EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3

Exhibit 99.3

                                   ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.
 
Condensed Statements of Financial Position

 
As at June 30
     As at December 31  
 
2023
    
2022
    
2022
  
 
Unaudited
    
Audited
  
   
NIS in thousands
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
    
54
      
105
      
154
  
Trade and other receivables
    
290
      
382
      
116
  
     
344
      
487
      
270
  
Non-current assets:
                        
Investment in equity accounted investee
    
252,759
      
223,919
      
239,147
  
     
253,103
      
224,406
      
239,417
  
                         
Liabilities and Equity
                        
                         
Current liabilities:
                        
Trade, related parties and other payables
    
205
      
283
      
219
  
Loans from shareholders
    
21,808
      
62,226
      
20,000
  
     
22,013
      
62,509
      
20,219
  
                         
Equity:
                        
Share capital
    
*
      
*
      
*
  
Share premium
    
105,116
      
105,116
      
105,116
  
Capital notes
    
46,933
      
-
      
46,933
  
Accumulated profit
    
79,041
      
56,781
      
67,149
  
     
231,090
      
161,897
      
219,198
  
     
253,103
      
224,406
      
239,417
  

* Represents an amount less than NIS 1 thousand


                                   ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Comprehensive Income

 
Six Months ended June 30
    
Three Months ended June 30
     Year ended
December 31
2022
  
 
2023
    
2022
    
2023
    
2022
      
 
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
                               
General and administrative expenses
    
(126
)
    
(565
)
    
(24
)
    
(328
)
    
(1,395
)
Operating loss
    
(126
)
    
(565
)
    
(24
)
    
(328
)
    
(1,395
)
Financing expenses
    
(1,594
)
    
(4,407
)
    
(828
)
    
(2,475
)
    
(8,437
)
Share of profits of equity accounted investee
    
13,612
      
(1,963
)
    
3,702
      
(4,705
)
    
13,265
  
Net profit for the period
    
11,892
      
(6,935
)
    
2,850
      
(7,508
)
    
3,433
  
Total comprehensive income for the period
    
11,892
      
(6,935
)
    
2,850
      
(7,508
)
    
3,433
  



ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Changes in Equity

 
Share
Capital
    
Capital notes
    
Share
Premium
    
Accumulated profit
    
Total
Equity
  
 
NIS in thousands
  
                               
Balance as at January 1, 2023 (audited)
    
*
      
46,933
      
105,116
      
67,149
      
219,198
  
Transaction during the six-month period ended June 30, 2023 (unaudited) –
Total comprehensive profit for the period
    
-
      
-
      
-
      
11,892
      
11,892
  
Balance as at June 30, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
79,041
      
231,090
  
                                         
Balance as at January 1, 2022 (audited)
    
*
      
-
      
105,116
      
63,716
      
168,832
  
Transaction during the six-month period ended June 30, 2022 (unaudited) –
Total comprehensive loss for the period
    
-
      
-
      
-
      
(6,935
)
    
(6,935
)
Balance as at June 30, 2022 (unaudited)
    
*
      
-
      
105,116
      
56,781
      
161,897
  
                                         
Balance as at April 1, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
76,191
      
228,240
  
Transaction during the three-month period ended June 30, 2023 (unaudited) –
Total comprehensive profit for the period
    
-
      
-
      
-
      
2,850
      
2,850
  
Balance as at June 30, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
79,041
      
231,090
  
                                         
Balance as at April 1, 2022 (unaudited)
    
*
      
-
      
105,116
      
64,289
      
169,405
  
Transaction during the three-month period ended June 30, 2022 (unaudited) –
Total comprehensive loss for the period
    
-
      
-
      
-
      
(7,508
)
    
(7,508
)
Balance as at June 30, 2022 (unaudited)
    
*
      
-
      
105,116
      
56,781
      
161,897
  
                                         
Balance as at December 31, 2021 (audited)
    
*
      
-
      
105,116
      
63,716
      
168,832
  
Transaction during the year ended December 31, 2022 (audited) –
Capital notes
    
-
      
46,933
      
-
      
-
      
46,933
  
Total comprehensive profit for the year
    
-
      
-
      
-
      
3,433
      
3,433
  
Balance as at December 31, 2022 (audited)
    
*
      
46,933
      
105,116
      
67,149
      
219,198
  

*Represents an amount less than NIS 1 thousand


                                   ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Cash Flows

 
Six months ended June 30
    
Three months ended June 30
    
Year ended
December 31
2022
  
 
2023
    
2022
    
2023
    
2022
      
 
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
                               
Cash flows from operating activities -
                              
Net profit (loss) for the period
    
11,892
      
(6,935
)
    
2,850
      
(7,508
)
    
3,433
  
                                         
Adjustments needed to present cash flows from the Company’s operating activities:
                                        
Adjustments to the Company’s profit and loss items:
                                        
Financing expenses
    
1,594
      
4,407
      
828
      
2,475
      
8,437
  
Company’s share of profits (losses) of equity accounted investee
    
(13,612
)
    
1,963
      
(3,702
)
    
4,705
      
(13,265
)
     
(12,018
)
    
6,370
      
(2,874
)
    
7,180
      
(4,828
)
Changes in the assets and liabilities of the company:
                                        
Decrease (increase) in Trade and other receivables
    
(433
)
    
(601
)
    
24
      
(123
)
    
(558
)
Increase (decrease) in trade and other payables
    
(14
)
    
213
      
(1
)
    
59
      
249
  
     
(447
)
    
(388
)
    
23
      
(64
)
    
(309
)
Cash paid during the period for:
                                        
Interest paid
    
-
      
(528
)
    
-
      
(528
)
    
(528
)
Net cash provided by (used for) operating activities
    
(573
)
    
(1,481
)
    
(1
)
    
(920
)
    
(2,232
)
                                         
Cash flows from financing activities -
                                        
Receipt of loans from shareholders
    
473
      
1,087
      
33
      
961
      
1,887
  
Net cash provided by financing activities
    
473
      
1,087
      
33
      
961
      
1,887
  
                                         
Increase (decrease) in cash and cash equivalents
    
(100
)
    
(394
)
    
32
      
41
      
(345
)
Cash and cash equivalents at the beginning of the period
    
154
      
499
      
22
      
64
      
499
  
Cash and cash equivalents at the end of the period
    
54
      
105
      
54
      
105
      
154