20-F/A

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

(Amendment No. 2)

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from __________________ to __________________

Commission File Number 001-35284

ELLOMAY CAPITAL LTD.

(Exact Name of Registrant as specified in its charter)

ISRAEL

(Jurisdiction of incorporation or organization)

9 Rothschild Boulevard, 2^nd floor

Tel Aviv 6688112, Israel

(Address of principal executive offices)

Kalia Weintraub, Chief Financial Officer

Tel: +972-3-797-1111; Facsimile: +972-3-797-1122

9 Rothschild Boulevard, 2^nd floor

Tel Aviv 6688112, Israel (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Ordinary Shares, par value NIS 10.00 per share	NYSE American LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Title of Class

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Title of Class

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:  10,675,508¹ ordinary shares, NIS 10.00 par value per share.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐   No ☑

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐   No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑   No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ Emerging growth company ☐

¹ Does not include a total of 258,046 ordinary shares held at that date as treasury shares under Israeli law, all of which were repurchased by Ellomay. For so long as such treasury shares are owned by Ellomay they have no rights and, accordingly, are neither eligible to participate in or receive any future dividends which may be paid to Ellomay’s shareholders nor are they entitled to participate in, be voted at or be counted as part of the quorum for, any meetings of Ellomay’s shareholders.

        

2

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued ☑ by the International Accounting Standards Board Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

 Item 17 ☐    Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes ☐    No ☑

3

Table of Contents

	Page
Explanatory Note	5
Item 19: Exhibits	5

4

EXPLANATORY NOTE

This Amendment No. 2 to Form 20-F (“Form 20-F/A”) is being filed to amend the Annual Report on Form 20-F for the fiscal year ended December 31, 2017, filed by Ellomay Capital Ltd. (the “Company”) on March 29, 2018 (the “2017 Form 20-F”), as amended on March 30, 2018. This Form 20-F/A is being filed solelyfor the purposes of furnishing Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. The exhibits referred to below were not previously filed.

This Form 20-F/A should be read in conjunction with the 2017 Form 20-F, as amended, and our other filings with the Securities and Exchange Commission.  Other than as expressly set forth above, this Form 20-F/A does not, and does not purport to, amend, update or restate the information in any part of the 2017 Form 20-F or reflect any events that have occurred after the 2017 Form 20-F was filed. The filing of this Form 20-F/A, and the inclusion of newly executed certifications, should not be understood to mean that any other statements contained in the 2017 Form 20-F are true and complete as of any date subsequent to March 29, 2018.

ITEM 19: Exhibits

Number	Description
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Label Linkbase Document
101.PRE**	XBRL Taxonomy Presentation Linkbase Document

_____________________________________

** Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

5

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this amendment no. 2 to the annual report on its behalf.

Ellomay Capital Ltd.
By:	/s/ Ran Fridrich
	Ran Fridrich
	Chief Executive Officer and Director

Dated: April 16, 2018

6

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document And Entity Information
Entity Registrant Name	Ellomay Capital Ltd.
Entity Central Index Key	0000946394
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer	No
Is Entity a Voluntary Filer	No
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	10,675,508
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2017

XML

Consolidated Statements of Financial Position € in Thousands, $ in Thousands	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)		Dec. 31, 2016 EUR (€)	[1]	Dec. 31, 2015 EUR (€)	[1]
Current assets:
Cash and cash equivalents | €		€ 23,962		€ 22,486		€ 17,194
Marketable securities | €		2,162	[2]	972	[2]	5,971
Restricted cash and marketable securities | €		3,265	[3]	15	[3]	73
Receivable from concession project | €		1,286
Financial assets | €		1,249
Trade and other receivables | €		10,645		9,487		7,552
Total Current assests | €		42,569		32,960		30,790
Non-current assets
Investment in equity accounted investee | €		27,655		29,273		31,216
Advances on account of investments | €		8,825		812
Financial assets | €		1,249		1,265		4,470
Receivable from concession project | €		27,725
Fixed assets | €		78,837		73,274		72,564
Intangible asset | €		5,505
Restricted cash and deposits | €		3,660		5,134		4,886
Deferred tax | €		1,777		2,485		2,610
Long term receivables | €		1,535		3,261		778
Total Non-current assets | €		155,519		115,504		116,524
Total assets | €		198,088		148,464		147,314
Current liabilities
Current maturities of long term loans | €		3,103		1,094		1,040
Debentures | €		4,644		4,744		4,482
Trade payables | €		1,349		1,601		799
Other payables | €		2,187		3,119		2,954
Total current liabilities | €		11,283		10,558		9,275
Non-current liabilities
Finance lease obligations | €		3,690		4,020		4,340
Long-term loans | €		42,091		16,961		11,984
Debentures | €		52,987		29,046		32,226
Deferred tax | €		5,982		881		756
Other long-term liabilities | €		4,555		2,627		2,291
Total Non-current liabilities | €		109,305		53,535		51,597
Total liabilities | €		120,588		64,093		60,872
Equity
Share capital | €		19,980		19,980		19,980
Share premium | €		58,339		58,334		58,331
Treasury shares | €		(1,736)		(1,722)		(1,711)
Reserves | €		2,357		2,664		1,938
Retained earnings (accumulated deficit) | €		(299)		5,816		8,148
Total equity attributed to shareholders of the Company | €		78,641		85,072		86,686
Non-Controlling Interest | €		(1,141)		(701)		(244)
Total equity | €		77,500		84,371		86,442
Total liabilities and equity | €		€ 198,088		€ 148,464		€ 147,314
USD [Member]
Current assets:
Cash and cash equivalents | $	$ 28,700
Marketable securities | $	2,590
Restricted cash and marketable securities | $	3,911
Receivable from concession project | $	1,540
Financial assets | $	1,496
Trade and other receivables | $	12,750
Total Current assests | $	50,987
Non-current assets
Investment in equity accounted investee | $	33,124
Advances on account of investments | $	10,570
Financial assets | $
Receivable from concession project | $	33,208
Fixed assets | $	94,427
Intangible asset | $	6,594
Restricted cash and deposits | $	4,384
Deferred tax | $	2,128
Long term receivables | $	1,839
Total Non-current assets | $	186,274
Total assets | $	237,261
Current liabilities
Current maturities of long term loans | $	3,717
Debentures | $	5,562
Trade payables | $	1,616
Other payables | $	2,619
Total current liabilities | $	13,514
Non-current liabilities
Finance lease obligations | $	4,420
Long-term loans | $	50,415
Debentures | $	63,465
Deferred tax | $	7,165
Other long-term liabilities | $	5,456
Total Non-current liabilities | $	130,921
Total liabilities | $	144,435
Equity
Share capital | $	23,931
Share premium | $	69,876
Treasury shares | $	(2,079)
Reserves | $	2,823
Retained earnings (accumulated deficit) | $	(358)
Total equity attributed to shareholders of the Company | $	94,193
Non-Controlling Interest | $	(1,367)
Total equity | $	92,826
Total liabilities and equity | $	$ 237,261

[1] Please refer to note 2C for functional and presentation currency.

[2] During 2016 and 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float.

[3] Current accounts and bank deposits securing short term obligations.

XML

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss) € in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2017 EUR (€) € / shares	Dec. 31, 2016 EUR (€) € / shares	[1]	Dec. 31, 2015 EUR (€) € / shares	[1]
Statement Line Items [Line Items]
Revenues | €			€ 13,636	€ 11,632		€ 12,446
Operating expenses | €			(2,549)	(2,082)		(2,571)
Depreciation expenses | €			(4,518)	(4,411)		(4,428)
Gross profit | €			6,569	5,139		5,447
Project development costs | €	[2]		(2,739)	(2,201)		(1,044)
General and administrative expenses | €	[2]		(2,420)	(2,032)		(2,328)
Share of profits of equity accounted investee | €			1,531	1,375		2,202
Other income, net | €			18	90		18
Operating Profit | €			2,959	2,371		4,295
Financing income | €			1,333	263		2,061
Financing income (expenses) in connection with derivatives, net | €			(3,156)	636		3,192
Financing expenses | €			(7,405)	(3,333)		(3,177)
Financing income (expenses), net | €			(9,228)	(2,434)		2,076
Profit (loss) before taxes on income | €			(6,269)	(63)		6,371
Tax benefit (taxes on income) | €			(372)	(569)		1,739
Profit (loss) for the year | €			(6,641)	(632)		8,110
Profit (loss) attributable to:
Owners of the Company | €			(6,115)	(209)		8,340
Non-controlling interests | €			(526)	(423)		(230)
Profit (loss) for the year | €			(6,641)	(632)		8,110
Other comprehensive income (loss) items that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations | €			(359)	692		1,104
Effective portion of change in fair value of cash flow hedges | €			(1,244)
Net change in fair value of cash flow hedges transferred to profit or loss | €			1,382
Total other comprehensive income (loss) | €			(221)	692		1,104
Total comprehensive income (loss) for the year | €			€ (6,862)	€ 60		€ 9,214
Earnings (loss) per share
Basic earnings (loss) per share | € / shares			€ (0.57)	€ (0.02)		€ 0.78
Diluted earnings (loss) per share | € / shares			€ (0.57)	€ (0.02)		€ 0.78
USD [Member]
Statement Line Items [Line Items]
Revenues | $		$ 16,333
Operating expenses | $		(3,053)
Depreciation expenses | $		(5,411)
Gross profit | $		7,869
Project development costs | $		(3,281)
General and administrative expenses | $		(2,899)
Share of profits of equity accounted investee | $		1,834
Other income, net | $		22
Operating Profit | $		3,545
Financing income | $		1,597
Financing income (expenses) in connection with derivatives, net | $		(3,780)
Financing expenses | $		(8,869)
Financing income (expenses), net | $		(11,052)
Profit (loss) before taxes on income | $		(7,507)
Tax benefit (taxes on income) | $		(447)
Profit (loss) for the year | $		(7,954)
Profit (loss) attributable to:
Owners of the Company | $		(7,324)
Non-controlling interests | $		(630)
Profit (loss) for the year | $		(7,954)
Other comprehensive income (loss) items that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss:
Foreign currency translation differences for foreign operations | $		(430)
Effective portion of change in fair value of cash flow hedges | $		(1,490)
Net change in fair value of cash flow hedges transferred to profit or loss | $		1,655
Total other comprehensive income (loss) | $		(265)
Total comprehensive income (loss) for the year | $		$ (8,219)
Earnings (loss) per share
Basic earnings (loss) per share | $ / shares		$ (0.69)
Diluted earnings (loss) per share | $ / shares		$ (0.69)

[1] Please refer to note 2C for functional and presentation currency.

[2] Reclassified - See note 2

XML

Consolidated Statements of Changes in Equity € in Thousands, $ in Thousands		Share capital [Member] EUR (€)	Share capital [Member] USD [Member] USD ($)	Share capital [Member] USD [Member] EUR (€)	Share premium [Member] EUR (€)	Share premium [Member] USD [Member] USD ($)	Share premium [Member] USD [Member] EUR (€)	Retained earnings (accumulated deficit) [Member] EUR (€)	Retained earnings (accumulated deficit) [Member] USD [Member] USD ($)	Retained earnings (accumulated deficit) [Member] USD [Member] EUR (€)	Treasury shares [Member] EUR (€)	Treasury shares [Member] USD [Member] USD ($)	Treasury shares [Member] USD [Member] EUR (€)	Translation reserve from foreign operations [Member] EUR (€)	Translation reserve from foreign operations [Member] USD [Member] USD ($)	Translation reserve from foreign operations [Member] USD [Member] EUR (€)	Hedging Reserve [Member] EUR (€)	Hedging Reserve [Member] USD [Member] USD ($)	Hedging Reserve [Member] USD [Member] EUR (€)	Total [Member] EUR (€)	Total [Member] USD [Member] USD ($)	Non-controlling Interests [Member] EUR (€)	Non-controlling Interests [Member] USD [Member] USD ($)	Non-controlling Interests [Member] USD [Member] EUR (€)	EUR (€)		USD [Member] USD ($)
Balance at Dec. 31, 2014	[1]	€ 19,608			€ 57,625			€ (192)			€ (404)			€ 829						€ 77,466		€ 13			€ 77,479
Statement Line Items [Line Items]
Profit (Loss) for the year								8,340												8,340		(230)			8,110	[1]
Acquisition of subsidiary																						(22)			(22)
Other comprehensive loss for the year														1,109						1,109		(5)			1,104	[1]
Total comprehensive loss for the year								8,340						1,109						9,449		(257)			9,214	[1]
Exercise of share options and warrants		372			699															1,071					1,071
Own shares acquired											(1,307)									(1,307)					(1,307)
Share-based payments					7															7					7
Balance at Dec. 31, 2015	[1]	19,980			58,331			8,148			(1,711)			1,938						86,686		(244)			86,442
Statement Line Items [Line Items]
Profit (Loss) for the year								(209)												(209)		(423)			(632)	[1]
Other comprehensive loss for the year														726						726		(34)			692	[1]
Total comprehensive loss for the year								(209)						726						517		(457)			60	[1]
Dividends to owners								(2,123)												(2,123)					(2,123)
Own shares acquired											(11)									(11)					(11)
Share-based payments					3															3					3
Balance at Dec. 31, 2016		19,980	$ 23,931		58,334	$ 69,870		5,816	$ 6,966		(1,722)	$ (2,063)		2,664	$ 3,191					85,072	$ 101,895	(701)	$ (840)		84,371	[1]	$ 101,055
Statement Line Items [Line Items]
Profit (Loss) for the year								(6,115)	(7,324)											(6,115)	(7,324)	(526)	(630)		(6,641)		(7,954)
Other comprehensive loss for the year														(445)	(533)		138	165		(307)	(368)	86	103		(221)		(265)
Total comprehensive loss for the year								(6,115)	(7,324)					(445)	(533)		138	165		(6,422)	(7,692)	(440)	(527)		(6,862)		(8,219)
Own shares acquired											(14)	(16)								(14)	(16)				(14)		(16)
Share-based payments					5	6														5	6				5		6
Balance at Dec. 31, 2017		€ 19,980	$ 23,931		€ 58,339	$ 69,876		€ (299)	$ 358		€ (1,736)	$ (2,079)		€ 2,219	$ 2,658		€ 138	$ 165		€ 78,641	$ 94,193	€ (1,141)	$ (1,367)		€ 77,500		$ 92,826

[1] Please refer to note 2C for functional and presentation currency.

XML

Consolidated Statements of Cash Flows € in Thousands, $ in Thousands		12 Months Ended
		Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)		Dec. 31, 2015 EUR (€)
Cash flows from operating activities
Profit (loss) for the year | €			€ (6,641)	€ (632)	[1]	€ 8,110	[1]
Adjustments for:
Net Financing expenses (income) | €			9,228	2,434	[1]	(2,076)	[1]
Depreciation | €			4,518	4,411	[1]	4,428	[1]
Share-based payment transactions | €			5	3	[1]	7	[1]
Share of profits of equity accounted investees | €			(1,531)	(1,375)	[1]	(2,202)	[1]
Payment of interest on loan from an equity accounted investee | €			407	4,646	[1]		[1]
Change in trade receivables and other receivables | €			2,012	(1,771)	[1]	615	[1]
Change in other assets | €			126	(1,087)	[1]	(2,972)	[1]
Change in receivable from concessions project | €			(84)		[1]		[1]
Change in accrued severance pay, net | €			2	(16)	[1]	1	[1]
Change in trade payables | €			(258)	802	[1]	(214)	[1]
Change in other payables | €			(2,655)	2,148	[1]	3,554	[1]
Income tax expense (tax benefit) | €			372	569	[1]	(1,739)	[1]
Income taxes paid | €			(42)	(54)	[1]	(218)	[1]
Interest received | €			505	224	[1]	197	[1]
Interest paid | €			(3,659)	(2,985)	[1]	(2,816)	[1]
Total adjustment to reconcile profit and loss | €			8,946	7,949	[1]	(3,435)	[1]
Net cash from operating activities | €			2,305	7,317	[1]	4,675	[1]
Cash flows from investing activities:
Acquisition of fixed assets | €			(7,576)	(5,122)	[1]		[1]
Acquisition of subsidiary, net of cash acquired (see Note 6C and Note 6D) | €			(9,851)		[1]		[1]
Investment in equity accounted investee | €				(812)	[1]	(6,646)	[1]
Advances on account of investments | €			(8,000)	(710)	[1]		[1]
Repayment of loan from an equity accounted investee | €				2,388	[1]		[1]
Decrease in deposits, net | €					[1]	3,276	[1]
Acquisition of marketable securities | €			(6,677)	(923)	[1]	(2,531)	[1]
Proceeds from marketable securities | €			1,277	5,814	[1]		[1]
Proceeds from settlement of derivatives, net | €			620		[1]	1,844	[1]
Decrease (increase) in restricted cash, net | €			3,225	(56)	[1]	(83)	[1]
Loans to others | €			(361)		[1]		[1]
Net cash from (used in) investing activities | €			(27,343)	579	[1]	(4,140)	[1]
Cash flows from financing activities:
Acquisition of non-controlling interests | €					[1]	(775)	[1]
Dividends paid | €				(2,123)	[1]		[1]
Repayment of long-term loans and finance lease obligations | €			(2,224)	(1,089)	[1]	(921)	[1]
Repayment of Debentures | €			(4,842)	(4,954)	[1]	(4,717)	[1]
Proceeds from exercise of share options and warrants | €					[1]	1,071	[1]
Repurchase of own shares | €			(14)	(11)	[1]	(1,307)	[1]
Proceeds from long term loans | €			5,575	5,726	[1]	10,447	[1]
Proceeds from issuance of debentures, net | €			31,175		[1]		[1]
Net cash from (used in) financing activities | €			29,670	(2,451)	[1]	3,798	[1]
Effect of exchange rate fluctuations on cash and cash equivalents | €			(3,156)	(153)	[1]	(111)	[1]
Increase in cash and cash equivalents | €			1,476	5,292	[1]	4,222	[1]
Cash and cash equivalents at the beginning of year | €	[1]		22,486	17,194		12,972
Cash and cash equivalents at the end of the year | €			€ 23,962	€ 22,486	[1]	€ 17,194	[1]
USD [Member]
Cash flows from operating activities
Profit (loss) for the year | $		$ (7,954)
Adjustments for:
Net Financing expenses (income) | $		11,052
Depreciation | $		5,411
Share-based payment transactions | $		6
Share of profits of equity accounted investees | $		(1,834)
Payment of interest on loan from an equity accounted investee | $		487
Change in trade receivables and other receivables | $		2,410
Change in other assets | $		151
Change in receivable from concessions project | $		(101)
Change in accrued severance pay, net | $		2
Change in trade payables | $		(309)
Change in other payables | $		(3,180)
Income tax expense (tax benefit) | $		447
Income taxes paid | $		(50)
Interest received | $		605
Interest paid | $		(4,383)
Total adjustment to reconcile profit and loss | $		10,714
Net cash from operating activities | $		2,760
Cash flows from investing activities:
Acquisition of fixed assets | $		(9,074)
Acquisition of subsidiary, net of cash acquired (see Note 6C and Note 6D) | $		(11,799)
Investment in equity accounted investee | $
Advances on account of investments | $		(9,582)
Repayment of loan from an equity accounted investee | $
Decrease in deposits, net | $
Acquisition of marketable securities | $		(7,997)
Proceeds from marketable securities | $		1,530
Proceeds from settlement of derivatives, net | $		742
Decrease (increase) in restricted cash, net | $		3,863
Loans to others | $		(432)
Net cash from (used in) investing activities | $		(32,749)
Cash flows from financing activities:
Acquisition of non-controlling interests | $
Dividends paid | $
Repayment of long-term loans and finance lease obligations | $		(2,664)
Repayment of Debentures | $		(5,800)
Proceeds from exercise of share options and warrants | $
Repurchase of own shares | $		(17)
Proceeds from long term loans | $		6,677
Proceeds from issuance of debentures, net | $		37,340
Net cash from (used in) financing activities | $		35,536
Effect of exchange rate fluctuations on cash and cash equivalents | $		(3,780)
Increase in cash and cash equivalents | $		1,767
Cash and cash equivalents at the beginning of year | $		26,933
Cash and cash equivalents at the end of the year | $		$ 28,700

[1] Please refer to note 2C for functional and presentation currency.

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General

12 Months Ended

Dec. 31, 2017

Disclosure of general [Abstract]

General

Note 1 – General

A. Ellomay Capital Ltd. (hereinafter - the "Company"), is an Israeli Company operating in the business of renewable energy and power, and its operations currently mainly include the production of renewable and clean energy. The Company owns seventeen photovoltaic plants (each, a “PV Plant” and, together, the “PV Plants”) that are connected to their respective national grids and operating as follows: (i) twelve photovoltaic plants in Italy with an aggregate installed capacity of approximately 22.6 MWp, (ii) four photovoltaic plants in Spain with an aggregate installed capacity of approximately 7.9 MWp and (iii) one photovoltaic plant in Israel with an aggregate installed capacity of approximately 9 MWp. In addition, the Company indirectly owns 9.375% of Dorad Energy Ltd. (hereinafter - “Dorad”), 75% of Chashgal Elyon Ltd., Agira Sheuva Electra, L.P. and Ellomay Pumped Storage (2014) Ltd., all of which are involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel and 51% of Groen Gas Goor B.V. and of Groen Gas Oude-Tonge B.V., project companies developing anaerobic digestion plants with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands and 475 Nm3/h, in Oude Tonge, the Netherlands, respectively.

The ordinary shares of the Company are listed on the NYSE American and on the Tel Aviv Stock Exchange (under the symbol “ELLO”). The address of the Company’s registered office is 9 Rothschild Blvd., Tel Aviv, Israel.

B. Definitions:

In these financial statements:

Subsidiaries – Companies, including partnerships, the financial statements of which are fully consolidated, directly or indirectly, with the financial statements of the Company.

Investee companies – Subsidiaries and companies, including a partnership, the Company's investment in which is stated, directly or indirectly, on the equity basis.

Related party - Within its meaning in IAS 24 (2009), "Related Party Disclosures".

Unless otherwise noted, all references to “€,” “Euro” or “EUR” are to the legal currency of the European Union, all references to “US dollar,” “dollars” and “$” are to United States dollars, and all references to "NIS" are to New Israeli Shekels.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Disclosure of significant accounting policies [Abstract]

Significant Accounting Policies

Note 2 – Significant Accounting Policies

A. Basis of preparation of the financial statements

1. The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The operating cycle of the Company is one year.

The consolidated financial statements were authorized for issue on March 29, 2018 by the Company’s Board of Directors.

2. Consistent accounting policies   The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.

3. Basis of measurement - The consolidated financial statements have been prepared on the historical cost basis, except for the following:

(i) Investment in investee accounted for using the equity method;

(ii) Marketable securities;

(iii) Deferred tax assets and liabilities;

(iv) Derivative financial instruments and other receivables measured at fair value through profit or loss; and

(v) Provisions

B. Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions regarding circumstances and events that involve considerable uncertainty, that affect the application of accounting policies and the reported amounts of  assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The key assumptions made in the financial statements with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities within the next financial year are discussed below:

Fair value measurement of non-trading derivatives:

Within the scope of the valuation of financial assets and derivatives not traded on an active market, management makes assumptions about inputs used in the valuation models. For information on a sensitivity analysis of levels 2 and 3 financial instruments carried at fair value see Note 21 regarding financial instruments.

Recognition of deferred tax asset in respect of tax losses:

The probability that in the future there will be taxable profits against which carried forward losses can be utilized. See Note 19 regarding taxes on income.

Assessment of probability of contingent liabilities:

Whether it is more likely than not that an outflow of economic resources will be required in respect of legal claims pending against the Company and its investees. See Note 14 regarding taxes on income.

Business combination:

Fair value of assets and liabilities acquired in a business combination. See Note 6 regarding subsidiaries.

C. Functional and presentation currency

These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated.

The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates.

Foreign currency transactions-

Transactions in foreign currencies are translated to the respective functional currencies of the Company at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Foreign currency differences arising on translation are recognized in profit or loss.

Foreign operations-

The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions.

Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): "foreign currency translation adjustments".

When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss).

Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the translation reserve.

Change in Presentation Currency-

Effective December 31, 2017, the Company changed its presentation currency from the United States dollar to the euro. The Company ceased using the U.S. dollar as its presentation currency to assist investors to evaluate its financial results as the Company’s functional currency is the euro and a substantial portion of its assets, revenues and liabilities is denominated in euro.

Furthermore, the change is expected to reduce the impact of the volatility of the euro/USD exchange rate on the Company’s operating results. The consolidated financial statements for all prior years presented have been translated into euro. Assets and liabilities have been translated using period end exchange rates, equity transactions have been translated using the exchange rate in effect on the date of the specific transaction or the average exchange rate during the respective period, and revenues, expenses, gains, losses, and cash flow amounts have been translated into the presentation currency using the average exchange rate during the respective period.  For the convenience of the reader, the reported Euro figures as of December 31, 2017 and for the year then ended, have been presented in dollars, translated at the representative rate of exchange as of December 31, 2017 (Euro 0.835 = US$ 1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated.

D. Basis of consolidation and equity method accounting

1. Subsidiaries

Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company.

2. Transactions eliminated upon consolidation

Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

3. Investment in associates and joint ventures(equity accounted investees)

Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement.

Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases.

When the Company increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee.

4. Business combinations

The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control.

The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed.

If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination.

The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses.

Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received.

5. Non-controlling interests

Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company.

Measurement of non-controlling interests on the date of the business combination:

Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs.

Allocation of comprehensive income to the shareholders:

Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests.

E. Cash and cash equivalents

Cash and cash equivalents include cash balances available for immediate use and unrestricted short-term deposits with original maturity of three months or less from the date of acquisition, that are redeemable on demand and that form part of the Company's cash management. Cash and cash equivalents’ value is as provided by bank statements that, due to the short maturity, approximates their fair value.

F. Available-for-sale financial assets

The Company’s investment in marketable securities is classified as available-for-sale financial assets. Available-for-sale financial assets are recognized initially at fair value. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, foreign currency differences and the accrual of effective interest, are recognized directly in other comprehensive income (loss) and presented within equity.

G. Fixed assets

1. Recognition and measurement

Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses.  Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants.

Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources that were not specifically capitalized. Other borrowing costs are expensed as incurred.

The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred.

Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss.

2. Depreciation

Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item.

The estimated useful lives are as follows:

	%	Mainly %
Office furniture and equipment	6-33	33
Photovoltaic plants in Spain	4	4
Photovoltaic plants in Italy	5	5
Anaerobic digestion plants in the Netherlands	8	8
Leasehold improvements	Over the shorter of the lease period or the life of the asset	7

The estimated useful life of the project licenses of photovoltaic plants that are carried at cost is 20 years for the Company’s Italian subsidiaries and 25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of anaerobic digestion plants that are carried at cost is 12 years. The fixed assets' residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted if appropriate.

H. Financial instruments

Non-derivative Financial assets:

The Company's financial assets include cash and cash equivalents, marketable securities, restricted cash, trade receivables, loan to an equity accounted investee, service concession receivables and other receivables.

The Company initially recognizes loans and receivables and deposits on the date that they are created. All other financial assets, including assets designated at fair value through profit or loss, are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument.

Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses.

Loans and receivables comprise cash and cash equivalents, trade and other receivables.

Financial liabilities:

The Company's financial liabilities include loans and borrowings, trade payables, other payables, finance lease obligations, debentures, long-term loans and other long-term liabilities.

The Company initially recognizes debt securities issued on the date they originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value minus any directly attributable transaction costs.

Subsequent to initial recognition, interest-bearing loans and borrowings are measured based on their terms at amortized cost using the effective interest method, taking into account directly attributed transaction costs. Short-term borrowings (such as other payables) are measured based

on their terms, normally at face value. Financial liabilities are derecognized when the obligation of the Company, as specified in the agreement, expires or when it is discharged or cancelled.

Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of income when the issuance is no longer expected to occur.

Offset of financial instruments

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Company holds derivative financial instruments to manage its interest rate and currency risk exposures.

Hedge accounting:

On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship.

The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent.

Measurement of derivative financial instruments:

Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below.

Cash flow hedges:

Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognized through other comprehensive income directly in a hedging reserve, to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognized in profit or loss. The amount recognized in the hedging reserve is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of income as the hedged item. The amount recognized in the hedging reserve is transferred to profit or loss in the same period that the hedged item affects profit or loss.

Economic hedges:

Hedge accounting is not applied to derivative instruments that economically hedge financial assets and liabilities denominated in foreign currencies. Changes in the fair value of such derivatives are recognized in profit or loss under financing income or expenses.

Share capital:

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options and warrants are recognized as a deduction from equity.

Treasury shares

When share capital recognized as equity is repurchased by the Company, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings.

I. Impairment

Non-derivative financial assets

A financial asset not carried at fair value through profit or loss is tested for impairment when objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include:

• Default by a debtor;

• Indications that a debtor or issuer will enter bankruptcy;

• Changes in the economic environment that correlate with insolvency of issuers or the disappearance of an active market for a security;

• Observable data indicating a measurable decrease in the cash flow expected from financial assets.

Non-financial assets

The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets (“cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset's recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Investments in associates

An investment in an associate is tested for impairment when objective evidence indicates there has been impairment (as described above). Goodwill that forms part of the carrying amount of an investment in an associate is not recognized separately, and therefore is not tested for impairment separately.

If objective evidence indicates that the value of the investment may have been impaired, the Company estimates the recoverable amount of the investment, which is the greater of its value in use and its net selling price. In assessing value in use of an investment in an associate, the Company estimates its share of the present value of estimated future cash flows that are expected to be generated by the associate, including cash flows from operations of the associate and the consideration from the final disposal of the investment.

An impairment loss is recognized when the carrying amount of the investment, after applying the equity method, exceeds its recoverable amount, and it is recognized in profit or loss under other expenses. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of the investment after the impairment loss was recognized, and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized.

J.  Share-based payment transactions

The Company's directors are entitled to remuneration in the form of equity-settled share-based payment transactions. The cost of equity-settled transactions with directors is measured at the fair value of the equity instruments at the date on which they are granted. The fair value is determined by using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the instruments were granted, additional details are included in Note 16.

The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the director become fully entitled to the award (the "vesting date"). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest.

K. Employee benefits

1. Short-term employee benefits:

Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions. Short-term employee benefits are measured on an undiscounted basis and are expensed as the related services are rendered or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A liability in respect of a cash bonus is recognized when the Company has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and the obligation can be estimated reliably.

2. Post-employment benefits:

The post-employment plans are usually financed by deposits with insurance companies and classified as a defined contribution plan or as a defined benefit plan.

The Company has defined contribution plans pursuant to Section 14 to the Israeli Severance Pay Law, 5723-1963 (the “Severance Pay Law”) with the vast majority of its employees under which the Company pays fixed contributions and has no legal or constructive obligation to pay further amounts.

Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense in profit or loss in the periods during which related services are  rendered by employees and no additional provision is required in the financial statements.

The Company also operates a defined benefit plan in respect of severance pay pursuant to the Severance Pay Law. According to the Severance Pay Law, employees are entitled to severance pay upon dismissal or retirement.

The Company makes current deposits in respect of severance pay obligations to pay compensation to certain of its employees in its pension funds and insurance companies (the "plan assets"). Plan assets are not available to the Company's own creditors and cannot be returned directly to the Company. The liability for employee benefits is presented in the statements of financial position at present value of the defined benefit obligation less the fair value of the plan assets.

L.   Leases

The criteria for classifying leases as finance or operating leases depend on the substance of the agreements and classification is made at the inception of the lease.

Finance leases: leases where the Company assumes substantially all the risks and rewards incident to ownership of the leased asset are classified as Finance leases. Upon initial recognition the leased assets are measured and a liability is recognized at an amount equal to the lower of its fair value and the present value of the minimum lease payments. The lease payments are allocated to each period during the lease term and apportioned between finance expenses and a reduction of the lease obligation. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.

Other leases are classified as Operating leases: the leased assets are not recognized in the Company’s statement of financial position. Payments made under operating leases are recognized in the statements of comprehensive income (loss) on a straight-line basis over the term of the lease.

Determining whether an arrangement contains a lease At inception or upon reassessment of an arrangement, the Company determines whether such an arrangement is or contains a lease. An arrangement is a lease or contains a lease if the following two criteria are met:

● The fulfillment of the arrangement is dependent on the use of a specific asset or assets; and

● The arrangement contains rights to use the asset.

M.          Revenue recognition

Revenue is measured according to the fair value of the consideration received or receivable for the sale of electricity and gas in the ordinary course of business.

Revenues from the sale of electricity and gas are recognized when the units produced are transferred to the grid at connection points on the basis of a meter reading. Revenues in respect of units produced and transferred to the grid in the period between the most recent meter reading and the date of the statement of financial position, are included based on an estimate.

Seasonality:

Solar power production has a seasonal cycle due to its dependency on the direct and indirect sunlight and the effect the amount of sunlight has on the output of energy produced. Thus, low radiation levels during the winter months decrease power production.

Service concession arrangements:

Operation or service revenue is recognized in the period in which the services are provided by the Company.

N. Income tax

Income tax comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that the tax arises from items which are recognized directly in equity. In such cases, the tax effect is also recognized in the relevant item in equity.

Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except for a limited number of exceptions:

• The initial recognition of goodwill,

• The initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss,

• Differences relating to investments in subsidiaries, joint arrangements and associates, to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends in respect of the investment.

A deferred tax asset is recognized for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable profits will be available against which they can be utilized.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously.

A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more probable than not that the Company will have to use its economic resources to pay the obligation.

O. Earnings (loss) per share

The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise share options granted to directors.

P. Financing income and expenses

Financing income comprises interest income on bank deposits and marketable securities, an increase in the fair value of financial instruments recognized at fair value through profit or loss, gains on hedging instruments that are recognized in profit or loss and exchange rate differences. Interest income is recognized as it accrues. Changes in the fair value of financial assets at fair value through profit or loss also include income from dividends and interest.

Financing expenses comprise bank charges, interest expenses on borrowings and debentures, changes in the fair value of financial assets at fair value through profit or loss, losses on hedging instruments that are recognized in profit or loss. and exchange rate differences.

Borrowing costs, which are not capitalized to qualifying assets, are recognized in profit or loss using the effective interest method. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either financing income or financing expenses depending on whether foreign currency movements are in a net gain or net loss position.

Q. Provisions

A provision is recognized if the Company has a present obligation (legal or constructive) that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are measured according to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value of money and, where appropriate, those risks specific to the liability.

A provision for legal claims is recognized if the Company has a present legal or constructive obligation as a result of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.

R. Service concession arrangements

As part of service concession arrangements with Government bodies for the construction and operation of a facility in consideration for fixed and variable payments, the Company recognizes a financial asset commencing from the start of the construction of the facility when it has an unconditional right to receive cash or some other financial asset for the construction services. The financial asset reflects the unconditional payments receivable in the future from the Government body and bears an appropriate rate of interest for risk that is determined based on the risk of the customer. The aforementioned financial assets are stated at fair value upon initial recognition and at amortized cost in subsequent periods.

S. Standards issued but not yet effective

(1).          IFRS 9 (2014), Financial Instruments (hereinafter – “IFRS 9 (2014)”)

IFRS 9 (2014) includes revised guidance on the classification and measurement of financial instruments, and a new model for measuring impairment of financial assets. This guidance is in addition to IFRS 9 (2013) which was issued in 2013.

IFRS 9 (2014) is effective for annual periods beginning on or after January 1, 2018 with early adoption being permitted. It will be applied retrospectively with some exemptions.

Classification and measurement

The basis of classification for debt instruments is the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset:

· Debt assets held in  a business model whose objective is to collect contractual cash flows and their contractual terms give rise on specified dates to cash flows representing solely payments of principal and interest will be measured at amortized cost.

· Debt assets held in  a business model whose objective is to collect contractual cash flows and their contractual terms give rise on specified dates to cash flows representing solely payments of principal and interest will be measured at fair value through other comprehensive income.

· All other financial debt assets will be measured at fair value through profit or loss.

IFRS 9 (2014) requires that changes in fair value of financial liabilities designated at fair value through profit or loss that are attributable to changes in its credit risk, should usually be recognized in other comprehensive income.

Hedge accounting – general

Under IFRS 9 (2014), additional hedging strategies that are used for risk management may qualify for hedge accounting. IFRS 9 (2014) replaces the present 80%-125% test for determining hedge effectiveness, with the requirement that there be an economic relationship between the hedged item and the hedging instrument, with no quantitative threshold. In addition, IFRS 9 (2014) introduces new models that are alternatives to hedge accounting as regards credit exposures and certain contracts outside the scope of IFRS 9 (2014), sets new principles for accounting for hedging instruments and provides new disclosure requirements. In addition, when an entity first applies this Standard, it may choose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9. An entity shall apply that policy to all of its hedging relationships.

Impairment of financial assets

According to IFRS 9 (2014), the Company will be required to apply a new ‘expected credit loss’ model for financial debts not measured at fair value through profit or loss. The new model does not apply to investments in equity instruments. The new model is a “forward looking” model that reflects reasonable supportable information that is available without investing unreasonable costs or efforts, with respect to past events, current circumstances, and forecasts regarding future economic circumstances. The new model presents a dual measurement approach for impairment of debt assets: if the credit risk of a financial asset has not increased significantly since its initial recognition, an impairment provision will be recorded in the amount of the expected credit losses that result from default events that are possible within the twelve months after the reporting date. If the credit risk has increased significantly since initial recognition of the financial debt asset, in most cases the impairment provision will increase and be recorded at the level of lifetime expected credit losses of the financial asset.

Timing and method of initial application:

The Company is planning to adopt IFRS 9 (2014) as from January 1, 2018 without amending the comparative data, but while adjusting balances of retained earnings and other components of equity as at January 1, 2018 (the initial date of application).

The Company has loans to associates that essentially form part of a net investment in an associate. These loans do not have definite payment dates . Such loans are in the scope of the new standard and will be classified on the basis of the Company’s business model for managing the financial assets and also on the basis of the contractual cash flow characteristics of the financial asset. Therefore, such loans that are presently measured at amortized cost will be measured at fair value through profit or loss according to the new standard as their contractual cash flow characteristics do not include solely payments of principal and interest. In the opinion of the Company, the effect of such measurement on the financial statements will be immaterial.

Additionally, regarding to its cash flow hedge (see notes 2H and 12B), the company decided to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9.

(2).          IFRS 15, Revenue from Contracts with Customers  (hereinafter – “IFRS 15”)

IFRS 15 replaces the current guidance regarding recognition of revenues and presents a new model for recognizing revenue from contracts with customers. IFRS 15 provides two approaches for recognizing revenue: at a point in time or over time. The model includes five steps for analyzing transactions so as to determine when to recognize revenue and at what amount. Furthermore, IFRS 15 provides new and more extensive disclosure requirements than those that exist under current guidance. IFRS 15 is applicable for annual periods beginning on or after January 1, 2018 with earlier application being permitted.

The Company plans to apply IFRS 15 as from January 1, 2018 using the cumulative catch-up method. In the opinion of the Company, the effects of applying IFRS 15 on the financial statements will be immaterial.

(3).          IFRS 16 International Financial Reporting Standard 16, Leases (hereinafter –  “IFRS 16”)

IFRS 16 replaces IAS 17, Leases and its  related interpretations. IFRS 16’s instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all  leases according to which the lessee has to recognize an asset and liability in respect of the lease in its financial statements.

Nonetheless, IFRS 16 includes two exceptions to the general model whereby a lessee may elect to not apply the requirements for recognizing a right-of-use asset and a liability with respect to short-term leases of up to one year and/or leases where the underlying asset has a low value.

In addition, IFRS 16 permits the lessee to apply the definition of the term “lease” according to one of the following two alternatives consistently for all leases: retrospective application for all the lease agreements, which means reassessing the existence of a lease for each separate contract, or alternatively to apply a practical expedient that permits continuing with the assessment made regarding existence of a lease based on the guidance in IAS 17, Leases, and IFRIC 4, Determining whether an Arrangement contains a Lease, with respect to leases entered into before the date of initial application. Furthermore, the standard determines new and expanded disclosure requirements compared to those required at present.

IFRS 16 is applicable for annual  periods as of January 1, 2019.

IFRS 16 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application: full retrospective application or recognizing a cumulative effect, which means application (with the possibility of certain practical expedients) as from the mandatory effective date with an adjustment to the balance of retained earnings at that date.

The Company plans to adopt IFRS 16 as from January 1, 2019 using the cumulative effect method, with an adjustment to the balance of retained earnings as at January 1, 2019.

The standard’s instructions are expected to affect the accounting treatment of leases of real estate. In the opinion of the Company, the standard will have an effect on the financial statements with respect to the following matters:

• An increase in non-current assets and financial liabilities.

• A change in principal financial ratios such as: an increase in the leverage ratio, a decrease in the interest coverage ratio and a decrease in the current ratio.

• An increase in operating profit and financing expenses.

• An increase in cash flow from operating activities and a decrease in cash flow from financing activities.

It is noted that the information presented in this note regarding the effect of the standard’s initial application constitutes an initial assessment by the Company, and therefore the matters listed hereunder represent those matters that were identified by the Company before the date of issuing the financial statements as possibly requiring updating as progress is made in examining the effects of the standard’s application. Furthermore, the Company is examining the expected effects of the standard’s application and at this time is unable to reliably estimate the quantitative effect on its financial statements.

                (4).          IFRIC 23, Uncertainty Over Income Tax Treatments (hereinafter – “IFRIC 23”)

IFRIC 23 clarifies how to apply the recognition and measurement requirements of IAS 12 for uncertainties in income taxes. According to IFRIC 23, when determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the entity should assess whether it is probable that the tax authority will accept its tax position. Insofar as it is probable that the tax authority will accept the entity’s tax position, the entity will recognize the tax effects on the financial statements according to that tax position. On the other hand, if it is not probable that the tax authority will accept the entity’s tax position, the entity is required to reflect the uncertainty in its accounts by using one of the following methods: the most likely outcome or the expected value. IFRIC 23 clarifies that when the entity examines whether or not it is probable that the tax authority will accept the entity’s position, it is assumed that the tax authority with the right to examine any amounts reported to it will examine those amounts and that it has full knowledge of all relevant information when doing so. Furthermore, according to IFRIC 23 an entity has to consider changes in circumstances and new information that may change its assessment. IFRIC 23 also emphasizes the need to provide disclosures of the judgments and assumptions made by the entity regarding uncertain tax positions.

IFRIC 23 is effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. The interpretation includes two alternatives for applying the transitional provisions, so that companies can choose between retrospective application or prospective application as from the first reporting period in which the entity initially applied the interpretation. In the opinion of the Company, the effects of applying IFRIC 23 on the financial statements will be immaterial.

T. Change in classification

During the current year, the Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs.

Comparative amounts were reclassified for consistency, which resulted in €2,201 thousand and €1,044 thousand being reclassified from general and administrative expenses to project development costs in 2016 and 2015, respectively. This reclassification did not have any effect on the profit (loss) for these years.

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Cash and Cash Equivalents

12 Months Ended

Dec. 31, 2017

Cash and cash equivalents [abstract]

Cash and Cash Equivalents

Note 3 - Cash and Cash Equivalents

	December 31
	2017		2016
	€ in thousands
Cash		11,729		11,243
On Call deposits (*)		12,333		11,243
		23,962		22,486

(*) The annual interest rate for deposits as of December 31, 2017 is 1.5% (0.75%-1.25% as of December 31, 2016).

The Company’s exposure to credit and currency risks is disclosed in Note 21.

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Restricted Cash, Deposits and Marketable Securities

12 Months Ended

Dec. 31, 2017

Disclosure of Restricted cash deposits and marketable securities [Abstract]

Restricted Cash, Deposits and Marketable Securities

Note 4 - Restricted Cash, Deposits and Marketable Securities

	December 31
	2017		2016
	€ in thousands
Marketable securities (1)		2,162		972
Short-term restricted cash (2)		15		15
Restricted marketable securities (3)		3,250		-
Long-term restricted non-interest bearing bank deposits (4)		1,458		1,089
Restricted cash, long-term bank deposits (5)		2,202		4,045
Long-term restricted cash and deposits		3,660		5,134

(1) During 2016 and 2017, the  Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float.

(2) Current accounts and bank deposits securing short term obligations.

(3) Marketable securities securing the Company's Forward contracts.

(4) Deposits used to secure obligations towards the land owners and to secure obligations under financial leasing agreements and loan agreements (see Notes 10 and 11).

(5) Bank deposits securing the Company's swap and Forward contracts. The annual interest rate as of December 31, 2016 was 0.35% - 0.4%. During 2017 the deposits were released due to the closing of the said swap and Forward contracts.

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Trade and Other Receivables and Assets

12 Months Ended

Dec. 31, 2017

Trade and other receivables [abstract]

Trade and Other Receivables and Assets

Note 5 - Trade and Other Receivables and Assets

	December 31
	2017		2016
	€ in thousands
Current Assets - Other receivables :
Government authorities		2,306		2,213
Income receivable		3,436		2,753
Interest receivable		153		38
Current tax		48		173
Current Maturities of loan to an equity accounted investee		3,165		1,236
Trade receivable		407		329
Forward contracts (1)		580		2,028
Prepaid expenses and other		550		717
		10,645		9,487
Non-current Assets  - Long term receivables:
Advance tax payment		1,078		903
Forward contracts (1)		12		2,227
Annual rent deposits		30		35
Other		415		96
		1,535		3,261

(1) In November 2016, the Company closed euro/USD forward contracts with an accumulated profit of approximately €4,255 thousand (approximately $4,474). Proceeds of approximately €2,647 were received during 2017 and the remaining proceeds of approximately  €1,100 thousand (approximately $1,300) are expected to be received between May 2018 and March 2019 (depending on the relevant dates of the forward positions). In December 2017, the Company closed euro/USD forward contracts with an accumulated loss of approximately €497 thousand (approximately $597).

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Investee Companies and other investments

12 Months Ended

Dec. 31, 2017

Disclosure of associates [abstract]

Investee Companies and other investments

Note 6 - Investee Companies and other investments

A. Equity accounted investees

U. Dori Energy Infrastructures Ltd. (“Dori Energy”) –

On November 25, 2010, the Company through its wholly owned subsidiary, Ellomay Clean Energy Ltd. ("Ellomay Energy") entered into an Investment Agreement (the "Dori Investment Agreement") with Dori Group Ltd. ("Dori Group") (currently Amos Luzon Entrepreneurship and Energy Group Ltd. – “Luzon Group”), and Dori Energy, with respect to an investment in Dori Energy. Dori Energy holds 18.75% of the share capital of Dorad Energy Ltd. ("Dorad"), which owns an approximate 850 MWp bi-fuel operated power plant in the vicinity of Ashkelon, Israel (the "Dorad Power Plant"). On January 27, 2011 (the “Dori Closing Date”), Ellomay Energy invested a total amount of NIS 50,000 thousand (approximately € 9,964 thousand) in Dori Energy, and received 40% in Dori Energy's share capital (the "Dori Investment").

Concurrently with the execution of the Dori Investment Agreement, Ellomay Energy, Dori Energy and Dori Group have also entered into the Dori Shareholders Agreement ("Dori SHA"). The Dori SHA grants each of Dori Group and Ellomay Energy with equal rights to nominate directors in Dorad, provided that in the event Dori Energy is entitled to nominate only one director in Dorad, such director shall be nominated by Ellomay Energy for so long as Ellomay Energy holds at least 30% of Dori Energy.

Following the consummation of the Dori Investment, the holdings of Ellomay Energy in Dori Energy were transferred to Ellomay Clean Energy Limited Partnership (“Ellomay Energy LP”), an Israeli limited partnership whose general partner is Ellomay Energy and whose sole limited partner is the Company. Ellomay Energy LP replaced Ellomay Energy with respect to the Dori Investment Agreement and the Dori SHA.

On May 12, 2014, Dorad was issued production licenses for 20 years and a supply license for one year and, on May 19, 2014, Dorad began commercial operation of the power plant. In July 2015, Dorad was issued a long term supply license that will expire on May 11, 2034.

The Dori Investment Agreement also granted Ellomay Energy an option to acquire additional shares of Dori Energy that, upon exercise, would increase Ellomay Energy's percentage holding in Dori Energy to 49% ("first option") and, following the obtainment of certain regulatory approvals to 50% ("second option"). The first option was exercisable starting from issuance and was due to expire within twelve (12) months following the completion and delivery of the Dorad Power Plant and the second option commenced at that date and was exercisable within 2 years following the completion and delivery of the Dorad Power Plant. The exercise price of the options was NIS 2.4 million for each 1% of Dori Energy's issued and outstanding share capital (on a fully diluted basis).

The total consideration of the Dori Investment Agreement was allocated to the option to acquire additional shares of Dori Energy based on its estimated fair value as at the Dori Closing Date, in the amount of €70 thousand and to the 40% in Dori Energy’s capital shares in the amount of €9,825 thousand (including capitalized expenses in the amount of approximately €69 thousand).

In April 2015, the Company provided a notice of exercise of the first option to acquire additional share capital of Dori Energy. Following the exercise of this first option, the Company’s holdings in Dori Energy increased from 40% to 49% and the Company’s indirect ownership of Dorad increased from 7.5% to 9.1875%. The aggregate amount paid by the Company in connection with the exercise of the first option amounted to approximately NIS 28,207 thousand (approximately €6,468 thousand) and includes the exercise price of NIS 21,600 thousand (approximately €4,953 thousand) and the amount of approximately NIS 6,607 thousand (approximately €1,515 thousand) required in order to realign the shareholders loans provided to Dori Energy by its shareholders with the new ownership structure.

The Company determined the fair value of the acquired assets and liabilities and allocated the consideration mostly, to customers’ contracts and goodwill.

In May 2016, the Company exercised the second option to acquire additional share capital of Dori Energy. Following the exercise of this option, the Company’s holdings in Dori Energy increased from 49% to 50% and the Company’s indirect ownership of Dorad increased from 9.1875% to 9.375%. The aggregate amount paid by the Company in connection with the exercise of the second option amounted to approximately NIS 2,800 thousand (approximately €657 thousand), including approximately NIS 400 thousand (approximately €9 thousand) required in order to realign the shareholders loans provided to Dori Energy by its shareholders with the new ownership structure. The Company determined the fair value of the acquired assets and liabilities and allocated the consideration to customers’ contracts.

As of December 31, 2017, subordinated shareholder loans granted by the Company to Dori Energy (including amounts extended in connection with the exercise of the first and second options) amount to approximately NIS 54,088 thousand (approximately €13,025 thousand). The shareholder loans are linked to the Israeli CPI and bear an annual interest rate that is 3% higher than the interest Dorad is committed to pay to Dorad's financing consortium during the financial period in respect of the "senior debt" (5.5% as of December 31, 2017).

During July 2016, in connection with the repayment by Dorad of interest and principal on account of shareholders loans in the aggregate amount of approximately NIS 350,000 thousand (approximately €82,000 thousand), the Company received an  amount of approximately NIS 30,000 thousand (approximately €7,030 thousand). During January 2017, in connection with the repayment by Dorad of interest on account of shareholders loans of approximately NIS 50,000 thousand (approximately €12,330 thousand), the Company received an  amount of approximately NIS 1,750 thousand (approximately €407 thousand). During January 2018, in connection with the repayment by Dorad of interest and principal on account of shareholders loans in the aggregate amount of approximately NIS 80,000 thousand (approximately €19,265 thousand), the Company received an amount of approximately NIS 6,950 thousand (approximately €1,670 thousand). The Company recorded this as current maturities of loan to an equity accounted investee.

As of December 31, 2017, Dorad provided, through its shareholders at their proportionate holdings and as required by the financing agreements executed by Dorad, guarantees in favor of the Israeli Public Utilities Authority – Electricity (the “Israeli Electricity Authority”), the Israeli Electric Company and the Israel Natural Gas Lines Ltd. Total performance guarantees provided by Dorad amounted to approximately NIS 163,000 thousand (approximately €39,250 thousand). The Company's indirect share of guarantees Dorad provided through its shareholders is approximately NIS 15,000 thousand (approximately €3,612 thousand). During January 2018, total performance guarantees provided by Dorad increased to approximately NIS 173,000 thousand (approximately €41,660 thousand). As a result of this increase, the Company's indirect share of guarantees Dorad provided through its shareholders is approximately NIS 16,000 thousand (approximately €3,853 thousand).

On December 19, 2016 the Israeli Electricity Authority published a summary decision regarding “Electricity Rates for Customers of IEC in 2016” which in accordance the average production component was reduced by approximately 0.5% as from January 1, 2017 and remained in effect to the end of 2017.

On January 15, 2018 the electricity rate has been changed. According to the decision the overage production component will increase by approximately 6% from January 15, 2018 and will remain in effect to the end of 2018.

The investment in Dori Energy is accounted for under the equity method.

Dorad and its shareholders are involved in several legal proceedings as follows:

       Petition to Approve a Derivative Claim filed by Dori Energy

On July 16, 2015, Dori Energy and Dori Energy’s representative on Dorad’s board of directors, Mr. Hemi Raphael , filed a petition (the "Petition"), for approval of a derivative action on behalf of Dorad with the Economic Department of the Tel Aviv-Jaffa District Court. The Petition was filed against Zorlu Enerji Elektrik Uretim A.S, which holds 25% of Dorad (“Zorlu”), Zorlu’s current and past representatives on Dorad’s board of directors and Wood Group Gas Turbines Services Ltd. (“Wood Group”) and several of its affiliates, all together, the Defendants. The petition requested, inter alia, that the court instruct the Defendants to disclose and provide to Dorad documents and information relating to the contractual relationship between Zorlu and Wood Group, which included the transfer of funds from Wood Group to Zorlu in connection with the EPC agreement of the Dorad Power Plant. On January 12, 2016, Dori Energy filed a motion to amend the Petition to add Ori Edelsburg (a director in Dorad) and affiliated companies as additional respondents, to remove Zorlu's representatives and to add several documents which were obtained by Dori Energy, after the Petition had been filed. At a hearing held on April 20, 2016, the request submitted in January 2016 to amend the Dori Energy Petition to add Ori Edelsburg (a director in Dorad) and affiliated companies as additional respondents was approved. On December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the two proceedings mentioned below will be arbitrated before Judge (retired) Hila Gerstel. Following the execution of the arbitration agreement, Dori Energy and Mr. Hemi Raphael requested the deletion of the proceeding and the request was approved. A statement of claim was filed by Dori Energy and Mr. Hemi Raphael on behalf of Dorad against Zorlu, Mr. Edelsburg, Edelcom Ltd. (“Edelcom”) and Edeltech Holdings 2006 Ltd. on February 23, 2017 in which they repeated their claims included in the amended Petition and in which they required the arbitrator to obligate the defendants, jointly and severally, to pay an amount of $183,367,953 plus interest and linkage to Dorad. During March 2017, the respondents filed two motions with the arbitrator as follows: (i) to instruct the plaintiffs to resubmit the statement of claim filed in connection with the arbitration proceedings in a form that will be identical to the form of the statement of claim submitted to the court, with the addition of the monetary demand only or, alternatively, to instruct that several sections and exhibits will be deleted from the statement of claim and (ii) to postpone the date for filing their responses by 45 days from the date the motion set forth under (i) is decided upon. 

The plaintiffs filed their objection to both motions and some of the respondents filed their responses to the objection. In April 2017, the arbitrator rejected the majority of the defendants’ motions that were filed in March 2017. In April 2017, the Defendants filed their statements of defense. Within the said statements of defense, Zorlu attached a third party notice against Dorad, Dori Energy and the Luzon Group, in the framework of which it repeated the claims on which its defense statement was based and claimed, among other claims, that if the plaintiffs’ claim against Zorlu was accepted  and would negate Zorlu’s right receive compensation and profit from its agreement with Dorad and therefore Zorlu should be compensated in the amount of approximately NIS 906.4 million (approximately €218 million). Similarly, also within their statement of defense, Edelcom, Mr. Edelsburg and Edeltech filed a third party notice against Dori Energy claiming for breaches by Dori Energy of the duty to act in good faith in contract negotiations and that any amount ruled will constitute unlawful enrichment. On October 1, 2017, Eilat Ashkelon Infrastructure Services Ltd. (“EAIS”), which holds 37.5% of Dorad’s shares, filed a statement of claim in the arbitration proceedings In its statement of claim, EAIS joins Dori Energy’s and Mr. Raphael’s request as set forth in the statement of claim filed by them in the arbitration proceeding and raises claims that are similar to the claims raised by Dori Energy and Mr. Raphael. In November 2017, Dori Energy and Mr. Raphael filed their responses to the defendants’ statements of defense and in December 2017, Dori Energy, Mr. Raphael and EAIS filed their statements of defense to the third party notices submitted by the defendants. In December 2017, Zorlu filed a request in connection with the Dori Energy statement of claim to the extent it is directed at board members serving on behalf of Zorly and in January 2018 the arbitrator provided its ruling that the legal validity of the actions or inactions of board members of Dorad will be attributed to the entities that are shareholders of Dorad on whose behalf the relevant board member acted and the legal determinations, if any, will be directed only towards the shareholders of Dorad. During January 2018, Mr. Edelsburg, Edelcom and Zorlu filed their statement of defense in connection with the claim filed by EAIS and also filed third party notices against EAIS, Dori Energy and the Luzon Group claiming that EAIS and the Luzon Group enriched themselves at Dorad’s account without providing disclosure to the other shareholders and requesting that, should the position of Dori Energy and EAIS be accepted in the main proceeding, the arbitrator, among other things, obligate EAIS to refund to Doard all of the rent paid to date and determine that Dorad is not required to pay any rent in the future or determine that the rent fees be reduced to their market value and refund Dorad the excess amounts paid by it to EAIS, to determine that the board members that represent EAIS and Dori Energy breached their fiduciary duties towards Dorad and obligate EAIS and Dori Energy to pay the amount of $140 million, plus interest in the amount of $43 million, which is the amount Zorly received for the sale of its rights under the Dorad EPC agreement, and to rule that in connection with the engineering and construction works performed by the Luzon Group, the Luzon Group and Dori Energy are required to refund to Dorad or compensate the defendants in an amount of $24 million, plus interest and linkage and, alternatively, to determine that Mr. Edelsburg, Edelcom and Zorlu are entitled to indemnification from the third parties for the entire amount they will be required to pay. With respect to the said third party notices, the Company estimates (after consulting with legal counsel) that if the main (Derivative) claim is dismissed then the third party notices will be redundant, whereas if the main claim is accepted, it is more likely than not that the third party notices shall be rejected, as they are based on arguments similar to those raised by the defendants in their statements against of defense filed against the main claim. The Company estimates (after consulting with legal counsel), that at this early stage it is not yet possible to assess the outcome of the proceeding.

Petition to Approve a Derivative Claim filed by Edelcom

On July 25, 2016, Edelcom Ltd., which holds 18.75% of Dorad (“Edelcom”), filed a petition for approval of a derivative action on behalf of Dorad (the “Edelcom Petition”) against Ellomay Energy, Amos Luzon Entrepreneurship and Energy Group Ltd. (f/k/a U. Dori Group Ltd.), which holds 50% of Dori Energy’s shares (the “Luzon Group”), Dori Energy and Dorad  following a letter delivered to Dorad on February 25, 2016. The Edelcom Petition refers to an entrepreneurship agreement that was signed on November 25, 2010 between Dorad and the Luzon Group, pursuant to which the Luzon Group received payment in the amount of approximately NIS 49.4 million (approximately €11.9 million) in consideration for management and entrepreneurship services. Pursuant to this agreement, the Dori Group undertook to continue holding, directly or indirectly, at least 10% of Dorad’s share capital for a period of 12 months from the date the Dorad Power Plant is handed over to Dorad by the construction contractor. The Edelcom Petition claims that as a consequence of the management rights and the options to acquire additional shares of Dori Energy granted to the Company pursuant to the Dori Investment Agreement, the holdings of the Dori Group in Dorad have fallen below 10% upon execution of the Dori Investment Agreement. The Edelcom Petition therefore claims that Dori Group breached its commitment according to entrepreneurship agreement and requests that a derivative action be approved to recover an amount of NIS 49.4 million, plus linkage and interest from the defendants. The Company estimates (after consulting with legal counsel), that at this early stage it is not yet possible to assess the outcome of the proceeding. As noted above, on December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the proceeding mentioned above and below will be arbitrated before Judge (retired) Hila Gerstel and the proceeding before the court was deleted. On February 23, 2017, Edelcom submitted the petition to approve the derivative claim to the arbitrator. For more information see above.

Statement of Claim filed by Edelcom

In July 2016, Edelcom filed a statement of claim (the “Edelcom Claim”), with the Tel Aviv District Court against Dori Energy, Ellomay Energy, the Luzon Group, Dorad and the other shareholders of Dorad. In the Edelcom Claim, Edelcom contends that a certain section of the shareholders agreement among Dorad’s shareholders (“the Dorad SHA”), contains several mistakes and does not correctly reflect the agreement of the parties. Edelcom claims that these purported mistakes were used in bad faith by the Luzon Group, Ellomay Energy and Dori Energy during 2010 in connection with the issuance of Dori Energy’s shares to Ellomay Energy and that, in effect, such issuance was allegedly in breach of the restriction placed on Dorad’s shares and the right of first refusal granted to Dorad’s shareholders in the Dorad SHA. The Edelcom Claim requests the court to: (i) issue an order compelling the Luzon Group, Ellomay and Dori Energy to act in accordance with the right of first refusal mechanism included in the Dorad SHA and to offer to the other shareholders of Dorad, including Edelcom, a right of first refusal in connection with 50% of Dori Energy’s shares (which are currently held by Ellomay Energy, a wholly-owned subsidiary of the Company), under the same terms agreed upon by the Luzon Group, Ellomay Energy and Dori Energy in 2010, (ii) issue an order instructing Dorad to delay all payment due to Dori Energy as a shareholder of Dorad, including dividends or repayment of shareholders’ loans, for a period as set forth in the Edelcom Claim, (iii) issue an order instructing Dorad to remove Dori Energy’s representative from Dorad’s board of directors (currently Mr. Hemi Raphael, who also serves on the Company’s Board) and to prohibit his presence and voting at the Dorad board of directors’ meetings, for a period as set forth in the Edelcom Claim, and (iv) grant any other orders as the court may deem appropriate under the circumstances. As noted above, on December 27, 2016, an arbitration agreement was executed pursuant to which this proceeding, as well as the two proceeding mentioned above, will be arbitrated before Judge (retired) Hila Gerstel and the proceeding before the court was deleted. On February 23, 2017, Edelcom submitted the statement of claim to the arbitrator. For more information see above. The Company estimates (after consulting with legal counsel), that at this early stage it is not yet possible to assess the outcome of the proceeding.

Opening Motion filed by Edelcom

On December 8, 2016, Edelcom filed an opening motion with the Economic Department of the Tel Aviv-Yaffo District Court against the Luzon Group, Dori Energy and Dorad (“the Opening Motion”). The Opening Motion was filed shortly after the publication in Israel of a prospectus by the Luzon Group for the issuance of debentures to the Israeli public, proposed to be secured, among other securities, by a pledge on Dori Energy’s shares that are held by the Luzon Group (representing a 50% ownership percentage in Dori Energy, with us, indirectly, holding the remaining 50%).

In the Opening Motion, Edelcom requests the court to declare that: (a) the creation of a lien on Dori Energy’s shares held by the Luzon Group triggers the right of first refusal mechanism included in the Dorad SHA, (b) that the Luzon Group and/or Dori Energy are obligated to act in accordance with such right of first refusal and enable the shareholders of Dorad to acquire all of Luzon Group’s holdings in Dori Energy or, indirectly, in Dorad, for a consideration of NIS 70 million less the value of other securities provided to the debenture holders or, alternatively, for an amount to be determined by an economic expert appointed by the court, and (c) to determine that Edelcom’s notice of exercise of its right of first refusal, obligates the Luzon Group and/or Dori Energy.

During January 2017, Edelcom filed a request to amend the Opening Motion to request the court to also examine the issuance of shares of Dori Energy to Ellomay Energy in 2010 as, based on Edelcom’s position, the pledging of Dori Energy’s shares by the Luzon Group finalized the disposition of all of the Luzon Group’s shares in Dori Energy to third parties and therefore Edelcom claims that the right of first refusal included in the Dorad SHA is available to Edelcom. During January 2017 the Luzon Group filed its response to the Opening Motion and a request to schedule an urgent hearing. Thereafter, the Luzon Group filed its objection to Edelcom’s request to amend the Opening Motion claiming that Edelcom did not disclose the relevant sections of the Dorad SHA and the request to amend the Opening Motion does not comply with the applicable law regarding amending court claims. During January 2017, after the Luzon Group amended its prospectus to reflect the issuance of unsecured debentures, Edelcom filed a motion to stop the Opening Motion as Edelcom claimed it was no longer relevant. The Luzon Group requested the court to either rule that Edelcom’s request to stop the Opening Motion permits the creation of the lien on the Luzon Group’s shares of Dori Energy or, to the extent Edelcom has not changed its claims, the request to stop the Opening Motion should be rejected and the case ruled on by the court as soon as possible in order to enable the Luzon Group to provide a pledge on its shares of Dori Energy to its debenture holders. In February 2017, Edelcom filed its response to the Luzon Group’s request noting that the Luzon Group’s position is not possible as the Luzon Group undertook not to pledge Dori Energy shares until the Opening Motion is decided on and on the other hand the Luzon Group claims that there is still an undertaking to provide the pledge. The trustee of the debentures issued by the Luzon Group notified the court that it does not have a position in the matter. During March 2017 a hearing was held and it was decided that the Luzon Group will file during March 2017 an opening motion on its behalf and such opening motion was filed by the Luzon Group. A hearing was scheduled for May 2017. Based on its review of the Opening Motion and related documents, the Company estimates that the chances of the court dismissing the Opening Motion filed by Edelcom are higher than the chances of the court granting the relief requested in such Opening Motion. On January 5, 2017, Ellomay Energy LP filed a request to join the proceeding as the outcome of the Opening Motion may materially affect its rights. The court approved Ellomay Energy LP’s request. In March 2017, the Luzon Group filed an opening motion on its behalf requesting that the court rule on the issues raised in the Opening Motion. On August 31, 2017, the court ruled that a pledge on Dori Energy's shares held by the Luzon Group as contemplated by the Luzon Group in its prospectus governing the debentures issued by the Luzon Group does not trigger a right of first refusal to any of Dorad's shareholders. The Court further determined that Edelcom will pay legal expenses to the Luzon Group and the other parties to the proceeding. The Luzon Group noted in its filing with the Israel Securities Authority that subject to the ruling becoming final and the passing of the appeal period on this ruling, its conditional undertaking to provide a pledge on its Dori Energy shares will become effective. On October 26, 2017, Edelcom filed an appeal with respect to the ruling of the Israeli District Court with the Israeli Supreme Court. In February 2018, following the filing by the various parties of their claims and responses, a hearing was held in the Israeli Supreme Court and Edelcom withdrew the appeal and it was dismissed.

Composition of the investments

	December 31
	2017			2016
	€ in thousands
Investment in shares		18,515			18,578
Long-term loans		9,860			11,468
Deferred interest		(720	)		(773	)
		27,655			29,273
Current Maturities of the long-term loans		3,165			1,236
		30,820			30,509

                Changes in investments

	2017			2016
	€ in thousands
Changes in equity and loans:
Balance as at January 1		30,509			34,028
Exercise of the option to acquire additional shares		-			556
Grant of long term loans		-			154
Repayment of long term loans		(407	)		(7,034	)
Interest on long term loans		1,104			1,192
Deferred interest		54			51
Elimination of interest on loan from related party		(1,158	)		(1,244	)
The Company’s share of income		1,531			1,375
Foreign currency translation adjustments		(813	)		1,431
Balance as at December 31		30,820			30,509

   Summary financial data for investees, not adjusted for the percentage ownership held by the Company

 (a) Summary information on financial position

																		Equity
	Rate of		Current		Non-current		Total		Current			Non-current			Total			attributable to the owners of the		Company’s		Surplus Costs and		Other			Carrying Amount of
	ownership		Assets		assets		assets		liabilities			liabilities			liabilities			Company		share		goodwill		Adjustments			investment
	%		€ in thousands
2017
Dori Energy		50		8,013		47,959		55,972		(51	)		(26,006	)		(26,057	)		29,915		14,958		3,925		(367	)		18,515
2016
Dori Energy		50		4,511		50,036		54,547		(3,956	)		(21,628	)		(25,584	)		28,963		14,481		4,481		(384	)		18,578

 (b) Summary information on operating results

	Rate of ownership as of December 31, 2016		Income for the year		Company’s share		Elimination of interest on loan from related party		Other Adjustments			Company’s share of income of investee
	%		€ in thousands
2017
Dori Energy		50		1,751		876		1,158		(503	)		1,531
2016
Dori Energy		50		490		245		1,244		(114	)		1,375

B. Pumped Storage Projects

Loan to PSP Gilboa and Related Receivables

On July 17, 2013 the Company entered into a loan agreement with Erez Electricity Ltd. ("Erez Electricity") that owns, among its other holdings, 24% of the pumped storage project in the Gilboa, Israel ("PSP Gilboa") pursuant to which an amount of approximately NIS 770 thousand (€164 thousand) was loaned to Erez Electricity. In November 2013 in connection with the sale of Erez Electricity's holdings in PSP to third parties, the Company and Erez Electricity reached an agreement according to which the Company is entitled to the repayment of the amount loaned including accrued interest and linkage, amounting to approximately NIS 1,000 thousand (€200 thousand) and may be entitled to additional compensation in the aggregate amount of NIS 6,700 thousand (approximately €1,400 thousand), which will be linked to the Israeli CPI and will be paid in 2 installments of approximately NIS 1,200 thousand (approximately €250 thousand) upon financial closing of PSP Gilboa and NIS 5,500 thousand (approximately €1,160 thousand) upon receipt of permanent licenses for generation of power and the approval of the technical advisor appointed by the financial institutions who have financed PSP Gilboa to the transfer from set up phase to operational phase. The Company received the first installment of approximately NIS 1,200 thousand (approximately €260 thousand) in July 2014 and believes it will also be entitled to receive the second installment. As at December 31, 2017, the Company estimated the fair value of the second installment to be paid at approximately NIS 5,188 thousand (approximately €1,249 thousand) using a discounted cash flow model. The revaluation of such financial asset has been recognized as Other Income in consolidated statements of profit and loss.

Pumped-storage project in the Manara Cliff in Israel (“Manara PSP”)-

On January 28, 2014, the Company entered into an agreement with Ortam Sahar Engineering Ltd. (“Ortam”), an Israeli publicly traded company, pursuant to which we acquired (a) Ortam’s holdings (24.75%) in Agira Sheuva Electra, L.P. (the “Partnership”), an Israeli limited partnership that had been promoting the Manara PSP; and (b) Ortam’s holdings: (i) in Chashgal Elyon Ltd. (the “GP”), an Israeli private company, which is the general partner in the Partnership (holding 25% in the Partnership), and (ii) in the engineering, procurement and construction contractor of the aforementioned project (50%). On May 20, 2014 our indirectly wholly-owned subsidiary, Ellomay Manara (2014) Ltd. (“Ellomay Manara”), entered into an agreement (the “Electra Agreement”), with Electra Ltd. (“Electra”), an Israeli publicly traded company. Pursuant to the Electra Agreement, Ellomay Manara acquired Electra's holdings (24.75%) in the Partnership, as well as Electra’s holdings in the GP (25%).

In addition, we, Ellomay Manara and Electra agreed that: (i) on the closing date of the transactions contemplated under the Electra Agreement, Ellomay Manara shall transfer to subsidiaries of Electra all of its then holdings in the engineering, procurement and construction contractor of the aforementioned project (the “EPC”), (50%), which will be acquired at closing by us from another partner in the Partnership pursuant to a conditional agreement we entered into, resulting in Electra’s subsidiaries holding 100% of the EPC; and (ii) each of Electra (through its subsidiaries) and us (together with Ellomay Manara) was granted an eighteen-month put option and call option, respectively, with respect to the entire holdings in the EPC.

In addition to the aforementioned agreements, on January 19, 2014 the Company entered into an agreement with Galilee Development Cooperative Ltd., an Israeli cooperative (the “Cooperative”), pursuant to which, subject to the fulfillment of certain conditions, the Company shall acquire the Cooperative’s holdings (24.75%) in the Partnership as well as its holdings in: (i) the GP (25%), and (ii) the EPC (50%). On November 3, 2014, Ellomay Manara consummated the acquisition of 75% of the limited partnership rights in the Partnership, as well as 75% of the holdings in the GP, from Electra, Ortam and the Cooperative. The remaining 25% of the holdings in the Partnership and in the GP are held by Sheva Mizrakot Ltd., an Israeli private company (“Sheva Mizrakot”). We and Ellomay Manara did not pay any consideration upon the acquisition, and undertook to pay certain consideration upon the fulfillment of certain conditions precedent. On the same date, Ellomay Manara acquired Ortam’s holdings (50%) in the EPC and, as set forth above, immediately transferred such holdings to a subsidiary of Electra, which, following such transfer, now holds 100% of the EPC. According to the various agreements executed in connection with the Manara PSP, the Company and Ellomay Manara are liable (subject to certain conditions and limitations), jointly and severally, to all the monetary obligations of Ellomay Manara.

As of December 31, 2017, The Company  paid an amount of approximately NIS 3,400 thousand (approximately €825 thousand) on account of the consideration upon the acquisition and did not pay the remaining consideration it undertook to pay upon the fulfillment of certain conditions precedent in the aggregate amount of approximately NIS 61,800 thousands (approximately €14,882 thousand).

In August 2016, Ellomay Pumped Storage (2014) Ltd. (“Ellomay PS”), the Company’s 75% owned subsidiary, received a conditional license for the Manara PSP (the “Conditional License”) from the Israeli Minister of Energy (the “Minister”). The Conditional License initially regulated the construction of a pumped storage plant in the Manara Cliff with a capacity of 340 MW. The Conditional License includes several conditions precedent to the entitlement of the holder of the Conditional License to receive an electricity production license. The Conditional License is valid for a period of seventy two (72) months commencing from the date of its approval by the Minister, subject to compliance by Ellomay PS with the milestones set forth therein and subject to the other provisions set forth therein (including a financial closing, the provision of guarantees and the construction of the pumped storage hydro power plant).

In September 2016, Ellomay PS filed a petition (the “First Petition”), with the Israeli High Court of Justice against the Minister, the Israeli Electricity Authority and Kochav Pumped Storage Ltd. (“Kochav PS”), the owner of the Kochav Hayarden pumped storage project (“Kochav Hayarden Pumped Storage Project”). The First Petition was filed in connection with the decision of the Israeli Electricity Authority, which was approved by the Minister, to extend the financial closing milestone deadline of the Kochav Hayarden Project, which received a conditional license for a pumped storage plant with a capacity of approximately 340 MW in 2014. In the Petition, Ellomay PS requested the High Court to order the Israeli Electricity Authority to explain why the extension should not be canceled. If Kochav PS had not received the milestone extension, its conditional license was to be terminated due to non-compliance.

Therefore, among its claims, Ellomay PS claimed that as the quota for pumped storage projects in Israel is 800 MW, and there is one 300 MW project that has been allocated a portion of such quota, the extension approved by the Israeli Electricity Authority could irreparably harm Ellomay PS’s chances of securing a portion of the quota. In January 2017, the Israeli High Court of Justice dismissed the Petition.

On March 3, 2017, Ellomay PS filed another petition, or the Second Petition, with the Israeli High Court of Justice against the Minister, the Electricity Authority and Kochav PS. Ellomay PS has also filed concurrently with the Second Petition, a motion for an interim relief, which would prevent the Minister and the Israeli Electricity Authority from granting Kochav PS any approval in connection with its compliance with any milestones stipulated in its conditional license. The Second Petition was filed in connection with the decision of the Israeli Electricity Authority, dated February 20, 2017, to extend the following milestones deadlines stipulated in Kochav PS’s conditional license: (i) financial closing milestone deadline; and (ii) construction period for Kochav PS’s project. Kochav PS filed its response to the request for the motion for an interim relief on March 16, 2017. In its response, amongst other claims, Kochav PS requested that if the court granted Ellomay PS’s motion for an interim relief, Ellomay PS would be obligated to post a bond in the amount of NIS 10 million in order to cover Kochav PS’s damages caused by the interim relief. The Minister and the Israeli Electricity Authority claimed, amongst other claims, that the motion should be dismissed, as should the Second Petition. In May 2017, the Israeli High Court of Justice dismissed the Second Petition.

In June 2017, the court accepted a motion filed by Kochav PS requesting that the court maintain the NIS 2 million guarantee that was provided by Ellomay PS, due to costs and alleged damages incurred by Kochav PS, and costs incurred by the governmental authorities, and ruled that the guarantee will be maintained by the Court for a period of three months pending a filing of a claim for damages by Kochav Hayarden. According to the ruling, in case a claim will not be filed by Kochav PS within the said three months, the guarantee will be returned to Ellomay PS.

On December 27, 2017, Kochav PS filed a statement of claim against Ellomay PS with the Tel Aviv – Jaffa Magistrate Court claiming damages allegedly caused due to delays in connection with the Second Petition. Kochav PS claims damages in an aggregate amount of approximately NIS 4.2 million (approximately €1.02 million). Kochav Hayarden claims damages in an aggregate amount of approximately NIS 4,238 thousand (approximately €1,020 thousand). On March 15th, 2018 the Company submitted its response. On March 18th, 2018 the Court ordered Kochav PS to submit a Letter of Commitment. Additionally, the Court suggested the parties to reach an agreement. As at this date, the parties are negotiating in order to reach an agreement.

Since the claim is in its early stages, at this point it is not possible to assess its chances.

On December 4, 2017, the Israeli Electricity Authority announced the reduction of the capacity stipulated in the Conditional License issued to Ellomay PS from 340 MW to 156 MW. The reduced capacity is based on the remaining capacity in the quota determined by the Israeli Electricity Authority after deducting the capacity already allocated to two projects that are in more advanced stages than the Manara PSP. The Israeli Electricity Authority also announced the extension by an aggregate period of six months of the deadline for producing a connection survey in both conditional licenses. In its decision, the Israeli Electricity Authority noted that in the event one of the holders of the conditional licenses reaches financial closing, the Israeli Electricity Authority will commence the process of revoking the other conditional licenses for projects that have not yet reached financial closing.

The Company expects to continue promoting the Manara PSP but may, for various reasons including changes in the applicable regulation and adverse economic conditions, resolve not to continue the advancement of the Manara PSP without further liability to the other parties under the aforementioned agreements.

Composition of Advances on account of investments

	December 31
	2017		2016
	€ in thousands
On account of the Manara PSP		825		812
		825		812

Composition of short-term and long-term financial assets

	December 31
	2017		2016
	€ in thousands
Income receivable in connection with the Erez Electricity PSP		1,249		1,265
		1,249		1,265

C. Subsidiaries - Business combinations

1. In July 2015, the Company acquired an additional 15% interest in Ellomay Spain S.L., the owner of a photovoltaic plant in Spain with an installed capacity of approximately 2.3 MWp, for approximately €775 thousand, increasing its ownership in Ellomay Spain S.L. from 85% to 100%.

2. Waste-to-energy (“WtE”) Projects in the Netherlands

In July 2016, the Company, through its wholly-owned subsidiary Ellomay Luxemburg Holdings S.àr.l. (“Ellomay Luxemburg”), entered into a strategic agreement (“the Ludan Agreement”), with Ludan Energy Overseas B.V. (an indirectly wholly-owned subsidiary of Ludan Engineering Co. Ltd. (TASE: LUDN)) (“Ludan”) in connection with WtE (specifically Gasification and Bio-Gas (anaerobic digestion)) projects in the Netherlands. Pursuant to the Ludan Agreement, subject to the fulfillment of certain conditions (including the financial closing of each project and receipt of a valid Sustainable Energy Production Incentive subsidy from the Dutch authorities and applicable licenses), the Company, through Ellomay Luxembourg, will acquire at least 51% of each project company and Ludan will own the remaining 49% (each project that meets the conditions under the Ludan Agreement is referred to as an “Approved Project”).

In the event additional entities will invest in an Approved Project, their holdings will not dilute Ellomay Luxembourg's 51% share without the Company's prior approval, and in any case, Ellomay Luxembourg and Ludan will maintain the majority stake in each of the project companies.

Groen Goor Anaerobic Digestion Project-

Pursuant to the Ludan Agreement, the Company, through Ellomay Luxemburg, entered in July 2016 - November 2016 into loan agreements with Ludan whereby the Company provided loans in the aggregate amount (including accrued interest) of approximately Euro 2,000 thousand, as of December 31, 2017, to Ludan (“the Ludan Loans”), for purposes of the acquisition of the rights in Groen Gas Goor B.V. (“Groen Goor”), a project company developing an anaerobic digestion plant, with a green gas production capacity of approximately 375 Nm3/h, in Goor, the Netherlands (“the Goor Project”) and the land on which the Goor Project will be constructed. Ellomay Luxemburg was issued shares representing a 51% interest in Groen Goor. The Ludan Loans converted into shareholder’s loans on December 20, 2016, upon the financial closing of the Goor Project.

During September 2016, the Company, through Ellomay Luxembourg, entered into two separate memorandums of understanding (“MOUs”), with Ludan, setting forth Ludan’s and the Company agreed material principles and understandings with respect to the Goor Project's EPC and O&M agreements. Pursuant to such MOUs, in November 2016 Groen Goor entered into an EPC agreement with Ludan.

Groen Gas Oude-Tonge Anaerobic Digestion Project-

The Company, through Ellomay Luxemburg, entered in April 2017 - June 2017 into loan agreements with  Groen Gas Oude-Tonge B.V. (“Groen Gas Oude-Tonge”) whereby the Company provided shareholder loans to Groen Gas Oude Tonge in the aggregate amount (including accrued interest) of approximately Euro 1,700 thousand, as of December 31, 2017, for purposes of developing an anaerobic digestion plant, with a green gas production capacity of approximately 475 Nm3/h, in Oude-Tonge, the Netherlands (“the Oude-Tonge Project”) and the acquisition of the land on which the Oude-Tonge Project will be constructed. Ellomay Luxemburg was issued shares representing a 51% interest in Groen Gas Oude Tonge.

During April 2017, Oude-Tonge, entered into an EPC agreement with Ludan.

3. New project in Spain

In April 2017, the Company, through one of its subsidiaries, entered into a share purchase agreement (the “SPA”), pursuant to which it purchased and acquired the entire share capital of a Spanish company, Talasol Solar S.L. (“Talasol”), which is promoting the construction of a photovoltaic plant with a peak capacity of 300 MW in the municipality of Talaván, Cáceres, Spain (the “Project”). The SPA provides that the purchase price for Talasol's shares is Euro 10 million  and that this amount is to be deposited in escrow. The release of the amount from escrow is subject to customary conditions subsequent in these types of transactions, the occurrence of any of which by June 30, 2018 will allow the Company to automatically terminate the SPA. These conditions include receipt of certain regulatory approvals and entry into certain material agreements. The SPA further provides the sellers with rights to terminate the SPA in the event the regulatory approvals are granted and the Company or Talasol fail to take certain actions required in order to advance the Project. Such conditions subsequent were not met as of December 31, 2017.

D. Subsidiaries – Service Concession project

In June 2017, the Company executed an agreement (the “Talmei Yosef Agreement”) to acquire 100% of the equity of an Israeli company ("Talmei Yosef") that owns (through its subsidiaries) a photovoltaic site with fixed technology and a nominal capacity of approximately 9 MWp in Talmei Yosef, Israel (the “Talmei Yosef Project”) from Solegreen Ltd. (TASE: SLGN). The Talmei Yosef Agreement provides that the Company will acquire 100% of the equity of the Israeli company, subject to certain conditions precedent, in consideration for an aggregate amount of NIS 39 million (approximately €9,476 thousand), subject to certain adjustments, after which the aggregate consideration amounted to approximately NIS 48,625 thousand (approximately €11,815 thousand). The Talmei Yosef Project is primarily financed by an Israeli consortium led by Israel Discount Bank. Such conditions precedent were met on October 18, 2017.

The Company performed an analysis of the fair value of identifiable assets acquired and liabilities assumed by applying a discounted cash-flow method.

Identifiable assets acquired and liabilities assumed (based on amounts as described hereunder):

	Acquisition date
	€ in thousands
Receivable from concessions project		28,927
Intangible asset		5,505
Restricted cash		1,795
Long-term loan		(21,370	)
Working Capital, net (excluding cash and cash equivalents)		(119	)
Deferred tax		(4,887	)
Total net identifiable assets		9,851

The aggregate cash flows derived for the Company as a result of the acquisition:

	€ in thousands
Cash and cash equivalents paid		11,815
Less - cash and cash equivalents of the subsidiary		(1,964	)
		9,851

(*)The fair value of the income receivable in connection with concession project was calculated according to the cash flows expected to be received from the Israel Electricity Authority for a period of 16 years, discounted at a weighted interest rate of 5.9% reflecting the credit risk of the debtor.

Talmei Yosef entered into a service concession agreement with the Israel Electricity Authority (“IEC”) for the construction of a PV plant in Talmei Yosef. The construction of the PV plant was completed and the PV plant was connected to the grid in November 2013. Under the terms of the agreement with the IEC, Talmei Yosef will operate the PV plant for a period of 20 years as from November 15, 2013. The IECprovides the Company a guaranteed tariff for the electricity produced of NIS 0.9631 per KWp linked to the CPI as of October 2011. The service concession agreement does not contain a renewal option.

Talmei Yosef recorded revenues of approximately NIS 757 thousand (approximately €183 thousand) in the period starting on October 18, 2017 and until December 31, 2017 as a result of the operations of the PV plant.

E. Subsidiaries – Regulatory updates

   Italy

· Following the approval by the Italian parliament in August 2014, a decree executed by the Italian president in June was converted into law (“Law 116/2014”) providing for a decrease in the FiT guaranteed to existing photovoltaic plants with installed capacity of more than 200 kW. Pursuant to Law 116/2014, operators of existing photovoltaic plants, such as the Company, which received a guaranteed 20-year FiT under Italian legislation, were required to choose between the following four alternatives: (i) a reduction of 6%-8% in the FiT (depending on the installed capacity of the relevant plant); (ii) extending the 20-year term of the FiT to 24 years with a reduction in the FiT in a range of 17%-25%, depending on the time remaining on the term of the FiT  for the relevant photovoltaic plant, with higher reductions applicable to photovoltaic plants that commenced operations earlier ; (iii) a rescheduling in the FiT so that during an initial period the FiT is reduced and during the second period the FiT is increased in the same amount of the reduction; or (iv) the sale of up to 80% of the revenues deriving from the incentives generated by the photovoltaic plant to a selected buyer to be identified among the top EU banks (with the selected buyer becoming eligible to receive the original FiT and not subject to the changes set forth in alternatives (i) through (iii) above). The Company chose the first option for all its Italian PV Plants. Therefore, the FiT for eight of the Company’s Italian PV Plants has been cut by 8% and the FiT for the remaining four Italian PV Plants has been cut by 7%, all effective as of January 1, 2015. In June 2015, an appeal was filed with the Italian Constitutional Court aimed to assess whether Law 116/2014 entails unconstitutional provisions, particularly insofar as they apply in a retrospective fashion. In December 2016 the Italian Constitutional Court declared that Law 116/2014 is not anti-constitutional. The incentives are paid through equal monthly installments in an amount of 90% of the average production of each plant in the relevant solar calendar year, based on the effective production before June 30th of the previous year, or if not available, on the basis of the regional forecast. The balance is paid within 60 days from the sending of the actual production data and in any event within June 30th of the subsequent year.

· As part of the implementation of legislative decree 49/2014, in December 2015 the GSE published the guidelines regarding disposal of PV plants that benefit from incentives. In particular, the decree had established that GSE was entitled to retain a certain amount from payment of incentives as a guarantee for the cost of disposal of the panels installed on PV plants and GSE set out the determination of such retention. The guidelines provide that the retention shall start from the 11th year of incentive. The retention will be held by GSE in an interest-bearing escrow account and is to be returned to producers after evidence is provided to GSE that the panels have been disposed of correctly.

· Art. 21 of Law 208/2015 (the 2016 Italian Budget Law) set out new criteria concerning the determination of the cadastral value of immovable assets. PV plants fall within the scope of such provision. Following the issuance of the law, on February 1, 2016, the Italian Tax Office published official clarifications to the scope of said provision. With specific reference to ground PV plants, the Italian Tax Office pointed out that on the basis of the new provision modules and inverters shall not be accounted in the determination of the associated cadastral value, which should entail a significant reduction in the calculation of the related municipal tax burden.

· During 2015, the Company applied a tax incentive as per Article 6 paras. 13-19 of Law 23 December 2000, no. 388 (“ʺTremonti-ambienteʺ”). Article 19 of Decree 5 July 2012 provides an explanation of instances in which the tax incentive may be granted in connection with investments in photovoltaic plants  and combined with feed-in-tariffs to the extent that the Tremonti-ambiente does not exceed 20% of the amount eligible for taxation. Such incentive consists of a reduction of the taxable profit for a fiscal year equal to the amount of investments in tangible fixed assets in the same year, which are necessary to prevent, reduce and repair environmental damages, providing these investments exceed the average environmental investments made in the two previous years. The procedure to claim  the tax incentive requires that the relevant approved balance sheet or its explanatory notes show the amount of the environmental investments. Additionally, within one month from the approval of the balance sheet a specific communication concerning the amount of the eligible Tremonti‑ambiente must be made to the relevant public authority. The Tremonti‑ambiente is claimable upon filing the relevant tax return by reducing the amount of taxable profit. The Company engaged a tax consultant to determine the specific amount of environmental investments and filed the required communications with the tax authorities. The Company recorded a tax benefit in the amount of approximately €2,900thousand. (See note 19).

· A new resolution (no. 444 of 2016) was adopted by AEEGSI in July 2016 partly amending the previously applying modalities of payment of imbalancing. Such resolution has established that, commencing January 2017 (for PV plants with a capacity lower than 10 MWp), the discrepancy between planned and effective energy input/withdrawn shall not exceed 7.5% (+/-). In the case that such threshold is exceeded, the price paid for positive imbalancing will be reduced in such measure as not to allow any profit to the producer in relation to the forecast in question. Prior to this resolution distortive practices were often used by intentionally providing energy production forecasts materially different from the actual production in order to maximize revenues deriving from positive imbalancing payments. The provisions of resolution 444/2016 aim at incentivizing producers to keep imbalancing within said limits (+/- 7.5%). This new resolution is not expected to have a material effect on the Company’s revenues.

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Fixed assets

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Fixed assets

Note 7 - Fixed assets

					Office
	Photovoltaic		Biogas		furniture and		Leasehold
	Plants		installations		equipment		Improvements		Total
	€ in thousands
Cost
Balance as at January 1, 2016		87,880		-		117		52		88,049
Additions		41		5,081		-		-		5,122
Balance as at December 31, 2016		87,921		5,081		117		52		93,171
Balance as at January 1, 2017		87,921		5,081		117		52		93,171
Additions		1		10,076		4		-		10,081
Balance as at December 31, 2017		87,922		15,157		121		52		103,252
Depreciation
Balance as at January 1, 2016		15,363		-		74		48		15,485
Depreciation for the year		4,394		-		13		4		4,411
Effect of changes in exchange rates		1		-		-		-		1
Balance as at December 31, 2016		19,758		-		87		52		19,897
Balance as at January 1, 2017		19,758		-		87		52		19,897
Depreciation for the year		4,396		111		11		-		4,518
Balance as at December 31, 2017		24,154		111		98		52		24,415
Carrying amounts
As at January 1, 2016		72,517		-		43		4		72,564
As at December 31, 2016		68,163		5,081		30		-		73,274
As at December 31, 2017		63,768		15,046		23		-		78,837

Investment in Photovoltaic Plants

Since March 4, 2010, the Company acquired seventeen photovoltaic plants located in Italy, Spain and Israel.

In connection with the Company's PV Plants, the Company recorded as of December 31, 2017, fixed assets at an aggregate value of approximately €87,922 thousand, in accordance with actual costs incurred. Depreciation with respect to the PV Plants in Italy is calculated using the straight-line method over 20 years commencing from the connection to the national grid that represent the estimated useful lives of the assets. Depreciation with respect to the PV Plants in Spain is calculated using the straight-line method over 25 years starting connection to the national grid that represent the estimated useful lives of the assets. During the year ended December 31, 2017, the Company had recorded depreciation expenses with respect to its PV Plants in Italy and Spain of approximately €4,396 thousand.

Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2017 :

			Cost included in the
PV Plant Title	Nominal Capacity	Connection to Grid	Book value as at
			December 31, 2017
			€ in thousands
“Troia 8”	995.67 kWp	January 2011	3,502
“Troia 9”	995.67 kWp	January 2011	3,478
“Del Bianco”	734.40 kWp	April 2011	2,096
“Giaché”	730.01 kWp	April 2011	2,767
“Costantini”	734.40 kWp	April 2011	2,115
“Massaccesi”	749.7 kWp	April 2011	2,750
“Galatina”	994.43 kWp	May 2011	4,131
“Pedale	2,993 kWp	May 2011	11,254
“Acquafresca”	947.6 kWp	June 2011	3,165
“D‘Angella”	930.5 kWp	June 2011	3,119
“Soleco”	5,924 kWp	August 2011	15,335
“Technoenergy”	5,900 kWp	August 2011	15,196
“Ellomay Spain – Rinconada II”	2,275 kWp	June 2010	5,509
“Rodríguez I”	1,675 kWp	November 2011	3,662
“Rodríguez II”	2,691 kWp	November 2011	6,631
“Fuente Librilla”	1,248 kWp	June 2011	3,212

Investment in Biogas Installations

In connection with the Company's Biogas Installations (see Note 6C 3), the Company recorded as of December 31, 2017, fixed assets at an aggregate value of approximately €15,157  thousand of which €633 thousand will be paid in 2018, in accordance with actual costs incurred.

Depreciation with respect to the Biogas Installations  is calculated using the straight-line method over 12 years commencing from the connection to the national grid that represent the estimated useful lives of the assets. During the year ended December 31, 2017, the Company had recorded depreciation expenses with respect to its Biogas Installations  in the Netherlands  of approximately €111 thousand.

Capitalized borrowing costs

In the reporting period borrowing costs in the amount of Euro 336 thousand were capitalized to qualifying assets.

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Other Payables

12 Months Ended

Dec. 31, 2017

Disclosure of Other Payables [Abstract]

Other Payables

Note 8 - Other Payables

	December 31
	2017		2016
	€ in thousands
Employees and payroll accruals		241		249
Government authorities		227		169
SWAP and forward related balances		121		479
Accrued expenses		1,414		973
Current tax		184		1,249
		2,187		3,119

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Current maturities of long term loans

12 Months Ended

Dec. 31, 2017

Disclosure of current maturities of long term loans [Abstract]

Current maturities of long term loans

Note 9 - Current maturities of long term loans

Composed as follows:

	Linkage	Interest rate		December 31		December 31
	terms	2016 and 2017		2017		2016
		%		€ in thousands
Current maturities of long term loans (refer to Notes 10 and 11)	EURIBOR		1.6-3.5		1,648		1,094
	Consumer price index in Israel		4.65		1,455
					3,103		1,094

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Finance Lease Obligation

12 Months Ended

Dec. 31, 2017

Disclosure of finance lease and operating lease by lessee [abstract]

Finance Lease Obligation

Note 10 – Finance Lease Obligation

A. Composed as follows:

	Linkage	Interest rate		December 31		December 31
	Terms	2016 and 2017		2017		2016
		%		Euro€ in thousands
Leasing institution	EURIBOR		3.5		4,020		4,338
Current maturities					330		318
Leasing institution-long term					3,690		4,020

1. On December 31, 2010, two wholly-owned Italian subsidiaries of the Company entered into financial leasing agreements, (the “Leasing Agreements”) in the amount of euro 3,000 thousand each (euro 6,000 thousand in total) for the financing of the subsidiaries, with a nominal annual interest rate of 3.43%. The Company is required to make monthly payments in the amount of euro 20 thousand each, commencing 210 days after issuance, for the duration of the Leasing Agreements (17 years) which are linked to the 3 months EURIBOR. As of December 31, 2011, the first two drawdowns under the Leasing Agreements were received in the aggregate amount of approximately euro 5 million net of expenses capitalized in the amount of approximately euro 1.142 million comprised mainly of Cadastral tax and VAT paid in connection with the Leasing Agreements. In March 2012, the final drawdown under the Leasing Agreements was received in the amount of approximately euro 818.5 thousand.

2. The Leasing Agreements include the following covenants:

       

a. A declaration that the shareholders credit towards the two Italian wholly-owned subsidiaries will be subordinated to the leasing company’s credit;

b. The Company undertook not to transfer the entire holdings in two wholly-owned Italian subsidiaries and shares not exceeding 20% of its holdings in the wholly-owned Luxembourgian subsidiary that wholly-owns the two Italian subsidiaries;

c. The Company undertook to assign (as guarantee) the receivables from GSE; and

d. The Company undertook to encumber in favor of the leasing company the rights in connection with the guarantees provided under the EPC Contracts and the Operation and Maintenance agreements.

3. The Company accounted for the transaction as a sale and a finance leaseback as the Company retained the significant risks and benefits of ownership related to its relevant PV Plants. The carrying value of the photovoltaic plants was left unchanged, with the sales proceeds recorded as a finance lease obligation. As of December 31, 2017, the financial covenants were met.

B. The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		342		329
Third year		354		342
Fourth year		366		354
Fifth year		379		366
Sixth year and thereafter		2,249		2,629
		3,690		4,020
Current maturities		330		318
Finance lease obligation		4,020		4,338

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Long-term Loans

12 Months Ended

Dec. 31, 2017

Borrowings [abstract]

Long-term Loans

Note 11 - Long-term Loans

A. Composed as follows:

			Interest
	Linkage		rate 2017		December 31 2017
	term		%		€ in thousands
Bank loans		EURIBOR		1.6-3		19,661
		Consumer price index in Israel		4.65		20,820
Other long-term loans				2.5-5		4,383
						44,864

		Interest rate 2016 %
	Linkage term			December 31 2016
				€ in thousands
Bank loans	EURIBOR		1.6-2.85		15,706
Other long-term loans			3.05		2,031
					17,737

1. On February 17, 2011, one of the Company's Italian subsidiaries entered into a project finance facilities credit agreement (the “Finance Agreement”) with an Italian bank (Centrobanca – Banca di Credito Finanziario e Mobiliare S.p.A., acquired by UBI in 2013). Pursuant to the Finance Agreement a Senior Loan was provided with respect to the costs of construction of the relevant PV Plants (Del Bianco and Costantini) (up to 80% of the relevant amount), in the amount of Euro 4.1 million, accruing interest at the EURIBOR rate, increased by a margin of 200 basis points per annum, to be repaid in six-monthly installments with a maturity date of December 31, 2027. On November 30, 2011, an amount of approximately euro 3.8 million was drawn down on account of this Senior Loan. Related expenses capitalized to the loan comprised mainly of related notary fee and bank charges amount toapproximatelyeuro 170 thousand.   The Finance Agreement also requires the payment of commitment fees equal to 0.5% per annum calculated on the undrawn and un-cancelled amount of both the Senior Loan and the VAT Line and certain additional payments, including an arranging fee and annual agency fee.

The Company's Italian subsidiary undertook to comply with the following financial covenants verified at each repayment date starting from the first installment of the Senior Loan and up to the final redemption date:

DSCR (Debt Rate Cover Ratio): equal or greater than 1.25:1;

LLCR (Loan Life Coverage Ratio): equal or greater than 1.25:1; and

Debt/Equity: equal or less than 80:20.

As of December 31, 2017, the financial covenants were met.

2. On June 29, 2015, the Company entered into a loan agreement with UBI Banca S.c.p.a., in connection with the financing of one of its PV Plants, pursuant to which the Company received financing amounting to approximately euro 10,271 thousand, net of expenses capitalized in the amount of approximately euro 409 thousand bearing an interest at the Euribor 6 month rate plus 2.85% per annum. The interest on the loan and the principal are to be repaid semi-annually. The final maturity date of this loan is December 31, 2029. Draw down of the loan occurred in September 2015.   The Company's Italian subsidiary undertook to comply with the following financial parameters verified at each repayment date starting from the first installment of the loan and up to the final redemption date: DSCR (Debt Rate Cover Ratio): equal or greater than 1.20:1; LLCR (Loan Life Coverage Ratio): equal or greater than 1.20:1; and Debt/Equity: equal or less than 75:25. As of December 31, 2017, the financial covenants were met.

3. The Company's 75% owned Israeli subsidiary promoting the Manara PSP, entered into a loan agreement with the owner of the remaining 25% of its outstanding shares, Sheva Mizrakot Ltd. The unpaid balance (principal and interest) of the loan will bear interest at an annual rate in accordance with the interest rate for the purpose of Section 3(j) of the Israeli Income Tax Ordinance in accordance with the provisions of Regulation 2(a) of the Income Tax Regulations (Determination of Interest Rate for the Purpose of Section 3(j)) And 1986. The maturity date of this loan is December 31, 2020. As of December 31, 2017, the amount of the loan is € 776 thousand.

4. Groen Goor, Independent Power Plant B.V. (“IPP”) (the entity that holds the permits and subsidies in connection with the Goor Project and is wholly-owned by Groen Goor), Ludan, and Ellomay Luxembourg entered into a senior project finance agreement (the “Goor Loan Agreement”), with Coöperatieve Rabobank U.A. (“Rabobank”), that includes the following tranches: (i) two loans with principal amounts of Euro 3,510 thousand (with a fixed interest rate of 3% for the first five years) and Euro 2,090 thousand, (with a fixed interest rate of 2.5% for the first five years), for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Goor Project’s facility to the grid and (ii) an on-call credit facility of euro 370 thousand with variable interest. As of December 31, 2017, an amount of euro 5,600 thousand was withdrawn on account of these loans. In connection with the Goor Loan Agreement, the following securities were provided to Rabobank: (i) pledge on the present and future rights arising from the feedstock purchase agreement, the EPC agreement, the O&M agreement, the SDE subsidy, the various power and green gas purchase agreements, and the green gas certification supply agreement, (ii) pledge on all present and future (a) receivables arising from business and trade, and (b) stock and inventory including machinery and transport vehicles of Groen Goor and IPP; (iii) all rights/claims of Groen Goor and IPP against third parties existing at the time of the execution of the Loan Agreement, including rights from insurance agreements.

5. Groen Gas Oude Tonge, Groen Gas Oude-Tonge Holding B.V. (the entity that holds the permits and subsidies in connection with the Oude Tonge Project and is wholly-owned by Groen Gas Oude Tonge), Ludan, and Ellomay Luxembourg entered into a senior project finance agreement (the “Oude Tonge Loan Agreement”), with Rabobank, that includes the following tranches: (i) two loans with principal amounts of euro 3,150 thousand and euro 1,700 thousand, each with a fixed annual interest rate of 3.1%, for a period of 12.25 years, repayable in equal monthly installments commencing three months following the connection of the Oude Tonge Project’s facility to the grid and (ii) an on-call credit facility of euro 100 thousand with variable interest. As of December 31, 2017, an amount of euro 3,150 thousand was withdrawn on account of these loans. In connection with the Oude Tonge Loan Agreement, the following securities were provided to Rabobank: (i) pledge on the present and future rights arising from the feedstock purchase agreement, the EPC agreement, the O&M agreement, the SDE subsidy, the various power and green gas purchase agreements, and the green gas certification supply agreement, (ii) pledge on all present and future (a) receivables arising from business and trade, and (b) stock and inventory including machinery and transport vehicles of Groen Gas Oude Tonge and Groen Gas Oude Tonge Holding B.V.; (iii) all rights/claims of Groen Gas Oude Tonge and Groen Gas Oude Tonge Holding B.V. against third parties existing at the time of the execution of the Loan Agreement, including rights from insurance agreements.   In connection with the Loan Agreements, Ludan and Ellomay Luxemburg, the Company wholly-owned subsidiary: (i) provided the following undertakings to Rabobank: (a) that Groen Goor and Groen Gas Oude Tonge  will not make distributions to its shareholders for a period of two years following the execution of the Loan Agreement, (b) that Groen Goor will not make distributions or repurchase its shares so long as the equity to debt ratio of Groen Goor is less than 40%, (c) that in the event the equity to debt ratio of Groen Goor and Groen Gas Oude Tonge  will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge  and up to a maximum of Euro 1.2 million, and (d) that they will provide the equity required for the completion of the Goor Project and (ii) provided pledges on their respective rights in connection with the shareholders loans which each provided to Groen Goor and Groen Gas Oude Tonge  , which loans shall also be subordinated by Ellomay Luxembourg and Ludan in the favor of Rabobank. As of December 31, 2017, the financial covenants were met.   Shortages in liquidity as a result of exceeding the construction budget and/or extension of start-up costs of the Goor Project and the Oude Tonge Project shall be provided by Ludan and Ellomay Luxembourg and not financed by Rabobank.   In addition, the Company provided a guarantee to Rabobank for the fulfillment of Ellomay Luxemburg’s undertakings set forth above.

6. On May 16, 2012, Talmei Yosef entered into a loan agreement with Israeli consortium led by Israel Discount Bank (the “Israeli consortium”) in connection with the financing of its PV Plant, pursuant to which Talmei Yosef received financing amounting to NIS 80,000 thousand. During 2013, in accordance with the millstones set on the loan agreement, an aggregate amount of NIS 60,000 thousand was withdrawn on account of such loan agreement. During 2014, an additional aggregate amount of NIS 20,000 thousand was withdrawn.   The loan is linked to the consumer price index and bears an annual interest of 4.65%. The interest on the loan and the principal are repaid semi-annually. The final maturity date of this loan is December 31, 2031.   On December 24, 2014, Talmei Yosef entered into an additional loan agreement with the Israeli consortium in connection with additional financing in the amount of NIS 25,000 thousand.   The loan is linked to the consumer price index and bears an annual interest of 4.52%. The interest on the loan and the principal are repaid semi-annually. The final maturity date of this loan is June 30, 2028.   In connection with these loans, the Talmei Yosef project company provided charges on its rights in the PV Plant, notes, equity, goodwill, on all assets of the PV Plant and on future receivables from the IEC and undertook customary limitations and undertakings, including maintaining the following financial ratios: (i) upon withdrawal of funds on account of the loan framework (based on milestones), maintaining an annual Historic ADSCR (Average Debt Service Coverage Ratio), a Projected ADSCR and a Projected LLCR (loan life coverage ratio) of 1.25:1.00, (ii) upon a distribution of profits from the project company, maintaining a Historic ADSCR, a Projected ADSCR and a Projected LLCR of 1.20:1.00, and (iii) throughout the term of the loan, maintaining an annual ADSCR and a Projected ADSCR of 1.05:1.00 for the following 12 months and maintaining an LLCR of 1.08:1.00.

As of December 31, 2017, the financial covenants were met.

B. The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		3,403		1,203
Third year		3,584		1,206
Fourth year		3,712		1,233
Fifth year		3,795		1,642
Sixth year and thereafter		27,597		11,677
Long-term loans		42,091		16,961
Current maturities		2,773		776
		44,864		17,737

C. In order to minimize the interest-rate risk resulting from liabilities to banks and financing institutions in Italy linked to the Euribor, the Company executed swap transactions. See Note 21.

D.            Movement in liabilities deriving from financing activities

			Liabilities
			Loans and			Convertible			Finance lease
	Note		borrowings			debentures			liability			Total
			NIS thousands
Balance as at January 1, 2017				17,737			33,790			4,338			55,865
Changes from financing cash flows
Loan from business combination		6		21,370			-			-			21,370
Proceeds from issue of convertible debentures		12		-			31,175			-			31,175
Payment of Debentures		12		-			(4,842	)		-			(4,842	)
Receipt of loans		10,11		7,443			-			-			7,443
Repayment of loans		10,11		(1,892	)		-			-			(1,892	)
Accrued interest		10,11		161			-			-			161
Payment of finance lease liability		10		-			-			(332	)		(332	)
Transaction costs related to borrowings				165			320			14			499
Total net financing cash flows				44,984			60,443			4,020			109,447
Effect of changes in foreign exchange rates				(120	)		(2,812	)		-			(2,932	)
Balance as at December 31, 2017				44,864			57,631			4,020			106,515

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Debentures

12 Months Ended

Dec. 31, 2017

Disclosure of debentures [Abstract]

Debentures

Note 12 - Debentures

A. Composed as follows:

	December 31, 2017				December 31, 2016
	Face value		Carrying amount		Face value		Carrying amount
	€ in thousands				€ in thousands
Debentures		58,623		57,631		34,687		33,790
Less current maturities		4,825		4,644		4,955		4,744
Total long-term debentures		53,798		52,987		29,732		29,046

B. Debentures – Details

Series A Debentures

On January 13, 2014, the Company issued NIS 120,000 thousand (approximately €25,170 thousand based on the euro/NIS exchange rate at that time) principal amount of unsecured non-convertible Series A Debentures (“Series A Debentures“) through a public offering that was limited to residents of Israel at a price of NIS 973 per unit (each unit comprised of NIS 1,000 principal amount of Series A Debentures). The gross proceeds of the offering were approximately NIS 116,760 thousand (approximately €24,490 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions were approximately NIS 114,700 thousand (approximately €24,059 thousand).

On June 19, 2014, the Company issued additional NIS 80,341 thousand principal amount of Series A Debentures (approximately €17,115 thousand based on the euro/NIS exchange rate at that time) to Israeli classified investors in a private placement at a price of NIS 1,010 per unit. The gross proceeds of the private placement were approximately NIS 81,144 thousand (approximately €17,286 thousand, at the date of issuance) and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions and interest paid on these additional Series A Debentures in June 2014 were approximately NIS 78,900 thousand (approximately €16,808 thousand).

The Series A Debentures are traded on the TASE (Tel Aviv Stock Exchange) and have been rated ilA-, on a local scale, by Standard & Poor’s Maalot Ltd in 2016 (such rating was updated on November 13, 2017 to ilBBB+" with a "Stable" outlook). The Series A Debentures bear fixed interest at the rate of 4.6% per year and are not linked to the Israeli CPI or otherwise.

The Series A Deed of Trust includes customary provisions and also includes the following: (i) a negative pledge such that the Company may not place a floating charge on all of its assets, subject to certain exceptions, and (ii) an obligation to pay additional interest for certain security rating downgrades, up to an increase of 1% for a decrease of four rating levels compared to the rating at the time of issuance of the Series A Debentures.

The Series A Deed of Trust further includes a number of customary causes for immediate repayment, including a default in connection with certain financial covenants for two consecutive financial quarters, which is not cured within the cure period set forth in the Series A Deed of Trust. The financial covenants are as follows:

1. The Company’s equity, on a consolidated basis, shall not be less than $55 million;

2. The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by us and any other interest-bearing financial obligations, net of cash and cash equivalents and short-term investments and net of project finance, including hedging transactions in connection with such project finance, of our subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity, on a consolidated basis, plus the Net Financial Debt, shall not exceed a rate of 65%; and

3. The ratio of (a) the Company’s equity, on a consolidated basis, to (b) the Company’s balance sheet, on a consolidated basis, shall not be less than a rate of 20%.

The Series A Deed of Trust further provides that the Company may make distributions (as such term is defined in the Companies Law, e.g. dividends), to shareholders, provided that: (a) the Company’s equity following such distribution will not be less than $75 million, (b) the Company shall meet the financial covenants set forth above prior to and following the distribution, (c) the Company will not distribute more than 75% of the distributable profit and (d) the Company will not distribute dividends based on profit due to revaluation (for the removal of doubt, negative goodwill will not be considered a revaluation profit).

As of December 31, 2017, the financial covenants were met.

Series B Debentures

On March 14, 2017, the Company issued Series B Nonconvertible Debentures due June 30, 2024 in a public offering in Israel in the aggregate principal amount of NIS 123,232,000 (approximately €31.7 million based on the euro/NIS exchange rate at that time). The gross proceeds of the offering were NIS 123,232,000 and the net proceeds of the offering, net of related expenses such as consultancy fee and commissions (partially paid in 2016), were approximately NIS 121.4 million (approximately €31.2 million). The Series B Debentures originally bore a fixed annual interest rate of 3.44% and are not linked to the Israeli CPI or otherwise. On November 13, 2017 Standard & Poors Maalot Ltd. updated the rating of the Company and of the Company's Series A and Series B Nonconvertible Debentures traded on the Tel Aviv Stock Exchange from "ilA-" with a "Negative" outlook to "ilBBB+" with a "Stable" outlook. Pursuant to the terms of the Company's Series B Debentures, this rating downgrade triggers an increase of 0.25% in the annual interest rate payable on the principal of these Debentures on November 14, 2017. The annual interest rate payable on the principal of the Company's Series A Debentures will remain unchanged. The principal amount of Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The interest on the Series B Debentures is payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive).

The Series B Deed of Trust includes customary provisions and also includes the following: (i) a negative pledge such that we may not place a floating charge on all of our assets, subject to certain exceptions, (ii) an obligation to pay additional interest for certain security rating downgrades, up to an increase of 1% for a decrease of four rating levels compared to the rating at the time of issuance of the Series B Debentures and (iii) an obligation to pay additional interest for failure to maintain certain financial covenants, up to an increase of 1% (with a cap on the combined increase in interest due to security rating downgrades and failure to meet financial covenants of 1.75%). The Series B Deed of Trust does not restrict our ability to issue any new series of debt instruments, other than in certain specific circumstances, and enables us to expand the Series B Debentures subject to maintaining the rating assigned to the Series B Debentures and to our continued compliance with the financial covenants included in the Series B Deed of Trust and provided that we are not in default of any of the immediate repayment provisions included in the Series B Deed of Trust or in material default of our obligations to the holders of the Series B Debentures pursuant to the terms of the Series B Deed of Trust.

The Series B Deed of Trust further includes a number of customary causes for immediate repayment, including a default in connection with certain financial covenants for two consecutive financial quarters. The financial covenants are as follows:

1. The Company’s equity, on a consolidated basis, shall not be less than $55 million;

2. The ratio of (a) the short-term and long-term debt from banks, in addition to the debt to holders of debentures issued by us and any other interest-bearing financial obligations, net of cash and cash equivalents and short-term investments and net of financing of projects, including hedging transactions in connection with such financing, of our subsidiaries, or, together, the Net Financial Debt, to (b) the Company’s equity, on a consolidated basis, plus the Net Financial Debt:

a. Until and including the financial results for June 30, 2018 – shall not exceed the rate of 65% for purposes of the immediate repayment provision and shall not exceed the rate of 60% for purposes of the interest increase provision (due to failure to meet financial covenants as noted above); and

b. Commencing from the financial results for September 30, 2018 – shall not exceed the rate of 60% for purposes of the immediate repayment provision and shall not exceed the rate of 55% for purposes of the interest increase provision; and

3. The ratio of (a) the Company’s equity, on a consolidated basis, to (b) the Company’s balance sheet, on a consolidated basis:

a. Until and including the financial results for June 30, 2018 – shall not be less than a rate of 20% for purposes of the immediate repayment provision and shall not be less than a rate of 25% for purposes of the interest increase provision; and

b. Commencing from the financial results for September 30, 2018 – shall not be less than a rate of 25% for purposes of the immediate repayment provision and shall not be less than a rate of 30% for purposes of the interest increase provision.

The Series B Deed of Trust includes similar conditions to our ability to make distributions (as such term is defined in the Companies Law, e.g. dividends), to our shareholders as are included in the Series A Deed of Trust and set forth above.

In order to manage the currency risk resulting from the Series B Debentures, which are denominated in NIS, the Company executed currency swap transactions in April 2017. The Company exchanged Series B Debentures NIS denominated notional principal in the aggregate amount of NIS 83,232 thousand (approximately € 20,043  thousand, based on the NIS/Euro exchange rate as at December 31, 2017) with a Euro notional principal (currency swap transactions). Such currency swap transactions qualify for hedge accounting.

C. The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		8,977		4,769
Third year		9,084		4,796
Fourth year		9,129		4,822
Fifth year		9,171		4,854
Sixth year and thereafter		16,626		9,821
Long-term loans		52,987		29,062
Current maturities		4,644		4,744
		57,631		33,806

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Other Long-term Liabilities

12 Months Ended

Dec. 31, 2017

Disclosure of other long-term liabilities [Abstract]

Other Long-term Liabilities

Note 13 - Other Long-term Liabilities

	December 31		December 31
	2017		2016
	€ in thousands
Government authorities		239		299
Derivatives		4,312		2,326
Liabilities for employees benefits		4		2
		4,555		2,627

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Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2017

Disclosure of contingent liabilities [abstract]

Commitments and Contingent Liabilities

Note 14 - Commitments and Contingent Liabilities

A. Lease commitments

The PV Plants are constructed on land leased for 20-25 years under operating lease agreements, which expire on various dates, ranging from 2031 to 2036. In respect to several of the leases the Company has the option to extend the lease for different terms, the latest of which is until 2051. The Company leases its office space under an operating lease that expires in September 2020. The following table summarizes the minimum annual rental commitments as of the periods indicated under the non-cancelable operating leases and sub-lease arrangements with initial or remaining terms of more than one year, reflecting the terms that were in effect as of December 31, 2017:

	Operating
	lease
	€ in thousands
Year ended December 31
2018		438
2019		438
2020		417
2021		355
2022 and thereafter		4,493
Total minimum lease payments		6,141

B. Legal proceedings:

Other than described elsewhere in these financial statements, there are no additional material legal proceedings that require further disclosure.

C. Pledges:

The Company placed the following first ranking unlimited pledges and provided the following undertakings to secure its credit facilities:

· A fixed pledge and mortgage on the Company's holdings of Ellomay Clean Energy, Limited Partnership, the holdings of such partnership in U. Dori Energy Infrastructures Ltd. and the holdings of the Company in the general partner of said partnership, Ellomay Clean Energy Ltd as well as on the rights (including shareholders loans) of said general partner in and/or towards the partnership.

· A fixed pledge on Ellomay Clean Energy, Limited Partnership and Ellomay Clean Energy Ltd.'s bank accounts.

· A floating lien on Ellomay Clean Energy Ltd.'s rights,  assets, registered and non-issued capital and goodwill.

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Transactions and Balances with Related Parties

12 Months Ended

Dec. 31, 2017

Disclosure of transactions between related parties [abstract]

Transactions and Balances with Related Parties

Note 15 - Transactions and Balances with Related Parties

A. On December 30, 2008, the Company's shareholders approved the terms of a management services agreement entered into among the Company, Kanir Joint Investments (2005) Limited Partnership ("Kanir") and Meisaf Blue & White Holdings Ltd. ("Meisaf"), a company controlled by the Company's chairman of the board and controlling shareholder,  effective as of March 31, 2008 (the "Management Agreement"). According to the Management Agreement, Kanir and Meisaf, through their employees, officers and directors, provide assistance to the Company in all aspects of the new operations process, including but not limited to, any activities to be conducted in connection with identification and evaluation of the business opportunities, the negotiations and the integration and management of any new operations and including discussions with the Company's  management to assist and advise them on such matters and on any matters concerning the Company's affairs and business. In consideration of the performance of the management services and the board services pursuant to the Management Agreement, the Company initially agreed to pay Kanir and Meisaf an aggregate annual management services fee in the amount of $250 thousand.   This annual amount was increased to $400 thousand in June 2013 (approximately €334 thousand ,based on the NIS/Euro exchange rate as at December 31, 2017)  following approval by the Audit Committee, Compensation Committee, Board of Directors and by the Company's shareholders at the shareholders' meeting held in June 2013.  The current term of the Management Agreement is until June 17, 2019.   The Company sub-leases a small part of its office space to a company controlled by Mr. Shlomo Nehama, the Company's chairman of the Board and a controlling shareholder, at a price per square meter based on the price that it pays under its lease agreements. This sub-lease agreement was approved by the Company's Board of Directors.

B.  Compensation to key management personnel and interested parties (including directors)

Directors participate in the Company’s share option programs. For further information see Note 16 regarding share-based payments.

Compensation to key management personnel and interested parties that are employed by the Company:

	Year ended December 31
	2017				2016				2015
	Number of				Number of				Number of
	People		Amount		People (**)		Amount		people		Amount
			€ thousands				€ thousands				€ thousands
Short-term employee
Benefits		2		377		2		368		4		557
Post-employment
Benefits		2		57		2		89		4		68
Share-based payments		2		-		2		*		2		*

* Less than €1 thousand

** Including retired employees that were not employed throughout the entire year

Compensation to key management personnel (including directors but excluding compensation paid under the Management Agreement) that are not employed by the Company:

	Year ended December 31
	2017				2016				2015
	Number of				Number of				Number of
	people		Amount		people		Amount		People (**)		Amount
			€ thousands				€ thousands				€ thousands
Total compensation to directors not employed by the Company		3		35		3		63		3		61
share-based payments		3		14		3		3		3		6

* Less than €1 thousand

** Including Board members that did not serve throughout the entire year

C. Debts and loans to related and interested parties

							Interest income recognized in statement of
	The terms of the loan				Balance as at December 31		income for the year ended December 31
	Interest rate		Linkage base	2017		2016	2017		2016		2015
	%			€ thousands
Dori Energy		8.5(*)	NIS+CPI		13,025	12,704		1,158		1,243		1,247

(*)  See note 6A

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Equity

12 Months Ended

Dec. 31, 2017

Disclosure of classes of share capital [abstract]

Equity

Note 16 - Equity

A. Composition of share capital

December 31, 2017

December 31, 2016

December 31, 2015

Issued and

Issued and

Issued and

Authorized

Outstanding(1)

Authorized

Outstanding(1)

Authorized

Outstanding

Number of shares

Ordinary shares of NIS 10.00 par value each

17,000,000

10,675,508(1)

17,000,000

10,677,370(1)

17,000,000

10,678,888(1)

(1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2017, 256,184 Ordinary shares as of December 31, 2016 and 254,666 Ordinary shares as of December 31, 2015, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors.

B. Rights attached to shares:

1. Voting rights at the general meeting, right to dividend and rights upon liquidation of the Company.

2. The Ordinary shares of the Company were traded until May 2005 on the NASDAQ Capital Market. From May 19, 2005, the Company's Ordinary shares have been quoted over-the-counter in the "pink sheets" and, commencing August 22, 2011, have been listed on the NYSE American (formerly the NYSE MKT and the NYSE Amex). On October 27, 2013, the Company's ordinary shares were also listed for trading on the Tel Aviv Stock Exchange in Israel.

C. Warrants and share options

In August 2013, the Company issued a warrant to purchase 308,427 ordinary shares at an exercise price of $7.97 per share to Mr. Zohar Zisapel that includes a contractual provision that prohibits Mr. Zisapel from exercising such warrant during a 12 month period following the effective date of such warrant if such exercise would result in the Mr. Zisapel beneficially owning more than 4.99% of the Company's ordinary shares. The warrant further provided that it may only be exercised via cashless exercise methods described in the warrant. Mr. Zisapel exercised the warrant, through a cashless exercise, in June 2015 and received 15,335 Ordinary shares.

During August 2015, the Company received an aggregate amount of approximately $1,201 thousand (approximately €1,070 thousand) as consideration in connection with the exercise of employee share options to acquire 140,193 Ordinary shares.

D. Translation reserve from foreign operation

The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.

E. Capital management in the Company

The Company's capital management objectives are:

1. To preserve the Company's ability to ensure business continuity thereby creating a return for the shareholders, investors and other interested parties.

2. To ensure adequate return for the shareholders by making reasonable investment decisions based on the level of internal rate of return that is in line with the Company's business activity.

3. To maintain healthy capital ratios in order to support business activity and maximize shareholders value.

F. Dividend distribution and buyback program

On March 18, 2015, the Company’s Board of Directors adopted a dividend distribution policy (the “Policy”), pursuant to which the Company intends to distribute a dividend of up to 33% of the annual distributable profits each year, either by way of a cash dividend, a share buyback program or a combination of both. The distribution of the dividends and the dividend amounts pursuant to the Policy are not guaranteed and are subject to the specific approval of the Company’s Board of Directors, based on various factors they deem appropriate including, among others, the Company’s financial position, the Company’s outstanding liabilities and contractual obligations, prospective acquisitions, the Company’s business plan and the market conditions.

In May 2015, the Company’s Board of Directors approved the repurchase of up to $3,000 thousand (approximately €2,700 thousand) of the Company’s ordinary shares. The authorized repurchases will be made from time to time in the open market on the NYSE American and Tel Aviv Stock Exchange or in privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management and will be dependent on regulatory restrictions, market conditions, the price and availability of the Company’s ordinary shares, applicable securities laws and other factors, including compliance with the terms of the Series A and Series B Debentures. No assurance can be given that any particular amount of ordinary shares will be repurchased. The buyback program does not obligate the Company to acquire a specific number of shares in any period, and it may be modified, suspended, extended or discontinued at any time, without prior notice. As of December 31, 2017, the Company repurchased 172,391 ordinary shares at an aggregate purchase price of $1,477 thousand (approximately €1,332 thousand) in the NYSE American under this buyback program. 

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Share-Based Payment

12 Months Ended

Dec. 31, 2017

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-Based Payment

Note 17 - Share-Based Payment

A. Expenses recognized in the financial statements

The expenses recognized in the financial statements for services received from employees is shown in the following table:

	Year ended December 31
	2017		2016		2015
	€ thousand
Expenses arising from share-based payment Transactions		5		3		7

* Less than €1 thousand

The share-based payments that the Company granted to its employees and directors are described below. There have been no modifications or cancellations to any of the stock options plans during 2017, 2016 or 2015. The amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest.

The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions:

	Year ended December 31
	2017			2016
Dividend yield		0	%		0	%
Expected volatility		0.342			0.332
Risk-free interest		1.34	%		0. 67	%
Expected life (in years)		2-3			2-3

All options granted during 2017, 2016 and 2015 were granted with exercise price equal to or higher than the market price on the date of grant. Weighted average fair values and exercise price of options on dates of grant are as follows:

	Equal market price
	2017		2016
	US$
Weighted average exercise prices		9.02		8.3
Weighted average fair value on grant date		1.8		1.6

B.          Stock Option Plans

In December 1998, the Company's shareholders approved the non-employee director stock option plan (the "1998 Plan"). Each option granted under the 1998 Plan originally vested immediately and expires after 10 years. Generally, the Company grants options under the plan with an exercise price equal to the market price of the underlying shares on the date of grant. An aggregate amount of not more than 75,000 ordinary shares was reserved for grants under the 1998 Plan.  The original expiration date of the 1998 Plan pursuant to its terms was December 8, 2008 (10 years after its adoption).  At the General Meeting of the Company's shareholders, held on January 31, 2008, the term of the 1998 Plan was extended and as a result it will expire on December 8, 2018, unless earlier terminated by the Board. In connection with the adoption of the Company's compensation policy in 2013, the 1998 Plan was amended to provide that options granted under the 1998 Plan will become exercisable based on the vesting schedule determined in the approvals of the option grant. During each of the years 2017, 2016 and 2015, the Company granted to independent directors options to purchase an aggregate amount of 3,000 ordinary shares under the 1998 Plan.

In August 2000, the Company's board of directors adopted the 2000 Stock Option Plan (the "2000 Plan"). The initial reserve to the 2000 Plan was 200,000 ordinary shares underlying options that may be granted to officers, directors, employees and consultants of the Company and its subsidiaries and this initial reserve was increased several times. The options usually vest over a three year period. The exercise price of the options under the 2000 Plan is determined to be not less than 80% of the fair market value of the Company's ordinary shares at the time of grant, and they usually expire after 10 years from the date of grant. In June 2008 the Company's board of directors extended the 2000 Plan by an additional 10 years and the current expiration date of the 2000 Plan is August 31, 2018.

As of December 31, 2017, 25,502 options are outstanding and 32,083 ordinary shares are available for future grants under the 1998 Plan. As of December 31, 2017, no options are outstanding and 595,009 ordinary shares are available for future grants under the 2000 Plan. Options that are cancelled or forfeited become available for future grant.

C. Changes during the year:

The following table lists the number of share options, the weighted average exercise prices of share options during the current year:

	2017				2016				2015
			Weighted				Weighted					Weighted
			Average				average					Average
	Number of		Exercise		Number of		exercise		Number of			Exercise
	options		Price		options		price		options			Price
			US$				US$					US$
Outstanding at beginning of year		22,502		7.34		19,502		8.26		157,821			8.26
Granted during the year		3,000		9.02		3,000		8.3		3,000			8.96
Exercised during the year		-		-		-		-		(140,193	)		8.33
Expired during the year		-		-		-		-		(1,126	)		8.4
Outstanding at end of year		25,502		7.54		22,502		7.34		19,502			7.19
Exercisable at end of year		7.34		22,502		18,502		7.19		18,502			7.1

D. The weighted average remaining contractual life for the share options outstanding as of December 31, 2017 was 5.72 years (as of December 31, 2016 was 4.1- 8.1 years as of December 31, 2015: 4.95-8.5. years).

E. The range of exercise prices for share options outstanding as of December 31, 2017: $4.7- $9.37  (as of December 31, 2016 was $4.7- $9.37 and as of December 31, 2015: $4.7- $9.37).

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Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2017

Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details

Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss)

Note 18 - Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss)

A. Financing income and expenses:

1. Financing income

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Interest income		1,333		263		235
Change in fair value of derivatives, net		-		636		3,192
Forward gain		-		-		1,826
Total financing income		1,333		899		5,253

2. Financing expenses

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Change in fair value of derivatives		3,156		-		-
Swap interest		110		607		401
Debentures interest and related expenses		2,753		1,990		2,206
Interest on loans		776		504		324
Loss from exchange rate differences, net		3,586		81		98
Bank charges and other commissions		180		151		148
Total financing expenses		10,561		3,333		3,177

B. Operating Costs and Depreciation

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Depreciation		4,518		4,411		4,428
Professional services		210		104		106
Annual rent		267		233		235
Operating and maintenance services		1,574		1,287		1,348
Insurance		203		194		197
Other		295		264		685
Total operating costs		7,067		6,493		6,999

C. General and administrative expenses

	For the year ended December 31
	2017		2016			2015
	€ in thousands
Salaries and related compensation		1,030		1,027			1,313
Professional services		1,255		1,480			1,455
Other		135		(475	)		(440	)
Total general and administrative expenses		2,420		2,032			2,328

D. Other income (expense), net

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Other income in connection with the Erez electricity pumped storage project (see Note 6)		18		56		14
Reevaluation of option to acquire additional shares		-		-		4
Other		-		34
Total other income, net		18		90		18

E. Revenues

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Revenues from the sale of solar electricity		13,150		11,632		12,446
Revenues from the sale of gas and power produced by anaerobic digestion plants		303		-		-
Revenues from concessions project		183		-		-
Total Revenues		13,636		11,632		12,446

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Taxes on Income

12 Months Ended

Dec. 31, 2017

Major components of tax expense (income) [abstract]

Taxes on Income

Note 19 - Taxes on Income

A. Regional Taxation

Israeli taxation

Presented hereunder are the corporate income tax rates relevant to the Company in the years 2015-2017:

2015 – 26.5%, 2016 – 25%, 2017- 24%.

On January 4, 2016 the Knesset plenum passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, by which, inter alia, the corporate tax rate would be reduced by 1.5% to a rate of 25% as from January 1, 2016.

Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as from January 2017 and the second step will be to a rate of 23% as from January 2018.

Luxembourg taxation

Corporate Income Tax rate is 29.22 %. Minimum tax payments are made based on the entity’s total assets and are considered as a conditional advance tax payment on corporate income tax due in future tax periods.

Italian taxation

As a rule, corporate income tax (named IRES from 2004) is payable by all resident companies on income from any source, whether earned in Italy or abroad, at the rate of 27.5%. Starting from 2017 the IRES rate is reduced to 24%.

Both resident and non-resident companies are subject to regional income tax (IRAP), but only on income arising in Italy at the rate from 0% (for a short period of couple of years) to 4.82%, depending on the Region.

During 2015 the company applied a tax incentive as per Article 6 paras. 13-19 of Law 23 December 2000, no. 388 (“ʺTremonti- ambienteʺ”). Such incentive consisted of a reduction of the taxable profit for a fiscal year equal to the amount of investments in tangible fixed assets in the same year, which are necessary to prevent, reduce and repair environmental damages, providing these investments exceed the average environmental investments made in the two previous years. The Company determined the specific amount of environmental investments and filed the required communications with the tax authorities and recorded tax benefit in the amount of approximately €2,900 thousand. During 2017, Following a tax inspection and a final settlement reached with the tax authorities, the Company reduced the recorded tax benefit by approximately € 500 thousand.

Spanish taxation

As a rule, corporate income tax is payable by all resident companies on income from any source, whether earned in Spain or abroad at the rate of 30%. Small sized Spanish entities, with an aggregate turnover of less than EUR 10 million, pay a tax rate of 25%. The Company’s Spanish subsidiaries pay a tax rate of 25%.

B. Composition of income tax benefit (taxes on income):

	For the year ended December 31
	2017			2016			2015
	€ in thousands
Current tax income (expense)
Current year		(494	)		(252	)		(375	)
Previous years		1,044			(67	)		796
		550			(319	)		421
Deferred tax income
Creation and reversal of temporary differences		(922	)		(250	)		1,318
Tax benefit (taxes on income)		(372	)		(569	)		1,739

C. Theoretical tax:

Statutory rate applied to corporations in Israel and the actual tax expense, is as follows:

	2017			2016			2015
	€ in thousands
Profit (loss) before taxes on income		(6,269	)		(63	)		6,371
Primary tax rate of the Company		24	%		25	%		26.5	%
Tax benefit (tax on income)		1,505			16			(1,688	)
Profit (loss) subject to different tax rate		(106	)		(15	)		(265	)
Creation of (changes in) deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past		(448	)		-			2,441
Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees		367			344			5
Change in temporary differences for which deferred tax were not recognized		(359	)		(347	)		832
Current year tax losses and benefits for which deferred taxes were not created,		(1,142	)		(378	)		511
Taxes in respect to previous years  and others		(189	)		(189	)		(97	)
Actual tax benefit (tax on income)		(372	)		(569	)		1,739

D. Carry forward tax losses:

As of December 31, 2017, Ellomay Capital Ltd. had available carry forward tax losses, carry forward capital tax losses and deductions aggregating to approximately €37,620 thousand, which have no expiration date.

Deferred taxes of the Company have not been recognized as the Company and its non-operating subsidiaries' carry forward tax losses. Deferred taxes are recognized by operating subsidiaries for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized.

The Company's management currently believes that as Ellomay Capital Ltd. has a history of losses it is more likely than not that the deferred tax regarding losses carry forward will not be utilized in the foreseeable future.

E. Deferred taxes:

							Finance lease					Losses
	Financial			Fixed			obligations and			Swap		on
	assets			assets			long term loans			contract		income		Total
	€ in thousands
Balance of deferred tax asset (liability) as at January 1, 2016		(1,184	)		(3,019	)		2,150			139		3,768		1,854
Changes recognized in profit or loss		(95	)		(42	)		(46	)		39		106		(250	)
Changes recognized in other comprehensive income		-			-			-			-		-		-
Balance of deferred tax asset (liability) as at December 31, 2016		(1,279	)		(3,061	)		2,104			178		3,662		1,604

							Finance lease						Losses
	Financial			Fixed			obligations and			Swap			on
	assets			assets			long term loans			contract			income			Total
	€ in thousands
Balance of deferred tax asset (liability) as at January 1, 2017		(1,279	)		(3,061	)		2,104			178			3,662			1,604
Changes recognized due to business combination		(7,678	)		-			-			-			2,791			(4,887	)
Changes recognized in profit or loss		1,565			(117	)		(84	)		(61	)		(2,225	)		(922	)
Balance of deferred tax asset (liability) as at December 31, 2017		(7,392	)		(3,178	)		2,020			117			4,228			(4,205	)

F. Provision for tax uncertainties:

Management performs a comprehensive review of its global tax positions on an annual basis and accrues amounts for contingent tax liabilities if applicable. Based on these reviews, the result of discussions and resolutions of matters with certain tax authorities and the closure of tax years subject to tax audit, reserves are adjusted as necessary. The management decided to adjust the provision in connection with estimated tax liabilities. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are determined or resolved.

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Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings per share [abstract]

Earnings Per Share

Note 20 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	For the year ended December 31
	2017			2016			2015
	€ in thousands (other than share and per share data)
Net  income (loss) attributed to owners of the Company		(6,115	)		(209	)		8,340
Weighted average ordinary shares outstanding (1)		10,675,757			10,677,700			10,715,634
Dilutive effect:
Stock options and warrants		-			-			42,736
Diluted weighted average ordinary shares Outstanding		10,675,757			10,677,700			10,758,370
Basic profit (loss) per share from continuing operations		(0.57	)		(0.02	)		0.78
Diluted profit (loss) per share from continuing operations		(0.57	)		(0.02	)		0.78

(1) Net of treasury shares.

Amount of dilutive stock options and warrants that were not included in diluted loss per share because they are anti-dilutive for the year ended December 2017 is 3,198 and for the year ended December 2016 is 2,953.

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Financial Instruments

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments

Note 21 - Financial Instruments

A. Overview

The Company has exposure to the following risks from its use of financial instruments:

— Credit risk

— Liquidity risk

— Market risk

This note presents quantitative and qualitative information about the Company’s exposure to each of the above risks, and the Company’s objectives, policies and processes for measuring and managing risk.

In order to manage these risks and as described hereunder, the Company executes transactions in derivative financial instruments. Presented hereunder is the composition of the derivatives:

	For the year ended December
	2017			2016
	€ in thousands
Derivatives presented under current liabilities
Swap contracts		(121	)		(479	)
Derivatives presented under non-current liabilities
Forward contracts		(2,650	)		(48	)
Currency swap		(1,244	)		-
Swap contracts		(418	)		(2,279	)
		(4,312	)		(2,327	)

The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions:

	December 31, 2017
	Currency/	Currency/
	linkage/interest rate	Linkage/interest rate		Fair value - € in
	receivable	Payable	Date of expiration	thousand
EUR 8 million interest swap transaction for a period of 17 years, amortized semi-annually	Euribor 6 months	Fixed 2.67%	September 7, 2027	(28)
Euro 10 million interest swap transaction for a period of 17 years, amortized quarterly	Euribor 3 months	Fixed 3.595%	April 3, 2028	(20)
Euro 3.75 million interest swap transaction for a period of 15 years, semi-annually.	Euribor 6 months	Fixed 2.53%	June 30, 2027	(269)
Euro 7.5 million interest rate swap transaction for a period of 12 years, semi-annually.	Euribor 6 months	Fixed 1.17%	December 31, 2027	(222)
Forward EUR/USD contracts with an aggregate EUR denominated principal of EUR 20 million.	weightedaverage rate of approximately 1.18		November 2021	(2,650)
NIS 83.2 million currency swap transaction EUR/NIS for a period of 7 years, semi-annually.	NIS	Euro	June 2024	(1,244)

B. Risk management framework

The Company's management and board of directors have overall responsibility for the establishment and oversight of the Company’s risk management framework.

C. Credit Risk

As at December 31, 2017, the Company does not have any significant concentration of credit risk.

Cash and short-term deposits

As at December 31, 2017 and 2016, the Company had cash and cash equivalents in the amount of €23,962 thousand and €22,486 thousand, respectively. The Company’s cash and cash equivalents are deposited with financial institutions that received a credit rating (international rating scale). See also Note 3.

Marketable securities

As at December 31, 2017 and 2016, the Company invested in a traded Bond in an amount of €5,412 thousand and €972 thousand, respectively, with the intention to maintain the value of its liquid resources. See also Note 4 and Note 2-G.

Restricted cash

As at December 31, 2017 and 2016, the Company had a balance of current restricted cash of €15 for both years, and a balance of non-current restricted cash of €3,660 thousand and €5,134 thousand, respectively. See also Note 4.

Trade and other receivables

As at December 31, 2017 and 2016, the Company had a balance of trade receivables of €406 thousand and €329 thousand, respectively. This balance mainly refers to NEXUS or GNERA that represent the PV Plants located in Spain in its dealings with the Spanish National Energy Commission, and are due within 60 days from issuance. It is also referring to the balance from the Israel Electricity Authority for the PV Plant located in Israel and is due in 30 days.

As at December 31, 2017 and 2016, the Company had a balance of revenue receivables of €3,436 thousand and €2,753 thousand, respectively. This balance refers to amounts to be paid from GSE, Italy's energy regulation agency, and from NEXUS or GNERA that represent the PV Plants located in Spain in its dealings with the Spanish National Energy Commission, and is due within 90 days from the end of the month.

The Company’s management closely monitors the economic and political environment in which it operates. As per the Company's management estimations there are no significant credit risks assigned to the trade receivables and income receivables as these amounts are due by governmental agencies.

As at December 31, 2017 and 2016, the Company had a balance of government authorities' receivables of €2,306 thousand and €2,213 thousand, respectively. This balance refers to VAT and withholding tax receivables in Italy, Spain and The Netherlands.

D. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.

The Company has contractual commitments due to debentures issued and financing agreements and EPC and O&M agreements of its subsidiaries in Italy and Spain. See also Note 14A.

The following are the contractual maturities of financial liabilities at undiscounted amounts and based on the spot rates at the reporting date, including estimated interest payments. This disclosure excludes the impact of netting agreements:

	December 31, 2017
	Carrying		Contractual		Less than							More than
	amount		cash flows		1 year			2 years		3-5 years		5 years
	Euro€ in thousands
Non-derivative financial liabilities
Long term loans, including current maturities		44,864		48,506		4,313			4,861		14,744		24,588
Finance lease obligation including current maturities		4,020		4,987		483			483		1,449		2,572
Debentures		57,631		67,884		7,251			11,398		31,880		17,355
Trade payables and other accounts payable		2,990		2,990		2,990			-		-		-
		109,505		124,367		15,037			16,742		48,073		44,515
Derivative finance liabilities
Forward contracts		2,650		2,650		-			-		2,650		-
Currency swap		1,244		1,244		(145	)		75		446		868
Swap contracts		539		539		121			183		116		119
		4,433		4,433		(24	)		258		3,212		987

	December 31, 2016
	Carrying		Contractual		Less than						More than
	Amount		cash flows		1 year		2 years		3-5 years		5 years
	Euro€ in thousands
Non-derivative financial liabilities
Long term loans, including current maturities		17,737		21,163		1,245		1,642		5,195		13,081
Finance lease obligation including current maturities		4,338		5,470		483		483		1,449		3,055
Debentures		33,806		41,063		6,550		6,322		17,598		10,593
Trade payables and other accounts payable		2,389		2,389		2,389		-		-		-
		58,270		70,085		10,667		8,447		24,242		26,729
Derivative finance liabilities
Forward contracts		48		48		-		-		48		-
Swap contracts		2,758		2,758		479		683		655		941
		2,806		2,806		479		683		703		941

E. Market risk

Market risk is the risk that changes in market prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.

The principal risks that the Company faces, as assessed by management, are as follows: a change in the regulation applicable to the area of activity, a change in the tariffs as approved by the relevant electricity authorities in the countries in which the Company operates, changes in the situation of the electricity and gas market, political and security events.

(1) Foreign currency risk

As a result of the Company's operations and presentation currency, the Company is exposed to the impact of exchange rate fluctuations of the EUR/USD and NIS/EUR  on the Company's balance sheet.

(a) The exposure to linkage and foreign currency risk

The Company's exposure to linkage and foreign currency risk except in respect of derivatives (see hereunder) was as follow:

	December 31, 2017
	Non-monetary/Non finance			NIS(*)			USD		Unlinked/EURO			Total
	€ in thousands
Current assets:
Cash and cash equivalents		-			2,723			11,742		9,497			23,962
Marketable securities		-			-			2,162		-			2,162
Restricted cash short-term and		-			-			-
restricted marketable securities		-						3,250		15			3,265
Receivable from concession project		-			1,286			-		-			1,286
Trade and other receivables		548			3,359			731		6,007			10,645
Financial asset short-term		-			1,249			-		-			1,249
Non-current assets:
Investments in equity accounted investees		17,171			10,484			-		-			27,655
Advances on account of investments in process		8,825			-			-		-			8,825
Concession intangible asset		5,505			-			-		-			5,505
Financial asset		-			27,725			-		-			27,725
Fixed assets		78,837			-			-		-			78,837
Restricted cash long-term		-			1,797			351		1,512			3,660
Deferred tax		1,777			-			-		-			1,777
Other assets		1,122			-			-		413			1,535
Current liabilities:
Loans and borrowings		-			(1,455	)		-		(1,648	)		(3,103	)
Short-term debentures		-			(4,644	)		-		-			(4,644	)
Accounts payable		-			7			-		(1,356	)		(1,349	)
Accrued expenses and other payables		-			(811	)		-		(1,376	)		(2,187	)
Non-current liabilities:
Finance lease obligations		-			-			-		(3,690	)		(3,690	)
Long-term loans		-			(20,141	)		-		(21,950	)		(42,091	)
Long-term debentures		-			(52,987	)		-		-			(52,987	)
Deferred tax		(5,982	)		-			-		-			(5,982	)
Other long-term liabilities		-			(4	)		-		(4,551	)		(4,555	)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		107,803			(31,412	)		18,236		(17,127	)		77,500

(*) including items linked to CPI

	December 31, 2016
	Non-monetary			NIS			Unlinked			EURO			Total
	€ in thousands
Current assets:
Cash and cash equivalents		-			101			16,717			5,668			22,486
Marketable securities		-			-			972			-			972
Restricted cash short-term		-			-			-			15			15
Trade and other receivables		507			1,552			2,065			5,363			9,487
Non-current assets:
Investments in equity accounted investees		17,753			11,520			-			-			29,273
Advances on account of investments in process		812			-			-			-			812
Financial asset		-			1,265			-			-			1,265
Fixed assets		73,274			-			-			-			73,274
Restricted cash long-term		-			-			3,620			1,514			5,134
Deferred tax		2,485			-			-			-			2,485
Other assets		903			96			2,227			35			3,261
Current liabilities:
Loans and borrowings		-			-			-			(1,094	)		(1,094	)
Short-term debentures		-			(4,744	)		-			-			(4,744	)
Accounts payable		-			(63	)		(88	)		(1,450	)		(1,601	)
Accrued expenses and other payables		(1,176	)		(879	)		(357	)		(707	)		(3,119	)
Non-current liabilities:
Finance lease obligations		-			-			-			(4,020	)		(4,020	)
Long-term loans		-			(398	)		-			(16,563	)		(16,961	)
Long-term debentures		-			(29,046	)		-			-			(29,046	)
Deferred tax		(881	)		-			-			-			(881	)
Other long-term liabilities		-			(2	)		-			(2,625	)		(2,627	)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		93,677			(20,598	)		25,156			(13,864	)		84,371

Information regarding significant exchange rates:

	For the year ended December 31
	Rate of					Rate of
	Change					Change
	%			Dollar		%			NIS
1 Euro in 2017		13.9			1.198		2.7			4.153
1 Euro in 2016		(3.4	)		1.052		(4.8	)		4.044

(b) Sensitivity analysis

A change as at December 31 in the exchange rates of the following Euro against the USD, as indicated below would have increased (decreased) equity by the amounts shown below (after tax). This analysis is based on foreign currency exchange rate that the Company considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant.

	December 31, 2017
	Increase			Decrease
	Equity			Equity
	€ thousands
Change in the exchange rate of:
5% in the USD		761			(761	)
5% in NIS		(378	)		378

	December 31, 2016
	Increase			Decrease
	Equity			Equity
	€ thousands
Change in the exchange rate of:
5% in the USD		981			(981	)
5% in NIS		(256	)		256

Interest rate risk

The Company is exposed to changes in fair value, as a result of changes in interest rate in connection with its loans and borrowings. The debt instruments of the Company bear interest at variable rates.

Sensitivity analysis

A change in interest rate would have increased (decreased) profit or loss by the amounts shown below:

	December 31,
	2017			2016
	Profit or loss			Profit or loss
	€ in thousands
Increase of 1%		804			864
Increase of 3%		2,473			2,587
Decrease of 1%		(863	)		(857	)
Decrease of 3%		(2,532	)		(2,581	)

F. Fair value

(1) Fair values versus carrying amounts

The carrying amounts of certain financial assets and liabilities, including cash and cash equivalents, other accounts receivables, pledged deposits, financial derivatives credit from banks and trade payables and other accounts payables are the same or proximate to their fair value.

The fair values of the other financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:

	December 31, 2017
			Fair value
	Carrying								Valuation techniques for	Inputs used to
	amount		Level 1		Level 2		Level 3		determining fair value	determine fair value
	€ in thousands
Non-current liabilities:
Debentures		57,631		60,518		-		-
Loans from banks and others (including current maturities)		44,864		-		45,561		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel
Finance lease obligations (including current maturities)		4,020		-		4,209		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.85%
		106,515		60,518		49,770		-

	December 31, 2016
			Fair value
	Carrying								Valuation techniques for	Inputs used to
	amount		Level 1		Level 2		Level 3		determining fair value	determine fair value
	€ in thousands
Non-current liabilities:
Debentures		33,806		36,542		-		-
Loans from banks and others (including current maturities)		17,737		-		18,334		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.53%
Finance lease obligations (including current maturities)		4,388		-		4,388		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.85%
		55,931		36,542		22,722		-

(2) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread, and were as follows:

	December 31
	2017		2016
		%
Non-current liabilities:
Loans from banks	Euribor+ 2.53%		Euribor+ 2.53%
Loans from banks	4.65% Linkage to Consumer price index in Israel		-
Finance lease obligations	Euribor+ 2.85%		Euribor+ 2.85%

(3) Fair values hierarchy

The financial instruments presented at fair value are grouped into classes with similar characteristics using the following fair value hierarchy which is determined based on the source of data used in the measurement:

Level 1	-	Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2	-	Inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.
Level 3	-	Inputs that are not based on observable market data (unobservable inputs).

	December 31, 2017
	Level 1		Level 2		Level 3		Total		Valuation techniques for
	€ in thousands								determining fair value
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		-		-		1,249		1,249	The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Marketable securities		-		5,412		-		5,412	Market price
Forward contracts		-		2,650		-		2,650	Fair value 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.
Swap contracts		-		539		-		539	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.
Currency swap		-		1,244		-		1,244	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.

	December 31, 2016
	Level 1		Level 2			Level 3		Total			Valuation techniques for
	€ in thousands										determining fair value
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		-		-			1,265		1,265		The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Option to require additional shares in investee		-		-			*		-
Marketable securities		-		972			-		972		Market price
Forward contracts		-		48			-		48		Fair value 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.
Swap contracts		-		(2,758	)		-		(2,758	)	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.

(4) Level 3 financial instruments carried at fair value

The table hereunder presents 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
	Income receivable in connection with the Erez electricity
	pumped storage project
	€ in thousands
Balance as at December 31, 2015		1,148
Total income recognized in profit or loss		56
Exercise of first option to acquire additional shares		-
Foreign Currency translation adjustments		61
Balance as at December 31, 2016		1,265
Total income recognized in profit or loss		17
Exercise of second option to acquire additional shares		-
Foreign Currency translation adjustments		(33	)
Balance as at December 31, 2017		1,249

	Receivable from concession project
	Income receivable in connection with the concession project
	€ in thousands
Balance as at October 18, 2017		28,927
Total income recognized in profit or loss		793
Proceeds from receivable from concession project		(738	)
Foreign Currency translation adjustments		29
Balance as at December 31, 2017		29,011

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Segments Information

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Segments Information

Note 22 - Segments Information

The Company's chief operating decision maker (CODM) reviews internal management reports on a consolidated basis. The Company has only one strategic business unit.

Geographical information

The Company is domiciled in Israel and it operates in Israel, Italy and in Spain through its subsidiaries that own seventeen PV Plants, in the Netherlands through its subsidiaries that own anaerobic digestion plants  and also in Israel through Dori Energy.

The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain:

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Israel		183		-		-
The Netherlands		303		-		-
Italy		10,143		8,919		9,567
Spain		3,007		2,713		2,879
Total income		13,636		11,632		12,446

The following table lists the fixed assets, net from the Company's operation:

	For the year ended December 31
	2017		2016
	€ in thousands
Israel		22		30
Netherland		15,046		5,081
Italy		48,555		52,122
Spain		15,214		16,041
Total fixed assets, net		78,837		73,274

Major customers

Revenues are mainly derived from one customer in each of the Israeli, Italian and Spanish subsidiaries (government agencies).

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Disclosure of significant accounting policies [Abstract]

Basis of preparation of the financial statements

A. Basis of preparation of the financial statements

1. The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. The operating cycle of the Company is one year.

The consolidated financial statements were authorized for issue on March 29, 2018 by the Company’s Board of Directors.

2. Consistent accounting policies   The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.

3. Basis of measurement - The consolidated financial statements have been prepared on the historical cost basis, except for the following:

(i) Investment in investee accounted for using the equity method;

(ii) Marketable securities;

(iii) Deferred tax assets and liabilities;

(iv) Derivative financial instruments and other receivables measured at fair value through profit or loss; and

(v) Provisions

Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements

B. Significant accounting judgments, estimates and assumptions used in the preparation of the financial statements

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions regarding circumstances and events that involve considerable uncertainty, that affect the application of accounting policies and the reported amounts of  assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. The key assumptions made in the financial statements with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities within the next financial year are discussed below:

Fair value measurement of non-trading derivatives:

Within the scope of the valuation of financial assets and derivatives not traded on an active market, management makes assumptions about inputs used in the valuation models. For information on a sensitivity analysis of levels 2 and 3 financial instruments carried at fair value see Note 21 regarding financial instruments.

Recognition of deferred tax asset in respect of tax losses:

The probability that in the future there will be taxable profits against which carried forward losses can be utilized. See Note 19 regarding taxes on income.

Assessment of probability of contingent liabilities:

Whether it is more likely than not that an outflow of economic resources will be required in respect of legal claims pending against the Company and its investees. See Note 14 regarding taxes on income.

Business combination:

Fair value of assets and liabilities acquired in a business combination. See Note 6 regarding subsidiaries.

Functional and presentation currency

C. Functional and presentation currency

These consolidated financial statements are presented in euro, which is the Company’s functional currency, and have been rounded to the nearest thousand, except when otherwise indicated.

The functional currency is examined for the Company and for each of the subsidiaries separately. Items included in the financial statements of each of the Company’s subsidiaries and investee are measured using their functional currency. The euro is the currency that represents the principal economic environment in which the Company operates.

Foreign currency transactions-

Transactions in foreign currencies are translated to the respective functional currencies of the Company at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Foreign currency differences arising on translation are recognized in profit or loss.

Foreign operations-

The assets and liabilities of foreign operations, including adjustments arising on acquisition, are translated at exchange rates at the reporting date. The income and expenses for each period presented in the statement of profit or loss and other comprehensive income (loss) are translated at average exchange rates for the presented periods; however, if exchange rates fluctuate significantly, income and expenses are translated at the exchange rates at the date of the transactions.

Foreign currency exchange differences are recognized in equity as a separate component of other comprehensive income (loss): "foreign currency translation adjustments".

When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. On a total or partial disposal of a foreign operation, the relevant part of the other comprehensive income (loss) is recognized in the statement of comprehensive income (loss).

Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income, and are presented within equity in the translation reserve.

Change in Presentation Currency-

Effective December 31, 2017, the Company changed its presentation currency from the United States dollar to the euro. The Company ceased using the U.S. dollar as its presentation currency to assist investors to evaluate its financial results as the Company’s functional currency is the euro and a substantial portion of its assets, revenues and liabilities is denominated in euro.

Furthermore, the change is expected to reduce the impact of the volatility of the euro/USD exchange rate on the Company’s operating results. The consolidated financial statements for all prior years presented have been translated into euro. Assets and liabilities have been translated using period end exchange rates, equity transactions have been translated using the exchange rate in effect on the date of the specific transaction or the average exchange rate during the respective period, and revenues, expenses, gains, losses, and cash flow amounts have been translated into the presentation currency using the average exchange rate during the respective period.  For the convenience of the reader, the reported Euro figures as of December 31, 2017 and for the year then ended, have been presented in dollars, translated at the representative rate of exchange as of December 31, 2017 (Euro 0.835 = US$ 1.00). The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated.

Basis of consolidation and equity method accounting

D. Basis of consolidation and equity method accounting

1. Subsidiaries

Subsidiaries are entities controlled by the Company. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Company.

2. Transactions eliminated upon consolidation

Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates are eliminated against the investment to the extent of the Company’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

3. Investment in associates and joint ventures(equity accounted investees)

Associates are those entities in which the Company has significant influence, but not control or joint control, over the financial and operating policies. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are taken into account. Joint ventures are joint arrangements in which the Company has rights to the net assets of the arrangement.

Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs that are directly attributable to an expected acquisition of an associate or joint venture. The consolidated financial statements include the Company’s share of the income and expenses in profit or loss and of other comprehensive income of equity accounted investees, after adjustments to align the accounting policies with those of the Company, from the date that significant influence commences until the date that significant influence ceases.

When the Company’s increases its interest in an equity accounted investee while retaining significant influence, it implements the acquisition method only with respect to the additional interest obtained whereas the previous interest remains the same. When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest, including any long-term interests that form a part thereof, is reduced to zero. When the Company’s share of long-term interests that form a part of the investment in the investee is different from its share in the investee’s equity, the Company continues to recognize its share of the investee’s losses, after the equity investment was reduced to zero, according to its economic interest in the long-term interests. The recognition of further losses is discontinued except to the extent that the Company has an obligation or has made payments on behalf of the investee.

4. Business combinations

The Company implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the acquiree and it has the ability to affect those returns through its power over the acquiree. Substantive rights held by the Company and others are taken into account when assessing control.

The Company recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of rights that do not confer control in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of the Company in the acquiree, less the net amount of the identifiable assets acquired and the liabilities assumed.

If the Company pays a bargain price for the acquisition (including negative goodwill), it recognizes the resulting gain in profit or loss on the acquisition date. Furthermore, goodwill is not adjusted in respect of the utilization of carry-forward tax losses that existed on the date of the business combination.

The consideration transferred includes the fair value of the assets transferred to the previous owners of the acquiree, the liabilities incurred by the acquirer to the previous owners of the acquiree and equity instruments that were issued by the Company. In a step acquisition, the difference between the acquisition date fair value of the Company’s pre-existing equity rights in the acquiree and the carrying amount at that date is recognized in profit or loss under other income or expenses.

Costs associated with the acquisitions that were incurred by the acquirer in the business combination such as: finder’s fees, advisory, legal, valuation and other professional or consulting fees are expensed in the period the services are received.

5. Non-controlling interests

Non-controlling interests comprise the equity of a subsidiary that cannot be attributed, directly or indirectly, to the parent company.

Measurement of non-controlling interests on the date of the business combination:

Non-controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquire, on a transaction-by-transaction basis. This accounting policy choice does not apply to other instruments that meet the definition of non-controlling interests (for example: options to acquire ordinary shares). Such instruments will be measured at fair value or in accordance with other relevant IFRSs.

Allocation of comprehensive income to the shareholders:

Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests.

Cash and cash equivalents

E. Cash and cash equivalents

Cash and cash equivalents include cash balances available for immediate use and unrestricted short-term deposits with original maturity of three months or less from the date of acquisition, that are redeemable on demand and that form part of the Company's cash management. Cash and cash equivalents’ value is as provided by bank statements that, due to the short maturity, approximates their fair value.

Available-for-sale financial assets

F. Available-for-sale financial assets

The Company’s investment in marketable securities is classified as available-for-sale financial assets. Available-for-sale financial assets are recognized initially at fair value. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, foreign currency differences and the accrual of effective interest, are recognized directly in other comprehensive income (loss) and presented within equity.

Fixed assets

G. Fixed assets

1. Recognition and measurement

Fixed assets items are measured at cost less accumulated depreciation and accumulated impairment losses.  Cost includes expenditures that are directly attributable to the acquisition of the fixed asset. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located (when the Company has an obligation to dismantle and remove the asset or to restore the site), and capitalized borrowing costs. Project licenses are included in the cost of photovoltaic plants.

Specific and non-specific borrowing costs are capitalized to qualifying assets throughout the period required for completion and construction until they are ready for their intended use. Non-specific borrowing costs are capitalized in the same manner to the same investment in qualifying assets, or portion thereof, which was not financed with specific credit by means of a rate which is the weighted-average cost of the credit sources that were not specifically capitalized. Other borrowing costs are expensed as incurred.

The costs of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to the Company and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are recognized in profit or loss as incurred.

Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in profit or loss.

2. Depreciation

Depreciation is a systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. An asset is depreciated from the date it is ready for use, meaning the date it reaches the location and condition required for it to operate in the manner intended by management. Depreciation is recognized in profit or loss on a straight-line basis over the estimated useful lives of each part of the fixed asset item.

The estimated useful lives are as follows:

	%	Mainly %
Office furniture and equipment	6-33	33
Photovoltaic plants in Spain	4	4
Photovoltaic plants in Italy	5	5
Anaerobic digestion plants in the Netherlands	8	8
Leasehold improvements	Over the shorter of the lease period or the life of the asset	7

The estimated useful life of the project licenses of photovoltaic plants that are carried at cost is 20 years for the Company’s Italian subsidiaries and 25 years for the Company’s Spanish subsidiaries. The estimated useful life of the project licenses of anaerobic digestion plants that are carried at cost is 12 years. The fixed assets' residual values, useful lives and methods of depreciation are reviewed at each financial year-end and adjusted if appropriate.

Financial instruments

H. Financial instruments

Non-derivative Financial assets:

The Company's financial assets include cash and cash equivalents, marketable securities, restricted cash, trade receivables, loan to an equity accounted investee, service concession receivables and other receivables.

The Company initially recognizes loans and receivables and deposits on the date that they are created. All other financial assets, including assets designated at fair value through profit or loss, are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument.

Financial assets are derecognized when the contractual rights of the Company to the cash flows from the asset expire, or when the Company transfers the rights to receive the cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses.

Loans and receivables comprise cash and cash equivalents, trade and other receivables.

Financial liabilities:

The Company's financial liabilities include loans and borrowings, trade payables, other payables, finance lease obligations, debentures, long-term loans and other long-term liabilities.

The Company initially recognizes debt securities issued on the date they originated. All other financial liabilities are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value minus any directly attributable transaction costs.

Subsequent to initial recognition, interest-bearing loans and borrowings are measured based on their terms at amortized cost using the effective interest method, taking into account directly attributed transaction costs. Short-term borrowings (such as other payables) are measured based

on their terms, normally at face value. Financial liabilities are derecognized when the obligation of the Company, as specified in the agreement, expires or when it is discharged or cancelled.

Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of income when the issuance is no longer expected to occur.

Offset of financial instruments

Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

The Company holds derivative financial instruments to manage its interest rate and currency risk exposures.

Hedge accounting:

On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objectives and strategy in undertaking the hedge transaction, together with the methods that will be used to assess the effectiveness of the hedging relationship.

The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, as to whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent.

Measurement of derivative financial instruments:

Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted for as described below.

Cash flow hedges:

Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognized through other comprehensive income directly in a hedging reserve, to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are recognized in profit or loss. The amount recognized in the hedging reserve is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of income as the hedged item. The amount recognized in the hedging reserve is transferred to profit or loss in the same period that the hedged item affects profit or loss.

Economic hedges:

Hedge accounting is not applied to derivative instruments that economically hedge financial assets and liabilities denominated in foreign currencies. Changes in the fair value of such derivatives are recognized in profit or loss under financing income or expenses.

Share capital:

Ordinary shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options and warrants are recognized as a deduction from equity.

Treasury shares

When share capital recognized as equity is repurchased by the Company, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings.

Impairment

I. Impairment

Non-derivative financial assets

A financial asset not carried at fair value through profit or loss is tested for impairment when objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include:

• Default by a debtor;

• Indications that a debtor or issuer will enter bankruptcy;

• Changes in the economic environment that correlate with insolvency of issuers or the disappearance of an active market for a security;

• Observable data indicating a measurable decrease in the cash flow expected from financial assets.

Non-financial assets

The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated.

The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets (“cash-generating unit”). An impairment loss is recognized if the carrying amount of an asset or cash-generating unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset's recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Investments in associates

An investment in an associate is tested for impairment when objective evidence indicates there has been impairment (as described above). Goodwill that forms part of the carrying amount of an investment in an associate is not recognized separately, and therefore is not tested for impairment separately.

If objective evidence indicates that the value of the investment may have been impaired, the Company estimates the recoverable amount of the investment, which is the greater of its value in use and its net selling price. In assessing value in use of an investment in an associate, the Company estimates its share of the present value of estimated future cash flows that are expected to be generated by the associate, including cash flows from operations of the associate and the consideration from the final disposal of the investment.

An impairment loss is recognized when the carrying amount of the investment, after applying the equity method, exceeds its recoverable amount, and it is recognized in profit or loss under other expenses. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of the investment after the impairment loss was recognized, and only to the extent that the investment’s carrying amount, after the reversal of the impairment loss, does not exceed the carrying amount of the investment that would have been determined by the equity method if no impairment loss had been recognized.

Share-based payment transactions

J.  Share-based payment transactions

The Company's directors are entitled to remuneration in the form of equity-settled share-based payment transactions. The cost of equity-settled transactions with directors is measured at the fair value of the equity instruments at the date on which they are granted. The fair value is determined by using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the instruments were granted, additional details are included in Note 16.

The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, over the period in which the service conditions are fulfilled, ending on the date on which the director become fully entitled to the award (the "vesting date"). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company's best estimate of the number of equity instruments that will ultimately vest.

Employee benefits

K. Employee benefits

1. Short-term employee benefits:

Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions. Short-term employee benefits are measured on an undiscounted basis and are expensed as the related services are rendered or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A liability in respect of a cash bonus is recognized when the Company has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and the obligation can be estimated reliably.

2. Post-employment benefits:

The post-employment plans are usually financed by deposits with insurance companies and classified as a defined contribution plan or as a defined benefit plan.

The Company has defined contribution plans pursuant to Section 14 to the Israeli Severance Pay Law, 5723-1963 (the “Severance Pay Law”) with the vast majority of its employees under which the Company pays fixed contributions and has no legal or constructive obligation to pay further amounts.

Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense in profit or loss in the periods during which related services are  rendered by employees and no additional provision is required in the financial statements.

The Company also operates a defined benefit plan in respect of severance pay pursuant to the Severance Pay Law. According to the Severance Pay Law, employees are entitled to severance pay upon dismissal or retirement.

The Company makes current deposits in respect of severance pay obligations to pay compensation to certain of its employees in its pension funds and insurance companies (the "plan assets"). Plan assets are not available to the Company's own creditors and cannot be returned directly to the Company. The liability for employee benefits is presented in the statements of financial position at present value of the defined benefit obligation less the fair value of the plan assets.

Leases

L.   Leases

The criteria for classifying leases as finance or operating leases depend on the substance of the agreements and classification is made at the inception of the lease.

Finance leases: leases where the Company assumes substantially all the risks and rewards incident to ownership of the leased asset are classified as Finance leases. Upon initial recognition the leased assets are measured and a liability is recognized at an amount equal to the lower of its fair value and the present value of the minimum lease payments. The lease payments are allocated to each period during the lease term and apportioned between finance expenses and a reduction of the lease obligation. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.

Other leases are classified as Operating leases: the leased assets are not recognized in the Company’s statement of financial position. Payments made under operating leases are recognized in the statements of comprehensive income (loss) on a straight-line basis over the term of the lease,.

Determining whether an arrangement contains a lease At inception or upon reassessment of an arrangement, the Company determines whether such an arrangement is or contains a lease. An arrangement is a lease or contains a lease if the following two criteria are met:

● The fulfillment of the arrangement is dependent on the use of a specific asset or assets; and

● The arrangement contains rights to use the asset.

Revenue recognition

M.          Revenue recognition

Revenue is measured according to the fair value of the consideration received or receivable for the sale of electricity and gas in the ordinary course of business.

Revenues from the sale of electricity and gas are recognized when the units produced are transferred to the grid at connection points on the basis of a meter reading. Revenues in respect of units produced and transferred to the grid in the period between the most recent meter reading and the date of the statement of financial position, are included based on an estimate.

Seasonality:

Solar power production has a seasonal cycle due to its dependency on the direct and indirect sunlight and the effect the amount of sunlight has on the output of energy produced. Thus, low radiation levels during the winter months decrease power production.

Service concession arrangements:

Operation or service revenue is recognized in the period in which the services are provided by the Company.

Income tax

N. Income tax

Income tax comprises of current tax and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that the tax arises from items which are recognized directly in equity. In such cases, the tax effect is also recognized in the relevant item in equity.

Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except for a limited number of exceptions:

• The initial recognition of goodwill,

• The initial recognition of assets and liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss,

• Differences relating to investments in subsidiaries, joint arrangements and associates, to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that they will not reverse in the foreseeable future, either by way of selling the investment or by way of distributing dividends in respect of the investment.

A deferred tax asset is recognized for unused tax losses, tax benefits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred tax assets that were not recognized are reevaluated at each reporting date and recognized if it has become probable that future taxable profits will be available against which they can be utilized.

The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously.

A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more probable than not that the Company will have to use its economic resources to pay the obligation.

Earnings (loss) per share

O. Earnings (loss) per share

The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise share options granted to directors.

Financing income and expenses

P. Financing income and expenses

Financing income comprises interest income on bank deposits and marketable securities, an increase in the fair value of financial instruments recognized at fair value through profit or loss, gains on hedging instruments that are recognized in profit or loss and exchange rate differences. Interest income is recognized as it accrues. Changes in the fair value of financial assets at fair value through profit or loss also include income from dividends and interest.

Financing expenses comprise bank charges, interest expenses on borrowings and debentures, changes in the fair value of financial assets at fair value through profit or loss, losses on hedging instruments that are recognized in profit or loss. and exchange rate differences.

Borrowing costs, which are not capitalized to qualifying assets, are recognized in profit or loss using the effective interest method. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either financing income or financing expenses depending on whether foreign currency movements are in a net gain or net loss position.

Provisions

Q. Provisions

A provision is recognized if the Company has a present obligation (legal or constructive) that can be estimated reliably, as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are measured according to the estimated future cash flows discounted using a pre-tax interest rate that reflects the market assessments of the time value of money and, where appropriate, those risks specific to the liability.

A provision for legal claims is recognized if the Company has a present legal or constructive obligation as a result of a past event, and it is more likely than not that an outflow of economic benefits will be required to settle the obligation and the amount of the obligation can be estimated reliably.

Service concession arrangements

R. Service concession arrangements

As part of service concession arrangements with Government bodies for the construction and operation of a facility in consideration for fixed and variable payments, the Company recognizes a financial asset commencing from the start of the construction of the facility when it has an unconditional right to receive cash or some other financial asset for the construction services. The financial asset reflects the unconditional payments receivable in the future from the Government body and bears an appropriate rate of interest for risk that is determined based on the risk of the customer. The aforementioned financial assets are stated at fair value upon initial recognition and at amortized cost in subsequent periods.

Standards issued but not yet effective

S. Standards issued but not yet effective

(1).          IFRS 9 (2014), Financial Instruments (hereinafter – “IFRS 9 (2014)”)

IFRS 9 (2014) includes revised guidance on the classification and measurement of financial instruments, and a new model for measuring impairment of financial assets. This guidance is in addition to IFRS 9 (2013) which was issued in 2013.

IFRS 9 (2014) is effective for annual periods beginning on or after January 1, 2018 with early adoption being permitted. It will be applied retrospectively with some exemptions.

Classification and measurement

The basis of classification for debt instruments is the entity’s business model for managing financial assets and the contractual cash flow characteristics of the financial asset:

· Debt assets held in  a business model whose objective is to collect contractual cash flows and their contractual terms give rise on specified dates to cash flows representing solely payments of principal and interest will be measured at amortized cost.

· Debt assets held in  a business model whose objective is to collect contractual cash flows and their contractual terms give rise on specified dates to cash flows representing solely payments of principal and interest will be measured at fair value through other comprehensive income.

· All other financial debt assets will be measured at fair value through profit or loss.

IFRS 9 (2014) requires that changes in fair value of financial liabilities designated at fair value through profit or loss that are attributable to changes in its credit risk, should usually be recognized in other comprehensive income.

Hedge accounting – general

Under IFRS 9 (2014), additional hedging strategies that are used for risk management may qualify for hedge accounting. IFRS 9 (2014) replaces the present 80%-125% test for determining hedge effectiveness, with the requirement that there be an economic relationship between the hedged item and the hedging instrument, with no quantitative threshold. In addition, IFRS 9 (2014) introduces new models that are alternatives to hedge accounting as regards credit exposures and certain contracts outside the scope of IFRS 9 (2014), sets new rinciples for accounting for hedging instruments and provides new disclosure requirements. In addition, when an entity first applies this Standard, it may choose as its accounting policy to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9. An entity shall apply that policy to all of its hedging relationships.

Impairment of financial assets

According to IFRS 9 (2014), the Company will be required to apply a new ‘expected credit loss’ model for financial debts not measured at fair value through profit or loss. The new model does not apply to investments in equity instruments. The new model is a “forward looking” model that reflects reasonable supportable information that is available without investing unreasonable costs or efforts, with respect to past events, current circumstances, and forecasts regarding future economic circumstances. The new model presents a dual measurement approach for impairment of debt assets: if the credit risk of a financial asset has not increased significantly since its initial recognition, an impairment provision will be recorded in the amount of the expected credit losses that result from default events that are possible within the twelve months after the reporting date. If the credit risk has increased significantly since initial recognition of the financial debt asset, in most cases the impairment provision will increase and be recorded at the level of lifetime expected credit losses of the financial asset.

Timing and method of initial application:

The Company is planning to adopt IFRS 9 (2014) as from January 1, 2018 without amending the comparative data, but while adjusting balances of retained earnings and other components of equity as at January 1, 2018 (the initial date of application).

The Company has loans to associates that essentially form part of a net investment in an associate. These loans do not have definite payment dates . Such loans are in the scope of the new standard and will be classified on the basis of the Company’s business model for managing the financial assets and also on the basis of the contractual cash flow characteristics of the financial asset. Therefore, such loans that are presently measured at amortized cost will be measured at fair value through profit or loss according to the new standard as their contractual cash flow characteristics do not include solely payments of principal and interest. In the opinion of the Company, the effect of such measurement on the financial statements will be immaterial.

Additionally, regarding to its cash flow hedge (see notes 2H and 12B), the company decided to continue to apply the hedge accounting requirements of IAS 39 instead of the requirements of IFRS 9.

(2).          IFRS 15, Revenue from Contracts with Customers  (hereinafter – “IFRS 15”)

IFRS 15 replaces the current guidance regarding recognition of revenues and presents a new model for recognizing revenue from contracts with customers. IFRS 15 provides two approaches for recognizing revenue: at a point in time or over time. The model includes five steps for analyzing transactions so as to determine when to recognize revenue and at what amount. Furthermore, IFRS 15 provides new and more extensive disclosure requirements than those that exist under current guidance. IFRS 15 is applicable for annual periods beginning on or after January 1, 2018 with earlier application being permitted.

The Company plans to apply IFRS 15 as from January 1, 2018 using the cumulative catch-up method. In the opinion of the Company, the effects of applying IFRS 15 on the financial statements will be immaterial.

(3).          IFRS 16 International Financial Reporting Standard 16, Leases (hereinafter –  “IFRS 16”)

IFRS 16 replaces IAS 17, Leases and its  related interpretations. IFRS 16’s instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all  leases according to which the lessee has to recognize an asset and liability in respect of the lease in its financial statements.

Nonetheless, IFRS 16 includes two exceptions to the general model whereby a lessee may elect to not apply the requirements for recognizing a right-of-use asset and a liability with respect to short-term leases of up to one year and/or leases where the underlying asset has a low value.

In addition, IFRS 16 permits the lessee to apply the definition of the term “lease” according to one of the following two alternatives consistently for all leases: retrospective application for all the lease agreements, which means reassessing the existence of a lease for each separate contract, or alternatively to apply a practical expedient that permits continuing with the assessment made regarding existence of a lease based on the guidance in IAS 17, Leases, and IFRIC 4, Determining whether an Arrangement contains a Lease, with respect to leases entered into before the date of initial application. Furthermore, the standard determines new and expanded disclosure requirements compared to those required at present.

IFRS 16 is applicable for annual  periods as of January 1, 2019.

IFRS 16 includes various alternative transitional provisions, so that companies can choose between one of the following alternatives at initial application: full retrospective application or recognizing a cumulative effect, which means application (with the possibility of certain practical expedients) as from the mandatory effective date with an adjustment to the balance of retained earnings at that date.

The Company plans to adopt IFRS 16 as from January 1, 2019 using the cumulative effect method, with an adjustment to the balance of retained earnings as at January 1, 2019.

The standard’s instructions are expected to affect the accounting treatment of leases of real estate. In the opinion of the Company, the standard will have an effect on the financial statements with respect to the following matters:

• An increase in non-current assets and financial liabilities.

• A change in principal financial ratios such as: an increase in the leverage ratio, a decrease in the interest coverage ratio and a decrease in the current ratio.

• An increase in operating profit and financing expenses.

• An increase in cash flow from operating activities and a decrease in cash flow from financing activities.

It is noted that the information presented in this note regarding the effect of the standard’s initial application constitutes an initial assessment by the Company, and therefore the matters listed hereunder represent those matters that were identified by the Company before the date of issuing the financial statements as possibly requiring updating as progress is made in examining the effects of the standard’s application. Furthermore, the Company is examining the expected effects of the standard’s application and at this time is unable to reliably estimate the quantitative effect on its financial statements.

                (4).          IFRIC 23, Uncertainty Over Income Tax Treatments (hereinafter – “IFRIC 23”)

IFRIC 23 clarifies how to apply the recognition and measurement requirements of IAS 12 for uncertainties in income taxes. According to IFRIC 23, when determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the entity should assess whether it is probable that the tax authority will accept its tax position. Insofar as it is probable that the tax authority will accept the entity’s tax position, the entity will recognize the tax effects on the financial statements according to that tax position. On the other hand, if it is not probable that the tax authority will accept the entity’s tax position, the entity is required to reflect the uncertainty in its accounts by using one of the following methods: the most likely outcome or the expected value. IFRIC 23 clarifies that when the entity examines whether or not it is probable that the tax authority will accept the entity’s position, it is assumed that the tax authority with the right to examine any amounts reported to it will examine those amounts and that it has full knowledge of all relevant information when doing so. Furthermore, according to IFRIC 23 an entity has to consider changes in circumstances and new information that may change its assessment. IFRIC 23 also emphasizes the need to provide disclosures of the judgments and assumptions made by the entity regarding uncertain tax positions.

IFRIC 23 is effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. The interpretation includes two alternatives for applying the transitional provisions, so that companies can choose between retrospective application or prospective application as from the first reporting period in which the entity initially applied the interpretation. In the opinion of the Company, the effects of applying IFRIC 23 on the financial statements will be immaterial.

Change in classification

T. Change in classification

During the current year, the Company changed the income statement classification of expenses related to project development from general and administrative expenses to project development costs to reflect more appropriately their nature and the way in which economic benefits are expected to be derived from the use of such costs.

Comparative amounts were reclassified for consistency, which resulted in €2,201 thousand and €1,044 thousand being reclassified from general and administrative expenses to project development costs in 2016 and 2015, respectively. This reclassification did not have any effect on the profit (loss) for these years.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of significant accounting policies [Abstract]

Schedule of Estimated Useful Lives

The estimated useful lives are as follows:

	%	Mainly %
Office furniture and equipment	6-33	33
Photovoltaic plants in Spain	4	4
Photovoltaic plants in Italy	5	5
Anaerobic digestion plants in the Netherlands	8	8
Leasehold improvements	Over the shorter of the lease period or the life of the asset	7

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Cash and Cash Equivalents (Tables)

12 Months Ended

Dec. 31, 2017

Cash and cash equivalents [abstract]

Schedule of Cash and Cash Equivalents

	December 31
	2017		2016
	€ in thousands
Cash		11,729		11,243
On Call deposits (*)		12,333		11,243
		23,962		22,486

(*) The annual interest rate for deposits as of December 31, 2017 is 1.5% (0.75%-1.25% as of December 31, 2016).

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Restricted Cash, Deposits and Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Restricted cash deposits and marketable securities [Abstract]

Schedule of Restricted Cash, Deposits and Marketable Securities

	December 31
	2017		2016
	€ in thousands
Marketable securities (1)		2,162		972
Short-term restricted cash (2)		15		15
Restricted marketable securities (3)		3,250		-
Long-term restricted non-interest bearing bank deposits (4)		1,458		1,089
Restricted cash, long-term bank deposits (5)		2,202		4,045
Long-term restricted cash and deposits		3,660		5,134

(1) During 2016 and 2017, the  Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float.

(2) Current accounts and bank deposits securing short term obligations.

(3) Marketable securities securing the Company's Forward contracts.

(4) Deposits used to secure obligations towards the land owners and to secure obligations under financial leasing agreements and loan agreements (see Notes 10 and 11).

(5) Bank deposits securing the Company's swap and Forward contracts. The annual interest rate as of December 31, 2016 was 0.35% - 0.4%. During 2017 the deposits were released due to the closing of the said swap and Forward contracts.

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Trade and Other Receivables and Assets (Tables)

12 Months Ended

Dec. 31, 2017

Trade and other receivables [abstract]

Schedule of Trade and Other Receivables and Assets

	December 31
	2017		2016
	€ in thousands
Current Assets - Other receivables :
Government authorities		2,306		2,213
Income receivable		3,436		2,753
Interest receivable		153		38
Current tax		48		173
Current Maturities of loan to an equity accounted investee		3,165		1,236
Trade receivable		407		329
Forward contracts (1)		580		2,028
Prepaid expenses and other		550		717
		10,645		9,487
Non-current Assets  - Long term receivables:
Advance tax payment		1,078		903
Forward contracts (1)		12		2,227
Annual rent deposits		30		35
Other		415		96
		1,535		3,261

(1) In November 2016, the Company closed euro/USD forward contracts with an accumulated profit of approximately €4,255 thousand (approximately $4,474). Proceeds of approximately €2,647 were received during 2017 and the remaining proceeds of approximately  €1,100 thousand (approximately $1,300) are expected to be received between May 2018 and March 2019 (depending on the relevant dates of the forward positions). In December 2017, the Company closed euro/USD forward contracts with an accumulated loss of approximately €497 thousand (approximately $597).

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Investee Companies and other investments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of associates [abstract]

Schedule of Composition of Investments

	December 31
	2017			2016
	€ in thousands
Investment in shares		18,515			18,578
Long-term loans		9,860			11,468
Deferred interest		(720	)		(773	)
		27,655			29,273
Current Maturities of the long-term loans		3,165			1,236
		30,820			30,509

Schedule of Changes in Investments

	2017			2016
	€ in thousands
Changes in equity and loans:
Balance as at January 1		30,509			34,028
Exercise of the option to acquire additional shares		-			556
Grant of long term loans		-			154
Repayment of long term loans		(407	)		(7,034	)
Interest on long term loans		1,104			1,192
Deferred interest		54			51
Elimination of interest on loan from related party		(1,158	)		(1,244	)
The Company’s share of income		1,531			1,375
Foreign currency translation adjustments		(813	)		1,431
Balance as at December 31		30,820			30,509

Summary of Information on Financial Position

Summary information on financial position

																		Equity
	Rate of		Current		Non-current		Total		Current			Non-current			Total			attributable to the owners of the		Company’s		Surplus Costs and		Other			Carrying Amount of
	ownership		Assets		assets		assets		liabilities			liabilities			liabilities			Company		share		goodwill		Adjustments			investment
	%		€ in thousands
2017
Dori Energy		50		8,013		47,959		55,972		(51	)		(26,006	)		(26,057	)		29,915		14,958		3,925		(367	)		18,515
2016
Dori Energy		50		4,511		50,036		54,547		(3,956	)		(21,628	)		(25,584	)		28,963		14,481		4,481		(384	)		18,578

Summary of Information on Operating Results

Summary information on operating results

	Rate of ownership as of December 31, 2016		Income for the year		Company’s share		Elimination of interest on loan from related party		Other Adjustments			Company’s share of income of investee
	%		€ in thousands
2017
Dori Energy		50		1,751		876		1,158		(503	)		1,531
2016
Dori Energy		50		490		245		1,244		(114	)		1,375

Schedule of Composition of Advances on Account of Investments

Composition of Advances on account of investments

	December 31
	2017		2016
	€ in thousands
On account of the Manara PSP		825		812
		825		812

Schedule of Composition Short-term and Long-term of Financial Assets

Composition of short-term and long-term financial assets

	December 31
	2017		2016
	€ in thousands
Income receivable in connection with the Erez Electricity PSP		1,249		1,265
		1,249		1,265

Schedule of Identifiable Assets Acquired and Liabilities Assumed

Identifiable assets acquired and liabilities assumed (based on amounts as described hereunder):

	Acquisition date
	€ in thousands
Receivable from concessions project		28,927
Intangible asset		5,505
Restricted cash		1,795
Long-term loan		(21,370	)
Working Capital, net (excluding cash and cash equivalents)		(119	)
Deferred tax		(4,887	)
Total net identifiable assets		9,851

Schedule of Aggregate Cash Flows Derived

The aggregate cash flows derived for the Company as a result of the acquisition:

	€ in thousands
Cash and cash equivalents paid		11,815
Less - cash and cash equivalents of the subsidiary		(1,964	)
		9,851

(*)The fair value of the income receivable in connection with concession project was calculated according to the cash flows expected to be received from the Israel Electricity Authority for a period of 16 years, discounted at a weighted interest rate of 5.9% reflecting the credit risk of the debtor.

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Fixed assets (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of Fixed Assets

					Office
	Photovoltaic		Biogas		furniture and		Leasehold
	Plants		installations		equipment		Improvements		Total
	€ in thousands
Cost
Balance as at January 1, 2016		87,880		-		117		52		88,049
Additions		41		5,081		-		-		5,122
Balance as at December 31, 2016		87,921		5,081		117		52		93,171
Balance as at January 1, 2017		87,921		5,081		117		52		93,171
Additions		1		10,076		4		-		10,081
Balance as at December 31, 2017		87,922		15,157		121		52		103,252
Depreciation
Balance as at January 1, 2016		15,363		-		74		48		15,485
Depreciation for the year		4,394		-		13		4		4,411
Effect of changes in exchange rates		1		-		-		-		1
Balance as at December 31, 2016		19,758		-		87		52		19,897
Balance as at January 1, 2017		19,758		-		87		52		19,897
Depreciation for the year		4,396		111		11		-		4,518
Balance as at December 31, 2017		24,154		111		98		52		24,415
Carrying amounts
As at January 1, 2016		72,517		-		43		4		72,564
As at December 31, 2016		68,163		5,081		30		-		73,274
As at December 31, 2017		63,768		15,046		23		-		78,837

Schedule of Investment in Photovoltaic Plants

Presented hereunder are data regarding the Company’s investments in photovoltaic plants as at December 31, 2017 :

			Cost included in the
PV Plant Title	Nominal Capacity	Connection to Grid	Book value as at
			December 31, 2017
			€ in thousands
“Troia 8”	995.67 kWp	January 2011	3,502
“Troia 9”	995.67 kWp	January 2011	3,478
“Del Bianco”	734.40 kWp	April 2011	2,096
“Giaché”	730.01 kWp	April 2011	2,767
“Costantini”	734.40 kWp	April 2011	2,115
“Massaccesi”	749.7 kWp	April 2011	2,750
“Galatina”	994.43 kWp	May 2011	4,131
“Pedale	2,993 kWp	May 2011	11,254
“Acquafresca”	947.6 kWp	June 2011	3,165
“D‘Angella”	930.5 kWp	June 2011	3,119
“Soleco”	5,924 kWp	August 2011	15,335
“Technoenergy”	5,900 kWp	August 2011	15,196
“Ellomay Spain – Rinconada II”	2,275 kWp	June 2010	5,509
“Rodríguez I”	1,675 kWp	November 2011	3,662
“Rodríguez II”	2,691 kWp	November 2011	6,631
“Fuente Librilla”	1,248 kWp	June 2011	3,212

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Other Payables (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Other Payables [Abstract]

Schedule of Other Payables

	December 31
	2017		2016
	€ in thousands
Employees and payroll accruals		241		249
Government authorities		227		169
SWAP and forward related balances		121		479
Accrued expenses		1,414		973
Current tax		184		1,249
		2,187		3,119

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Current maturities of long term loans (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of current maturities of long term loans [Abstract]

Schedule of Current Maturities of Long Term Loans

Composed as follows:

	Linkage	Interest rate		December 31		December 31
	terms	2016 and 2017		2017		2016
		%		€ in thousands
Current maturities of long term loans (refer to Notes 10 and 11)	EURIBOR		1.6-3.5		1,648		1,094
	Consumer price index in Israel		4.65		1,455
					3,103		1,094

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Finance Lease Obligation (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of finance lease and operating lease by lessee [abstract]

Schedule of Finance Lease Obligation

Composed as follows:

	Linkage	Interest rate		December 31		December 31
	Terms	2016 and 2017		2017		2016
		%		Euro€ in thousands
Leasing institution	EURIBOR		3.5		4,020		4,338
Current maturities					330		318
Leasing institution-long term					3,690		4,020

Schedule of Aggregate Annual Maturities

The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		342		329
Third year		354		342
Fourth year		366		354
Fifth year		379		366
Sixth year and thereafter		2,249		2,629
		3,690		4,020
Current maturities		330		318
Finance lease obligation		4,020		4,338

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Long-term Loans (Tables)

12 Months Ended

Dec. 31, 2017

Borrowings [abstract]

Schedule of Long-Term Loans

			Interest
	Linkage		rate 2017		December 31 2017
	term		%		€ in thousands
Bank loans		EURIBOR		1.6-3		19,661
		Consumer price index in Israel		4.65		20,820
Other long-term loans				2.5-5		4,383
						44,864

		Interest rate 2016 %
	Linkage term			December 31 2016
				€ in thousands
Bank loans	EURIBOR		1.6-2.85		15,706
Other long-term loans			3.05		2,031
					17,737

Schedule of Aggregate Annual Maturities

The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		3,403		1,203
Third year		3,584		1,206
Fourth year		3,712		1,233
Fifth year		3,795		1,642
Sixth year and thereafter		27,597		11,677
Long-term loans		42,091		16,961
Current maturities		2,773		776
		44,864		17,737

Schedule of Movement in Liabilities Deriving from Financing Activities

			Liabilities
			Loans and			Convertible			Finance lease
	Note		borrowings			debentures			liability			Total
			NIS thousands
Balance as at January 1, 2017				17,737			33,790			4,338			55,865
Changes from financing cash flows
Loan from business combination		6		21,370			-			-			21,370
Proceeds from issue of convertible debentures		12		-			31,175			-			31,175
Payment of Debentures		12		-			(4,842	)		-			(4,842	)
Receipt of loans		10,11		7,443			-			-			7,443
Repayment of loans		10,11		(1,892	)		-			-			(1,892	)
Accrued interest		10,11		161			-			-			161
Payment of finance lease liability		10		-			-			(332	)		(332	)
Transaction costs related to borrowings				165			320			14			499
Total net financing cash flows				44,984			60,443			4,020			109,447
Effect of changes in foreign exchange rates				(120	)		(2,812	)		-			(2,932	)
Balance as at December 31, 2017				44,864			57,631			4,020			106,515

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Debentures (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of debentures [Abstract]

Schedule of Debentures

Composed as follows:

	December 31, 2017				December 31, 2016
	Face value		Carrying amount		Face value		Carrying amount
	€ in thousands				€ in thousands
Debentures		58,623		57,631		34,687		33,790
Less current maturities		4,825		4,644		4,955		4,744
Total long-term debentures		53,798		52,987		29,732		29,046

Schedule of Aggregate Annual Maturities of Debentures

The aggregate annual maturities are as follows:

	December 31		December 31
	2017		2016
	€ in thousands
Second year		8,977		4,769
Third year		9,084		4,796
Fourth year		9,129		4,822
Fifth year		9,171		4,854
Sixth year and thereafter		16,626		9,821
Long-term loans		52,987		29,062
Current maturities		4,644		4,744
		57,631		33,806

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Other Long-term Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of other long-term liabilities [Abstract]

Schedule of Other Long-Term Liabilities

	December 31		December 31
	2017		2016
	€ in thousands
Government authorities		239		299
Derivatives		4,312		2,326
Liabilities for employees benefits		4		2
		4,555		2,627

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Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of contingent liabilities [abstract]

Schedule of Minimum Annual Lease Payments

The following table summarizes the minimum annual rental commitments as of the periods indicated under the non-cancelable operating leases and sub-lease arrangements with initial or remaining terms of more than one year, reflecting the terms that were in effect as of December 31, 2017:

	Operating
	lease
	€ in thousands
Year ended December 31
2018		438
2019		438
2020		417
2021		355
2022 and thereafter		4,493
Total minimum lease payments		6,141

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Transactions and Balances with Related Parties (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of transactions between related parties [abstract]

Schedule of Compensation to Individuals Employed by Company

Compensation to key management personnel and interested parties that are employed by the Company:

	Year ended December 31
	2017				2016				2015
	Number of				Number of				Number of
	People		Amount		People (**)		Amount		people		Amount
			€ thousands				€ thousands				€ thousands
Short-term employee
Benefits		2		377		2		368		4		557
Post-employment
Benefits		2		57		2		89		4		68
Share-based payments		2		-		2		*		2		*

* Less than €1 thousand

** Including retired employees that were not employed throughout the entire year

Schedule of Compensation to Individuals not Employed by Company

Compensation to key management personnel (including directors but excluding compensation paid under the Management Agreement) that are not employed by the Company:

	Year ended December 31
	2017				2016				2015
	Number of				Number of				Number of
	people		Amount		people		Amount		People (**)		Amount
			€ thousands				€ thousands				€ thousands
Total compensation to directors not employed by the Company		3		35		3		63		3		61
share-based payments		3		14		3		3		3		6

* Less than €1 thousand

** Including Board members that did not serve throughout the entire year

Schedule of Debts and Loans to Related and Interested Parties

Debts and loans to related and interested parties

							Interest income recognized in statement of
	The terms of the loan				Balance as at December 31		income for the year ended December 31
	Interest rate		Linkage base	2017		2016	2017		2016		2015
	%			€ thousands
Dori Energy		8.5(*)	NIS+CPI		13,025	12,704		1,158		1,243		1,247

(*)  See note 6A

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Equity (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of classes of share capital [abstract]

Schedule of Composition of Share Capital

Composition of share capital

December 31, 2017

December 31, 2016

December 31, 2015

Issued and

Issued and

Issued and

Authorized

Outstanding(1)

Authorized

Outstanding(1)

Authorized

Outstanding

Number of shares

Ordinary shares of NIS 10.00 par value each

17,000,000

10,675,508(1)

17,000,000

10,677,370(1)

17,000,000

10,678,888(1)

(1) Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2017, 256,184 Ordinary shares as of December 31, 2016 and 254,666 Ordinary shares as of December 31, 2015, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors.

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Share-Based Payment (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Schedule of Expenses Recognized in Financial Statements

The expenses recognized in the financial statements for services received from employees is shown in the following table:

	Year ended December 31
	2017		2016		2015
	€ thousand
Expenses arising from share-based payment Transactions		5		3		7

* Less than €1 thousand

Schedule of Black-Scholes Options Pricing Model

The fair value of the options is estimated using a Black-Scholes options pricing model with the following weighted average assumptions:

	Year ended December 31
	2017			2016
Dividend yield		0	%		0	%
Expected volatility		0.342			0.332
Risk-free interest		1.34	%		0. 67	%
Expected life (in years)		2-3			2-3

Schedule of Weighted Average Fair Values and Exercise Price

Weighted average fair values and exercise price of options on dates of grant are as follows:

	Equal market price
	2017		2016
	US$
Weighted average exercise prices		9.02		8.3
Weighted average fair value on grant date		1.8		1.6

Schedule of Number and Weighted Average Exercise Prices of Share Options

The following table lists the number of share options, the weighted average exercise prices of share options during the current year:

	2017				2016				2015
			Weighted				Weighted					Weighted
			Average				average					Average
	Number of		Exercise		Number of		exercise		Number of			Exercise
	options		Price		options		price		options			Price
			US$				US$					US$
Outstanding at beginning of year		22,502		7.34		19,502		8.26		157,821			8.26
Granted during the year		3,000		9.02		3,000		8.3		3,000			8.96
Exercised during the year		-		-		-		-		(140,193	)		8.33
Expired during the year		-		-		-		-		(1,126	)		8.4
Outstanding at end of year		25,502		7.54		22,502		7.34		19,502			7.19
Exercisable at end of year		7.34		22,502		18,502		7.19		18,502			7.1

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Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2017

Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details

Schedule of Financing Income

Financing income

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Interest income		1,333		263		235
Change in fair value of derivatives, net		-		636		3,192
Forward gain		-		-		1,826
Total financing income		1,333		899		5,253

Schedule of Financing Expenses

Financing expenses

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Change in fair value of derivatives		3,156		-		-
Swap interest		110		607		401
Debentures interest and related expenses		2,753		1,990		2,206
Interest on loans		776		504		324
Loss from exchange rate differences, net		3,586		81		98
Bank charges and other commissions		180		151		148
Total financing expenses		10,561		3,333		3,177

Schedule of Costs and Depreciation

Operating Costs and Depreciation

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Depreciation		4,518		4,411		4,428
Professional services		210		104		106
Annual rent		267		233		235
Operating and maintenance services		1,574		1,287		1,348
Insurance		203		194		197
Other		295		264		685
Total operating costs		7,067		6,493		6,999

Schedule of General and Administrative Expenses

General and administrative expenses

	For the year ended December 31
	2017		2016			2015
	€ in thousands
Salaries and related compensation		1,030		1,027			1,313
Professional services		1,255		1,480			1,455
Other		135		(475	)		(440	)
Total general and administrative expenses		2,420		2,032			2,328

Schedule of Other Income (Expense), Net

Other income (expense), net

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Other income in connection with the Erez electricity pumped storage project (see Note 6)		18		56		14
Reevaluation of option to acquire additional shares		-		-		4
Other		-		34
Total other income, net		18		90		18

Schedule of Revenues

Revenues

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Revenues from the sale of solar electricity		13,150		11,632		12,446
Revenues from the sale of gas and power produced by anaerobic digestion plants		303		-		-
Revenues from concessions project		183		-		-
Total Revenues		13,636		11,632		12,446

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Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2017

Major components of tax expense (income) [abstract]

Schedule of Composition of Income Tax Benefit (Taxes on Income)

Composition of income tax benefit (taxes on income):

	For the year ended December 31
	2017			2016			2015
	€ in thousands
Current tax income (expense)
Current year		(494	)		(252	)		(375	)
Previous years		1,044			(67	)		796
		550			(319	)		421
Deferred tax income
Creation and reversal of temporary differences		(922	)		(250	)		1,318
Tax benefit (taxes on income)		(372	)		(569	)		1,739

Schedule of Theoretical Tax

Statutory rate applied to corporations in Israel and the actual tax expense, is as follows:

	2017			2016			2015
	€ in thousands
Profit (loss) before taxes on income		(6,269	)		(63	)		6,371
Primary tax rate of the Company		24	%		25	%		26.5	%
Tax benefit (tax on income)		1,505			16			(1,688	)
Profit (loss) subject to different tax rate		(106	)		(15	)		(265	)
Creation of (changes in) deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past		(448	)		-			2,441
Neutralization of tax calculated in respect of the Company’s share in profits of equity accounted investees		367			344			5
Change in temporary differences for which deferred tax were not recognized		(359	)		(347	)		832
Current year tax losses and benefits for which deferred taxes were not created,		(1,142	)		(378	)		511
Taxes in respect to previous years  and others		(189	)		(189	)		(97	)
Actual tax benefit (tax on income)		(372	)		(569	)		1,739

Schedule of Deferred Taxes

							Finance lease					Losses
	Financial			Fixed			obligations and			Swap		on
	assets			assets			long term loans			contract		income		Total
	€ in thousands
Balance of deferred tax asset (liability) as at January 1, 2016		(1,184	)		(3,019	)		2,150			139		3,768		1,854
Changes recognized in profit or loss		(95	)		(42	)		(46	)		39		106		(250	)
Changes recognized in other comprehensive income		-			-			-			-		-		-
Balance of deferred tax asset (liability) as at December 31, 2016		(1,279	)		(3,061	)		2,104			178		3,662		1,604

							Finance lease						Losses
	Financial			Fixed			obligations and			Swap			on
	assets			assets			long term loans			contract			income			Total
	€ in thousands
Balance of deferred tax asset (liability) as at January 1, 2017		(1,279	)		(3,061	)		2,104			178			3,662			1,604
Changes recognized due to business combination		(7,678	)		-			-			-			2,791			(4,887	)
Changes recognized in profit or loss		1,565			(117	)		(84	)		(61	)		(2,225	)		(922	)
Balance of deferred tax asset (liability) as at December 31, 2017		(7,392	)		(3,178	)		2,020			117			4,228			(4,205	)

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings per share [abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	For the year ended December 31
	2017			2016			2015
	€ in thousands (other than share and per share data)
Net  income (loss) attributed to owners of the Company		(6,115	)		(209	)		8,340
Weighted average ordinary shares outstanding (1)		10,675,757			10,677,700			10,715,634
Dilutive effect:
Stock options and warrants		-			-			42,736
Diluted weighted average ordinary shares Outstanding		10,675,757			10,677,700			10,758,370
Basic profit (loss) per share from continuing operations		(0.57	)		(0.02	)		0.78
Diluted profit (loss) per share from continuing operations		(0.57	)		(0.02	)		0.78

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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of detailed information about financial instruments [abstract]

Schedule of Composition of Derivatives

In order to manage these risks and as described hereunder, the Company executes transactions in derivative financial instruments. Presented hereunder is the composition of the derivatives:

	For the year ended December
	2017			2016
	€ in thousands
Derivatives presented under current liabilities
Swap contracts		(121	)		(479	)
Derivatives presented under non-current liabilities
Forward contracts		(2,650	)		(48	)
Currency swap		(1,244	)		-
Swap contracts		(418	)		(2,279	)
		(4,312	)		(2,327	)

Schedule of Forward and SWAP Contracts

The following table sets forth the details of the Company’s Forward and SWAP contracts with banking institutions:

	December 31, 2017
	Currency/	Currency/
	linkage/interest rate	Linkage/interest rate		Fair value - € in
	receivable	Payable	Date of expiration	thousand
EUR 8 million interest swap transaction for a period of 17 years, amortized semi-annually	Euribor 6 months	Fixed 2.67%	September 7, 2027	(28)
Euro 10 million interest swap transaction for a period of 17 years, amortized quarterly	Euribor 3 months	Fixed 3.595%	April 3, 2028	(20)
Euro 3.75 million interest swap transaction for a period of 15 years, semi-annually.	Euribor 6 months	Fixed 2.53%	June 30, 2027	(269)
Euro 7.5 million interest rate swap transaction for a period of 12 years, semi-annually.	Euribor 6 months	Fixed 1.17%	December 31, 2027	(222)
Forward EUR/USD contracts with an aggregate EUR denominated principal of EUR 20 million.	weightedaverage rate of approximately 1.18		November 2021	(2,650)
NIS 83.2 million currency swap transaction EUR/NIS for a period of 7 years, semi-annually.	NIS	Euro	June 2024	(1,244)

Schedule of Contractual Maturities of Financial Liabilities

The following are the contractual maturities of financial liabilities at undiscounted amounts and based on the spot rates at the reporting date, including estimated interest payments. This disclosure excludes the impact of netting agreements:

	December 31, 2017
	Carrying		Contractual		Less than							More than
	amount		cash flows		1 year			2 years		3-5 years		5 years
	Euro€ in thousands
Non-derivative financial liabilities
Long term loans, including current maturities		44,864		48,506		4,313			4,861		14,744		24,588
Finance lease obligation including current maturities		4,020		4,987		483			483		1,449		2,572
Debentures		57,631		67,884		7,251			11,398		31,880		17,355
Trade payables and other accounts payable		2,990		2,990		2,990			-		-		-
		109,505		124,367		15,037			16,742		48,073		44,515
Derivative finance liabilities
Forward contracts		2,650		2,650		-			-		2,650		-
Currency swap		1,244		1,244		(145	)		75		446		868
Swap contracts		539		539		121			183		116		119
		4,433		4,433		(24	)		258		3,212		987

	December 31, 2016
	Carrying		Contractual		Less than						More than
	Amount		cash flows		1 year		2 years		3-5 years		5 years
	Euro€ in thousands
Non-derivative financial liabilities
Long term loans, including current maturities		17,737		21,163		1,245		1,642		5,195		13,081
Finance lease obligation including current maturities		4,338		5,470		483		483		1,449		3,055
Debentures		33,806		41,063		6,550		6,322		17,598		10,593
Trade payables and other accounts payable		2,389		2,389		2,389		-		-		-
		58,270		70,085		10,667		8,447		24,242		26,729
Derivative finance liabilities
Forward contracts		48		48		-		-		48		-
Swap contracts		2,758		2,758		479		683		655		941
		2,806		2,806		479		683		703		941

Schedule of Company's Exposure to Linkage and Foreign Currency Risk

The Company's exposure to linkage and foreign currency risk except in respect of derivatives (see hereunder) was as follow:

	December 31, 2017
	Non-monetary/Non finance			NIS(*)			USD		Unlinked/EURO			Total
	€ in thousands
Current assets:
Cash and cash equivalents		-			2,723			11,742		9,497			23,962
Marketable securities		-			-			2,162		-			2,162
Restricted cash short-term and		-			-			-
restricted marketable securities		-						3,250		15			3,265
Receivable from concession project		-			1,286			-		-			1,286
Trade and other receivables		548			3,359			731		6,007			10,645
Financial asset short-term		-			1,249			-		-			1,249
Non-current assets:
Investments in equity accounted investees		17,171			10,484			-		-			27,655
Advances on account of investments in process		8,825			-			-		-			8,825
Concession intangible asset		5,505			-			-		-			5,505
Financial asset		-			27,725			-		-			27,725
Fixed assets		78,837			-			-		-			78,837
Restricted cash long-term		-			1,797			351		1,512			3,660
Deferred tax		1,777			-			-		-			1,777
Other assets		1,122			-			-		413			1,535
Current liabilities:
Loans and borrowings		-			(1,455	)		-		(1,648	)		(3,103	)
Short-term debentures		-			(4,644	)		-		-			(4,644	)
Accounts payable		-			7			-		(1,356	)		(1,349	)
Accrued expenses and other payables		-			(811	)		-		(1,376	)		(2,187	)
Non-current liabilities:
Finance lease obligations		-			-			-		(3,690	)		(3,690	)
Long-term loans		-			(20,141	)		-		(21,950	)		(42,091	)
Long-term debentures		-			(52,987	)		-		-			(52,987	)
Deferred tax		(5,982	)		-			-		-			(5,982	)
Other long-term liabilities		-			(4	)		-		(4,551	)		(4,555	)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		107,803			(31,412	)		18,236		(17,127	)		77,500

(*) including items linked to CPI

	December 31, 2016
	Non-monetary			NIS			Unlinked			EURO			Total
	€ in thousands
Current assets:
Cash and cash equivalents		-			101			16,717			5,668			22,486
Marketable securities		-			-			972			-			972
Restricted cash short-term		-			-			-			15			15
Trade and other receivables		507			1,552			2,065			5,363			9,487
Non-current assets:
Investments in equity accounted investees		17,753			11,520			-			-			29,273
Advances on account of investments in process		812			-			-			-			812
Financial asset		-			1,265			-			-			1,265
Fixed assets		73,274			-			-			-			73,274
Restricted cash long-term		-			-			3,620			1,514			5,134
Deferred tax		2,485			-			-			-			2,485
Other assets		903			96			2,227			35			3,261
Current liabilities:
Loans and borrowings		-			-			-			(1,094	)		(1,094	)
Short-term debentures		-			(4,744	)		-			-			(4,744	)
Accounts payable		-			(63	)		(88	)		(1,450	)		(1,601	)
Accrued expenses and other payables		(1,176	)		(879	)		(357	)		(707	)		(3,119	)
Non-current liabilities:
Finance lease obligations		-			-			-			(4,020	)		(4,020	)
Long-term loans		-			(398	)		-			(16,563	)		(16,961	)
Long-term debentures		-			(29,046	)		-			-			(29,046	)
Deferred tax		(881	)		-			-			-			(881	)
Other long-term liabilities		-			(2	)		-			(2,625	)		(2,627	)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		93,677			(20,598	)		25,156			(13,864	)		84,371

Schedule of Significant Exchange Rates

Information regarding significant exchange rates:

	For the year ended December 31
	Rate of					Rate of
	Change					Change
	%			Dollar		%			NIS
1 Euro in 2017		13.9			1.198		2.7			4.153
1 Euro in 2016		(3.4	)		1.052		(4.8	)		4.044

Schedule of Sensitivity Analysis

The analysis assumes that all other variables, in particular interest rates, remain constant.

	December 31, 2017
	Increase			Decrease
	Equity			Equity
	€ thousands
Change in the exchange rate of:
5% in the USD		761			(761	)
5% in NIS		(378	)		378

	December 31, 2016
	Increase			Decrease
	Equity			Equity
	€ thousands
Change in the exchange rate of:
5% in the USD		981			(981	)
5% in NIS		(256	)		256

Schedule of Change in Interest Rate

A change in interest rate would have increased (decreased) profit or loss by the amounts shown below:

	December 31,
	2017			2016
	Profit or loss			Profit or loss
	€ in thousands
Increase of 1%		804			864
Increase of 3%		2,473			2,587
Decrease of 1%		(863	)		(857	)
Decrease of 3%		(2,532	)		(2,581	)

Schedule of Statement of Fair value of Other Financial Liabilities

The fair values of the other financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:

	December 31, 2017
			Fair value
	Carrying								Valuation techniques for	Inputs used to
	amount		Level 1		Level 2		Level 3		determining fair value	determine fair value
	€ in thousands
Non-current liabilities:
Debentures		57,631		60,518		-		-
Loans from banks and others (including current maturities)		44,864		-		45,561		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel
Finance lease obligations (including current maturities)		4,020		-		4,209		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.85%
		106,515		60,518		49,770		-

	December 31, 2016
			Fair value
	Carrying								Valuation techniques for	Inputs used to
	amount		Level 1		Level 2		Level 3		determining fair value	determine fair value
	€ in thousands
Non-current liabilities:
Debentures		33,806		36,542		-		-
Loans from banks and others (including current maturities)		17,737		-		18,334		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.53%
Finance lease obligations (including current maturities)		4,388		-		4,388		-	Future cash flows by the market interest rate on the date of measurement.	Discount rate of Euribor+ 2.85%
		55,931		36,542		22,722		-

Schedule of Interest Rates Used to Discount Estimated Cash Flows

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread, and were as follows:

	December 31
	2017		2016
		%
Non-current liabilities:
Loans from banks	Euribor+ 2.53%		Euribor+ 2.53%
Loans from banks	4.65% Linkage to Consumer price index in Israel		-
Finance lease obligations	Euribor+ 2.85%		Euribor+ 2.85%

Schedule of Fair Values Hierarchy

	December 31, 2017
	Level 1		Level 2		Level 3		Total		Valuation techniques for
	€ in thousands								determining fair value
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		-		-		1,249		1,249	The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Marketable securities		-		5,412		-		5,412	Market price
Forward contracts		-		2,650		-		2,650	Fair value 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.
Swap contracts		-		539		-		539	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.
Currency swap		-		1,244		-		1,244	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.

	December 31, 2016
	Level 1		Level 2			Level 3		Total			Valuation techniques for
	€ in thousands										determining fair value
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		-		-			1,265		1,265		The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Option to require additional shares in investee		-		-			*		-
Marketable securities		-		972			-		972		Market price
Forward contracts		-		48			-		48		Fair value 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.
Swap contracts		-		(2,758	)		-		(2,758	)	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.

Schedule of Reconciliation Financial Instruments Carried at Fair Value

The table hereunder presents 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
	Income receivable in connection with the Erez electricity
	pumped storage project
	€ in thousands
Balance as at December 31, 2015		1,148
Total income recognized in profit or loss		56
Exercise of first option to acquire additional shares		-
Foreign Currency translation adjustments		61
Balance as at December 31, 2016		1,265
Total income recognized in profit or loss		17
Exercise of second option to acquire additional shares		-
Foreign Currency translation adjustments		(33	)
Balance as at December 31, 2017		1,249

	Receivable from concession project
	Income receivable in connection with the concession project
	€ in thousands
Balance as at October 18, 2017		28,927
Total income recognized in profit or loss		793
Proceeds from receivable from concession project		(738	)
Foreign Currency translation adjustments		29
Balance as at December 31, 2017		29,011

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Segments Information (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of operating segments [abstract]

Schedule of Revenues from Company's Operation in Italy and Spain

The following table lists the revenues from the Company's operations in Israel, the Netherlands, Italy and Spain:

	For the year ended December 31
	2017		2016		2015
	€ in thousands
Israel		183		-		-
The Netherlands		303		-		-
Italy		10,143		8,919		9,567
Spain		3,007		2,713		2,879
Total income		13,636		11,632		12,446

Schedule of Fixed Assets, Net from Company's Operation

The following table lists the fixed assets, net from the Company's operation:

	For the year ended December 31
	2017		2016
	€ in thousands
Israel		22		30
Netherland		15,046		5,081
Italy		48,555		52,122
Spain		15,214		16,041
Total fixed assets, net		78,837		73,274

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General (Details)	12 Months Ended
	Dec. 31, 2017
Dorad Energy Ltd [Member]
Disclosure of associates [line items]
Proportion of ownership interest	9.375%
Chashgal Elyon Ltd. [Member]
Disclosure of associates [line items]
Proportion of ownership interest	75.00%
Groen Gas Goor B.V [Member]
Disclosure of associates [line items]
Proportion of ownership interest	51.00%

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Significant Accounting Policies (Narrative) (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016 EUR (€)	Dec. 31, 2015 EUR (€)
Statement Line Items [Line Items]
General and administrative expenses		€ 2,201	€ 1,044
Euro [Member]
Statement Line Items [Line Items]
Rate of exchange	0.835
USD [Member]
Statement Line Items [Line Items]
Rate of exchange	1.00
Bottom of range [Member]
Statement Line Items [Line Items]
Percentage of hedge	80.00%
Top of range [member]
Statement Line Items [Line Items]
Percentage of hedge	125.00%

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Significant Accounting Policies (Schedule of Estimated Useful Lives) (Details)	12 Months Ended
	Dec. 31, 2017
Italian subsidiaries [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (Years)	20
Spanish subsidiaries [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (Years)	25
Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation percentage on straight-line basis over the useful life of the assets (in %)	6-33
Mainly %	33
Photovoltaic plants in Spain [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation percentage on straight-line basis over the useful life of the assets (in %)	4
Mainly %	4
Photovoltaic plants in Italy [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation percentage on straight-line basis over the useful life of the assets (in %)	5
Mainly %	5
Anaerobic digestion plants in the Netherlands [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation percentage on straight-line basis over the useful life of the assets (in %)	8
Mainly %	8
Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation percentage on straight-line basis over the useful life of the assets (in %)	Over the shorter of the lease period or the life of the asset
Mainly %	7
anaerobic digestion plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Estimated useful life (Years)	12

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Cash and Cash Equivalents (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Annual interest rate for deposits	1.50%
Bottom of range [Member]
Disclosure of financial assets [line items]
Annual interest rate for deposits		0.75%
Top of range [member]
Disclosure of financial assets [line items]
Annual interest rate for deposits		1.25%

XML

Cash and Cash Equivalents (Schedule of Cash and Cash Equivalents) (Details) - EUR (€) € in Thousands		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[2]	Dec. 31, 2014	[2]
Cash and cash equivalents [abstract]
Cash		€ 11,729	€ 11,243
On Call deposits	[1]	12,333	11,243
Total cash and cash equivalents		€ 23,962	€ 22,486	[2]	€ 17,194		€ 12,972

[1] The annual interest rate for deposits as of December 31, 2017 is 1.5% (0.75%-1.25% as of December 31, 2016).

[2] Please refer to note 2C for functional and presentation currency.

XML

Restricted Cash, Deposits and Marketable Securities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Bonds coupon rate	4.435%	3.389%
Bonds Maturity date	Dec. 30, 2020	Dec. 30, 2018
Bonds rating	Baa3	Baa3
Annual interest rate	1.50%
Bottom of range [Member]
Disclosure of financial assets [line items]
Annual interest rate		0.75%
Top of range [member]
Disclosure of financial assets [line items]
Annual interest rate		1.25%
Forward contract [Member] | Bottom of range [Member]
Disclosure of financial assets [line items]
Annual interest rate		0.35%
Forward contract [Member] | Top of range [member]
Disclosure of financial assets [line items]
Annual interest rate		0.40%
WACHOVIA [Member]
Disclosure of financial assets [line items]
Annual interest rate	5.80%

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Restricted Cash, Deposits and Marketable Securities (Schedule of Restricted Cash) (Details) - EUR (€) € in Thousands		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	[2]
Disclosure of Restricted cash deposits and marketable securities [Abstract]
Marketable securities		€ 2,162	[1]	€ 972	[1],[2]	€ 5,971
Short-term restricted cash		3,265	[3]	15	[2],[3]	73
Restricted marketable securities	[4]	3,250
Long-term restricted non-interest bearing bank deposits	[5]	1,458		1,089
Restricted cash and long-term bank deposits	[6]	2,202		4,045
Long-term restricted cash and deposits		€ 3,660		€ 5,134	[2]	€ 4,886

[1] During 2016 and 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float.

[2] Please refer to note 2C for functional and presentation currency.

[3] Current accounts and bank deposits securing short term obligations.

[4] Marketable securities securing the Company's Forward contracts.

[5] Deposits used to secure obligations towards the land owners and to secure obligations under financial leasing agreements and loan agreements (see Notes 10 and 11).

[6] Bank deposits securing the Company's swap and Forward contracts. The annual interest rate as of December 31, 2016 was 0.35% - 0.4%. During 2017 the deposits were released due to the closing of the said swap and Forward contracts.

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Trade and Other Receivables and Assets (Narrative) (Details) € in Thousands, $ in Thousands	1 Months Ended		11 Months Ended		12 Months Ended
	Nov. 30, 2016 USD ($)	Nov. 30, 2016 EUR (€)	Mar. 31, 2019 USD ($)	Mar. 31, 2019 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)
Statement Line Items [Line Items]
Accumulated profit from forward contracts		€ 4,255				€ 497
Proceeds from forward contracts						€ 2,647
Forward contract [Member]
Statement Line Items [Line Items]
Proceeds from forward contracts				€ 1,100
USD [Member]
Statement Line Items [Line Items]
Accumulated profit from forward contracts | $	$ 4,474				$ 597
USD [Member] | Forward contract [Member]
Statement Line Items [Line Items]
Proceeds from forward contracts | $			$ 1,300

XML

Trade and Other Receivables and Assets (Schedule of Trade and Other Receivables and Assets) (Details) - EUR (€) € in Thousands		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[2]
Other receivables
Government authorities		€ 2,306	€ 2,213
Income receivable		3,436	2,753
Interest receivable		153	38
Current tax		48	173
Current Maturities of loan to an equity accounted investee		3,165	1,236
Trade receivable		407	329
Forward contracts	[1]	580	2,028
Prepaid expenses and other		550	717
Total Current Assets and other receivables		10,645	9,487	[2]	€ 7,552
Long term receivables
Advance tax payment		1,078	903
Forward contracts	[1]	12	2,227
Annual rent deposits		30	35
Other		415	96
Total Non current Assets and Long term receivables		€ 1,535	€ 3,261

[1] In November 2016, the Company closed euro/USD forward contracts with an accumulated profit of approximately 4,255 thousand (approximately $4,474). Proceeds of approximately 2,647 were received during 2017 and the remaining proceeds of approximately 1,100 thousand (approximately $1,300) are expected to be received between May 2018 and March 2019 (depending on the relevant dates of the forward positions). In December 2017, the Company closed euro/USD forward contracts with an accumulated loss of approximately 497 thousand (approximately $597).

[2] Please refer to note 2C for functional and presentation currency.

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Investee Companies and other investments (Equity Accounted Investees) (Narrative) (Details) € in Thousands, ₪ in Thousands, $ in Thousands				1 Months Ended														12 Months Ended
	Oct. 01, 2017	Dec. 08, 2016 ILS (₪)	May 12, 2014 EUR (€)	Jan. 31, 2018 ILS (₪)	Jan. 31, 2018 EUR (€)	Jan. 31, 2017 ILS (₪)	Jan. 31, 2017 EUR (€)	Jul. 31, 2016 ILS (₪)	Jul. 31, 2016 EUR (€)	Jul. 25, 2016 ILS (₪)	Jul. 16, 2016	May 31, 2016 ILS (₪)	May 31, 2016 EUR (€)	Apr. 30, 2015 ILS (₪)	Apr. 30, 2015 EUR (€)	Jan. 27, 2011 ILS (₪)	Nov. 25, 2010	Dec. 31, 2017 ILS (₪)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016	Jan. 15, 2018	Dec. 31, 2017 USD ($)	Apr. 02, 2017 EUR (€)	Feb. 23, 2017 EUR (€)	Dec. 19, 2016	Jul. 25, 2016 EUR (€)	Apr. 30, 2015 EUR (€)	May 12, 2014 ILS (₪)	Jan. 27, 2011 EUR (€)	Dec. 31, 2010
Disclosure of associates [line items]
Annual interest rate																				3.50%		3.50%								3.43%
Dorad Energy Ltd [Member]
Disclosure of associates [line items]
Repayment of shareholders loan					€ 19,265		€ 12,330
Proceeds from subsidiaries					1,670		€ 407
Amount financial agreement guarantees by direct share					41,660
Amount financial agreement guarantees by indirect share					€ 3,853
Claims amount payment																								€ 183,368
Percentage of production increase																					6.00%
Bottom of range [Member]
Disclosure of associates [line items]
Annual interest rate																				1.60%		1.60%
Top of range [member]
Disclosure of associates [line items]
Annual interest rate																				3.50%		3.50%
First Option [Member]
Disclosure of associates [line items]
Option expiration term			12 months
Second Option [Member]
Disclosure of associates [line items]
Option expiration term			2 years
NIS [Member] | Dorad Energy Ltd [Member]
Disclosure of associates [line items]
Repayment of shareholders loan | ₪				₪ 80,000		₪ 50,000
Proceeds from subsidiaries | ₪				6,950		₪ 1,750
Amount financial agreement guarantees by direct share | ₪				173,000
Amount financial agreement guarantees by indirect share | ₪				₪ 16,000
Dorad Energy Ltd [Member]
Disclosure of associates [line items]
Percentage of share capital holds																	18.75%
Issued production licenses			20 years
License expiration date			May 11, 2034
Exercise price of option																											€ 4,953
Proportion of ownership interest																		9.375%	9.375%
Shareholders loans															€ 1,515
Annual interest rate																						3.00%
Senior debt																						5.50%
Repayment of shareholders loan									€ 82,000
Proceeds from subsidiaries									€ 7,030
Amount financial agreement guarantees by direct share																			€ 39,250
Amount financial agreement guarantees by indirect share																			€ 3,612
Percentage of average production reduced																									0.50%
Dorad Energy Ltd [Member] | Bottom of range [Member]
Disclosure of associates [line items]
Proportion of ownership interest												9.1875%	9.1875%	7.50%	7.50%
Dorad Energy Ltd [Member] | Top of range [member]
Disclosure of associates [line items]
Proportion of ownership interest												9.375%	9.375%	9.187%	9.187%
Dorad Energy Ltd [Member] | First Option [Member]
Disclosure of associates [line items]
Aggregate amount paid for exercise of option															€ 6,468
Dorad Energy Ltd [Member] | NIS [Member]
Disclosure of associates [line items]
Exercise price of option | ₪														₪ 21,600
Shareholders loans | ₪														6,607
Repayment of shareholders loan | ₪								₪ 350,000
Proceeds from subsidiaries | ₪								₪ 30,000
Amount financial agreement guarantees by direct share | ₪																		₪ 163,000
Amount financial agreement guarantees by indirect share | ₪																		₪ 15,000
Dorad Energy Ltd [Member] | NIS [Member] | First Option [Member]
Disclosure of associates [line items]
Aggregate amount paid for exercise of option | ₪														₪ 28,207
Dori Energy [Member]
Disclosure of associates [line items]
Percentage of share capital holds		50.00%	30.00%							10.00%						40.00%
Investment in subsidiaries																													€ 9,964
Increase percentage of holding share														49.00%	49.00%
Exercise price of option | ₪																												₪ 2,400
Acquire additional shares estimated fair value			€ 9,825
Amount of expense capitalized			€ 69
Proportion of ownership interest																		50.00%	50.00%	50.00%
Shareholders loans																			€ 13,025
Percentage decrease from Dorad Holding										10.00%
Dori Energy [Member] | First Option [Member]
Disclosure of associates [line items]
Increase percentage of holding share			49.00%
Dori Energy [Member] | Second Option [Member]
Disclosure of associates [line items]
Increase percentage of holding share												50.00%	50.00%
Percentage of certain regulatory approvals			50.00%
Aggregate amount paid for exercise of option													€ 657
Shareholders loans													€ 9
Dori Energy [Member] | NIS [Member]
Disclosure of associates [line items]
Investment in subsidiaries | ₪																₪ 50,000
Shareholders loans | ₪																		₪ 54,088
Consideration value of other secruities | ₪		₪ 70,000
Dori Energy [Member] | NIS [Member] | Second Option [Member]
Disclosure of associates [line items]
Aggregate amount paid for exercise of option | ₪												₪ 2,800
Shareholders loans | ₪												₪ 400
Dori Investment Agreement [Member]
Disclosure of associates [line items]
Percentage of share capital holds			40.00%
Acquire additional shares estimated fair value			€ 70
Zorlu Enerji Elektrik Uretim A.S [Member]
Disclosure of associates [line items]
Percentage of share capital holds											25.00%
Luzon Group [Member]
Disclosure of associates [line items]
Percentage of share capital holds		50.00%
Claims amount payment																							€ 218
Payment received for management and entrepreneurship services																										€ 11,900
Luzon Group [Member] | NIS [Member]
Disclosure of associates [line items]
Claims amount payment																							€ 906,400
Payment received for management and entrepreneurship services | ₪										₪ 49,400
Recovery of amounts committed | ₪										₪ 49,400
Eilat Ashkelon Infrastructure Services Ltd [Member]
Disclosure of associates [line items]
Percentage of share capital holds	37.50%
Zorly [Member] | USD [Member]
Disclosure of associates [line items]
Claims amount payment | $																						$ 140,000
Claims interest payment amount | $																						43,000
Dorad [Member] | USD [Member]
Disclosure of associates [line items]
Refund amount to Dorad | $																						$ 24,000
Edelcom Ltd [Member]
Disclosure of associates [line items]
Percentage of share capital holds										18.75%
U. Dori Group Ltd [Member]
Disclosure of associates [line items]
Percentage of share capital holds										50.00%

XML

Investee Companies and other investments (Schedule of Composition of Investments) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of associates [abstract]
Investment in shares	€ 18,515	€ 18,578
Long-term loans	9,860	11,468
Deferred interest	(720)	(773)
Investment in equity accounted investee	27,655	29,273	[1]	€ 31,216	[1]
Current Maturities of the long-term loans	3,165	1,236
Total investment composition	€ 30,820	€ 30,509		€ 34,028

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Schedule of Changes in Investments) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Changes in equity and loans:
Balance as at January 1	€ 30,509	€ 34,028
Exercise of the option to acquire additional shares		556
Grant of long term loans		154
Repayment of long term loans	(407)	(7,034)
Interest on long term loans	1,104	1,192
Deferred interest	54	51
Elimination of interest on loan from related party	(1,158)	(1,244)
The Company's share of income	1,531	1,375	[1]	€ 2,202	[1]
Foreign currency translation adjustments	(813)	1,425
Balance as at December 31	€ 30,820	€ 30,509		€ 34,028

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Summary of Information on Financial Position) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]	Dec. 31, 2014	[1]
Disclosure of associates [line items]
Current Assets	€ 42,569	€ 32,960	[1]	€ 30,790
Non-current assets	155,519	115,504	[1]	116,524
Total assets	198,088	148,464	[1]	147,314
Current liabilities	(11,283)	(10,558)	[1]	(9,275)
Non-current liabilities	109,305	53,535	[1]	51,597
Total liabilities	(120,588)	(64,093)	[1]	(60,872)
Equity attributable to the owners of the Company	78,641	85,072	[1]	86,686
Company's share	(77,500)	(84,371)	[1]	€ (86,442)		€ (77,479)
Carrying Amount of investment	€ 18,515	€ 18,578
Dori Energy [Member]
Disclosure of associates [line items]
Proportion of ownership interest	50.00%	50.00%
Current Assets	€ 8,013	€ 4,511
Non-current assets	47,959	50,036
Total assets	55,972	54,547
Current liabilities	(51)	(3,956)
Non-current liabilities	(26,006)	(21,628)
Total liabilities	26,057	(25,584)
Equity attributable to the owners of the Company	29,915	28,963
Company's share	14,958	14,481
Surplus Costs and goodwill	3,925	4,481
Other Adjustments	(367)	(384)
Carrying Amount of investment	€ 18,515	€ 18,578

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Summary of Information on Operating Results) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of associates [line items]
Income for the year	€ 13,636	€ 11,632	[1]	€ 12,446
Elimination of interest on loan from related party	1,158	1,244
Company's share of income of investee	€ 1,531	€ 1,375	[1]	€ 2,202
Dori Energy [Member]
Disclosure of associates [line items]
Rate of ownership as of December 31, 2017	50.00%	50.00%
Income for the year	€ 1,751	€ 490
Company's share	876	245
Elimination of interest on loan from related party	1,158	1,244
Other Adjustments	(503)	(114)
Company's share of income of investee	€ 1,531	€ 1,375

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Pumped Storage Projects) (Narrative) (Details) € in Thousands, ₪ in Thousands				1 Months Ended										12 Months Ended
	Jun. 02, 2017 EUR (€)	Mar. 03, 2017 EUR (€)	Nov. 03, 2014	Dec. 27, 2017 ILS (₪)	Dec. 27, 2017 EUR (€)	Jul. 31, 2014 ILS (₪)	Jul. 31, 2014 EUR (€)	May 20, 2014	Jan. 28, 2014	Jan. 19, 2014	Nov. 30, 2013 ILS (₪) Installment	Nov. 30, 2013 EUR (€) Installment	Jul. 17, 2013 ILS (₪)	Dec. 31, 2017 ILS (₪)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 ILS (₪)	Dec. 31, 2016 EUR (€)	Jul. 17, 2013 EUR (€)
Disclosure of subsidiaries [line items]
Amount of loan															€ 44,864		€ 17,737
Repayment of loan and accrued interest															(1,892)
NIS [Member] | Kochav Hayarden's [Member]
Disclosure of subsidiaries [line items]
Claims damages | ₪				₪ 4,238
Euro [Member] | Kochav Hayarden's [Member]
Disclosure of subsidiaries [line items]
Claims damages					€ 1,020
Euro [Member] | Kochav Pumped Storage [Member]
Disclosure of subsidiaries [line items]
Claims damages					1,020
Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Amount of Acquisition															825
Remaining amount of Acquisition															14,882
Pumped Storage Projects [Member] | NIS [Member]
Disclosure of subsidiaries [line items]
Amount of Acquisition | ₪																₪ 3,400
Remaining amount of Acquisition | ₪																₪ 61,800
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of share capital holds													24.00%
Amount of loan																		€ 164
Repayment of loan and accrued interest												€ 200
Additional compensation aggregate amount												€ 1,400
Number of installments | Installment											2	2
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member] | First Installment [Member]
Disclosure of subsidiaries [line items]
Compensation paid												€ 250
Compensation received							€ 260
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member] | Second Installment [Member]
Disclosure of subsidiaries [line items]
Compensation paid												€ 1,160
Compensation received															€ 1,249
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member]
Disclosure of subsidiaries [line items]
Amount of loan | ₪													₪ 770
Repayment of loan and accrued interest | ₪											₪ 1,000
Additional compensation aggregate amount | ₪											6,700
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member] | First Installment [Member]
Disclosure of subsidiaries [line items]
Compensation paid | ₪											1,200
Compensation received | ₪						₪ 1,200
Erez Electricity Ltd [Member] | Pumped Storage Projects [Member] | NIS [Member] | Second Installment [Member]
Disclosure of subsidiaries [line items]
Compensation paid | ₪											₪ 5,500
Compensation received | ₪														₪ 5,188
Galilee Development Cooperative Ltd. [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of acquire cooperatives holdings										24.75%
Ortam's holdings [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of acquire cooperatives holdings									24.75%	25.00%
EPC [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of acquire cooperatives holdings			50.00%					50.00%	50.00%	50.00%
Chashgal Elyon Ltd. [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of acquire cooperatives holdings								25.00%	25.00%
Electra's holdings [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of share capital holds			100.00%
Percentage of acquire cooperatives holdings			75.00%					24.75%
Sheva Mizrakot Ltd [Member] | Pumped Storage Projects [Member]
Disclosure of subsidiaries [line items]
Percentage of acquire cooperatives holdings			25.00%
Ellomay Pumped Storage [Member]
Disclosure of subsidiaries [line items]
Percentage of subsidiary owned																75.00%
Licence period																72 months
Ellomay Pumped Storage [Member] | NIS [Member] | Kochav Hayarden's [Member]
Disclosure of subsidiaries [line items]
Obligated post bond for damages	€ 2,000	€ 10,000
Kochav Pumped Storage [Member] | NIS [Member]
Disclosure of subsidiaries [line items]
Claims damages					€ 4,200

XML

Investee Companies and other investments (Schedule of Composition of Advances on Account of Investments) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of associates [line items]
Advances on account of investments	€ 8,000	€ 710	[1]
Manara Project [Member]
Disclosure of associates [line items]
Advances on account of investments	€ 825	€ 812

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Schedule of Composition of Financial Assets) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of associates [abstract]
Income receivable in connection with the Erez Electricity PSP	€ 1,249	€ 1,265
Composition of short-term and long-term financial assets	€ 1,249	€ 1,265	[1]	€ 4,470

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Subsidiaries Business Combinations) (Narrative) (Details) € in Thousands, ₪ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2017 ILS (₪)	Jul. 31, 2016 EUR (€)	Jul. 31, 2015 EUR (€)	Dec. 31, 2017 EUR (€) $ / shares	Dec. 31, 2017 ILS (₪)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)		Dec. 31, 2015 EUR (€)	[1]	Oct. 18, 2017 ILS (₪)	Oct. 18, 2017 EUR (€)	Jun. 30, 2017 EUR (€)	Apr. 30, 2017 EUR (€)	Dec. 31, 2010
Disclosure of subsidiaries [line items]
Amount of loan				€ 44,864		€ 44,864	€ 17,737
Fair value of identifiable assets acquired and liabilities assumed												€ 9,851
Revenue						€ 13,636	€ 11,632	[1]	€ 12,446
Weighted interest rate				3.50%		3.50%	3.50%								3.43%
Israel Electricity Authority [Member]
Disclosure of subsidiaries [line items]
Period of concession project					16 years	16 years
Weighted interest rate				5.90%		5.90%
Bottom of range [Member]
Disclosure of subsidiaries [line items]
Weighted interest rate				1.60%		1.60%	1.60%
Top of range [member]
Disclosure of subsidiaries [line items]
Weighted interest rate				3.50%		3.50%	3.50%
Euro [Member] | Groen Gas Oude-Tonge Anaerobic Digestion Project [Member]
Disclosure of subsidiaries [line items]
Amount of loan				€ 475		€ 475							€ 1,700
Percentage of Acquired additional interest subsidiaries	51.00%
Ellomay Spain S.L [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries			15.00%
Ellomay Spain S.L [Member] | Bottom of range [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries			85.00%
Ellomay Spain S.L [Member] | Top of range [member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries			100.00%
Ellomay Spain S.L [Member] | Euro [Member]
Disclosure of subsidiaries [line items]
Acquired additional interest of susidiaries			€ 775
Ellomay Luxembourg [Member] | Waste-to-energy [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries		51.00%
Ellomay Luxembourg [Member] | Groen Goor Anaerobic Digestion Project [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries		51.00%
Ludan [Member] | Waste-to-energy [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries		49.00%
Ludan [Member] | Groen Goor Anaerobic Digestion Project [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries					51.00%	51.00%
Ludan [Member] | Euro [Member] | Groen Goor Anaerobic Digestion Project [Member]
Disclosure of subsidiaries [line items]
Amount of loan		€ 2,000
Talasol [Member]
Disclosure of subsidiaries [line items]
Aggregate purchase price														€ 10,000
Talmei Yosef [Member]
Disclosure of subsidiaries [line items]
Percentage of Acquired additional interest subsidiaries	100.00%
Aggregate purchase price												€ 11,815	€ 9,476
Percentage of financed amount	100.00%
Period of plant operate					20 years	20 years
Electricity produced per KWP | $ / shares				€ 0.9631
Talmei Yosef [Member] | Operation of PV Plant [Member]
Disclosure of subsidiaries [line items]
Revenue						€ 183
Talmei Yosef [Member] | NIS [Member]
Disclosure of subsidiaries [line items]
Aggregate purchase price | ₪	₪ 39,000										₪ 48,625
Talmei Yosef [Member] | NIS [Member] | Operation of PV Plant [Member]
Disclosure of subsidiaries [line items]
Revenue | ₪					₪ 757

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Schedule of Identifiable Assets Acquired and Liabilities Assumed) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Oct. 18, 2017	Dec. 31, 2016	[1]	Dec. 31, 2015	[1]
Disclosure of associates [abstract]
Receivable from concessions project		€ 28,927
Intangible asset		5,505
Restricted cash		1,795
Long-term loan	€ (42,091)	(21,370)	€ (16,961)		€ (11,984)
Working Capital, net (excluding cash and cash equivalents)		(119)
Deferred tax		(4,887)
Total net identifiable assets		€ 9,851

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Schedule of Aggregate Cash Flows Derived) (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Oct. 18, 2017	Dec. 31, 2017	Dec. 31, 2016	[1]	Dec. 31, 2015	[1]
Disclosure of associates [abstract]
Cash and cash equivalents paid	€ 11,815
Less - cash and cash equivalents of the subsidiary	(1,964)
Total cash and cash equivalents	€ 9,851	€ 9,851

[1] Please refer to note 2C for functional and presentation currency.

XML

Investee Companies and other investments (Subsidiaries Regulatory Updates) (Narrative) (Details) (USD $) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Disclosure of associates [abstract]
Tax benefit recorded	$ 2,900

XML

Fixed assets (Narrative) (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017 EUR (€) Plants	Dec. 31, 2016 EUR (€)		Dec. 31, 2015 EUR (€)	[1]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	€ 78,837	€ 73,274	[1]	€ 72,564
Capitalized borrowing costs	336
Photovoltaic Plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	87,922
Biogas Installations [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	15,157
Biogas Installations [Member] | Major purchases of assets [member]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	€ 633
Italy and Spain [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Number of plants acquired | Plants	17
Depreciation expenses	€ 4,396
Italy [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	€ 48,555	52,122
Useful lives	20 years
Spain [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Fixed Assets	€ 15,214	€ 16,041
Useful lives	25 years
Netherlands [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expenses	€ 111
Useful lives	12 years

[1] Please refer to note 2C for functional and presentation currency.

XML

Fixed assets (Schedule of Fixed Assets) (Details) - EUR (€) € in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Balance	[1]	€ 73,274	€ 72,564
Balance		78,837	73,274	[1]
Photovoltaic Plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		87,922
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		93,171	88,049
Additions		10,081	5,122
Balance		103,252	93,171
Cost [Member] | Photovoltaic Plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		87,921	87,880
Additions		1	41
Balance		87,922	87,921
Cost [Member] | Biogas installation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		5,081
Additions		10,076	5,081
Balance		15,157	5,081
Cost [Member] | Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		117	117
Additions		4
Balance		121	117
Cost [Member] | Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		52	52
Additions
Balance		52	52
Depreciation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		19,897	15,485
Depreciation for the year		4,518	4,411
Effect of changes in exchange rates			1
Balance		24,415	19,897
Depreciation [Member] | Photovoltaic Plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		19,758	15,363
Depreciation for the year		4,396	4,394
Effect of changes in exchange rates			1
Balance		24,154	19,758
Depreciation [Member] | Biogas installation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance
Depreciation for the year		111
Effect of changes in exchange rates
Balance		111
Depreciation [Member] | Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		87	74
Depreciation for the year		11	13
Effect of changes in exchange rates
Balance		98	87
Depreciation [Member] | Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		52	48
Depreciation for the year		52	4
Effect of changes in exchange rates
Balance		52	52
Carrying Amounts [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		73,274	72,564
Balance		78,837	73,274
Carrying Amounts [Member] | Photovoltaic Plants [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		68,163	72,517
Balance		63,768	68,163
Carrying Amounts [Member] | Biogas installation [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		5,081
Balance		15,046	5,081
Carrying Amounts [Member] | Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance		30	43
Balance		23	30
Carrying Amounts [Member] | Leasehold Improvements [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance			4
Balance

[1] Please refer to note 2C for functional and presentation currency.

XML

Fixed assets (Schedule of Investment in Photovoltaic Plants) (Details) € in Thousands	12 Months Ended
	Dec. 31, 2017 EUR (€) kW	Dec. 31, 2016 EUR (€)	[1]	Dec. 31, 2015 EUR (€)	[1]
Disclosure of detailed information about property, plant and equipment [line items]
Investments in photovoltaic plants	€ 78,837	€ 73,274		€ 72,564
Troia 8 [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	995.67
Connection to Grid	January 2011
Investments in photovoltaic plants	€ 3,502
Troia 9 [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	995.67
Connection to Grid	January 2011
Investments in photovoltaic plants	€ 3,478
Del Bianco [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	734.40
Connection to Grid	April 2011
Investments in photovoltaic plants	€ 2,096
Giache [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	730.01
Connection to Grid	April 2011
Investments in photovoltaic plants	€ 2,767
Costantini [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	734.40
Connection to Grid	April 2011
Investments in photovoltaic plants	€ 2,115
Massaccesi [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	749.7
Connection to Grid	April 2011
Investments in photovoltaic plants	€ 2,750
Galatina [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	994.43
Connection to Grid	May 2011
Investments in photovoltaic plants	€ 4,131
Pedale [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	2,993
Connection to Grid	May 2011
Investments in photovoltaic plants	€ 11,254
Acquafresca [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	947.6
Connection to Grid	June 2011
Investments in photovoltaic plants	€ 3,165
D'Angella [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	930.5
Connection to Grid	June 2011
Investments in photovoltaic plants	€ 3,119
Soleco[Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	5,924
Connection to Grid	August 2011
Investments in photovoltaic plants	€ 15,335
Technoenergy [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	5,900
Connection to Grid	August 2011
Investments in photovoltaic plants	€ 15,196
Ellomay Spain - Rinconada II [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	2,275
Connection to Grid	June 2010
Investments in photovoltaic plants	€ 5,509
Rodriguez I [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	1,675
Connection to Grid	November 2011
Investments in photovoltaic plants	€ 3,662
Rodriguez II [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	2,691
Connection to Grid	November 2011
Investments in photovoltaic plants	€ 6,631
Fuente Librilla [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Nominal Capacity | kW	1,248
Connection to Grid	June 2011
Investments in photovoltaic plants	€ 3,212

[1] Please refer to note 2C for functional and presentation currency.

XML

Other Payables (Schedule of Other Payables) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of Other Payables [Abstract]
Employees and payroll accruals	€ 241	€ 249
Government authorities	227	169
SWAP and forward related balances	121	479
Accrued expenses	1,414	973
Current tax	184	1,249
Total Other Current Payables	€ 2,187	€ 3,119	[1]	€ 2,954

[1] Please refer to note 2C for functional and presentation currency.

XML

Current maturities of long term loans (Schedule of Current Maturities of Long Term Loans) (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of detailed information about borrowings [line items]
Current maturities of long term loans		€ 3,103	€ 1,094	[1]	€ 1,040
Linkage terms	3 months EURIBOR	EURIBOR
Interest rate	3.43%	3.50%	3.50%
Consumer price index in Israel [Member]
Disclosure of detailed information about borrowings [line items]
Current maturities of long term loans		€ 1,455
Linkage terms		Consumer price index in Israel
Interest rate		4.65%
Bottom of range [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate		1.60%	1.60%
Top of range [member]
Disclosure of detailed information about borrowings [line items]
Interest rate		3.50%	3.50%

[1] Please refer to note 2C for functional and presentation currency.

XML

Finance Lease Obligation (Narrative) (Details) - EUR (€) € in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2012	Dec. 31, 2011	Dec. 30, 2010
Disclosure of maturity analysis of finance lease payments receivable [line items]
Annual interest rate	3.43%	3.50%	3.50%
Term of leasing agreements	17 Years
Linkage terms	3 months EURIBOR	EURIBOR
Euro [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Financial leasing agreement	€ 6,000
Aggregate amount received under leasing agreement drawdowns				€ 819	€ 5,000
Net of expenses capitalized amount					€ 1,142
Italian Subsidiaries One [Member] | Euro [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Financial leasing agreement	3,000
Monthly lease payment	€ 20
Italian Subsidiaries Two [Member] | Euro [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Financial leasing agreement						€ 3,000
Monthly lease payment						€ 20

XML

Finance Lease Obligation (Schedule of Finance Lease Obligation) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2010
Disclosure of recognised finance lease as assets by lessee [abstract]
Leasing institution	€ 4,020	€ 4,338
Current maturities	330	318
Leasing institution-long term	€ 3,690	€ 4,020
Linkage terms	EURIBOR	EURIBOR
Interest rate	3.50%	3.50%	3.43%

XML

Finance Lease Obligation (Schedule of Finance Lease Obligation Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	€ 3,690	€ 4,020
Current maturities	330	318
Finance lease obligation	4,020	4,338
Second year [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	342	329
Third year [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	354	342
Fourth year [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	366	354
Fifth year [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	379	366
Sixth year and thereafter [Member]
Disclosure of maturity analysis of finance lease payments receivable [line items]
Finance lease obligations	€ 2,249	€ 2,629

XML

Long-term Loans (Narrative) (Details) € in Thousands, ₪ in Thousands	1 Months Ended				12 Months Ended
	Jun. 29, 2015 EUR (€)	Dec. 24, 2014 ILS (₪)	May 16, 2012 ILS (₪)	Feb. 17, 2011 EUR (€)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)	Dec. 31, 2014 ILS (₪)	Dec. 31, 2013 ILS (₪)	May 16, 2012 EUR (€)	Nov. 30, 2011 EUR (€)	Dec. 31, 2010
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 44,864	€ 17,737
Accruing interest increase margin					EURIBOR	EURIBOR
Interest rate					3.50%	3.50%					3.43%
Manara Project [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 776
Manara Project [Member]
Disclosure of detailed information about borrowings [line items]
Maturity date					December 31, 2020
Proportion of ownership interest					75.00%
Sheva Mizrakot Ltd [Member]
Disclosure of detailed information about borrowings [line items]
Proportion of ownership interest					25.00%
Goor Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Maturity period					12 years 3 months
Goor Loan Agreement [Member] | Fifth year [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate					3.00%
Israeli consortium Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Maturity date			December 31, 2031
Interest rate			4.65%						4.65%
Euro [Member] | Goor Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Amount Withdrawn from loan account					€ 5,600
Euro [Member] | Goor Loan Agreement [Member] | Tranche One [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					3,510
Euro [Member] | Goor Loan Agreement [Member] | Tranche Two [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 2,090
Interest rate					2.50%
Euro [Member] | Oude Tonge Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
On-call Credit facility					€ 100
Euro [Member] | Oude Tonge Loan Agreement [Member] | Tranche One [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 3,150
Interest rate					3.10%
Maturity period					12 years 2 months 30 days
Amount Withdrawn from loan account					€ 3,150
Euro [Member] | Oude Tonge Loan Agreement [Member] | Tranche Two [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 1,700
Interest rate					3.10%
Maturity period					12 years 2 months 30 days
Amount Withdrawn from loan account					€ 3,150
Euro [Member] | Ludan and Ellomay Luxemburg [Member]
Disclosure of detailed information about borrowings [line items]
Description of Debt Equity ratio and holdings					that Groen Goor will not make distributions or repurchase its shares so long as the equity to debt ratio of Groen Goor is less than 40%, (c) that in the event the equity to debt ratio of Groen Goor and Groen Gas Oude Tonge will be below 40%, its shareholders will invest the equity required in order to increase this ratio to 40%, pro rata to their holdings in Groen Goor and Groen Gas Oude Tonge and up to a maximum of Euro 1.2 million,
Euro [Member] | Israeli consortium Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement									€ 0
NIS [Member] | Israeli consortium Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement | ₪		₪ 25,000	₪ 80,000
Maturity date		June 30, 2028
Interest rate		4.52%
Amount Withdrawn from loan account | ₪							₪ 20,000	₪ 60,000
Senior Loan [Member]
Disclosure of detailed information about borrowings [line items]
Accruing interest increase margin				200 basis points per annum
Maturity date				December 31, 2027
Senior Loan [Member] | Euro [Member]
Disclosure of detailed information about borrowings [line items]
Percentage of Senior loan relevant to amount				80.00%
Loan agreement				€ 4,100						€ 3,800
Related expenses capitalized to loan										€ 170
Percentage of Payment of Commitment fees										0.50%
UBI Banca [Member]
Disclosure of detailed information about borrowings [line items]
Maturity date	December 31, 2029
Interest rate	2.85%
UBI Banca [Member] | Euro [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement	€ 10,271
Related expenses capitalized to loan	€ 409
Credit Facility [Member] | Euro [Member] | Goor Loan Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Loan agreement					€ 370

XML

Long-term Loans (Schedule of Long-Term Loans) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2010
Disclosure of detailed information about borrowings [line items]
Bank loans	€ 19,661	€ 15,706
Other long-term loans	4,384	2,031
Total of long term loans	€ 44,864	€ 17,737
Linkage terms	EURIBOR	EURIBOR
Interest rate	3.50%	3.50%	3.43%
Other long-term loans [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate		3.05%
Bottom of range [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	1.60%	1.60%
Bottom of range [Member] | Bank Loan [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	1.60%	1.60%
Bottom of range [Member] | Other long-term loans [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	2.50%
Top of range [member]
Disclosure of detailed information about borrowings [line items]
Interest rate	3.50%	3.50%
Top of range [member] | Bank Loan [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	3.00%	2.85%
Top of range [member] | Other long-term loans [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	5.00%
Consumer price index in Israel [Member]
Disclosure of detailed information about borrowings [line items]
Bank loans	€ 20,820
Linkage terms	Consumer price index in Israel
Interest rate	4.65%

XML

Long-term Loans (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Oct. 18, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	€ 42,091	€ 21,370	€ 16,961	[1]	€ 11,984
Current maturities	2,773		776
Long-term loans	44,864		17,737
Second year [Member]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	3,403		1,203
Third year [Member]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	3,584		1,206
Fourth year [Member]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	3,712		1,233
Fifth year [Member]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	3,795		1,642
Sixth year and thereafter [Member]
Disclosure of detailed information about borrowings [line items]
Total of long term loans	€ 27,597		€ 11,677

[1] Please refer to note 2C for functional and presentation currency.

XML

Long-term Loans (Schedule of Movement in Liabilities Deriving from Financing Activities) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of detailed information about borrowings [line items]
Balance as at January 1, 2017	€ 55,865
Changes from financing cash flows
Loan from business combination	21,370
Proceeds from issue of convertible debentures	31,175		[1]
Payment of Debentures	(4,842)	(4,954)	[1]	€ (4,717)
Receipt of loans	7,443
Repayment of loans	(1,892)
Accrued interest	161
Payment of finance lease liability	(332)
Transaction costs related to borrowings	499
Total net financing cash flows	109,447
Effect of changes in foreign exchange rates	(2,932)
Balance as at December 31, 2017	106,515	55,865
Loans and borrowings [Member]
Disclosure of detailed information about borrowings [line items]
Balance as at January 1, 2017	17,737
Changes from financing cash flows
Loan from business combination	21,370
Proceeds from issue of convertible debentures
Payment of Debentures
Receipt of loans	7,443
Repayment of loans	(1,892)
Accrued interest	161
Payment of finance lease liability
Transaction costs related to borrowings	165
Total net financing cash flows	44,984
Effect of changes in foreign exchange rates	(120)
Balance as at December 31, 2017	44,864	17,737
Convertible debentures [Member]
Disclosure of detailed information about borrowings [line items]
Balance as at January 1, 2017	33,790
Changes from financing cash flows
Loan from business combination
Proceeds from issue of convertible debentures	31,175
Payment of Debentures	(4,842)
Receipt of loans
Repayment of loans
Accrued interest
Payment of finance lease liability
Transaction costs related to borrowings	320
Total net financing cash flows	60,443
Effect of changes in foreign exchange rates	(2,812)
Balance as at December 31, 2017	57,631	33,790
Finance lease liability [Member]
Disclosure of detailed information about borrowings [line items]
Balance as at January 1, 2017	4,338
Changes from financing cash flows
Loan from business combination
Proceeds from issue of convertible debentures
Payment of Debentures
Receipt of loans
Repayment of loans
Accrued interest
Payment of finance lease liability	(332)
Transaction costs related to borrowings	14
Total net financing cash flows	4,020
Effect of changes in foreign exchange rates
Balance as at December 31, 2017	€ 4,020	€ 4,338

[1] Please refer to note 2C for functional and presentation currency.

XML

Debentures (Narrative) (Details) ₪ / shares in Units, € in Thousands, ₪ in Thousands, $ in Thousands			1 Months Ended						12 Months Ended
	Mar. 14, 2017 ILS (₪)	Mar. 14, 2017 EUR (€)	Sep. 30, 2018	Jun. 30, 2018	Jun. 19, 2014 ILS (₪)	Jun. 19, 2014 EUR (€)	Jan. 31, 2014 ILS (₪) ₪ / shares	Jan. 31, 2014 EUR (€)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)		Dec. 31, 2015 EUR (€)	[1]	Dec. 31, 2017 USD ($)	Dec. 31, 2017 ILS (₪)	Dec. 31, 2017 EUR (€)	Nov. 14, 2017	Mar. 14, 2017 EUR (€)	Dec. 31, 2014 EUR (€)	[1]	Jun. 19, 2014 USD ($)	Jun. 19, 2014 ILS (₪) ₪ / shares	Jun. 19, 2014 EUR (€)	Jan. 31, 2014 EUR (€)	Dec. 31, 2010
Disclosure of detailed information about financial instruments [line items]
Principal amount of unsecured non convertible debentures										€ 33,806						€ 57,631
Net proceeds from offering									€ 31,175		[1]
Interest rate										3.50%				3.50%	3.50%	3.50%									3.43%
Equity										€ 84,371	[1]	€ 86,442				€ 77,500			€ 77,479
Bottom of range [Member]
Disclosure of detailed information about financial instruments [line items]
Interest rate										1.60%				1.60%	1.60%	1.60%
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate										3.50%				3.50%	3.50%	3.50%
Series A Debentures [Member]
Disclosure of detailed information about financial instruments [line items]
Principal amount of unsecured non convertible debentures																							€ 17,115	€ 25,170
Gross proceeds from offering						€ 17,286		€ 24,490
Net proceeds from offering						€ 16,808		€ 24,059
Interest rate																					4.60%	4.60%	4.60%
Obligation to pay additional interest																					1.00%	1.00%	1.00%
Amount of distribution of equity | $																					$ 75,000
Percentage of distributable profit																					75.00%	75.00%	75.00%
Equity | $														$ 55,000
Series A Debentures [Member] | Bottom of range [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of equity on consolidated basis														20.00%	20.00%	20.00%
Series A Debentures [Member] | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of equity on consolidated basis														65.00%	65.00%	65.00%
Series A Debentures [Member] | NIS [Member]
Disclosure of detailed information about financial instruments [line items]
Principal amount of unsecured non convertible debentures | ₪							₪ 120,000															₪ 80,341
Debenture issued per unit price | ₪ / shares							₪ 973															₪ 1,010
Principal amount of each unit comprised | ₪							₪ 1,000
Gross proceeds from offering | ₪					₪ 81,144		116,760
Net proceeds from offering | ₪					₪ 78,900		₪ 114,700
Series B Debentures [Member]
Disclosure of detailed information about financial instruments [line items]
Principal amount of unsecured non convertible debentures																		€ 31,700
Net proceeds from offering		€ 31,200
Interest rate	3.44%																	3.44%
Equity | $														$ 55,000
Debentures payable term	Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The interest on the Series B Debentures is payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive).	Series B Debentures is repayable in six (6) annual installments as follows: on June 30 of each of the years 2019-2022 (inclusive) 15% of the Principal shall be paid, and on June 30 of each of 2023-2024 (inclusive) 20% of the Principal shall be paid, and is not linked to the CPI or otherwise. The interest on the Series B Debentures is payable semi-annually on June 30 and December 31 of each of the years 2017 through June 30, 2024 (inclusive).
Increase in percentage of interest	1.00%	1.00%
Increase in interest percentage due to security rating	1.75%	1.75%
Notional amount																€ 20,043
Series B Debentures [Member] | Net Financial Debt [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of immediate repayment provision			60.00%	65.00%
Percentage of interest increase provision			55.00%	60.00%
Series B Debentures [Member] | Company's balance sheet [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of immediate repayment provision			25.00%	20.00%
Percentage of interest increase provision			30.00%	25.00%
Series B Debentures [Member] | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate																	0.25%
Series B Debentures [Member] | NIS [Member]
Disclosure of detailed information about financial instruments [line items]
Principal amount of unsecured non convertible debentures | ₪	₪ 123,232
Gross proceeds from offering | ₪	123,232
Net proceeds from offering | ₪	₪ 121,400
Notional amount | ₪															₪ 83,232

[1] Please refer to note 2C for functional and presentation currency.

XML

Debentures (Schedule of Debentures) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of detailed information about financial instruments [line items]
Debentures	€ 57,631	€ 33,806
Less current maturities	(4,644)	(4,744)	[1]	€ (4,482)
Total long-term debentures	52,987	29,046	[1]	€ 32,226
Face value
Disclosure of detailed information about financial instruments [line items]
Debentures	58,623	34,687
Less current maturities	4,825	4,955
Total long-term debentures	53,798	29,732
Carrying amount [Member]
Disclosure of detailed information about financial instruments [line items]
Debentures	57,631	33,790
Less current maturities	4,644	4,744
Total long-term debentures	€ 52,987	€ 29,046

[1] Please refer to note 2C for functional and presentation currency.

XML

Debentures (Schedule of Aggregate Annual Maturities) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	€ 52,987	€ 29,046	[1]	€ 32,226
Current maturities	4,644	4,744	[1]	€ 4,482
Long-term loans	57,631	33,806
Second year [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	8,977	4,769
Third year [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	9,084	4,796
Fourth year [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	9,129	4,822
Fifth year [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	9,171	4,854
Sixth year and thereafter [Member]
Disclosure of detailed information about financial instruments [line items]
Long-term debentures	€ 16,626	€ 9,821

[1] Please refer to note 2C for functional and presentation currency.

XML

Other Long-term Liabilities (Schedule of Other Long-Term Liabilities) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of other long-term liabilities [Abstract]
Government authorities	€ 239	€ 299
Derivatives	4,312	2,326
Liabilities for employees benefits	4	2
Other long-term liabilities	€ (4,555)	€ (2,627)	[1]	€ (2,291)

[1] Please refer to note 2C for functional and presentation currency.

XML

Commitments and Contingent Liabilities (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
Disclosure of finance lease and operating lease by lessee [line items]
Lease Expire dates	September 2020
Bottom of range [Member] | PV Plants [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Operating lease agreements (Years)	20 Years
Lease Expire dates	2031
Top of range [member] | PV Plants [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Operating lease agreements (Years)	25 Years
Lease Expire dates	2036

XML

Commitments and Contingent Liabilities (Schedule of Minimum Lease Payments) (Details) € in Thousands	Dec. 31, 2017 EUR (€)
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	€ 6,141
2018 [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	438
2019 [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	438
2020 [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	417
2021 Member]
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	355
2022 and thereafter [Member]
Disclosure of finance lease and operating lease by lessee [line items]
Total minimum lease payments	€ 4,493

XML

Transactions and Balances with Related Parties (Narrative) (Details) - Kanir and Meisaf [Member] € in Thousands, $ in Thousands	1 Months Ended
	Jun. 30, 2013 USD ($)	Jun. 30, 2013 EUR (€)	Dec. 30, 2008 USD ($)
Disclosure of transactions between related parties [line items]
Aggregate annual services fee		€ 334	$ 250
USD [Member]
Disclosure of transactions between related parties [line items]
Aggregate annual services fee	$ 400

XML

Transactions and Balances with Related Parties (Schedule of Compensation to Individuals Employed by Company) (Details) - Director [Member] € in Thousands		12 Months Ended
		Dec. 31, 2017 EUR (€) People	Dec. 31, 2016 EUR (€) People		Dec. 31, 2015 EUR (€) People
Disclosure of transactions between related parties [line items]
Number of people for short-term employee Benefits | People		2	2	[1]	4	[1]
Number of people for post employment Benefits | People		2	2	[1]	4	[1]
Number of people for Share-based payments | People		2	2	[1]	2	[1]
Short-term employee Benefits | €		€ 377	€ 368		€ 557
Post-employment Benefits | €		57	89		68
Share-based payments | €	[2]

[1] Including retired employees that were not employed throughout the entire year

[2] Less than 1 thousand

XML

Transactions and Balances with Related Parties (Schedule of Compensation to Individuals not Employed by Company) (Details) - Non Employed [Member] € in Thousands		12 Months Ended
		Dec. 31, 2017 EUR (€) People	Dec. 31, 2016 EUR (€) People	Dec. 31, 2015 EUR (€) People
Disclosure of transactions between related parties [line items]
Number of people for compensation not employed by the company | People		3	3	3	[1]
Number of people for share-based payments | People		3	3	3	[1]
Total compensation to directors not employed by the company | €		€ 35	€ 63	€ 61
Share-based payments | €	[2]	€ 14	€ 3	€ 6

[1] Including Board members that did not serve throughout the entire year

[2] Less than 1 thousand

XML

Transactions and Balances with Related Parties (Schedule of Debts and Loans to Related and Interested Parties) (Details) - EUR (€) € in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2010
Disclosure of transactions between related parties [line items]
Interest rate		3.50%	3.50%		3.43%
Linkage base		EURIBOR	EURIBOR
Dori Energy [Member]
Disclosure of transactions between related parties [line items]
Interest rate	[1]	8.50%
Linkage base		NIS+CPI
Debts and loans to related and intrested parites		€ 13,025	€ 12,704
Interest income recognized in statement of income		€ 1,158	€ 1,243	€ 1,247

[1] See note 6A

XML

Equity (Narrative) (Details) $ / shares in Units, € in Thousands, $ in Thousands	1 Months Ended				12 Months Ended
	Aug. 31, 2015 USD ($) shares	Aug. 31, 2015 EUR (€) shares	Mar. 18, 2015	Aug. 31, 2013 $ / shares shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares	Dec. 31, 2017 EUR (€) shares	May 31, 2017 EUR (€)	Jun. 30, 2015 shares	May 31, 2015 EUR (€)
Disclosure of classes of share capital [line items]
Number of ordinary shares exercise of employee share options					3,000	3,000	3,000
Maximum dividend paid			33.00%		0.00%	0.00%
Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Treasury shares					258,046	256,184	254,666	258,046
Warrant issued to purchase ordinary shares										15,335
Fair value of exercise of employee share options | $	$ 1,201
Number of ordinary shares exercise of employee share options	140,193	140,193
Repurchase of ordinary shares					172,391			172,391
Amount of ordinary shares repurchased | $					$ 1,477
Ordinary Shares [Member] | Euro [Member]
Disclosure of classes of share capital [line items]
Fair value of exercise of employee share options | €		€ 1,070
Amount of ordinary shares repurchased | €								€ 1,332
Ordinary Shares [Member] | Mr. Zohar Zisapel [Member]
Disclosure of classes of share capital [line items]
Warrant issued to purchase ordinary shares				308,427
Exercise price of warrant | $ / shares				$ 7.97
Exercise warrant period				12 month
Proportion of ownership interest				4.99%
Ordinary Shares [Member] | Director [Member]
Disclosure of classes of share capital [line items]
Amount of ordinary shares repurchased | €											€ 3,000
Ordinary Shares [Member] | Director [Member] | Euro [Member]
Disclosure of classes of share capital [line items]
Amount of ordinary shares repurchased | €									€ 2,700

XML

Equity (Schedule of Composition of Share Capital) (Details) - ₪ / shares		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of classes of share capital [abstract]
Ordinary shares of NIS 10 par value, Authorized		17,000,000	17,000,000	17,000,000
Ordinary shares of NIS 10 par value, Outstanding	[1]	10,675,508	10,677,370	10,678,888
Ordinary shares par value		₪ 10	₪ 10	₪ 10

[1] Net of treasury shares as follows: 258,046 Ordinary shares as of December 31, 2017, 256,184 Ordinary shares as of December 31, 2016 and 254,666 Ordinary shares as of December 31, 2015, all of which have been purchased according to share buyback programs that were authorized the Company's Board of Directors.

XML

Share-Based Payment (Narrative) (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2000 shares	Dec. 31, 1998 shares	Dec. 31, 2017 USD ($) shares yr	Dec. 31, 2016 USD ($) shares yr	Dec. 31, 2015 USD ($) shares yr	Dec. 31, 2017 EUR (€) shares yr	Dec. 31, 2016 EUR (€) shares yr	Dec. 31, 2015 EUR (€) shares yr	Dec. 31, 2014 EUR (€) shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock option reserve for grant			3,000	3,000	3,000
Options outstanding			25,502	22,502	19,502	25,502	22,502	19,502	157,821
Exericse prices for share options outstanding | €						€ 7.54	€ 7.34	€ 7.19	€ 8.26
Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life outstanding | yr				4.1	4.95		4.1	4.95
Exericse prices for share options outstanding | $			$ 4.7	$ 4.7	$ 4.7
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Weighted average remaining contractual life outstanding | yr			5.72	8.1	8.5	5.72	8.1	8.5
Exericse prices for share options outstanding | $			$ 9.37	$ 9.37	$ 9.37
1998 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock option expiration term		10 Years
Stock option reserve for grant		75,000
Stock option expiration date		December 8, 2008
Stock option extended expiration date		December 8, 2018
Options outstanding			25,502			25,502
Ordinary shares available for future grants			32,083			32,083
1998 Plan [Member] | Director [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock option reserve for grant			3,000	3,000	3,000
2000 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Stock option expiration term	10 years
Stock option reserve for grant	200,000
Stock option expiration date	August 31, 2018
Stock option vesting term	over a three year period
Percentage of exercise price	80.00%
Ordinary shares available for future grants			595,009			595,009

XML

Share-Based Payment (Schedule of Expenses Recognized in Financial Statements) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Expenses arising from share-based payment transactions	€ 5	€ 3	€ 7

XML

Share-Based Payment (Schedule of Black-Scholes Options Pricing Model) (Details) - yr	1 Months Ended	12 Months Ended
	Mar. 18, 2015	Dec. 31, 2017	Dec. 31, 2016
Disclosure of terms and conditions of share-based payment arrangement [line items]
Dividend yield	33.00%	0.00%	0.00%
Expected volatility		0.342%	0.332%
Risk-free interest		1.34%	0.67%
Bottom of range [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life (in years)		2	2
Top of range [member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Expected life (in years)		3	3

XML

Share-Based Payment (Schedule of Weighted Average Fair Values and Exercise Price) (Details) - EUR (€)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Weighted average exercise prices	€ 9.02	€ 8.3	€ 8.96
Weighted average fair value on grant date	€ 1.8	€ 1.6

XML

Share-Based Payment (Schedule of Number and Weighted Average Exercise Prices of Share Options) (Details)	12 Months Ended
	Dec. 31, 2017 EUR (€) shares	Dec. 31, 2016 EUR (€) shares	Dec. 31, 2015 EUR (€) shares
Number of Options
Outstanding at beginning of year | shares	22,502	19,502	157,821
Granted | shares	3,000	3,000	3,000
Exercised | shares			(140,193)
Expired | shares			(1,126)
Outstanding at end of year | shares	25,502	22,502	19,502
Exercisable at end of year | shares	22,502	18,502	18,502
Weighted Average Exercise Price
Outstanding at beginning of year | €	€ 7.34	€ 7.19	€ 8.26
Granted | €	9.02	8.3	8.96
Exercised | €			8.33
Expired | €			8.4
Outstanding at end of year | €	7.54	7.34	7.19
Exercisable at end of year | €	€ 22,502	€ 7.19	€ 7.1

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Schedule of Financing Income) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Interest income	€ 1,333	€ 263	€ 235
Change in fair value of derivatives, net		636	3,192
Forward gain			1,826
Total financing income	€ 1,333	€ 899	€ 5,253

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (Loss) (Schedule of Financing Expenses) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Change in fair value of derivatives	€ 3,156
Swap interest	110	607	401
Debentures interest and related expenses	2,753	1,990	2,206
Interest on loans	776	504	324
Loss from exchange rate differences, net	3,586	81	98
Bank charges and other commissions	180	151	148
Total financing expenses	€ 10,561	€ 3,333	€ 3,177

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (Schedule of Costs and Depreciation) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Depreciation	€ 4,518	€ 4,411	[1]	€ 4,428	[1]
Professional services	210	104		106
Annual rent	267	233		235
Operating and maintenance services	1,574	1,287		1,348
Insurance	203	194		197
Other	295	264		685
Total operating costs	€ 7,067	€ 6,493		€ 6,999

[1] Please refer to note 2C for functional and presentation currency.

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (General and Administrative Expenses) (Details) - EUR (€) € in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Salaries and related compensation		€ 1,030	€ 1,027		€ 1,313
Professional services		1,255	1,480		1,455
Other		135	(475)		(440)
Total general and administrative expenses	[1]	€ 2,420	€ 2,032	[2]	€ 2,328	[2]

[1] Reclassified - See note 2

[2] Please refer to note 2C for functional and presentation currency.

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (Other Income (Expense), Net) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Other income in connection with the Erez electricity pumped storage project (see Note 6)	€ 18	€ 56		€ 14
Reevaluation of option to acquire additional shares				4
Other		34
Total other income, net	€ 18	€ 90	[1]	€ 18	[1]

[1] Please refer to note 2C for functional and presentation currency.

XML

Details of the Statements of Profit or Loss and Other Comprehensive Income (Revenues) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Details Of Statements Of Profit Or Loss And Other Comprehensive Income Schedule Of Costs And Depreciation Details
Revenues from the sale of solar electricity	€ 13,150	€ 11,632	€ 12,446
Revenues from the sale of gas and power produced by anaerobic digestion plants	303
Revenues from concessions project	183
Total Revenues	€ 13,636	€ 11,632	€ 12,446

XML

Taxes on Income (Narrative) (Details) € in Thousands, $ in Thousands		1 Months Ended			12 Months Ended
	Jan. 04, 2016	Jan. 31, 2018	Jan. 31, 2017	Dec. 22, 2016	Dec. 31, 2017 EUR (€)	Dec. 31, 2016	Dec. 31, 2015 USD ($)	Dec. 31, 2015 EUR (€)
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					24.00%	25.00%	26.50%	26.50%
Tax rate reduced	1.5% to a rate of 25%			Reduced from 25% to 23% in two steps
Tax loss carryforwards					€ 37,620
Unrecognized tax benefits | $							$ 2,900
Tax benefit								€ 2,900
Reduced tax benefit					€ 500
Changes in tax rates or tax laws enacted or announced [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate reduced		23%	24%
Luxembourg taxation [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					29.22%
Italian taxation [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					27.50%
Tax rate reduced					Starting from 2017 the IRES rate is reduced to 24%
Italian taxation [Member] | Resident and Non-Resident [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Tax rate reduced					only on income arising in Italy at the rate from 0% to 4.82%
Spanish taxation [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					30.00%
Tax rate reduced					an aggregate turnover of less than EUR 10 million, pay a tax rate of 25%
Spanish taxation [Member] | Subsidiaries [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					25.00%
Israel [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Corporate tax rates					24.00%	25.00%	26.50%	26.50%

XML

Taxes on Income (Schedule of Composition of Income Tax Benefit (Taxes on Income)) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Current tax income (expense)
Current year	€ (494)	€ (252)		€ (375)
Previous years	1,044	(67)		796
Total current tax income (expense)	550	(319)		421
Deferred tax income
Creation and reversal of temporary differences	(922)	(250)		1,318
Tax benefit (taxes on income)	€ (372)	€ (569)	[1]	€ 1,739	[1]

[1] Please refer to note 2C for functional and presentation currency.

XML

Taxes on Income (Schedule of Theoretical Tax) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Major components of tax expense (income) [abstract]
Profit (loss) before taxes on income	€ (6,269)	€ (63)	[1]	€ 6,371	[1]
Primary tax rate of the Company	24.00%	25.00%		26.50%
Tax on income	€ 1,505	€ 16		€ (1,688)
Profit (loss) subject to different tax rate	(106)	(15)		(265)
Creation of (changes in) deferred taxes for tax losses and benefits from previous years for which deferred taxes were not created in the past	(448)			2,441
Neutralization of tax calculated in respect of the Company's share in profits of equity accounted investees	367	344		5
Change in temporary differences for which deferred tax were not recognized	(359)	(347)		832
Current year tax losses and benefits for which deferred taxes were not created, reserve of uncertain tax position and others	(1,142)	(378)		511
Taxes in respect to previous years and others	(189)	(189)		(97)
Tax benefit (taxes on income)	€ (372)	€ (569)	[1]	€ 1,739	[1]

[1] Please refer to note 2C for functional and presentation currency.

XML

Taxes on Income (Schedule of Deferred Taxes) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	€ 1,604	€ 1,854
Changes recognized due to business combination	(4,887)
Changes recognized in profit or loss	(922)	(250)
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	(4,205)	1,604
Financial assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	(1,279)	(1,184)
Changes recognized due to business combination	(7,678)
Changes recognized in profit or loss	1,565	(95)
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	(7,392)	(1,279)
Fixed Assets [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	(3,061)	(3,019)
Changes recognized due to business combination
Changes recognized in profit or loss	(117)	(42)
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	(3,178)	(3,061)
Finance Lease Obligations And Long Term Loans [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	2,104	2,020
Changes recognized due to business combination
Changes recognized in profit or loss	(84)	(46)
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	2,020	2,104
Swap contract [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	178	139
Changes recognized due to business combination
Changes recognized in profit or loss	(61)	39
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	117	178
Losses on Income [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Balance of deferred tax asset (liability) Beginning	3,662	3,768
Changes recognized due to business combination	2,791
Changes recognized in profit or loss	(2,225)	106
Changes recognized in other comprehensive income
Balance of deferred tax asset (liability) Ending	€ 4,228	€ 3,662

XML

Earnings Per Share (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) - EUR (€) € / shares in Units, € in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Earnings per share [abstract]
Net income (loss) attributed to owners of the Company		€ (6,115)	€ (209)	[1]	€ 8,340	[1]
Weighted average ordinary shares outstanding	[2]	10,675,757	10,677,700		10,715,634
Dilutive effect:
Stock options and warrants					42,736
Diluted weighted average ordinary shares Outstanding		10,675,757	10,677,700		10,758,370
Basic profit (loss) per share from continuing operations		€ (0.57)	€ (0.02)		€ 0.78
Diluted profit (loss) per share from continuing operations		€ (0.57)	€ (0.02)		€ 0.78
Amount of dilutive stock options and warrants		€ 3,198	€ 2,953

[1] Please refer to note 2C for functional and presentation currency.

[2] Net of treasury shares.

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Financial Instruments (Narrative) (Details) - EUR (€) € in Thousands	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	[1]	Dec. 31, 2014	[1]
Disclosure of detailed information about financial instruments [abstract]
Cash and cash equivalents	€ 23,962		€ 22,486	[1]	€ 17,194		€ 12,972
Marketable Securities	5,412		972
Short-term restricted cash	3,265	[2]	15	[1],[2]	73
Non-current restricted cash	3,660		5,134	[1]	€ 4,886
Trade receivables	407		329
Revenue receivables	3,436		2,753
Government authorities receivables	€ 2,306		€ 2,213

[1] Please refer to note 2C for functional and presentation currency.

[2] Current accounts and bank deposits securing short term obligations.

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Financial Instruments (Schedule of Composition of Derivatives) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about financial instruments [line items]
Derivatives presented under current liabilities	€ 121	€ 479
Derivatives presented under non-current liabilities	(4,312)	(2,327)
Forward contract [Member]
Disclosure of detailed information about financial instruments [line items]
Derivatives presented under non-current liabilities	(2,650)	(48)
Currency swap [Member]
Disclosure of detailed information about financial instruments [line items]
Derivatives presented under non-current liabilities	(1,244)
Swap contract [Member]
Disclosure of detailed information about financial instruments [line items]
Derivatives presented under current liabilities	(121)	(479)
Derivatives presented under non-current liabilities	€ (418)	€ (2,279)

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Financial Instruments (Schedule of Forward and SWAP Contracts) (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2016 EUR (€)
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		€ 44,864	€ 17,737
Interest swap contract [Member] | Amortized semi-annually [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate receivable	Euribor 6 months
Currency linkage interest rate payable	Fixed 2.67%
Date of expiration	September 7, 2027
Fair value | $	$ (28)
Interest swap transaction period	17 years
Interest swap contract [Member] | Amortized semi-annually [Member] | Euro [Member]
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		8,000
Interest swap contract [Member] | Amortized quarterly [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate receivable	Euribor 3 months
Currency linkage interest rate payable	Fixed 3.595%
Date of expiration	April 3, 2028
Fair value | $	$ (20)
Interest swap transaction period	17 years
Interest swap contract [Member] | Amortized quarterly [Member] | Euro [Member]
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		10,000
Interest swap contract [Member] | Semi-annually [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate receivable	Euribor 6 months
Currency linkage interest rate payable	Fixed 2.53%
Date of expiration	June 30, 2027
Fair value | $	$ (269)
Interest swap transaction period	15 years
Interest swap contract [Member] | Semi-annually [Member] | Euro [Member]
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		3,750
Interest rate swap contract [Member] | Semi-annually [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate receivable	Euribor 6 months
Currency linkage interest rate payable	Fixed 1.17%
Date of expiration	December 31, 2027
Fair value | $	$ (222)
Interest swap transaction period	12 years
Interest rate swap contract [Member] | Semi-annually [Member] | Euro [Member]
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		7,500
Forward contract [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate payable	weighted average rate of approximately 1.18
Date of expiration	November 2021
Fair value		(2,650)
Forward contract [Member] | Euro [Member]
Disclosure of detailed information about hedges [line items]
Interest Swap transaction		20,000
Currency swap [Member]
Disclosure of detailed information about hedges [line items]
Currency linkage interest rate receivable	NIS
Currency linkage interest rate payable	Euro
Date of expiration	June 30, 2024
Fair value		€ (1,244)
Interest swap transaction period	7 years

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Financial Instruments (Schedule of Contractual Maturities of Financial Liabilities ) (Details) - EUR (€) € in Thousands	Dec. 31, 2017		Dec. 31, 2016
Derivative finance liabilities
Currency swap	€ 1,244
Carrying amount [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	44,864		€ 17,737
Finance lease obligation including current maturities	4,020		4,338
Debentures	57,631		33,806
Trade payables and other accounts payable	2,990		2,389
Total non-derivative financial liabilities	109,505		58,270
Derivative finance liabilities
Forward contracts	2,650		48
Currency swap	1,244
Swap contracts	539	[1]	2,758
Total derivative finance liabilities	4,433		2,806
Contractual cash flows [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	48,506		21,163
Finance lease obligation including current maturities	4,987		5,470
Debentures	67,884		41,063
Trade payables and other accounts payable	2,990		2,389
Total non-derivative financial liabilities	124,367		70,085
Derivative finance liabilities
Forward contracts	2,650		48
Currency swap	1,244
Swap contracts	539	[1]	2,758
Total derivative finance liabilities	4,433		2,806
Less than 1 year [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	4,313		1,245
Finance lease obligation including current maturities	483		483
Debentures	7,251		6,550
Trade payables and other accounts payable	2,990		2,389
Total non-derivative financial liabilities	15,037		10,667
Derivative finance liabilities
Forward contracts
Currency swap	(145)
Swap contracts	121	[1]	479
Total derivative finance liabilities	(24)		479
Second year [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	4,861		1,642
Finance lease obligation including current maturities	483		483
Debentures	11,398		6,322
Trade payables and other accounts payable
Total non-derivative financial liabilities	16,742		8,447
Derivative finance liabilities
Forward contracts
Currency swap	75
Swap contracts	183	[1]	683
Total derivative finance liabilities	258		683
3-5 year [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	14,744		5,195
Finance lease obligation including current maturities	1,449		1,449
Debentures	31,880		17,598
Trade payables and other accounts payable
Total non-derivative financial liabilities	48,073		24,242
Derivative finance liabilities
Forward contracts	2,650		48
Currency swap	446
Swap contracts	116	[1]	655
Total derivative finance liabilities	3,212		703
Sixth year and thereafter [Member]
Non-derivative financial liabilities
Long term loans, including current maturities	24,588		13,081
Finance lease obligation including current maturities	2,572		3,055
Debentures	17,355		10,593
Trade payables and other accounts payable
Total non-derivative financial liabilities	44,515		26,729
Derivative finance liabilities
Forward contracts
Currency swap	868
Swap contracts	€ 119	[1]	941
Total derivative finance liabilities			€ 941

[1] See Note 23B

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Financial Instruments (Schedule of Company's Exposure to Linkage and Foreign Currency Risk) (Details) - EUR (€) € in Thousands		Dec. 31, 2017		Oct. 18, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]	Dec. 31, 2014	[1]
Current assets:
Cash and cash equivalents		€ 23,962			€ 22,486	[1]	€ 17,194		€ 12,972
Marketable securities		2,162	[2]		972	[1],[2]	5,971
Restricted cash short-term and restricted marketable securities		3,265	[3]		15	[1],[3]	73
Receivable from concession project		1,286				[1]
Trade and other receivables		10,645			9,487	[1]	7,552
Financial asset short-term		1,249
Non-current assets:
Investments in equity accounted investees		27,655			29,273	[1]	31,216
Advances on account of investments in process		8,825			812	[1]
Concession intangible asset		5,505				[1]
Financial asset		1,249			1,265	[1]	4,470
Fixed assets		78,837			73,274	[1]	72,564
Restricted cash long-term		3,660			5,134	[1]	4,886
Deferred tax		1,777			2,485	[1]	2,610
Other assets		1,535			3,261	[1]	778
Current liabilities:
Loans and borrowings		3,103			1,094	[1]	1,040
Short-term debentures		4,644			4,744	[1]	4,482
Accounts payable		1,349			1,601	[1]	799
Accrued expenses and other payables		2,187			3,119	[1]	2,954
Non-current liabilities:
Finance lease obligations		3,690			4,020	[1]	4,340
Long-term loans		42,091		€ 21,370	16,961	[1]	11,984
LT Debentures		52,987			29,046	[1]	32,226
Deferred tax		5,982			881	[1]	756
Other long-term liabilities		4,555			2,627	[1]	2,291
Total exposure in statement of financial position in respect of financial assets and financial liabilities		77,500			84,371	[1]	€ 86,442		€ 77,479
Non-Monetary [Member]
Current assets:
Cash and cash equivalents
Marketable securities
Restricted cash short-term and restricted marketable securities
Receivable from concession project
Trade and other receivables		548			507
Financial asset short-term
Non-current assets:
Investments in equity accounted investees		17,171			17,753
Advances on account of investments in process		8,825			812
Concession intangible asset		5,505
Financial asset
Fixed assets		78,837			73,274
Restricted cash long-term
Deferred tax		1,777			2,485
Other assets		1,122			903
Current liabilities:
Loans and borrowings
Short-term debentures
Accounts payable
Accrued expenses and other payables					(1,176)
Non-current liabilities:
Finance lease obligations
Long-term loans
LT Debentures
Deferred tax		(5,982)			(881)
Other long-term liabilities
Total exposure in statement of financial position in respect of financial assets and financial liabilities		107,803			93,677
NIS [Member]
Current assets:
Cash and cash equivalents		2,723	[4]		101
Marketable securities			[4]
Restricted cash short-term and restricted marketable securities			[4]
Receivable from concession project	[4]	1,286
Trade and other receivables		3,359	[4]		1,552
Financial asset short-term	[4]	1,249
Non-current assets:
Investments in equity accounted investees		10,484	[4]		11,520
Advances on account of investments in process			[4]
Concession intangible asset	[4]
Financial asset		27,725	[4]		1,265
Fixed assets			[4]
Restricted cash long-term		1,797	[4]
Deferred tax			[4]
Other assets			[4]		96
Current liabilities:
Loans and borrowings		(1,455)	[4]
Short-term debentures		(4,644)	[4]		(4,744)
Accounts payable		7	[4]		(63)
Accrued expenses and other payables		(811)	[4]		(879)
Non-current liabilities:
Finance lease obligations			[4]
Long-term loans		(20,141)	[4]		(398)
LT Debentures		(52,987)	[4]		(29,046)
Deferred tax			[4]
Other long-term liabilities		(4)	[4]		(2)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		(31,412)	[4]		(20,598)
Unliked [Member]
Current assets:
Cash and cash equivalents		11,742			16,717
Marketable securities		2,162			972
Restricted cash short-term and restricted marketable securities		3,250
Receivable from concession project
Trade and other receivables		731			2,065
Financial asset short-term
Non-current assets:
Investments in equity accounted investees
Advances on account of investments in process
Financial asset
Fixed assets
Restricted cash long-term		351			3,620
Deferred tax
Other assets					2,227
Current liabilities:
Loans and borrowings
Short-term debentures
Accounts payable					(88)
Accrued expenses and other payables					(1,357)
Non-current liabilities:
Finance lease obligations
Long-term loans
LT Debentures
Deferred tax
Other long-term liabilities
Total exposure in statement of financial position in respect of financial assets and financial liabilities		18,236			25,156
Euro [Member]
Current assets:
Cash and cash equivalents		9,497			5,668
Marketable securities
Restricted cash short-term and restricted marketable securities		15			15
Receivable from concession project
Trade and other receivables		6,007			5,363
Financial asset short-term
Non-current assets:
Investments in equity accounted investees
Advances on account of investments in process
Financial asset
Fixed assets		1,512
Restricted cash long-term					1,514
Deferred tax		413
Other assets					35
Current liabilities:
Loans and borrowings		(1,648)			(1,094)
Short-term debentures
Accounts payable		(1,356)			(1,450)
Accrued expenses and other payables		(1,376)			(707)
Non-current liabilities:
Finance lease obligations		(3,690)			(4,020)
Long-term loans		(21,950)			(16,563)
LT Debentures
Deferred tax		(4,551)
Other long-term liabilities					(2,625)
Total exposure in statement of financial position in respect of financial assets and financial liabilities		€ (17,127)			€ (13,864)

[1] Please refer to note 2C for functional and presentation currency.

[2] During 2016 and 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 3.389% and a maturity date of December 30, 2018. During 2017, the Company invested in a traded Corporate Bond (rated Baa3 by Moody's) with a coupon rate of 4.435% and a maturity date of December 30, 2020 and in 5.8% WACHOVIA Fixed Interest Float.

[3] Current accounts and bank deposits securing short term obligations.

[4] Iincluding items linked to CPI

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Financial Instruments (Schedule of Significant Exchange Rates) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
USD [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
Spot price of 1 Euro at the reporting date	1.00
1 Euro [Member] | USD [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
% of change	13.90%	(3.40%)
Spot price of 1 Euro at the reporting date	1.198	1.052
1 Euro [Member] | NIS [Member]
Disclosure of nature and extent of risks arising from financial instruments [line items]
% of change	2.70%	(4.80%)
Spot price of 1 Euro at the reporting date	4.153	4.044

XML

Financial Instruments (Schedule of Sensitivity Analysis of Equity) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
5% in Euro Increase Equity [Member]
Disclosure of detailed information about financial instruments [line items]
Change in exchange rate of Increase (Decrease) of Equity	€ 761	€ 981
5% in Euro Decrease Equity [Member]
Disclosure of detailed information about financial instruments [line items]
Change in exchange rate of Increase (Decrease) of Equity	(761)	(981)
5% in NIS Increase Equity [Member]
Disclosure of detailed information about financial instruments [line items]
Change in exchange rate of Increase (Decrease) of Equity	(378)	(256)
5% in NIS Decrease Equity [Member]
Disclosure of detailed information about financial instruments [line items]
Change in exchange rate of Increase (Decrease) of Equity	€ 378	€ 256

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Financial Instruments (Schedule of Change in Interest Rate Profit (Loss)) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Increase of 1% [Member]
Disclosure of detailed information about financial instruments [line items]
Gain (loss) from increase decrease in interest rate	€ 804	€ 864
Increase of 3% [Member]
Disclosure of detailed information about financial instruments [line items]
Gain (loss) from increase decrease in interest rate	2,473	2,587
Decrease of 1% [Member]
Disclosure of detailed information about financial instruments [line items]
Gain (loss) from increase decrease in interest rate	(863)	(857)
Decrease of 3% [Member]
Disclosure of detailed information about financial instruments [line items]
Gain (loss) from increase decrease in interest rate	€ (2,532)	€ (2,581)

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Financial Instruments (Schedule of Fair Values of Other Financial Liabilities) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Non-current liabilities:
Total fair value of other financial liabilities	€ 106,515	€ 55,865
Level 1 [Member]
Non-current liabilities:
Debentures	60,518	36,542
Loans from banks and others (including current maturities)
Finance lease obligations (including current maturities)
Total fair value of other financial liabilities	60,518	36,542
Level 2 [Member]
Non-current liabilities:
Loans from banks and others (including current maturities)	45,561	18,334
Finance lease obligations (including current maturities)	4,209	4,388
Total fair value of other financial liabilities	49,770	22,722
Level 3 [Member]
Non-current liabilities:
Loans from banks and others (including current maturities)
Finance lease obligations (including current maturities)
Total fair value of other financial liabilities
Carrying Value [Member]
Non-current liabilities:
Debentures	57,631	33,806
Loans from banks and others (including current maturities)	44,864	17,737
Finance lease obligations (including current maturities)	4,020	4,388
Total fair value of other financial liabilities	€ 106,515	€ 55,931
Loans from banks and others [Member]
Non-current liabilities:
Valuation techniques for determining fair value	Future cash flows by the market interest rate on the date of measurement.	Future cash flows by the market interest rate on the date of measurement.
Inputs used to determine fair value	Discount rate of Euribor+ 2.53% and 4.65% Linkage to Consumer price index in Israel	Discount rate of Euribor+ 2.53%
Finance lease obligations[Member]
Non-current liabilities:
Valuation techniques for determining fair value	Future cash flows by the market interest rate on the date of measurement.	Future cash flows by the market interest rate on the date of measurement.
Inputs used to determine fair value	Discount rate of Euribor+ 2.85%	Discount rate of Euribor+ 2.85%

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Financial Instruments (Schedule of Interest Rates Used to Discount Estimated Cash Flows) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Loans from banks [Member]
Disclosure of fair value measurement of assets [line items]
Inputs used to determine fair value	Euribor+ 2.53%	Euribor+ 2.53%
Finance lease obligations[Member]
Disclosure of fair value measurement of assets [line items]
Inputs used to determine fair value	Euribor+ 2.85%	Euribor+ 2.85%
Loans from banks Two [Member]
Disclosure of fair value measurement of assets [line items]
Inputs used to determine fair value	4.65% Linkage to Consumer price index in Israel

XML

Financial Instruments (Schedule of Fair Values Hierarchy) (Details) - EUR (€) € in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		€ 1,249	€ 1,265
Option to require additional shares in investee
Marketable securities		5,412	972
Forward contracts		29,011
Forward contracts	[1]	2,650	48
Swap contracts		539	€ (2,758)
Currency swap		€ 1,244
Forward contract [Member]
Disclosure of fair value measurement of assets [line items]
Valuation techniques for determining fair value		Fair value 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.	Fair value 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.
Swap contract [Member]
Disclosure of fair value measurement of assets [line items]
Valuation techniques for determining fair value		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.	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.
Currency swap [Member]
Disclosure of fair value measurement of assets [line items]
Valuation techniques for determining fair value		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.
Income receivable in connection with the Erez Electricity PSP [Member]
Disclosure of fair value measurement of assets [line items]
Valuation techniques for determining fair value		The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.	The fair value of the income receivable in connection with the Erez electricity pumped storage project was calculated according to the cash flows expected to be received in 4.5 years following the financial closing of the project, discounted at a weighted interest rate of 2.36% reflecting the credit risk of the debtor.
Marketable securities [Member]
Disclosure of fair value measurement of assets [line items]
Valuation techniques for determining fair value		Market price	Market price
Level 1 [Member]
Disclosure of fair value measurement of assets [line items]
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)
Option to require additional shares in investee
Marketable securities
Forward contracts
Forward contracts
Swap contracts
Currency swap
Level 2 [Member]
Disclosure of fair value measurement of assets [line items]
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)
Option to require additional shares in investee
Marketable securities		5,412	972
Forward contracts
Forward contracts		2,650	48
Swap contracts		539
Currency swap		1,244
Level 3 [Member]
Disclosure of fair value measurement of assets [line items]
Income receivable in connection with the Erez electricity pumped storage project (see Note 6)		1,249	1,265
Option to require additional shares in investee	[1]
Marketable securities
Forward contracts		29,011
Forward contracts
Swap contracts
Currency swap

[1] Less than 1 thousand

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Financial Instruments (Schedule of Reconciliation Financial Instruments Carried at Fair Value) (Details) - EUR (€) € in Thousands		2 Months Ended	12 Months Ended
		Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Disclosure of fair value measurement of assets [line items]
Balance as at Beginning	[1]		€ 1,265	€ 4,470
Balance as at Ending		€ 1,249	1,249	1,265	[1]
Income receivable in connection with the Erez Electricity PSP [Member] | Level 3 [Member]
Disclosure of fair value measurement of assets [line items]
Balance as at Beginning			1,265	1,148
Total income recognized in profit or loss			17	56
Exercise of first option to acquire additional shares
Foreign Currency translation adjustments			(33)	61
Balance as at Ending		1,249	1,249	€ 1,265
Income receivable in connection with the concession project [Member] | Level 3 [Member]
Disclosure of fair value measurement of assets [line items]
Balance as at Beginning		28,927
Total income recognized in profit or loss		793
Proceeds from receivable from concession project		(738)
Foreign Currency translation adjustments		29
Balance as at Ending		€ 29,011	€ 29,011

[1] Please refer to note 2C for functional and presentation currency.

XML

Segments Information (Schedule of Revenues from Company's Operation in Italy and Spain) (Details) - EUR (€) € in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015
Disclosure of geographical areas [line items]
Revenue	€ 13,636	€ 11,632	[1]	€ 12,446	[1]
Israel [Member]
Disclosure of geographical areas [line items]
Revenue	183
Netherland [Member]
Disclosure of geographical areas [line items]
Revenue	303
Italy [Member]
Disclosure of geographical areas [line items]
Revenue	10,143	8,919		9,567
Spain [Member]
Disclosure of geographical areas [line items]
Revenue	€ 3,007	€ 2,713		€ 2,879

[1] Please refer to note 2C for functional and presentation currency.

XML

Segments Information (Schedule of Fixed Assets, Net from Company's Operation) (Details) - EUR (€) € in Thousands	Dec. 31, 2017	Dec. 31, 2016		Dec. 31, 2015	[1]
Disclosure of geographical areas [line items]
Fixed assets	€ 78,837	€ 73,274	[1]	€ 72,564
Israel [Member]
Disclosure of geographical areas [line items]
Fixed assets	22	30
Netherland [Member]
Disclosure of geographical areas [line items]
Fixed assets	15,046	5,081
Italy [Member]
Disclosure of geographical areas [line items]
Fixed assets	48,555	52,122
Spain [Member]
Disclosure of geographical areas [line items]
Fixed assets	€ 15,214	€ 16,041

[1] Please refer to note 2C for functional and presentation currency.