Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Entity Registrant Name | Ellomay Capital Ltd. |
Entity Central Index Key | 0000946394 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Entity Address, Address Line One | 18 Rothschild Blvd., |
Entity Address, Address Line Two | Tel Aviv |
Entity Address, Postal Zip Code | 6688121 |
Entity Address, Country | IL |
Condensed Consolidated Unaudite
Condensed Consolidated Unaudited Interim Statements of Financial Position € in Thousands, $ in Thousands | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) | ||
Current assets | ||||||
Cash and cash equivalents | € 67,259 | $ 79,943 | € 66,845 | |||
Marketable securities | 0 | [2] | 0 | 1,761 | [2] | |
Short term deposits | 0 | [3] | 0 | 8,113 | [3] | |
Restricted cash | 4,216 | [4] | 5,011 | 0 | [4] | |
Receivable from concession project | 1,589 | 1,889 | 1,491 | |||
Trade and other receivables | 9,761 | 11,602 | 9,825 | |||
Total Current assests | 82,825 | 98,445 | 88,035 | |||
Non-current assets | ||||||
Investment in equity accounted investee | 30,126 | 35,807 | 32,234 | |||
Advances on account of investments | 2,445 | 2,906 | 2,423 | |||
Receivable from concession project | 25,014 | 29,731 | 25,036 | |||
Fixed assets | 312,983 | 372,008 | 264,095 | |||
Right-of-use asset | 22,944 | 27,271 | 17,209 | |||
Intangible asset | 4,506 | 5,356 | 4,604 | |||
Restricted cash and deposits | 6,023 | 7,159 | 9,931 | |||
Deferred tax | 5,785 | 6,876 | 3,605 | |||
Long term receivables | 861 | 1,023 | 2,762 | |||
Derivatives | 2,276 | 2,705 | 10,238 | |||
Total Non-current assets | 412,963 | 490,842 | 372,137 | |||
Total assets | 495,788 | 589,287 | 460,172 | |||
Current liabilities | ||||||
Current maturities of long term bank loans | 13,204 | 15,694 | 10,232 | |||
Current maturities of long term loans | 3,549 | 4,218 | 4,021 | |||
Debentures | 12,815 | 15,232 | 10,600 | |||
Lease liability short term | 8,288 | 9,851 | 490 | [5] | ||
Trade payables | 2,692 | 3,202 | 12,387 | |||
Other payables | 11,461 | 13,617 | 7,422 | [5] | ||
Total current liabilities | 52,009 | 61,814 | 45,152 | |||
Non-current liabilities | ||||||
Lease liability | 15,524 | 18,452 | 17,299 | |||
Liabilities to banks | 149,789 | 178,038 | 134,520 | |||
Other long-term loans | 51,871 | 61,653 | 49,396 | |||
Debentures | 80,661 | 95,873 | 72,124 | |||
Deferred tax | 8,124 | 9,656 | 7,806 | |||
Other long-term liabilities | 4,512 | 5,363 | 513 | |||
Derivatives | 6,297 | 7,485 | 8,336 | |||
Total Non-current liabilities | 316,778 | 376,520 | 289,994 | |||
Total liabilities | 368,787 | 438,334 | 335,146 | |||
Equity | ||||||
Share capital | 25,578 | 30,402 | 25,102 | |||
Share premium | 85,762 | 101,936 | 82,401 | |||
Treasury shares | (1,736) | (2,063) | (1,736) | |||
Transaction reserve with non-controlling Interests | 5,145 | 6,115 | 6,106 | |||
Reserves | 2,400 | 2,853 | 4,164 | |||
Retained earnings | 2,613 | 3,106 | 8,191 | |||
Total equity attributed to shareholders of the Company | 119,762 | 142,349 | 124,228 | |||
Non-Controlling Interest | 7,239 | 8,604 | 798 | |||
Total equity | 127,001 | 150,953 | 125,026 | |||
Total liabilities and equity | € 495,788 | $ 589,287 | € 460,172 | |||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) | |||||
[2] | 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. The Company sold all of its Marketable securities in 2021. | |||||
[3] | Bank deposits with annual interest rate as of December 31, 2020 of 0.27%. | |||||
[4] | Bank deposits used to secure obligations under loan agreements. | |||||
[5] | Reclassified |
Condensed Consolidated Unaudi_2
Condensed Consolidated Unaudited Interim Statements of Comprehensive Income (Loss) € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021EUR (€)€ / shares | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020EUR (€)€ / shares | Dec. 31, 2020EUR (€)€ / shares | ||
Profit or loss [abstract] | |||||
Revenues | € 19,455 | $ 23,124 | [1] | € 4,214 | € 9,645 |
Operating expenses | (7,506) | (8,922) | [1] | (2,146) | (4,951) |
Depreciation and amortization expenses | (7,056) | (8,387) | [1] | (1,447) | (2,975) |
Gross profit | 4,893 | 5,815 | [1] | 621 | 1,719 |
Project development costs | (1,119) | (1,330) | [1] | (2,338) | (3,491) |
General and administrative expenses | (2,572) | (3,057) | [1] | (2,204) | (4,512) |
Share of profits (losses) of equity accounted investee | (772) | (918) | [1] | 850 | 1,525 |
Other income | 0 | 0 | [1] | 0 | 2,100 |
Operating profit (loss) | 430 | 510 | [1] | (3,071) | (2,659) |
Financing income | 1,716 | 2,040 | 886 | 2,134 | |
Financing income (expenses) in connection with derivatives and warrants, net | (109) | (130) | [1] | 1,099 | 1,094 |
Financing expenses | (6,806) | (8,090) | [1] | (3,095) | (6,862) |
Interest expenses on minority shareholder loan | (939) | (1,116) | 0 | 0 | |
Financing expenses, net | (6,138) | (7,296) | [1] | (1,110) | (3,634) |
Loss before taxes on income | (5,708) | (6,786) | [1] | (4,181) | (6,293) |
Tax benefit (Taxes on income) | (93) | (111) | [1] | (88) | 125 |
Loss for the period | (5,801) | (6,897) | [1] | (4,269) | (6,168) |
Loss attributable to: | |||||
Owners of the Company | (5,578) | (6,630) | [1] | (3,472) | (4,627) |
Non-controlling interests | (223) | (267) | [1] | (797) | (1,541) |
Loss for the period | (5,801) | (6,897) | [1] | (4,269) | (6,168) |
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 | 1,684 | 2,002 | [1] | (86) | (482) |
Effective portion of change in fair value of cash flow hedges | (5,202) | (6,183) | [1] | (9,289) | 2,210 |
Net change in fair value of cash flow hedges transferred to profit or loss | (1,225) | (1,456) | [1] | 190 | 555 |
Total other comprehensive income (loss) | (4,743) | (5,637) | [1] | (9,185) | 2,283 |
Total other comprehensive income (loss) attributable to: | |||||
Owners of the Company | (1,764) | (2,096) | [1] | (4,737) | 881 |
Non-controlling interests | (2,979) | (3,541) | [1] | (4,448) | 1,402 |
Total other comprehensive income (loss) | (4,743) | (5,637) | [1] | (9,185) | 2,283 |
Total comprehensive loss for the period | (10,544) | (12,534) | [1] | (13,454) | (3,885) |
Total comprehensive loss for the period attributable to: | |||||
Owners of the Company | (7,342) | (8,726) | [1] | (8,209) | (3,746) |
Non-controlling interests | (3,202) | (3,808) | [1] | (5,245) | (139) |
Total comprehensive loss for the period | € (10,544) | $ (12,534) | [1] | € (13,454) | € (3,885) |
Basic loss per share | (per share) | € (0.44) | $ (0.52) | [1] | € (0.29) | € (0.38) |
Diluted loss per share | (per share) | € (0.44) | $ (0.52) | [1] | € (0.29) | € (0.38) |
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Condensed Consolidated Unaudi_3
Condensed Consolidated Unaudited Interim Statements of Changes in Equity € in Thousands, $ in Thousands | Share capital [Member]EUR (€) | Share capital [Member]USD ($) | [1] | Share Premium [Member]EUR (€) | Share Premium [Member]USD ($) | [1] | Retained earnings [Member]EUR (€) | Retained earnings [Member]USD ($) | [1] | Treasury shares [Member]EUR (€) | Treasury shares [Member]USD ($) | [1] | Translation reserve from foreign operations [Member]EUR (€) | Translation reserve from foreign operations [Member]USD ($) | [1] | Hedging Reserve [Member]EUR (€) | Hedging Reserve [Member]USD ($) | [1] | Interests Transaction reserve with non-controlling Interests [Member]EUR (€) | Interests Transaction reserve with non-controlling Interests [Member]USD ($) | [1] | Total [Member]EUR (€) | Total [Member]USD ($) | [1] | Non-controlling Interests [Member]EUR (€) | Non-controlling Interests [Member]USD ($) | [1] | EUR (€) | USD ($) | [1] |
Balance at Dec. 31, 2019 | € 21,998 | € 64,160 | € 12,818 | € (1,736) | € 4,356 | € (1,073) | € 6,106 | € 106,629 | € 937 | € 107,566 | ||||||||||||||||||||
Profit (loss) for the period | 0 | 0 | (3,472) | 0 | 0 | 0 | 0 | (3,472) | (797) | (4,269) | ||||||||||||||||||||
Other comprehensive loss for the period | 0 | 0 | 0 | 0 | (98) | (4,639) | 0 | (4,737) | (4,448) | (9,185) | ||||||||||||||||||||
Total comprehensive loss for the period | 0 | 0 | (3,472) | 0 | (98) | (4,639) | 0 | (8,209) | (5,245) | (13,454) | ||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||
Issue of equity | 1,935 | 11,253 | 0 | 0 | 0 | 0 | 0 | 13,188 | 0 | 13,188 | ||||||||||||||||||||
Share-based payments | 0 | 20 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||||||
Balance at Jun. 30, 2020 | 23,933 | 75,433 | 9,346 | (1,736) | 4,258 | (5,712) | 6,106 | 111,628 | (4,308) | 107,320 | ||||||||||||||||||||
Balance at Dec. 31, 2019 | 21,998 | 64,160 | 12,818 | (1,736) | 4,356 | (1,073) | 6,106 | 106,629 | 937 | 107,566 | ||||||||||||||||||||
Profit (loss) for the period | 0 | 0 | (4,627) | 0 | 0 | 0 | 0 | (4,627) | (1,541) | (6,168) | ||||||||||||||||||||
Other comprehensive loss for the period | 0 | 0 | 0 | 0 | (533) | 1,414 | 0 | 881 | 1,402 | 2,283 | ||||||||||||||||||||
Total comprehensive loss for the period | 0 | 0 | (4,627) | 0 | (533) | 1,414 | 0 | (3,746) | (139) | (3,885) | ||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||
Issue of equity | 3,084 | 18,191 | 0 | 0 | 0 | 0 | 0 | 21,275 | 0 | 21,275 | ||||||||||||||||||||
Options exercise | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 20 | ||||||||||||||||||||
Share-based payments | 0 | 50 | 0 | 0 | 0 | 0 | 0 | 50 | 0 | 50 | ||||||||||||||||||||
Balance at Dec. 31, 2020 | 25,102 | $ 29,836 | 82,401 | $ 97,942 | 8,191 | $ 9,736 | (1,736) | $ (2,063) | 3,823 | $ 4,544 | 341 | $ (405) | 6,106 | $ 7,257 | 124,228 | $ 147,657 | 798 | $ 951 | 125,026 | $ 148,608 | ||||||||||
Profit (loss) for the period | 0 | 0 | 0 | 0 | (5,578) | (6,630) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (5,578) | (6,630) | (223) | (267) | (5,801) | (6,897) | ||||||||||
Other comprehensive loss for the period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,636 | 1,945 | (3,400) | (4,041) | 0 | 0 | (1,764) | (2,096) | (2,979) | (3,541) | (4,743) | (5,637) | ||||||||||
Total comprehensive loss for the period | 0 | 0 | 0 | 0 | (5,578) | (6,630) | 0 | 0 | 1,636 | 1,945 | (3,400) | (4,041) | 0 | 0 | (7,342) | (8,726) | (3,202) | (3,808) | (10,544) | (12,534) | ||||||||||
Transactions with owners of the Company, recognized directly in equity: | ||||||||||||||||||||||||||||||
Issuance of Capital note to non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,682 | 10,319 | 8,682 | 10,319 | ||||||||||
Acquisition of shares in subsidiaries from non-controlling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (961) | (1,142) | (961) | (1,142) | 961 | 1,142 | 0 | 0 | ||||||||||
Warrants exercise | 454 | 540 | 3,348 | 3,979 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,802 | 4,519 | 0 | 0 | 3,802 | 4,519 | ||||||||||
Options exercise | 22 | 26 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22 | 26 | 0 | 0 | 22 | 26 | ||||||||||
Share-based payments | 0 | 0 | 13 | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 15 | 0 | 0 | 13 | 15 | ||||||||||
Balance at Jun. 30, 2021 | € 25,578 | $ 30,402 | € 85,762 | $ 101,936 | € 2,613 | $ 3,106 | € (1,736) | $ (2,063) | € 5,459 | $ 6,489 | € (3,059) | $ (3,636) | € 5,145 | $ 6,115 | € 119,762 | $ 142,349 | € 7,239 | $ 8,604 | € 127,001 | $ 150,953 | ||||||||||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Condensed Consolidated Unaudi_4
Condensed Consolidated Unaudited Interim Statements of Cash Flows € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | |
Cash flows from operating activities | |||||
Loss for the period | € (5,801) | $ (6,897) | € (4,269) | € (6,168) | |
Adjustments for: | |||||
Financing expenses, net | 6,138 | 7,296 | 1,110 | 3,634 | |
Profit from settlement of derivatives contract | (407) | (484) | 0 | 0 | |
Depreciation and amortization | 7,056 | 8,387 | 1,447 | 2,975 | |
Share-based payment transactions | 13 | 15 | 20 | 50 | |
Share of losses (profits) of equity accounted investees | 772 | 918 | (850) | (1,525) | |
Payment of interest on loan by an equity accounted investee | 859 | 1,021 | 582 | 582 | |
Change in trade receivables and other receivables | (2,124) | (2,525) | 127 | (3,868) | |
Change in other assets | (782) | (929) | (234) | 179 | |
Change in receivables from concessions project | 757 | 900 | 704 | 1,426 | |
Change in trade payables | (941) | (1,118) | (35) | 190 | |
Change in other payables | 3,715 | 4,416 | 368 | (1,226) | |
Income tax expense (tax benefit) | 93 | 111 | 88 | (125) | |
Income taxes paid | (15) | (18) | 0 | (119) | |
Interest received | 921 | 1,095 | 869 | 2,075 | |
Interest paid | (3,857) | (4,584) | (1,853) | (3,906) | |
Net cash provided by (used in) operating activities | 6,397 | 7,604 | (1,926) | (5,826) | |
Cash flows from investing activities | |||||
Acquisition of fixed assets | (63,793) | (75,824) | (81,280) | (128,420) | |
Acquisition of subsidiary, net of cash acquired | 0 | 0 | 0 | (7,464) | |
Repayment of loan by an equity accounted investee | 1,400 | 1,664 | 1,923 | 1,978 | |
Loan to an equity accounted investee | (244) | (290) | 0 | (181) | |
Advances on account of investments | (8) | (10) | 0 | (1,554) | |
Settlement of derivatives contract | (252) | (300) | 0 | 0 | |
Proceeds (investment) in restricted cash, net | (185) | (220) | 22,580 | 23,092 | |
Proceeds (investment) in short term deposit | 8,533 | 10,142 | 0 | (1,323) | |
Proceeds from marketable securities | 1,785 | 2,122 | 0 | 1,800 | |
Acquisition of marketable securities | 0 | 0 | 0 | (1,481) | |
Compensation as per agreement with Erez Electricity Ltd. | 0 | 0 | 1,418 | 1,418 | |
Net cash used in investing activities | (52,764) | (62,716) | (55,359) | (112,135) | |
Cash flows from financing activities | |||||
Sale of shares in subsidiaries to non-controlling interests | 1,400 | 1,664 | 0 | 0 | |
Proceeds from options | 22 | 26 | 0 | 20 | |
Cost associated with long term loans | (197) | (234) | 0 | (734) | |
Proceeds from long term loans | 32,476 | 38,601 | 80,584 | 111,357 | |
Repayment of long-term loans | (3,390) | (4,029) | (2,804) | (3,959) | |
Repayment of Debentures | (30,730) | (36,525) | (26,923) | (26,923) | |
Issuance of ordinary shares | 0 | 0 | 13,188 | 21,275 | |
Proceeds from issue of convertible debentures | 15,571 | 18,508 | 0 | 0 | |
Proceeds from issuance of Debentures, net | 25,465 | 30,267 | 0 | 38,057 | |
Issuance / exercise of warrants | 3,675 | 4,368 | 320 | 2,544 | |
Net cash from financing activities | 44,292 | 52,646 | 64,365 | 141,637 | |
Effect of exchange rate fluctuations on cash and cash equivalents | 2,489 | 2,958 | (357) | (1,340) | |
Increase in cash and cash equivalents | 414 | 492 | 6,723 | 22,336 | |
Cash and cash equivalents at the beginning of the period | 66,845 | 79,451 | 44,509 | 44,509 | |
Cash and cash equivalents at the end of the period | € 67,259 | $ 79,943 | € 51,232 | € 66,845 | |
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
General
General | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of General Information [Abstract] | |
General | Note 1 - General 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 June 30, 2021, the Company owns six 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 MW, (ii) 51% of Talasol, which owns a photovoltaic plant with installed capacity of 300MW in the municipality of Talaván, Cáceres, Spain (hereinafter – the “Talasol Project") and (iii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MW. In addition, the Company indirectly owns: (i) 9.375% of Dorad Energy Ltd. (hereinafter - “Dorad”), (ii) Ellomay Solar S.L.U, that is constructing a photovoltaic plant with installed capacity of 28 MW in the municipality of Talaván, Cáceres, Spain (hereinafter – the “Ellomay Solar Project"), (iii) Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million (with a license to produce 7.5 million) Nm3 per year, respectively, and (iv) 83.333% of Ellomay Pumped Storage (2014) Ltd., which is constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel. The ordinary shares of the Company are listed on the NYSE American and on the Tel Aviv Stock Exchange under the trading symbol “ELLO”. The address of the Company’s registered office is 18 Rothschild Blvd., 1 st Effects of the spreading of the coronavirus Following the outbreak of the coronavirus (Covid-19) in China in December 2019, and the spreading of Covid-19 to many other countries since the beginning of 2020, creating the current pandemic situation, there was a decrease in economic activity in many areas around the world, including Israel, Spain and Italy. The spread of the virus has led, inter alia, to a disruption in the supply chain, a decrease in global transportation, restrictions on travel and work that were announced by the State of Israel and other countries around the world and a decrease in the value of financial assets and commodities on the markets in Israel and the world. In recent months, Spain, Italy and Israel have experienced a resurgence in the number of Covid-19 cases, causing the local governments to renew restrictions and implement additional measures in order to attempt to curb the spread of the pandemic. Although the Company’s operations have not thus far been materially adversely affected by the restrictions imposed by local governments and authorities in the countries in which the Company operates, in the event the restrictions continue, or new restrictions are imposed, the operations of the Company, including the projects under construction and development, may be adversely affected. Also, as a result of the Covid-19 pandemic, the electricity prices in the European markets declined due to the decrease in demand, resulting in a slight decrease in the Company’s revenues in Spain. The electricity prices in the European markets have since increased and are currently higher that were in effect prior to the pandemic. The spread of Covid-19 and its implications may also indirectly affect the operations of the Company, for example through changes in the prices of oil resulting in a decrease in the electricity prices, and through reduction in demand for electricity, delays in construction of projects due to curtailment of work, limited availability of components required in order to operate or construct new projects, regulatory changes by countries affected by the virus, including changes in subsidies, collection delays, delays in obtaining permits, limited availability or changes in terms of financing for future projects, limited availability of corporate financing and lower returns on potential future investments. As a result, the Company's business and operating results could be negatively affected. The extent to which the Covid-19 pandemic impacts the business of the Company will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of Covid-19 and the actions to contain Covid-19 or treat its impact, among others. These potential affects could last until a vaccine or successful treatment plan are implemented worldwide. Material events in the reporting period a. On February 23, 2021, the Company issued additional Series C Debentures in a public offering in Israel in an aggregate principal amount of NIS 100,939 thousand (approximately €25,442 thousand). The gross proceeds from the offering were NIS 102,400 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 101,500 thousand (approximately €25,622 thousand). b. On February 23, 2021, the Company issued our new Series D Convertible Debentures in a public offering in Israel in the aggregate principal amount of NIS 62,000 thousand (approximately €15,627). The principal amount of the Series D Debentures is repayable in one installment on December 31, 2026. The Series D Debentures bear a fixed interest at the rate of 1.2% per year (that is not linked to the Israeli CPI or otherwise), payable semi-annually on June 30 and December 31 commencing June 30, 2021 through December 31, 2026 (inclusive). The Series D Debentures are convertible into the Company’s ordinary shares, NIS 10.00 par value per share, at a conversion price of NIS 165 (approximately €42.6 based on the Euro /NIS exchange rate as of June 30, 2021), subject to adjustments upon customary terms. The Series D Debentures are not rated. The gross proceeds from the offering were approximately NIS 62,600 thousand and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions, were approximately NIS 61,800 thousand (approximately €15,577 thousand). c. On February 28, 2021, the Company announced that it will fully repay the Series B Debentures and on March 18, 2021, the Series B Debentures were repaid in full. Pursuant to the terms of the deed of trust governing the Series B Debentures, the early repayment amount consisted of a principal payment in the amount of approximately NIS 86,300 thousand (approximately €21,500 thousand), accrued interest in the amount of approximately NIS 700 thousand (approximately €160 thousand) and a prepayment charge of approximately NIS 3,400 thousand (approximately €860 thousand), amounting to an aggregate repayment amount of approximately NIS 90,400 thousand (approximately €22,500 thousand). d. During January and February 2021, Israeli institutional investors who purchased the Company's ordinary shares and warrants convertible into ordinary shares in a private placement consummated in February 2020, exercised all of the warrants issued to them in such private placement. As a result of the exercises, the Company issued an aggregate of 178,750 ordinary shares, at a price per ordinary share of NIS 80 (approximately €20.3), and received gross proceeds of NIS 14,300 thousand ( approximately €3,635 thousand). e. The Talasol Project achieved PAC (preliminary acceptance certificate) on January 27, 2021, upon which the Company commenced recognition of revenues and expenses. |
Basis of Preparation and Signif
Basis of Preparation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract] | |
Basis of Preparation and Significant Accounting Policies | Note 2 - Basis of Preparation and Significant Accounting Policies The accounting policies applied by the Company in these condensed consolidated unaudited interim financial statements are the same as those applied by the Company in its annual financial statements for 2020. A. Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting – "the annual financial statements"). These condensed consolidated interim financial statements were authorized for issue on September 30 B. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to exercise judgment when making assessments, estimates and assumptions 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 significant judgments made by management in applying the Company’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those that applied to the annual financial statements. C. Initial application of new standards, amendments to standards and interpretations Amendments to IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures, Insurance Contracts Leases Interest Rate Benchmark Reform – Phase 2 The Amendments include practical expedients regarding the accounting treatment of modifications in contractual terms that are a result of the interest rate benchmark reform (a reform that in the future will lead to the replacement of interest rates such as the Libor and Euribor). Thus, for example: - When certain modifications are made in the terms of financial assets or financial liabilities as a result of the reform, the entity shall update the effective interest rate of the financial instrument instead of recognizing a gain or loss. - Certain modifications in lease terms that are a result of the reform shall be accounted for as an update to lease payments that depend on an index or rate. - Certain modifications in terms of the hedging instrument or hedged item that are a result of the reform shall not lead to the discontinuance of hedge accounting. The Amendments are applicable retrospectively as from January 1, 2021 by amending the opening balance of equity for the annual reporting period in which the amendment was adopted without a restatement of comparative data. Application of the Amendments did not have a material effect on the Company’s financial statements. D. New standards, amendments to standards and interpretations not yet adopted Amendment to IAS 16, Property, Plant and Equipment The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, the proceeds from selling the items and the cost of the sold items shall be recognized in profit or loss. The Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. Application of the Amendments is not expected to have a material effect on the Company's financial statements. |
Seasonality
Seasonality | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of seasonality [Abstract] | |
Seasonality | Note 3 - 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. |
Restricted Cash, Deposits and M
Restricted Cash, Deposits and Marketable Securities | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Restricted Cash, Deposits and Marketable Securities | Note 4 - Restricted Cash, Deposits and Marketable Securities June 30, December 31, 2021 2020 € in thousands Unaudited Audited Marketable securities (1) - 1,761 Short-term restricted cash (2) 4,216 - Short-term deposits (3) - 8,113 Long-term restricted non-interest bearing bank deposits (2) 617 2,138 Restricted cash, long-term bank deposits (2) 5,406 7,793 Long-term restricted cash and deposits 6,023 9,931 1. 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. The Company sold all of its Marketable securities in 2021. 2. Bank deposits used to secure obligations under loan agreements. 3. Bank deposits with annual interest rate as of December 31, 2020 of 0.27%. |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | Note 5 - Trade and Other Receivables June 30, December 31, 2021 2020 € in thousands Unaudited Audited Current Assets: Trade and other receivables: Government authorities 1,723 3,232 Income receivable 3,707 3,420 Interest receivable 47 36 Current tax 47 32 Trade receivable 2,167 382 Inventory 322 306 Derivatives 42 78 Prepaid expenses and other 1,706 2,339 9,761 9,825 Non-current Assets: Long term receivables Prepaid expenses associated with long term loans (1) 829 2,731 Annual rent deposits 30 30 Other 2 1 861 2,762 (1) Prepaid commission expenses paid in connection with the Talasol Project’s project finance obtained from financing entities as at December 31, 2020 and Prepaid commission expenses paid in connection with the Manara Pumped Storage project finance obtained from financing entities as at June 30, 2021. |
Investee Companies and Other In
Investee Companies and Other Investments | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of associates [abstract] | |
Investee Companies and other investments | Note 6 and Other Investments Information about investee companies and other investments A. U. Dori Energy Infrastructures Ltd. (“Dori Energy”)- The Company, through its wholly owned subsidiary, Ellomay Clean Energy Ltd. (“Ellomay Energy”), entered into an Investment Agreement (the “Dori Investment Agreement”) with Amos Luzon Entrepreneurship and Energy Group Ltd. (formerly - Dori Group Ltd.) (the “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. Dori Energy holds 18.75% of the share capital of Dorad, which owns an approximate 860 MW bi-fuel operated power plant in the vicinity of Ashkelon, Israel (the “Dorad Power Plant”). Dorad holds production and supply licenses, both expiring in May 2034 and commenced commercial operation in May 2014. Dorad provided guarantees in favor of the Israeli Electricity Authority, the Israel Electric Corporation and Israel Natural Gas Lines Ltd. These guarantees were provided through Dorad’s shareholders at their proportionate holdings, as required by the financing agreements executed by Dorad. As of June 30, 2021 total performance guarantees provided by Dorad amounted to approximately NIS 170,000 thousand (approximately €43,873 thousand). The Company's indirect share of guarantees that Dorad provided through its shareholders is approximately NIS 16,000 thousand (approximately €4,129 thousand). Dorad and its shareholders are involved in several legal proceedings as follows: Petition to Approve a Derivative Claim filed by Dori Energy and Ran Fridrich and Third Party Notices In connection with the description of the petition to approve a derivative claim filed by Dory Energy and Hemi Raphael (replaced by Ran Fridrich) and related third party notices included in Note 6.A to the annual financial statements, the parties filed several motions in connection with the discovery process, the evidentiary hearings and expert opinions. Additional evidentiary hearings were held in March-May 2021. Following the parties' request for approval of a procedural arrangement regarding the submission of written summaries and the possible supplemental oral argument in all proceedings subject to arbitration, the arbitrator approved the various dates for submitting summaries, ending in May 2022. The Company estimates (after consulting with legal counsel), that at this stage it is not yet possible to assess the outcome of the proceeding. With respect to the 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. Petition to Approve a Derivative Claim filed by Edelcom Please see above under “Petition to Approve a Derivative Claim filed by Dori Energy” for updates in connection with the description of the petition to approve a derivative claim filed by Edelcom Ltd., one of the shareholders of Dorad (“Edelcom”), included in Note 6 to the annual financial statements. This proceeding is also conducted in the framework of the above-mentioned arbitration. The Company estimates (after consulting with legal counsel), that the chances of the petition to be approved are lower than the chances that it will be rejected. Opening Motion filed by Zorlu In connection with the description of the opening motion filed by Zorlu Enerji Elektrik Uretim A.S., one of the shareholders of Dorad (“Zorlu”) included in Note 6 to the annual financial statements, as per which 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, in June 2021, a ruling was handed in which the court ordered Dorad to convene a special shareholders meeting, on whose agenda will be the planning and construction of the “Dorad 2 Project”. Following the said ruling, Dorad's board resolved that Dorad's management will continue to examine the feasibility of the “Dorad 2 Project” and its implications, and bring its decisions to the board's approval. Dorad’s board of directors further resolved that to the extent it will approve the Dorad 2 Project, the decision will be presented to Dorad’s shareholders for approval. On July 27, 2021, subsequent to the balance sheet date, a shareholders meeting of Dorad was held. In accordance with the court ruling, the agenda for such meeting included two resolutions (1) the planning and construction of the Dorad 2 Project – a resolution that Dori Energy and Eilat-Ashkelon Infrastructure Services Ltd. (“EAIS”), which holds 37.5% of Dorad, supported and Edelcom and Zorlu rejected; and (2) approval of the aforementioned resolution of the Dorad board of directors – a resolution which Dori Energy and EAIS supported and with respect to which Edelcom and Zorlu abstained. Following such shareholders meeting, correspondence was exchanged between Dorad and Edelcom concerning, among other issues, the implications of the aforementioned resolutions. Dorad estimates (after consulting with legal counsel) that by convening the aforementioned shareholders meeting Dorad complied with the court ruling and therefore the opening motion process ended. B. Manara Pumped Storage Project (“Manara PSP”) – On December 31, 2020 Ellomay Pumped Storage (2014) Ltd. (“Ellomay PS”), the Company’s subsidiary, received the tariff approval for the project from the Israeli Electricity Authority that regulates the tariffs and formulas for purchasing capacity and energy from a pumped storage producer connected to the transmission grid for a period of 20 years beginning on the date of receipt of the permanent production license, upon construction completion and commercial operation. The tariff approval became effective following the financial closing of the Manara PSP in February 2021. On February 11, 2021, the Manara PSP Project Finance reached financial closing. The Manara PSP Project Finance will be provided by a consortium of Israeli banks and institutional investors, arranged and led by Mizrahi-Tefahot Bank Ltd. The Manara PSP Project Finance is in the aggregate amount of NIS 1.18 billion (approximately €305 million based on the Euro/NIS exchange rate as of June 30, 2021), and includes: (i) a Senior Secured Tranche at a fixed rate of interest for each drawdown, with base interest rate equal to the yield to maturity of Israeli treasury bonds with like duration of the loan drawdown, plus a spread of 3.25% per-annum during the Construction Period of the Project and a spread of 2.40% per-annum from the Actual Completion Date of the Project which proceeds the Commercial Operation Date of the Project. The Senior Secured Tranche is linked to the Israeli Consumer Price Index and is to be repaid over a period of 19.5 years from the commercial operation date; and (ii) a Subordinated Secured B Tranche at a floating rate of interest, with the base interest being the Bank of Israel rate, plus a spread of 4.35% per-annum during the Construction Period and a spread of 3.90% per-annum from the Actual Completion Date. The stated maturity of the Tranche B loan is one year less than the maturity of the Senior Secured Loan with a cash sweep mechanism that shortens its maturity to approximately 12 years from the Commercial Operation Date under the Base Case Financial Model. In connection with the Manara PSP Project Finance that occurred on February 2021, and based on the A.R.Z. Settlement Agreement, A.R.Z. was required to provide its indirect share of equity investment and financing to the Manara PSP. Due to the failure to provide the required funds, Ellomay Water Plants Holdings (2014) Ltd., the Company’s wholly-owned subsidiary that holds 75% of Ellomay PS, seized E.R.Z.’s holdings in Sheva Mizrakot (33%) and, as a result, the Company’s indirect holdings in the Manara PSP increased from 75% to 83.333% in January 2021. Accordingly, the Company imputed the difference between the consideration and the minority interest to the Transaction reserve with non-controlling Interests in the amount of €961 thousand. During the first six months ended June 30, 2021, the Company and the minority owners of the Manara PSP provided loans in the aggregate amount of NIS 220,209 thousand (approximately €56,830 thousand). In order to comply with the conditions to the financial closing of the Manara PSP Project Finance, a portion of the total outstanding loans in an aggregate amount of approximately NIS 153,741 thousand (approximately €39,293 thousand) was converted to capital notes, out of which, an amount of €8,682 thousand belong to the minority. The issued capital notes do not bear interest, linkage differences or exchange rate differences for any foreign currency. The repayment of the capital notes is subordinated to any other obligation of the Manara PSP and is takes precedent only to the distribution of the surplus assets of the Manara PSP upon liquidation. Also, the repayment of the capital notes is at the sole discretion of the Manara PSP and therefore they have been presented as part of the total equity. Notice to commence the construction works was issued to Electra Infrastructure Ltd., the engineering, procurement and construction contractor of the Manara PSP in April 2021. Construction period of the Manara PSP is expected to be 62.5 months. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Note 7 - Financial Instruments Fair value (1) Financial instruments - the composition of the derivatives June 30, December 31, 2021 2020 € in thousands Unaudited Audited Derivatives presented under current assets Currency swap 42 12 Forward contracts - 66 42 78 Derivatives presented under non-current assets Financial power swap 1,592 10,238 Currency swap 684 - 2,276 10,238 Derivatives presented under current liabilities Swap contracts (1,336 ) (1,378 ) Financial power swap (1,195 ) - (2,531 ) (1,378 ) Derivatives presented under non-current liabilities Currency swap - (144 ) Swap contracts (6,297 ) (8,192 ) (6,297 ) (8,336 ) (2) Financial instruments measured at fair value for disclosure purposes only The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, trade receivables, other receivables, other short-term investments, deposits, derivatives, bank overdraft, short-term loans and borrowings, trade payables and other payables are the same or proximate to their fair value. The fair values of the other financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows: June 30, 2021 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 93,476 95,992 - - Loans from banks and others (including current maturities) 218,413 - 220,045 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel. 311,889 95,992 220,045 - December 31, 2020 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 82,724 84,814 - - Loans from banks and others (including current maturities) 198,169 - 209,005 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel 280,893 84,814 209,005 - (3) Fair value hierarchy of financial instruments measured at fair value The table below presents an analysis of financial instruments measured at fair value on the temporal basis using valuation methodology in accordance with hierarchy fair value levels. The various levels are defined as follows: — Level 1: quoted prices (unadjusted) in active markets for identical instruments. — 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). June 30, 2021 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Swap contracts - (7,633 ) - (7,633 ) 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 - 726 - 726 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 - - 7,408 7,408 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 - - 397 397 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. There have been no transfers from any Level to another Level during the six months ended June 30, 2021. December 31, 2020 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities - 1,761 - 1,761 Market price Forward contracts - 66 - 66 Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Swap contracts - (9,570 ) - (9,570 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - (132 ) - (132 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,745 8,745 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. 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 - - 10,238 10,238 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. (4) Level 3 financial instruments carried at fair value The table hereunder presents a reconciliation from the beginning balance to the ending balance of financial instruments carried at fair value in level 3 of the fair value hierarchy: Financial assets Dori Energy loan € in thousands Balance as at December 31, 2020 8,745 Repayment of loan to an equity accounted investee (2,259 ) Loan to an equity accounted investee 244 Total income recognized in profit or loss 125 Interest 450 Foreign Currency translation adjustments 103 Balance as at June 30, 2021 7,408 Financial assets Financial power swap € in thousands Balance as at December 31, 2020 10,238 Total loss is recognized in other comprehensive income (9,841 ) Balance as at June 30, 2021 397 |
Fixed assets
Fixed assets | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Fixed assets | Note 8 - Fixed assets Office Photovoltaic Pumped Biogas furniture and Leasehold Plants storage installations equipment Improvements Total € in thousands Cost Balance as at January 1, 2020 102,784 - 19,588 147 52 122,571 Additions 120,842 16,607 558 38 - 138,045 New companies - - 17,233 - - 17,233 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (5 ) - (5 ) Balance as at December 31, 2020 223,626 16,607 37,379 180 - 277,792 Balance as at January 1, 2021 223,626 16,607 37,379 180 - 277,792 Additions 17,896 36,864 620 2 - 55,382 Balance as at June 30, 2021 241,522 53,471 37,999 182 - 333,174 Depreciation Balance as at January 1, 2020 5,456 - 2,545 129 52 8,182 Depreciation for the year 830 - 1,457 12 - 2,299 New companies - - 3,272 - - 3,272 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (4 ) - (4 ) Balance as at December 31, 2020 6,286 - 7,274 137 - 13,697 Balance as at January 1, 2021 6,286 - 7,274 137 - 13,697 Depreciation for the period 5,028 - 1,459 7 - 6,494 Balance as at June 30, 2021 11,314 - 8,733 144 - 20,191 Carrying amounts As at December 31, 2020 217,340 16,607 30,105 43 - 264,095 As at June 30, 2021 230,208 53,471 29,266 38 - 312,983 |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of operating segments [abstract] | |
Operating Segments | Note 9 - Operating Segments The basis of segmentation and the measurement basis for the segment profit or loss are the same as that presented in Note 22 regarding operating segments in the annual financial statements. Segment assets consist of current assets, fixed assets and intangible assets, as included in reports provided regularly to the chief operating decision maker. PV Total Ellomay reportable Total Italy Spain Solar Talasol Israel Bio Gas Dorad Manara segments Reconciliations consolidated For the six months ended June 30, 2021 € in thousands Revenues - 1,534 - 11,202 2,130 6,129 22,940 - 43,935 (24,480 ) 19,455 Operating expenses - (423 ) - (1,988 ) (170 ) (4,925 ) (18,049 ) - (25,555 ) 18,049 (7,506 ) Depreciation expenses - (451 ) - (4,816 ) (1,151 ) (1,552 ) (2,685 ) - (10,655 ) 3,599 (7,056 ) Gross profit (loss) - 660 - 4,398 809 (348 ) 2,206 - 7,725 (2,832 ) 4,893 Project development costs (1,119 ) General and administrative expenses (2,572 ) Share of profits of equity accounted investee (772 ) Operating profit 430 Financing income 1,716 Financing expenses in connection with derivatives and warrants, net (109 ) Financing expenses, net (6,806 ) Interest expenses on minority shareholder loan (939 ) Loss before taxes on Income (5,708 ) Segment assets as at June 30, 2021 833 15,130 5,589 242,224 35,548 34,903 106,164 90,300 530,691 (34,904 ) 495,787 PV Total reportable Total Italy Spain Israel Talasol Bio Gas Dorad Manara segments Reconciliations consolidated For the six months ended June 30, 2020 € in thousands Revenues - 1,241 2,060 - 2,437 28,836 - 34,574 (30,360 ) 4,214 Operating expenses - (227 ) (154 ) - (1,765 ) (22,841 ) - (24,987 ) 22,841 (2,146 ) Depreciation expenses - (453 ) (1,174 ) (28 ) (726 ) (2,600 ) - (4,981 ) 3,534 (1,447 ) Gross profit (loss) - 561 732 (28 ) (54 ) 3,395 - 4,606 (3,985 ) 621 Project development costs (2,338 ) General and administrative expenses (2,204 ) Share of profits of equity accounted investee 850 Other income, net - Operating loss (3,071 ) Financing income 886 Financing income in connection with derivatives and warrants, net 1,099 Financing expenses, net (3,095 ) Loss before taxes on Income (4,181 ) Segment assets as at June 30, 2020 518 15,841 37,096 190,768 18,395 110,970 2,318 375,906 (14,280 ) 361,626 PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2020 € in thousands Revenues - 2,577 4,089 - 6,002 57,495 - 70,163 (60,518 ) 9,645 Operating expenses - (463 ) (379 ) - (4,109 ) (44,489 ) - (49,440 ) 44,489 (4,951 ) Depreciation and amortization expenses - (905 ) (2,310 ) - (1,457 ) (5,674 ) - (10,346 ) 7,371 (2,975 ) Gross profit (loss) - 1,209 1,400 - 436 7,332 - 10,377 (8,658 ) 1,719 Project development costs (3,491 ) General and administrative expenses (4,512 ) Share of profits (loss) of equity accounted investee 1,525 Other income, net 2,100 Capital gain (loss) - Operating profit (loss) (2,659 ) Financing income 2,134 Financing income (expenses) in connection with derivatives, net 1,094 Financing expenses, net (6,862 ) Profit (loss) before taxes on Income (6,293 ) Segment assets as at December 31, 2020 503 17,574 36,521 232,955 36,253 109,983 21,925 455,714 4,458 460,172 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Presentation of leases for lessee [abstract] | |
Leases | Note 10 - Leases 1. Material lease agreements entered into during the period The Company leases land in Israel from private lessors for a period of approximately 25 years, on which is constructing the Manara PSP. A right-of-use asset in the amount of €10,629 thousand has been recognized in the statement of financial positon in April 2021 in respect of leases of land. A lease liability in the amount of €10,629 thousand has been recognized in the statement of financial positon in April 2021 in respect of such leases of land, out of which an amount of €7,616 thousand has been recognized in short term liabilities, as it is expected to be paid at the first withdrawal of the Manara PSP project finance, which closed on February 11, 2021. 2. Right-of-use assets Gelderland Manara Spain Ellomay Solar Talasol Talmei Yosef Total € in thousands Cost Balance as at January 1, 2021 355 - 1,235 1,789 12,686 1,672 17,737 Additions - 10,666 - - - - 10,666 Disposals - - - - (4,526 ) (17 ) (4,543 ) Effect of changes in exchange rates - 100 - - - 25 125 Balance as at June 30, 2021 355 10,766 1,235 1,789 8,160 1,680 23,985 Depreciation Balance as at January 1, 2021 - - 150 - 169 209 528 Depreciation for the period 93 106 37 22 202 53 513 Additions - - - - - - - Disposals - - - - - - - Balance as at June 30, 2021 93 106 187 22 371 262 1,041 Carrying amounts As at December 31, 2020 355 - 1,085 1,789 12,517 1,463 17,209 As at June 30, 2021 262 10,660 1,048 1,767 7,789 1,418 22,944 3. Lease liability Maturity analysis of the company's lease liabilities June 30, 2021 € in thousands Less than one year 8,288 One to five years 2,584 More than five years 12,940 Total 23,812 Current maturities of lease liability 8,288 Long-term lease liability 15,524 |
Basis of Preparation and Sign_2
Basis of Preparation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract] | |
Statement of compliance | A. Statement of compliance These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting – "the annual financial statements"). These condensed consolidated interim financial statements were authorized for issue on September 30 |
Use of estimates and judgments | B. Use of estimates and judgments The preparation of financial statements in conformity with IFRS requires management to exercise judgment when making assessments, estimates and assumptions 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 significant judgments made by management in applying the Company’s accounting policies and the principal assumptions used in the estimation of uncertainty were the same as those that applied to the annual financial statements. |
Initial application of new standards, amendments to standards and interpretations | C. Initial application of new standards, amendments to standards and interpretations Amendments to IFRS 9, Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures, Insurance Contracts Leases Interest Rate Benchmark Reform – Phase 2 The Amendments include practical expedients regarding the accounting treatment of modifications in contractual terms that are a result of the interest rate benchmark reform (a reform that in the future will lead to the replacement of interest rates such as the Libor and Euribor). Thus, for example: - When certain modifications are made in the terms of financial assets or financial liabilities as a result of the reform, the entity shall update the effective interest rate of the financial instrument instead of recognizing a gain or loss. - Certain modifications in lease terms that are a result of the reform shall be accounted for as an update to lease payments that depend on an index or rate. - Certain modifications in terms of the hedging instrument or hedged item that are a result of the reform shall not lead to the discontinuance of hedge accounting. The Amendments are applicable retrospectively as from January 1, 2021 by amending the opening balance of equity for the annual reporting period in which the amendment was adopted without a restatement of comparative data. Application of the Amendments did not have a material effect on the Company’s financial statements. |
New standards, amendments to standards and interpretations not yet adopted | D. New standards, amendments to standards and interpretations not yet adopted Amendment to IAS 16, Property, Plant and Equipment The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, the proceeds from selling the items and the cost of the sold items shall be recognized in profit or loss. The Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. Application of the Amendments is not expected to have a material effect on the Company's financial statements. |
Restricted Cash, Deposits and_2
Restricted Cash, Deposits and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |
Schedule of Restricted Cash, Deposits and Marketable Securities | June 30, December 31, 2021 2020 € in thousands Unaudited Audited Marketable securities (1) - 1,761 Short-term restricted cash (2) 4,216 - Short-term deposits (3) - 8,113 Long-term restricted non-interest bearing bank deposits (2) 617 2,138 Restricted cash, long-term bank deposits (2) 5,406 7,793 Long-term restricted cash and deposits 6,023 9,931 1. 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. The Company sold all of its Marketable securities in 2021. 2. Bank deposits used to secure obligations under loan agreements. 3. Bank deposits with annual interest rate as of December 31, 2020 of 0.27%. |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other receivables [abstract] | |
Disclosure Of Detailed Information About Trade And Other Receivables And Assets Explanatory | June 30, December 31, 2021 2020 € in thousands Unaudited Audited Current Assets: Trade and other receivables: Government authorities 1,723 3,232 Income receivable 3,707 3,420 Interest receivable 47 36 Current tax 47 32 Trade receivable 2,167 382 Inventory 322 306 Derivatives 42 78 Prepaid expenses and other 1,706 2,339 9,761 9,825 Non-current Assets: Long term receivables Prepaid expenses associated with long term loans (1) 829 2,731 Annual rent deposits 30 30 Other 2 1 861 2,762 (1) Prepaid commission expenses paid in connection with the Talasol Project’s project finance obtained from financing entities as at December 31, 2020 and Prepaid commission expenses paid in connection with the Manara Pumped Storage project finance obtained from financing entities as at June 30, 2021. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Composition of Derivatives | June 30, December 31, 2021 2020 € in thousands Unaudited Audited Derivatives presented under current assets Currency swap 42 12 Forward contracts - 66 42 78 Derivatives presented under non-current assets Financial power swap 1,592 10,238 Currency swap 684 - 2,276 10,238 Derivatives presented under current liabilities Swap contracts (1,336 ) (1,378 ) Financial power swap (1,195 ) - (2,531 ) (1,378 ) Derivatives presented under non-current liabilities Currency swap - (144 ) Swap contracts (6,297 ) (8,192 ) (6,297 ) (8,336 ) |
Schedule of Statement of Fair value of Other Financial Assets and Liabilities | June 30, 2021 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 93,476 95,992 - - Loans from banks and others (including current maturities) 218,413 - 220,045 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel. 311,889 95,992 220,045 - December 31, 2020 Fair value Carrying Valuation techniques for Inputs used to amount Level 1 Level 2 Level 3 determining fair value determine fair value € in thousands Non-current liabilities: Debentures 82,724 84,814 - - Loans from banks and others (including current maturities) 198,169 - 209,005 - Discounting future cash flows by the market interest rate on the date of measurement. Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel 280,893 84,814 209,005 - |
Schedule of Fair Values Hierarchy | June 30, 2021 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Swap contracts - (7,633 ) - (7,633 ) 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 - 726 - 726 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 - - 7,408 7,408 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 - - 397 397 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. December 31, 2020 Level 1 Level 2 Level 3 Total Valuation techniques for € in thousands determining fair value Marketable securities - 1,761 - 1,761 Market price Forward contracts - 66 - 66 Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Swap contracts - (9,570 ) - (9,570 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Currency swap - (132 ) - (132 ) Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. Dori Energy loan - - 8,745 8,745 The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. 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 - - 10,238 10,238 Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. |
Schedule of Reconciliation Financial Instruments Carried at Fair Value | Financial assets Dori Energy loan € in thousands Balance as at December 31, 2020 8,745 Repayment of loan to an equity accounted investee (2,259 ) Loan to an equity accounted investee 244 Total income recognized in profit or loss 125 Interest 450 Foreign Currency translation adjustments 103 Balance as at June 30, 2021 7,408 Financial assets Financial power swap € in thousands Balance as at December 31, 2020 10,238 Total loss is recognized in other comprehensive income (9,841 ) Balance as at June 30, 2021 397 |
Fixed assets (Tables)
Fixed assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Fixed Assets | Office Photovoltaic Pumped Biogas furniture and Leasehold Plants storage installations equipment Improvements Total € in thousands Cost Balance as at January 1, 2020 102,784 - 19,588 147 52 122,571 Additions 120,842 16,607 558 38 - 138,045 New companies - - 17,233 - - 17,233 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (5 ) - (5 ) Balance as at December 31, 2020 223,626 16,607 37,379 180 - 277,792 Balance as at January 1, 2021 223,626 16,607 37,379 180 - 277,792 Additions 17,896 36,864 620 2 - 55,382 Balance as at June 30, 2021 241,522 53,471 37,999 182 - 333,174 Depreciation Balance as at January 1, 2020 5,456 - 2,545 129 52 8,182 Depreciation for the year 830 - 1,457 12 - 2,299 New companies - - 3,272 - - 3,272 Disposals - - - - (52 ) (52 ) Effect of changes in exchange rates - - - (4 ) - (4 ) Balance as at December 31, 2020 6,286 - 7,274 137 - 13,697 Balance as at January 1, 2021 6,286 - 7,274 137 - 13,697 Depreciation for the period 5,028 - 1,459 7 - 6,494 Balance as at June 30, 2021 11,314 - 8,733 144 - 20,191 Carrying amounts As at December 31, 2020 217,340 16,607 30,105 43 - 264,095 As at June 30, 2021 230,208 53,471 29,266 38 - 312,983 |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of operating segments [abstract] | |
Schedule of Segment Assets Consist of Current Assets, Fixed Assets and Intangible Assets | PV Total Ellomay reportable Total Italy Spain Solar Talasol Israel Bio Gas Dorad Manara segments Reconciliations consolidated For the six months ended June 30, 2021 € in thousands Revenues - 1,534 - 11,202 2,130 6,129 22,940 - 43,935 (24,480 ) 19,455 Operating expenses - (423 ) - (1,988 ) (170 ) (4,925 ) (18,049 ) - (25,555 ) 18,049 (7,506 ) Depreciation expenses - (451 ) - (4,816 ) (1,151 ) (1,552 ) (2,685 ) - (10,655 ) 3,599 (7,056 ) Gross profit (loss) - 660 - 4,398 809 (348 ) 2,206 - 7,725 (2,832 ) 4,893 Project development costs (1,119 ) General and administrative expenses (2,572 ) Share of profits of equity accounted investee (772 ) Operating profit 430 Financing income 1,716 Financing expenses in connection with derivatives and warrants, net (109 ) Financing expenses, net (6,806 ) Interest expenses on minority shareholder loan (939 ) Loss before taxes on Income (5,708 ) Segment assets as at June 30, 2021 833 15,130 5,589 242,224 35,548 34,903 106,164 90,300 530,691 (34,904 ) 495,787 PV Total reportable Total Italy Spain Israel Talasol Bio Gas Dorad Manara segments Reconciliations consolidated For the six months ended June 30, 2020 € in thousands Revenues - 1,241 2,060 - 2,437 28,836 - 34,574 (30,360 ) 4,214 Operating expenses - (227 ) (154 ) - (1,765 ) (22,841 ) - (24,987 ) 22,841 (2,146 ) Depreciation expenses - (453 ) (1,174 ) (28 ) (726 ) (2,600 ) - (4,981 ) 3,534 (1,447 ) Gross profit (loss) - 561 732 (28 ) (54 ) 3,395 - 4,606 (3,985 ) 621 Project development costs (2,338 ) General and administrative expenses (2,204 ) Share of profits of equity accounted investee 850 Other income, net - Operating loss (3,071 ) Financing income 886 Financing income in connection with derivatives and warrants, net 1,099 Financing expenses, net (3,095 ) Loss before taxes on Income (4,181 ) Segment assets as at June 30, 2020 518 15,841 37,096 190,768 18,395 110,970 2,318 375,906 (14,280 ) 361,626 PV Total reportable Total Italy Spain Israel Talasol Biogas Dorad Manara segments Reconciliations consolidated For the year ended December 31, 2020 € in thousands Revenues - 2,577 4,089 - 6,002 57,495 - 70,163 (60,518 ) 9,645 Operating expenses - (463 ) (379 ) - (4,109 ) (44,489 ) - (49,440 ) 44,489 (4,951 ) Depreciation and amortization expenses - (905 ) (2,310 ) - (1,457 ) (5,674 ) - (10,346 ) 7,371 (2,975 ) Gross profit (loss) - 1,209 1,400 - 436 7,332 - 10,377 (8,658 ) 1,719 Project development costs (3,491 ) General and administrative expenses (4,512 ) Share of profits (loss) of equity accounted investee 1,525 Other income, net 2,100 Capital gain (loss) - Operating profit (loss) (2,659 ) Financing income 2,134 Financing income (expenses) in connection with derivatives, net 1,094 Financing expenses, net (6,862 ) Profit (loss) before taxes on Income (6,293 ) Segment assets as at December 31, 2020 503 17,574 36,521 232,955 36,253 109,983 21,925 455,714 4,458 460,172 |
Leases (Table)
Leases (Table) | 6 Months Ended |
Jun. 30, 2021 | |
Presentation of leases for lessee [abstract] | |
Disclosure of quantitative information about right-of-use assets [text block] | Gelderland Manara Spain Ellomay Solar Talasol Talmei Yosef Total € in thousands Cost Balance as at January 1, 2021 355 - 1,235 1,789 12,686 1,672 17,737 Additions - 10,666 - - - - 10,666 Disposals - - - - (4,526 ) (17 ) (4,543 ) Effect of changes in exchange rates - 100 - - - 25 125 Balance as at June 30, 2021 355 10,766 1,235 1,789 8,160 1,680 23,985 Depreciation Balance as at January 1, 2021 - - 150 - 169 209 528 Depreciation for the period 93 106 37 22 202 53 513 Additions - - - - - - - Disposals - - - - - - - Balance as at June 30, 2021 93 106 187 22 371 262 1,041 Carrying amounts As at December 31, 2020 355 - 1,085 1,789 12,517 1,463 17,209 As at June 30, 2021 262 10,660 1,048 1,767 7,789 1,418 22,944 |
Disclosure of maturity analysis of operating lease payments [text block] | June 30, 2021 € in thousands Less than one year 8,288 One to five years 2,584 More than five years 12,940 Total 23,812 Current maturities of lease liability 8,288 Long-term lease liability 15,524 |
General (Details)
General (Details) € / shares in Units, ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2021EUR (€)€ / shares | Feb. 28, 2021ILS (₪) | Feb. 23, 2021EUR (€)€ / shares | Feb. 23, 2021ILS (₪) | Feb. 28, 2021EUR (€)€ / shares | Feb. 28, 2021ILS (₪) | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | Feb. 28, 2021ILS (₪)₪ / shares | Feb. 28, 2021USD ($) | Feb. 23, 2021ILS (₪)₪ / shares | ||
Disclosure of associates [line items] | ||||||||||||||
Gross proceeds from the offering | € 3,635 | ₪ 14,300 | € 13,188 | € 21,275 | ||||||||||
Shares issued price per share | (per share) | € 20.3 | € 20.3 | ₪ 80 | |||||||||||
Aggregate repayment amount | € 30,730 | $ 36,525 | [1] | € 26,923 | € 26,923 | |||||||||
Aggregate issuance of ordinary shares | $ | $ 178,750 | |||||||||||||
Series C Debentures [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Aggregate principal amount | € 25,442 | ₪ 100,939 | ||||||||||||
Gross proceeds from the offering | ₪ 102,400 | |||||||||||||
Issuance expenses | 25,622 | 101,500 | ||||||||||||
Series D Debentures [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Aggregate principal amount | 15,627 | ₪ 62,000 | ||||||||||||
Gross proceeds from the offering | 62,600 | |||||||||||||
Issuance expenses | € 15,577 | ₪ 61,800 | ||||||||||||
Interest rate | 1.20% | 1.20% | ||||||||||||
Shares issued price per share | ₪ / shares | ₪ 10 | |||||||||||||
Conversion Price | (per share) | € 42.6 | ₪ 165 | ||||||||||||
Series B Debentures [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Aggregate principal amount | € 21,500 | € 21,500 | $ 86,300 | |||||||||||
Accrued interest | 160 | 160 | ₪ 700 | |||||||||||
Amount of prepayment charge | 860 | € 860 | ₪ 3,400 | |||||||||||
Aggregate repayment amount | € 22,500 | ₪ 90,400 | ||||||||||||
Groen Gas Goor B V [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Green gas production capacity per year | 3 million | 3 million | ||||||||||||
Groen Gas Oude Tonge B V [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Green gas production capacity per year | 3.8 million | 3.8 million | ||||||||||||
Groen Gas Gelderland B V [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Green gas production capacity per year | 9.5 million | 9.5 million | ||||||||||||
Groen Gas Gelderland B V [Member] | Licenses [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Green gas production capacity per year | 7.5 million | 7.5 million | ||||||||||||
Dorad Energy Ltd [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Proportion of ownership interest | 9.375% | 9.375% | ||||||||||||
Talasol Solar S.L.U [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Proportion of ownership interest | 51.00% | 51.00% | ||||||||||||
Ellomay Pumped Storage (2014) Ltd. [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Proportion of ownership interest | 83.333% | 83.333% | ||||||||||||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Restricted Cash, Deposits and_3
Restricted Cash, Deposits and Marketable Securities (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Short-term deposits interest rate | 0.27% | |
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) € in Thousands, $ in Thousands | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [2] | Dec. 31, 2020EUR (€) | |||
Disclosure of Restricted cash deposits and marketable securities [Abstract] | |||||||
Marketable securities | € 0 | [1] | $ 0 | € 1,761 | [1] | ||
Short-term restricted cash | 4,216 | [3] | 5,011 | 0 | [3] | ||
Short-term deposits | 0 | [4] | 0 | 8,113 | [4] | ||
Long-term restricted non-interest bearing bank deposits | [3] | 617 | 2,138 | ||||
Restricted cash, long-term bank deposits | [3] | 5,406 | 7,793 | ||||
Long-term restricted cash and deposits | € 6,023 | $ 7,159 | € 9,931 | ||||
[1] | 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. The Company sold all of its Marketable securities in 2021. | ||||||
[2] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) | ||||||
[3] | Bank deposits used to secure obligations under loan agreements. | ||||||
[4] | Bank deposits with annual interest rate as of December 31, 2020 of 0.27%. |
Trade and Other Receivables (Sc
Trade and Other Receivables (Schedule of Trade and Other Receivables) (Details) € in Thousands, $ in Thousands | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) |
Trade and other receivables: | ||||
Government authorities | € 1,723 | € 3,232 | ||
Income receivable | 3,707 | 3,420 | ||
Interest receivable | 47 | 36 | ||
Current tax | 47 | 32 | ||
Trade receivable | 2,167 | 382 | ||
Inventory | 322 | 306 | ||
Derivatives | 42 | 78 | ||
Prepaid expenses and other | 1,706 | 2,339 | ||
Total Current Assets and other receivables | 9,761 | $ 11,602 | 9,825 | |
Long term receivables | ||||
Prepaid expenses associated with long term loans | 829 | 2,731 | ||
Annual rent deposits | 30 | 30 | ||
Other | 2 | 1 | ||
Total Non current Assets and Long term receivables | € 861 | € 2,762 | ||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Investee Companies and Other _2
Investee Companies and Other Investments (Narrative) (Details) - 6 months ended Jun. 30, 2021 € in Thousands, ₪ in Thousands | EUR (€) | ILS (₪) |
Disclosure of associates [line items] | ||
Amount financial agreement guarantees by direct share | € 43,873 | ₪ 170,000 |
Amount financial agreement guarantees by indirect share | € 4,129 | ₪ 16,000 |
Dorad Energy Ltd [Member] | ||
Disclosure of associates [line items] | ||
Percentage of share capital holds | 18.75% | 18.75% |
License expiration date | May 2034 | May 2034 |
Investee Companies and Other _3
Investee Companies and Other Investments (Pumped Storage Projects) (Narrative) (Details) € in Thousands, ₪ in Thousands | Feb. 11, 2021EUR (€) | Apr. 30, 2021EUR (€) | Feb. 11, 2021EUR (€) | Jan. 31, 2021 | Jun. 30, 2021EUR (€) | Jun. 30, 2021ILS (₪) | Dec. 31, 2020 | Jun. 30, 2021ILS (₪) | Feb. 11, 2021ILS (₪) |
Manara Pumped Storage Project [Member] | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Period of conditional tariff approval received | 20 years | ||||||||
Expected construction period | 62 months 15 days | 62 months 15 days | |||||||
Borrowings | € 305,000 | € 305,000 | € 56,830 | ₪ 220,209 | ₪ 1,180,000 | ||||
Percentage of subsidiary owned | 83.333% | 75.00% | |||||||
Amount Of Outstanding | € 7,616 | 39,293 | ₪ 153,741 | ||||||
Transaction Reserve With Non Controlling Interests | € 961 | € 8,682 | |||||||
Manara Pumped Storage Project [Member] | Tranches One [Member] | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Interest rate | 3.25% | 3.25% | 3.25% | ||||||
Interest rate under construction period | 2.40% | ||||||||
Loan maturity | 19.5 | ||||||||
Manara Pumped Storage Project [Member] | Tranches Two [Member] | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Interest rate | 4.35% | 4.35% | 4.35% | ||||||
Interest rate under construction period | 3.90% | ||||||||
Loan maturity | 12 | ||||||||
Sheva Mizrakot [Member] | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Percentage of subsidiary owned | 33.00% |
Financial Instruments (Schedule
Financial Instruments (Schedule of Composition of Derivatives) (Details) € in Thousands, $ in Thousands | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) |
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | € 42 | € 78 | ||
Derivatives presented under non-current assets | 2,276 | $ 2,705 | 10,238 | |
Derivatives presented under current liabilities | (2,531) | (1,378) | ||
Derivatives presented under non-current liabilities | (6,297) | $ (7,485) | (8,336) | |
Financial power swap [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under non-current assets | 1,592 | 10,238 | ||
Derivatives presented under current liabilities | (1,195) | 0 | ||
Currency swap [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | 42 | 12 | ||
Derivatives presented under non-current assets | 684 | 0 | ||
Derivatives presented under non-current liabilities | 0 | (144) | ||
Forward contracts [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current assets | 0 | 66 | ||
Swap contracts [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivatives presented under current liabilities | (1,336) | (1,378) | ||
Derivatives presented under non-current liabilities | € (6,297) | € (8,192) | ||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Financial Instruments (Schedu_2
Financial Instruments (Schedule of Statement of Fair value of Other Financial Assets and Liabilities) (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Level 1 [Member] | ||
Non-current liabilities: | ||
Debentures | € 95,992 | € 84,814 |
Loans from banks and others (including current maturities) | 0 | 0 |
Total fair value of other financial liabilities | 95,992 | 84,814 |
Level 2 [Member] | ||
Non-current liabilities: | ||
Debentures | 0 | 0 |
Loans from banks and others (including current maturities) | 220,045 | 209,005 |
Total fair value of other financial liabilities | 220,045 | 209,005 |
Level 3 [Member] | ||
Non-current liabilities: | ||
Debentures | 0 | 0 |
Loans from banks and others (including current maturities) | 0 | 0 |
Total fair value of other financial liabilities | 0 | 0 |
Carrying Value [Member] | ||
Non-current liabilities: | ||
Debentures | 93,476 | 82,724 |
Loans from banks and others (including current maturities) | 218,413 | 198,169 |
Total fair value of other financial liabilities | € 311,889 | € 280,893 |
Loans from banks and others [Member] | ||
Non-current liabilities: | ||
Valuation techniques for determining fair value | Discounting future cash flows by the market interest rate on the date of measurement. | Discounting future cash flows by the market interest rate on the date of measurement. |
Inputs used to determine fair value | Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel. | Discount rate of Euribor+ 1.76%- 2.75% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.9%-3.55% and 4.65% Linkage to Consumer price index in Israel |
Financial Instruments (Schedu_3
Financial Instruments (Schedule of Fair Values Hierarchy) (Details) - EUR (€) € in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets [line items] | ||
Marketable securities | € 1,761 | |
Forward Contracts | 66 | |
Swap contracts | € (7,633) | (9,570) |
Currency swap | 726 | (132) |
Dori Energy loan | 7,408 | 8,745 |
Financial power swap | € 397 | € 10,238 |
Marketable securities [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | Market price | |
Swap contracts [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 Energy loan [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%. |
Financial power swap [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks. |
Forward contracts [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Valuation techniques for determining fair value | Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. | |
Level 1 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Marketable securities | € 0 | |
Forward Contracts | 0 | |
Swap contracts | € 0 | 0 |
Currency swap | 0 | 0 |
Dori Energy loan | 0 | 0 |
Financial power swap | 0 | 0 |
Level 2 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Marketable securities | 1,761 | |
Forward Contracts | 66 | |
Swap contracts | (7,633) | (9,570) |
Currency swap | 726 | (132) |
Dori Energy loan | 0 | 0 |
Financial power swap | 0 | 0 |
Level 3 [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Marketable securities | 0 | |
Forward Contracts | 0 | |
Swap contracts | 0 | 0 |
Currency swap | 0 | 0 |
Dori Energy loan | 7,408 | 8,745 |
Financial power swap | € 397 | € 10,238 |
Financial Instruments (Schedu_4
Financial Instruments (Schedule of Reconciliation Financial Instruments Carried at Fair Value) (Details) - Level 3 [Member] € in Thousands | 6 Months Ended |
Jun. 30, 2021EUR (€) | |
Dori Energy Loan [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | € 8,745 |
Repayment of loan to an equity accounted investee | (2,259) |
Loan to an equity accounted investee | 244 |
Total income (loss) recognized in profit or loss | 125 |
Interest | 450 |
Foreign Currency translation adjustments | 103 |
Balance as at Ending | 7,408 |
Financial power swap [Member] | |
Disclosure of fair value measurement of assets [line items] | |
Balance as at Beginning | 10,238 |
Total income (loss) recognized in profit or loss | (9,841) |
Balance as at Ending | € 397 |
Fixed assets (Schedule of Fixed
Fixed assets (Schedule of Fixed Assets) (Details) € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | € 264,095 | |||
Balance | 312,983 | $ 372,008 | € 264,095 | |
Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 217,340 | |||
Balance | 230,208 | 217,340 | ||
Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 16,607 | |||
Balance | 53,471 | 16,607 | ||
Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 30,105 | |||
Balance | 29,266 | 30,105 | ||
Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 43 | |||
Balance | 38 | 43 | ||
Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | |||
Balance | 0 | 0 | ||
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 277,792 | 122,571 | ||
Additions | 55,382 | 138,045 | ||
New Companies | 17,233 | |||
Disposals | (52) | |||
Effect of changes in exchange rates | (5) | |||
Balance | 333,174 | 277,792 | ||
Cost [member] | Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 223,626 | 102,784 | ||
Additions | 17,896 | 120,842 | ||
New Companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 241,522 | 223,626 | ||
Cost [member] | Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 16,607 | 0 | ||
Additions | 36,864 | 16,607 | ||
New Companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 53,471 | 16,607 | ||
Cost [member] | Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 37,379 | 19,588 | ||
Additions | 620 | 558 | ||
New Companies | 17,233 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 37,999 | 37,379 | ||
Cost [member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 180 | 147 | ||
Additions | 2 | 38 | ||
New Companies | 0 | |||
Disposals | 0 | |||
Effect of changes in exchange rates | (5) | |||
Balance | 182 | 180 | ||
Cost [member] | Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 52 | ||
Additions | 0 | 0 | ||
New Companies | 0 | |||
Disposals | (52) | |||
Effect of changes in exchange rates | 0 | |||
Balance | 0 | 0 | ||
Depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 13,697 | 8,182 | ||
New Companies | 3,272 | |||
Depreciation for the year | 6,494 | 2,299 | ||
Disposals | (52) | |||
Effect of changes in exchange rates | (4) | |||
Balance | 20,191 | 13,697 | ||
Depreciation [Member] | Photovoltaic Plants [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 6,286 | 5,456 | ||
New Companies | 0 | |||
Depreciation for the year | 5,028 | 830 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 11,314 | 6,286 | ||
Depreciation [Member] | Pumped storage [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 0 | ||
Depreciation for the year | 0 | 0 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 0 | 0 | ||
Depreciation [Member] | Biogas installation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 7,274 | 2,545 | ||
New Companies | 3,272 | |||
Depreciation for the year | 1,459 | 1,457 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | 0 | |||
Balance | 8,733 | 7,274 | ||
Depreciation [Member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 137 | 129 | ||
Depreciation for the year | 7 | 12 | ||
Disposals | 0 | |||
Effect of changes in exchange rates | (4) | |||
Balance | 144 | 137 | ||
Depreciation [Member] | Leasehold Improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance | 0 | 52 | ||
Depreciation for the year | 0 | 0 | ||
Disposals | (52) | |||
Effect of changes in exchange rates | 0 | |||
Balance | € 0 | € 0 | ||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Assets Consist of Current Assets, Fixed Assets and Intangible Assets) (Details) € in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | Jun. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | ||
Statement [Line Items] | |||||
Revenues | € 19,455 | $ 23,124 | [1] | € 4,214 | € 9,645 |
Operating expenses | (7,506) | (8,922) | [1] | (2,146) | (4,951) |
Depreciation expenses | (7,056) | (8,387) | [1] | (1,447) | (2,975) |
Gross profit (loss) | 4,893 | 5,815 | [1] | 621 | 1,719 |
Project development costs | (1,119) | (1,330) | [1] | (2,338) | (3,491) |
General and administrative expenses | (2,572) | (3,057) | [1] | (2,204) | (4,512) |
Share of profits (losses) of equity accounted investee | (772) | (918) | [1] | 850 | 1,525 |
Other income, net | 0 | 0 | [1] | 0 | 2,100 |
Capital gain (loss) | 0 | ||||
Operating profit (Loss) | 430 | 510 | [1] | (3,071) | (2,659) |
Financing income | 1,716 | 2,040 | 886 | 2,134 | |
Financing income (expenses) in connection with derivatives and warrants, net | (109) | 1,099 | 1,094 | ||
Profit (loss) before taxes on Income | (5,708) | (6,786) | [1] | (4,181) | (6,293) |
Financing expenses, net | (6,806) | (8,090) | [1] | (3,095) | (6,862) |
Interest expenses on minority shareholder loan | (939) | (1,116) | 0 | 0 | |
Segment assets | 495,788 | $ 589,287 | [1] | 361,626 | 460,172 |
Italy [Member] | |||||
Statement [Line Items] | |||||
Revenues | 0 | 0 | 0 | ||
Operating expenses | 0 | 0 | 0 | ||
Depreciation expenses | 0 | 0 | 0 | ||
Gross profit (loss) | 0 | 0 | 0 | ||
Segment assets | 833 | 518 | 503 | ||
Spain [Member] | |||||
Statement [Line Items] | |||||
Revenues | 1,534 | 1,241 | 2,577 | ||
Operating expenses | (423) | (227) | (463) | ||
Depreciation expenses | (451) | (453) | (905) | ||
Gross profit (loss) | 660 | 561 | 1,209 | ||
Segment assets | 15,130 | 15,841 | 17,574 | ||
PV Ellomay Solar [Member] | |||||
Statement [Line Items] | |||||
Revenues | 0 | ||||
Operating expenses | 0 | ||||
Depreciation expenses | 0 | ||||
Gross profit (loss) | 0 | ||||
Segment assets | 5,589 | ||||
Talasol [Member] | |||||
Statement [Line Items] | |||||
Revenues | 11,202 | 0 | 0 | ||
Operating expenses | (1,988) | 0 | 0 | ||
Depreciation expenses | (4,816) | (28) | 0 | ||
Gross profit (loss) | 4,398 | (28) | 0 | ||
Segment assets | 242,224 | 190,768 | 232,955 | ||
Israel [Member] | |||||
Statement [Line Items] | |||||
Revenues | 2,130 | 2,060 | 4,089 | ||
Operating expenses | (170) | (154) | (379) | ||
Depreciation expenses | (1,151) | (1,174) | (2,310) | ||
Gross profit (loss) | 809 | 732 | 1,400 | ||
Segment assets | 35,548 | 37,096 | 36,521 | ||
Bio Gas [Member] | |||||
Statement [Line Items] | |||||
Revenues | 6,129 | 2,437 | 6,002 | ||
Operating expenses | (4,925) | (1,765) | (4,109) | ||
Depreciation expenses | (1,552) | (726) | (1,457) | ||
Gross profit (loss) | (348) | (54) | 436 | ||
Segment assets | 34,903 | 18,395 | 36,253 | ||
Dorad [Member] | |||||
Statement [Line Items] | |||||
Revenues | 22,940 | 28,836 | 57,495 | ||
Operating expenses | (18,049) | (22,841) | (44,489) | ||
Depreciation expenses | (2,685) | (2,600) | (5,674) | ||
Gross profit (loss) | 2,206 | 3,395 | 7,332 | ||
Segment assets | 106,164 | 110,970 | 109,983 | ||
Manara [Member] | |||||
Statement [Line Items] | |||||
Revenues | 0 | 0 | 0 | ||
Operating expenses | 0 | 0 | 0 | ||
Depreciation expenses | 0 | 0 | 0 | ||
Gross profit (loss) | 0 | 0 | 0 | ||
Segment assets | 90,300 | 2,318 | 21,925 | ||
Total reportable segments [Member] | |||||
Statement [Line Items] | |||||
Revenues | 43,935 | 34,574 | 70,163 | ||
Operating expenses | (25,555) | (24,987) | (49,440) | ||
Depreciation expenses | (10,655) | (4,981) | (10,346) | ||
Gross profit (loss) | 7,725 | 4,606 | 10,377 | ||
Segment assets | 530,691 | 375,906 | 455,714 | ||
Reconciliations [Member] | |||||
Statement [Line Items] | |||||
Revenues | (24,480) | (30,360) | (60,518) | ||
Operating expenses | 18,049 | 22,841 | 44,489 | ||
Depreciation expenses | 3,599 | 3,534 | 7,371 | ||
Gross profit (loss) | (2,832) | (3,985) | (8,658) | ||
Segment assets | € (34,904) | € (14,280) | € 4,458 | ||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Leases (Schedule of Right-of-us
Leases (Schedule of Right-of-use Assets) (Details) - 6 months ended Jun. 30, 2021 € in Thousands, $ in Thousands | EUR (€) | USD ($) | [1] |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | € 17,209 | ||
Ending balance | 22,944 | $ 27,271 | |
Gelderland [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 355 | ||
Ending balance | 262 | ||
Manara [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 0 | ||
Ending balance | 10,660 | ||
Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,085 | ||
Ending balance | 1,048 | ||
Solar Spain 1 [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,789 | ||
Ending balance | 1,767 | ||
Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 12,517 | ||
Ending balance | 7,789 | ||
Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,463 | ||
Ending balance | 1,418 | ||
Cost [member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 17,737 | ||
Additions | 10,666 | ||
Disposals | (4,543) | ||
Effect of changes in exchange rates | 125 | ||
Ending balance | 23,985 | ||
Cost [member] | Gelderland [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 355 | ||
Additions | 0 | ||
Disposals | 0 | ||
Effect of changes in exchange rates | 0 | ||
Ending balance | 355 | ||
Cost [member] | Manara [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 0 | ||
Additions | 10,666 | ||
Disposals | 0 | ||
Effect of changes in exchange rates | 100 | ||
Ending balance | 10,766 | ||
Cost [member] | Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,235 | ||
Additions | 0 | ||
Disposals | 0 | ||
Effect of changes in exchange rates | 0 | ||
Ending balance | 1,235 | ||
Cost [member] | Solar Spain 1 [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,789 | ||
Additions | 0 | ||
Disposals | 0 | ||
Effect of changes in exchange rates | 0 | ||
Ending balance | 1,789 | ||
Cost [member] | Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 12,686 | ||
Additions | 0 | ||
Disposals | (4,526) | ||
Effect of changes in exchange rates | 0 | ||
Ending balance | 8,160 | ||
Cost [member] | Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 1,672 | ||
Additions | 0 | ||
Disposals | (17) | ||
Effect of changes in exchange rates | 25 | ||
Ending balance | 1,680 | ||
Depreciation [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 528 | ||
Depreciation for the period | 513 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 1,041 | ||
Depreciation [Member] | Gelderland [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 0 | ||
Depreciation for the period | 93 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 93 | ||
Depreciation [Member] | Manara [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 0 | ||
Depreciation for the period | 106 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 106 | ||
Depreciation [Member] | Spain [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 150 | ||
Depreciation for the period | 37 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 187 | ||
Depreciation [Member] | Solar Spain 1 [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 0 | ||
Depreciation for the period | 22 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 22 | ||
Depreciation [Member] | Talasol [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 169 | ||
Depreciation for the period | 202 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | 371 | ||
Depreciation [Member] | Talmei Yosef [Member] | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Beginning balance | 209 | ||
Depreciation for the period | 53 | ||
Additions | 0 | ||
Disposals | 0 | ||
Ending balance | € 262 | ||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |
Leases (Schedule of Maturity An
Leases (Schedule of Maturity Analysis of Company's Lease Liabilities) (Details) € in Thousands, $ in Thousands | Jun. 30, 2021EUR (€) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) | |
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Lease Liability | € 23,812 | ||||
Current maturities of lease liability | 8,288 | $ 9,851 | € 490 | [2] | |
Long-term lease liability | 15,524 | $ 18,452 | € 17,299 | ||
Less than one year [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Lease Liability | 8,288 | ||||
Current maturities of lease liability | 8,288 | ||||
Long-term lease liability | 15,524 | ||||
One to five years [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Lease Liability | 2,584 | ||||
More than five years [Member] | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Lease Liability | € 12,940 | ||||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) | ||||
[2] | Reclassified |
Leases (Narrative) (Details)
Leases (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021EUR (€) | Jun. 30, 2021EUR (€) | Jun. 30, 2021ILS (₪) | Jun. 30, 2021USD ($) | [1] | Dec. 31, 2020EUR (€) | |
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Lease Liability | € 23,812 | |||||
Right-of-use asset | € 22,944 | $ 27,271 | € 17,209 | |||
Pumped storage [Member] | ||||||
Disclosure of maturity analysis of operating lease payments [line items] | ||||||
Operating lease agreements (Years) | 25 | 25 | ||||
Lease Liability | € 10,629 | |||||
Right-of-use asset | 10,629 | |||||
Amount of outstanding | € 7,616 | € 39,293 | ₪ 153,741 | |||
[1] | Convenience translation into US$ (exchange rate as at June 30, 2021: EUR 1 = US$ 1.189) |