Ellomay Capital (ELLO) 6-K Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. for the Year

Exhibit 99.3

U. DORI ENERGY INFRASTRUCTURE LTD

Statements of Financial Position

	As at December 31 2022		As at December 31 2021		As at December 31 2020
	NIS in thousands		NIS in thousands		NIS in thousands
Assets
Current assets:
Cash and cash equivalents		154		499		506
Trade and other receivables		116		-		581
		270		499		1,087
Non-current assets:
Investment in equity accounted investee		239,147		225,882		237,658
		239,417		226,381		238,745
Liabilities and Equity
Current liabilities:
Trade and other payables		219		204		1,011
Loans from shareholders**		20,000		57,345		66,598
		20,219		57,549		67,609
Equity:
Share capital		*		*		*
Capital notes		46,933		-		-
Share premium		105,116		105,116		105,116
Accumulated profit		67,149		63,716		66,020
		219,198		168,832		171,136
		239,417		226,381		238,745

*   Represents an amount less than NIS 1 thousand

** Reclassified from non-current liabilities to current liabilities. Effective December 31, 2022, U. Dori Energy Infrastructure Ltd. entered into loan agreements and capital notes agreements with its shareholders, 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

Statements of Comprehensive Income (Loss)

	Year ended December 31 2022			Year ended December 31 2021			Year ended December 31 2020
	NIS in thousands			NIS in thousands			NIS in thousands
General and administrative expenses		(1,395	)		(2,590	)		(2,178	)
Operating loss		(1,395	)		(2,590	)		(2,178	)
Financing expenses		(8,437	)		(6,688	)		(5,312	)
Share of profits of equity accounted investee		13,265			6,974			17,770
Net profit (loss) for the period		3,433			(2,304	)		10,280
Total comprehensive income (loss) for the period		3,433			(2,304	)		10,280

U. DORI ENERGY INFRASTRUCTURE LTD

Statements of Changes in Equity

	Share Capital		Capital notes		Share Premium		Accumulated profit			Total Equity
	NIS in thousands
Balance as at January 1, 2020		*		-		105,116		55,740			160,856
Total comprehensive profit for the year		-		-		-		10,280			10,280
Balance as at December 31, 2020		*		-		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		*		46,933		105,116		67,149			219,198

*Represents an amount less than NIS 1 thousand

U. DORI ENERGY INFRASTRUCTURE LTD

Statements of Cash Flows

	Year ended December 31 2022			Year ended December 31 2021			Year ended December 31 2020
	NIS in thousands
Cash flows from operating activities
Net profit (loss) for the year		3,433			(2,304	)		10,280
Adjustments needed to present cash flows from the company’s operating activities:
Adjustments to the Company’s profit and loss items:
Financing expenses		8,437			6,688			5,312
Company’s share of profits of equity accounted investee		(13,265	)		(6,974	)		(17,770	)
		(4,828	)		(286	)		(12,458	)
Changes in the assets and liabilities of the company:
Decrease (increase) in Trade and other receivables		(558	)		40			(1,084	)
Increase (decrease) in Trade and other payables		249			(807	)		178
		(309	)		(767	)		(906	)
Cash paid during the period for:
Interest paid		(528	)		(6,868	)		(4,359	)
Net cash provided by (used for) operating activities		(2,232	)		(10,225	)		(7,443	)
Cash flows from investing activities:
Dividend received from equity accounted investee		-			18,750			22,500
Net cash provided by investing activities		-			18,750			22,500
Cash flows from financing activities:
Repayment of loans from shareholders		-			(11,132	)		(16,141	)
Receipt of loans from shareholders		1,887			2,600			1,420
Net cash provided by (used by) financing activities		1,887			(8,532	)		(14,721	)
Increase (decrease) in cash and cash equivalents		(345	)		(7	)		336
Cash and cash equivalents at the beginning of the period		499			506			170
Cash and cash equivalents at the end of the period		154			499			506