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TheStreet Open House

Elbit Imaging Ltd. Announces Second Quarter Results For 2012

Stocks in this article: EMITF

TEL AVIV, Israel, August 30, 2012 /PRNewswire/ --

Elbit Imaging Ltd. ( TASE , NASDAQ: EMITF) ("Elbit"  or the "Company" ) announced today its results for the second quarter of 2012.

Three months ended June 30 , 2012 compared to corresponding period in 2011

Consolidated revenues for the three months period ended June 30, 2012 amounted to NIS 231 million ( US$ 59 million) compared to NIS 241 million in the corresponding period in 2012.

The revenues are affected by: (i) an increase in revenues from commercial centers, mainly attributable to the opening of additional three centers and the sale of office space in India by our subsidiary, Plaza Centers; (ii) an increase in revenues from sale of medical systems by InSightec; and (iii) gain from sale of the retail activity of GAP in April 2012, offset by: (i) a decrease in revenues from hotels, attributable to the sale of the Company's share in four Dutch hotels in March 2012; (ii) a decrease in revenues from the retail activity, attributable to the sale of GAP in April 2012; (iii) a decrease in gain from fair value adjustment of investment property in the US which was reported in the corresponding period in 2011. These assets were sold in June 2012.

  • Revenues from commercial centers increased in Q2 2012 to NIS 59 million ( US$ 15 million) compared to NIS 27 million in Q2 2011. The increase is mainly attributable to the operation of seven commercial centers in Q2 2012 compared to the operation of four commercial centers in Q2 2011 and to the sale of office space in India for the first time.
  • Cost of commercial centers increased in Q2 2012 to NIS 49 million ( US$ 12.5 million) compared to NIS 35 million in Q2 2011. The increase is attributable mainly to the increase in the revenues of three commercial centers and to the sale of office space in India, as aforementioned.
  • Revenues from investment property rental income (US) increased in Q2 2012 to NIS 63 million ( US$ 16 million) compared to NIS 60 million in Q2 2011. The increase is mainly attributable to growth in occupancy in the investment property during the period.
  • Cost of investment property in Q2 2012 amounted to NIS 24 million ( US$ 6 million) similar to NIS 25 million in Q2 2011.
  • Cost of fair value adjustment and sell of investment property in Q2 2012 amounted to NIS 104 million ( US$ 26.5 million) compared to revenues in the amount of NIS 25 million in Q2 2011. The current net costs include the costs derived from the transaction sale of 47 out of 49 US properties, their fair value adjustment and realization of foreign currency translation adjustments reserve.
  • Revenues from hotels operation and management decreased in Q2 2012 to NIS 55 million ( US$ 14 million) compared to NIS 79 million in Q2 2011. The decrease is mainly attributable to the sale of the Company's hotels in the Netherlands in March 2012 as aforementioned, offset by the increase in the Company's revenues from the Romanian and Belgian hotels.
  • Costs and expenses of hotels operation and management decreased in Q2 2012 to NIS 49 million ( US$ 12.5 million) compared to NIS 64 million in Q2 2011. The decrease is attributable mainly to the sale of the Company's hotels in the Netherlands in March 2012, as aforementioned.
  • Revenues from the sale of medical systems increased in Q2 2012 to NIS 14 million ( US$ 3.6 million) compared to NIS 5 million in Q2 2011. The increase is mainly attributable to the number of systems sold during the period.
  • Costs and expenses of medical systems decreased in Q2 2012 to NIS 16 million ( US$ 4 million) compared to NIS 19 million in Q2 2011. The decrease in costs is mainly attributable to the cost saving measures applied by InSightec in the second half of 2011 and to the decrease in legal related expenses.
  • Research and development expenses decreased in Q2 2012 to NIS 11 million ( US$ 3 million) compared to NIS 16 million in Q2 2011. The decrease in costs is attributable to cost saving measures applied by InSightec in the second half of 2011 and to the decrease in expenses for clinical treatments.  
  • Revenues from the sale of fashion retail decreased in Q2 2012 to NIS 33 million ( US$ 8 million) compared to NIS 46 million in Q2 2011. The decrease is mainly attributable to the sale of the retail activity of GAP in April 2012, as aforementioned, partially offset by the increase in the revenues attributable to the activity of Mango.
  • Cost of fashion retail decreased in Q2 2012 to NIS 33 million ( US$ 8 million) compared to NIS 52 million in Q2 2011. The decrease is mainly attributable to the sale of the retail activity of GAP, as aforementioned.
  • General and administrative expenses decreased in Q2 2012 to NIS 11 million ( US$ 3 million) compared to NIS 18 million in Q2 2011. General and administrative expenses excluding noncash expenses amounted to NIS 8 million ( US$ 2 million) in Q2 2012 compared to NIS 12 million in Q2 2011. The decrease in cash expenses is attributable to the continuing cost saving measures taken this year with respect to payroll expenses and other expenses.
  • Financial expenses ,  net increased in Q2 2012 to NIS 74 million ( US$ 19 million) compared to NIS net financial income of 26 million in Q2 2011. The increase of NIS 100 million is mainly attributable to the following:
    • An increase in the amount of NIS 81 million ( US$ 20.6 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).
    • An increase in interest expenses, net in the amount of NIS 19 million ( US$ 5 million) mainly attributable to an increase in the interest expenses related to the activity of Plaza Centers' commercial centers.
  • Other revenues, net in Q2 2012 amounted to NIS 3 million ( US$ 0.8 million) compared to expenses in the amount of NIS 23 million in Q2 2011.
  • Loss for Q2 2012 amounted to NIS 132 million ( US$ 33.6 million) (out of which NIS 141 is attributed to the equity holders of the Company) compared to gain in the amount of NIS 14 million in the corresponding period in 2011 (out of which a loss in the amount of NIS 30 million is attributed to the equity holders of the Company).
  • Cash and cash equivalents as of June 30 ,  2012 amounted to NIS 1.5 billion ( US$ 380 million) compared to NIS 0.6 billion as of December 31, 2011. The increase is attributable to the sale of 47 out of 49 US investment properties and to the sale of four Dutch hotels, as aforementioned.
  • Shareholders' equity as of June 30 ,  2012 amounted to NIS 1.7 billion ( US$ 430 million) (out of which NIS 0.4 billion is attributed to the equity holders of the Company) compared to NIS 1.5 billion (out of which NIS 0.4 billion is attributed to the equity holders of the Company) as of December 31, 2011. In the current quarter, the Company has initially implemented the revaluation model with respect to the Company's property, plant and equipment (mainly the hotels segment), which contributed to an increase in the Company's equity.

Our presentation to the consolidated financial statements for the second quarter of 2012 is available through our website at: http://www.elbitimaging.com under: " Investor Relations - Company Presentations (06/201 2 )."

 

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