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Published: 2023-01-25 06:30:21 ET
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EX-99.2 3 exhibit_99-2.htm EXHIBIT 99.2
Exhibit 99.2

                                   U. DORI ENERGY INFRASTRUCTURE LTD
 
Condensed Statements of Financial Position as at September 30, 2022

   
As at September 30
    
As at December 31
  
   
2022
    
2021
    
2021
  
   
Unaudited
    
Audited
  
   
NIS in thousands
  
Assets
                  
Current assets:
                  
Cash and cash equivalents
    
609
      
158
      
499
  
Trade and other receivables
    
266
      
683
      
-
  
     
875
      
841
      
499
  
Non-current assets:
                        
Investment in equity accounted investee
    
233,531
      
225,912
      
225,882
  
     
234,406
      
226,753
      
226,381
  
                         
Liabilities and Equity
                        
                         
Current liabilities:
                        
Trade and other payables
    
1,157
      
440
      
204
  
Loans from shareholders**
    
64,631
      
55,866
      
57,345
  
     
65,788
      
56,306
      
57,549
  
Equity:
                        
Share capital
    
*
      
*
      
*
  
Share premium
    
105,116
      
105,116
      
105,116
  
Accumulated profit
    
63,502
      
65,331
      
63,716
  
     
168,618
      
170,447
      
168,832
  
     
234,406
      
226,753
      
226,381
  

* Represents an amount less than NIS 1 thousand
** Reclassified from non-current liabilities to current liabilities. Following the balance sheet date, U. Dori Energy Infrastructure Ltd. entered into loan agreements and capital notes agreements with its shareholders, effective December 31, 2022, 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

Condensed Statements of Comprehensive Income

   
Nine months ended September 30
    
Three months ended September 30
    
Year ended December 31
  
   
2022
    
2021
    
2022
    
2021
    
2021
  
   
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
General and administrative expenses
    
(1,339
)
    
(2,184
)
    
(774
)
    
(644
)
    
(2,590
)
Operating loss
    
(1,339
)
    
(2,184
)
    
(774
)
    
(644
)
    
(2,590
)
Financing expenses
    
(6,524
)
    
(5,509
)
    
(2,117
)
    
(1,496
)
    
(6,688
)
Share of profits of equity accounted investee
    
7,649
      
7,004
      
9,612
      
9,461
      
6,974
  
Net profit (loss) for the period
    
(214
)
    
(689
)
    
6,721
      
7,321
      
(2,304
)
Total comprehensive income (loss) for the period
    
(214
)
    
(689
)
    
6,721
      
7,321
      
(2,304
)


                                   U. DORI ENERGY INFRASTRUCTURE LTD

Condensed Statements of Changes in Equity


 
Share
Capital
    
Share
Premium
    
Accumulated profit
    
Total
Equity
  

 
NIS in thousands
  
Balance as at January 1, 2022 (Audited)
    
*
      
105,116
      
63,716
      
168,832
  
Tractions during the 9 months 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 January 1, 2021 (Audited)
    
*
      
105,116
      
66,020
      
171,136
  
Tractions during the 9 months period ended September 30, 2021 (unaudited)
                                
Total comprehensive loss
    
-
      
-
      
(689
)
    
(689
)
Balance as at September 30, 2021 (Unaudited)
    
*
      
105,116
      
65,331
      
170,447
  
                                 
Balance as at July 1, 2022 (Unaudited)
    
*
      
105,116
      
56,781
      
161,897
  
Tractions during the 3 months period ended September 30, 2022
                                
Total comprehensive profit
    
-
      
-
      
6,721
      
6,721
  
Balance as at September 30, 2022 (Unaudited)
    
*
      
105,116
      
63,502
      
168,618
  
                                 
Balance as at July 1, 2021 (Unaudited)
    
*
      
105,116
      
58,010
      
163,126
  
Tractions during the 3 months period ended September 30, 2021
                                
Total comprehensive profit
    
-
      
-
      
7,321
      
7,321
  
Balance as at September 30, 2021 (Unaudited)
    
*
      
105,116
      
65,331
      
170,447
  
                                 
Balance as at January 1, 2021 (Audited)
    
*
      
105,116
      
66,020
      
171,136
  
Tractions during the year period ended December 31, 2021
                                
Total comprehensive loss
    
-
      
-
      
(2,304
)
    
(2,304
)
Balance as at December 31, 2021 (Audited)
    
*
      
105,116
      
63,716
      
168,832
  

*Represents an amount less than NIS 1 thousand


                                   U. DORI ENERGY INFRASTRUCTURE LTD

Condensed Statements of Cash Flows

   
Nine months ended September 30
    
Three months ended September 30
    
Year ended December 31
  
   
2022
    
2021
    
2022
    
2021
    
2021
  
   
Unaudited
    
Unaudited
    
Audited
  
   
NIS in thousands
  
Cash flows from operating activities
                              
Net Profit (loss)
    
(214
)
    
(689
)
    
6,721
      
7,321
      
(2,304
)
                                         
   Adjustments needed to present cash flows from the company’s operations:
                                        
Adjustments to the Company’s profit and loss items:
                                        
Financing expenses
    
6,524
      
5,509
      
2,117
      
1,496
      
6,688
  
Company’s share of profits of equity accounted investee
    
(7,649
)
    
(7,004
)
    
(9,612
)
    
(9,461
)
    
(6,974
)
     
(1,125
)
    
(1,495
)
    
(7,495
)
    
(7,965
)
    
(286
)
Changes in the assets and liabilities of the company:
                                        
Decrease (increase) in Trade and other receivables
    
(597
)
    
(643
)
    
4
      
530
      
40
  
Increase (decrease) in Trade and other payables
    
1,087
      
(571
)
    
874
      
(838
)
    
(807
)
     
490
      
(1,214
)
    
878
      
(308
)
    
(767
)
                                         
Cash paid and received during the period for:
                                        
Interest paid
    
(528
)
    
(6,868
)
    
-
      
-
      
(6,868
)
Net cash provided by (used for) operating activities
    
(1,377
)
    
(10,266
)
    
104
      
(952
)
    
(10,225
)
                                         
Cash flows from investing activities:
                                        
Dividend received from equity accounted investee
    
-
      
18,750
      
-
      
-
      
18,750
  
Net cash provided by investing activities
    
-
      
18,750
      
-
      
-
      
18,750
  
                                         
Cash flows from financing activities:
                                        
Loans from shareholders
    
1,487
      
2,300
      
400
      
400
      
2,600
  
Repayment of loans from shareholders
    
-
      
(11,132
)
    
-
      
-
      
(11,132
)
Net cash provided by (used by) financing activities
    
1,487
      
(8,832
)
    
400
      
400
      
(8,532
)
                                         
Increase (decrease) in cash and cash equivalents
    
110
      
(348
)
    
504
      
(552
)
    
(7
)
Cash and cash equivalents at the beginning of the period
    
499
      
506
      
105
      
710
      
506
  
Cash and cash equivalents at the end of the period
    
609
      
158
      
609
      
158
      
499