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Elbit Imaging Ltd. Announces First Quarter Results For 2012

TEL AVIV, Israel, May 31, 2012 /PRNewswire/ --

Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") announced today its results for the first quarter of 2012.

Consolidated revenues for the three months period ended March 31, 2012 amounted to NIS 418 million ( US$ 113 million) compared to NIS 221 million in the corresponding period in 2011.

The increase is mainly attributable to: (i) Gain from sale of the Company's share in four Dutch Hotels in the amount of NIS 188 million; (ii) an increase in revenues from commercial centers, mainly attributed to the opening of two centers by our subsidiary, Plaza centers. (iii) an increase in revenues from sale of medical systems by InSightec. (iv) an increase in revenues from investment property rental income (US), offset by a decrease in gain from fair value adjustment of investment property compared to the corresponding period in 2011.

Gain from sale of hotels amounted to NIS 188 million ( US$ 51 million). The gain is mainly attributable to the sale of the Company's share in four Dutch Hotels.

Revenues from commercial centers amounted to NIS 39 million ( US$ 10 million) in Q1 2012 compared to NIS 29 million in Q1 2011. The increase is mainly attributable to the operation of six commercial centers in Q1 2012 compared to the operation of four commercial centers in Q1 2011.

Cost of commercial centers amounted to NIS 42 million ( US$ 11 million) in Q1 2012 compared to NIS 39 million in Q1 2011. The increase is attributable to the increase in the revenues as aforementioned.

Revenues from investment property rental income (US) amounted to NIS 71 million ( US$ 19 million) in Q1 2012 compared to NIS    61 million in Q1 2011. The increase is mainly attributable to the growth in occupancy compared during the period.

Cost of investment property amounted to NIS 34 million ( US$ 9 million) in Q1 2012 compared to NIS 26 million in Q1 2011. The increase is attributable to the increase in the revenues as aforementioned.

Revenues from fair value adjustment of investment property - There is no change in the fair value adjustment in Q1 2012 compared to an increase in the amount of NIS 25 million in Q1 2011.

Revenues from hotels operations and management amounted to NIS 63 million ( US$ 17 million) in Q1 2012 compared to NIS 59 million in Q1 2011. The increase is mainly attributable to the increase in revenues from the Company's hotels in the Netherlands.

Costs and expenses of hotels operations and management amounted to NIS 55 million ( US$ 15 million) in Q1 2012 compared to NIS 53 million in Q1 2011. The increase is attributable to the increase in the revenues as aforementioned.

Revenues from the sale of medical systems amounted to NIS 15 million ( US$ 4 million) in Q1 2012 compared to NIS 8 million in Q1 2011. The increase is mainly attributable to the number of the systems sold during the period.

Costs and expenses of medical systems amounted to NIS 15 million ( US$ 4 million) in Q1 2012 compared to NIS 18 million in Q1 2011. The decrease in costs is attributable to efficiency measures taken by InSightec in the second half of 2011.  

Research and development expenses amounted to NIS 12 million ( US$ 3 million) in Q1 2012 compared to NIS 16 million in Q1 2011. The decrease in costs is attributable to the efficiency measures taken by InSightec in the second half of 2011.  

Revenues from the sale of fashion retail amounted to NIS 42 million ( US$ 11 million) in Q1 2012 compared to NIS 38 million in Q1 2011.

Cost of fashion retail amounted to NIS 51 million ( US$ 14 million) in Q1 2012 compared to NIS 45 million in Q1 2011.

General and administrative expenses amounted to NIS 14 million ( US$ 4 million) in Q1 2012 compared to NIS 15 million in Q1 2011. General and administrative expenses offset noncash expenses amounted to NIS 9 million ( US$ 2 million) in Q1 2012 compared to NIS 11 million in Q1 2011. The decrease in cash expenses is attributable to the continuing efficiency measures taken with respect to payroll expenses and other expenses this year in the amount of NIS 2 million.

Financial expenses, net amounted to NIS 151 million ( US$ 41 million) in Q1 2012 compared to NIS 36 million in Q1 2011. The increase of NIS 115 million relates mainly to the following:

(I) An increase in the amount of NIS 88 million ( US$ 24 million) in noncash expenses, as a result of changes in fair value of financial instruments (mainly Plaza Centers' debentures, call transactions, other derivatives and marketable securities, which are measured at fair value through profit and loss).

(II) An increase in the amount of NIS 39 million ( US$ 10 million) in noncash expenses in Q1 2012 attributed to currency exchange. The increase is mainly attributable to EURO-NIS revaluation in Q1 2011 in Plaza Centers' debentures, which are recorded in NIS and are measured at EURO.

(III) An increase in the amount of NIS 8 million ( US$ 2 million) in interest expenses, net, attributable mainly to the increase in the interest expenses from US investment property activity.

Offset by:

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