SavorEat : Financial INFORMATIONAS OF JUNE 30, 2023

SAVOREAT LTD.

INTERIM FINANCIAL INFORMATION

(Unaudited)

AS OF JUNE 30, 2023

SAVOREAT LTD.

INTERIM FINANCIAL INFORMATION

(Unaudited)

AS OF JUNE 30, 2023

TABLE OF CONTENTS
	Page
AUDITORS' REVIEW REPORT	2
CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION - IN
NEW ISRAELI SHEKELS (NIS):
Condensed consolidated statement of financial position	3
Condensed consolidated statement of comprehensive income	4
Condensed consolidated statement of changes in equity	5
Condensed consolidated statement of cash flows	6
Notes to the condensed consolidated financial information	7-14

The accompanying audit report is a non-binding translation into English of the original audit

report published in Hebrew. The version in Hebrew is the approved text.

Introduction

We have reviewed the attached financial information of SavorEat Ltd. (hereinafter - the Company), which is comprised of the condensed statement of financial position as of June 30, 2023 and the condensed statements of comprehensive income, changes in equity and cash flows for the six-month period ended on that date. The Board of Directors and management are responsible for the preparation and presentation of the financial information for this interim period in accordance with the provisions of IAS 34 "Interim Financial Reporting" and are responsible for presentation of the financial information for this interim period in accordance with Chapter D to the Securities Regulations (Periodic and Immediate Reports), 1970. Our responsibility is to express a conclusion with respect to the financial information for this interim period, based on our review.

Scope of review

Our review was conducted in accordance with the provisions of Review Standard (Israel) 2410 of the Institute of Certified Public Accountants in Israel concerning 'Review of financial information for interim periods undertaken by the entity's auditor.' A review of financial information for interim periods consists of making enquiries, in particular, of those officials responsible for financial and accounting matters, and of the application of analytical and other review procedures. A review is substantially lesser in scope than an audit conducted in accordance with auditing standards generally accepted 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the above financial information is not prepared, in all material respects, in accordance with IAS 34.

Further to the preceding paragraph, based on our review, nothing has come to our attention that causes us to believe that the above financial information is not in compliance, in all material respects, with the disclosure provisions in Chapter D of Israel Security Regulations (Periodic and Immediate Reports), 1970.

Without qualifying our conclusion above, we draw attention to note 1g to the financial statements which describes that the Company is in research and development stages, and therefore, has not yet generated revenue, has accumulated losses and negative cash flows in light of development and ongoing activity since its date of incorporation and will require additional financing resources to continue its activity, the obtaining of which is uncertain. Those factors cast significant doubt on the Company's ability to continue as a going concern. Management plans in relation to those matters are presented in note 1g. These financial statements do not include any adjustments relating to the values and classification of asset and liabilities that might be necessary should the Company be unable to continue as a going concern.

Tel-Aviv, Israel	Kesselman & Kesselman
August 17, 2023	Certified Public Accountants (lsr.)
	A member firm of PricewaterhouseCoopers International Limited

Kesselman & Kesselman, 146 Derech Menachem Begin St. Tel-Aviv 6492103, Israel,

P.O Box 7187 Tel-Aviv 6107120, Telephone: [phone], Fax:[phone], www.pwc.com/il

SAVOREAT LTD.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2023
	As of June 30			As of
			December 31,
	2023		2022			2022
	(Unaudited)			(Audited)
		NIS in thousands
A s s e t s
CURRENT ASSETS:
Cash and cash equivalents	19,062	20,023	28,538
Short-term deposits	6,597	15,004	-
Other receivables	1,277		2,731			3,188
	26,936	37,758	31,726
NON-CURRENT ASSETS:
Property, plant and equipment, net	639	680	711
Right-of-use asset	192	307	139
Investment in associate accounted for using the
equity method	-	974	544
Restricted deposits	173		91			139
Total assets	27,940	39,810	33,259
Liabilities and equity
CURRENT LIABILITIES:
Accounts payable	803	1,009	1,047
Trade payables	591	813	405
Current maturities on lease	237		368			177
	1,631	2,190	1,629
NON-CURRENT LIABILITIES:
Liability for options	-	315	-
Total liabilities	1,631	2,505	1,629
EQUITY:
Ordinary share capital	22	21	22
Share premium	64,665	59,859	64,665
Capital reserve	5,381	5,607	5,725
Accumulated loss	)43,759(		)28,182(			(38,782)
Total equity	26,309		37,305			31,630
Total liabilities and equity	27,940		39,810			33,259

Date of approval of the financial information: August 17, 2023.

Oded Shoseyov		Racheli Vizman		Mira Damgian
Chairman of		Chief Executive		Chief Financial
the Board		Officer		Officer

The accompanying notes are an integral part of this condensed financial information.

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SAVOREAT LTD.

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2023

	Six months ended		Year ended
	June 30		December 31
	2023		2022		2022
	(Unaudited)		(Audited)
	NIS in thousands
Research and development expenses, net	)4,405(	)5,658(	(12,574)
Administrative and general expense	)945(	)1,906(	(4,272)
Marketing expenses	)98(		)858(		(1,909)
Operating loss	)5,448(	)8,422(	(18,755)
Changes in fair value of derivative
financial instruments		4,129	3,934
Finance income	1,027	1,144	1,512
Finance expenses	)12(	)68(	(78)
Decrease in ownership interest, and share
in losses of associate accounted for	)544(		124		(306)
using the equity method
Loss and comprehensive loss	)4,977(	)3,093(	(13,693)
(Loss) per share
Basic (loss) per share	)2.27(	)1.49(	(6.42)
Diluted (loss) per share	)2.27(	)3.39(	(8.17)

The accompanying notes are an integral part of this condensed financial information.

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