Electra Real Estate Ltd.
Interim Consolidated Financial Information
As of June 30, 2023
(Unaudited)
This is an English translation of parts of the information included in the full Hebrew report of the company, that was published on August 31, 2023 (reference No. 2023-01-082399) at the ISA reporting website (magna.isa.gov.il) (hereafter: "the Hebrew Version"). The English version is Voluntary and only for convenience purposes. This is not an official translation and has no binding force. The translation in any case cannot perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.
- 1 -
Electra Real Estate Ltd. | |
Contents | |
Financial Information as of June 30, 2023 (Unaudited) | |
Consolidated Information of Profit or Loss | 6 |
Consolidated Information of Comprehensive Income | 7 |
Consolidated Information of Changes in Equity | 8 |
Consolidated Information of Cash Flows | 13 |
Notes to the Interim Consolidated Financial Statements | 15 |
- 2 -
Kost Forer Gabbay & Kasierer | Tel: +972-3-6232525 |
144 Menachem Begin Road, Building A, | Fax: +972-3-5622555 |
Tel-Aviv 6492102, Israel | ey.com |
To: Electra Real Estate Ltd.
Re: Interim Financial Information
Per your request, we have reviewed the accompanying interim consolidated financial information of Electra Real Estate Ltd. ("the Company") as of June 30, 2023 and for the period of six and three months then ended ("the Interim Financial Information"). The Interim Financial Information is the responsibility of the Company's Board of Directors and management. Our responsibility is to express a conclusion regarding the Interim Financial Information based on our review.
We did not review the interim financial information of certain subsidiaries, whose assets constitute approximately 0.3% of the total consolidated assets as of June 30, 2023 and whose revenues constitute approximately 0% of the total consolidated revenue for periods of six months and of the three months ended on June 30. 2023. The interim financial information for those companies were reviewed by other auditors, whose reports have been furnished to us, and our conclusion, insofar as it relates to amounts included for those companies, is based on the reports of the other auditors.
We conducted our review in accordance with Review Standard (Israel) 2410 of the Institute of Certified Public Accountants in Israel, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards in Israel and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review and the reports of the other auditors, we concluded an unqualified conclusion on the Company's consolidated interim financial statements in our report dated August 31, 2023.
The accompanying interim financial information, which are derived from the company's interim consolidated financial statements, are condensed interim financial information and do not include the disclosures required by International Financial Reporting Standards (IFRS). If the omitted disclosures were included in the accompanying interim financial information, it might influence the user's conclusions about the consolidated financial position, results of operations, changes in equity and cash flows of the company. Accordingly, the accompanying interim financial information are not designated for those who are not informed about such matters.
Based on our review and the reports of other auditors, nothing has come to our attention that causes us to believe that the accompanying Interim Financial Information is not present fairly, in all material respects, the information contained in it.
Tel-Aviv, Israel | KOST FORER GABBAY & KASIERER |
August 31, 2023 | A Member of Ernst & Young Global |
- 3 -
Electra Real Estate Ltd.
CONSOLIDATED INFORMATION OF FINANCIAL POSITION
US DOLLARS (in thousands)
June 30 | June 30 | December 31 | ||||||
2023 | 2022 | 2022 | ||||||
Section | Unaudited | Unaudited | Audited | |||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | 8,771 | 28,686 | 7,757 | |||||
Short-term deposits and designated deposits | - | 11,798 | - | |||||
Financial asset at fair value through profit or loss | - | 252 | - | |||||
Trade receivables | - | 23 | - | |||||
Current tax assets | - | 1,500 | - | |||||
Other receivables and loans | 37,751 | 45,618 | 36,597 | |||||
Investments in companies accounted for at equity that are | - | 115,964 | - | |||||
held for sale | ||||||||
Total current assets | 46,522 | 203,841 | 44,354 | |||||
Non-current assets | ||||||||
Investments in residential property held for rental and others | ||||||||
accounted for at equity | 767,140 | 513,698 | 719,418 | |||||
Long-term loans and other receivables | 21,047 | 7,176 | 18,264 | |||||
Fixed assets | 309 | 409 | 356 | |||||
Usage right assets | 1,108 | 1,225 | 1,282 | |||||
Total non-current assets | 789,604 | 522,508 | 739,320 | |||||
Total assets | 836,126 | 726,349 | 783,674 |
- 4 -
Electra Real Estate Ltd.
CONSOLIDATED INFORMATION OF FINANCIAL POSITION
US DOLLARS (in thousands) | |||||||||||||||||||
June 30 | June 30 | December 31 | |||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||||
Unaudited | Unaudited | Audited | |||||||||||||||||
Liabilities and Equity | |||||||||||||||||||
Current Liabilities | |||||||||||||||||||
Short-term credit (including current maturities of loans | |||||||||||||||||||
and bonds) | 85,021 | 78,011 | 46,188 | ||||||||||||||||
Current tax liabilities | 758 | 725 | 5,330 | ||||||||||||||||
Suppliers and providers of services | 100 | 433 | 67 | ||||||||||||||||
Other payables | 12,044 | 10,319 | 11,328 | ||||||||||||||||
Current maturities of leasing liabilities | 354 | 294 | 370 | ||||||||||||||||
Total current liabilities | 98,277 | 89,782 | 63,283 | ||||||||||||||||
Non-current Liabilities | |||||||||||||||||||
Bonds | 96,155 | 43,420 | 66,861 | ||||||||||||||||
Leasing liabilities | 652 | 897 | 878 | ||||||||||||||||
Other long-term liabilities | 33,893 | 15,994 | 20,120 | ||||||||||||||||
Long-term loans from banks | 143,500 | 116,589 | 149,244 | ||||||||||||||||
Deferred taxes | 77,743 | 83,260 | 79,787 | ||||||||||||||||
Total non-current liabilities | 351,943 | 260,160 | 316,890 | ||||||||||||||||
Equity | |||||||||||||||||||
Share capital | 58 | 58 | *) | 58 | |||||||||||||||
Share premium | 185,270 | 185,270 | *) | 185,270 | |||||||||||||||
Capital reserves | (117,548) | (113,384) | (119,023) | ||||||||||||||||
Retained earnings | 312,382 | 301,071 | 332,509 | ||||||||||||||||
Equity attributed to the shareholders | 380,162 | 373,015 | 398,814 | ||||||||||||||||
Non-controlling interests | 5,744 | 3,392 | 4,687 | ||||||||||||||||
Total equity | 385,906 | 376,407 | 403,501 | ||||||||||||||||
Total liabilities and equity | 836,126 | 726,349 | 783,674 | ||||||||||||||||
*) Reclassified. | |||||||||||||||||||
August 31, 2023 | Chief Financial Officer | Joint General Manager | Chairman of the Board | ||||||||||||||||
signture | signture | of Directors signture | |||||||||||||||||
Date of approval of the | E. Vessely | A. Yaniv | G. Rushinek | ||||||||||||||||
Chief Financial | Chairman of the | ||||||||||||||||||
financial statements | Chief Executive Officer | ||||||||||||||||||
Officer | Board of Directors | ||||||||||||||||||
- 5 -
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Electra Real Estate Ltd. published this content on 21 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2023 12:04:02 UTC.