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Operating Segments | 12 Months Ended
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Dec. 31, 2022
Disclosure of operating segments [abstract] |
Operating Segments | Note 22 - Operating Segments The Company’s reportable segments, which form the Company’s strategic business units, are described below:
| ● | Photovoltaic power plants (“PV Plants”) – Operation of installations that convert the energy in sunlight into electrical energy as follows: (i) approximately 7.9MWp aggregate installed capacity of photovoltaic power plants in Spain, (ii) Ellomay Solar S.L.U, a photovoltaic plant with a peak capacity of 28 MW in the municipality of Talaván, Cáceres, Spain, that was connected to the electricity grid at June 24, 2022 (iii) 51% of Talasol, with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain, (iv) a photovoltaic power plant of approximately 9 MWp installed capacity in Israel (v) Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW respectively, in the Lazio Region, Italy and (vi) Ellomay Solar Italy four SRL, Ellomay Solar Italy five SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2 MW and 18 respectively, in the Lazio Region, Italy that have reached “ready to build” status.
| ● | Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V. (BioGas), project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively.
| ● | Dorad Energy Ltd. (Dorad) – 9.375% indirect interest in Dorad, which owns and operates a combined cycle power plant based on natural gas, with production capacity of approximately 860 MW, located south of Ashkelon, Israel.
| ● | Pumped storage hydro power plant (Manara) – 83.333% indirect interest in a company constructing a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel.
Factors that management used to identify the Company’s reportable segments The Company’s strategic business units offer different products, and the allocation of resources and evaluation of performance is managed separately because they require different technology. For each of the strategic business units, the Company’s chief operating decision maker (“CODM”) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Company’s operating segments. The Company presented the photovoltaic power plants per geographical areas, as the information collected and analyzed by the CODM in connection with the PV Plants is presented based on the physical location of the PV Plant. The CODM reviews the NIS denominated information on Dorad and the PV Plant located in Israel and the information presented in the tables below is translated into euro. The CODM reviews the results of Dorad according to the Company’s share in Dorad. In the reports analyzed by the CODM, the PV Plant located in Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12, please see the adjusted gross profit calculation. Performance is measured based on segment adjusted gross profit as included in reports that are regularly reviewed by the chief operating decision maker. Segment adjusted gross profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.
|  | PV |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Ellomay |  |  |  |  |  |  |  |  | Bio |  |  |  |  |  |  |  |  | reportable |  |  |  |  |  | Total |
|  | Italy |  |  | Spain |  |  | Solar |  |  | Talasol |  |  | Israel |  |  | Gas |  |  | Dorad |  |  | Manara |  |  | segments |  |  | Reconciliations |  |  | consolidated |
|  | For the year ended December 31, 2022 |
|  | € in thousands |
Revenues |  |  | - |  |  |  | 3,264 |  |  |  | 3,597 |  |  |  | 32,740 |  |  |  | 1,119 |  |  |  | 12,640 |  |  |  | 62,813 |  |  |  | - |  |  |  | 116,173 |  |  |  | (62,813 | ) |  |  | 53,360 |
Operating expenses |  |  | - |  |  |  | (322 | ) |  |  | (1,399 | ) |  |  | (8,764 | ) |  |  | (418 | ) |  |  | (13,186 | ) |  |  | (47,442 | ) |  |  | - |  |  |  | (71,531 | ) |  |  | 47,442 |  |  |  | (24,089 | )
Depreciation expenses |  |  | - |  |  |  | (908 | ) |  |  | (427 | ) |  |  | (11,400 | ) |  |  | (512 | ) |  |  | (2,824 | ) |  |  | (6,339 | ) |  |  | - |  |  |  | (22,410 | ) |  |  | 6,318 |  |  |  | (16,092 | )
Gross profit (loss) |  |  | - |  |  |  | 2,034 |  |  |  | 1,771 |  |  |  | 12,576 |  |  |  | 189 |  |  |  | (3,370 | ) |  |  | 9,032 |  |  |  | - |  |  |  | 22,232 |  |  |  | (9,053 | ) |  |  | 13,179 |
Adjusted gross profit (loss) |  |  | - |  |  |  | 2,034 |  |  |  | 1,771 |  |  |  | 12,576 |  |  |  | 1,565 | 1 |  |  | (3,370 | ) |  |  | 9,032 |  |  |  | - |  |  |  | 23,608 |  |  |  | (10,429 | ) |  |  | 13,179 |
Project development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,784 | )
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,892 | )
Share of loss of equity accounted investee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,206 |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,709 |
Financing income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,565 |
Financing expenses in connection |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with derivatives and warrants, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 605 |
Financing expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,636 | )
Loss before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,243 |
Segment assets as at December 31, 2022 |  |  | 22,608 |  |  |  | 14,577 |  |  |  | 20,090 |  |  |  | 244,584 |  |  |  | 34,750 |  |  |  | 32,002 |  |  |  | 107,079 |  |  |  | 137,432 |  |  |  | 613,122 |  |  |  | (36,965 | ) |  |  | 576,157 |
1 The gross profit of the Talmei Yosef PV Plant located in Israel is adjusted to include income from the sale of electricity (approximately €3,427 thousand) and depreciation expenses (approximately €2,051 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.
|  | PV |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Ellomay |  |  |  |  |  |  |  |  | Bio |  |  |  |  |  |  |  |  | reportable |  |  |  |  |  | Total |
|  | Italy |  |  | Spain |  |  | Solar |  |  | Talasol |  |  | Israel |  |  | Gas |  |  | Dorad |  |  | Manara |  |  | segments |  |  | Reconciliations |  |  | consolidated |
|  | For the year ended December 31, 2021 |
|  | € in thousands |
Revenues |  |  | - |  |  |  | 2,587 |  |  |  | - |  |  |  | 29,432 |  |  |  | *1,016 |  |  |  | 12,686 |  |  |  | 51,630 |  |  |  | - |  |  |  | 97,351 |  |  |  | (51,630 | ) |  |  | 45,721 |
Operating expenses |  |  | - |  |  |  | (472 | ) |  |  | - |  |  |  | (6,305 | ) |  |  | (367 | ) |  |  | (10,446 | ) |  |  | (39,175 | ) |  |  | - |  |  |  | (56,765 | ) |  |  | 39,175 |  |  |  | (17,590 | )
Depreciation expenses |  |  | - |  |  |  | (904 | ) |  |  | - |  |  |  | (10,586 | ) |  |  | (475 | ) |  |  | (3,135 | ) |  |  | (5,539 | ) |  |  | - |  |  |  | (20,639 | ) |  |  | 5,523 |  |  |  | (15,116 | )
Gross profit (loss) |  |  | - |  |  |  | 1,211 |  |  |  | - |  |  |  | 12,541 |  |  |  | *174 |  |  |  | (895 | ) |  |  | 6,916 |  |  |  | - |  |  |  | 19,947 |  |  |  | (6,932 | ) |  |  | 13,015 |
Adjusted gross profit (loss) |  |  | - |  |  |  | 1,211 |  |  |  | - |  |  |  | 12,541 |  |  |  | 1,514 | 2 |  |  | (895 | ) |  |  | 6,916 |  |  |  | - |  |  |  | 21,287 |  |  |  | (8,272 | ) |  |  | 13,015 |
Project development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,508 | )
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,661 | )
Share of loss of equity accounted investee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 117 |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,963 |
Financing income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,931 |
Financing expenses in connection |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with derivatives and warrants, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (841 | )
Financing expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (28,974 | )
Loss before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (21,921 | )
Segment assets as at December 31, 2021 |  |  | 1,715 |  |  |  | 13,841 |  |  |  | 14,456 |  |  |  | 247,004 |  |  |  | 38,809 |  |  |  | 34,570 |  |  |  | 118,435 |  |  |  | 107,678 |  |  |  | 576,508 |  |  |  | (24,529 | ) |  |  | 551,979 |
* Segment presentation for prior periods was adjusted to reflect revenues and operating expenses for the Talmei Yosef PV Plant under IFRIC 12 and not under the fixed asset model and to include the adjusted gross profit of such segment, to align the presentation with the presentation of the segments for the year ended December 31, 2022. 2 The gross profit of the Talmei Yosef PV Plant located in Israel is adjusted to include income from the sale of electricity (approximately €3,239 thousand) and depreciation expenses (approximately €1,899 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.
|  | PV |  |  |  |  |  |  |  |  |  |  |  | Total |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Ellomay |  |  |  |  |  |  |  |  | Bio |  |  |  |  |  |  |  |  | reportable |  |  |  |  |  | Total |
|  | Italy |  |  | Spain |  |  | Solar |  |  | Talasol |  |  | Israel |  |  | Gas |  |  | Dorad |  |  | Manara |  |  | segments |  |  | Reconciliations |  |  | consolidated |
|  | For the year ended December 31, 2020 |
|  | € in thousands |
Revenues |  |  | - |  |  |  | 2,577 |  |  |  | - |  |  |  | - |  |  |  | *1,066 |  |  |  | 6,002 |  |  |  | 57,495 |  |  |  | - |  |  |  | 67,140 |  |  |  | (57,495 | ) |  |  | 9,645 |
Operating expenses |  |  | - |  |  |  | (463 | ) |  |  | - |  |  |  | - |  |  |  | (379 | ) |  |  | (4,109 | ) |  |  | (44,489 | ) |  |  | - |  |  |  | (49,440 | ) |  |  | 44,489 |  |  |  | (4,951 | )
Depreciation expenses |  |  | - |  |  |  | (905 | ) |  |  | - |  |  |  | - |  |  |  | (462 | ) |  |  | (1,457 | ) |  |  | (5,674 | ) |  |  | - |  |  |  | (8,498 | ) |  |  | 5,523 |  |  |  | (2,975 | )
Gross profit (loss) |  |  | - |  |  |  | 1,209 |  |  |  | - |  |  |  | - |  |  |  | 225 |  |  |  | 436 |  |  |  | 7,332 |  |  |  | - |  |  |  | 9,202 |  |  |  | (7,483 | ) |  |  | 1,719 |
Adjusted gross profit (loss) |  |  | - |  |  |  | 1,209 |  |  |  | - |  |  |  | - |  |  |  | 1,400 | 3 |  |  | 436 |  |  |  | 7,332 |  |  |  | - |  |  |  | 10,377 |  |  |  | (8,658 | ) |  |  | 1,719 |
Project development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,491 | )
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,512 | )
Share of loss of equity accounted investee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,525 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,100 |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,659 | )
Financing income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,134 |
Financing expenses in connection |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
with derivatives and warrants, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,094 |
Financing expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,862 | )
Loss before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,293 | )
Segment assets as at December 31, 2020 |  |  | 503 |  |  |  | 15,220 |  |  |  | 2,354 |  |  |  | 232,955 |  |  |  | 36,521 |  |  |  | 36,253 |  |  |  | 109,983 |  |  |  | 21,925 |  |  |  | 455,714 |  |  |  | 4,458 |  |  |  | 460,172 |
* Segment presentation for prior periods was adjusted to reflect revenues and operating expenses for the Talmei Yosef PV Plant under IFRIC 12 and not under the fixed asset model and to include the adjusted gross profit of such segment, to align the presentation with the presentation of the segments for the year ended December 31, 2022. 3 The gross profit of the Talmei Yosef PV Plant located in Israel is adjusted to include income from the sale of electricity (approximately €3,023 thousand) and depreciation expenses (approximately €1,848 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12. Geographical information The Company is domiciled in Israel and it operates in Israel, Spain and Italy through its subsidiaries that promote, develop and own PV Plants, in the Netherlands through its subsidiaries that own anaerobic digestion plants and also in Israel through Dori Energy. The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain:
|  | For the year ended December 31 |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | € in thousands |
Israel |  |  | 1,119 |  |  |  | 1,016 |  |  |  | 1,066 |
Italy |  |  | - |  |  |  | - |  |  |  | - |
The Netherlands |  |  | 12,640 |  |  |  | 12,686 |  |  |  | 6,002 |
Spain (including Talasol PV Plant) |  |  | 39,601 |  |  |  | 32,019 |  |  |  | 2,577 |
Total revenues |  |  | 53,360 |  |  |  | 45,721 |  |  |  | 9,645 |
The following table lists the fixed assets, net from the Company’s operations in Israel, Spain and the Netherlands:
|  | As at December 31 |
|  | 2022 |  |  | 2021 |
|  | € in thousands |
Israel |  |  | 102,518 |  |  |  | 78,928 |
Italy |  |  | 9,043 |  |  |  | - |
Spain (including Talasol PV Plant) |  |  | 227,492 |  |  |  | 233,729 |
The Netherlands |  |  | 26,703 |  |  |  | 28,240 |
Total fixed assets, net |  |  | 365,756 |  |  |  | 340,897 |

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