EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3
Exhibit 99.3

U. DORI ENERGY INFRASTRUCTURE LTD
Statements of Financial Position

   
As at December 31
2022
    
As at December 31
2021
    
As at December 31
2020
  
   
NIS in thousands
    
NIS in thousands
    
NIS in thousands
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
    
154
      
499
      
506
  
Trade and other receivables
    
116
      
-
      
581
  
     
270
      
499
      
1,087
  
Non-current assets:
                        
Investment in equity accounted investee
    
239,147
      
225,882
      
237,658
  
     
239,417
      
226,381
      
238,745
  
                         
Liabilities and Equity
                        
                         
Current liabilities:
                        
Trade and other payables
    
219
      
204
      
1,011
  
Loans from shareholders**
    
20,000
      
57,345
      
66,598
  
     
20,219
      
57,549
      
67,609
  
                         
Equity:
                        
Share capital
    
*
      
*
      
*
  
Capital notes
    
46,933
      
-
      
-
  
Share premium
    
105,116
      
105,116
      
105,116
  
Accumulated profit
    
67,149
      
63,716
      
66,020
  
     
219,198
      
168,832
      
171,136
  
     
239,417
      
226,381
      
238,745
  

*   Represents an amount less than NIS 1 thousand
** Reclassified from non-current liabilities to current liabilities. Effective December 31, 2022, U. Dori Energy Infrastructure Ltd. entered into loan agreements and capital notes agreements with its shareholders, which provide for the conversion of approximately NIS 44.6 million of the shareholders’ loans to capital notes, payable not less than 60 months after the date of their execution, with the remaining balance of shareholder’s loans (NIS 20 million), bearing an annual interest equal to the interest payable on Dorad Energy Ltd.’s senior debt plus 3%, with a repayment date of December 31, 2023

U. DORI ENERGY INFRASTRUCTURE LTD
Statements of Comprehensive Income (Loss)

   
Year ended December 31
2022
    
Year ended December 31
2021
    
Year ended December 31
2020
  
   
NIS in thousands
    
NIS in thousands
    
NIS in thousands
  
                   
General and administrative expenses
    
(1,395
)
    
(2,590
)
    
(2,178
)
Operating loss
    
(1,395
)
    
(2,590
)
    
(2,178
)
Financing expenses
    
(8,437
)
    
(6,688
)
    
(5,312
)
Share of profits of equity accounted investee
    
13,265
      
6,974
      
17,770
  
Net profit (loss) for the period
    
3,433
      
(2,304
)
    
10,280
  
Total comprehensive income (loss) for the period
    
3,433
      
(2,304
)
    
10,280
  

U. DORI ENERGY INFRASTRUCTURE LTD
Statements of Changes in Equity

   
Share
Capital
    
Capital notes
    
Share
Premium
    
Accumulated profit
    
Total
Equity
  
   
NIS in thousands
  
                               
Balance as at January 1, 2020
    
*
      
-
      
105,116
      
55,740
      
160,856
  
Total comprehensive profit for the year
    
-
      
-
      
-
      
10,280
      
10,280
  
Balance as at December 31, 2020
    
*
      
-
      
105,116
      
66,020
      
171,136
  
Total comprehensive loss for the year
    
-
      
-
      
-
      
(2,304
)
    
(2,304
)
Balance as at December 31, 2021
    
*
      
-
      
105,116
      
63,716
      
168,832
  
Capital notes
    
-
      
46,933
      
-
      
-
      
46,933
  
Total comprehensive profit for the year
    
-
      
-
      
-
      
3,433
      
3,433
  
Balance as at December 31, 2022
    
*
      
46,933
      
105,116
      
67,149
      
219,198
  

*Represents an amount less than NIS 1 thousand

U. DORI ENERGY INFRASTRUCTURE LTD
Statements of Cash Flows

   
Year ended December 31 2022
    
Year ended December 31 2021
    
Year ended December 31 2020
  
   
NIS in thousands
  
                   
Cash flows from operating activities
                  
Net profit (loss) for the year
    
3,433
      
(2,304
)
    
10,280
  
                         
Adjustments needed to present cash flows from the company’s operating activities:
                        
Adjustments to the Company’s profit and loss items:
                        
Financing expenses
    
8,437
      
6,688
      
5,312
  
Company’s share of profits of equity accounted investee
    
(13,265
)
    
(6,974
)
    
(17,770
)
     
(4,828
)
    
(286
)
    
(12,458
)
Changes in the assets and liabilities of the company:
                        
Decrease (increase) in Trade and other receivables
    
(558
)
    
40
      
(1,084
)
Increase (decrease) in Trade and other payables
    
249
      
(807
)
    
178
  
     
(309
)
    
(767
)
    
(906
)
                         
Cash paid during the period for:
                        
Interest paid
    
(528
)
    
(6,868
)
    
(4,359
)
Net cash provided by (used for) operating activities
    
(2,232
)
    
(10,225
)
    
(7,443
)
                         
Cash flows from investing activities:
                        
Dividend received from equity accounted investee
    
-
      
18,750
      
22,500
  
Net cash provided by investing activities
    
-
      
18,750
      
22,500
  
                         
Cash flows from financing activities:
                        
Repayment of loans from shareholders
    
-
      
(11,132
)
    
(16,141
)
Receipt of loans from shareholders
    
1,887
      
2,600
      
1,420
  
Net cash provided by (used by) financing activities
    
1,887
      
(8,532
)
    
(14,721
)
                         
Increase (decrease) in cash and cash equivalents
    
(345
)
    
(7
)
    
336
  
Cash and cash equivalents at the beginning of the period
    
499
      
506
      
170
  
Cash and cash equivalents at the end of the period
    
154
      
499
      
506