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Published: 2023-12-11 16:55:10 ET
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EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3
Exhibit 99.3

Summary of the Financial Statements of Ellomay Luzon Energy Infrastructures Ltd. as of and
for the three and nine months ended September 30, 2023
(summary 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 Financial Position

 
As at September 30
    
As at December 31
2022
  
 
2023
    
2022
      
 
Unaudited
    
Audited
  
   
NIS in thousands
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
    
97
      
609
      
154
  
Trade and other receivables
    
216
      
266
      
116
  
     
313
      
875
      
270
  
Non-current assets:
                        
Investment in equity accounted investee
    
265,828
      
233,531
      
239,147
  
     
266,141
      
234,406
      
239,417
  
                         
Liabilities and Equity
                        
                         
Current liabilities:
                        
Trade, related parties and other payables
    
471
      
1,157
      
219
  
Loans from shareholders
    
9,384
      
64,631
      
20,000
  
     
9,855
      
65,788
      
20,219
  
                         
Equity:
                        
Share capital
    
*
      
*
      
*
  
Share premium
    
105,116
      
105,116
      
105,116
  
Capital notes
    
46,933
      
-
      
46,933
  
Accumulated profit
    
104,237
      
63,502
      
67,149
  
     
256,286
      
168,618
      
219,198
  
     
266,141
      
234,406
      
239,417
  

* Represents an amount less than NIS 1 thousand


                                   ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Comprehensive Income

 
Nine Months ended September 30
    
Three Months ended September 30
    
Year ended
December 31 2022
  
 
2023
    
2022
    
2023
    
2022
      
 
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
                               
General and administrative expenses
    
(562
)
    
(1,339
)
    
(436
)
    
(774
)
    
(1,395
)
Operating loss
    
(562
)
    
(1,339
)
    
(436
)
    
(774
)
    
(1,395
)
Financing expenses
    
(2,156
)
    
(6,524
)
    
(562
)
    
(2,117
)
    
(8,437
)
Share of profits of equity accounted investee
    
39,806
      
7,649
      
26,194
      
9,612
      
13,265
  
Net profit (loss) for the period
    
37,088
      
(214
)
    
25,196
      
6,721
      
3,433
  
Total comprehensive income (loss) for the period
    
37,088
      
(214
)
    
25,196
      
6,721
      
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 nine-month period ended September 30, 2023 (unaudited) –
Total comprehensive profit
    
-
      
-
      
-
      
37,088
      
37,088
  
Balance as at September 30, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
104,237
      
256,286
  
                                         
Balance as at January 1, 2022 (audited)
    
*
      
-
      
105,116
      
63,716
      
168,832
  
Transaction during the nine-month period ended September 30, 2022 (unaudited) –
Total comprehensive loss
    
-
      
-
      
-
      
(214
)
    
(214
)
Balance as at September 30, 2022 (unaudited)
    
*
      
-
      
105,116
      
63,502
      
168,618
  
                                         
Balance as at July 1, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
79,041
      
231,090
  
Transaction during the three-month period ended September 30, 2023 (unaudited) –
Total comprehensive profit
    
-
      
-
      
-
      
25,196
      
25,196
  
Balance as at September 30, 2023 (unaudited)
    
*
      
46,933
      
105,116
      
104,237
      
256,286
  
                                         
Balance as at July 1, 2022 (unaudited)
    
*
      
-
      
105,116
      
56,781
      
161,897
  
Transaction during the three-month period ended September 30, 2022 (unaudited) –
Total comprehensive profit
    
-
      
-
      
-
      
6,721
      
6,721
  
Balance as at September 30, 2022 (unaudited)
    
*
      
-
      
105,116
      
63,502
      
168,618
  
                                         
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
    
-
      
-
      
-
      
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

 
Nine months ended September 30
    
Three months ended September 30
    
Year ended
December 31 2022
  
 
2023
    
2022
    
2023
    
2022
      
 
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
                               
Cash flows from operating activities -
                              
Net profit (loss)
    
37,088
      
(214
)
    
25,196
      
6,721
      
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
    
2,156
      
6,524
      
562
      
2,177
      
8,437
  
Company’s share of profits of equity accounted investee
    
(39,806
)
    
(7,649
)
    
(26,194
)
    
(9,612
)
    
(13,265
)
     
(37,650
)
    
(1,125
)
    
(25,632
)
    
(7,495
)
    
(4,828
)
Changes in the assets and liabilities of the company:
                                        
Decrease (increase) in trade and other receivables
    
(478
)
    
(597
)
    
(45
)
    
4
      
(558
)
Increase in trade, related parties and other payables
    
252
      
1,087
      
266
      
874
      
249
  
     
(226
)
    
490
      
221
      
878
      
(309
)
                                         
Cash paid during the period for:
                                        
Interest paid
    
(12,403
)
    
(528
)
    
(12,403
)
    
-
      
(528
)
Net cash provided by (used for) operating activities
    
(13,191
)
    
(1,377
)
    
(12,618
)
    
104
      
(2,232
)
                                         
Cash flows from investing activities -
                                        
Receipt of dividend from equity accounted investee
    
13,125
      
-
      
13,125
      
-
      
-
  
Net cash provided by investing activities
    
13,125
      
-
      
13,125
      
-
      
-
  
                                         
Cash flows from financing activities -
                                        
Receipt of loans from shareholders
    
506
      
1,487
      
33
      
400
      
1,887
  
Repayment of loans to shareholders
    
(497
)
    
-
      
(497
)
    
-
      
-
  
Net cash provided by financing activities
    
9
      
1,487
      
(464
)
    
400
      
1,887
  
                                         
Increase (decrease) in cash and cash equivalents
    
(57
)
    
110
      
43
      
504
      
(345
)
Cash and cash equivalents at the beginning of the period
    
154
      
499
      
54
      
105
      
499
  
Cash and cash equivalents at the end of the period
    
97
      
609
      
97
      
609
      
154