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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Schedule of Composition of Derivatives |
|  | For the year ended December |
|  | 2022 |  |  | 2021 |
|  | € in thousands |
Derivatives presented under current assets |  |  |  |  |  |
Currency swap |  |  | - |  |  |  | 639 |
Swap contracts |  |  | 273 |  |  |  | - |
|  |  | 273 |  |  |  | 639 |
Derivatives presented under non-current assets |  |  |  |  |  |  |  |
Swap contracts |  |  | 1,488 |  |  |  | - |
Currency swap |  |  | - |  |  |  | 2,635 |
|  |  | 1,488 |  |  |  | 2,635 |
Derivatives presented under current liabilities |  |  |  |  |  |  |  |
Swap contracts |  |  | - |  |  |  | (3,431 | )
Financial power swap |  |  | (33,183 | ) |  |  | (11,352 | )
|  |  | (33,183 | ) |  |  | (14,783 | )
Derivatives presented under non-current liabilities |  |  |  |  |  |  |  |
Financial power swap |  |  | (28,354 | ) |  |  | (9,542 | )
Swap contracts |  |  | - |  |  |  | (565 | )
|  |  | (28,354 | ) |  |  | (10,107 | )
Schedule of Forward and SWAP Contracts |
|  | December 31, 2022 |
|  | Currency/ |  | Currency/ |  |  |  | Fair value - € |
|  | linkage/interest rate |  | linkage/interest rate |  |  |  | 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 |  |  | 1,761 |
Financial power swap- electricity price swap fixed for float |  | Electricity price in Spain |  | Fixed price |  | September 30, 2030 |  |  | (61,537 | )
Schedule of Contractual Maturities of Financial Liabilities |
|  | December 31, 2022 |
|  | 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 |  |  | 273,863 |  |  |  | 363,553 |  |  |  | 30,392 |  |  |  | 42,547 |  |  |  | 43,381 |  |  |  | 247,233 |
Debentures |  |  | 110,428 |  |  |  | 141,140 |  |  |  | 22,878 |  |  |  | 62,710 |  |  |  | 55,552 |  |  |  | - |
Lease liabilities |  |  | 22,750 |  |  |  | 35,911 |  |  |  | 1,630 |  |  |  | 3,233 |  |  |  | 3,194 |  |  |  | 27,854 |
Trade payables and other accounts payable |  |  | 15,144 |  |  |  | 15,144 |  |  |  | 15,144 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 422,185 |  |  |  | 555,748 |  |  |  | 70,044 |  |  |  | 108,490 |  |  |  | 102,127 |  |  |  | 275,087 |
Derivative finance liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial power swap |  |  | 61,537 |  |  |  | 61,537 |  |  |  | 33,183 |  |  |  | 26,424 |  |  |  | (2,666 | ) |  |  | 4,596 |
|  |  | 61,537 |  |  |  | 61,537 |  |  |  | 33,183 |  |  |  | 26,424 |  |  |  | (2,666 | ) |  |  | 4,596 |
|  | December 31, 2021 |
|  | 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 |  |  | 218,895 |  |  |  | 240,038 |  |  |  | 147,127 |  |  |  | 20,671 |  |  |  | 18,347 |  |  |  | 53,892 |
Debentures |  |  | 137,299 |  |  |  | 150,116 |  |  |  | 24,244 |  |  |  | 66,481 |  |  |  | 59,391 |  |  |  | - |
Lease liabilities |  |  | 20,129 |  |  |  | 25,825 |  |  |  | 4,832 |  |  |  | 2,244 |  |  |  | 2,201 |  |  |  | 16,548 |
Trade payables and other accounts payable |  |  | 22,058 |  |  |  | 22,058 |  |  |  | 22,058 |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  | 398,381 |  |  |  | 438,037 |  |  |  | 198,261 |  |  |  | 89,396 |  |  |  | 79,939 |  |  |  | 70,440 |
Derivative finance liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial power swap |  |  | 20,894 |  |  |  | 20,894 |  |  |  | 11,352 |  |  |  | 14,079 |  |  |  | 1,961 |  |  |  | (6,498 | )
Swap contracts |  |  | 3,996 |  |  |  | 3,996 |  |  |  | 3,431 |  |  |  | 234 |  |  |  | 157 |  |  |  | 174 |
|  |  | 24,890 |  |  |  | 24,890 |  |  |  | 14,783 |  |  |  | 14,313 |  |  |  | 2,118 |  |  |  | (6,324 | )
Schedule of Company's Exposure to Linkage and Foreign Currency Risk |
|  | December 31, 2022 |
|  | Non-monetary/ Non finance |  |  | NIS(*) |  |  | Unlinked |  |  | EURO |  |  | Total |
|  | € in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | - |  |  |  | 30,359 |  |  |  | 55 |  |  |  | 16,044 |  |  |  | 46,458 |
Marketable securities |  |  | - |  |  |  | - |  |  |  | 2,836 |  |  |  | - |  |  |  | 2,836 |
Restricted cash |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 900 |  |  |  | 900 |
Receivable from concession project |  |  | - |  |  |  | 1,799 |  |  |  | - |  |  |  | - |  |  |  | 1,799 |
Trade and other receivables |  |  | 2,174 |  |  |  | 4,694 |  |  |  | 16 |  |  |  | 5,798 |  |  |  | 12,682 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity accounted investees |  |  | 23,976 |  |  |  | 6,053 |  |  |  | - |  |  |  | - |  |  |  | 30,029 |
Advances on account of investments |  |  | 2,328 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,328 |
Receivable from concession project |  |  | - |  |  |  | 24,795 |  |  |  | - |  |  |  | - |  |  |  | 24,795 |
Fixed assets |  |  | 365,756 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 365,756 |
Right-of-use asset |  |  | 30,020 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 30,020 |
Intangible asset |  |  | 4,094 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,094 |
Restricted cash and deposits |  |  | - |  |  |  | 5,607 |  |  |  | - |  |  |  | 14,585 |  |  |  | 20,192 |
Deferred tax |  |  | 23,510 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,510 |
Long term receivables |  |  | 7,840 |  |  |  | 1,171 |  |  |  | - |  |  |  | 259 |  |  |  | 9,270 |
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,488 |  |  |  | 1,488 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long term bank loans |  |  | - |  |  |  | (2,091 | ) |  |  | - |  |  |  | (10,724 | ) |  |  | (12,815 | )
Current maturities of long term loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,000 | ) |  |  | (10,000 | )
Current maturities of debentures |  |  | - |  |  |  | (18,714 | ) |  |  | - |  |  |  | - |  |  |  | (18,714 | )
Trade payables |  |  | - |  |  |  | (123 | ) |  |  | - |  |  |  | (4,381 | ) |  |  | (4,504 | )
Other payables |  |  | - |  |  |  | (6,107 | ) |  |  | - |  |  |  | (5,100 | ) |  |  | (11,207 | )
Current maturities of derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (33,183 | ) |  |  | (33,183 | )
Current maturities of lease liabilities |  |  | - |  |  |  | (193 | ) |  |  | - |  |  |  | (552 | ) |  |  | (745 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term lease liabilities |  |  | - |  |  |  | (4,740 | ) |  |  | - |  |  |  | (17,265 | ) |  |  | (22,005 | )
Long-term loans |  |  | - |  |  |  | (13,495 | ) |  |  | - |  |  |  | (215,971 | ) |  |  | (229,466 | )
Other long-term bank loans |  |  | - |  |  |  | (7,538 | ) |  |  | - |  |  |  | (14,044 | ) |  |  | (21,582 | )
Debentures |  |  | - |  |  |  | (91,714 | ) |  |  | - |  |  |  | - |  |  |  | (91,714 | )
Deferred tax |  |  | (6,770 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (6,770 | )
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (28,354 | ) |  |  | (28,354 | )
Other long-term liabilities |  |  | - |  |  |  | (2,021 | ) |  |  | - |  |  |  | - |  |  |  | (2,021 | )
Total exposure in statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of financial position in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
respect of financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and financial liabilities |  |  | 452,928 |  |  |  | (72,258 | ) |  |  | 2,907 |  |  |  | (300,500 | ) |  |  | 83,077 |
(*) Including items linked to the Israeli CPI
|  | December 31, 2021 |
|  | Non-monetary/ Non finance |  |  | NIS(**) |  |  | Unlinked |  |  | EURO |  |  | Total |
|  | € in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | - |  |  |  | 30,405 |  |  |  | 1,090 |  |  |  | 9,734 |  |  |  | 41,229 |
Marketable securities |  |  | - |  |  |  | - |  |  |  | 1,946 |  |  |  | - |  |  |  | 1,946 |
Short term deposits |  |  | - |  |  |  | 28,410 |  |  |  | - |  |  |  | - |  |  |  | 28,410 |
Restricted cash |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,000 |  |  |  | 1,000 |
Receivable from concession project |  |  | - |  |  |  | 1,784 |  |  |  | - |  |  |  | - |  |  |  | 1,784 |
Trade and other receivables |  |  | 1,020 |  |  |  | 739 |  |  |  | - |  |  |  | 7,728 |  |  |  | 9,487 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in equity accounted investees |  |  | 25,534 |  |  |  | 8,495 |  |  |  | - |  |  |  | - |  |  |  | 34,029 |
Advances on account of investments |  |  | 1,554 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,554 |
Receivable from concession project |  |  | - |  |  |  | 26,909 |  |  |  | - |  |  |  | - |  |  |  | 26,909 |
Fixed assets |  |  | *340,897 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 340,897 |
Right-of-use asset |  |  | 23,367 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 23,367 |
Intangible asset |  |  | 4,762 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,762 |
Restricted cash and deposits |  |  | - |  |  |  | 6,630 |  |  |  | - |  |  |  | 9,000 |  |  |  | 15,630 |
Deferred tax |  |  | 12,952 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12,952 |
Long term receivables |  |  | 1,928 |  |  |  | 1,272 |  |  |  | - |  |  |  | 2,188 |  |  |  | 5,388 |
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,635 |  |  |  | 2,635 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long term bank loans |  |  | - |  |  |  | (2,024 | ) |  |  | - |  |  |  | (124,156 | ) |  |  | (126,180 | )
Current maturities of long term loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (16,401 | ) |  |  | (16,401 | )
Current maturities of debentures |  |  | - |  |  |  | (19,806 | ) |  |  | - |  |  |  | - |  |  |  | (19,806 | )
Trade payables |  |  | - |  |  |  | (218 | ) |  |  | - |  |  |  | (2,686 | ) |  |  | (2,904 | )
Other payables |  |  | - |  |  |  | (6,882 | ) |  |  | (527 | ) |  |  | (13,397 | ) |  |  | (20,806 | )
Current maturities of derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14,783 | ) |  |  | (14,783 | )
Current maturities of lease liabilities |  |  | - |  |  |  | (3,782 | ) |  |  | - |  |  |  | (547 | ) |  |  | (4,329 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term lease liabilities |  |  | - |  |  |  | (5,154 | ) |  |  | - |  |  |  | (10,646 | ) |  |  | (15,800 | )
Long-term loans |  |  | - |  |  |  | (15,803 | ) |  |  | - |  |  |  | (23,290 | ) |  |  | (39,093 | )
Other long-term bank loans |  |  | - |  |  |  | (6,898 | ) |  |  | - |  |  |  | (30,323 | ) |  |  | (37,221 | )
Debentures |  |  | - |  |  |  | (117,493 | ) |  |  | - |  |  |  | - |  |  |  | (117,493 | )
Deferred tax |  |  | *(9,044 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,044 | )
Derivatives |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,107 | ) |  |  | (10,107 | )
Other long-term liabilities |  |  | - |  |  |  | (3,905 | ) |  |  | - |  |  |  | - |  |  |  | (3,905 | )
Total exposure in statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of financial position in |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
respect of financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and financial liabilities |  |  | 402,970 |  |  |  | (77,321 | ) |  |  | 2,509 |  |  |  | (214,051 | ) |  |  | 114,107 |
** Including items linked to Israeli CPI * Restated following application of an amendment to IAS 16 - see Note 2C.
Schedule of Significant Exchange Rates |
|  | For the year ended December 31 |
|  | Rate of |  |  |  |  |  | Rate of |  |  |  |
|  | Change |  |  |  |  |  | Change |  |  |  |
|  | % |  |  | Dollar |  |  | % |  |  | NIS |
1 Euro in 2022 |  |  | (5.8 | ) |  |  | 1.066 |  |  |  | 6.6 |  |  |  | 3.753 |
1 Euro in 2021 |  |  | (7.7 | ) |  |  | 1.132 |  |  |  | (10.8 | ) |  |  | 3.520 |
Schedule of Sensitivity Analysis |
|  | December 31, 2022 |
|  | Increase |  |  | Decrease |
|  | Equity |  |  | Equity |
|  | € thousands |
Change in the exchange rate of: |  |  |  |  |  |
5% in the USD |  |  | 155 |  |  |  | (155 | )
5% in NIS |  |  | (963 | ) |  |  | 963 |
|  | December 31, 2021 |
|  | Increase |  |  | Increase |
|  | Equity |  |  | Equity |
|  | € thousands |
Change in the exchange rate of: |  |  |  |  |  |
5% in the USD |  |  | 111 |  |  |  | (111 | )
5% in NIS |  |  | (1,098 | ) |  |  | 1,098 |
Schedule of Change in Interest Rate |
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | Profit or loss |  |  | Profit or loss |
|  | € in thousands |
Increase of 1% |  |  | 1,313 |  |  |  | 2,446 |
Increase of 3% |  |  | 4,245 |  |  |  | 7,368 |
Decrease of 1% |  |  | (1,615 | ) |  |  | (2,474 | )
Decrease of 3% |  |  | (4,548 | ) |  |  | (7,396 | )
Schedule of Statement of Fair value of Other Financial Liabilities |
|  | December 31, 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 |  |  | 110,428 |  |  |  | 102,957 |  |  |  | - |  |  |  | - |  |  |  |
Loans from banks and others (including current maturities) |  |  | 273,863 |  |  |  | - |  |  |  | 217,073 |  |  |  | - |  | Discounting future cash flows by the market interest rate on the date of measurement. |  | Discount rate of Euribor+ 2% with a zero floor, Euribor+ 5.27%, fix rate for 5 years 2.65%-4.5% Linkage to Euribor, fix rate 2.58%-3.03%, fix rate 2.75%-7% Linkage to Consumer price index in Israel and floating interest rate based on the Bank of Israel Rate plus a spread of 4.35%.
|  |  | 384,291 |  |  |  | 102,957 |  |  |  | 217,073 |  |  |  | - |  |  |  |
|  | 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+ 2.53%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel
|  |  | 356,194 |  |  |  | 140,293 |  |  |  | 223,287 |  |  |  | - |  |  |  |
Schedule of Interest Rates Used to Discount Estimated Cash Flows |
| December 31,
| 2022 |  | 2021
| %
Non-current liabilities: |  |  |
Loans from banks | Discount rate of Euribor+ 2% with a zero floor |  | Euribor+ 1.76%- 2.75% with a zero floor
Loans from banks | fix rate for 5 years 2.65%-4.5% Linkage to Euribor |  | fix rate for 5 years 2.65% - 3.55%
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 2.58%-3.03% |  | -
Loans from others | Euribor+ 5.27% |  | Euribor+ 5.27%
Loans from others | 7% Linkage to Consumer price index in Israel and fixed rate of 5.5% |  | 7% Linkage to Consumer price index in Israel and fixed rate of 5.5%
Schedule of Fair Values Hierarchy |
|  | December 31, 2022
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  | Valuation techniques for
|  | € in thousands |  | determining fair value
Marketable securities |  |  | 2,836 |  |  |  | - |  |  |  | - |  |  |  | 2,836 |  | Market price
Swap contracts |  |  | - |  |  |  | 1,761 |  |  |  | - |  |  |  | 1,761 |  | 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.
Financial power swap |  |  | - |  |  |  | - |  |  |  | (61,537 | ) |  |  | (61,537 | ) | 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 |  | 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 |  |  | - |  |  |  | - |  |  |  | (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, 2020 |  |  | 8,745 |
Total income recognized in profit or loss |  |  | 799 |
Grant of loan |  |  | 335 |
Repayment |  |  | (2,259 | )
Foreign Currency translation adjustments |  |  | 875 |
Balance as at December 31, 2021 |  |  | 8,495 |
Total income recognized in profit or loss |  |  | 243 |
Grant of loan |  |  | 128 |
Repayment |  |  | (149 | )
Conversion to capital notes |  |  | (6,053 | )
|  |  | (2,665 | )
Current maturities |  |  | (2,665 | )
Balance as at December 31, 2022 |  |  | - |
|  | Financial liability |
|  | Financial power swap |
|  | € in thousands |
Balance as at December 31, 2020 |  |  | 10,238 |
Total income recognized in other comprehensive income |  |  | (31,132 | )
Balance as at December 31, 2021 |  |  | (20,894 | )
Total income is recognized in other comprehensive income |  |  | (40,643 | )
Balance as at December 31, 2022 |  |  | (61,537 | )

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