EX-99.3 4 ea023625501ex99-3_ellomay.htm SUMMARY OF THE FINANCIAL STATEMENTS OF ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD. AS OF AND FOR THE YEAR ENDED DECEMBER 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 December 31, 2024¹

Ellomay Luzon Energy Infrastructures Ltd.

Statements of Financial Position

	2024		2023
	NIS in thousands

Assets
Current assets:
Cash and cash equivalents		1,962		80
Trade and other receivables		426		1,160
		2,388		1,240
Non-current assets:
Investment in equity accounted investee		312,190		251,669
		314,578		252,909

Liabilities and Equity

Current liabilities:
Trade, related parties and other payables		1,125		1,380
		1,125		1,380

Equity:
Share capital		*		*
Capital notes		46,933		46,933
Share premium		105,116		105,116
Accumulated profit		161,404		99,480
		313,453		251,529
		314,578		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.

Statements of Comprehensive Income

	For the year ended December 31
	2024			2023			2022
	NIS in thousands

Other revenues, net		10,451			-			-
General and administrative expenses		(2,089	)		(983	)		(1,395	)
Share of profits of equity accounted investee		83,959			38,772			13,265
Financing expenses		(530	)		(2,458	)		(8,437	)
Total comprehensive income for the year		91,791			35,331			3,433

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, 2022		*		105,116		-		63,716			168,832
Capital Notes		-		-		46,933		-			46,933
Total comprehensive loss 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 income for the year		-		-		-		35,331			35,331
Balance as at December 31, 2023		*		105,116		46,933		99,480			251,529
Dividend		-		-		-		(29,867	)		(29,867	)
Total comprehensive income for the year		-		-		-		91,791			91,791
Balance as at December 31, 2024		*		105,116		46,933		161,404			313,453

*	Represents an amount less than NIS 1 thousand

Ellomay Luzon Energy Infrastructures Ltd.

Statements of Cash Flows

	Year ended December 31,
	2024			2023			2022
	NIS in thousands

Cash flows from operating activities -
Net profit for the year		91,791			35,331			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		530			2,458			8,437
Company’s share of profits of equity accounted investee		(83,959	)		(38,772	)		(13,265	)
		(83,429	)		(36,314	)		(4,828	)
Changes in the assets and liabilities of the company:
Decrease (increase) in trade and other receivables		204			(1,542	)		(558	)
Increase (decrease) in trade, related parties and other payables		(255	)		1,161			249
		(51	)		(381	)		(309	)

Cash paid during the period for:
Interest paid		-			(12,664	)		(528	)
Net cash provided by (used in) operating activities		8,311			(14,028	)		(2,232	)

Cash flows from investing activities -
Dividend from equity accounted investee		23,438			26,250			-
Net cash provided by investing activities		23,438			26,250			-

Cash flows from financing activities -
Repayment of loans to shareholders		-			(10,292	)		-
Dividend paid		(29,867	)		(3,000	)		-
Receipt of loans from shareholders		-			996			1,887
Net cash provided by (used in) financing activities		(29,867	)		(12,296	)		1,887

Decrease in cash and cash equivalents		1,882			(74	)		(345	)
Cash and cash equivalents at the beginning of the period		80			154			499
Cash and cash equivalents at the end of the period		1,962			80			154