EX-99.3 4 ea020709801ex99-3_ellomay.htm SUMMARY OF THE FINANCIAL STATEMENTS OF ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD. AS OF AND FOR THE THREE MONTHS ENDED MARCH 31, 2024 (SUMMARY OF HEBREW VERSION, THE ORIGINAL LANGUAGE WAS PUBLISHED BY THE COMPANY IN ISRAEL AND IS AVAILABLE UPON REQUEST)

Exhibit 99.3

 

Summary of the Financial Statements of Ellomay Luzon Energy Infrastructures Ltd. for March 31, 20241

 

ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Condensed Statements of Financial Position

 

   As at March 31   As at
December 31		 
   2024   2023   2023 
   Unaudited   Unaudited   Audited 
   NIS in thousands 
Assets            
Current assets:            
Cash and cash equivalents   113    22    80 
Trade and other receivables   554    433    1,160 
    667    455    1,240 
Non-current assets:               
Investment in equity accounted investee   263,764    249,057    251,669 
    264,431    249,512    252,909 
                
Liabilities and Equity               
                
Current liabilities:               
Trade, related parties and other payables   1,509    206    1,380 
Loans from shareholders   -    21,066    - 
    1,509    21,272    1,380 
                
Equity:               
Share capital   *    *    * 
Share premium   105,116    105,116    46,933 
Capital notes   46,933    46,933    105,116 
Accumulated profit   110,873    76,191    99,480 
    262,922    228,240    251,529 
    264,431    249,512    252,909 

 

*Represents an amount less than NIS 1 thousand

 

 

 

1Summary of Hebrew version, the original language was published by Ellomay Capital Ltd. in Israel and is available upon request.

 

 

 

 

ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Condensed Statements of Comprehensive Income

 

   Three Months ended
March 31		   Year ended
December 31		 
   2024   2023   2023 
   Unaudited   Audited 
   NIS in thousands 
             
General and administrative expenses   (555)   (102)   (983)
Operating loss   (555)   (102)   (983)
Financing expenses   (147)   (766)   (2,458)
Share of profits of equity accounted investee   12,095    9,910    38,772 
Net profit for the period   11,393    9,042    35,331 
Total comprehensive income for the period   11,393    9,042    35,331 

 

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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, 2024 (audited)   *    46,933    105,116    99,480    251,529 
Transaction during the three-month period ended March 31, 2024 (unaudited) –                         
Total comprehensive profit for the period   -    -    -    11,393    11,393 
Balance as at March 31, 2024 (unaudited)   *    46,933    105,116    110,873    262,922 
                          
Balance as at January 1, 2023 (audited)   *    46,933    105,116    67,149    219,198 
Transaction during the three-month period ended March 31, 2023 (unaudited) –                         
Total comprehensive profit for the period   -    -    -    9,042    9,042 
Balance as at March 31, 2023 (unaudited)   *    46,933    105,116    76,191    228,240 
                          
Balance as at January 1, 2023 (audited)   *    46,933    105,116    67,149    219,198 
Transaction during the year ended December 31, 2023 (audited) –                         
Dividend   -    -    -    (3,000)   (3,000)
Total comprehensive profit for the period   -    -    -    35,331    35,331 
Balance as at December 31, 2023 (audited)   *    46,933    105,116    99,480    251,529 

 

*Represents an amount less than NIS 1 thousand

 

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ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Condensed Statements of Cash Flows

 

   Three months ended
March 31		   Year ended
December 31		 
   2024   2023   2023 
   Unaudited   Audited 
   NIS in thousands 
             
Cash flows from operating activities -            
Net profit for the period   11,393    9,042    35,331 
                
Adjustments needed to present cash flows from the Company’s operating activities:               
Adjustments to the Company’s profit and loss items:               
Financing expenses   147    766    2,458 
Company’s share of profits of equity accounted investee   (12,095)   (9,910)   (38,772)
    (11,948    (9,144)   (36,314)
Changes in the assets and liabilities of the company:               
Decrease (increase) in trade and other receivables   459    (457)   (1,542)
Increase (decrease) in trade, related parties and other payables   129    (13)   1,161 
    588    (470)   (381)
                
Cash paid during the period for:               
Interest paid   -    -    (12,664)
Net cash provided by (used for) operating activities   33    (572)   (14,028)
                
Cash flows from investing activities -               
Dividend from equity accounted investee   -    -    26,250 
Net cash provided by investing activities   -    -    26,250 
                
Cash flows from financing activities -               
Repayment of loans to shareholders   -    -    (10,292)
Dividend paid   -    -    (3,000)
Receipt of loans from shareholders   -    440    996 
Net cash provided by financing activities   -    440    (12,296)
                
Change in cash and cash equivalents   33    (132)   (74)
Cash and cash equivalents at the beginning of the period   80    154    154 
Cash and cash equivalents at the end of the period   113    22    80 

 

 

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