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Discontinued Operation and Disposal Groups Held for Sale | 12 Months Ended
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Dec. 31, 2024
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 Solar Plant (the “Talmei Agreement”). The Talmei Agreement provides for the sale of the Company’s holdings in the Talmei Yosef Solar 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 Solar 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 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 sale of the Talmei Yosef Solar Plant was consummated on June 2, 2024. The net consideration paid at closing was approximately NIS 42.6 million (approximately €10.6 million). There were no subsequent adjustments of such consideration. In connection with the sale of the Talmei Yosef Solar Plant, the Company presents the results of the Talmei Yosef Solar Plant as a discontinued operation. The assets and liabilities of the Talmei Yosef Solar Plant were presented as held for sale for the year 2023 and 2022. In 2023, 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 Company’s statement of income. An additional loss of €602 thousand was recognized in the Company’s statement of income for the year ended December 31, 2024. 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 |
Results attributable to discontinued operation
|  | For the five months ended June 3, |  |  | For the year ended December 31 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | € in thousands |
Results of discontinued operation |  |  |  |  |  |  |  |  |
Revenue |  |  | 278 |  |  |  | 675 |  |  |  | 1,119 |
Operating expenses |  |  | (142 | ) |  |  | (342 | ) |  |  | (418 | )
Depreciation and amortization expenses |  |  | (48 | ) |  |  | (461 | ) |  |  | (512 | )
Gross profit (loss) from operating activities |  |  | 88 |  |  |  | (128 | ) |  |  | 189 |
General and administrative expenses |  |  | (13 | ) |  |  | (33 | ) |  |  | (37 | )
Operating profit (loss) from operating activities |  |  | 75 |  |  |  | (161 | ) |  |  | 152 |
Financing income |  |  | 934 |  |  |  | 1,792 |  |  |  | 3,121 |
Financing expenses |  |  | (530 | ) |  |  | (1,269 | ) |  |  | (2,111 | )
Financing income, net |  |  | 404 |  |  |  | 523 |  |  |  | 1,010 |
Results from operating activities before taxes on income |  |  | 479 |  |  |  | 362 |  |  |  | 1,162 |
Taxes on income |  |  | (129 | ) |  |  | (247 | ) |  |  | (451 | )
Results from operating activities, net of taxes on income |  |  | 350 |  |  |  | 115 |  |  |  | 711 |
Loss on adjustment to fair value |  |  | (602 | ) |  |  | (2,565 | ) |  |  | - |
Foreign currency translation differences for foreign operations that were recognized in profit or loss |  |  | 255 |  |  |  | - |  |  |  | - |
Tax benefit on loss from sale of discontinued operation |  |  | 134 |  |  |  | 663 |  |  |  | - |
Profit (loss) for the year |  |  | 137 |  |  |  | (1,787 | ) |  |  | 711 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |
Basic earnings (loss) per share (in €) |  |  | 0.01 |  |  |  | (0.14 | ) |  |  | 0.06 |
Diluted earnings (loss) per share (in €) |  |  | 0.01 |  |  |  | (0.14 | ) |  |  | 0.06 |
Cash flows from discontinued operation |  |  |  |  |  |  |  |  |  |  |  |
Net cash from operating activities |  |  | 1,211 |  |  |  | 2,587 |  |  |  | 2,445 |
Net cash used in investing activities |  |  | (264 | ) |  |  | (462 | ) |  |  | (1,327 | )
Net cash used in financing activities |  |  | (41 | ) |  |  | (2,127 | ) |  |  | (2,126 | )
Net cash from (used in) discontinued operation |  |  | 906 |  |  |  | (2 | ) |  |  | (1,008 | )

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- 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 2024-01-01 -Paragraph 117 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_117&doctype=Standard -URIDate 2024-03-27 + Details
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