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Income Taxes
 12 Months Ended
Dec. 31, 2024
Disclosure Of Income Taxes [Abstract]  
Income Taxes
Note 16 - Income Taxes
 
  A.
Deferred tax balances:
 
Tax balances presented in the statement of financial position:
 
   
As of December 31
  
   
2024
    
2023
  
   
USD in thousands
    
USD in thousands
  
Current tax assets (liabilities):
            
Current tax assets
    
4,719
      
3,316
  
Current tax liabilities
    
(12,016
)
    
(10,565
)
Total current tax assets (liabilities)
    
(7,297
)
    
(7,249
)
                 
Non-current tax assets (liabilities):
                
Deferred tax assets
    
10,744
      
9,134
  
Deferred tax liabilities
    
(41,792
)
    
(44,941
)
Total non-current tax assets (liabilities)
    
(31,048
)
    
(35,807
)
 
The composition of deferred tax assets (liabilities) is specified below:
 
   
Balance as of
January 1
2024
    
Classification
    
Recognized
in the
statement of
income
    
Other
comprehensive
income
    
Initial
consolidation
    
Balance as of
December 31
2024
  
   
USD in thousands
    
USD in thousands
    
USD in thousands
    
USD in thousands
    
USD in thousands
    
USD in thousands
  
Temporary differences:
                                    
Fixed assets
    
(15,664
 )    
(13,463
)
    
(5,801
)
    
87
      
(534
)
    
(35,375
)
IFRS 16 – Leases
    
1,475
      
59
      
361
      
(2
)
    
-
      
1,893
  
Financial instruments
    
(12,319
 )    
-
      
226
      
4,184
      
-
      
(7,909
)
Contractual asset in respect of
   concession arrangements
    
(15,173
 )    
15,173
      
-
      
-
      
-
      
-
  
Contingent consideration
    
(10,096
 )     -      
(2,323
)
    
25
      
-
      
(12,394
)
Tax equity arrangement
    
-
      
-
      
(9,944
)
    
(129
)
    
-
      
(10,073
)
Disposal groups classified as held   for sale
    
-
      
1,801
      
-
      
-
      
-
      
1,801
  
Others
    
(14,387
 )    
-
      
875
      
5,600
      
-
      
(7,912
)
Total
    
(66,164
 )    
3,570
      
(16,606
)
    
9,765
      
(534
)
    
(69,969
)
                                                 
Unused losses and tax benefits:
                                                
Tax losses
    
30,357
      
(3,570
)
    
12,144
      
(10
)
    
-
      
38,921
  
     
30,357
      
(3,570
)
    
12,144
      
(10
)
    
-
      
38,921
  
                                                 
Total
    
(35,807
 )    
-
      
(4,462
)
    
9,755
      
(534
)
    
(31,048
)

 

   
Balance as of
January 1
2023
    
Recognized
in the
statement of
income
    
Other
comprehensive
income
    
Balance as of
December 31
2023
  
   
USD in thousands
    
USD in thousands
    
USD in thousands
    
USD in thousands
  
Temporary differences:
                        
Fixed assets
    
(14,620
)
    
(1,465
)
    
421
      
(15,664
)
IFRS 16 – Leases
    
845
      
649
      
(19
)
    
1,475
  
Financial instruments
    
(5,556
)
    
468
      
(7,231
)
    
(12,319
)
Contractual asset in respect of concession arrangements
    
(16,723
)
    
1,042
      
508
      
(15,173
)
Contingent consideration
    
(1,584
)
    
(8,477
)
    
(35
)
    
(10,096
)
Others
    
(4,211
)
    
(3,458
)
    
(6,718
)
    
(14,387
)
Total
    
(41,849
)
    
(11,241
)
    
(13,074
)
    
(66,164
)
                                 
Unused losses and tax benefits:
                                
Tax losses
    
32,399
      
(1,067
)
    
(975
)
    
30,357
  
     
32,399
      
(1,067
)
    
(975
)
    
30,357
  
                                 
Total
    
(9,450
)
    
(12,308
)
    
(14,049
)
    
(35,807
)
 
Deferred tax assets and liabilities are presented offset when the Company has a legally enforceable right to offset current tax assets against current tax liabilities, and when they pertain to income taxes levied by the same tax authority and the Company intends to settle the current tax assets and liabilities on a net basis.
 
  B.
Total expenses (income) from income taxes which were recognized in the statement of income:
 
   
For the year ended December 31
  
   
2024
    
2023
    
2022
  
   
USD in thousands
    
USD in thousands
    
USD in thousands
  
Current taxes:
                  
Current tax expenses
    
13,747
      
17,715
      
8,061
  
Prior year taxes
    
66
      
(1,595
)
    
-
  
Total current taxes
    
13,813
      
16,120
      
8,061
  
                         
Deferred taxes:
                        
Deferred tax expenses in respect of the creation and reversal of temporary differences
    
16,606
      
11,241
      
13,052
  
Prior year taxes
    
(1,303
)
    
-
      
-
  

Expenses (income) from the creation of deferred taxes in respect of losses and unused tax benefits

    
(10,841
)
    
1,067
      
(8,170
)
Total deferred taxes
    
4,462
      
12,308
      
4,882
  
                         
Total expenses from income taxes
    
18,275
      
28,428
      
12,943
  
 
  C.
Reconciliation between the theoretical tax on the pre-tax profit and the tax expense
 
Presented below is an adjustment between the tax amount which would have applied had all of the income and expenses, profit and loss in the statement of income been taxable according to the statutory tax rate, and the amount of income tax which was carried to the statement of income:
 
   
For the year ended
December 31
  
   
2024
    
2023
    
2022
  
   
USD in thousands
    
USD in thousands
    
USD in thousands
  
Profit before income taxes from continuing operations
    
84,780
      
126,469
      
51,056
  
Primary tax rate of the Company
    
23
%
    
23
%
    
23
%
Tax calculated according to the Company’s primary tax rate
    
19,499
      
29,088
      
11,743
  
                         
Additional tax (tax saving) in respect of:
                        
No controlling share in the profits / losses of investee partnerships
    
(1,779
)
    
(1,653
)
    
(896
)
Different tax rate of foreign subsidiaries
    
(2,557
)
    
(2,080
)
    
(1,644
)
Non-deductible expenses
    
2,302
      
1,662
      
3,150
  
Exempt income
    
(390
)
    
(1,282
)
    
(1,170
)
Utilization of tax losses and benefits from prior years
    
1,126
      
924
      
310
  
Temporary difference in respect of subsidiaries for which deferred taxes were not recognized
    
1,537
      
3,433
      
1,270
  
Change in taxes in respect of previous years
    
(1,420
)
    
(1,847
)
    
143
 
Others
    
(43
)
    
183
      
37
  
Total income taxes from continuing operations as presented in profit or loss
    
18,275
      
28,428
      
12,943
  
 
  D.
Carryforward losses
 
The Company’s balance of carryforward losses as of December 31, 2024 was approximately USD 191 million; Deferred taxes were not created in respect of a loss in the amount of USD 8 million.
 
  E.
Details regarding the Group’s tax environment
 
  (1)
Presented below are the tax rates which were relevant to the Group’s activity in Israel during the years 2023-2024:
 
2023 - 23%
 
2024 - 23%

 

  (2)
Taxation of subsidiaries outside of Israel:
 
Subsidiaries which are incorporated outside of Israel are assessed according to the tax laws in the countries where they are domiciled. The main tax rates which applied to the main subsidiaries incorporated outside of Israel are:
 
  •
Entities incorporated in Croatia: The corporate tax rate which applies to the Company’s activity in Croatia is 18%.
 
  •
Entities incorporated in Serbia: The corporate tax rate which applies to the Company’s activity in Serbia is 15%.
 
  •
Entities incorporated in Hungary: The corporate tax rate which applies to the Company’s activity in Hungary is 9%.
 
  •
Entities incorporated in Sweden: The corporate tax rate which applies to the Company’s activity in Sweden is 20.6%.
 
  •
Entities incorporated in Kosovo: The corporate tax rate which applies to the Company’s activity in Kosovo is 10%.
 
  •
Entities incorporated in Spain: The corporate tax rate which applies to the Company’s activity in Spain is 25%.
 
  •
Entities incorporated in the United States: The federal tax rate is 21%, and the state tax rate depends on the project’s location.
 
  •
Entities incorporated in Italy: The corporate tax rate is 24%, and the state tax rate depends on the project’s location.