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Elbit Imaging Ltd. Announces Third Quarter Results for 2012

Date : 11/29/2012 @ 11:37PM
Source : PR Newswire (US)
Stock : Elbit Imaging Ltd. - Ordinary Shares (MM) (EMITF)
Quote : 3.87  0.175 (4.74%) @ 5:40AM
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Elbit Imaging Ltd. Announces Third Quarter Results for 2012

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Elbit Imaging Ltd. Announces Third Quarter Results for 2012

TEL AVIV, Israel, November 29, 2012 /PRNewswire/ --

Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit"" or the "Company") announced today its results for the third quarter of 2012.

Three months ended September 30, 2012 compared to corresponding period in 2011

Consolidated revenues for the three months period ended September 30, 2012 amounted to NIS 218 million (US$ 55 million) compared to NIS 258 million in the corresponding period in 2012.

The revenues are affected by: (i) an increase in revenues from commercial centers, mainly attributable to the opening of additional three commercial centers ,the sale of office space in India and sale of a plot in Bulgaria by our subsidiary, Plaza Centers; (ii) an increase in revenues from sale of medical systems by InSightec, offset by: (i) a decrease in revenues from hotels, attributable to the sale of the Company's share in four Dutch hotels in March 2012; (ii) a decrease in revenues from the retail activity, attributable to the sale of GAP in April 2012; (iii) a decrease in gain from fair value adjustment of investment property and rental income from investment properties  in the US which  were  sold in June 2012;

  • Revenues from commercial centers increased in Q3 2012 to NIS 118 million (US$ 30 million) compared to NIS 26 million in Q3 2011. The increase is attributable to the operations of seven commercial centers in Q3 2012 which generated revenues of NIS 42 million in the third quarter of 2012 compared to revenues of NIS 25 million attributable to the operations of four commercial centers in Q3 2011. In addition in the third quarter of 2012 we recognized revenues of NIS 9 million attributable to the sale of office space in India. Moreover, Plaza has consummated sale of plot in Bulgaria which generated revenues of NIS 68 million in the third quarter of 2012.
  • Cost of commercial centers increased in Q3 2012 to NIS 113 million (US$ 28 million) compared to NIS 39 million in Q3 2011. The increase is attributable to the increase in the revenues of three commercial centers, the sale of office space in India and the sale of the plot in Bulgaria, as aforementioned.
  • Revenues from investment property rental income (US) - in Q3 2012 we did not recognize rental income or fair value adjustment income from the US investment properties due to its sale during Q2 2012,   while it amounted to NIS 90 million in Q3 2011.
  • Cost of investment property in Q3 2012 we did not recognize any costs related to investment property, due to its sale during Q2 2012, compared to NIS 26 million in Q3 2011.
  • Revenues from hotels operation and management decreased in Q3 2012 to NIS 50 million (US$ 13 million) compared to NIS 72 million in Q3 2011. The decrease is mainly attributable to the sale of the Company's hotels in the Netherlands in March 2012 offset by increase in revenues from the existing hotel in Bucharest.
  • Costs and expenses of hotels operation and management decreased in Q3 2012 to NIS 45 million (US$ 11 million) compared to NIS 61 million in Q3 2011. The decrease is attributable mainly to the sale of the Company's hotels in the Netherlands in March 2012, as aforementioned.
  • Revenues from the sale of medical systems increased in Q3 2012 to NIS 19 million (US$ 4.8 million) compared to NIS 14 million in Q3 2011. The increase is mainly attributable to the number of systems sold during the period.
  • Costs and expenses of medical systems decreased in Q3 2012 to NIS 14 million (US$ 3.5 million) compared to NIS 15 million in Q3 2011. The decrease in costs is mainly attributable to the cost saving measures applied by InSightec in the second half of 2011 and to the decrease in legal related expenses.
  • Research and development expenses decreased in Q3 2012 to NIS 10 million (US$ 2.5 million) compared to NIS 14 million in Q3 2011. The decrease in costs is attributable to cost saving measures applied by InSightec in the second half of 2011.  
  • Revenues from the sale of fashion retail decreased in Q3 2012 to NIS 31 million (US$ 8 million) compared to NIS 41 million in Q3 2011. The decrease is mainly attributable to the sale of the retail activity of GAP in April 2012, partially offset by the increase in the revenues attributable to the activity of Mango.
  • Cost of fashion retail decreased in Q3 2012 to NIS 34 million (US$ 8.5 million) compared to NIS 51 million in Q3 2011. The decrease is mainly attributable to the sale of the retail activity of GAP, as aforementioned.
  • General and administrative expenses decreased in Q3 2012 to NIS 11 million (US$ 2.8 million) compared to NIS 17 million in Q3 2011. The decrease in expenses is attributable to a decrease in stock based compensation expenses. General and administrative expenses excluding non-cash expenses amounted to NIS 8 million (US$ 2 million) in Q3 2012 compared to NIS 8 million in Q3 2011.
  • Financial expenses, net increased in Q3 2012 to NIS 0.3 million (US$ 0.1 million) compared to NIS net financial income of 96 million in Q3 2011. The increase of NIS 96 million is mainly attributable to the following:
    • An increase in the amount of NIS 146 million (US$ 37 million) in non-cash expenses, as a result of changes in fair value of financial instruments (mainly Plaza Centers' debentures, call transactions, and other derivatives, which are measured at fair value through profit and loss), offset by an increase in gain from repurchase of debentures in an amount of NIS 66 million.
  • An increase in interest expenses, net in the amount of NIS 14 million (US$ 3.5 million) mainly attributable to an increase in the interest expenses related to the activity of Plaza Centers' commercial centers offset by a decrease in the interest relating to our   US investment properties of a result of the sale of these assets in June 2012; and a decrease in the interest related to our hotel activities as a result of the sale of our Dutch hotels.  
  • Other income (expenses) , net in Q3 2012 amounted to NIS 27 million (US$ 7 million) compared to expenses in the amount of NIS 101 million in Q3 2011.The expenses in Q3 2012 is attributable to write off of trading property,
  • Loss for Q3 2012 amounted to NIS 29 million (US$ 7.5 million) (out of which NIS 12 is attributed to the equity holders of the Company) compared to a loss in the amount of NIS 26 million in the corresponding period in 2011 (out of which a loss in the amount of NIS 39 million is attributed to the equity holders of the Company).
  • Cash and cash equivalents as of September 30, 2012 amounted to NIS 0.74 billion (US$ 189 million) compared to NIS 0.6 billion as of December 31, 2011. The increase is attributable to the sale of 49 US investment properties and to the sale of four Dutch hotels, as aforementioned, offset by repayment of debentures and loans.

  • Shareholders' equity as of September 30, 2012 amounted to NIS 1.7 billion (US$ 442 million) (out of which NIS 0.5 billion is attributed to the equity holders of the Company) compared to NIS 1.5 billion (out of which NIS 0.4 billion is attributed to the equity holders of the Company) as of December 31, 2011. In the second quarter, the Company has initially implemented the revaluation model with respect to the Company's property, plant and equipment (mainly the hotels segment), which contributed to an increase in the Company's equity.

Our presentation to the consolidated financial statements for the third quarter of 2012 is available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (09/2012)."

About Elbit Imaging Ltd.


Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers - Initiation, construction and sale of shopping and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India, primarily through its subsidiary Plaza Centers N.V. In certain circumstances and depending on market conditions, we operate and manage commercial and entertainment centers prior to their sale; (ii) U.S. Real Property - Investment in commercial real property in the United States; (iii) Hotels - Hotel operation and management; (iv) Medical Industries - (a) research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment and (b) development of stem cell population expansion technologies and stem cell therapy products for transplantation and regenerative medicine; (v) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India; (vi) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel; and (vii) Other Activity -venture capital investments.

Any forward-looking statements in our releases include statements regarding the intent, belief or current expectations of Elbit Imaging Ltd. and our management about our business, financial condition, results of operations, and its relationship with its employees and the condition of our properties. Words such as"believe,""expect,""intend,""estimate" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors including, without limitation, the factors set forth in our filings with the Securities and Exchange Commission including, without limitation, Item 3.D of our annual report on Form 20-F for the fiscal year ended December 31, 2011, under the caption "Risk Factors." Any forward-looking statements contained in our releases speak only as of the date of such release, and we caution existing and prospective investors not to place undue reliance on such statements. Such forward-looking statements do not purport to be predictions of future events or circumstances, and therefore, there can be no assurance that any forward-looking statement contained our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.  


ELBIT IMAGING LTD.

CONSOLIDATED BALANCE SHEETS

                                         September 30 December 31 September 30
                                           2 0 1 2      2 0 1 1     2 0 1 2
                                                                  Convenience
                                                                  translation
                                            (in NIS thousands)      US$'000
    Current Assets
    Cash and cash equivalents                 737,556     602,292      188,537
    Short-term deposits and investments       326,705     409,338       83,514
    Trade accounts receivables                 61,163      72,049       15,635
    Other receivable                          105,336     101,566       26,926
    Prepayments and other assets              274,287     262,861       70,114
    Inventories                                35,299      48,043        9,023
    Trading property                        4,744,385   4,556,616    1,212,778
                                            6,284,731   6,052,765    1,606,527
 
    Non-Current Assets
    Deposits, loans and other long-term
    balances                                  129,402     380,077       33,078
    Investments in associates                  16,270      10,556        4,159
    Property, plant and equipment           1,230,234   1,167,646      314,477
    Investment property                       120,260   2,672,571       30,741
    Other assets and deferred expenses         13,653      13,037        3,490
    Intangible assets                          43,442      74,415       11,105
                                            1,553,261   4,318,302      397,050
 
                                            7,837,992  10,371,067    2,003,577
 
    Current Liabilities
    Short-term credits                        847,084   1,079,736      216,535
    Borrowings relating to trading
    property                                1,266,075   1,124,031      323,639
    Suppliers and service providers           102,506     219,229       26,203
    Payables and other credit balances        189,823     261,744       48,523
    Other liabilities                         145,559     157,144       37,208
                                            2,551,047   2,841,884      652,108
    Liabilities related to discontinued
    operation                                   3,392       2,941          868
                                            2,554,439   2,844,825      652,976
 
    Non-Current liabilities
    Borrowings                              3,341,845   5,650,170      854,255
    Other financial liabilities                85,318     215,752       21,809
    Other liabilities                          12,233      12,808        3,127
    Deferred taxes                            121,707     108,642       31,111
                                            3,561,103   5,987,372      910,302
 
    Shareholders' Equity
    Attributable to equity holders of
    the Company                               477,905     359,630      122,164
    Non-controlling interest                1,244,545   1,179,240      318,135
                                            1,722,450   1,538,870      440,299
 
                                            7,837,992  10,371,067    2,003,577
 


ELBIT IMAGING LTD.

CONSOLIDATED INCOME STATEMENTS

                                            Three months      Year    Nine months
                       Nine months ended        ended         ended      ended
                                                            December   September
                         September 30       September 30       31,        30
                       2 0 1 2   2 0 1 1  2 0 1 2  2 0 1 1   2 0 1 1    2 0 1 2
                                    (in NIS thousands)                Convenience
                                                                      translation
                                                                        US$'000
    Revenues and
    gains
    Gain from sale of
    real estate
    assets               53,875         -        -        -         -      13,772
    Gain from changes
    of shareholding
    in investees
    entities              7,806    15,453        -   15,453    15,450       1,995
    Commercial
    centers             216,971    81,614  118,415   25,948   115,270      55,463
    Gain from fair
    value adjustment
    of investment
    property                  -    78,815        -   29,030   100,818           -
    Investment
    property rental
    income              133,641   182,318        -   60,544   254,806      34,162
    Hotels operations
    and management      167,384   209,987   49,577   71,840   286,548      42,787
    Sale of medical
    systems              47,338    27,503   18,809   14,386    53,324      12,101
    Sale of fashion
    merchandise and
    other               105,605   124,447   30,964   40,859   185,082      26,995
                        732,620   720,137  217,765  258,060 1,011,298     187,275
 
    Expenses and
    losses
    Commercial
    centers             204,610   112,905  113,306   38,525   159,626      52,303
    Investment
    property expenses    58,063    76,885        -   25,558   112,262      14,842
    Expenses relating
    to realization of
    investment
    property and fair
    value adjustment    103,697         -        -        -         -      26,507
    Hotels operations
    and management      153,058   179,104   44,908   61,372   240,784      39,125
    Cost and expenses
    of medical
    systems operation    45,377    51,564   13,928   15,166   101,498      11,599
    Cost of fashion
    merchandise and
    other               117,159   148,842   33,869   51,258   211,743      29,949
    Research and
    development
    expenses             33,308    46,770   10,491   14,392    62,851       8,514
    General and
    administrative
    expenses             35,286    49,587   10,645   17,277    61,857       9,020
    Share in losses
    of associates,
    net                   6,241     5,200    1,654    1,327     7,568       1,597
    Financial
    expenses
    (income), net       225,485  (86,289)      346 (95,789)  (86,560)      57,639
    Write down,
    charges and other
    expenses(income),
    net                  50,686   137,725   27,490  101,142   309,885      12,957
                      1,032,970   722,293  256,637  230,228 1,181,514     264,052
 
    Loss before
    income taxes      (300,350)   (2,156) (38,872)   27,832 (170,216)    (76,777)
    Income taxes
    expenses (tax
    benefits)          (15,975)    51,560 (10,312)   53,761    86,550     (4,084)
    Loss from
    continuing
    operations        (284,375)  (53,716) (28,560) (25,929) (256,766)    (72,693)
    Profit from
    discontinued
    operation, net            -         -        -        -     9,737           -
    Loss for the
    period            (284,375)  (53,716) (28,560) (25,929) (247,029)    (72,693)
 
    Attributable to:
    Equity holders of
    the Company       (240,765) (133,020) (11,825) (39,513) (264,919)    (61,545)
    Non-controlling
    interest           (43,610)    79,304 (16,735)   13,584    17,890    (11,148)
                      (284,375)  (53,716) (28,560) (25,929) (247,029)    (72,693)
 



ELBIT IMAGING LTD.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS

                                                     Three months      Year    Nine months
                               Nine months ended        ended          ended      ended
                                                                     December   September
                                 September 30        September 30       31,        30
                               2 0 1 2   2 0 1 1  2 0 1 2   2 0 1 1   2 0 1 1    2 0 1 2
                                             (in NIS thousands)                Convenience
                                                                               translation
                                                                                 US$'000
 
    Loss for the period        (284,375) (53,716) (28,560)  (25,929) (247,029)    (72,693)
 
    Exchange differences
    arising from translation
    of foreign operations         82,634  102,444  118,512    75,602    38,031      21,123
    Loss from cash flow
    hedge                       (10,781)        -  (3,601)         -  (41,577)     (2,756)
    Gain (loss) from
    available for sale
    investments                    6,921 (11,206)    4,803  (11,750)   (4,131)       1,769
    First adaption of the
    revaluation model         409,819(*)        -    1,335         -         -     104,760
    Loss on hedging
    instruments designated
    in hedges of the net
    assets of foreign
    operations                    37,971        -    (671)         -         -       9,706
    Reclassification
    adjustments
    relating to
    foreign
    operations
    disposed of in
    the year                     (75,610)       -        -         -         -     (19,328)
                                 450,954   91,238  120,378    63,852    (7,677)    115,274
 
    Comprehensive
    income (loss)                166,579   37,522   91,818    37,923  (254,706)     42,581
 
    Attributable to:
    Equity holders
    of the Company               120,091  (68,206)  61,958    (2,962) (264,454)     30,698
    Non-controlling
    interest                      46,488  105,728   29,860    40,885     9,748      11,883
                                 166,579   37,522   91,818    37,923  (254,706)     42,581
 


(*) Net of related tax expenses in the amount of NIS 97 million.

ELBIT IMAGING LTD.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                   Foreign               Revaluation
                                  currency               of property  Stock base
                  Share   Share  translation    Other     plant and  compensation  Retained
                 Capital premium adjustments Reserves(*)  equipment    reserve     earnings
                                               (in thousand NIS)
    Balance -
    December 31,
    2010          38,051 844,574   (471,993)    (33,904)           -       57,201   495,332
    Loss for the
    year               -       -           -           -           -            - (264,919)
    Comprehensive
    income (loss)      -       -      42,876    )42,411(           -            -
    Dividend paid to
    the
    non-Controling
    onterest by a
    subsidiary         -       -           -           -           -            -         -
    Stock based
    compensation
    expenses           -       -           -           -           -       10,705         -
    Exercise of
    shares by
    employees          8  20,237           -           -           8     (20,245)         -
    Initialy
    consolidated
    subsidiary         -       -           -           -           -            -         -
    Purchase of unit
    holdings from
    non-Controlling
    interest by a
    subsidiary         -       -           -   (155,102)           -            -         -
    issuance of
    shares to the
    non cotrolling
    interest by a
    subsidiary         -       -           -       7,741           -            -         -
 
    December 31,
    2011          38,059 864,811   (429,117)   (223,676)           -       47,661   230,413
    Loss for the
    period             -       -           -           -           -            - (240,765)
    Comprehensive                                                                         
    income (loss)      -       -     (7,864)      32,810 (**)193,962          -(***)141,948
    Stock based
    compensation
    expenses           -       -         399     (5,469)           -        1,870         -
    Transaction with
    non controlling
    interest           -       -           -     (5,809)           -            -         -
    Reclassification
    of a derivative
    (option) to
    equity following
    change in terms    -       -           -       7,193           -            -         -
 
    September 30,
    2012          38,059 864,811    (436,582)   (194,951)     193,962       49,531   131,596
 


(table continued)

                                       Total amount
                                       attributable
                                        to equity
                                        holders of                      Total
                      Gross   Treasury     the      Non-controlling shareholders'
                      Amount   stock     Company       Interest        equity
    Balance -
    December 31,
    2010              929,261 -168,521      760,740       1,416,781     2,177,521
    Loss for the
    year             -264,919        -     -264,919          17,890      -247,029
    Comprehensive
    income (loss)         465        -          465          -8,142        -7,677
    Dividend paid to
    the
    non-Controling
    onterest by a
    subsidiary              -        -            -         -56,529       -56,529
    Stock based
    compensation
    expenses           10,705        -       10,705          36,278        46,983
    Exercise of
    shares by
    employees               -        -            -               -             -
    Initialy
    consolidated
    subsidiary              -        -            -          11,766        11,766
    Purchase of unit
    holdings from
    non-Controlling
    interest by a
    subsidiary       -155,102        -     -155,102        -226,634      -381,736
    issuance of
    shares to the
    non cotrolling
    interest by a
    subsidiary          7,741        -        7,741         -12,170        -4,429
 
    December 31,
    2011              528,151 -168,521      359,630       1,179,240     1,538,870
    Loss for the
    period           -240,765        -     -240,765         -43,610      -284,375
    Comprehensive
    income (loss)     360,856        -      360,856          90,098       450,954
    Stock based
    compensation
    expenses           -3,200        -       -3,200           5,282         2,082
    Transaction with
    non controlling
    interest           -5,809        -       -5,809          13,535         7,726
    Reclassification
    of a derivative
    (option) to
    equity following
    change in terms     7,193        -        7,193               -         7,193
 
    September 30,
    2012              646,426 -168,521      477,905       1,244,545     1,722,450


(*)    Includes with non-controlling interest and hedging reserve.

(**)    Net of related tax expenses in the amount of NIS 40 million.

(***)    Net of related tax expenses in the amount of NIS 45 million.

ELBIT IMAGING LTD.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                       Foreign               Revaluation
                                      currency               of property  Stock base
                      Share   Share  translation    Other     plant and  compensation
                     Capital premium adjustments Reserves(*)  equipment     reserve

                                        Convenience translation US$'000
 
    December 31,
    2011               9,729 221,066   (109,692)    (57,177)           -        12,183
 
    Loss for the
    period                 -       -           -           -           -             -
    Comprehensive
    income (loss)          -       -     (2,010)       8,387  (**)49,581             -
    Stock based
    compensation
    expenses               -       -         102     (1,398)           -           478
    Transaction with
    non controlling
    interest               -       -           -     (1,485)           -             -
    Reclassification
    of a derivative
    (option) to
    equity following
    change in terms        -       -           -       1,839           -             -
 
    September 30,
    2012               9,729 221,066   (111,600)    (49,834)      49,581        12,661
 


(table continued)

                                                     Total amount
                                                     attributable
                                                      to equity
                                                      holders of                   Total
               Retained      Gross     Treasury         the   Non-controlling shareholders'
                earnings      Amount      stock        Company    Interest        equity

                                          Convenience translation US$'000
    December 31,
    2011          58,899      135,008    -43,078       91,930       301,442       393,372
 
    Loss for the
    period       -61,545      -61,545          -      -61,545       -11,148       -72,693
    Comprehensive 36,285
    income (loss)  (***)       92,243          -       92,243        23,031       115,274
    Stock based
    compensation
    expenses           -         -818          -         -818         1,350           532
    Transaction with
    non controlling
    interest           -       -1,485          -       -1,485         3,460         1,975
    Reclassification
    of a derivative
    (option) to
    equity following
    change in terms    -        1,839          -        1,839             -         1,839
 
    September 30,
    2012          33,639      165,242    -43,078      122,164       318,135       440,299


 (*)    Includes with non-controlling interest and hedging reserve.

(**)    Net of related tax expenses in the amount of NIS 10 million.

(***)    Net of related tax expenses in the amount of NIS 11 million.


For Further Information:

Company Contact:
Mordechay Zisser
Chief Executive Officer (CEO)
Tel: +972-3-608-6000
Motti@elbitimaging.com

Investor Contact:
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il  


SOURCE Elbit Imaging Ltd.

Copyright 2012 PR Newswire



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