Elbit Imaging Ltd. Announces Second Quarter Results for 2009
- Press Release
- Source: Elbit Imaging Ltd.
- On 9:00 am EDT, Monday August 31, 2009
TEL AVIV, Israel, August 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (NASDAQ: EMITF - News; "EI" or the "Company") today announced its results for the second quarter of 2009.
Loss for the second quarter of 2009 amounted to NIS 252 million, of which NIS 207 million is attributable to the equity holders of the Company as compared to gain of NIS 56 million in the corresponding quarter of 2008 of which NIS 15.7 million is attributable to the equity holders of the Company.
Company's shareholder's equity, as of June 30, 2009 amounted NIS 2.3 billion, compared with NIS 2.4 billion as of December 31, 2008
Our presentation to the consolidated financial statements for the second quarter of 2009 is available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (06/2009)."
Mr. Shimon Yitzhaki, President and CEO of the Company, commented: "We see progress in all of the group's segments of operations, despite the challenging market conditions created by the world crisis.
"In the real estate segment, our main business of operation, we continue to develop and construct our six selected projects. In addition, Plaza Centers has lately secured its first financing from an Indian bank designated to the development of the Koregaon Park Plaza project.
"We are looking into a number of alternative ways in the US Commercial Centers market. The world crisis has created historical opportunities in the US market, which we have both the financial and the managerial capabilities to foresee. We believe that in the next few months we will be able to report progress in this segment.
"Our hotel division, as hotels operations world wide, has been affected by the financial crisis. Nevertheless, our Radisson SAS Bucharesti hotel opened a year ago exceeded our expectations and draws vast attention and interest.
"In the retail division, the first Gap store, a brand which we highly believe in, was opened a week ago in Israel. We have no doubt that it will be successful.
"In the medical systems operations, we have announced a month ago a significant progress achieved by InSightec's brain system for treatment of neuropathic pain based on a study conducted at the Zurich University.
Mr. Shimon Yitzhaki further commented: "Lately our group has raised NIS 350 million in debentures through the Company and Plaza Centers which increase the group's liquidity.
"The group's operations and it's financial stability are to our satisfaction, and as for now we focus on examining ways to utilize this window of opportunity that has emerged around the world in general and in the US in particular.
"Our managerial flexibility and vast experience in development and management of Commercial Centers, will enable us to reach this goal."
About Elbit Imaging Ltd.
The Activities of Elbit Imaging Ltd. are divided into the following principal fields: (i) Shopping and Entertainment Centers - Initiation, construction, operation, management 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; (ii) Hotels - Hotel ownership, operation, management and sale, primarily in major European cities; (iii) Image Guided Treatment - Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment; (vi) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real projects, predominantly residential, located in Eastern Europe and in India; and (v) Other Activities - (a) The distribution and marketing of fashion apparel and accessories in Israel; (b) venture capital investments; and (c) investments in hospitals, and farm and dairy plants in India, which are in preliminary stages.
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, 2008, 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. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements 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, 2008, under the caption "Risk Factors."
ELBIT IMAGING LTD.
CONSOLIDATED BALANCE SHEETS
June 30, June 30, December June 30,
2009 2008 31, 2008 2009
Convenience
translation
(in thousand NIS) US$'000
Current Assets
Cash and cash equivalents 1,321,871 1,796,077 1,690,433 337,298
Short-term deposits and
investments 417,978 857,866 408,719 106,654
Trade accounts receivable 56,006 379,082 34,740 14,291
Other receivable 158,599 117,560 134,194 40,469
Prepayments and other assets 399,250 103,331 404,613 101,875
Inventories 43,792 30,078 38,176 11,175
Trading property 4,030,441 2,192,242 3,279,775 1,028,436
6,427,937 5,476,236 5,990,650 1,640,198
Assets related to discontinued
operation 9,112 10,890 9,043 2,325
6,437,049 5,487,126 5,999,693 1,642,523
Non-Current Assets
Deposits, loans and other
long-term balances 769,795 782,709 783,568 196,426
Investments in associates 49,742 50,371 46,655 12,693
Property, plant and equipment 1,708,697 1,718,246 1,618,253 436,004
Investment property 81,822 639,428 78,897 20,878
Other assets and deferred expenses 133,994 132,983 118,064 34,191
Intangible assets 47,347 48,523 46,582 12,081
2,791,397 3,372,260 2,692,019 712,273
9,228,446 8,859,386 8,691,712 2,354,796
Current Liabilities
Short-term credits 1,344,020 197,684 1,255,018 342,950
Suppliers and service providers 179,637 156,285 214,461 45,838
Payables and other credit balances 260,824 370,634 217,704 66,553
Other liabilities 111,865 113,368 105,246 28,544
1,896,346 837,971 1,792,429 483,885
Liabilities related to
discontinued operation 30,011 26,877 29,186 7,658
1,926,357 864,848 1,821,615 491,543
Non-Current liabilities
Borrowings 4,795,739 5,184,971 4,258,639 1,223,715
Other financial liabilities 114,112 73,651 93,121 29,117
Other liabilities 15,550 12,049 15,440 3,968
Deferred taxes 38,707 51,761 65,114 9,877
4,964,108 5,322,432 4,432,314 1,266,677
Shareholders' Equity
Attributable to equity holders
of the Company 1,294,974 1,568,404 1,373,692 330,435
Minority Interest 1,043,007 1,103,702 1,064,091 266,141
2,337,981 2,672,106 2,437,783 596,576
9,228,446 8,859,386 8,691,712 2,354,796
ELBIT IMAGING LTD.
CONSOLIDATED INCOME STATEMENTS
Six months ended Three months ended
June 30 June 30
2009 2008 2009 2008
(in thousand NIS) (in thousand NIS)
Revenues and gains
Commercial centers (1) 41,900 426,374 21,797 352,666
Hotels operations and
management 188,919 190,220 101,902 98,332
Sale of medical systems 24,518 28,914 15,958 17,524
Change in shareholding of
subsidiaries 78,258 - - -
Sale of fashion merchandise 49,775 45,969 27,866 27,796
383,370 691,477 167,523 496,318
Expenses and losses
Commercial centers (1) 88,389 319,206 48,693 278,400
Hotels operations and
management 175,365 166,687 91,897 85,061
Cost and expenses of medical
systems operation 33,295 29,257 16,150 14,274
Cost of fashion merchandise 56,712 53,660 28,484 30,963
Research and development
expenses 33,358 33,779 16,715 17,613
General and administrative
expenses 33,851 27,344 16,258 18,793
Share in losses of
associates, net 7,510 7,820 3,267 5,502
Financial expenses (income),
net 166,960 5,460 189,579 (6,654)
Other expenses, net 60,730 (933) 53,558 922
656,170 642,280 464,601 444,874
Profit (loss) before income
taxes (272,800) 49,197 (297,078) 51,444
Income taxes (tax benefits) (30,032) (271) (43,873) (3,326)
Profit (loss) from continuing
operations (242,768) 49,468 (253,205) 54,770
Profit (loss) from
discontinued operation, net (538) 2,992 1,242 1,238
Profit (loss) for the
period (243,306) 52,460 (251,963) 56,008
Attributable to:
Equity holders of the
Company (186,147) (11,593) (207,142) 15,755
Minority interest (57,159) 64,053 (44,821) 40,253
(243,306) 52,460 (251,963) 56,008
(1) Sale of trading property and investment property operations
ELBIT IMAGING LTD.
CONSOLIDATED INCOME STATEMENTS (Cont.)
Year ended Six months
December 31, ended June
30
2008 2009
Convenience
translation
US$'000
Revenues and gains
Commercial centers (1) 524,163 10,691
Hotels operations and management 384,220 48,206
Sale of medical systems 38,076 6,256
Change in shareholding of subsidiaries 49,122 19,969
Sale of fashion merchandise 102,736 12,701
1,098,317 97,823
Expenses and losses
Commercial centers (1) 432,760 22,554
Hotels operations and management 354,850 44,747
Cost and expenses of medical systems
operation 55,469 8,496
Cost of fashion merchandise 118,040 14,471
Research and development expenses 68,759 8,512
General and administrative expenses 54,944 8,638
Share in losses of associates, net 12,952 1,916
Financial expenses (income) , net (63,995) 42,603
Other expenses, net 68,797 15,496
1,102,576 167,433
Profit (loss) before income taxes (4,259) (69,610)
Income taxes (tax benefits) 24,736 (7,663)
Profit (loss) from continuing operations (28,995) (61,947)
Profit (loss) from discontinued operation,
net 4,934 (137)
Profit (loss) for the period (24,061) (62,084)
Attributable to:
Equity holders of the Company (103,714) (47,499)
Minority interest 79,653 (14,585)
(24,061) (62,084)
(1) Sale of trading property and investment property operations
ELBIT IMAGING LTD.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
Six months ended June Three months ended
30, June 30,
2009 2008 2009 2008
(in thousand NIS) (in thousand NIS)
Profit (loss) for the
period (243,306) 52,460 (251,963) 56,008
Exchange differences
arising from translation
of foreign operations 142,791 (399,425) (37,020) (296,961)
Loss (income) from cash
flow hedge 399 15,338 10,268 22,252
Loss from available for
sale investments 578 - 8,128 -
143,768 (384,087) (18,624) (274,709)
Comprehensive income
(loss) (99,538) (331,627) (270,587) (218,701)
Attributable to:
Equity holders of the
Company (87,307) (309,148) (218,079) (189,094)
Minority interest (12,231) (22,479) (52,508) (29,607)
(99,538) (331,627) (270,587) (218,701)
ELBIT IMAGING LTD.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS (Continued)
Year ended Six months
December 31, ended June 30,
2008 2009
Convenience
translation
US$'000
Profit (loss) for the period (24,061) (62,084)
Exchange differences arising from
translation of foreign operations (453,305) 36,436
Loss (income) from cash flow hedge (49,970) 102
Loss from available for sale investments (5,929) 147
(509,204) 36,685
Comprehensive income (loss) (533,265) (25,399)
Attributable to:
Equity holders of the Company (508,007) (22,278)
Minority interest (25,258) (3,121)
(533,265) (25,399)
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign
currency
Share Share translation Hedging
Capital premium adjustments reserves
(In thousand NIS)
Balance -
January 1, 2008 38,032 815,275 45,872 12,848
Comprehensive income (loss) - - (350,242) (49,970)
Dividend paid - - - -
issuance of shares to the
minority by a subsidiary - - - -
Repayment of loans as a result of
the realization by employees of
rights to shares - - - -
Stock based compensation expenses - - - -
Dividend to the minority - - - -
Purchase of the minority interest - - - -
Employee share premium - 16 - -
December 31, 2008 38,032 815,291 (304,370) (37,122)
Comprehensive income (loss) - - 98,014 399
Stock based compensation expenses - - - -
Initially consolidated subsidiary - - - -
Issuance of shares to the
minority by a subsidiary - - - -
Purchase of the minority interest - - - -
June 30, 2009 38,032 815,291 (206,356) (36,723)
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Cont.)
Available Stock base
for sale compensation Retained Gross
reserve reserve earnings Amount
(In thousand NIS)
Balance -
January 1, 2008 - 32,909 1,232,399 2,177,335
- -
Comprehensive income (loss) (4,081) - (103,714) (508,007)
Dividend paid - - (168,064) (168,064)
Issuance of shares to the
minority by a subsidiary - - - -
Repayment of loans as a
result of the realization by
employees of rights to shares - - - -
Stock based compensation
expenses - 10,931 - 10,931
Dividend to the minority - - - -
Purchase of the minority
interest - - - -
Employee share premium - - - 16
December 31, 2008 (4,081) 43,840 960,621 1,512,211
Comprehensive income (loss) 428 - (186,148) (87,307)
Stock based compensation
expenses - 8,589 - 8,589
Initially consolidated
subsidiary - - - -
Issuance of shares to the
minority by a subsidiary - - - -
Purchase of the minority
interest - - - -
June 30, 2009 (3,653) 52,429 774,473 1,433,493
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Cont.)
Loans to
employees Total amount
to acquire attributable
Company to equity Total
Treasury Shares holders of Minority shareholders'
stock the Company Interest equity
(In thousand NIS)
Balance -
January 1, 2008 (138,519) (3,378) 2,035,438 1,193,564 3,229,002
- -
Comprehensive income
(loss) - - (508,007) (25,258) (533,265)
Dividend paid - - (168,064) - (168,064)
Issuance of shares to
the minority by a
subsidiary - - - 5,860 5,860
Repayment of loans as
a result of the
realization by
employees of rights to
shares - 3,394 3,394 - 3,394
Stock based
compensation expenses - - 10,931 56,163 67,094
Dividend to the
minority - - - (97,770) (97,770)
Purchase of the
minority interest - - - (68,468) (68,468)
Employee share premium - (16) - - -
December 31, 2008 (138,519) - 1,373,692 1,064,091 2,437,783
Comprehensive income
(loss) - - (87,307) (12,231) (99,538)
Stock based
compensation expenses - - 8,589 22,480 31,069
Initially consolidated
subsidiary - - - 5,993 5,993
issuance of shares to
the minority by a
subsidiary - - - 61,141 61,141
Purchase of the
minority interest - - - (98,467) (98,467)
June 30, 2009 (138,519) - 1,294,974 1,043,007 2,337,981
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Cumulative
Foreign
currency
Share Share translation Hedging
Capital premium adjustments reserves
Convenience translation US$'000
December 31, 2008 9,705 208,035 (77,665) (9,472)
Comprehensive income (loss) - - 25,010 102
Stock based compensation expenses - - - -
Initially consolidated subsidiary - - - -
Issuance of shares to the
minority by a subsidiary - - - -
Purchase of the minority interest - - - -
June 30, 2009 9,705 208,035 (52,655) (9,370)
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Cont.)
Available Stock base
for sale compensation Retained Gross Treasury
reserve reserve earnings Amount stock
Convenience translation US$'000
December 31,
2008 (1,041) 11,187 245,119 385,866 (35,345)
Comprehensive
income (loss) 109 - (47,499) (22,278) -
Stock based
compensation
expenses - 2,192 - 2,192 -
Initially
consolidated
subsidiary - - - - -
issuance of
shares to the
minority by a
subsidiary - - - - -
Purchase of the
minority
interest - - - - -
June 30, 2009 (932) 13,378 197,620 365,780 (35,345)
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Cont.)
Loans to
employees Total amount
to attributable
acquire to equity Total
Company holders of Minority shareholders'
Shares the Company Interest equity
Convenience translation US$'000
December 31, 2008 - 350,521 271,521 622,042
Comprehensive income
(loss) - (22,278) (3,121) (25,399)
Stock based
compensation expenses - 2,192 5,736 7,928
Initially consolidated
subsidiary - - 1,529 1,529
issuance of shares to
the minority by a
subsidiary - - 15,601 15,601
Purchase of the
minority interest - - (25,125) (25,125)
June 30, 2009 - 330,435 266,141 596,576
For further information:
Company Contact
Shimon Yitzhaki, President
Elbit Imaging Ltd.
Tel: +972-3-608-6000
syitzhaki@elbitimaging.com
Dudi Machluf, CFO
Elbit Imaging Ltd.
Tel: +972-3-608-6024
dudim@elbitimaging.com
Investor Contact
Mor Dagan
Investor Relations
Tel: +972-3-516-7620
mor@km-ir.co.il
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