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Published: 2024-03-27 16:53:20 ET
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EX-99.3 4 ea020262601ex99-3_ellomay.htm SUMMARY OF THE FINANCIAL STATEMENTS OF ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD. AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023 (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 December 31, 20231

 

ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Statements of Financial Position

 

   2023   2022 
   NIS in thousands 
         
Assets        
Current assets:          
Cash and cash equivalents   80    154 
Trade and other receivables   1,160    116 
    1,240    270 
Non-current assets:          
Investment in equity accounted investee   251,669    239,147 
    252,909    239,417 
           
Liabilities and Equity          
           
Current liabilities:          
Trade, related parties and other payables   1,380    219 
Loans from shareholders   -    20,000 
    1,380    20,219 
           
Equity:          
Share capital   *    * 
Capital notes   46,933    46,933 
Share premium   105,116    105,116 
Accumulated profit   99,480    67,149 
    251,529    219,198 
    252,909    239,417 

 

* 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.

 

Statements of Comprehensive Income (Loss)

 

   For the year ended December 31 
   2023   2022   2021 
   NIS in thousands 
             
General and administrative expenses   (983)   (1,395)   (2,590)
Operating loss   (983)   (1,395)   (2,590)
Financing expenses   (2,458)   (8,437)   (6,688)
Share of profits of equity accounted investee   38,772    13,265    6,974 
Net profit (loss) for the year   35,331    3,433    (2,304)
Total comprehensive income (loss) for the year   35,331    3,433    (2,304)

 

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ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Statements of Changes in Equity

 

   Share
Capital		   Share
Premium		   Capital Notes   Accumulated Profit   Total
Equity		 
   NIS in thousands 
                     
Balance as at January 1, 2021   *    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   *    105,116    46,933    67,149    219,198 
Dividend   -    -    -    (3,000)   (3,000)
Total comprehensive profit for the year   -    -    -    35,331    35,331 
Balance as at December 31, 2023   *    105,116    46,933    99,480    251,529 

 

* Represents an amount less than NIS 1 thousand

 

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ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

 

Statements of Cash Flows

 

   Year ended December 31, 
   2023   2022   2021 
   NIS in thousands 
             
Cash flows from operating activities -               
Net profit (loss) for the year   35,331    3,433    (2,304)
                
Adjustments needed to present cash flows from the Company’s operating activities:               
                
Adjustments to the Company’s profit and loss items:               
Financing expenses   2,458    8,437    6,688 
Company’s share of profits of equity accounted investee   (38,772)   (13,265)   (6,974)
    (36,314)   (4,828)   (286)
Changes in the assets and liabilities of the company:               
Decrease (increase) in trade and other receivables   (1,542)   (558)   40 
Increase (decrease) in trade, related parties and other payables   1,161    249    (807)
    (381)   (309)   (767)
                
Cash paid during the period for:               
Interest paid   (12,664)   (528)   (6,868)
Net cash used in operating activities   (14,028)   (2,232)   (10,225)
                
Cash flows from investing activities -               
Dividend from equity accounted investee   26,250    -    18,750 
Net cash provided by investing activities   26,250    -    18,750 
                
Cash flows from financing activities -               
Repayment of loans to shareholders   (10,292)   -    (11,132)
Dividend paid   (3,000)   -    - 
Receipt of loans from shareholders   996    1,887    2,600 
Net cash provided by (used in) financing activities   (12,296)   1,887    (8,532)
                
Decrease in cash and cash equivalents   (74)   (345)   (7)
Cash and cash equivalents at the beginning of the period   154    499    506 
Cash and cash equivalents at the end of the period   80    154    499 

 

 

 

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