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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Composition of Derivatives | In order to manage these risks and as described hereunder, the Company executes transactions in derivative financial instruments. Presented hereunder is the composition of the derivatives:
|  | For the year ended December |
|  | 2020 |  |  | 2019 |
|  | € in thousands |
Derivatives presented under current assets |  |  |  |  |  |
Currency swap |  |  | 12 |  |  |  | 94 |
Forward contracts |  |  | 66 |  |  |  | - |
|  |  | 78 |  |  |  | 94 |
Derivatives presented under non-current assets |  |  |  |  |  |  |  |
Financial power swap |  |  | 10,238 |  |  |  | 4,967 |
Currency swap |  |  | - |  |  |  | 103 |
Forward contracts |  |  | - |  |  |  | 92 |
|  |  | 10,238 |  |  |  | 5,162 |
Derivatives presented under current liabilities |  |  |  |  |  |  |  |
Swap contracts |  |  | (1,378 | ) |  |  | (766 | )
Derivatives presented under non-current liabilities |  |  |  |  |  |  |  |
Forward contracts |  |  | - |  |  |  | (344 | )
Currency swap |  |  | (144 | ) |  |  | - |
Swap contracts |  |  | (8,192 | ) |  |  | (6,919 | )
|  |  | (8,336 | ) |  |  | (7,263 | )
Schedule of Forward and SWAP Contracts | The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions:
| December 31, 2020 |
| Currency/ |  | Currency/ |  |  |  |  |
| linkage/interest rate |  | Linkage/interest rate |  |  |  | Fair value - € in |
| receivable |  | Payable |  | Date of expiration |  | thousand |
Euro 17.6 million interest swap transaction for a period of 18 years, semi-annually. | Euribor 6 months |  | Fixed 1% |  | December 20, 2037 |  | (1,199 | )
The principal of the interest rate swap transaction is based on a pre-determined sculptured repayment schedule in the maximum amount of Euro 131 million for a period of 12 years, semi-annually. | Euribor 6 months |  | Fixed 0.9412% |  | September 30, 2031 |  | (8,371 | )
Forward Euro/NIS contracts with an aggregate Euro denominated principal of Euro 8 million. | weighted average rate of approximately 4.03 |  | January 2021 |  | 66 |
NIS 83.2 million currency swap transaction Euro/NIS for a period of 7 years, semi-annually. | NIS |  | Euro |  | June 2024 |  | (132 | )
Financial power swap- Electricity price swap fixed for float | Electricity price in Spain |  | Fixed price |  | September 30, 2030 |  | 10,238 |
Schedule of Contractual Maturities of Financial Liabilities | The following are the contractual maturities of financial liabilities at undiscounted amounts and based on the spot rates at the reporting date, including estimated interest payments. This disclosure excludes the impact of netting agreements:
|  | December 31, 2020 |
|  | Carrying |  |  | Contractual |  |  | Less than |  |  |  |  |  |  |  |  | More than |
|  | amount |  |  | cash flows |  |  | 1 year |  |  | 2 years |  |  | 3-5 years |  |  | 5 years |
|  | € in thousands |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long term loans, including current maturities |  |  | 198,169 |  |  |  | 263,112 |  |  |  | 20,896 |  |  |  | 34,645 |  |  |  | 32,594 |  |  |  | 174,977 |
Debentures |  |  | 82,724 |  |  |  | 91,431 |  |  |  | 13,502 |  |  |  | 33,368 |  |  |  | 44,561 |  |  |  | - |
Lease liabilities |  |  | 17,789 |  |  |  | 28,910 |  |  |  | 1,051 |  |  |  | 1,941 |  |  |  | 1,799 |  |  |  | 24,119 |
Trade payables and other accounts payable |  |  | 13,706 |  |  |  | 13,706 |  |  |  | 13,706 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 312,388 |  |  |  | 397,159 |  |  |  | 49,155 |  |  |  | 69,954 |  |  |  | 78,954 |  |  |  | 199,096 |
Derivative finance liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Currency swap |  |  | 132 |  |  |  | 132 |  |  |  | (12 | ) |  |  | 63 |  |  |  | 81 |  |  |  | - |
Swap contracts |  |  | 9,570 |  |  |  | 9,570 |  |  |  | 1,378 |  |  |  | 2,490 |  |  |  | 2,109 |  |  |  | 3,593 |
|  |  | 9,702 |  |  |  | 9,702 |  |  |  | 1,366 |  |  |  | 2,553 |  |  |  | 2,190 |  |  |  | 3,593 |
|  | December 31, 2019 |
|  | Carrying |  |  | Contractual |  |  | Less than |  |  |  |  |  |  |  |  | More than |
|  | amount |  |  | cash flows |  |  | 1 year |  |  | 2 years |  |  | 3-5 years |  |  | 5 years |
|  | € in thousands |
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long term loans, including current maturities |  |  | 93,320 |  |  |  | 100,415 |  |  |  | 5,075 |  |  |  | 9,041 |  |  |  | 19,154 |  |  |  | 67,145 |
Debentures |  |  | 71,584 |  |  |  | 78,235 |  |  |  | 28,718 |  |  |  | 8,615 |  |  |  | 33,899 |  |  |  | 7,003 |
Lease liabilities |  |  | 15,627 |  |  |  | 25,859 |  |  |  | 462 |  |  |  | 806 |  |  |  | 2,417 |  |  |  | 22,174 |
Trade payables and other accounts payable |  |  | 2,928 |  |  |  | 2,928 |  |  |  | 2,928 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 183,459 |  |  |  | 207,437 |  |  |  | 37,183 |  |  |  | 18,462 |  |  |  | 55,470 |  |  |  | 96,322 |
Derivative finance liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward contracts |  |  | 252 |  |  |  | 252 |  |  |  | - |  |  |  | 252 |  |  |  | - |  |  |  | - |
Swap contracts |  |  | 7,685 |  |  |  | 7,685 |  |  |  | 766 |  |  |  | 2,682 |  |  |  | 2,172 |  |  |  | 2,065 |
|  |  | 7,937 |  |  |  | 7,937 |  |  |  | 766 |  |  |  | 2,934 |  |  |  | 2,172 |  |  |  | 2,065 |
Schedule of Company's Exposure to Linkage and Foreign Currency Risk | The Company's exposure to linkage and foreign currency risk was as follow:
|  | December 31, 2020 |
|  | Non-monetary/ Non finance |  |  | NIS(*) |  |  | Unlinked |  |  | EURO |  |  | Total |
|  | € in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | - |  |  |  | 50,195 |  |  |  | 952 |  |  |  | 15,698 |  |  |  | 66,845 |
Marketable securities |  |  | - |  |  |  | - |  |  |  | 1,761 |  |  |  | - |  |  |  | 1,761 |
Short term deposits |  |  | - |  |  |  | 8,113 |  |  |  | - |  |  |  | - |  |  |  | 8,113 |
Asset from concession project |  |  | - |  |  |  | 1,491 |  |  |  | - |  |  |  | - |  |  |  | 1,491 |
Trade and other receivables |  |  | 380 |  |  |  | 3,155 |  |  |  | 384 |  |  |  | 5,906 |  |  |  | 9,825 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
accounted investees |  |  | 23,489 |  |  |  | 8,745 |  |  |  | - |  |  |  | - |  |  |  | 32,234 |
Advances on account of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investments in process |  |  | 2,423 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,423 |
Asset from concession project |  |  | - |  |  |  | 25,036 |  |  |  | - |  |  |  | - |  |  |  | 25,036 |
Fixed assets |  |  | 264,095 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 264,095 |
Right of use asset |  |  | - |  |  |  | 1,463 |  |  |  | - |  |  |  | 15,746 |  |  |  | 17,209 |
Concession intangible asset |  |  | 4,604 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,604 |
Restricted cash long-term |  |  | - |  |  |  | 5,882 |  |  |  | - |  |  |  | 4,049 |  |  |  | 9,931 |
Deferred tax |  |  | 3,605 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,605 |
Other assets |  |  | 2,593 |  |  |  | 30 |  |  |  | - |  |  |  | 139 |  |  |  | 2,762 |
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,238 |  |  |  | 10,238 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long term bank loans |  |  | - |  |  |  | (1,762 | ) |  |  | - |  |  |  | (8,470 | ) |  |  | (10,232 | )
Current maturities of long term loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,021 | ) |  |  | (4,021 | )
Short-term debentures |  |  | - |  |  |  | (10,600 | ) |  |  | - |  |  |  | - |  |  |  | (10,600 | )
Trade payables |  |  | - |  |  |  | (221 | ) |  |  | - |  |  |  | (12,166 | ) |  |  | (12,387 | )
Accrued expenses and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other payables |  |  | - |  |  |  | (3,502 | ) |  |  | (666 | ) |  |  | (3,744 | ) |  |  | (7,912 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liability |  |  | - |  |  |  | (1,436 | ) |  |  | - |  |  |  | (15,863 | ) |  |  | (17,299 | )
Liabilities to banks |  |  | - |  |  |  | (15,520 | ) |  |  | - |  |  |  | (119,000 | ) |  |  | (134,520 | )
Other long-term loans |  |  | - |  |  |  | (5,102 | ) |  |  | - |  |  |  | (44,294 | ) |  |  | (49,396 | )
Long-term debentures |  |  | - |  |  |  | (72,124 | ) |  |  | - |  |  |  | - |  |  |  | (72,124 | )
Deferred tax |  |  | (7,806 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,806 | )
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,336 | ) |  |  | (8,336 | )
Other long-term liabilities |  |  | - |  |  |  | (27 | ) |  |  | (486 | ) |  |  | - |  |  |  | (513 | )
Total exposure in statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of financial position in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
respect of financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and financial liabilities |  |  | 293,383 |  |  |  | (6,184 | ) |  |  | 1,945 |  |  |  | (164,118 | ) |  |  | 125,026 |
(*) including items linked to CPI
|  | December 31, 2019 |
|  | Non-monetary/ Non finance |  |  | NIS(*) |  |  | Unlinked |  |  | EURO |  |  | Total |
|  | € in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | - |  |  |  | 23,385 |  |  |  | 1,517 |  |  |  | 19,607 |  |  |  | 44,509 |
Marketable securities |  |  | - |  |  |  | - |  |  |  | 2,242 |  |  |  | - |  |  |  | 2,242 |
Short term deposits |  |  | - |  |  |  | 6,446 |  |  |  | - |  |  |  | - |  |  |  | 6,446 |
Restricted cash |  |  | - |  |  |  | 22,162 |  |  |  | - |  |  |  | - |  |  |  | 22,162 |
Asset from concession project |  |  | - |  |  |  | 1,463 |  |  |  | - |  |  |  | - |  |  |  | 1,463 |
Financial asset short-term |  |  | - |  |  |  | 1,418 |  |  |  | - |  |  |  | - |  |  |  | 1,418 |
Trade and other receivables |  |  | 304 |  |  |  | 1,199 |  |  |  | 396 |  |  |  | 2,983 |  |  |  | 4,882 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
accounted investees |  |  | 26,131 |  |  |  | 7,430 |  |  |  | - |  |  |  | - |  |  |  | 33,561 |
Advances on account of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investments in process |  |  | 883 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 883 |
Asset from concession project |  |  | - |  |  |  | 27,122 |  |  |  | - |  |  |  | - |  |  |  | 27,122 |
Fixed assets |  |  | 114,389 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 114,389 |
Right of use asset |  |  | - |  |  |  | 1,585 |  |  |  | - |  |  |  | 13,816 |  |  |  | 15,401 |
Concession intangible asset |  |  | 5,042 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,042 |
Restricted cash long-term |  |  | - |  |  |  | 5,639 |  |  |  | - |  |  |  | 5,317 |  |  |  | 10,956 |
Deferred tax |  |  | 2,285 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,285 |
Other assets |  |  | 12,218 |  |  |  | 31 |  |  |  | - |  |  |  | - |  |  |  | 12,249 |
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,162 |  |  |  | 5,162 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and borrowings |  |  | - |  |  |  | (1,669 | ) |  |  | - |  |  |  | (2,469 | ) |  |  | (4,138 | )
Short-term debentures |  |  | - |  |  |  | (26,773 | ) |  |  | - |  |  |  | - |  |  |  | (26,773 | )
Trade payables |  |  | - |  |  |  | (266 | ) |  |  | - |  |  |  | (1,499 | ) |  |  | (1,765 | )
Accrued expenses and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
other payables |  |  | - |  |  |  | (3,519 | ) |  |  | - |  |  |  | (1,491 | ) |  |  | (5,010 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease liability |  |  | - |  |  |  | (1,529 | ) |  |  | - |  |  |  | (13,873 | ) |  |  | (15,402 | )
Long-term loans |  |  | - |  |  |  | (19,409 | ) |  |  | - |  |  |  | (69,773 | ) |  |  | (89,182 | )
Long-term debentures |  |  | - |  |  |  | (44,811 | ) |  |  | - |  |  |  | - |  |  |  | (44,811 | )
Deferred tax |  |  | (6,467 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,467 | )
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,263 | ) |  |  | (7,263 | )
Other long-term liabilities |  |  | - |  |  |  | (28 | ) |  |  | - |  |  |  | (1,767 | ) |  |  | (1,795 | )
Total exposure in statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of financial position in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
respect of financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and financial liabilities |  |  | 154,785 |  |  |  | (124 | ) |  |  | 4,155 |  |  |  | (51,250 | ) |  |  | 107,566 |
(*) Including items linked to CPI
Schedule of Significant Exchange Rates | Information regarding significant exchange rates:
|  | For the year ended December 31 |
|  | Rate of |  |  |  |  |  | Rate of |  |  |  |
|  | Change |  |  |  |  |  | Change |  |  |  |
|  | % |  |  | Dollar |  |  | % |  |  | NIS |
1 Euro in 2020 |  |  | 9.3 |  |  |  | 1.227 |  |  |  | 1.7 |  |  |  | 3.944 |
1 Euro in 2019 |  |  | (2 | ) |  |  | 1.122 |  |  |  | (9.6 | ) |  |  | 3.878 |
Schedule of Sensitivity Analysis | This analysis is based on foreign currency exchange rate that the Company considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant.
|  | December 31, 2020 |
|  | Increase |  |  | Decrease |
|  | Equity |  |  | Equity |
|  | € thousands |
Change in the exchange rate of: |  |  |  |  |  |
5% in the USD |  |  | 79 |  |  |  | (79 | )
5% in NIS |  |  | 308 |  |  |  | (308 | )
|  | December 31, 2019 |
|  | Increase |  |  | Increase |
|  | Equity |  |  | Equity |
|  | € thousands |
Change in the exchange rate of: |  |  |  |  |  |
5% in the USD |  |  | 185 |  |  |  | (185 | )
5% in NIS |  |  | 412 |  |  |  | (412 | )
Schedule of Change in Interest Rate | A change in interest rate would have increased (decreased) profit or loss by the amounts shown below:
|  | December 31, |
|  | 2020 |  |  | 2019 |
|  | Profit or loss |  |  | Profit or loss |
|  | € in thousands |
Increase of 1% |  |  | 803 |  |  |  | 580 |
Increase of 3% |  |  | 2,444 |  |  |  | 1,701 |
Decrease of 1% |  |  | (836 | ) |  |  | (542 | )
Decrease of 3% |  |  | (2,477 | ) |  |  | (1,663 | )
Schedule of Statement of Fair value of Other Financial Liabilities | The fair values of the other financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:
|  | December 31, 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 |  |  |  | - |  |  |  |
|  | 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 Interest Rates Used to Discount Estimated Cash Flows | The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread, and were as follows:
| December 31
| 2020 |  | 2019
| %
Non-current liabilities: |  |  |
Loans from banks | Euribor+ 1.76%- 2.75% with a zero floor |  | Euribor+ 2.53%
Loans from banks | 4.65% Linkage to Consumer price index in Israel |  | 4.65% Linkage to Consumer price index in Israel
Loans from banks | fix rate for 5 years 2.9% - 3.55% |  | fix rate for 5 years 2.9% - 3.1%
Loans from others | Euribor+ 5.27% |  | Euribor+ 5.27%
Loans from others | 3% |  | -
Schedule of Fair Values Hierarchy |
|  | 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.
|  | December 31, 2019
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6B) |  |  | - |  |  |  | - |  |  |  | 1,418 |  |  |  | 1,418 |  | The fair value of the income receivable in connection with the A.R.Z. electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Marketable securities |  |  | - |  |  |  | 2,242 |  |  |  | - |  |  |  | 2,242 |  | Market price
Forward contracts |  |  | - |  |  |  | (252 | ) |  |  | - |  |  |  | (252 | ) | Fair value measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Swap contracts |  |  | - |  |  |  | (7,685 | ) |  |  | - |  |  |  | (7,685 | ) | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Currency swap |  |  | - |  |  |  | 197 |  |  |  | - |  |  |  | 197 |  | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Dori Energy loan |  |  | - |  |  |  | - |  |  |  | 10,595 |  |  |  | 10,595 |  | The fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks. The discounting rate was estimated at approximately 10% and the expected yearly change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%.
Financial power swap |  |  | - |  |  |  | - |  |  |  | 4,967 |  |  |  | 4,967 |  | Fair value is measured by discounting the future fixed and assessed cash flows, over the period of the contract and using market interest rates appropriate for similar instruments. The value is adjusted for the parties’ credit risks.
Schedule of Reconciliation Financial Instruments Carried at Fair Value | The table hereunder presents reconciliation from the beginning balance to the ending balance of financial instruments carried at fair value in level 3 of the fair value hierarchy:
|  | Financial assets |
|  | Income receivable in connection with the A.R.Z. electricity |
|  | pumped storage project |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 1,418 |
Total amount paid |  |  | 1,418 |
Balance as at December 31, 2020 |  |  | - |
|  | Financial assets |
|  | Dori Energy loan |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 10,595 |
Total income recognized in profit or loss |  |  | 758 |
Repayment |  |  | (2,378 | )
Foreign Currency translation adjustments |  |  | (230 | )
Balance as at December 31, 2020 |  |  | 8,745 |
|  | Financial assets |
|  | Financial power swap |
|  | € in thousands |
Balance as at December 31, 2019 |  |  | 4,967 |
Total income is recognized in other comprehensive income |  |  | 5,271 |
Balance as at December 31, 2020 |  |  | 10,238 |

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