Ellomay Capital Ltd.
|
|
By: /s/ Ran Fridrich
|
|
Ran Fridrich
|
|
Chief Executive Officer and Director
|
|
• |
Dorad’s unaudited revenues for the three months ended September 30, 2023 – approximately NIS 930.8 million.
|
|
• |
Dorad’s unaudited operating profit for the three months ended September 30, 2023 – approximately NIS 221.1 million.
|
|
• |
Approximately 35.9 MW of photovoltaic power plants in Spain and a photovoltaic power plant of approximately 9 MW in Israel;
|
|
• |
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity
consumption;
|
|
• |
51% of Talasol, which owns a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, Cáceres, Spain;
|
|
• |
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5
million Nm3 per year, respectively;
|
|
• |
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
|
|
• |
Ellomay Solar Italy One SRL and Ellomay Solar Italy Two SRL that are constructing photovoltaic plants with installed capacity of 14.8 MW and 4.95 MW, respectively, in the Lazio Region, Italy;
|
|
• |
Ellomay Solar Italy Four SRL, Ellomay Solar Italy Five SRL, Ellomay Solar Italy Seven SRL, Ellomay Solar Italy Nine SRL and Ellomay Solar Italy Ten SRL that are developing photovoltaic projects with installed capacity of 15.06 MW, 87.2
MW, 54.77 MW, 8 MW and 18 MW, respectively, in Italy that have reached “ready to build” status; and
|
|
• |
Fairfield Solar Project, LLC, Malakoff Solar I, LLC, Malakoff Solar II, LLC, that are developing photovoltaic projects with installed capacity of 13 MW, 6.5 MW and 6.5 MW, respectively, in the Dallas Metropolitan area, Texas, and have
reached “ready to build” status.
|
September 30
|
September 30
|
December 31
|
||||||||||
2023
|
2022
|
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||
Assets
|
||||||||||||
Cash and cash equivalents
|
363,054
|
253,979
|
151,481
|
|||||||||
Trade receivables and accrued income
|
305,778
|
283,192
|
238,581
|
|||||||||
Other receivables
|
15,992
|
10,864
|
32,809
|
|||||||||
Financial derivatives
|
3,761
|
4,601
|
-
|
|||||||||
Total current assets
|
688,585
|
552,636
|
422,871
|
|||||||||
Restricted deposits
|
552,145
|
511,766
|
514,543
|
|||||||||
Prepaid expenses
|
30,566
|
31,739
|
32,072
|
|||||||||
Fixed assets
|
3,132,064
|
3,286,569
|
3,253,196
|
|||||||||
Intangible assets
|
7,716
|
5,815
|
6,404
|
|||||||||
Right of use assets
|
56,330
|
57,954
|
57,486
|
|||||||||
Total non-current assets
|
3,778,821
|
3,893,843
|
3,863,701
|
|||||||||
Total assets
|
4,467,406
|
4,446,479
|
4,286,572
|
|||||||||
Liabilities
|
||||||||||||
Current maturities of loans from banks
|
326,668
|
303,290
|
279,506
|
|||||||||
Current maturities of lease liabilities
|
4,783
|
4,609
|
4,645
|
|||||||||
Trade payables
|
219,406
|
276,551
|
228,468
|
|||||||||
Other payables
|
25,812
|
26,284
|
11,439
|
|||||||||
Total current liabilities
|
576,669
|
610,734
|
524,058
|
|||||||||
Loans from banks
|
2,131,403
|
2,321,553
|
2,211,895
|
|||||||||
Long-term lease liabilities
|
51,691
|
52,795
|
49,292
|
|||||||||
Provision for dismantling and restoration
|
50,000
|
50,000
|
50,000
|
|||||||||
Deferred tax liabilities, net
|
279,203
|
205,978
|
215,016
|
|||||||||
Other long-term liabilities
|
13,969
|
17,732
|
17,529
|
|||||||||
Liabilities for employee benefits, net
|
160
|
160
|
160
|
|||||||||
Total non-current liabilities
|
2,526,426
|
2,648,218
|
2,543,892
|
|||||||||
Equity
|
||||||||||||
Share capital
|
11
|
11
|
11
|
|||||||||
Share premium
|
642,199
|
642,199
|
642,199
|
|||||||||
Capital reserve from activities with shareholders
|
3,748
|
3,748
|
3,748
|
|||||||||
Retained earnings
|
718,353
|
541,569
|
572,664
|
|||||||||
Total equity
|
1,364,311
|
1,187,527
|
1,218,622
|
|||||||||
Total liabilities and equity
|
4,467,406
|
4,446,479
|
4,286,572
|
For the nine months ended
|
For the three months ended
|
For the year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Revenues
|
2,185,309
|
1,787,128
|
930,838
|
766,199
|
2,369,220
|
|||||||||||||||
Operating costs of the
|
||||||||||||||||||||
Power Plant:
|
||||||||||||||||||||
Energy costs
|
499,111
|
408,723
|
237,621
|
214,310
|
544,118
|
|||||||||||||||
Electricity purchases and infrastructure services
|
943,040
|
830,934
|
350,219
|
308,485
|
1,088,127
|
|||||||||||||||
Depreciation and amortization
|
182,861
|
183,587
|
63,997
|
59,960
|
239,115
|
|||||||||||||||
Other operating costs
|
138,657
|
123,181
|
57,939
|
47,564
|
157,189
|
|||||||||||||||
Total operating costs
|
||||||||||||||||||||
of Power Plant
|
1,763,669
|
1,546,425
|
709,776
|
630,319
|
2,028,549
|
|||||||||||||||
Profit from operating
|
||||||||||||||||||||
the Power Plant
|
421,640
|
240,703
|
221,062
|
135,880
|
340,671
|
|||||||||||||||
General and administrative expenses
|
20,726
|
17,018
|
6,633
|
6,124
|
24,066
|
|||||||||||||||
Operating profit
|
400,914
|
223,685
|
214,429
|
129,756
|
316,605
|
|||||||||||||||
Financing income
|
54,805
|
49,508
|
18,615
|
3,606
|
52,131
|
|||||||||||||||
Financing expenses
|
175,843
|
215,707
|
50,124
|
65,315
|
271,116
|
|||||||||||||||
Financing expenses, net
|
121,038
|
166,199
|
31,509
|
61,709
|
218,985
|
|||||||||||||||
Profit before
|
||||||||||||||||||||
taxes on income
|
279,876
|
57,486
|
182,920
|
68,047
|
97,620
|
|||||||||||||||
Taxes on income
|
64,187
|
13,301
|
42,077
|
15,642
|
22,340
|
|||||||||||||||
Profit for the period
|
215,689
|
44,185
|
140,843
|
52,405
|
75,280
|
Capital reserve
|
||||||||||||||||||||
for activities
|
||||||||||||||||||||
Share
|
Share
|
with
|
Retained
|
|||||||||||||||||
capital
|
premium
|
shareholders
|
earnings
|
Total Equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the nine months
|
||||||||||||||||||||
ended September 30, 2023
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
January 1, 2023 (Audited)
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
215,689
|
215,689
|
|||||||||||||||
Dividend distributed
|
-
|
-
|
-
|
(70,000
|
)
|
(70,000
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2023 (Unaudited)
|
11
|
642,199
|
3,748
|
718,353
|
1,364,311
|
|||||||||||||||
For the nine months
|
||||||||||||||||||||
ended September 30, 2022
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
44,185
|
44,185
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2022 (Unaudited)
|
11
|
642,199
|
3,748
|
541,569
|
1,187,527
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended September 30, 2023
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
July 1, 2023 (Unaudited)
|
11
|
642,199
|
3,748
|
647,510
|
1,293,468
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
140,843
|
140,843
|
|||||||||||||||
Dividend distributed
|
-
|
-
|
-
|
(70,000
|
)
|
(70,000
|
)
|
|||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2023 (Unaudited)
|
11
|
642,199
|
3,748
|
718,353
|
1,364,311
|
|||||||||||||||
For the three months
|
||||||||||||||||||||
ended September 30, 2022
|
||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
Balance as at
|
||||||||||||||||||||
July 1, 2022 (Unaudited)
|
11
|
642,199
|
3,748
|
489,164
|
1,135,122
|
|||||||||||||||
Profit for the period
|
-
|
-
|
-
|
52,405
|
52,405
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
September 30, 2022 (Unaudited)
|
11
|
642,199
|
3,748
|
541,569
|
1,187,527
|
Capital reserve
|
||||||||||||||||||||
for activities
|
||||||||||||||||||||
Share
|
Share
|
with
|
Retained
|
|||||||||||||||||
capital
|
premium
|
shareholders
|
earnings
|
Total Equity
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
For the year ended
|
||||||||||||||||||||
December 31, 2022 (Audited)
|
||||||||||||||||||||
Balance as at
January 1, 2022 (Audited)
|
11
|
642,199
|
3,748
|
497,384
|
1,143,342
|
|||||||||||||||
Profit for the year
|
-
|
-
|
-
|
75,280
|
75,280
|
|||||||||||||||
Balance as at
|
||||||||||||||||||||
December 31, 2022 (Audited)
|
11
|
642,199
|
3,748
|
572,664
|
1,218,622
|
For the nine months ended
|
For the three months ended
|
Year ended
|
||||||||||||||||||
September 30
|
September 30
|
December 31
|
||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
2022
|
||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
||||||||||||||||
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
NIS thousands
|
||||||||||||||||
Cash flows from
|
||||||||||||||||||||
operating activities
|
||||||||||||||||||||
Profit for the period
|
215,689
|
44,185
|
140,843
|
52,405
|
75,280
|
|||||||||||||||
Adjustments:
|
||||||||||||||||||||
Depreciation and amortization
|
||||||||||||||||||||
and fuel consumption
|
183,707
|
186,137
|
64,221
|
61,436
|
242,345
|
|||||||||||||||
Taxes on income
|
64,187
|
13,301
|
42,077
|
15,642
|
22,340
|
|||||||||||||||
Financing expenses, net
|
121,038
|
166,199
|
31,509
|
61,709
|
218,985
|
|||||||||||||||
368,932
|
365,637
|
137,807
|
138,787
|
483,670
|
||||||||||||||||
Change in trade receivables
|
(67,197
|
)
|
(34,620
|
)
|
(63,108
|
)
|
(91,436
|
)
|
9,991
|
|||||||||||
Change in other receivables
|
16,817
|
29,426
|
(1,811
|
)
|
13,068
|
7,480
|
||||||||||||||
Change in trade payables
|
(48,393
|
)
|
(77,976
|
)
|
29,915
|
78,790
|
(127,907
|
)
|
||||||||||||
Change in other payables
|
14,373
|
19,184
|
13,102
|
16,492
|
4,339
|
|||||||||||||||
Change in other long-term liabilities
|
(3,560
|
)
|
1,898
|
(1,006
|
)
|
(1,693
|
)
|
1,695
|
||||||||||||
(87,960
|
)
|
(62,088
|
)
|
(22,908
|
)
|
15,221
|
(104,402
|
)
|
||||||||||||
Taxes on income paid
|
-
|
(21,795
|
)
|
-
|
-
|
(21,795
|
)
|
|||||||||||||
Net cash flows provided
|
||||||||||||||||||||
by operating activities
|
496,661
|
325,939
|
255,742
|
206,413
|
432,753
|
|||||||||||||||
Cash flows provided by
|
||||||||||||||||||||
investing activities
|
||||||||||||||||||||
Proceeds for settlement of
|
||||||||||||||||||||
financial derivatives
|
5,714
|
9,435
|
2,640
|
3,688
|
13,652
|
|||||||||||||||
Investment in fixed assets
|
(56,712
|
)
|
(88,914
|
)
|
(20,555
|
)
|
(19,749
|
)
|
(110,715
|
)
|
||||||||||
Investment in intangible assets
|
(2,744
|
)
|
(822
|
)
|
(427
|
)
|
(180
|
)
|
(1,810
|
)
|
||||||||||
Interest received
|
22,081
|
2,299
|
8,285
|
1,381
|
6,433
|
|||||||||||||||
Net cash flows used in
|
||||||||||||||||||||
investing activities
|
(31,661
|
)
|
(78,002
|
)
|
(10,057
|
)
|
(14,860
|
)
|
(92,440
|
)
|
||||||||||
Cash flows provided by
|
||||||||||||||||||||
financing activities
|
||||||||||||||||||||
Repayment of lease liability principal
|
(320
|
)
|
(392
|
)
|
(108
|
)
|
(151
|
)
|
(4,726
|
)
|
||||||||||
Repayment of loans from banks
|
(130,987
|
)
|
(144,775
|
)
|
-
|
-
|
(255,705
|
)
|
||||||||||||
Dividends paid
|
(70,000
|
)
|
-
|
(70,000
|
)
|
-
|
-
|
|||||||||||||
Interest paid
|
(77,099
|
)
|
(82,262
|
)
|
(114
|
)
|
(133
|
)
|
(159,804
|
)
|
||||||||||
Net cash flows used in
|
||||||||||||||||||||
financing activities
|
(278,406
|
)
|
(227,429
|
)
|
(70,222
|
)
|
(284
|
)
|
(420,235
|
)
|
||||||||||
Net increase (decrease) in cash
|
||||||||||||||||||||
and cash equivalents
|
186,594
|
20,508
|
175,463
|
191,269
|
(79,922
|
)
|
||||||||||||||
Effect of exchange rate fluctuations
|
||||||||||||||||||||
on cash and cash equivalents
|
24,979
|
31,611
|
10,812
|
152
|
29,543
|
|||||||||||||||
Cash and cash equivalents at
|
||||||||||||||||||||
beginning of period
|
151,481
|
201,860
|
176,779
|
62,558
|
201,860
|
|||||||||||||||
Cash and cash equivalents at end
of period
|
||||||||||||||||||||
363,054
|
253,979
|
363,054
|
253,979
|
151,481
|
|
• |
On May 28, 2023, the Israeli Government approved the national infrastructures plan (TT”L 11/b) which governs, among other issues, the expansion of the power plant
owned by Doard by approximately 650 MW in a combined cycle technology, resulting in aggregate capacity of approximately 1,500 MW. This plan also enables adding batteries with a capacity of approximately 80 MW.
|
|
• |
On July 12, 2023, Dorad received a copy of a petition submitted by O.P.C Hadera Expansion
Ltd. (“OPC”) concerning the approval of the Israeli Government. On July 19, 2023, the Israeli Supreme Court rejected the petition submitted by OPC due to non-exhastion of proceedings. On July 24, 2023, Dorad received a copy of OPC’s letter
to the Israeli Government, through the Secretary of the Government, requesting an urgent response to OPC’s letter dated July 3, 2023 and noting that to the extent the Government does not act accordintlly, OPC will have no other recourse and
will file a new petition with the court. Furthermore, on July 17, 2023, Dorad received a copy of a petition submitted by Reindeer Energy Ltd. (“Reindeer”) concerning the same approval of the Israeli Government. On July 19, 2023, the Israeli
court resolved that Reindeer is required to notify the court by July 24, 2023 why its petition should not be deleted as it is premature, without an order to pay legal expenses and while reserving its claims until a final resolution is
adopted in th matter. On July 25, 2023, Dorad received a copy of Reindeer’s response, claiming that the petition is not premature and that without the court’s interference at this stage, the possibility to compete over building a power
plant in Central Israel will be eliminated until 2035, therefore, Reindeer claims that the court’s suggestion does not maintain its rights but eliminates them and harms the public interest, which requires a discussion of the petition. On
July 27, 2023, the court rejected Reindeer’s petition resolving that it is premature and that under the circunstances there is no justification to discuss it at this time because it is unclear what the recommendation of the National
Infrastructure Committee will be after another discussion and what will be the final resolution of the Israeli Government and the basis of the resolution.
|
|
• |
Petition to Approve a Derivative Claim filed by Ellomay Luzon Energy
and Hemi Raphael - The arbitration award accepts the majority of the claims made by the Plaintiffs and the arbitrator ruled that the defendants, severally and jointly, are required to: (i) pay Dorad an amount of $100 million,
bearing interest pursuant to applicable law from January 1, 2013 until the payment date, (ii) bear the expenses of the plaintiffs, including Ellomay Luzon Energy, in an aggregate amount of NIS 20 million, plus VAT, and (iii) bear 80% of the
expenses of Dorad in the proceeding (while the Plaintiffs will bear the remaining 20%).
|
|
• |
Third-Party Notices and Counterclaims submitted by Zorlu and Edelcom
- The arbitration award provides that due to the ruling accepting the derivative petition as detailed above, the third-party notices and counterclaim are rejected.
|
|
• |
Petition to Approve a Derivative Claim filed by Edelcom - The
arbitration award provides, inter alia, that the entrepreneurship agreement was not breached and therefore there is no basis for approving a derivative claim.
|
ELLOMAY LUZON ENERGY INFRASTRUCTURES LTD.
|
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
|
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
|
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
|
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
|