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Elbit Imaging Ltd. Announces First Quarter Results for 2008
Date:5/29/2008

TEL AVIV, Israel, May 29 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (Nasdaq: EMITF) ("EI" or the "Company") today announced its results for the first quarter of 2008.

Loss for the first quarter of 2008 amounted to NIS 3.5 million (approximately US$ 1.0 million) of which loss of NIS 27.3 million (approximately US$ 7.7 million) is attributable to the equity holders of the Company, while profit of NIS 23.8 million (approximately US$ 6.7 million) is attributable to minority interest. The first quarter results for 2008 are compared with loss of NIS 34.0 million (approximately US$ 9.6 million) in the corresponding period of 2007 of which NIS 40.6 million (approximately US$ 11.4 million) loss is attributable to the equity holders of the Company and profit of NIS 6.7 million (approximately US$ 1.9 million) is attributable to minority interest.

Profit for the first quarter of 2008 excluding stock-base compensation expenses (Non GAAP measure) amounted to NIS 8.8 million (approximately US$ 2.5 million) compared with loss of NIS 17.8 million (approximately US$ 5 million) in the corresponding period of 2007.

Mr. Shimon Yitzhaki, President, commented: "Inasmuch as the core business of the Company is the initiation and development of investments and projects in the real estate sector, our results are directly affected by the realization of real estate asset during the relevant quarter. Accordingly, as we have seen in previous years, the Company presents high profits in a quarter in which real estate assets are realized, whilst in quarters where there are no asset sales, it presents lower profits. The Company's long term results presented high level of profits and therefore the Company's results must be measured over a long periodferences from translation of

foreign entities' financial

statements - - (85,792) -

Dividend paid - - - -

issuance of shares to the minority

by a subsidiary - - - -

Repayment of loans as a result of

the realization by employees of

rights to shares - - - -

Change in fair value of Swap

transactions - - (6,914) -

Stock based compensation expenses 3,149 - 3,149 -

Premium of the minority in a

subsidiary - - - -

Employee share premium - - 16 -

March 31, 2008 36,058 1,205,049 2,060,445 (138,519)

Stock

base

compensa- Retained Gross Treasury

tion earnings Amount stock

Convenience translation US$'000

December 31, 2007 9,262 346,861 612,816 (38,986)

Gain for the period - (7,695) (7,695) -

Differences from translation of

foreign entities' financial

statements - - (24,150) -

Dividend paid - - - -

issuance of shares to the minority

by a subsidiary - - - -

Repayment of loans as a result of

the realization by employees of

rights to shares - - - -

Change in fair value of Swap

transactions - - (1,946) -

Stock based compensation expenses 886 - 886 -

Premium of the minority in a

subsidiary - - - -

Employee share premium - - 5 -

March 31, 2008 10,148 339,166 579,916 (38,986)

Total

Elbit Imaging Ltd Loans to amount

employees attribu-

to table to Total

acquire shareholders share-

Company of the Minority holders'

Shares Company Interest equity

(In thousand NIS)

Balance -

January 1, 2007 (3,853) 1,644,716 649,515 2,294,231

Gain for the period - 539,749 379,859 919,608

Differences from translation of

foreign entities' financial

statements - (2,094) 10,468 8,374

Dividend paid - (159,767) (159,767)

issuance of shares to the

minority by a subsidiary - - 45,459 45,459

Purchase of the minority interest - - (601) (601)

Repayment of loans as a result of

the realization by employees of

rights to shares 638 638 - 638

Change in fair value of Swap

transactions - (7,232) - (7,232)

Stock based compensation expenses - 19,427 76,450 95,877

Initially consolidation of a

subsidiary - - 32,415 32,415

Employee share premium (163) (0) - (0)

December 31, 2007 (3,378) 2,035,437 1,193,565 3,229,002

Gain for the period - (27,348) 23,800 (3,548)

Differences from translation of

foreign entities' financial

statements - (85,792) (16,672) (102,464)

Dividend paid - - - -

issuance of shares to the

minority by a subsidiary - - 215 215

Repayment of loans as a result of

the realization by employees of

rights to shares 3,394 3,394 - 3,394

Change in fair value of Swap

transactions - (6,914) - (6,914)

Stock based compensation expenses - 3,149 12,241 15,390

Premium of the minority in a

subsidiary - - 3,960 3,960

Employee share premium (16) - - -

March 31, 2008 (0) 1,921,926 1,217,109 3,139,035

Total

Loans to amount

employees attribu-

to table to Total

acquire shareholders share-

Company of the Minority holders'

Shares Company Interest equity

Convenience translation US$'000

December 31, 2007 (952) 572,878 335,932 908,810

Gain for the period - (7,695) 6,698 (997)

Differences from translation of

foreign entities' financial

statements - (24,150) (4,692) (28,843)

Dividend paid - - - -

issuance of shares to the

minority by a subsidiary - - 61 61

Repayment of loans as a result of

the realization by employees of

rights to shares 957 957 - 957

Change in fair value of Swap

transactions - (1,946) - (1,946)

Stock based compensation expenses - 886 3,445 4,331

Premium of the minority in a

subsidiary - - 1,114 1,114

Employee share premium (5) - - -

March 31, 2008 0 540,930 342,558 883,488

of time and not necessarily over a specific quarter."

Mr. Yitzhaki also noted: "The financial strength of the Company was further reinforced by the trust placed in it by institutional financial bodies which enabled our subsidiary Plaza Centers NV to raise additional capital by expanding it's notes series in Israel. The significant cash balances of our Company, which grew as a result of the business activities of the Company, allow the Company to meet its long-term business plans. In addition, it must be noted that we have accelerated our activities both in terms of acquisitions in Europe, CEE and in India."

Mr. Yitzhaki further commented: "Recently, we have announced that our subsidiary company, Plaza Centers, obtained an exclusive license to operate a casino at Obuda Dream Island -- first of its kind in Europe enabling us to commence the development operations of this mega-project in it's prime location to become a leading leisure and entertainment resort attracting visitors from across Continental Europe and overseas."

About Elbit Imaging Ltd.

Elbit Imaging Ltd. ("EI") is a subsidiary of Europe Israel (M.M.S.) Ltd. EI's activities are divided into the following principal fields: (i) Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel, Central and Eastern Europe and India; (ii) Hotels ownership, primarily in major European cities, as well as operation, management and sale of same through its subsidiary, Elscint Ltd.; (iii) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, through its subsidiary, InSightec Ltd.; and (iv) Other activities consisting of the distribution and marketing of women's fashion and accessories through our wholly-owned Israeli subsidiary, Elbit Trade & Retail Ltd., and venture-capital investments.

Any forward looking statements with respect to EI's business, financial condition and results of operations included in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, unexpected results of litigation proceedings, ability to find suitable locations, receipt of approvals and permits for zoning and construction, delays in construction, dependency on partners in the hotels business, competition, risks relating to operations in Eastern Europe and Asia (including India) and risks relating to our image guided treatment, economic conditions, as well as certain other risk factors which are detailed from time to time in EI's filings with the Securities and Exchange Commission including, without limitation, Annual Report on Form 20-F for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission on July 3, 2007.

For Further Information:

Company Contact Investor Contact

Shimon Yitzhaki, President Leslie Wolf-Creutzfeldt

Elbit Imaging Ltd. Grayling Global

(972-3) 608-6000 1-646-284-9472

syitzhaki@elbitimaging.com lcreutzfeldt@hfgcg.com

Dudi Machluf, CFO

Elbit Imaging Ltd.

(972-3) 608-6024

dudim@elbitimaging.com

Elbit Imaging Ltd

March 31, Dec. 31, March 31,

2008 2007 2008

Convenience

translation

(in thousand NIS) US$'000

Current Assets

Cash and cash equivalents 3,012,024 1,416,710 847,741

Short-term deposits and investments 850,675 700,055 239,425

Trade accounts receivable 78,541 1,521,521 22,105

Other financial assets 98,569 65,271 27,742

Other assets and prepayments 189,958 386,160 53,464

Inventories 30,265 25,492 8,518

Trading property 2,307,323 1,738,213 649,401

Assets related to discontinued

operation 11,076 11,120 3,119

6,578,431 5,864,542 1,851,515

Non-Current Assets

Deposits, loans and other long-term

balances 238,652 109,114 67,169

Investments in associates 58,963 58,062 16,594

Property, plant and equipment 1,761,082 1,761,350 495,661

Investment property 518,198 454,623 145,848

Other assets and deferred expenses 141,276 148,137 39,762

Intangible assets 49,018 51,820 13,796

2,767,189 2,583,106 778,831

9,345,620 8,447,648 2,630,346

Current Liabilities

Short-term credits 471,040 166,469 132,575

Suppliers and service providers 171,623 181,226 48,304

Payables and other credit balances 405,036 428,863 113,998

Other liabilities 129,600 128,630 36,476

Liabilities Related to Discontinued

operation 28,430 30,123 8,002

1,205,729 935,311 339,355

Non-Current liabilities

Borrowings 4,852,099 4,123,904 1,365,635

Other financial liabilities 83,616 91,685 23,534

Other liabilities 12,167 12,607 3,424

Deferred taxes 52,974 55,139 14,910

5,000,856 4,283,335 1,407,503

Shareholders' Equity

Attributable to equity holders of the

Company 1,921,926 2,035,437 540,930

Minority Interest 1,217,109 1,193,565 342,558

3,139,035 3,229,002 883,488

9,345,620 8,447,648 2,630,346

Elbit Imaging Ltd

Three

Year months

Three months ended ended ended

March 31 Dec. 31 March 31

2008 2007 2007 2008

Conven-

ience

transla-

tion

(in thousand NIS) US$'000

Revenues and gains

Commercial centers(1) 73,708 434,420 2,917,616 20,746

Sale of real estate assets and

investments, net - - 62,621 -

Hotels operations and management 91,888 90,314 395,227 25,862

Sale of medical systems 11,390 20,522 49,648 3,206

Sale of fashion merchandise 18,173 13,108 68,139 5,115

Decrease in shareholding of

investees - - 5,310 -

195,159 558,365 3,498,561 54,929

Costs and expenses

Commercial centers(1) 40,806 419,831 1,714,253 11,485

Hotels operations and management 81,626 81,582 330,063 22,974

Cost and expenses of medical

systems operation 14,983 17,763 69,953 4,217

Cost of fashion merchandise 22,697 17,413 80,308 6,388

Research and development expenses,

net 16,166 16,142 69,559 4,550

General and administrative expenses 8,551 16,416 116,992 2,407

Share in losses of associates, net 2,318 4,496 12,667 652

Financial expenses, net 12,113 22,654 140,925 3,409

Other expenses, net (1,854) (3,475) 38,233 (522)

197,406 592,821 2,572,953 55,560

Profit (loss) before income taxes (2,247) (34,456) 925,608 (631)

Income taxes (tax benefits) 3,055 (279) 16,288 860

Profit (loss) from continuing

operations (5,302) (34,177) 909,320 (1,491)

Profit from discontinued operation,

net 1,754 170 10,288 494

Profit (loss) for the period (3,548) (34,007) 919,608 (997)

Attributable to:

Equity holders of the Company (27,348) (40,693) 539,749 (7,695)

Minority interest 23,800 6,686 379,859 6,698

(3,548) (34,007) 919,608 (997)

(1) Sale of trading property and investment property operations

Elbit Imaging Ltd Cumulative

foreign

currency

Share Capital translation Hedging

Capital reserves adjustments Reserves

(In thousand NIS)

Balance -

January 1, 2007 38,032 815,114 47,965 20,080

Gain for the period - - - -

Differences from translation of

foreign entities' financial

statements - - (2,094) -

Dividend paid - - - -

issuance of shares to the minority by

a subsidiary - - - -

Purchase of the minority interest - - - -

Repayment of loans as a result of the

realization by employees of rights

to shares - - - -

Change in fair value of Swap

transactions - - - (7,232)

Stock based compensation expenses - - - -

Initially consolidation of a

subsidiary - - - -

Employee share premium - 163 - -

December 31, 2007 38,032 815,277 45,871 12,848

Gain for the period - - - -

Differences from translation of

foreign entities' financial

statements - - (85,792) -

Dividend paid - - - -

issuance of shares to the minority by

a subsidiary - - - -

Repayment of loans as a result of the

realization by employees of rights

to shares - - - -

Change in fair value of Swap

transactions - - - (6,914)

Stock based compensation expenses - - - -

Premium of the minority in a

subsidiary - - - -

Employee share premium - 16 - -

March 31, 2008 38,032 815,293 (39,921) 5,934

Cumulative

foreign

currency

Share Capital translation Hedging

Capital reserves adjustments Reserves

Convenience translation US$'000

December 31, 2007 10,704 229,462 12,911 3,616

Gain for the period - - - -

Differences from translation of

foreign entities' financial

statements - - (24,150) -

Dividend paid - - - -

issuance of shares to the minority by

a subsidiary - - - -

Repayment of loans as a result of the

realization by employees of rights

to shares - - - -

Change in fair value of Swap

transactions - - - (1,946)

Stock based compensation expenses - - - -

Premium of the minority in a

subsidiary - - - -

Employee share premium - 5 - -

March 31, 2008 10,704 229,467 (11,239) 1,670

Elbit Imaging Ltd

Stock

base

compensa- Retained Gross Treasury

tion earnings Amount stock

(In thousand NIS)

Balance -

January 1, 2007 13,482 852,415 1,787,088 (138,519)

Gain for the period - 539,749 539,749 -

Differences from translation of

foreign entities' financial

statements - - (2,094) -

Dividend paid - (159,767) (159,767) -

issuance of shares to the minority

by a subsidiary - - - -

Purchase of the minority interest - - - -

Repayment of loans as a result of

the realization by employees of

rights to shares - - - -

Change in fair value of Swap

transactions - - (7,232) -

Stock based compensation expenses 19,427 - 19,427 -

Initially consolidation of a

subsidiary - - - -

Employee share premium - - 163 -

December 31, 2007 32,909 1,232,397 2,177,334 (138,519)

Gain for the period - (27,348) (27,348) -

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SOURCE Elbit Imaging Ltd.
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