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v3.23.1

Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of detailed information about the evaluation of derivative financial instruments, mostly forward transactions and currency options |
​ | ​ | ​ |  | ​ |  | Amount receivable in transaction currency | ​ | ​ | Amount payable in transaction currency | ​ | ​ |  |  | ​ | Fair value
​ | ​ | ​ | Project​ | ​ | ​ | Millions | ​ | ​ | Millions | ​ | ​ | Expiration date​ | ​ | ​ | USD millions
Foreign currency forward contracts (1) | ​ | ​ | Ruach Beresheet | ​ | ​ | EUR 22 | ​ | ​ | NIS 82 | ​ | ​ | February - March 2023 | ​ | ​ | 0.4
Purchase of call options and sale of put options (1) | ​ | ​ | Storage | ​ | ​ | USD 45.5 | ​ | ​ | NIS 156.1 | ​ | ​ | January 2023 | ​ | ​ | 1.1
| (1) | Hedging transaction to hedge against the EUR/NIS exchange rate and the USD/NIS exchange rate, based on the schedule of payments to the EPC contractor.
Disclosure of sensitivity analysis of changes in foreign currency exchange rates |
|  | As of December 31, 2022 |
|  | Increase 5% |  |  |  |  |  | Decrease 5% |
|  | OCI |  |  | Pre-tax profit |  |  | Value |  |  | Pre-tax profit |  |  | OCI |
5% Change in the currency exchange rate |  | USD in thousands |
ILS vs EURO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans to foreign operations |  |  | - |  |  | (844 | ) |  |  | 16,874 |  |  |  | 844 |  |  | - |
EURO vs HRK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | - |  |  |  | 84 |  |  |  | 1,673 |  |  |  | (84 | ) |  | - |
Loans to foreign operations |  |  | - |  |  |  | 174 |  |  |  | 3,489 |  |  |  | (174 | ) |  | - |
Loans from banks |  |  | - |  |  |  | (1,399 | ) |  |  | (27,974 | ) |  |  | 1,399 |  |  | - |
Total effect on pre-tax profit |  |  | - |  |  |  | (1,985 | ) |  |  | (5,938 | ) |  |  | 1,985 |  |  | - |
Equity of foreign operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ILS vs EURO |  |  | (34,695 | ) |  |  | - |  |  |  | 693,904 |  |  |  | - |  |  |  | 34,695 |
ILS vs HUF |  |  | (551 | ) |  |  | - |  |  |  | 11,015 |  |  |  | - |  |  |  | 551 |
ILS vs HRK |  |  | (613 | ) |  |  | - |  |  |  | 12,258 |  |  |  | - |  |  |  | 613 |
Total effect OCI |  |  | (35,859 | ) |  |  | - |  |  |  | 717,177 |  |  |  | - |  |  |  | 35,859 |
|  | As of December 31, 2021 |
|  | Increase 5% |  |  |  |  |  | Decrease 5% |
|  | OCI |  |  | Pre-tax profit |  |  | Value |  |  | Pre-tax profit |  |  | OCI |
5% Change in the currency rate |  | USD in thousands |
ILS vs EURO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans to foreign operations |  |  | - |  |  |  | (1,026 | ) |  |  | 20,513 |  |  |  | 1,026 |  |  |  | - |
EURO vs HRK |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | - |  |  |  | 89 |  |  |  | 1,175 |  |  |  | (89 | ) |  |  | - |
Loans to foreign operations |  |  | - |  |  |  | 180 |  |  |  | 3,605 |  |  |  | (180 | ) |  |  | - |
Loans from banks |  |  | - |  |  |  | (1,626 | ) |  |  | (32,529 | ) |  |  | 1,626 |  |  |  | - |
Total effect on pre-tax profit |  |  | - |  |  |  | (2,383 | ) |  |  | (7,236 | ) |  |  | 2,383 |  |  |  | - |
Equity of foreign operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ILS vs EURO |  |  | (28,710 | ) |  |  | - |  |  |  | 574,198 |  |  |  | - |  |  |  | 28,710 |
ILS vs HUF |  |  | (267 | ) |  |  | - |  |  |  | 5,340 |  |  |  | - |  |  |  | 267 |
ILS vs HRK |  |  | (486 | ) |  |  | - |  |  |  | 9,714 |  |  |  | - |  |  |  | 486 |
Total effect on OCI |  |  | (29,463 | ) |  |  | - |  |  |  | 589,252 |  |  |  | - |  |  |  | 29,463 |
Disclosure of sensitivity analysis of change in index |
|  | As of December 31, 2022 |
|  | Increase 3% |  |  |  |  |  | Decrease 3% |
|  | Pre-tax profit |  |  | Carrying value |  |  | Pre-tax profit |
3% Change in the index rate |  | USD in thousands |
Financial assets measured at fair value through profit or loss |  |  | 389 |  |  |  | 12,974 |  |  | (389 | )
Contract assets |  |  | 3,203 |  |  |  | 106,773 |  |  | (3,203 | )
Loans to investee entities |  |  | 199 |  |  |  | 6,622 |  |  | (199 | )
Loans to non-controlling interests |  |  | 170 |  |  |  | 5,680 |  |  | (170 | )
Other payables |  |  | (34 | ) |  |  | (1,143 | ) |  |  | 34 |
Loans from banks and other financial institutions |  |  | (15,570 | ) |  |  | (790,403 | ) |  |  | 15,491 |
Other financial liabilities |  |  | (78 | ) |  |  | (2,584 | ) |  |  | 78 |
|  |  | (11,721 | ) |  |  | (662,081 | ) |  |  | 11,642 |
|  | As of December 31, 2021 |
|  | Increase 3% |  |  |  |  |  | Decrease 3% |
|  | Pre-tax profit |  |  | Carrying value |  |  | Pre-tax profit |
3% Change in the index rate |  | USD in thousands |
Financial assets measured at fair value through profit or loss |  |  | 435 |  |  |  | 14,506 |  |  | (435 | )
Contract assets |  |  | 8,611 |  |  |  | 287,042 |  |  | (8,611 | )
Loans to investee entities |  |  | 735 |  |  |  | 24,495 |  |  | (735 | )
Loans to non-controlling interests |  |  | 197 |  |  |  | 6,561 |  |  | (197 | )
Other payables |  |  | (26 | ) |  |  | (858 | ) |  |  | 26 |
Loans from banks and other financial institutions |  |  | (11,999 | ) |  |  | (761,897 | ) |  |  | 9,749 |
Other financial liabilities |  |  | (89 | ) |  |  | (2,956 | ) |  |  | 89 |
|  |  | (2,136 | ) |  |  | (433,107 | ) |  |  | (114 | )
Disclosure of analysis of financial instruments by linkage bases and currency types |
|  | As of December 31, 202 2 |
|  | Linked to the EUR |  |  | Linked to the USD |  |  | Linked to the HRK* |  |  | Linked to the HUF |  |  | Linked to the CPI |  |  | Unlinked |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 56,327 |  |  |  | 1,582 |  |  |  | 49,535 |  |  |  | 2,752 |  |  | - |  |  |  | 83,673 |  |  |  | 193,869 |
Deposits in banks |  |  | 4,054 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 4,054 |
Restricted cash |  |  | 16,551 |  |  |  | - |  |  |  | 3,732 |  |  |  | 558 |  |  | - |  |  |  | 71,262 |  |  |  | 92,103 |
Financial assets measured at fair value through profit or loss |  |  | - |  |  |  | 366 |  |  |  | - |  |  |  | - |  |  |  | 12,974 |  |  |  | 20,555 |  |  |  | 33,895 |
Trade receivables |  |  | 29,074 |  |  |  | 785 |  |  |  | 601 |  |  |  | 325 |  |  |  | - |  |  |  | 9,037 |  |  |  | 39,822 |
Other receivables |  |  | 880 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 427 |  |  |  | 4,872 |  |  |  | 6,179 |
Current maturities of loans to investee entities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 13,893 |  |  |  | 13,893 |
Other financial assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,493 |  |  |  | 1,493 |
|  |  | 106,886 |  |  |  | 2,733 |  |  |  | 53,868 |  |  |  | 3,635 |  |  |  | 13,401 |  |  |  | 204,785 |  |  |  | 385,308 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | 20,140 |  |  |  | - |  |  |  | 1,281 |  |  |  | 3,782 |  |  |  | - |  |  |  | 13,525 |  |  |  | 38,728 |
Long term receivables |  |  | 4,765 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 4,767 |
Financial assets measured at fair value through profit or loss |  |  | 42,918 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 42,918 |
Loans to equity-accounted entities |  |  | 3,429 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,622 |  |  |  | 4,133 |  |  |  | 14,184 |
Other financial assets |  |  | 78,811 |  |  |  | - |  |  |  | - |  |  |  | 10,332 |  |  |  | 5,253 |  |  |  | - |  |  |  | 94,396 |
|  |  | 150,063 |  |  |  | - |  |  |  | 1,281 |  |  |  | 14,114 |  |  |  | 11,875 |  |  |  | 17,660 |  |  |  | 194,993 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit and current maturities in respect of loans from banks and other financial institutions |  |  | (54,071 | ) |  |  | (75,576 | ) |  |  | (1,585 | ) |  |  | (1,535 | ) |  |  | (32,860 | ) |  |  | - |  |  |  | (165,627 | )
Trade payables |  |  | (13,532 | ) |  |  | (15,495 | ) |  |  | - |  |  |  | (68 | ) |  |  | - |  |  |  | (5,543 | ) |  |  | (34,638 | )
Other payables |  |  | (20,920 | ) |  |  | (15,567 | ) |  |  | (1,242 | ) |  |  | (240 | ) |  |  | (1,143 | ) |  |  | (28,925 | ) |  |  | (68,037 | )
Current maturities in respect of Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15,832 | ) |  |  | (15,832 | )
Current maturities of lease liability |  |  | (1,528 | ) |  |  | - |  |  |  | - |  |  |  | (80 | ) |  |  | (4,202 | ) |  |  | (40 | ) |  |  | (5,850 | )
Financial liabilities measured at fair value through profit or loss |  |  | - |  |  |  | (35,283 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (35,283 | )
other financial liabilities |  |  | (50,255 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (50,255 | )
|  |  | (140,306 | ) |  |  | (141,921 | ) |  |  | (2,827 | ) |  |  | (1,923 | ) |  |  | (38,205 | ) |  |  | (50,340 | ) |  |  | (375,522 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (238,520 | ) |  |  | (238,520 | )
Convertible Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (131,385 | ) |  |  | (131,385 | )
Loans from banks and other financial institutions |  |  | (572,166 | ) |  |  | (42,797 | ) |  |  | (14,358 | ) |  |  | (32,193 | ) |  |  | (757,543 | ) |  |  | - |  |  |  | (1,419,057 | )
Loans from non-controlling interests |  |  | (76,787 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14,121 | ) |  |  | (90,908 | )
Lease liability |  |  | (33,769 | ) |  |  | - |  |  |  | - |  |  |  | (1,134 | ) |  |  | (58,535 | ) |  |  | (335 | ) |  |  | (93,773 | )
Employee benefits |  |  | - |  |  |  | (12,238 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12,238 | )
Financial liabilities through profit or loss |  |  | - |  |  |  | (45,484 | ) |  |  | - |  |  |  | - |  |  |  | (2,584 | ) |  |  | - |  |  |  | (48,068 | )
|  |  | (682,722 | ) |  |  | (100,519 | ) |  |  | (14,358 | ) |  |  | (33,327 | ) |  |  | (818,662 | ) |  |  | (384,361 | ) |  |  | (2,033,949 | )
Total assets (liabilities), net |  |  | (566,079 | ) |  |  | (239,707 | ) |  |  | 37,964 |  |  |  | (17,501 | ) |  |  | (831,591 | ) |  |  | (212,256 | ) |  |  | (1,829,170 | )
*On December 31, 2022 the EURO currency replaces the HRK
|  | As of December 31, 2021 |
|  | Linked to the EUR |  |  | Linked to the USD |  |  | Linked to the HRK |  |  | Linked to the HUF |  |  | Linked to the CPI |  |  | Unlinked |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 54,293 |  |  |  | 1,837 |  |  |  | 25,394 |  |  |  | 1,946 |  |  | - |  |  |  | 182,463 |  |  |  | 265,933 |
Restricted cash |  |  | 17,058 |  |  |  | - |  |  |  | - |  |  |  | - |  |  | - |  |  |  | 18,121 |  |  |  | 35,179 |
Financial assets measured at fair value through profit or loss |  |  | - |  |  |  | 515 |  |  |  | - |  |  |  | - |  |  |  | 14,506 |  |  |  | 24,343 |  |  |  | 39,364 |
Trade receivables |  |  | 11,521 |  |  |  | 1,752 |  |  |  | 635 |  |  |  | 133 |  |  |  | - |  |  |  | 3,859 |  |  |  | 17,900 |
Other receivables |  |  | 2,607 |  |  |  | - |  |  |  | 40 |  |  |  | - |  |  |  | 456 |  |  |  | 1,855 |  |  |  | 4,958 |
Other short term financial assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,999 |  |  |  | 9,999 |
|  |  | 85,479 |  |  |  | 4,104 |  |  |  | 26,069 |  |  |  | 2,079 |  |  |  | 14,962 |  |  |  | 240,640 |  |  |  | 373,333 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Restricted cash |  |  | 11,989 |  |  |  | - |  |  |  | - |  |  |  | 1,917 |  |  |  | - |  |  |  | 7,462 |  |  |  | 21,368 |
Long term receivables |  |  | 5,247 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,247 |
Financial assets measured at fair value through profit or loss |  |  | 28,682 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28,682 |
Current maturities of loans to investee entities |  |  | 874 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,200 |  |  |  | 1,190 |  |  |  | 26,264 |
Other financial assets |  |  | 3,852 |  |  |  | - |  |  |  | - |  |  |  | 3,605 |  |  |  | 6,105 |  |  |  | - |  |  |  | 13,562 |
|  |  | 50,644 |  |  |  | - |  |  |  | - |  |  |  | 5,522 |  |  |  | 30,305 |  |  |  | 8,652 |  |  |  | 95,123 |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit and current maturities in respect of loans from banks and other financial institutions |  |  | (28,032 | ) |  |  | - |  |  |  | (1,639 | ) |  |  | (1,596 | ) |  |  | (30,555 | ) |  |  | - |  |  |  | (61,822 | )
Trade payables |  |  | (21,576 | ) |  |  | (1,453 | ) |  |  | (275 | ) |  |  | (5 | ) |  |  | - |  |  |  | (4,108 | ) |  |  | (27,417 | )
Other payables |  |  | (27,552 | ) |  |  | (3,887 | ) |  |  | (134 | ) |  |  | (200 | ) |  |  | (858 | ) |  |  | (9,764 | ) |  |  | (42,395 | )
Other financial liabilities |  |  | (18,679 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,923 | ) |  |  | (27,602 | )
Current maturities in respect of Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (17,914 | ) |  |  | (17,914 | )
Current maturities of lease liability |  |  | (1,039 | ) |  |  | - |  |  |  | - |  |  |  | (82 | ) |  |  | (4,521 | ) |  |  | (44 | ) |  |  | (5,686 | )
Financial liabilities measured at fair value through profit or loss |  |  | - |  |  |  | (14,567 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (14,567 | )
|  |  | (96,878 | ) |  |  | (19,907 | ) |  |  | (2,048 | ) |  |  | (1,883 | ) |  |  | (35,934 | ) |  |  | (40,753 | ) |  |  | (197,403 | )
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (286,656 | ) |  |  | (286,656 | )
Convertible Debentures |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (100,995 | ) |  |  | (100,995 | )
Loans from banks and other financial institutions |  |  | (381,552 | ) |  |  | - |  |  |  | (16,945 | ) |  |  | (38,730 | ) |  |  | (731,342 | ) |  |  | - |  |  |  | (1,168,569 | )
Loans from non-controlling interests |  |  | (62,841 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15,272 | ) |  |  | (78,113 | )
Lease liability |  |  | (35,385 | ) |  |  | - |  |  |  | - |  |  |  | (1,180 | ) |  |  | (62,989 | ) |  |  | (406 | ) |  |  | (99,960 | )
Other long term payables |  |  | (1,132 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,132 | )
Financial liabilities through profit or loss |  |  | - |  |  |  | (74,996 | ) |  |  | - |  |  |  | - |  |  |  | (2,956 | ) |  |  | - |  |  |  | (77,952 | )
Other financial liabilities |  |  | (15,300 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (15,300 | )
|  |  | (496,210 | ) |  |  | (74,996 | ) |  |  | (16,945 | ) |  |  | (39,910 | ) |  |  | (797,287 | ) |  |  | (403,329 | ) |  |  | (1,828,677 | )
Total assets (liabilities), net |  |  | (456,965 | ) |  |  | (90,799 | ) |  |  | 7,076 |  |  |  | (34,192 | ) |  |  | (787,954 | ) |  |  | (194,792 | ) |  |  | (1,557,626 | )
Disclosure of detailed information about carrying values of financial instruments which are exposed to cash flow risks in respect of interest rate changes |
|  |  | As of December 31, 2022 |
|  |  | Increase 2% |  |  |  | Carrying |  |  | Decrease 2% |
|  |  | Pre-tax profit |  |  |  | value |  |  | Pre-tax profit |
2% Change in the interest rate |  |  | USD in thousands |
Euribor-linked credit from banks |  |  | (22 | ) |  |  | (1,115 | ) |  |  | 22 |
Euribor-linked loan from banks |  |  | (873 | ) |  |  | (43,649 | ) |  |  | 873 |
SOFR-linked credit from banks (1) |  |  | - |  |  |  | (118,373 | ) |  |  | - |
|  |  | (895 | ) |  |  | (163,137 | ) |  |  | 895 |
|  | As of December 31, 2021 |
|  | Increase 2% |  |  | Carrying |  |  | Decrease 2% |
|  | Pre-tax profit |  |  | value |  |  | Pre-tax profit |
2% Change in the interest rate |  | USD in thousands |
Euribor-linked loan from banks |  | (25 | ) |  | (1,259 | ) |  |  | 25 |
Euribor-linked credit from banks (2) |  | - |  |  | (67,281 | ) |  |  | - |
|  |  | (25 | ) |  |  | (68,540 | ) |  |  | 25 |
| (1) | As of December 31, 2022, a project company in the USA is in the construction stage has a loan which are linked to the SOFR interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results.
| (2) | As of December 31, 2021, project companies in the construction stage in Spain, Kosovo and Sweden have short term loans in respect of value added tax payments which are linked to the Euribor interest rate. Interest expenses during the construction period are capitalized to the cost of the facility, and have no impact on the Company’s results.
Disclosure of interest rate swap contracts which were designated as hedging instruments |
| Interest rates | Par value | Repayment date | Carrying value
Hedged contract | Original | After hedging | Thousands | Final | USD in thousands
Loan to finance the Lukovac project | 3 month Euribor | 0.75% | 20,397 EURO 21,753 USD | 31/03/2031 | 2,063
Loan to finance the Picasso project | 3 month Euribor | 1.08% | 75,268 EURO 80,273 USD | 31/03/2039 | 6,406
Loan to finance the Gecama project | 6 month Euribor | 0.147% | 152,000 EURO 162,107 USD | 30/06/2035 | 32,811
Loan to finance the Raaba and Meg projects | 3 month Bubor | 1.445%-3.7% | 12,930,492 HUF 34,454 USD | 31/12/2030 | 10,332
Loan to finance the Bjorn project | 6 month Euribor | 0.526% | 164,485 EURO 175,423 USD | 30/06/2041 | 37,531
Disclosure of maturity analysis for financial assets held for managing liquidity risk |
|  | As of December 31, 2022(**) |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | After |  |  |  |
|  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2027 |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Liability in respect of deferred consideration arrangement |  |  | (418 | ) |  |  | (416 | ) |  |  | (396 | ) |  |  | (341 | ) |  |  | (341 | ) |  |  | (2,766 | ) |  |  | (4,678 | )
Performance-based contingent consideration (“Earn Out”), see Note 7A(1) |  |  | (35,283 | ) |  |  | (17,690 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (52,973 | )
Liability in respect of put option |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (27,794 | ) |  |  | (27,794 | )
Loans from non-controlling interests |  |  | (11,624 | ) |  |  | (10,452 | ) |  |  | (10,547 | ) |  |  | (9,094 | ) |  |  | (6,264 | ) |  |  | (51,671 | ) |  |  | (99,652 | )
Debentures(*) |  |  | (23,702 | ) |  |  | (23,139 | ) |  |  | (41,691 | ) |  |  | (90,830 | ) |  |  | (57,269 | ) |  |  | (161,622 | ) |  |  | (398,253 | )
Credit and loans from banks and other financial institutions (*) |  |  | (103,366 | ) |  |  | (129,561 | ) |  |  | (127,133 | ) |  |  | (127,436 | ) |  |  | (149,380 | ) |  |  | (1,164,056 | ) |  |  | (1,800,932 | )
Lease liability |  |  | (5,846 | ) |  |  | (7,817 | ) |  |  | (7,367 | ) |  |  | (7,234 | ) |  |  | (7,182 | ) |  |  | (68,554 | ) |  |  | (104,000 | )
|  |  | (180,239 | ) |  |  | (189,075 | ) |  |  | (187,134 | ) |  |  | (234,935 | ) |  |  | (220,436 | ) |  |  | (1,476,463 | ) |  |  | (2,488,282 | )
| (*) | The above figures are presented according to their par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date.
| (**) | The Company has commitments in power purchase agreements which are not reflected in the Company’s statement of financial position.
Disclosure of detailed information about the fair value of financial assets and financial liabilities | As of December 31, 202 2:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Financial Assets at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value through profit or loss |  |  | 33,895 |  |  |  |  |  |  |  |  |  | 33,895 |
Contracts in respect of forward transactions |  |  |  |  |  |  | 1,493 |  |  |  |  |  |  | 1,493 |
Interest rate swaps |  |  |  |  |  |  | 89,143 |  |  |  |  |  |  | 89,143 |
Non-marketable shares measured at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  | 42,918 |  |  |  | 42,918 |
Financial liabilities at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transactions to peg electricity prices swap (CFD differences contract) |  |  |  |  |  |  | (50,255 | ) |  |  |  |  |  |  | (50,255 | )
Performance-based (“earn out”) contingent consideration (“Earn Out”), see Note 7A(1) |  |  |  |  |  |  |  |  |  |  | (52,972 | ) |  |  | (52,972 | )
As of December 31, 2021:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Financial Assets at fair value: |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value through profit or loss |  |  | 39,364 |  |  | - |  |  | - |  |  |  | 39,364 |
Contracts in respect of forward transactions |  |  | - |  |  |  | 9,999 |  |  | - |  |  |  | 9,999 |
Interest rate swaps |  |  | - |  |  |  | 7,456 |  |  | - |  |  |  | 7,456 |
Non-marketable shares measured at fair value through profit or loss |  |  | - |  |  |  | - |  |  |  | 28,682 |  |  |  | 28,682 |
Financial liabilities at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | - |  |  |  | (2,627 | ) |  |  | - |  |  |  | (2,627 | )
Contracts in respect of forward transactions |  |  | - |  |  |  | (8,831 | ) |  |  | - |  |  |  | (8,831 | )
Transactions to peg electricity prices swap (CFD differences contract) |  |  | - |  |  |  | (31,352 | ) |  |  | - |  |  |  | (31,352 | )
Performance-based contingent consideration (“Earn Out”), see Note 7A(1) |  |  | - |  |  |  | - |  |  |  | (61,362 | ) |  |  | (61,362 | )
Disclosure of reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy |
|  | 2022 |  |  | 2021 |
|  | Financial assets |
Non-marketable shares measured at fair value through profit or loss |  | USD thousands |
Balance as at January 1 |  |  | 28,682 |  |  |  | 10,115 |
Investment |  |  | 10,824 |  |  |  | 18,760 |
Revaluation (*) |  |  | 4,868 |  |  |  | 693 |
Translation differences |  |  | (1,456 | ) |  |  | (886 | )
Balance as at December 31 |  |  | 42,918 |  |  |  | 28,682 |
|  | 2022 |  |  | 2021 |
|  | Financial liabilities |
Performance-based (“earn out”) contingent consideration |  | USD thousands |
Balance as at January 1 |  | (61,362 | ) |  |  | - |
Initial consolidation see Note 7A(1) |  | - |  |  |  | (59,131 | )
Revaluation |  |  | 6,678 |  |  |  | (2,231 | )
Repayment |  |  | 1,712 |  |  |  | - |
Balance as at December 31 |  |  | (52,972 | ) |  |  | (61,362 | )
| (*) | Under financing income and expenses.
Disclosure of detailed information about the financial assets and financial liabilities not measured at fair value in statement of financial position |
|  |  |  |  |  | Carrying value |  |  | Fair value |
|  |  |  |  |  | As of December 31 |  |  | As of December 31 |
|  |  | Fair value level |  |  | 202 2 |  |  | 202 1 |  |  | 202 2 |  |  | 202 1 |
|  |  |  |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |  |  | USD in thousands |
Debentures |  |  | Level 1 |  |  |  | 388,498 |  |  |  | 408,771 |  |  |  | 364,203 |  |  |  | 442,815 |
Loans from banks and other financial institutions (1) |  |  | Level 3 |  |  |  | 1,200,199 |  |  |  | 355,808 |  |  |  | 908,964 |  |  |  | 411,456 |
Liability in respect of deferred consideration arrangement (1) |  |  | Level 3 |  |  |  | 2,750 |  |  |  | 3,123 |  |  |  | 3,602 |  |  |  | 5,219 |
Disclosure of detailed information about the other financial liabilities |
|  | December 31 |  |  | December 31 |
|  | 202 2 |  |  | 202 1 |
|  | USD in thousands |  |  | USD in thousands |
Current assets |  |  |  |  |  |
Other financial assets |  |  |  |  |  |
Contracts in respect of forward transactions |  |  | 1,493 |  |  |  | 9,999 |
Non-current assets |  |  |  |  |  |  |  |
Other financial assets |  |  |  |  |  |  |  |
Loans to non-controlling interests |  |  | 5,253 |  |  |  | 6,105 |
Interest rate swaps |  |  | 89,143 |  |  |  | 7,456 |
|  |  | 95,889 |  |  |  | 23,560 |
Current liabilities |  |  |  |  |  |  |  |
Other financial liabilities |  |  |  |  |  |  |  |
Transactions to peg electricity prices swap (CFD differences contract) |  |  | (50,255 | ) |  |  | (16,052 | )
Contracts in respect of forward transactions |  |  | - |  |  |  | (11,550 | )
Financial liabilities through profit or loss |  |  |  |  |  |  |  |
Performance-based contingent consideration (“Earn Out”) (1) |  |  | (35,282 | ) |  |  | (14,567 | )
Non-current liabilities |  |  |  |  |  |  |  |
Other financial liabilities |  |  |  |  |  |  |  |
Transactions to peg electricity prices swap (CFD differences contract) |  |  | - |  |  |  | (15,300 | )
Financial liabilities through profit or loss |  |  |  |  |  |  |  |
Liability in respect of deferred consideration arrangement (2) |  |  | (2,584 | ) |  |  | (2,956 | )
Performance-based contingent consideration (“Earn Out”) as well as the founder’s put option (1) |  |  | (45,484 | ) |  |  | (74,996 | )
|  |  | (133,605 | ) |  |  | (135,421 | )
| (1) | For additional details, see Note 7A(1).
| (2) | The Company has liabilities in respect of deferred consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December 31, 2022 and 2021, amounted to USD 2,750 thousand and USD 3,007 thousand, respectively.

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