%, 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 |
Financial Instruments (Schedu_9
Financial Instruments (Schedule of Interest Rates Used to Discount Estimated Cash Flows) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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% | fix rate for 5 years 2.9% - 3.1% |
Financial Instruments (Sched_10
Financial Instruments (Schedule of Fair Values Hierarchy) (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of fair value measurement of assets [line items] | ||
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) | € 1,418 | € 1,282 |
Marketable securities | 2,242 | 2,132 |
Forward contracts | 5,162 | |
Swap contracts | (7,685) | (632) |
Currency swap | 197 | (2,117) |
Dori Energy loan | 10,595 | 9,189 |
Financial power swap | 4,967 | |
Forward contract [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Forward contracts | € 92 | |
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. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. |
Financial power swap [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Forward contracts | € 4,967 | |
Valuation techniques for determining fair value | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. The future prices are assessed by using a model of a third party expert in the electricity field. | |
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 6B) | ||
Marketable securities | ||
Forward contracts | ||
Swap contracts | ||
Currency swap | ||
Dori Energy loan | ||
Financial power 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 6B) | ||
Marketable securities | 2,242 | 2,132 |
Forward contracts | (252) | (977) |
Swap contracts | (7,685) | (632) |
Currency swap | 197 | (2,117) |
Dori Energy loan | ||
Financial power swap | ||
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 6B) | 1,418 | 1,282 |
Marketable securities | ||
Forward contracts | ||
Swap contracts | ||
Currency swap | ||
Dori Energy loan | 10,595 | € 9,189 |
Financial power swap | € 4,967 |
Financial Instruments (Sched_11
Financial Instruments (Schedule of Reconciliation Financial Instruments Carried at Fair Value) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | € 1,282 |
Balance as at Ending | 1,418 |
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 | 1,282 |
Foreign Currency translation adjustments | 136 |
Balance as at Ending | 1,418 |
Dori Energy Loan [Member] | Level 3 [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | 9,189 |
Total income recognized in profit or loss | 413 |
Foreign Currency translation adjustments | 993 |
Balance as at Ending | 10,595 |
Financial power swap [Member] | Level 3 [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | |
Total income recognized in profit or loss | 4,967 |
Balance as at Ending | € 4,967 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
PV Plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | Approximately 22.6MWp aggregate installed capacity of photovoltaic power plants in Italy, that the Company sold on December 20, 2019, (ii) approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain, (iii) a photovoltaic power plant of approximately 9 MWp installed capacity in Israel and (iv) Talasol, which is constructing a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talavan, Caceres, Spain. |
Dorad Energy Ltd [Member] | |
Disclosure of geographical areas [line items] | |
Proportion of ownership interest | 9.375% |
Production capacity | Production capacity of approximately 860 MW, located south of Ashkelon, Israel. |
Anaerobic digestion plants [Member] | |
Disclosure of geographical areas [line items] | |
Production capacity | Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenues | € 18,988 | € 18,117 | € 13,636 |
Operating expenses | (6,638) | (6,342) | (2,549) |
Depreciation and amortization expenses | (5,744) | (5,500) | (4,518) |
Gross profit | 5,934 | 5,959 | 6,569 |
Project development costs | 4,213 | 2,878 | 2,739 |
General and administrative expenses | (3,827) | (3,600) | (2,420) |
Share of profits (loss) of equity accounted investee | 3,086 | 2,545 | 1,531 |
Other income, net | (2,100) | 884 | 18 |
Capital gain (loss) | 18,770 | ||
Operating Profit | 17,650 | 2,910 | 2,959 |
Financing income | 1,827 | 2,936 | 1,333 |
Financing income (expenses) in connection with derivatives, net | 897 | 494 | (3,156) |
Financing expenses, net | (10,877) | (5,521) | (7,405) |
Profit (Loss) before taxes on Income | 9,497 | 819 | (6,269) |
Segment assets | 310,172 | 211,160 | 198,087 |
Italy [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 10,082 | 9,560 | 10,143 |
Operating expenses | (1,422) | (1,579) | (1,660) |
Depreciation and amortization expenses | (3,668) | (3,569) | (3,567) |
Gross profit | 4,992 | 4,412 | 4,916 |
Segment assets | 54,539 | 59,441 | |
Spain [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,987 | 3,033 | 3,007 |
Operating expenses | (504) | (574) | (677) |
Depreciation and amortization expenses | (903) | (828) | (828) |
Gross profit | 1,580 | 1,631 | 1,502 |
Segment assets | 16,324 | 16,799 | 16,779 |
Israel [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4,114 | 4,011 | 1,378 |
Operating expenses | (325) | (507) | (117) |
Depreciation and amortization expenses | (2,271) | (2,042) | (447) |
Gross profit | 1,518 | 1,462 | 814 |
Segment assets | 38,942 | 34,258 | 37,903 |
Talasol [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | |||
Operating expenses | |||
Depreciation and amortization expenses | (30) | ||
Gross profit | (30) | ||
Segment assets | 118,848 | 15,169 | |
Biogas [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4,786 | 4,483 | 303 |
Operating expenses | (4,387) | (3,682) | (95) |
Depreciation and amortization expenses | (1,353) | (1,081) | (111) |
Gross profit | (954) | (280) | 97 |
Segment assets | 18,463 | 18,879 | 16,882 |
Dorad [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 63,416 | 58,063 | 58,234 |
Operating expenses | (48,558) | (44,600) | (45,027) |
Depreciation and amortization expenses | (5,031) | (4,811) | (4,817) |
Gross profit | 9,827 | 8,652 | 8,390 |
Segment assets | 116,561 | 105,246 | 114,282 |
Manara [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | |||
Operating expenses | |||
Depreciation and amortization expenses | |||
Gross profit | |||
Project development costs | 3,500 | ||
Segment assets | 2,473 | 2,318 | 2,386 |
Total reportable segments [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | 85,385 | 79,150 | 73,065 |
Operating expenses | (55,196) | (50,942) | (47,575) |
Depreciation and amortization expenses | (13,256) | (12,331) | (9,770) |
Gross profit | 16,933 | 15,877 | 15,719 |
Segment assets | 311,611 | 247,208 | 247,673 |
Reconciliations [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenues | (66,397) | (61,033) | (59,429) |
Operating expenses | 48,558 | 44,600 | 45,027 |
Depreciation and amortization expenses | 6,840 | 6,515 | 5,252 |
Gross profit | (10,999) | (9,918) | (9,150) |
Segment assets | € (1,439) | € (36,048) | € (49,586) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue | € 18,988 | € 18,117 | € 13,636 |
Israel [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 1,133 | 1,041 | 183 |
Netherland [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 4,786 | 4,483 | 303 |
Italy [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 10,082 | 9,560 | 10,143 |
Spain [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | € 2,987 | € 3,033 | € 3,007 |
Operating Segments (Schedule _3
Operating Segments (Schedule of Fixed Assets, Net from Company's Operation) (Details) - EUR (€) € in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Fixed assets | € 114,389 | € 87,220 |
Israel [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 19 | 17 |
Netherland [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 17,043 | 17,464 |
Italy [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | 44,986 | |
Spain [Member] | ||
Disclosure of geographical areas [line items] | ||
Fixed assets | € 109,545 | € 24,753 |
Subsequent Events (Details)
Subsequent Events (Details) € / shares in Units, ₪ / shares in Units, € in Thousands, ₪ in Thousands | 1 Months Ended | |||||||
Mar. 30, 2020ILS (₪) | Mar. 30, 2020EUR (€) | Feb. 29, 2020ILS (₪)₪ / sharesshares | Feb. 29, 2020EUR (€) | Feb. 29, 2020€ / sharesshares | Dec. 31, 2019₪ / shares | Dec. 31, 2018₪ / shares | Dec. 31, 2017₪ / shares | |
Disclosure of classes of share capital [line items] | ||||||||
Price per share | ₪ 10 | ₪ 10 | ₪ 10 | |||||
Israeli institutional investors Private Placement [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Issue of ordinary shares | shares | 715,000 | 715,000 | ||||||
Number of warrants issued | shares | 178,750 | 178,750 | ||||||
Price per share | € / shares | € 18.9 | |||||||
Exercisable period of warrants | one year | one year | ||||||
Price per share of warrants | € / shares | € 21.6 | |||||||
Proceeds from private placement | € | € 13,500 | |||||||
Israeli institutional investors Private Placement [Member] | NIS [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Price per share | ₪ 70 | |||||||
Price per share of warrants | ₪ 80 | |||||||
Proceeds from private placement | ₪ | ₪ 50,050 | |||||||
Repurchase of Debentures [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Repurchase of debentures | € | € 3,900 | |||||||
Repurchase of Debentures [Member] | NIS [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Repurchase of debentures | ₪ | ₪ 15,000 |