Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Fixed assets

v3.19.1
Fixed assets
12 Months Ended
Dec. 31, 2018
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, 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
 
                                         
Balance as at January 1, 2018
   
87,922
     
15,157
     
121
     
52
     
103,252
 
Additions
   
*10,367
     
3,499
     
17
     
-
     
13,883
 
Balance as at December 31, 2018
   
98,289
     
18,656
     
138
     
52
     
117,135
 
                                         
Depreciation
                                       
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
 
                                         
Balance as at January 1, 2018
   
24,154
     
111
     
98
     
52
     
24,415
 
Depreciation for the year
   
4,396
     
1,081
     
23
     
-
     
5,500
 
Balance as at December 31, 2018
   
28,550
     
1,192
     
121
     
52
     
29,915
 
                                         
Carrying amounts
                                       
As at January 1, 2017
   
68,163
     
5,081
     
30
     
-
     
73,274
 
As at December 31, 2017
   
63,768
     
15,046
     
23
     
-
     
78,837
 
As at December 31, 2018
   
69,739
     
17,464
     
17
     
-
     
87,220
 
 
*See note 6C
 
Investment in Photovoltaic Plants

Since March 4, 2010, the Company acquired seventeen photovoltaic plants located in Italy, Spain and Israel (see Note 6D). In addition, the Company’s subsidiary, Talasol, is promoting the Talasol Project (see Note 6C 2).
 
In connection with the Company's PV Plants and the Talasol Project, the Company recorded as of December 31, 2018, fixed assets at an aggregate value of approximately 98,289 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, 2018, 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, 2018:

PV Plant Title
 
Nominal Capacity
 
Connection to Grid
 
Cost included in the Book value as at
 
             
December 31, 2018
 
             
€ 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
 
“Costantini”
 
734.40 kWp
 
April 2011
   
2,115
 
“Giaché”
 
730.01 kWp
 
April 2011
   
2,767
 
“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
 
"Talasol"
 
300 MWP
 
-
   
10,367
 

Investment in Biogas Installations
In connection with the Company's Biogas Installations (see Note 6C 1), the Company recorded as of December 31, 2018, fixed assets at an aggregate value of approximately 18,656 thousand, 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, 2018, the Company had recorded depreciation expenses with respect to its Biogas Installations in the Netherlands of approximately €1,081 thousand.

Capitalized borrowing costs
In the reporting period borrowing costs in the amount of €81 thousand were capitalized to qualifying assets.