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Elbit Imaging Ltd. Announces Third Quarter Results for 2009
Loss for the third quarter of 2009 amounted to
Company's shareholder's equity, as of
Our presentation to the consolidated financial statements for the third quarter of 2009 is available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (09/2009)."
Mr.
The Group's business model is based primarily on the development of yielding properties and realization thereof at high margin yields. Therefore, in periods in which, there are no opportunities to realize our real estate assets at appropriated yields, we will hold these assets and will generate cash flows from their operations.
In addition, we are investing great efforts to source high-quality
shopping centers in the U.S. that will meet our criteria. We believe that
this sector is highly attractive for companies with financial capabilities
and know-how, such as the Elbit Imaging Group and we hope that we will be
able to secure these opportunities. We believe that our engines growth in the
medium- long term is the commercial centers and residential sectors in India,
and therefore we are investing our best efforts in order to develop these
sectors.
ELBIT IMAGING LTD.
CONSOLIDATED BALANCE SHEETS
September September December September
30, 2009 30, 2008 31 , 2008 30, 2009
Convenience
translation
(in thousand NIS) US$'000
Current Assets
Cash and cash
equivalents 1,474,747 1,983,093 1,690,433 392,429
Short-term deposits
and investments 405,910 350,157 408,719 108,012
Trade accounts
receivable 52,044 35,288 34,740 13,849
Other receivable 139,375 138,906 134,194 37,088
Prepayments and
other assets 368,053 78,527 404,613 97,939
Inventories 47,111 37,860 38,176 12,536
Trading property 4,146,754 2,468,864 3,279,775 1,103,446
6,633,994 5,092,695 5,990,650 1,765,299
Assets related to
discontinued
operation 9,102 10,507 9,043 2,422
6,643,096 5,103,202 5,999,693 1,767,721
Non-Current Assets
Deposits, loans
and other long-term
balances 684,473 829,200 783,568 182,138
Investments in
associates 47,004 50,602 46,655 12,508
Property, plant and
equipment 1,651,212 1,650,193 1,618,253 439,386
Investment property 80,234 643,830 78,897 21,350
Other assets and
deferred expenses 131,587 129,550 118,064 35,015
Intangible assets 46,697 46,190 46,582 12,426
2,641,207 3,349,565 2,692,019 702,823
9,284,303 8,452,767 8,691,712 2,470,544
Current Liabilities
Short-term credits 1,162,400 536,216 1,255,018 309,314
Suppliers and
service providers 200,517 220,277 214,461 53,357
Payables and other
credit balances 231,708 330,241 217,704 61,657
Other liabilities 115,208 104,589 105,246 30,657
1,709,833 1,191,323 1,792,429 454,985
Liabilities related
to discontinued
operation 29,208 26,874 29,186 7,772
1,739,041 1,218,197 1,821,615 462,757
Non-Current
liabilities
Borrowings 5,199,299 4,753,674 4,258,639 1,383,528
Other financial
liabilities 117,279 73,283 93,121 31,208
Other liabilities 15,088 11,707 15,440 4,015
Deferred taxes 44,001 40,703 65,114 11,709
5,375,667 4,879,367 4,432,314 1,430,460
Shareholders' Equity
Attributable to
equity holders of
the Company 1,135,928 1,295,773 1,373,692 302,270
Minority Interest 1,033,667 1,059,430 1,064,091 275,057
2,169,595 2,355,203 2,437,783 577,327
9,284,303 8,452,767 8,691,712 2,470,544
ELBIT IMAGING LTD.
CONSOLIDATED INCOME STATEMENTS
Nine months Three months Year Nine
ended ended ended months
September 30 September 30 December Ended
31
2009 2008 2009 2008 2008 2009
Conven
ience
trans
lation
(in thousand NIS) (in thousand NIS) US$'000
Revenues and gains
Commercial centers 60,251 442,442 18,351 16,068 524,163 16,033
Hotels operations
and
management 284,896 284,467 95,977 94,247 384,220 75,811
Sale of medical
systems 34,067 33,072 9,549 4,158 38,076 9,065
Change in
shareholding of
subsidiaries 78,258 - - - 49,122 20,824
Sale of fashion
merchandise 80,579 70,602 30,804 24,633 102,736 21,442
538,051 830,583 154,681 139,106 1,098,317 143,175
Expenses and losses
Commercial centers 131,046 360,860 42,657 41,654 432,760 34,871
Hotels operations
and management 258,868 264,703 83,503 98,016 354,850 68,884
Cost and expenses of
medical systems
operation 48,697 41,987 15,402 12,730 55,469 12,958
Cost of fashion
merchandise 92,747 84,591 36,035 30,931 118,040 24,680
Research and devel
opment expenses 51,779 52,100 18,421 18,321 68,759 13,778
General and admini
strative expenses 48,331 41,002 14,480 13,658 54,944 12,861
Share in losses of
associates, net 9,518 8,339 2,008 519 12,952 2,533
Financial expenses
(income), net 219,041 (1,463) 52,080 (6,924) (63,995) 58,287
Other expenses, net 100,928 2,802 40,200 3,736 68,797 26,857
960,955 854,921 304,786 212,6411,102,576 255,709
Loss before income
taxes (422,904) (24,338)(150,105) (73,535) (4,259)(112,534)
Income taxes
(tax benefits) (24,297) (1,824) 5,735 (1,553) 24,736 (6,465)
Loss from conti
nuing operations (398,607) (22,514)(155,840) (71,982)(28,995)(106,069)
Profit (loss) from
discontinued
operation, net 203 2,681 742 (311) 4,934 54
Loss for the
period (398,404) (19,833)(155,098) (72,293)(24,061)(106,015)
Attributable to:
Equity holders
of the Company (330,451) (97,102)(144,304) (85,509)(103,714)(87,933)
Minority interest (67,953) 77,269 (10,794) 13,216 79,653 (18,082)
(398,404) (19,833)(155,098) (72,293)(24,061)(106,015)
(1) Sale of trading property and investment property operations
ELBIT IMAGING LTD.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
Nine months ended Three months ended Year Nine
September 30 September 30 ended months
ended
December September
31, 30
2009 2008 2009 2008 2008 2009
Convenience
translation
(in thousand NIS) (in thousand NIS) US$'000
Loss for the
period (398,404) (19,833) (155,098) (72,293) (24,061) (106,015)
Exchange
differences
arising from
translation
of foreign
operations 89,603 (633,689) (53,189) (234,264) (453,305) 23,843
Gain from
cash flow
hedge (3,892) (5,187) (4,291) (20,525) (49,970) (1,036)
Loss (gain)
from
available for
sale
investments 8,389 (2,804) 7,812 (2,804) (5,929) 2,233
94,100 (641,680) (49,668) (257,593) (509,204) 25,040
Comprehensive
Loss (304,304) (661,513) (204,766) (329,886) (533,265) (80,975)
Attributable to:
Equity
holders of
the Company (268,549) (582,825) (181,243) (273,677) (508,007) (71,461)
Minority
interest (35,755) (78,687) (23,523) (56,209) (25,258) (9,514)
(304,304) (661,513) (204,766) (329,886) (533,265) (80,975)
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Foreign
currency Avaialable Stock
Share Share translation Hedging for sale base
Capital premium adjustments reserves reserve compen
sation
reserve
(In thousand NIS)
Balance -
January 1,
2008 38,032 815,275 45,872 12,848 - 32,909
Comprehensive
Loss - - (350,242) (49,970) (4,081) -
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 - - - - - 10,931
Dividend to
the minority - - - - - -
Purchase of
the minority
interest - - - - - -
Employee
share premium - 16 - - - -
December 31,
2008 38,032 815,291 (304,370) (37,122) (4,081) 43,840
Comprehensive
income (loss) - - 59,592 (3,892) 6,203 -
Stock based
compensation
expenses - - - - - 11,508
Initialy
consolidated
subsidiary - - - - - -
issuance of
shares to the
minority by a
subsidiary - - - - - -
Exercise of
shares by
employees 6 605 - - - (611)
Equity
componenet of
convertiable
debentures - 19,277 - - - -
Purchase of
the minority
interest - - - - - -
September 30,
2009 38,038 835,173 (244,778) (41,014) 2,122 54,737
Loans to
employees Total
to amount
acquire attribut
Retained Gross Treasury Company able to
earnings Amount stock Shares equity
holders of
the Company
(In thousand NIS)
Balance -
January 1, 2008 1,232,399 2,177,335 (138,519) (3,378) 2,035,438
Comprehensive Loss - -
Dividend paid (103,714) (508,007) - - (508,007)
issuance of shares to
the minority by a
subsidiary (168,064) (168,064) - - (168,064)
Repayment of loans as
a result of the
realization by
employees of rights
to shares - - - - -
Stock based
compensation expenses - - - 3,394 3,394
Dividend to the
minority - 10,931 - - 10,931
Purchase of the
minority interest - - - - -
Employee share
premium - - - - -
December 31, 2008 - 16 - (16) -
960,621 1,512,211 (138,519) - 1,373,692
Comprehensive income
(loss)
Stock based
compensation expenses (330,452) (268,549) - - (268,549)
Initialy consolidated
subsidiary - 11,508 - - 11,508
issuance of shares to
the minority by a
subsidiary - - - - -
Exercise of shares by
employees - - - - -
Equity componenet of
convertiable
debentures - - - - -
Purchase of the
minority interest - 19,277 - - 19,277
September 30, 2009 - - - - -
630,169 1,274,447 (138,519) - 1,135,928
Total
Minority shareholders'
Interest equity
Balance -
January 1, 2008
1,193,564 3,229,002
Comprehensive Loss -
Dividend paid (25,258) (533,265)
issuance of shares to the
minority by a subsidiary - (168,064)
Repayment of loans as a
result of the realization by
employees of rights to
shares 5,860 5,860
Stock based compensation
expenses - 3,394
Dividend to the minority 56,163 67,094
Purchase of the minority
interest (97,770) (97,770)
Employee share premium (68,468) (68,468)
December 31, 2008 - -
1,064,091 2,437,783
Comprehensive income (loss)
Stock based compensation
expenses (35,755) (304,304)
Initialy consolidated
subsidiary 31,681 43,189
issuance of shares to the
minority by a subsidiary 5,993 5,993
Exercise of shares by
employees 66,123 66,123
Equity componenet of
convertiable debentures -
Purchase of the minority
interest 19,277
September 30, 2009 (98,466) (98,466)
1,033,667 2,169,595
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Cumulative
Foreign
currency
Avaialable Stock
Share Share translation Hedging for sale base
Capital premium adjustments reserves reserve compen
Convenience sation
translation reserve
US$'000
December 31,
2008 10,120 216,948 (80,992) (9,878) (1,086) 11,666
Comprehensive
income (loss) - - 15,857 (1,036) 1,651 -
Stock based
compensation
expenses - - - - - 3,063
Initialy
consolidated
subsidiary - - - - - -
issuance of
shares to the
minority by a
subsidiary - - - - - -
Exercise of
shares by
employees 2 161 - - - (163)
Equity
componenet of
convertiable
debentures - 5,130 - - - -
Purchase of
the minority
interest - - - - - -
September 30,
2009 10,122 222,239 (65,135) (10,914) 565 14,566
Loans to
employees Total
to amount
acquire attributable
Retained Gross Treasury Company to equity
earnings Amount stock Shares holders of
the Company
December 31, 2008 255,620 402,398 (36,860) - 365,538
Comprehensive income
(loss) (87,933) (71,461) - - (71,461)
Stock based
compensation expenses - 3,063 - - 3,063
Initialy consolidated
subsidiary - - - - -
issuance of shares to
the minority by a
subsidiary - - - - -
Exercise of shares by
employees - - - - -
Equity componenet of
convertiable
debentures - 5,130 - - 5,130
Purchase of the
minority interest - - - - -
September 30, 2009 167,687 339,130 (36,860) - 302,270
Total
Minority shareholders'
Interest equity
December 31, 2008 283,154 648,692
Comprehensive income (loss) (9,514) (80,975)
Stock based compensation
expenses 8,429 11,492
Initialy consolidated
subsidiary 1,595 1,595
issuance of shares to the
minority by a subsidiary 17,595 17,595
Exercise of shares by
employees - -
Equity componenet of
convertiable debentures - 5,130
Purchase of the minority
interest (26,202) (26,202)
September 30, 2009 275,057 577,327
For Further Information:
Elbit Imaging Ltd. ("EI") is a subsidiary of Europe Israel (M.M.S.) Ltd.
EI's activities are divided into the following principal fields: (i)
Initiation, construction, operation, management and sale of shopping and
entertainment centers in
Any forward looking statements with respect to EI's business, financial
condition and results of operations included in this release are subject to
risks and uncertainties that could cause actual results to differ materially
from those contemplated in such forward looking statements, including, but
not limited to, ability to find suitable locations, receipt of approvals and
permits for zoning and construction, delays in construction, dependency on
partners in the hotels business, competition, risks relating to operations in
For Further Information:
Company Contact
Shimon Yitzhaki, President
Elbit Imaging Ltd.
+972-3-608-6000
syitzhaki@elbitimaging.com
Dudi Machluf, CFO
Elbit Imaging Ltd.
+972-3-608-6024
dudim@elbitimaging.com
Investor Contact
Mor Dagan
Investor Relations
Tel:+972-3-516-7620
mor@km-ir.co.il
SOURCE Elbit Imaging Ltd.