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Basis of Preparation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2022
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 and do not include all of the information required for full annual financial statements. They should be read in conjunction with the Company’s financial statements as at and for the year ended December 31, 2021 (hereinafter – “the annual financial statements”).
 
These condensed consolidated interim financial statements were authorized for issue on September 22, 2022.
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
 
Amendment to IAS 16, Property, Plant and Equipment (“the Amendment”) –  
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, such proceeds shall be recognized in profit or loss and the cost of the sold items will be measured according to the measurement requirements of IAS 2, Inventories.
 
The Amendment is applied retrospectively, 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 was included in the opening balance of retained earnings for the earliest reporting period presented.
 
As a result of applying the Amendment the Company recognized an increase in the balance of fixed assets against a corresponding increase in retained earnings and the deferred tax in 2021. Please see the tables below:
 
 
  
December 31, 2021
  
 
  
€ in thousands
  
 
  
As previously
reported
    
Application effect
IAS16- Amendment
    
As reported in these
financial statements
  
 
  
Audited
    
Unaudited
    
Unaudited
  
 
                  
Fixed assets
    
340,065
      
832
      
340,897
  
Deferred tax
    
8,836
      
208
      
9,044
  
Accumulated deficit
    
(7,217
 )    
318
      
(6,899
 )
Non-Controlling Interest
    
(2,037
 )    
306
      
(1,731
 )
 
                        
Revenues
    
44,783
      
938
      
45,721
  
Operating expenses
    
(17,524
 )    
(66
)
    
(17,590
 )
Depreciation and amortization expenses
    
(15,076
 )    
(40
)
    
(15,116
 )
Tax benefit (Taxes on income)
    
2,489
      
(208
)
    
2,281
  

Profit (loss) attributable to:

                        
Owners of the Company
    
(15,408
 )    
318
      
(15,090
 )
Non-controlling interests
    
(4,856
 )    
306
      
(4,550
 )
                         

Basic loss per share

    

(1.20

 )    

0.02

      

(1.18

 )

Diluted loss per share

    

(1.20

 )    

0.02

      

(1.18

 )
 
   
June 30, 2021
  
   
€ in thousands
  
   
As previously
reported
    
Application effect
IAS16- Amendment
    
As reported in these
financial statements
  
   
Unaudited
  
                   
Fixed assets
    
312,983
      
852
      
313,835
  
Deferred tax
    
8,124
      
213
      
8,337
  
Accumulated deficit
    
2,613
      
326
      
2,939
  
Non-Controlling Interest
    
7,239
      
313
      
7,552
  
                         
Revenues
    
19,455
      
938
      
20,393
  
Operating expenses
    
(7,506
)
    
(66
)
    
(7,572
)
Depreciation and amortization expenses
    
(7,056
)
    
(20
)
    
(7,076
)
Tax benefit (Taxes on income)
    
(93
)
    
(213
)
    
(306
)

Profit (loss) attributable to:

                        
Owners of the Company
    
(5,578
)
    
326
      
(5,252
)
Non-controlling interests
    
(223
)
    
313
      
90
  
                         
Basic loss per share
    
(0.44
)
    
0.03
 
    
(0.41
)
Diluted loss per share
    
(0.44
)
    
0.03
 
    
(0.41
)
 
Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets – Costs of Fulfilling a Contract (“the Amendment”) –
 
According to the Amendment, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, which include the following:
 
-
Incremental costs; and
   
-
An allocation of other costs that relate directly to fulfilling a contract (such as depreciation expenses for fixed assets used in fulfilling that contract and other contracts).
 
The Amendment is applied retrospectively as from January 1, 2022, in respect of contracts where the entity has not yet fulfilled all its obligations.
 
Application of the Amendment did not have a material effect on the financial statements.