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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2020
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Composition of Derivatives |
|  | June 30, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
|  | € in thousands |
|  | Unaudited |  |  | Audited |
Derivatives presented under current assets |  |  |  |  |  |
Currency swap |  |  | 43 |  |  |  | 94 |
Derivatives presented under non-current assets |  |  |  |  |  |  |  |
Financial power swap |  |  | - |  |  |  | 4,967 |
Currency swap |  |  | 209 |  |  |  | 103 |
Forward contracts |  |  | - |  |  |  | 92 |
|  |  | 209 |  |  |  | 5,162 |
Derivatives presented under current liabilities |  |  |  |  |  |  |  |
Swap contracts |  |  | (1,025 | ) |  |  | (766 | )
Derivatives presented under non-current liabilities |  |  |  |  |  |  |  |
Forward contracts |  |  | - |  |  |  | (344 | )
Financial power swap |  |  | (5,432 | ) |  |  | - |
Swap contracts |  |  | (8,720 | ) |  |  | (6,919 | )
|  |  | (14,152 | ) |  |  | (7,263 | )
Schedule of Statement of Fair value of Other Financial Assets and Liabilities | 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, 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 |  |  | 44,679 |  |  |  | 43,542 |  |  |  | - |  |  |  | - |  |  |  |
Loans from banks and others (including current maturities) |  |  | 164,692 |  |  |  | - |  |  |  | 165,104 |  |  |  | - |  | Future cash flows by the market interest rate on the date of measurement. |  | Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1%, annual interest of Euribor with a margin (expected to be 1.76%), annual interest of 6 month Euribor with margin of 2%- 2.75% and 4.65% Linkage to Consumer Price Index in Israel.
|  |  | 209,371 |  |  |  | 43,542 |  |  |  | 165,104 |  |  |  | - |  |  |  |
|  | December 31, 2019
|  |  |  |  | Fair value |  |  |  |
|  | Carrying |  |  |  |  |  |  |  |  |  |  | Valuation techniques for |  | Inputs used to
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  | determining fair value |  | determine fair value
|  | € in thousands |  |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  |  | 71,584 |  |  |  | 73,211 |  |  |  | - |  |  |  | - |  |  |  |
Loans from banks and others (including current maturities) |  |  | 93,320 |  |  |  | - |  |  |  | 94,677 |  |  |  | - |  | Discounting future cash flows by the market interest rate on the date of measurement. |  | Discount rate of Euribor+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel.
|  |  | 164,904 |  |  |  | 73,211 |  |  |  | 94,677 |  |  |  | - |  |  |  |
Schedule of Fair Values Hierarchy |
|  | June 30, 2020
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Marketable securities |  |  | - |  |  |  | 2,226 |  |  |  | - |  |  |  | 2,226 |  | Market price
Swap contracts |  |  | - |  |  |  | (9,745 | ) |  |  | - |  |  |  | (9,745 | ) | 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 |  |  | - |  |  |  | 252 |  |  |  | - |  |  |  | 252 |  | 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 |  |  | - |  |  |  | - |  |  |  | 8,678 |  |  |  | 8,678 |  | 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 6.4% 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 |  |  | - |  |  |  | - |  |  |  | (5,432 | ) |  |  | (5,432 | ) | 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, 2020.
|  | December 31, 2019
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Income receivable in connection with the A.R.Z. electricity pumped storage project |  |  | - |  |  |  | - |  |  |  | 1,418 |  |  |  | 1,418 |  | The fair value of the income receivable in connection with the A.R.Z. electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Marketable securities |  |  | - |  |  |  | 2,242 |  |  |  | - |  |  |  | 2,242 |  | Market price
Forward contracts |  |  | - |  |  |  | (252 | ) |  |  | - |  |  |  | (252 | ) | Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Swap contracts |  |  | - |  |  |  | (7,685 | ) |  |  | - |  |  |  | (7,685 | ) | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Currency swap |  |  | - |  |  |  | 197 |  |  |  | - |  |  |  | 197 |  | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Dori Energy loan |  |  | - |  |  |  | - |  |  |  | 10,595 |  |  |  | 10,595 |  | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%.
Financial power swap |  |  | - |  |  |  | - |  |  |  | 4,967 |  |  |  | 4,967 |  | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks.
Schedule of Reconciliation 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 |
|  | Income receivable in connection with the A.R.Z. electricity |
|  | pumped storage project |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 1,418 |
Compensation as per agreement with Erez Electricity Ltd. |  |  | (1,418 | )
Balance as at June 30, 2020 |  |  | - |
|  | Financial assets |
|  | Dori Energy loan |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 10,595 |
Repayment of loan to an equity accounted investee |  |  | (2,505 | )
Total income recognized in profit or loss |  |  | 386 |
Interest |  |  | 294 |
Foreign Currency translation adjustments |  |  | (92 | )
Balance as at June 30, 2020 |  |  | 8,678 |
|  | Financial assets |
|  | Financial power swap |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 4,967 |
Total loss is recognized in other comprehensive income |  |  | (10,399 | )
Balance as at June 30, 2020 |  |  | (5,432 | )

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