XML 29 R21.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Composition of Derivatives |
|  | June 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
|  | € in thousands |
|  | Unaudited |  |  | Audited |
Derivatives presented under current assets |  |  |  |  |  |
Currency swap |  |  | 55 |  |  |  | 639 |
|  |  | 55 |  |  |  | 639 |
Derivatives presented under non-current assets |  |  |  |  |  |  |  |
Swap contracts |  |  | 997 |  |  |  | - |
Currency swap |  |  | 1,721 |  |  |  | 2,635 |
|  |  | 2,718 |  |  |  | 2,635 |
Derivatives presented under current liabilities |  |  |  |  |  |  |  |
Swap contracts |  |  | (25 | ) |  |  | (3,431 | )
Financial power swap |  |  | (38,971 | ) |  |  | (11,352 | )
|  |  | (38,996 | ) |  |  | (14,783 | )
Derivatives presented under non-current liabilities |  |  |  |  |  |  |  |
Financial power swap |  |  | (24,198 | ) |  |  | (9,542 | )
Swap contracts |  |  | - |  |  |  | (565 | )
|  |  | (24,198 | ) |  |  | (10,107 | )
Schedule of Statement of Fair value of Other Financial Assets and Liabilities |
|  | June 30, 2022
|  |  |  |  | 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 |  |  | 113,758 |  |  |  | 109,412 |  |  |  | - |  |  |  | - |  |  |  |
Loans from banks and others (including current maturities) |  |  | 265,905 |  |  |  | - |  |  |  | 247,350 |  |  |  | - |  | 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% fixed rate for 5 years of 2.9%-3.55% and 3%-4.65% and linkage to consumer price index in Israel.
|  |  | 379,663 |  |  |  | 109,412 |  |  |  | 247,350 |  |  |  | - |  |  |  |
|  | December 31, 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 |  |  | 137,299 |  |  |  | 140,293 |  |  |  | - |  |  |  | - |  |  |  |
Loans from banks and others (including current maturities) |  |  | 218,895 |  |  |  | - |  |  |  | 223,287 |  |  |  | - |  | 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%, fixed rate for 5 years 2.9%-3.55% and 4.65% and linkage to consumer price index in Israel
|  |  | 356,194 |  |  |  | 140,293 |  |  |  | 223,287 |  |  |  | - |  |  |  |
Schedule of Fair Values Hierarchy |
|  | June 30, 2022
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Marketable securities |  |  | 1,761 |  |  |  | - |  |  |  | - |  |  |  | 1,761 |  | Market price
Swap contracts |  |  | - |  |  |  | 972 |  |  |  | - |  |  |  | 972 |  | Fair value is measured by discounting the future cash flows, over the period of the contract and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Currency swap |  |  | - |  |  |  | 1,776 |  |  |  | - |  |  |  | 1,776 |  | 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 |  |  | - |  |  |  | - |  |  |  | 8,863 |  |  |  | 8,863 |  | Fair value is measured by discounting the expected future loan repayments and using market interest rates appropriate for similar instruments, including the required adjustments for the specific loan. The discounting rate was estimated at approximately 11% and the expected annual change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 2.5%.
Financial power swap |  |  | - |  |  |  | - |  |  |  | (63,169 | ) |  |  | (63,169 | ) | 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, 2021
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Marketable securities |  |  | 1,946 |  |  |  | - |  |  |  | - |  |  |  | 1,946 |  | Market price
Swap contracts |  |  | - |  |  |  | (3,996 | ) |  |  | - |  |  |  | (3,996 | ) | 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 |  |  | - |  |  |  | 3,274 |  |  |  | - |  |  |  | 3,274 |  | 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 |  |  | - |  |  |  | - |  |  |  | 8,495 |  |  |  | 8,495 |  | 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 11% and the expected annual change of Israeli Consumer Price Index, during the expected lifetime of the loan, was estimated at approximately 1%.
Financial power swap |  |  | - |  |  |  | - |  |  |  | (20,894 | ) |  |  | (20,894 | ) | 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, 2021 |  |  | 8,495 |
Repayment of loan to an equity accounted investee |  |  | (149 | )
Loan to an equity accounted investee |  |  | - |
Total income recognized in profit or loss |  |  | 208 |
Interest |  |  | 592 |
Foreign Currency translation adjustments |  |  | (283 | )
Balance as at June 30, 2022 |  |  | 8,863 |
|  | Financial assets |
|  | Financial power swap |
|  | € in thousands |
Balance as at December 31, 2021 |  |  | (20,894 | )
Total loss recognized in other comprehensive income (loss) |  |  | (42,275 | )
Balance as at June 30, 2022 |  |  | (63,169 | )

X
- Definition The disclosure of the fair value measurement of assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2021-01-01 -Paragraph 93 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfFairValueMeasurementOfAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value measurement of liabilities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2021-01-01 -Paragraph 93 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2021-en-r&anchor=para_93&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value of financial instruments. [Refer: Financial instruments, class [member]; At fair value [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfFairValueOfFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the offsetting of financial assets and financial liabilities. [Refer: Financial assets; Financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Offsetting financial assets and financial liabilities -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g13A-13F_TI -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration