Elbit Imaging Ltd. Announces Third Quarter Results For 2015

Nov 30, 2015, 08:53 ET from Elbit Imaging Ltd.

TEL AVIV, Israel, Nov. 30, 2015 /PRNewswire/ -- Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)("Elbit" or the "Company") announced today its results for the third quarter of 2015.

Three months ended September 30, 2015 compared to corresponding period in 2014

The Company's loss for the three months period ended September 30, 2015 ("Q3 2015") amounted to NIS 2 million.

Consolidated income, revenues and gain for Q3 2015 amounted to NIS 51 million (US$ 14 million) compared to NIS 284 million in the corresponding period in 2014 ("Q3 2014").

  • Revenues from sale of commercial centers decreased to nil in Q3 2015 compared to NIS 196 million in Q3 2014. Such revenues in Q3 2014 was mainly attributable to the sale of commercial centers by our 44.9% subsidiary, Plaza Centers N.V. ("PC"), in Serbia and the sale of a land plot in Romania.
  • Rental income from commercial centers decreased to NIS 19 million (US$ ­­­5 million) in Q3 2015 compared to NIS 28 million in Q3 2014.  The decrease was mainly attributable in the sale of the Kragujevac commercial center in Q3 2014 and the sale of the Koregaon Park commercial center in Q2 2015.
  • Cost of commercial centers decreased in Q3 2015 to NIS 13 million (US$ 3 million) compared to NIS 217 million in Q3 2014. The decrease was mainly attributable to (i) the cost of commercial centers and plots sold by PC during Q3 2014 in the amount of NIS 198 million and (ii) a decrease in expenses resulting from a decrease in the rental income of the commercial centers as mentioned above
  • Revenues from hotels operation and management decreased in Q3 2015 to NIS 31 million (US$ 8 million) compared to NIS 49 million in Q3 2014. The decrease was mainly attributable to the sale of our hotels in Antwerp, Belgium in June 2015.
  • Costs and expenses of hotels operation and management decreased in Q3 2015 to NIS 26 million (US$ 7 million) compared to NIS 42 million in Q3 2014. The decrease in expenses resulted from a decrease in the revenue from hotels operation and management as mentioned above 
  • General and administrative expenses amounted to NIS 2 million (US$ 0.6 million) in Q3 2015 compared to NIS 8 million in Q3 2014. The decrease was mainly attributable to the efficiency measures taken by the Company in Q3 2015 reducing the general and administrative costs in the Company's headquarters.
  • Share in losses of associated, net amounted to NIS 14 million (US$ 4 million) in Q3 2015 compared to NIS 10 million in Q3 2014. Such losses in Q3 2015 were mainly attributable to the Company's medical device investments and to impairment of trading property by an associated company in India.
  • Financial income, net in Q3 2015 amounted to NIS 14 million (US$ 4 million) compared to financial expenses, net in the amount of NIS 51 million in Q3 2014. The decrease of NIS 65 million (US$ 17 million) is mainly attributable to the following:
      • A decrease in interest expenses and CPI-linked borrowing expenses, net in the amount of NIS 36 million (US$ 10 million) mainly due  to (i) financial gain of NIS 51 million (US$ 14 million) attributed to self-repurchase of two banks loans by  PC's wholly owned subsidiary with a face value of  EUR 20.4 million for the consideration of EUR 8.5 million, offset by: (ii) an increase in PC's interest expenses in the amount of 15 million (US$ 4 million)  mainly due to the higher effective interest rate of its debentures following the completion of PC's debt restructuring at the end of 2014.
      • A decrease in the amount of NIS 46 million (US$ 12 million) in exchange rate losses mainly attributable to changes in the exchange rate between the Euro and NIS on PC's notes, which are recorded in NIS and are measured in Euro.
    • Offset by:
      • An increase in the amount of NIS 17 million (US$ 5 million) in non-cash expenses as a result of changes in fair value of financial instruments which are measured at fair value through profit and loss.
  • Write-down and other expenses, net increased in Q3 2015 to NIS 10 million (US$ 3 million) compared to income in the amount of NIS 15 million in Q3 2014. The expenses in Q3 2015 were mainly attributable to write down of trading property by PC and to initiation expenses related to our project in India.
  • Loss before income tax amounted to NIS 1 million (US$ 0.3 million) in Q3 2015 compared to NIS 29 million in Q3 2014.
  • Income tax amounted to NIS 1 million (US$ 0.3 million) in Q3 2015 compared to tax benefits in the amount of 1 million in Q3 2014.
  • Loss from continuing operations amounted to NIS 2 million (US$ 0.6 million) in Q3 2015 compared to NIS 28 million in Q3 2014.
  • Income from discontinued operations, net, amounted to nil in Q3 2015 compared to NIS 4 million in Q3 2014.
  • Loss for Q3 2015 amounted to NIS 2 million (US$ 0.6 million) (NIS 23 million attributed to the equity holders of the Company) compared to NIS 32 million in the corresponding period in 2014 (all attributed to the equity holders of the Company).
  • Shareholders' Equity as of September 30, 2015 amounted to NIS 364 million (US$ 93 million) out of which an amount of NIS 29 million (US$ 7 million) is attributed to the controlling interest and amount of NIS 335 (US$ 85 million) is attributable to the non-controlling interest.

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial centers - initiation, construction, and sale of commercial centers and other mixed-use property projects, predominantly in the retail sector, located in Central and Eastern Europe. In certain circumstances and depending on market conditions, the Group operates and manages commercial centers prior to their sale. (ii)  Hotels - hotels operation and management. (iii) Medical industries and devices - (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. (iv) Residential projects - initiation, construction and sale of residential units or plots designated for residential located primarily in India.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

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," "would," "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, 2014, 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.

For Further Information:


Company Contact


Ron Hadassi


Chairman of the Board of Directors


Tel: +972-3-608-6048

Fax: +972-3-608-6050


ron@elbitimaging.com


 

 

ELBIT IMAGING LTD.

CONSOLIDATED BALANCE SHEETS




September 30

December 31

September 30


2 0 1 5

2 0 1 4

2 0 1 5




Convenience




translation


(in NIS thousands)

US$'000





Current Assets




Cash and cash equivalents

229,137

323,182

58,409

Short-term deposits and investments

36,144

47,967

9,213

Trade accounts receivables

16,222

24,067

4,135

Other receivables

18,013

27,217

4,592

Inventories

3,583

2,803

913


303,099

425,236

77,262

Assets related to discontinued operation

885

63,466

226


303,984

488,702

77,488





Non-Current Assets




Trading property

1,566,127

1,875,937

399,217

Deposits, loans and other long-term balances

23,492

27,226

5,988

Investments in associates

294,069

349,537

74,960

Property, plant and equipment

651,166

919,911

165,987


2,534,854

3,172,611

646,152










2,838,838

3,661,313

723,640





Current Liabilities




Short-term credits

407,842

207,193

103,962

Suppliers and service providers

12,404

22,288

3,162

Payables and other credit balances

55,479

99,162

14,142


475,725

328,643

121,266

Liabilities related to discontinued operation

-

30,342

-


475,725

358,985

121,266





Non-Current liabilities




Borrowings

1,858,882

2,425,503

473,842

Other liabilities

72,330

92,377

18,438

Deferred taxes

68,196

71,211

17,383


1,999,408

2,589,091

509,663





Shareholders' Equity




Attributable to equity holders of the Company

29,093

231,979

7,416

Non controlling Interests

334,612

481,258

85,295


363,705

713,237

92,711










2,838,838

3,661,313

723,640





 

 


ELBIT IMAGING LTD.

CONSOLIDATED INCOME STATEMENTS



Nine months ended

Three months ended

Year ended

Nine months ended


September 30

September 30

December 31,

September 30


2 0 1 5

2 0 1 4

2 0 1 5

2 0 1 4

2 0 1 4

2 0 1 5


(in NIS thousands)

Convenience







translation







US$'000

Income revenues and gains







Revenues







Revenues from sale of commercial centers

182,315

195,635

-

195,635

201,571

46,473

Revenues from hotels operation and management

116,309

146,253

31,303

49,505

197,007

29,648








Total revenues

298,624

341,888

31,303

245,140

398,578

76,121








Gains and other







Rental income from Commercial centers

63,885

87,896

19,442

27,962

113,661

16,285

Gain from sale investees

-

11,301

-

11,301

11,301

-

Total gains

63,885

99,197

19,442

39,263

124,962

16,285








Total income revenues and gains

362,509

441,085

50,745

284,403

523,540

92,406








Expenses and losses







Hotels operation and management

99,963

127,548

26,460

42,280

173,918

25,481

Commercial centers

267,647

262,168

12,747

217,408

291,864

68,225

General and administrative expenses

10,560

25,383

2,293

7,836

39,785

2,692

Share in losses of associates, net

39,718

27,389

14,280

10,086

17,298

10,126

Financial expenses, net 

167,081

245,801

(13,963)

50,827

302,716

42,590

Financial gain from debt restructuring

-

(1,610,111)

-

319

(1,616,628)

-

Write down, charges and other expenses(income), net

(15,241)

409,911

10,129

(14,981)

531,042

(3,885)


569,728

(511,911)

51,946

313,775

(260,005)

145,229















Profit (loss) before tax benefits

(207,219)

952,996

(1,201)

(29,372)

783,545

(52,823)

Income tax expenses (tax benefits)

2,988

2,994

959

(1,237)

(2,287)

762

Profit (loss) from continuing operations

(210,207)

950,002

(2,160)

(28,135)

785,832

(53,585)

Profit (loss) from discontinued operation, net

7,036

625

(193)

(3,967)

(1,475)

1,793

Profit (loss)for the period

(203,171)

950,627

(2,353)

(32,102)

784,357

(51,792)








Attributable to:







Equity holders of the Company

(120,120)

1,129,198

(23,319)

(31,711)

1,008,999

(30,622)

Non controlling interest

(83,051)

(178,571)

20,966

(391)

(224,642)

(21,170)


(203,171)

950,627

(2,353)

(32,102)

784,357

(51,792)








 

 


ELBIT IMAGING LTD.

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS




Nine months ended

Three months ended

Year ended

Nine months ended


September 30

September 30

December 31,

September 30


2 0 1 5

2 0 1 4

2 0 1 5

2 0 1 4

2 0 1 4

2 0 1 5


(in NIS thousands)

Convenience







translation







US$'000








Profit (Loss) for the period

(203,171)

950,627

(2,353)

(32,102)

784,357

(51,792)








Other comprehensive income to be reclassified to profit or loss in subsequent periods:







Exchange differences arising from translation of foreign operations

(63,071)

6,355

34,246

12,792

24,262

(16,077)

Reclassification adjustments relating to foreign operations disposed of in the year

(32,454)

-

-

-

-

(8,273)

Gain (loss) from cash flow hedge

1,445

(783)

732

(598)

702

368

Loss from available for sale investments

-

(11,868)

-

(17,147)

(11,329)

-


(94,080)

(6,296)

34,978

(4,953)

13,635

(23,982)








Items not to be reclassified to profit or loss in subsequent periods:







Additions during the period

7,947

(25)

(8,063)

5,887

(79,393)

2,026








Other Comprehensive income (loss)

(86,133)

(6,321)

26,916

934

(65,758)

(21,956)















Comprehensive income (loss)

(289,304)

944,306

24,565

(31,168)

718,599

(73,748)















Attributable to:







Equity holders of the Company

(196,461)

1,125,818

(5,458)

(33,024)

958,878

(50,082)

Non-controlling interest

(92,843)

(181,512)

30,023

1,856

(240,279)

(23,666)









(289,304)

944,306

24,565

(31,168)

718,599

(73,748)








 

 

ELBIT IMAGING LTD.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY




Share capital

Share premium

Other reserves (*)

Revaluation of property, plant and equipment

Stock-based compensation reserve

Foreign currency translation reserve

Retained earnings

Gross  amount

Treasury stock

Attributable to share-holders of the company

Non Controlling interest

Total shareholders' equity


(in thousand NIS)














Balance -
January 1, 2015

-

1,055,056

(201,848)

130,549

49,527

(734,176)

(67,129)

231,979

-

231,979

481,258

713,237

Profit (loss)  for the period

-

-

-

-

-

-

(120,120)

(120,120)

-

(120,120)

(83,051)

(203,171)

Other comprehensive income (loss)

-

-

1,267

(10,383)

-

(84,937)

17,712

(76,341)

-

(76,341)

(9,792)

(86,133)

Transaction with non-controlling interest

-

-

(6,728)

-

-

-

-

(6,728)

-

(6,728)

(54,771)

(61,499)

Stock-based compensation expenses

-

-

-

-

303

-

-

303

-

303

968

1,271

Balance -
September 30, 2015

-

1,055,056

(207,309)

120,166

49,830

(819,113)

(169,537)

29,093

-

29,093

334,612

363,705



























Balance -
January 1, 2014

38,069

871,288

(181,862)

202,283

48,812

(755,886)

(1,086,820)

(864,116)

(168,521)

(1,032,637)

624,007

(408,630)














Profit (loss)  for the period

-

-

-

-

-

-

1,129,198

1,129,198

-

1,129,198

(178,571)

950,627

Other comprehensive income (loss)

-

-

(12,471)

(8,016)

-

9,116

7,991

(3,380)

-

(3,380)

(2,941)

(6,321)

Issuance of shares

-

314,220

-

-

-

-

-

314,220

-

314,220

-

314,220

Transaction with non-controlling interest

-

-

2,461

-

-

-

-

2,461

-

2,461

1,515

3,976

Treasury stock and old stock cancellation

(38,069)

-       (130,452)

-

-

-

-

-

(168,521)

168,521

-

-

-

Out of consolidation

-

-

-

-

-

-

-

-

-

-

2,277

2,277

Classification

-

-

-

-

-

-

-

-

-

-

1,604

1,604

Stock-based compensation expenses

-

-

-

-

477

-

-

477

-

477

3,205

3,682

Balance -
September 30, 2014

-

1,055,056

(191,872)

194,267

49,289

(746,770)

50,369

410,339

-

410,339

451,096

861,435














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

 

 

ELBIT IMAGING LTD.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY



Share capital

Share premium

Other reserves (*)

Revaluation of property, plant and equipment

Stock-based compensation reserve

Foreign currency translation reserve

Retained earnings

Gross  amount

Treasury stock

Attributable to share-holders of the company

Non-Controlling interest

Total shareholder's equity




Convenience translation, U.S.$'000

















Balance -
December 31, 2014

-

268,941

(51,454)

33,278

12,624

(187,147)

(17,109)

59,133

-

59,133

122,676

181,809
















Profit (loss)  for the year

-

-

-

-

-

-

(30,622)

(30,622)


(30,622)

(21,170)

(51,792)


Other comprehensive income (loss)

-

-

323

(2,647)

-

(21,651)

4,515

(19,460)


(19,460)

(2,496)

(21,956)


Stock based compensation expenses

-

-

-

-

78

-

-

78


78

218

296


Transaction with non controlling interest

-

-

(1,713)

-

-

-

-

(1,713)

-

(1,713)

(13,933)

(15,646)
















Balance -
September  30, 2015

-

268,941

(52,844)

30,631

12,702

(208,798)

(43,216)

7,416

-

7,416

85,295

92,711




















SOURCE Elbit Imaging Ltd.



RELATED LINKS

http://www.elbitimaging.com