XML 51 R28.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Discontinued operation and Disposal Groups Held for Sale | 12 Months Ended
--- | ---
Dec. 31, 2023
Discontinued operation and Disposal Groups Held for Sale [Abstract] |
Discontinued operation and Disposal Groups Held for Sale | Note 23 - Discontinued operation and Disposal Groups Held for Sale On December 31, 2023, the Company executed an agreement to sell its holdings in the Talmei Yosef PV Plant (the “Talmei Agreement”), the entire Israel segment. The Talmei Agreement provides for the sale of the Company’s holdings in the Talmei Yosef PV Plant to Greenlight Fund Limited Partnership and Doral Group Renewable Energy Resources Ltd., in equal parts, in consideration for NIS 44.75 million (approximately €11.2 million), with an additional potential payment of up to NIS 4 million (approximately €1 million) in the event the Talmei Yosef PV Plant will produce more than 18 million Kwh during 2024. The Agreement further provides for a cutoff date of June 30, 2023, and at closing the parties will determine whether an adjustment to the purchase price is required reflect the Company’s entitlement to revenues (net of expenses) up to such date, taking into account the results and the cash held by the project company. The Company does not expect a material adjustment to the purchase price. The Talmei Agreement includes customary representations and indemnification undertakings in connection with breaches of representations, which, other than with respect to customary exceptions, are subject to a cap of NIS 9 million (approximately €2.2 million) and limited to a period of 18 months from the closing date. The consummation of the sale is subject to various customary conditions to closing, including receipt of regulatory approvals and the consent of the financing entity of the Talmei Yosef PV Plant. All conditions to closing are required to be fulfilled within a period of 90 days from execution of the Talmei Agreement, which can be extended to up to 150 days under certain circumstances. On April 2, 2024, an addendum to the Talmei Agreement was executed, providing for a 45-day extension of the deadline for fulfillment of the conditions to closing and therefore setting the deadline for May 15, 2024. The Talmei Yosef PV Plant is located in southern Israel. One of the conditions to closing is the end of the war in southern Israel for a pre-determined period (based on the official definitions published by the Israeli Authorities) and that the Talmei Yosef PV Plant is physically accessible. Based on the circumstances as of the date hereof, this condition is currently fulfilled. The closing of the sale is currently expected during the second quarter of 2024. In addition, the Talmei Agreement provides that in the event that due to the current war and hostilities in Israel the facility will be damaged or its output will decrease, the buyers will have the right not to consummate the acquisition of the plant. In connection with the expected sale of the Talmei Yosef PV Plant, the Company presents the results of the Talmei Yosef PV Plant as a discontinued operation. The assets and liabilities of the Talmei Yosef PV Plant were presented as held for sale. The segment was not a discontinued operation or classified as held for sale as at December 31, 2022 and the comparative income statement for 2022 and 2021 has been restated to show the discontinued operation separately from continuing operations. Management committed to a plan to sell this segment at the end of 2023 following the signature of the agreement. As at December 31, 2023, the disposal groups comprised assets of €28,297 thousand less liabilities of €17,142 thousand.
| A. | Impairment losses and reversal of impairment loss
An impairment loss of €2,565 thousand on the re-measurement of the disposal group to the lower of its carrying amount and its fair value based on Talmei Agreement, based on Talmei Agreement, less costs to sell has been recognized in the statement of income.
| B. | Assets and liabilities of disposal groups held for sale
Assets of disposal groups classified as held for sale
|  | December 31 |
|  | 2023 |
|  | € in thousands |
Cash and cash equivalents |  |  | 428 |
Short-term deposits |  |  | 12 |
Receivable from concession project |  |  | 23,426 |
Trade and other receivables |  |  | 587 |
Right-of-use asset |  |  | 1,204 |
Intangible asset |  |  | 917 |
Restricted cash and deposits |  |  | 1,694 |
Long term receivables |  |  | 29 |
Total |  |  | 28,297 |
Liabilities of disposal groups classified as held for sale
|  | December 31 |
|  | 2023 |
|  | € in thousands |
Trade payables |  |  | 39 |
Other payables |  |  | 18 |
Lease liability |  |  | 1,321 |
Long-term bank loans including current maturities |  |  | 13,047 |
Deferred tax liabilities |  |  | 2,717 |
|  |  | 17,142 |
| D. | Results attributable to discontinued operation
|  | For the year ended December 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | € in thousands |  |  | € in thousands |  |  | € in thousands |
Results of discontinued operation |  |  |  |  |  |  |  |  |
Revenue |  |  | 675 |  |  |  | 1,119 |  |  |  | 1,016 |
Operating expenses |  |  | 342 |  |  |  | 418 |  |  |  | 367 |
Depreciation and amortization expenses |  |  | 461 |  |  |  | 512 |  |  |  | 475 |
Gross profit (loss) from operating activities |  |  | (128 | ) |  |  | 189 |  |  |  | 174 |
General and administrative expenses |  |  | 33 |  |  |  | 37 |  |  |  | 37 |
Operating profit (loss) from operating activities |  |  | (161 | ) |  |  | 152 |  |  |  | 137 |
Financing income |  |  | 1,792 |  |  |  | 3,121 |  |  |  | 2,258 |
Financing expenses |  |  | 1,269 |  |  |  | 2,111 |  |  |  | 1,381 |
Financing income, net |  |  | 523 |  |  |  | 1,010 |  |  |  | 877 |
Results from operating activities before taxes on income |  |  | 362 |  |  |  | 1,162 |  |  |  | 1,014 |
Taxes on income |  |  | (247 | ) |  |  | (451 | ) |  |  | (255 | )
Results from operating activities, net of taxes on income |  |  | 115 |  |  |  | 711 |  |  |  | 759 |
Loss on adjustment to fair value |  |  | (2,565 | ) |  |  | - |  |  |  | - |
Tax benefit on loss from sale of discontinued operation |  |  | 663 |  |  |  | - |  |  |  | - |
Profit (loss) for the year |  |  | (1,787 | ) |  |  | 711 |  |  |  | 759 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share (in €) |  |  | (0.14 | ) |  |  | 0.06 |  |  |  | 0.06 |
Diluted earnings (loss) per share (in €) |  |  | (0.14 | ) |  |  | 0.06 |  |  |  | 0.06 |
Cash flows from discontinued operation |  |  |  |  |  |  |  |  |  |  |  |
Net cash (used in) from operating activities |  |  | 2,587 |  |  |  | 2,445 |  |  |  | 2,471 |
Net cash (used in) from investing activities |  |  | (462 | ) |  |  | (1,327 | ) |  |  | (604 | )
Net cash (used in) from financing activities |  |  | (2,127 | ) |  |  | (2,126 | ) |  |  | (2,099 | )
Net cash from (used in) discontinued operation |  |  | (2 | ) |  |  | (1,008 | ) |  |  | (232 | )

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

X
- Definition The description of the entity's material accounting policy information for non-current assets or disposal groups classified as held for sale and discontinued operations. [Refer: Discontinued operations [member]; Non-current assets or disposal groups classified as held for sale] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 117 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_117&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration