XML 75 R44.htm IDEA: XBRL DOCUMENT v3.24.1
Subsidiaries (Tables)
12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about business combination [line items]  
Schedule of material subsidiaries
           
Ownership interest as at December 31
   

Note

 
Main location
of company's
activities
 

2023

   

2022

OPC Power Plants Ltd.
 
11.A.1
 
Israel
 
80
%
   
100
%
OPC Holdings Israel Ltd.
 
11.A.2
 
Israel
 
80
%
   
-
 
CPV Group LP
 
11.A.3
 
USA
 
70
%
   
70
%
Schedule of cash flows that were used for acquisition transaction
   
$ Million
 
Cash and other cash equivalents paid (excluding consideration used to repay shareholders’ loan)
   
152
 
Cash and other cash equivalents acquired
   
(1
)
     
151
 
Schedule of information relating to group's subsidiaries
 
   
As at and for the year ended December 31,
 
   
2023
   
2022
   
2021
 
   
OPC Energy Ltd.
   
OPC Energy Ltd.
   
OPC Energy Ltd.
 
   
$ Thousands
 
NCI percentage *
   
59.88
%
   
56.20
%
   
53.14
%
Current assets
   
460,810
     
419,636
     
346,380
 
Non-current assets
   
3,018,434
     
2,289,101
     
2,141,744
 
Current liabilities
   
(353,735
)
   
(184,418
)
   
(230,518
)
Non-current liabilities
   
(1,679,847
)
   
(1,283,445
)
   
(1,341,962
)
Net assets
   
1,445,662
     
1,240,874
     
915,644
 
Carrying amount of NCI
   
865,676
     
697,433
     
486,598
 
                         
Revenue
   
691,796
     
573,957
     
487,763
 
Profit/(loss) after tax
   
46,955
     
65,352
     
(93,898
)
Other comprehensive income
   
(38,017
)
   
(11,249
)
   
74,219
 
Profit/(loss) attributable to NCI
   
25,030
     
37,007
     
(54,022
)
OCI attributable to NCI
   
(24,624
)    
(568
)
   
33,661
 
Cash flows from operating activities
   
134,973
     
62,538
     
119,264
 
Cash flows used in investing activities
   
(594,303
)
   
(328,610
)
   
(256,200
)
Cash flows from financing activites excluding dividends paid to NCI
   
503,245
     
285,898
     
311,160
 
Dividends paid to NCI
   
-
     
-
     
(10,214
)
Effect of changes in the exchange rate on cash and cash equivalents
   
(7,435
)
   
(13,545
)
   
6,717
 
Net increase/(decrease) in cash and cash equivalents
   
36,480
     
6,281
     
170,727
 
 
 
* The NCI percentage represents the effective NCI of the Group
OPC Gat Power Plant ("Gat Partnership") [Member]  
Disclosure of detailed information about business combination [line items]  
Schedule of identifiable assets and liabilities acquired
   
$ Million
 
Cash and cash equivalents
   
1
 
Trade and other receivables
   
6
 
Property, plant, and equipment - facilities and electricity generation and
supply license (1)
   
172
 
Property, plant, and equipment - land owned by the Gat Partnership (2)
   
23
 
Trade and other payables
   
(7
)
Loans from former right holders (3)
   
(84
)
Deferred tax liabilities
   
(19
)
Identifiable assets, net
   
92
 
Goodwill (4)
   
61
 
Total consideration (5)
   
153
 
  (1)
The Group applied IFRS 3 and allocate the fair value of the facilities and the electricity supply license to a single asset. The fair value was determined by an independent appraiser using the income approach, the MultiPeriod Excess Earning Method. The valuation methodology included several key assumptions that constituted the basis for cash flow forecasts, including, among other things, electricity and gas prices, and nominal post-tax discount rate of 8%-8.75%. The said assets are amortized over 27 years from the acquisition date, considering an expected residual value at the end of the assets’ useful life.
  (2)
The fair value of the land was determined by an external and independent land appraiser using the discounted cash flow technique (the discount rate used is 8%).
  (3)
The loans were repaid immediately after the acquisition date.
  (4)
The goodwill arising as part of the business combination reflects the synergy between the activity of the Gat Partnership and the Rotem Power Plant.
  (5)
The consideration includes a cash payment of NIS 270 million (approximately $75 million) plus deferred consideration, whose present value is estimated at NIS 285 million (approximately $79 million).
Mountain Wind Power Plant [Member]  
Disclosure of detailed information about business combination [line items]  
Schedule of information relating to group's subsidiaries
   
$ Million
 
Trade and other receivables
   
4
 
Property, plant, and equipment (1)
   
127
 
Intangible assets (1)
   
26
 
Trade and other payables
   
(1
)
Liabilities in respect of evacuation and removal
   
(2
)
Identifiable assets, net
   
154
 
Goodwill (2)
   
21
 
Total consideration
   
175