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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% | 0.80 | 0.00 | 01:00:00 |
TEL AVIV, Israel, Nov. 25, 2014 /PRNewswire/ -- Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) ("Elbit" or the "Company") announced today its results for the third quarter of 2014.
Three months ended September 30, 2014 compared to corresponding period in 2013
The Company's loss for the three months period ended September 30, 2014 ("Q3 2014") amounted to NIS 32 million.
Consolidated income, revenues and gain for Q3 2014 amounted to NIS 318 million (US$ 86 million) compared to NIS 120 million in the corresponding period in 2013 ("Q3 2013").
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) 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 projects and other mixed-use real property projects, predominately residential, located primarily in India; (v) Fashion Apparel - Distribution and marketing of fashion apparel and accessories in Israel.
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 Consideration, and 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
Acting CEO
Tel: +972-3-608-6048
ron@elbitimaging.com
ELBIT IMAGING LTD. CONSOLIDATED BALANCE SHEETS | |||
September 30 |
December 31 |
September 30 | |
2 0 1 4 |
2 0 1 3 |
2 0 1 4 | |
Convenience | |||
translation | |||
(in NIS thousands) |
US$'000 | ||
Current Assets |
|||
Cash and cash equivalents |
300,365 |
311,181 |
81,290 |
Short-term deposits and investments |
94,534 |
82,157 |
25,584 |
Trade accounts receivables |
90,219 |
38,498 |
24,416 |
Other receivables |
38,963 |
47,330 |
10,545 |
Inventories |
34,680 |
22,315 |
9,386 |
Trading property |
- |
192,867 |
- |
558,761 |
694,348 |
151,221 | |
Non-Current Assets |
|||
Trading property |
1,962,048 |
2,380,039 |
531,001 |
Deposits, loans and other long-term balances |
31,834 |
47,782 |
8,616 |
Investments in associates |
331,874 |
333,440 |
89,817 |
Property, plant and equipment |
1,056,371 |
1,108,835 |
285,891 |
3,382,127 |
3,870,096 |
915,325 | |
3,940,888 |
4,564,444 |
1,066,546 | |
Current Liabilities |
|||
Short-term credits |
1,585,720 |
4,464,373 |
429,153 |
Suppliers and service providers |
44,618 |
43,680 |
12,075 |
Payables and other credit balances |
160,410 |
286,424 |
43,413 |
1,790,748 |
4,794,477 |
484,641 | |
Non-Current liabilities |
|||
Borrowings |
1,098,408 |
- |
297,269 |
Other liabilities |
103,264 |
93,466 |
27,947 |
Deferred taxes |
87,033 |
85,131 |
23,554 |
1,288,705 |
178,597 |
348,770 | |
Shareholders' Equity (Deficiency) |
|||
Attributable to equity holders of the Company |
410,339 |
(1,032,637) |
111,052 |
Non-controlling Interests |
451,096 |
624,007 |
122,083 |
861,435 |
(408,630) |
233,135 | |
3,940,888 |
4,564,444 |
1,066,546 | |
ELBIT IMAGING LTD. CONSOLIDATED INCOME STATEMENTS | ||||||
Nine months ended |
Three months ended |
Year ended |
Nine months | |||
September 30 |
September 30 |
December 31, |
September 30 | |||
2 0 1 4 |
2 0 1 3 |
2 0 1 4 |
2 0 1 3 |
2 0 1 3 |
2 0 1 4 | |
(in NIS thousands) |
Convenience | |||||
translation | ||||||
US$'000 | ||||||
Income revenues and gains |
||||||
Revenues |
||||||
Revenues from sale of commercial centers |
195,635 |
8,614 |
195,635 |
8,614 |
8,614 |
52,946 |
Revenues from hotel operation and management |
146,253 |
149,364 |
49,505 |
46,794 |
202,791 |
39,581 |
Revenues from fashion merchandise |
115,252 |
101,548 |
33,296 |
35,735 |
149,192 |
31,191 |
Total revenues |
457,140 |
259,526 |
278,436 |
91,143 |
360,597 |
123,718 |
Gains and other |
||||||
Rental income from Commercial centers |
87,896 |
97,522 |
27,962 |
28,530 |
129,748 |
23,788 |
Gain from changes of shareholding in investees |
11,301 |
- |
11,301 |
- |
- |
3,058 |
Total gains |
99,197 |
97,522 |
39,263 |
28,530 |
129,748 |
26,846 |
Total income revenues and gains |
556,337 |
357,048 |
317,699 |
119,673 |
490,345 |
150,564 |
Expenses and losses |
||||||
Hotels operations and management |
127,548 |
133,701 |
42,280 |
41,235 |
179,137 |
34,519 |
Cost of fashion merchandise |
113,805 |
99,343 |
36,704 |
34,575 |
142,417 |
30,800 |
Commercial centers |
262,168 |
95,945 |
217,408 |
39,402 |
124,737 |
70,952 |
General and administrative expenses |
25,383 |
43,825 |
7,836 |
13,059 |
60,643 |
6,869 |
Share in losses of associates, net |
27,389 |
355,043 |
10,086 |
288,158 |
339,030 |
7,414 |
Financial expenses, net |
246,948 |
330,157 |
51,213 |
187,535 |
401,900 |
66,833 |
Financial gain from debt restructuring |
(1,610,111) |
- |
319 |
- |
- |
(435,752) |
Write-down, charges and other (income) expenses, net |
409,211 |
620,369 |
(14,983) |
254,125 |
841,462 |
110,746 |
(397,659) |
1,678,383 |
350,863 |
858,089 |
2,089,326 |
(107,619) | |
Profit (Loss) before income taxes |
953,996 |
(1,321,335) |
(33,164) |
(738,416) |
(1,598,981) |
258,183 |
Tax income (benefits) |
3,369 |
(30,809) |
(1,062) |
(29,242) |
(31,937) |
912 |
Profit (Loss) from continuing operations |
950,627 |
(1,290,526) |
(32,102) |
(709,174) |
(1,567,044) |
257,271 |
Profit from discontinued operation, net |
- |
3,485 |
- |
6,746 |
2,034 |
- |
Profit (Loss) for the period |
950,627 |
(1,287,041) |
(32,102) |
(702,428) |
(1,565,010) |
257,271 |
Attributable to: |
||||||
Equity holders of the Company |
1,129,198 |
(955,378) |
(31,711) |
(522,789) |
(1,155,645) |
305,599 |
Non-controlling interest |
(178,571) |
(331,663) |
(391) |
(179,639) |
(409,365) |
(48,328) |
950,627 |
(1,287,041) |
(32,102) |
(702,428) |
(1,565,010) |
257,271 | |
ELBIT IMAGING LTD. CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS | ||||||
Nine months ended |
Three months ended |
Year ended |
Nine months | |||
September 30 |
September 30 |
December 31, |
September 30 | |||
2 0 1 4 |
2 0 1 3 |
2 0 1 4 |
2 0 1 3 |
2 0 1 3 |
2 0 1 4 | |
(in NIS thousands) |
Convenience | |||||
translation | ||||||
US$'000 | ||||||
Profit (Loss) for the period |
950,627 |
(1,287,041) |
(32,102) |
(702,428) |
(1,565,010) |
257,271 |
Other comprehensive income to be reclassified to profit or loss in subsequent periods: |
||||||
Exchange differences arising from translation of foreign operations |
6,355 |
(233,901) |
12,792 |
(29,680) |
(267,861) |
1,719 |
Gain (loss) from cash flow hedge |
(783) |
4,193 |
(598) |
24 |
4,439 |
(212) |
Gain (loss) from available for sale investments |
(11,868) |
7,577 |
(17,147) |
3,755 |
3,545 |
(3,212) |
(6,296) |
(222,131) |
(4,953) |
(25,901) |
(259,877) |
(1,705) | |
Items not to be reclassified to profit or loss in subsequent periods: |
||||||
Additions during the period |
(25) |
- |
5,887 |
- |
27,700 |
(7) |
(25) |
- |
5,887 |
- |
27,700 |
(7) | |
Other Comprehensive income (loss) |
(6,321) |
(222,131) |
934 |
(25,902) |
(232,177) |
(1,712) |
Comprehensive income (loss) |
944,306 |
(1,509,172) |
(31,168) |
(728,329) |
(1,797,187) |
255,559 |
Attributable to: |
||||||
Equity holders of the Company |
1,125,818 |
(1,112,545) |
(33,024) |
(540,042) |
(1,328,500) |
304,683 |
Non-controlling interest |
(181,512) |
(396,627) |
1,856 |
(188,287) |
(468,687) |
(49,124) |
944,306 |
(1,509,172) |
(31,168) |
(728,329) |
(1,797,187) |
255,559 | |
ELBIT IMAGING LTD. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||
Share |
Share |
Other reserves |
Revaluation |
Stock-based |
Foreign |
Retained |
Gross |
Treasury |
Attributable to |
Non |
Total | |
(in thousand NIS) | ||||||||||||
Balance - |
38,059 |
864,811 |
(191,698) |
190,690 |
49,835 |
(553,627) |
59,081 |
457,151 |
(168,521) |
288,629 |
1,100,479 |
1,389,108 |
Loss for the year |
- |
- |
- |
- |
- |
- |
(1,155,645) |
(1,155,645) |
- |
(1,155,645) |
(409,365) |
(1,565,010) |
Other comprehensive income (loss) |
- |
- |
7,985 |
11,593 |
- |
(202,257) |
9,740 |
(172,939) |
- |
(172,939) |
(59,323) |
(232,262) |
Transaction with non-controlling interest |
- |
- |
1,853 |
- |
- |
- |
- |
1,853 |
- |
1,853 |
1,106 |
2,959 |
Reclassification of a derivative (options) following a change in terms |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(11,819) |
(11,819) |
Exercise of options by employees |
10 |
1,673 |
- |
- |
(1,683) |
- |
- |
- |
- |
- |
- |
- |
Expiration of options held by minority |
- |
4,804 |
- |
- |
- |
- |
- |
4,804 |
- |
4,804 |
(4,804) |
- |
Stock-based compensation expenses |
- |
- |
- |
- |
660 |
- |
- |
660 |
- |
660 |
7,734 |
8,394 |
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 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 - |
- |
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 |
Share |
Other |
Revaluation |
Stock-based |
Foreign |
Retained |
Gross |
Treasury |
Attributable |
Non |
Total | |
Convenience translation, U.S.$'000 | ||||||||||||
Balance - |
10,303 |
235,802 |
(49,218) |
54,745 |
13,210 |
(204,570) |
(294,133) |
(233,861) |
(45,608) |
(279,469) |
168,879 |
(110,590) |
Profit (loss) for the period |
305,602 |
305,602 |
305,602 |
(48,328) |
257,274 | |||||||
Other comprehensive income (loss) |
(3,375) |
(2,169) |
2,467 |
2,163 |
(915) |
(915) |
(796) |
(1,711) | ||||
Issuance of shares |
85,039 |
85,039 |
85,039 |
0 |
85,039 | |||||||
Transaction with non-controlling interest |
666 |
666 |
666 |
410 |
1,076 | |||||||
Treasury stock and old stock |
(10,303) |
(35,305) |
(45,608) |
45,608 |
- | |||||||
Out of consolidation |
- |
616 |
616 | |||||||||
Classification |
434 |
434 | ||||||||||
Stock-based compensation expenses |
129 |
129 |
129 |
867 |
996 | |||||||
Balance - |
- |
285,536 |
(51,927) |
52,576 |
13,339 |
(202,103) |
13,632 |
111,052 |
- |
111,052 |
122,083 |
233,135 |
(*) 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-third-quarter-results-for-2014-300001193.html
SOURCE Elbit Imaging
Copyright 2014 PR Newswire
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