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Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Note 14 - Leases

Leases in which the Company is the lessee

The Company has lease agreements with respect to lands for the Solar Plants.

Information regarding material lease agreements entered into during the period

Ellomay Solar Italy Fourteen SRL leases land in Italy from private lessors for a period of 41 years and paid an amount of €2,183 thousand in advance for the all period. A right-of-use asset in the amount of €2,183 thousand have been recognized in 2024 in respect of this lease of land.

Ellomay Solar Italy Fifteen SRL leases land in Italy from private lessors for a period of 31 years, extending until May 2054. The annual rent is €72.7 thousand and is indexed to the Italian CPI. In 2024, a lease liability of €1,106 thousand and a corresponding right-of-use asset of €1,106 thousand were recognized for this land lease.

1.

Right-of-use assets

		Bio Gas				Italy				Spain				Talasol				Pumped storage				USA				Total
		€ in thousands

Balance as at January 1, 2024			20				9,526				2,327				7,595				9,425				2,074				30,967
Lease agreements entered into during the period			-				3,289				-				-				-				-				3,289
Depreciation for the year			(20	)			(395	)			(135	)			(468	)			(434	)			(62	)			(1,514	)
Other			-				781				154				213				108				(305	)			951
Effect of changes in exchange rates			-				-				-				-				520				102				622
Balance as at December 31, 2024			-				13,201				2,346				7,340				9,619				1,809				34,315

		Bio Gas				Italy				Spain				Talasol				Pumped storage				USA				Talmei Yosef				Total
		€ in thousands

Balance as at January 1, 2023			46				8,733				2,314				7,183				10,413				-				1,331				30,020
Lease agreements entered into during the period			-				2,527				-				-				-				2,142				-				4,669
Depreciation for the year			(26	)			(262	)			(126	)			(455	)			(429	)			(24	)			(111	)			(1,433	)
Other			-				(1,472	)			139				867				110				-				69				(287	)
Effect of changes in exchange rates			-				-				-				-				(669	)			(44	)			(85	)			(798	)
Transfer to disposal groups held for sale			-				-				-				-				-				-				(1,204	)			(1,204	)
Balance as at December 31, 2023			20				9,526				2,327				7,595				9,425				2,074				-				30,967

2.

Lease liability

Maturity analysis of the Company’s lease liabilities

		December 31, 2024
		€ in thousands
Less than one year			714
One to five years			3,328
More than five years			21,996

Total			26,038

Current maturities of lease liability			714

Long-term lease liability			25,324

3.

Additional information on leases

(a)

Amounts recognized in profit or loss

		2024				2023				2022
		€ in thousands

Depreciation on right-of-use asset			629				718				743
Interest expenses on lease liability			337				*407				*370

*

Including the amounts of €66 thousand and €74 thousand that were presented as a discontinued operation and classified as held for sale for 2023 and 2022, respectively.

The remainder of the depreciation and the interest is capitalized to fixed assets, including the amounts of €111 thousand and €117 thousand recorded in the depreciation expenses that were presented as a discontinued operation and classified as held for sale for 2023 and 2022, respectively.

(b)

Short-term leases

As mentioned in Note 3F regarding material accounting policies, the Company, in accordance with the practical expedient, accounts for short-term leases and leases of low-value assets as expenses on a straight-line basis over the lease term, instead of a right-of-use asset and lease liability. These leases include office space in the amount of approximately €264 thousand.