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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2018
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
  
   
2018
    
2017
  
   
€ in thousands
  
Derivatives presented under current liabilities
            
Currency swap
    
(192
)
    
-
  
Swap contracts
    
(173
)
    
(121
)
     
(365
)
    
(121
)
Derivatives presented under non-current liabilities
                
Forward contracts
    
(977
)
    
(2,650
)
Currency swap
    
(1,925
)
    
(1,244
)
Swap contracts
    
(459
)
    
(418
)
     
(3,361
)
    
(4,312
)
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, 2018
 
Currency/
  
Currency/
        
 
linkage/interest rate
  
Linkage/interest rate
  
Date of expiration
  
Fair value - € in
 
receivable
  
Payable
      
thousand
               
Euro 3.75 million interest swap transaction for a period of 15 years, semi-annually.
Euribor 6 months
  
Fixed 2.53%
  
June 30, 2027
  
(236)
Euro 25 million interest rate swap transaction for a period of 10 years, semi-annually.
Euribor 6 months
  
Fixed 0.71%
  
December 31, 2027
  
(396)
Forward EUR/USD contracts with an aggregate EUR denominated principal of EUR 18 million.
weighted average rate of approximately 1.18
  
November 2021
  
(977)
           
NIS 83.2 million currency swap transaction EUR/NIS for a period of 7 years, semi-annually.
NIS
  
Euro
  
June 2024
  
(2,117)
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, 2018
  
   
Carrying
    
Contractual
    
Less than
                
More than
  
   
amount
    
cash flows
    
1 year
    
2 years
    
3-5 years
    
5 years
  
   
€ in thousands
  
Non-derivative financial liabilities
                                    
                                     
Long term loans, including current maturities
    
66,092
      
71,826
      
7,350
      
7,805
      
22,501
      
34,170
  
                                                 
Debentures
    
51,343
      
58,667
      
11,029
      
10,656
      
31,133
      
5,849
  
                                                 
Trade payables and other accounts payable
    
4,819
      
4,819
      
4,819
      
-
      
-
      
-
  
                                                 
     
122,254
      
135,312
      
23,198
      
18,461
      
53,634
      
40,019
  
                                                 
Derivative finance liabilities
                                                
                                                 
Forward contracts
    
977
      
977
      
-
      
-
      
977
      
-
  
                                                 
Currency swap
    
2,117
      
2,117
      
192
      
622
      
947
      
356
  
                                                 
Swap contracts
    
632
      
632
      
173
      
263
      
155
      
41
  
                                                 
     
3,726
      
3,726
      
365
      
885
      
2,079
      
397
  
 
   
December 31, 2017
  
   
Carrying
    
Contractual
    
Less than
                
More than
  
   
Amount
    
cash flows
    
1 year
    
2 years
    
3-5 years
    
5 years
  
   
€ 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
  
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, 2018
  
   
Non-monetary/ Non finance
    
NIS(*)
    
Unlinked
    
EURO
    
Total
  
   
€ in thousands
  
                               
Current assets:
                              
Cash and cash equivalents
    
-
      
287
      
937
      
35,658
      
36,882
  
Marketable securities
    
-
      
-
      
2,132
      
-
      
2,132
  
Restricted cash short-term and
                                        
restricted marketable securities
    
-
      
3,338
      
-
      
1,315
      
4,653
  
Asset from concession project
    
-
      
1,292
      
-
      
-
      
1,292
  
Trade and other receivables
    
1,279
      
780
      
531
      
10,033
      
12,623
  
Financial asset short-term
    
-
      
1,282
      
-
      
-
      
1,282
  
Non-current assets:
                                        
Investments in equity
                                        
 accounted investees
    
21,175
      
6,571
      
-
      
-
      
27,746
  
Advances on account of
                                        
 investments in process
    
798
      
-
      
-
      
-
      
798
  
Concession intangible asset
    
4,882
      
-
      
-
      
-
      
4,882
  
Asset from concession project
    
-
      
25,710
      
-
      
-
      
25,710
  
Fixed assets
    
87,220
      
-
      
-
      
-
      
87,220
  
Restricted cash long-term
    
-
      
1,654
      
267
      
141
      
2,062
  
Deferred tax
    
2,423
      
-
      
-
      
-
      
2,423
  
Other assets
    
1,055
      
-
      
-
      
400
      
1,455
  
Current liabilities:
                                        
Loans and borrowings
    
-
      
(1,622
)
    
-
      
(4,242
)
    
(5,864
)
Short-term debentures
    
-
      
(8,758
)
    
-
      
-
      
(8,758
)
Accounts payable
    
-
      
(24
)
    
-
      
(2,102
)
    
(2,126
)
Accrued expenses and
                                        
 other payables
    
-
      
(1,116
)
    
-
      
(1,987
)
    
(3,103
)
Non-current liabilities:
                                        
Long-term loans
    
-
      
(18,314
)
    
-
      
(41,914
)
    
(60,228
)
Long-term debentures
    
-
      
(42,585
)
    
-
      
-
      
(42,585
)
Deferred tax
    
(6,219
)
    
-
      
-
      
-
      
(6,219
)
Other long-term liabilities
    
-
      
(19
)
    
-
      
(5,301
)
    
(5,320
)
Total exposure in statement
                                        
 of financial position in
                                        
 respect of financial assets
                                        
 and financial liabilities
    
112,613
      
(31,524
)
    
3,867
      
(7,999
)
    
76,957
  
 
(*) including items linked to CPI
   
December 31, 2017
  
   
Non-monetary/Non finance
    
 
NIS(*)
    
 
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
  
Asset 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
  
Asset from concession project
    
-
      
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
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 2018
    
(4.4
)
    
1.145
      
3.3
      
4.292
  
1 euro in 2017
    
13.9
      
1.198
      
2.7
      
4.153
  
Schedule of Sensitivity Analysis
The analysis assumes that all other variables, in particular interest rates, remain constant.


   
December 31, 2018
  
   
Increase
    
Decrease
  
   
Equity
    
Equity
  
   
€ thousands
  
Change in the exchange rate of:
            
5% in the USD
    
169
      
(169
)
5% in NIS
    
(367
)
    
367
  
 
   
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
  
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,
  
   
2018
    
2017
  
   
Profit or loss
    
Profit or loss
  
   
€ in thousands
  
Increase of 1%
    
1,012
      
804
  
Increase of 3%
    
2,604
      
2,473
  
Decrease of 1%
    
(581
)
    
(863
)
Decrease of 3%
    
(2,172
)
    
(2,532
)
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, 2018
         
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
    
51,343
      
49,190
      
-
      
-
         
Loans from banks and others (including current maturities)
    
66,092
      
-
      
66,233
      
-
  
Discounting future cash flows by the market interest rate on the date of measurement.
  
Discount rate of Euribor+ 2.53%, Discount rate of Euribor+ 1.85%, fix rate for 5 years 2.9%-3.1% and 4.65% Linkage to Consumer price index in Israel
                                             
     
117,435
      
49,190
      
66,233
      
-
         
 
   
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
      
-
  
Discounting 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
      
-
  
Discounting 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
      
-
         
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
 
2018
  
2017
 
%
Non-current liabilities:
      
Loans from banks
Euribor+ 2.53%
  
Euribor+ 2.53%
Loans from banks
4.65% Linkage to Consumer price index in Israel
  
4.65% Linkage to Consumer price index in Israel
Loans from banks
Euribor+ 1.85%
  
-
Loans from banks
fix rate for 5 years 2.9% - 3.1%
  
-
Finance lease obligations
-
  
Euribor+ 2.85%
Schedule of Fair Values Hierarchy
 
December 31, 2018
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Valuation techniques for
   
€ in thousands
  
determining fair value
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6)
    
-
      
-
      
1,282
      
1,282
  
The fair value of the income receivable in connection with the A.R.Z. 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
    
-
      
2,132
      
-
      
2,132
  
 
Market price
Forward contracts
    
-
      
977
      
-
      
977
  
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
    
-
      
632
      
-
      
632
  
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
    
-
      
2,117
      
-
      
2,117
  
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.
Dori loan
                    
9,189
      
9,189
  
The fair value is measured by discounting the expected future loan repayments  and using market interest rates appropriate for similar instruments, including the adjustment required for the parties’ credit risks.
 
   
December 31, 2017
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Valuation techniques for
   
€ in thousands
  
determining fair value
Income receivable in connection with the A.R.Z. electricity pumped storage project (see Note 6)
    
-
      
-
      
1,249
      
1,249
  
The fair value of the income receivable in connection with the A.R.Z. 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.
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 A.R.Z. electricity
  
   
pumped storage project
  
   
€ in thousands
  
Balance as at December 31, 2016
    
1,265
  
         
Total income recognized in profit or loss
    
17
  
Exercise of first option to acquire additional shares
    
-
  
Foreign Currency translation adjustments
    
(33
)
         
Balance as at December 31, 2017
    
1,249
  
         
Total income recognized in profit or loss
    
73
  
Exercise of second option to acquire additional shares
    
-
  
Foreign Currency translation adjustments
    
(40
)
         
         
Balance as at December 31, 2018
    
1,282
  

   
Asset from concession project
  
   
Income receivable in connection with the concession project
  
   
€ in thousands
  
       
Balance as at December 31, 2017
    
29,011
  
         
Total income recognized in profit or loss
    
1,949
  
Proceeds from receivable from concession project
    
(3,040
)
Foreign Currency translation adjustments
    
(918
)
         
         
Balance as at December 31, 2018
    
27,002