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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2024
Financial Instruments [Abstract] |
Schedule of Composition of Derivatives | Financial instruments - the composition of the derivatives
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | € in thousands |
Derivatives presented under current assets |  |  |  |  |  |
Swap contracts |  |  | 283 |  |  |  | 275 |
Forward |  |  | 199 |  |  |  | - |
Financial power swap |  |  | 614 |  |  |  | - |
|  |  | 1,096 |  |  |  | 275 |
Derivatives presented under non-current assets |  |  |  |  |  |  |  |
Swap contracts |  |  | 813 |  |  |  | 607 |
Financial power swap |  |  | 13,158 |  |  |  | 10,341 |
|  |  | 13,971 |  |  |  | 10,948 |
Derivatives presented under current liabilities |  |  |  |  |  |  |  |
Financial power swap |  |  | - |  |  |  | (4,643 | )
|  |  | - |  |  |  | (4,643 | )
Derivatives presented under non-current liabilities |  |  |  |  |  |  |  |
Swap contracts |  |  | (25 | ) |  |  | - |
|  |  | (25 | ) |  |  | - |
Schedule of Fair Values of the Other Financial Assets and Liabilities | 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, 2024
|  |  |  |  | Fair value |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Valuation techniques for |  |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | determining |  | Inputs used to
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | fair value |  | determine fair value
|  | € in thousands |  |  |  |  |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  |  | 151,385 |  |  |  | 145,920 |  |  |  |  |  |  |  | - |  |  |  |  | Market price
Loans from banks and others (including current maturities) |  |  | 289,801 |  |  |  | - |  |  |  | 234,237 |  |  |  | - |  |  | Discounting future cash flows by the market interest rate on the date of measurement. |  | Discount rate of Euribor+ 2%-2.5% with a zero floor, fixed rate for several years 3.1%-6% Linkage to Euribor, 2.75%-4.78% Linkage to Consumer price index in Israel, Floating interest rate based on the Bank of Israel Rate plus a spread of 4.35%, fixed rate of 2.58%-5.5%, Euribor+ 5.27% and 7% Linkage to Consumer price index in Israel.
|  |  | 441,186 |  |  |  | 145,920 |  |  |  | 234,237 |  |  |  | - |  |  |  |  |
|  | December 31, 2023
|  |  |  |  | Fair value |  |  |  |  |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  | Valuation Techniques for determining |  | Inputs used to
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | fair value |  | determine fair value
|  | € in thousands |  |  |  |  |
Non- current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  |  | 140,087 |  |  |  | 134,464 |  |  |  | - |  |  |  | - |  |  |  |  | Market price
Loans from banks and others (including current maturities) |  |  | 281,938 |  |  |  | - |  |  |  | 231,057 |  |  |  | - |  |  | Discounting future cash flows by the market interest rate on the date of measurement. |  | Discount rate of Euribor+ 2% with a zero floor, fixed rate for several years 3.1%-6% Linkage to Euribor, 2.58%-4.78% Linkage to Consumer price index in Israel, Floating interest rate based on the Bank of Israel Rate plus a spread of 4.35%, fixed rate of 2.58%-5.5%, Euribor+ 5.27% and 7% Linkage to Consumer price index in Israel.
|  |  | 422,025 |  |  |  | 134,464 |  |  |  | 231,057 |  |  |  | - |  |  |  |  |
Schedule of Fair Value Hierarchy | 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:
|  | June 30, 2024
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Valuation techniques for
|  | € in thousands |  |  | determining fair value
Swap contracts |  |  | - |  |  |  | 1,071 |  |  |  | - |  |  |  | 1,071 |  |  | 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.
Forward contracts |  |  | - |  |  |  | 199 |  |  |  | - |  |  |  | 199 |  |  | Fair value is measured on the basis of discounting the difference between the forward price in the contract and the current forward price for the residual period until redemption using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
Financial power swap |  |  | - |  |  |  | - |  |  |  | 13,772 |  |  |  | 13,772 |  |  | 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, 2023
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Valuation techniques for
|  | € in thousands |  |  | determining fair value
Swap contracts |  |  | - |  |  |  | 882 |  |  |  | - |  |  |  | 882 |  |  | 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 |  |  | - |  |  |  | - |  |  |  | 5,698 |  |  |  | 5,698 |  |  | 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 | 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 |
|  | Financial power swap |
|  | € in thousands |
Balance as at December 31, 2023 |  |  | 5,698 |
Total income recognized in profit or loss |  |  | (3,898 | )
Total income recognized in other comprehensive income |  |  | 11,972 |
Balance as at June 30, 2024 |  |  | 13,772 |

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