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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Elbit Imaging Ltd (CE) | USOTC:EMITF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.95 | 0.00 | 01:00:00 |
TEL AVIV, Israel, May 28, 2015 /PRNewswire/ -- Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the "Company") announced today its results for the first quarter of 2015.
Three months ended March 31, 2015 compared to corresponding period in 2014
The Company's loss for the three months period ended March 31, 2015 ("Q1 2015") amounted to NIS 130 million (US$ 33 million), compared to a profit of NIS 1,474 million in the corresponding period in 2014. A significant part of the losses in Q1 2015 is attributed to exchange rate fluctuation (mainly the Euro against the NIS). The gain in Q1 2014 is attributable to non-cash financial gain resulting from the Company's unsecured debt restructuring in the amount of approximately NIS 1,609 million.
Consolidated revenues and gains for Q1 2015 amounted to NIS 67 million (US$ 17 million) compared to NIS 75 million in the corresponding period in 2014 ("Q1 2014").
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial Centers - Initiation, construction and sale of shopping centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe, 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) Hotels - Hotel operation and management; (iii) 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; (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, 2013, 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
ron@elbitimaging.com
ELBIT IMAGING LTD. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
March 31 |
December 31 |
March 31 | ||||||
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 |
307,682 |
323,182 |
77,307 | |||||
Short-term deposits and investments |
55,681 |
47,967 |
13,990 | |||||
Trade accounts receivables |
23,139 |
24,067 |
5,814 | |||||
Other receivables |
21,874 |
27,217 |
5,496 | |||||
Inventories |
2,591 |
2,803 |
651 | |||||
Trading property |
164,836 |
- |
41,416 | |||||
575,803 |
425,236 |
144,674 | ||||||
Assets related to discontinued operation |
7,163 |
63,466 |
1,800 | |||||
582,966 |
488,702 |
146,474 | ||||||
Non-Current Assets |
||||||||
Trading property |
1,566,482 |
1,875,937 |
393,588 | |||||
Deposits, loans and other long-term balances |
20,774 |
27,226 |
5,220 | |||||
Investments in associates |
331,500 |
349,537 |
83,291 | |||||
Property, plant and equipment |
837,032 |
919,911 |
210,309 | |||||
2,755,788 |
3,172,611 |
692,408 | ||||||
3,338,754 |
3,661,313 |
838,882 | ||||||
Current Liabilities |
||||||||
Short-term credits |
274,276 |
207,193 |
68,914 | |||||
Suppliers and service providers |
20,850 |
22,288 |
5,239 | |||||
Payables and other credit balances |
183,805 |
99,162 |
46,180 | |||||
478,931 |
328,643 |
120,333 | ||||||
Liabilities related to discontinued operation |
3,556 |
30,342 |
894 | |||||
482,487 |
358,985 |
121,227 | ||||||
Non-Current liabilities |
||||||||
Borrowings |
2,253,356 |
2,425,503 |
566,170 | |||||
Other liabilities |
77,345 |
92,377 |
19,433 | |||||
Deferred taxes |
66,808 |
71,211 |
16,786 | |||||
2,397,509 |
2,589,091 |
602,389 | ||||||
Shareholders' Equity (Deficiency) |
||||||||
Attributable to equity holders of the Company |
113,191 |
231,979 |
28,440 | |||||
Non-controlling Interests |
345,567 |
481,258 |
86,826 | |||||
458,758 |
713,237 |
115,266 | ||||||
3,338,754 |
3,661,313 |
838,882 | ||||||
(*) Reclassified |
||||||||
ELBIT IMAGING LTD. | |||||||||||||||||||
CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||||
Three months ended |
Year ended |
Three months | |||||||||||||||||
March 31 |
December 31, |
March 31 | |||||||||||||||||
2 0 1 5 |
2 0 1 4 |
2 0 1 4 |
2 0 1 5 | ||||||||||||||||
Convenience | |||||||||||||||||||
translation | |||||||||||||||||||
(in NIS thousands) |
US$'000 | ||||||||||||||||||
Revenues and gains |
|||||||||||||||||||
Revenues |
|||||||||||||||||||
Revenues from sale of commercial centers |
- |
- |
201,571 |
- | |||||||||||||||
Revenues from hotel operation and management |
42,889 |
44,430 |
197,007 |
10,776 | |||||||||||||||
Total revenues |
42,889 |
44,430 |
398,578 |
10,776 | |||||||||||||||
Gains and other |
|||||||||||||||||||
Gain from sale of investees |
- |
- |
11,301 |
- | |||||||||||||||
Rental income from Commercial centers |
24,554 |
30,696 |
113,661 |
6,169 | |||||||||||||||
Total gains |
24,554 |
30,696 |
124,962 |
6,169 | |||||||||||||||
Total revenues and gains |
67,443 |
75,125 |
523,540 |
16,945 | |||||||||||||||
Expenses and losses |
|||||||||||||||||||
Commercial centers |
17,954 |
24,709 |
291,864 |
4,511 | |||||||||||||||
Hotels operations and management |
39,471 |
41,602 |
173,918 |
9,917 | |||||||||||||||
General and administrative expenses |
4,204 |
9,560 |
39,785 |
1,056 | |||||||||||||||
Share in losses of associates, net |
14,274 |
6,369 |
17,298 |
3,589 | |||||||||||||||
Financial gain from debt restructuring |
- |
(1,609,037) |
(1,616,628) |
- | |||||||||||||||
Financial expenses, net |
124,089 |
109,325 |
302,716 |
31,178 | |||||||||||||||
Write-down, charges and other expenses, net |
1,904 |
10,162 |
531,042 |
479 | |||||||||||||||
201,896 |
(1,407,310) |
(260,005) |
50,730 | ||||||||||||||||
Profit (loss) before income taxes |
(134,453) |
1,482,435 |
783,545 |
(33,785) | |||||||||||||||
Income tax expenses (tax benefit) |
2,267 |
7,509 |
(2,287) |
570 | |||||||||||||||
Profit (loss) from continuing operations |
(136,720) |
1,474,926 |
785,832 |
(34,355) | |||||||||||||||
Profit (Loss) from discontinued operation, net |
6,832 |
(689) |
(1,475) |
1,717 | |||||||||||||||
Profit (loss) for the period |
(129,888) |
1,474,237 |
784,357 |
(32,638) | |||||||||||||||
Attributable to: |
|||||||||||||||||||
Equity holders of the Company |
(83,072) |
1,500,385 |
1,008,999 |
(20,875) | |||||||||||||||
Non-controlling interest |
(46,816) |
(26,148) |
(224,642) |
(11,763) | |||||||||||||||
(129,888) |
1,474,237 |
784,357 |
(32,638) | ||||||||||||||||
ELBIT IMAGING LTD. | ||||||||
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS | ||||||||
Three months ended |
Year ended |
Three months | ||||||
March 31 |
December 31, |
March 31 | ||||||
2 0 1 5 |
2 0 1 4 |
2 0 1 4 |
2 0 1 5 | |||||
Convenience | ||||||||
translation | ||||||||
(in NIS thousands) |
US$'000 | |||||||
Profit (loss) for the period |
(129,888) |
1,474,237 |
784,357 |
(32,638) | ||||
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Exchange differences arising from translation of foreign operations |
(62,130) |
27,886 |
24,262 |
(15,608) | ||||
Gain (loss) from cash flow hedge |
(52) |
(93) |
702 |
(13) | ||||
Gain from available for sale investments |
- |
3,194 |
(11,329) |
- | ||||
Reclassification adjustments relating to foreign operations disposed of in the year |
- |
- |
- |
- | ||||
(62,182) |
30,987 |
13,635 |
(15,621) | |||||
Items not to be reclassified to profit or loss in subsequent periods: |
||||||||
Adoption of the revaluation model - |
- |
- |
- | |||||
Beginning of the year |
- |
- |
- | |||||
Additions during the year |
- |
- |
(79,393) |
- | ||||
- |
- |
(79,393) |
- | |||||
Other Comprehensive income (loss) |
(62,182) |
30,987 |
(65,758) |
(15,621) | ||||
Comprehensive income (loss) |
(192,070) |
1,505,225 |
718,599 |
(48,259) | ||||
Attributable to: |
||||||||
Equity holders of the Company |
(119,105) |
1,523,320 |
958,878 |
(29,926) | ||||
Non-controlling interest |
(72,965) |
(18,105) |
(240,279) |
(18,333) | ||||
(192,070) |
1,505,225 |
718,599 |
(48,259) | |||||
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 shareholders of the company |
Non- Controlling interest |
Total shareholders' equity |
||
(in thousand NIS) |
|||||||||||||
Balance - |
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 year |
- |
- |
- |
- |
- |
- |
1,008,999 |
1,008,999 |
- |
1,008,999 |
(224,642) |
784,357 |
|
Other comprehensive income (loss) |
- |
- |
(10,789) |
(71,734) |
- |
21,710 |
10,692 |
(50,121) |
- |
(50,121) |
(15,637) |
(65,758) |
|
Issuance of shares |
- |
314,220 |
- |
- |
- |
- |
- |
314,220 |
- |
314,220 |
- |
314,220 |
|
Stock based compensation expenses |
- |
- |
- |
- |
715 |
- |
- |
715 |
- |
715 |
4,321 |
5,036 |
|
Treasury stock and old stock cancellation |
(38,069) |
(130,452) |
- |
- |
- |
- |
- |
(168,521) |
168,521 |
- |
- |
- |
|
Transaction with non-controlling interest |
- |
- |
(47,431) |
- |
- |
- |
- |
(47,431) |
- |
(47,431) |
131,443 |
84,012 |
|
Expiration and exercise of option |
- |
- |
38,234 |
- |
- |
- |
- |
38,234 |
- |
38,234 |
(38,234) |
- |
|
Balance - |
- |
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 year |
- |
- |
- |
- |
- |
- |
(83,072) |
(83,072) |
- |
(83,072) |
(46,816) |
(129,888) |
|
Other comprehensive income (loss) |
- |
- |
(30) |
(2,816) |
- |
(35,990) |
2,816 |
(36,020) |
- |
(36,020) |
(26,202) |
(62,222) |
|
Stock based compensation expenses |
- |
- |
- |
- |
306 |
- |
- |
306 |
- |
306 |
92 |
398 |
|
Transaction with non controlling interest |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(62,767) |
(62,767) |
||
Balance - |
- |
1,055,056 |
(201,878) |
127,733 |
49,833 |
(770,166) |
(147,385) |
113,193 |
- |
113,193 |
345,565 |
458,758 |
|
(*) 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 - |
- |
265,089 |
(50,716) |
32,801 |
12,444 |
(184,466) |
(16,861) |
58,291 |
58,291 |
120,919 |
179,210 | |
Profit (loss) for the year |
- |
- |
- |
- |
- |
- |
(20,875) |
(20,875) |
- |
(20,875) |
(11,763) |
(32,638) |
Other comprehensive income (loss) |
- |
- |
(10) |
(708) |
- |
(9,043) |
708 |
(9,053) |
- |
(9,053) |
(6,582) |
(15,635) |
Stock based compensation expenses |
- |
- |
- |
- |
77 |
- |
- |
77 |
- |
77 |
23 |
100 |
Transaction with non controlling interest |
(15,771) |
(15,771) | ||||||||||
Balance - |
- |
265,089 |
(50,726) |
32,093 |
12,521 |
(193,509) |
(37,034) |
28,440 |
- |
28,440 |
86,826 |
115,266 |
(*) includes transactions with non-controlling interest reserve and hedging reserve. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/elbit-imaging-ltd-announces-first-quarter-results-for-2015-300090345.html
SOURCE Elbit Imaging Ltd.
Copyright 2015 PR Newswire
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