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Operating Segments | 12 Months Ended
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Dec. 31, 2022
Disclosure of operating segments [abstract] |
Operating Segments | Note 26 - Segmental Reporting
| A. | General
Operating segments are identified based on the internal reports regarding the components of the Company, which are routinely reviewed by the Group’s Chief Operational Decision Maker for the purpose of allocating resource and assessing the performance of operating segments. The set of reports which are submitted to the Group’s Chief Operating Decision Maker, for the purpose of allocating resources and assessing the performance of operating resources, is based on an evaluation of certain solar power systems located in Israel as fixed asset items, which generate electricity revenues, and not as a contract asset under concession arrangement. Presented below are details regarding the Company’s operating segments, in accordance with IFRS 8:
| Israel segment - | Produces its revenue from the sale of the electricity which is produced through solar energy in Israel, from power purchase agreements at fixed tariffs over extended periods.
| Central-Eastern Europe segment - | Produces its revenue from the sale of the electricity which is produced through wind energy and solar energy in countries of Central-Eastern Europe, mostly at fixed tariffs over extended periods.
| Western Europe segment - | Produces its revenue from the sale of the electricity which is produced through wind energy in countries of Western Europe, mostly at prices determined in the free market (willing buyer to willing seller).
| Management and construction segment - | Produces its revenue from the provision of management services to projects in stages of development, construction or operation, and from the provision of construction services for projects which are fully or partially owned by the Company.
The results of the segments are measured based on the Company’s segment adjusted EBITDA which is the Operating Profit adjusted to add the Financial Asset repayments, depreciation and amortization, non-recurring events, and share-based compensation expenses attributed to the Company’s reportable segments.
| B. | Segmental revenues and results
|  | For the year ended December 31, 2022 |
|  | Israel |  |  | Central-Eastern Europe |  |  | Western Europe |  |  | Management and construction |  |  | Total reportable segments |  |  | Adjustments |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
External revenues |  |  | 51,363 |  |  |  | 70,705 |  |  |  | 58,991 |  |  |  | 11,113 |  |  |  | 192,172 |  |  |  | - |  |  |  | 192,172 |
Inter-segment revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,111 |  |  |  | 9,111 |  |  |  | (9,111 | ) |  |  | - |
Total revenues |  |  | 51,363 |  |  |  | 70,705 |  |  |  | 58,991 |  |  |  | 20,224 |  |  |  | 201,283 |  |  |  | (9,111 | ) |  |  | 192,172 |
Segment Adjusted EBITDA |  |  | 57,598 |  |  |  | 56,181 |  |  |  | 45,750 |  |  |  | 4,018 |  |  |  | 163,547 |  |  |  | - |  |  |  | 163,547 |
Reconciliations of unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Headquarter costs (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,071 | )
Intersegment loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,038 |
Repayment of contract asset under concession arrangements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,579 | )
Depreciation and amortization and share based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (50,940 | )
Other incomes not attributed to segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,617 |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90,612 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,341 |
Finance expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (62,591 | )
Share in the losses of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (306 | )
Profit before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 51,056 |
| (*) | Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation).
|  | For the year ended December 31, 2021 |
|  | Israel |  |  | Central-Eastern Europe |  |  | Western Europe |  |  | Management and construction |  |  | Total reportable segments |  |  | Adjustments |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
External revenues |  |  | 18,919 |  |  |  | 61,326 |  |  |  | 14,064 |  |  |  | 8,152 |  |  |  | 102,461 |  |  |  | - |  |  |  | 102,461 |
Inter-segment revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,894 |  |  |  | 10,894 |  |  |  | (10,894 | ) |  |  | - |
Total revenues |  |  | 18,919 |  |  |  | 61,326 |  |  |  | 14,064 |  |  |  | 19,046 |  |  |  | 113,355 |  |  |  | (10,894 | ) |  |  | 102,461 |
Segment Adjusted EBITDA |  |  | 44,549 |  |  |  | 51,610 |  |  |  | 11,183 |  |  |  | 6,623 |  |  |  | 113,965 |  |  |  | - |  |  |  | 113,965 |
Reconciliations of unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Headquarter costs (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,086 | )
Intersegment profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,811 | )
Repayment of contract asset under concession arrangements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (32,857 | )
Depreciation and amortization and share based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (24,480 | )
U.S. acquisition expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,331 | )
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 34,400 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,333 |
Finance expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,175 | )
Share in the losses of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (189 | )
Profit before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,369 |
| (*) | Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation).
|  | For the year ended December 31, 2020 |
|  | Israel |  |  | Central-Eastern Europe |  |  | Western Europe |  |  | Management and construction |  |  | Total reportable segments |  |  | Adjustments |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Revenue from external |  |  | 16,869 |  |  |  | 48,286 |  |  |  | 2,613 |  |  |  | 2,556 |  |  |  | 70,324 |  |  |  | - |  |  |  | 70,324 |
Inter-segment revenues |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10,864 |  |  |  | 10,864 |  |  |  | (10,864 | ) |  |  | - |
Total Revenues |  |  | 16,869 |  |  |  | 48,286 |  |  |  | 2,613 |  |  |  | 13,420 |  |  |  | 81,188 |  |  |  | (10,864 | ) |  |  | 70,324 |
Segment Adjusted EBITDA |  |  | 40,722 |  |  |  | 40,317 |  |  |  | 1,222 |  |  |  | 3,693 |  |  |  | 85,954 |  |  |  | - |  |  |  | 85,954 |
Reconciliations of unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Headquarter costs (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,016 | )
Intersegment profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,194 | )
Repayment of contract asset under concession arrangements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,250 | )
Depreciation and amortization and share based compensation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18,120 | )
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,374 |
Finance income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 17,214 |
Finance expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,408 | )
Early prepayment fee |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (67,594 | )
Share of loss of equity accounted investees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26 |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (53,388 | )
| (*) | Including general and administrative, project promotion and development expenses (excluding depreciation and amortization and share based compensation).

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