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Elbit Imaging Ltd$2.72$.031.12%

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 Elbit Imaging Ltd. Announces First Quarter Results for 2016
   Tuesday, May 31, 2016 1:16:16 PM ET

Elbit Imaging Ltd. (TASE:EMITF) (EMITF ) ("Elbit" or the "Company") announced today its results for the first quarter of 2016.

Three months ended March 31, 2016 compared to corresponding period in 2015:

The Company’s loss for the three months period ended March 31, 2016 ("Q1 2016") amounted to NIS 65 million (US$ 17 million), compared to NIS 130 million in the corresponding period in 2015.

Consolidated revenues and gains for Q1 2016 amounted to NIS 98 million (US$ 26 million) compared to NIS 67 million in the corresponding period in 2015 ("Q1 2015").

-- Revenues from sale of commercial centers amounted to 47 million in Q1 2016 compared to nil in Q1 2015. Such revenues in Q1 2016 was mainly attributable to the sale of Liberec Plaza commercial centers in Czech Republic by our 44.9% subsidiary, Plaza Centers N.V. ("PC"), and the sale of plots in Romania and Poland by PC.

-- Rental income from commercial centers decreased in Q1 2016 to NIS 19 million (US$ 5 million) compared to NIS 24 million in Q1 2015. The decrease was mainly attributable to (i) decrease in income from Koregaon commercial center which was sold in May 2015 (ii) decreases in revenues from the entertainment parks within the commercial centers (iii) decrease in the same commercial centers rental income.

-- Cost of commercial centers increased in Q1 2016 to NIS 60 million (US$ 16 million) compared to NIS 18 million in Q1 2015. The increase attributable to cost of the commercial centers and the Plots sold during Q1 2016 in the total amount of NIS 47 million compared to nil in Q1 2015 partially offset by decrease in operational expenses of the commercial centers from NIS 18 million in Q1 2015 to NIS 13 million in Q1 2016.

-- Revenues from hotels operation and management in Q1 2016 amounted to NIS 31 million (US$ 8 million) compared to NIS 43 million in Q1 2015. The decrease was mainly attributable to the sale of our hotels in Antwerp, Belgium in June 2015 offset by an increase in the revenue of the Radisson Blu Hotel in Bucharest Romania.

-- Costs and expenses of hotels operation and management decreased in Q1 2016 to NIS 28 million (US$ 7 million) compared to NIS 39 million in Q1 2015. The decrease resulted from the decrease in the revenue as mentioned above.

-- General and administrative expenses amounted to NIS 3 million (US$ 1 million) in Q1 2016 compared to NIS 4 million in Q1 2015. The decrease in mainly attributable to efficiency measures taken by the Company reducing the general and administrative costs in the Company’s headquarters.

-- Share in losses of associates, net amounted to NIS 11 million (US$ 3 million) in Q1 2016 compared to NIS 14 million in Q1 2015. Such losses were mainly attributable to our share in the losses of our Medical portfolio companies, InSightec Ltd and Gamida Cell Ltd.

-- Financial expenses, net decreased in Q1 2016 to NIS 59 million (US$ 16 million) compared to NIS 124 million in Q1 2015. The decrease of NIS 65 million is mainly attributable to the following:

<p>-- A decrease in the amount of NIS 90 million (US$ 24 million) in exchange rate losses mainly with respect to PC’s debentures linked to NIS and measured in Euro as a result of devaluation of the EURO against the NIS in 0.9% in Q1 2016 compared to a devaluation of 9.5% in Q1 2015; Offset by:

-- A decrease in the amount of NIS 90 million (US$ 24 million) in exchange rate losses mainly with respect to PC’s debentures linked to NIS and measured in Euro as a result of devaluation of the EURO against the NIS in 0.9% in Q1 2016 compared to a devaluation of 9.5% in Q1 2015; Offset by:

-- An increase in interest expenses in the amount of NIS 25 million (US$ 7 million) mainly attributable to increase in the PC’s interest due to highly effective interest rates on PC’s debentures and an acceleration of discount amortization offset by a decrease in PC’s interest on bank loans due to the sale of commercial centers during 2015.

-- Other expenses, net in Q1 2016 amounted to NIS 1 million (US$ 0.2 million) compared to NIS 2 million in Q1 2015.

-- Loss before tax expenses amounted to NIS 64 million (US$ 17 million) in Q1 2016 compared to NIS 134 million in Q1 2015.

-- Tax expenses amounted to NIS 1 million (US$ 0.4 million) in Q1 2016 compared to of NIS 2 million in Q1 2015.

-- Loss from continuing operations amounted to NIS 65 million (US$ 17 million) in Q1 2016 compared to NIS 137 million in Q1 2015.

-- Profit from discontinued operations, net, amounted to nil Q1 2016 compared to NIS 7 million in Q1 2015. The profit in Q1 2015 was mainly attributed to the Company’s fashion retail operation which was sold during Q1 2015, and accordingly reclassified as discontinued operations.

-- Loss for Q1 2016 amounted to NIS 65 million (US$ 17 million) (out of which NIS 45 million is attributed to the equity holders of the Company) compared to NIS 130 million in the corresponding period in 2015 (out of which NIS 83 million is attributed to the equity holders of the Company).

-- Shareholders’ equity/Deficiency as of March 31, 2016 amounted to NIS 242 million (US$ 64 million) (out of which Shareholders’ deficiency in the amount of NIS 23 million (US$ 6 million) is attributed to the controlling interest). The decrease in the shareholder’s equity results mainly from the loss for the period.

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) Hotel - operation and management of the Radisson hotel Complex in Bucharest, Romania. (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) Plots in India - plots designated for sale initially designated to residential projects.

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," "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, a change in market conditions, a decision to deploy the cash for other business opportunities 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, 2015, 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 in our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements.

ELBIT IMAGING LTD.
CONSOLIDATED BALANCE SHEETS
                                              March 31            December 31   March 31
                                                   2016           2015               2016
                                                                                Convenience
                                                                                translation
                                              (in NIS thousands)                US$’000
Current Assets
Cash and cash equivalents                          143,976        157,851            38,231
Short-term deposits and investments                32,368         30,075             8,595
Trade accounts receivables                         53,524         13,638             14,212
Other receivables                                  17,137         13,909             4,550
Inventories                                        1,934          2,071              514
                                                   248,939        217,544            66,102
Non-Current Assets
Trading property                                   1,443,484      1,467,760          383,294
Deposits, loans and other long-term balances       32,398         21,899             8,603
Investments in associates                          274,545        292,183            72,901
Property, plant and equipment                      710,316        704,166            188,613
                                                   2,460,743      2,486,008          653,410
                                                   2,709,682      2,703,552          719,512
Current Liabilities
Short-term credits                                 511,057        726,763            135,703
Suppliers and service providers                    17,124         15,708             4,547
Payables and other credit balances                 66,376         63,780             17,624
                                                   594,557        806,251            157,874
Non-Current liabilities
Borrowings                                         1,720,470      1,443,920          456,843
Other liabilities                                  67,388         66,530             17,894
Deferred taxes                                     85,079         82,787             22,591
                                                   1,872,937      1,593,237          497,328
Shareholders’ Equity (Deficiency)
Attributable to equity holders of the Company      (23,035   )    19,287             (6,116  )
Non-controlling Interests                          265,223        284,777            70,426
                                                   242,188        304,064            64,310
                                                   2,709,682      2,703,552          719,512
ELBIT IMAGING LTD.
CONSOLIDATED INCOME STATEMENTS
                                                                                            Three
                                                                                            months
                                              Three months ended            Year ended      ended
                                              March 31                      December 31     March 31
                                                 2016         2015          2015            2016
                                                                                            Convenience
                                                                                            translation
                                              (in NIS thousands)                            US$’000
Revenues and gains
Revenues
Revenues from sale of commercial centers         47,400       -             200,078         12,586
Revenues from hotel operation and management     30,778       42,889        147,886         8,173
Total revenues                                   78,178       42,889        347,964         20,759
Gains and other
Gain from sale of investees                      -            -             6,712           -
Rental income from Commercial centers            19,479       24,554        83,849          5,172
Total gains                                      19,479       24,554        90,561          5,172
Total revenues and gains                         97,657       67,443        438,525         25,931
Expenses and losses
Commercial centers                               60,171       17,954        290,360         15,977
Hotels operations and management                 28,069       39,471        126,849         7,453
General and administrative expenses              2,597        4,204         16,678          690
Share in losses of associates, net               10,900       14,274        42,925          2,894
Financial expenses, net                          58,898       124,089       239,580         15,639
Write-down, charges and other expenses, net      782          1,904         38,298          208
                                                 161,417      201,896       754,690         42,861
Loss before income taxes                         (63,760 )    (134,453 )    (316,165    )   (16,930     )
Income tax expenses                              1,409        2,267         5,631           374
Loss from continuing operations                  (65,169 )    (136,720 )    (321,796    )   (17,304     )
Profit from discontinued operation, net          -            6,832         6,874           -
Loss for the period                              (65,169 )    (129,888 )    (314,922    )   (17,304     )
Attributable to:
Equity holders of the Company                    (45,550 )    (83,072  )    (186,150    )   (12,095     )
Non-controlling interest                         (19,619 )    (46,816  )    (128,772    )   (5,209      )
                                                 (65,169 )    (129,888 )    (314,922    )   (17,304     )
ELBIT IMAGING LTD.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS
                                                                                                                                      Three
                                                                                                                                      months
                                                                                       Three months ended            Year ended       ended
                                                                                       March 31                      December 31      March 31
                                                                                          2016         2015          2015             2016
                                                                                                                                      Convenience
                                                                                                                                      translation
                                                                                       (in NIS thousands)                             US$’000
Loss for the period                                                                       (65,169 )    (129,888 )    (314,922    )    (17,304     )
Other comprehensive income to be reclassified to profit or loss in subsequent periods:    1,668        (62,130  )    (91,319     )    450
Exchange differences arising from translation of foreign operations
Gain (loss) from cash flow hedge                                                          821          (52      )    2,081            213
Reclassification adjustments relating to foreign operations disposed of in the year       -            -             (32,454     )    -
                                                                                          2,489        (62,182  )    (121,692    )    663
Items not to be reclassified to profit or loss in subsequent periods:
Additions during the year                                                                 794          -             83,582           206
                                                                                          794          -             83,582           206
Other Comprehensive income (loss)                                                         3,283        (62,182  )    (38,110     )    869
Comprehensive Loss                                                                        (61,886 )    (192,070 )    (353,032    )    (16,435     )
Attributable to:
Equity holders of the Company                                                             (42,322 )    (119,105 )    (206,504    )    (11,240     )
Non-controlling interest                                                                  (19,564 )    (72,965  )    (146,528    )    (5,195      )
                                                                                          (61,886 )    (192,070 )    (353,032    )    (16,435     )
ELBIT IMAGING LTD.
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
                                             Share capital  Share premium  Other reserves (*) Revaluation of property,  Stock-                      Foreign                       Retained earnings Gross amount        Treasury stock  Attributable        Non- Controlling interest  Total shareholders’ equity
                                                                                              plant and equipment       based compensation reserve  currency translation reserve                                                        to
                                                                                                                                                                                                                                        shareholders
                                                                                                                                                                                                                                        of the company
                                             (in thousand NIS)
Balance -                                    -              1,055,056             (201,848 )           130,549                   49,527                       (734,176  )               (67,129  )       231,979        -                    231,979                 481,258                    713,237
January 1, 2015
Loss for the year                            -              -                     -                    -                         -                            -                         (186,150 )       (186,150 )     -                    (186,150 )              (128,772 )                 (314,922 )
Other comprehensive income (loss)            -              -                     8,007                60,783                    -                            (109,649  )               20,504           (20,355  )     -                    (20,355  )              (17,756  )                 (38,111  )
Stock based compensation expenses            -              -                     -                    -                         845                          -                         -                845            -                    845                     (175     )                 670
Transaction with non-controlling interest    -              -                     (148,066 )           37,413                    -                            94,933                    8,142            (7,578   )     -                    (7,578   )              (50,565  )                 (58,143  )
Expiration of options held by minority       -              -                     -                    -                         546                                                                     546                                 546                     787                        1,333
Cancelation of treasury stock and old stock  -              50,918                -                    -                         (50,918  )                   -                         -                -              -                    -                       -                          -
Balance -                                    -              1,105,974             (341,907 )           228,745                   -                            (748,892  )               (224,633 )       19,287         -                    19,287                  284,777                    304,064
December 31, 2015
Loss for the year                            -              -                     -                    -                         -                            -                         (45,550  )       (45,550  )     -                    (45,550  )              (19,619  )                 (65,169  )
Other comprehensive income (loss)            -              -                     803                  (2,457   )                -                            1,648                     3,234            3,228          -                    3,228                   55                         3,283
Stock based compensation expenses            -              -                     -                    -                         -                            -                         -                -              -                    -                       10                         10
Balance -                                    -              1,105,974             (341,104 )           226,288                   -                            (747,244  )               (266,949 )       (23,035  )     -                    (23,035  )              265,223                    242,188
March 31, 2016

(*) 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             Stock-based compensation  Foreign               Retained earnings  Gross amount       Treasury stock  Attributable     Non-                  Total shareholder’s equity
                                                                                    of property, plant and  reserve                   currency translation                                                        to share-holders Controlling interest
                                                                                    equipment                                         reserve                                                                     of the company
                                  Convenience translation, U.S.$’000
Balance -                         -              293,673               (90,788 )            60,740          -                                (198,861 )           (59,642 )         5,122         -                     5,122             75,618                  80,739
December 31, 2015
Loss for the year                 -              -                     -                    -               -                                -                    (12,095 )         (12,095 )     -                     (12,095 )         (5,209 )                (17,304  )
Other comprehensive income (loss) -              -                     213                  (652    )       -                                438                  859               857           -                     857               14                      871
Stock based compensation expenses -              -                     -                    -               -                                -                    -                 -             -                     -                 3                       3
Balance -                         -              293,673               (90,574 )            60,087          -                                (198,423 )           (70,879 )         (6,116  )     -                     (6,116  )         70,426                  64,310
March 31, 2016

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

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

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