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Financial Instruments | 6 Months Ended
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Jun. 30, 2022
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, |
|  | 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 | )
(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, 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 |  |  |  | - |  |  |  |
(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, 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.
There have been no transfers from any Level to another Level during the six months ended June 30, 2022.
|  | 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.
(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, 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 | )

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- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g3-5A_TI -URIDate 2021-03-24 + Details
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