EX-99.3 4 ea022304601ex99-3_ellomay.htm SUMMARY OF THE FINANCIAL STATEMENTS OF ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD. AS OF AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

Exhibit 99.3

Summary of the Financial Statements of Ellomay Luzon Energy Infrastructures Ltd. for September 30, 2024¹

ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Financial Position

	As at September 30				As at December 31
	2024		2023		2023
	Unaudited				Audited
	NIS in thousands
Assets
Current assets:
Cash and cash equivalents		125		97		80
Trade, other receivables and related parties		286		216		1,160
		411		313		1,240
Non-current assets:
Investment in equity accounted investee		289,613		265,828		251,669
		290,024		266,141		252,909

Liabilities and Equity

Current liabilities:
Trade, related parties and other payables		387		471		1,380
Loans from shareholders		-		9,384		-
		387		9,855		1,380

Equity:
Share capital		*		*		*
Share premium		105,116		105,116		105,116
Capital notes		46,933		46,933		46,933
Accumulated profit		137,588		104,237		99,480
		289,637		256,286		251,529
		290,024		266,141		252,909

Represents an amount less than NIS 1 thousand

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 Comprehensive Income

	Nine Months ended September 30						Three Months ended September 30						Year ended December 31
	2024			2023			2024			2023			2023
	Unaudited						Unaudited						Audited
	NIS in thousands

General and administrative expenses		(1,282	)		(562	)		(315	)		(436	)		(983	)
Operating loss		(1,282	)		(562	)		(315	)		(436	)		(983	)
Financing expenses		(402	)		(2,156	)		(127	)		(562	)		(2,458	)
Share of profits of equity accounted investee		47,319			39,806			29,689			26,194			38,772
Net profit for the period		45,635			37,088			29,247			25,196			35,331
Total comprehensive profit for the period		45,635			37,088			29,247			25,196			35,331

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 nine-month period ended September 30, 2024 (unaudited) –
Dividend		-		-		-		(7,527	)		(7,527	)
Total comprehensive profit		-		-		-		45,635			45,635
Balance as at September 30, 2024 (unaudited)		*		46,933		105,116		137,588			289,637

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 July 1, 2024 (unaudited)		*		46,933		105,116		115,868			267,917
Transaction during the three-month period ended September 30, 2024 (unaudited) –
Dividend		-		-		-		(7,527	)		(7,527	)
Total comprehensive profit		-		-		-		29,247			29,247
Balance as at September 30, 2024 (unaudited)		*		46,933		105,116		137,588			289,637

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 December 31, 2022 (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 year		-		-		-		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

ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.

Condensed Statements of Cash Flows

	Nine months ended September 30						Three months ended September 30						Year ended December 31
	2024			2023			2024			2023			2023
	Unaudited						Unaudited						Audited
	NIS in thousands

Cash flows provided by operating activities -
Net profit		45,635			37,088			29,247			25,196			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		402			2,156			127			562			2,458
Company’s share of profits of equity accounted investee		(47,319	)		(39,806	)		(29,689	)		(26,194	)		(38,772	)
		(46,917	)		(37,650	)		(29,562	)		(25,632	)		(36,314	)

Changes in the assets and liabilities of the company:
Decrease (increase) in trade, related parties and other receivables		472			(478	)		61			(45	)		(1,542	)
Increase (decrease) in trade, related parties and other payables		(993	)		252			(1,511	)		266			1,161
		(521	)		(226	)		(1,450	)		221			(381	)

Cash paid during the period for:
Interest paid		-			(12,403	)		-			(12,403	)		(12,664	)
Net cash used in operating activities		(1,803	)		(13,191	)		(1,765	)		(12,618	)		(14,028	)

Cash flows provided by investing activities -
Receipt of dividend from equity accounted investee		9,375			13,125			9,375			13,125			26,250
Net cash provided by investing activities		9,375			13,125			9,375			13,125			26,250

Cash flows provided by financing activities -
Repayment of loans to shareholders		-			(497	)		-			(497	)		(10,292	)
Dividend paid		(7,527	)		-			(7,527	)		-			(3,000	)
Receipt of loans from shareholders		-			506			-			33			996
Net cash provided by (used in) financing activities		(7,527	)		9			(7,527	)		(464	)		(12,296	)

Increase (decrease) in cash and cash equivalents		45			(57	)		83			43			(74	)
Cash and cash equivalents at the beginning of the period		80			154			42			54			154
Cash and cash equivalents at the end of the period		125			97			125			97			80