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Elbit Imaging Ltd. Announces Second Quarter Results for 2008
Date:8/31/2008

TEL AVIV, Israel, Aug. 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (Nasdaq: EMITF) ("EI" or the "Company") today announced its results for the second quarter of 2008.

Profit for the second quarter of 2008 amounted to NIS 56.0 million (approximately US$ 16.7 million) of which profit of NIS 15.8 million (approximately US$ 4.7 million) is attributable to the equity holders of the Company and NIS 40.3 million (approximately US$ 12.0 million) is attributable to minority interest, compared with profit of NIS 83.6 million in the corresponding period of 2007 of which NIS 57.7 million is attributable to the equity holders of the Company and NIS 25.8 million is attributable to minority interest.

Profit for the second quarter of 2008 excluding stock-base compensation expenses (Non GAAP measure) amounted to NIS 66.8 million (approximately US$ 19.9 million) compared with NIS 100.9 million in the corresponding period of 2007.

Our audited consolidated financial statements for the second quarter of 2008 presentation are available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (8/2008)."

Mr. Shimon Yitzhaki, President, commented: "Even in these restless times in the markets, specifically the real-estate markets, Elbit Imaging is pleased to report a profitable quarter. Elbit Imaging continues to implement a policy under which it does not revaluate its real estate assets. As such, Elbit Imaging's profits are recognized on a cash flow basis and from the Group's core business activities. In this quarter we completed and delivered our Plzen Shopping and Entertainment Center to Klepierre, at 100% occupancy let out and - - - - 6,784 -

Dividend to the

minority - - - - - -

Employee share

premium - 16 - - - -

----------------------------------------------------------

June 30, 2008 38,032 815,291 (267,019) 28,186 39,693 1,052,742

==========================================================

Total

amount

Loans to attribut-

employees able to Total

to acquire share- share-

Gross Treasury Company holders of Minority holders'

Amount stock Shares the Company Interest equity

(In thousand NIS)

------------------------------------------------------------

Balance -

January 1,

2007 1,787,088 (138,519) (3,853) 1,644,716 649,515 2,294,231

Gain for the

period 539,749 - - 539,749 379,859 919,608

Differences from

translation of

foreign entities'

financial

statements (2,094) - - (2,094) 10,467 8,373

Dividend paid (159,766) - - (159,766) (159,766)

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) - (7,232)

Stock based

compensation

expenses 19,427 - - 19,428 76,450 95,877

Initially

consolidation of

a subsidiary - - - - 32,415 32,415

Employee share

premium 163 - (163) (0) - (0)

------------------------------------------------------------

December 31,

2007 2,177,335 (138,519) (3,378) 2,035,438 1,193,564 3,229,002

Gain for the

period (11,593) - - (11,593) 64,053 52,460

Differences from

translation of

foreign entities'

financial

statements (312,891) - - (312,891) (86,536) (399,427)

Dividend paid (168,064) - - (168,064) - (168,064)

Issuance of

shares to the

minority by

a subsidiary - - - - 6,522 6,522

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 15,338 - - 15,338 - 15,338

Stock based

compensation

expenses 6,784 - - 6,784 23,865 30,649

Dividend to the

minority - - - - (97,766) (97,766)

Employee share

premium 16 - (16) - - -

------------------------------------------------------------

June 30,

2008 1,706,925 (138,519) (0) 1,568,406 1,103,702 2,672,108

============================================================

Cumulative

foreign Stock

currency base

Share Capital translation Hedging compen- Retained

Capital reserves adjustments Reserves sation earnings

Convenience translation US$'000

----------------------------------------------------------

December 31,

2007 11,346 243,220 13,685 3,833 9,818 367,661

Gain for

the period - - - - - (3,458)

Differences

from translation

of foreign

entities'

financial

statements - - (93,345) - - -

Dividend paid - - - - - (50,138)

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 - - - 4,574 - -

Stock based

compensation

expenses - - - - 2,024 -

Dividend to the

minority - - - - - -

Employee share

premium - 5 - - - -

----------------------------------------------------------

June 30, 2008 11,346 243,225 (79,660) 8,407 11,842 314,065

----------------------------------------------------------

Total

amount

Loans to attribut-

employees able to Total

to acquire share- share-

Gross Treasury Company holders of Minority holders'

Amount stock Shares the Company Interest equity

Convenience translation US$'000

----------------------------------------------------------

December 31,

2007 649,563 (41,324) (1,009) 607,230 356,075 963,306

Gain for

the period (3,458) - - (3,458) 19,110 15,652

Differences

from translation

of foreign

entities'

financial

statements (93,345) - - (93,345) (25,816) (119,161)

Dividend paid (50,138) - - (50,138) - (50,138)

Issuance of

shares to

the minority

by a

subsidiary - - - - 1,944 1,944

Repayment of

loans as

a result of the

realization by

employees of

rights to shares - - 1,014 1,014 - 1,014

Change in fair

value of Swap

transactions 4,574 - - 4,574 - 4,574

Stock based

compensation

expenses 2,024 - - 2,024 7,119 9,142

Dividend to the

minority - - - - (29,166) (29,166)

Employee share

premium 5 - (5) - - -

----------------------------------------------------------

June 30, 2008 509,225 (41,324) 0 467,901 329,266 797,167

----------------------------------------------------------

as such completed the transaction with a substantial profit. In this quarter we have opened our Hotel in Bucharest, which is the largest Hotel in the City of Bucharest. The Hotel is a high quality hotel, which following it's opening trail period will generate a steady cash flow and substantial profitability to the Company. The Company is continuing to develop its projects in Europe and in India, and continues to seek new opportunities and ventures. A week ago, we declared our cooperation with Plaza Centers so that Plaza Centers and Elbit will join forces in mixed used real-estate projects in India. Such joint forces will optimize our cash flow and access to financing sources. In addition, it will create a synergy regarding managerial, know how and experience. In May 2007, we distributed a substantial dividend of approximately NIS 170 Million, emphasizing our belief of sharing our profits with our shareholders. The Company will take advantage of its high liquidity of approximately one billion dollars in order to continue with the impetus and to explore new opportunities on its doorstep, during this period".

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, 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 Rachel Levine

Elbit Imaging Ltd. The Global Consulting Group

(972-3) 608-6000 1-646-284-9439

syitzhaki@elbitimaging.com rlevine@hfgcg.com

Dudi Machluf, CFO

Elbit Imaging Ltd. (972-3) 608-6024

dudim@elbitimaging.com

Elbit Imaging Ltd

------------------------------------------------

June 30, June 30, December 31, June 30,

2008 2007 2007 2008

------------------------------------------------

Convenience

translation

-------------

(in thousand NIS) US$'000

------------------------------------------------

Current Assets

Cash and cash equivalents 1,796,077 1,937,768 1,416,710 535,823

Short-term deposits and

investments 857,866 583,133 700,055 255,926

Trade accounts receivable 379,082 228,579 1,521,521 113,091

Other receivable 117,560 99,460 65,271 35,071

Prepayments and other

assets 103,331 19,357 386,160 30,827

Inventories 30,078 27,593 25,492 8,973

Trading property 2,192,242 1,786,523 1,738,213 654,010

--------- --------- --------- ---------

5,476,236 4,682,413 5,853,422 1,633,721

Assets classified as held

for sale and discontinued

operation 10,890 551,830 11,120 3,250

--------- --------- --------- ---------

5,487,126 5,234,243 5,864,542 1,636,971

--------- --------- --------- ---------

Non-Current Assets

Deposits, loans and other

long-term balances 782,709 115,658 109,114 233,505

Investments in associates 50,371 51,373 58,062 15,026

Property, plant and

equipment 1,718,246 1,756,622 1,761,350 512,603

Investment property and

payments on account of

investment property 639,428 59,052 454,623 190,760

Other assets and deferred

expenses 132,983 139,848 148,137 39,673

Intangible assets 48,525 6,192 51,820 14,477

--------- --------- --------- ---------

3,372,262 2,128,745 2,583,106 1,006,044

--------- --------- --------- ---------

--------- --------- --------- ---------

8,859,388 7,362,988 8,447,648 2,643,015

========= ========= ========= =========

Current Liabilities

Short-term credits 197,684 621,251 166,469 58,975

Suppliers and service

providers 156,285 211,317 181,226 46,624

Payables and other credit

balances 370,634 151,352 437,813 110,571

Other liabilities 113,368 146,012 119,680 33,821

--------- --------- --------- ---------

837,971 1,129,932 905,188 249,991

Liabilities associated with

current assets classified

as held for sale and

discontinued operation 26,877 249,842 30,123 8,019

--------- --------- --------- ---------

864,848 1,379,774 935,311 258,010

--------- --------- --------- ---------

Non-Current liabilities

Borrowings 5,184,971 3,423,105 4,123,904 1,546,829

Other financial liabilities 73,651 104,229 91,685 21,972

Other liabilities 12,049 20,050 12,607 3,594

Deferred taxes 51,761 72,305 55,139 15,443

--------- --------- --------- ---------

5,322,432 3,619,689 4,283,335 1,587,838

--------- --------- --------- ---------

Shareholders' Equity

Attributable to equity

holders of the Company 1,568,406 1,614,473 2,035,438 467,901

Minority Interest 1,103,702 749,052 1,193,564 329,266

--------- --------- --------- ---------

2,672,108 2,363,525 3,229,002 797,167

--------- --------- --------- ---------

--------- --------- --------- ---------

8,859,388 7,362,988 8,447,648 2,643,015

--------- --------- --------- ---------

Elbit Imaging Ltd

--------------------------------------------------------

Year

Six months Three months ended Six months

ended June 30 ended June 30 Dec. 31 ended June 30

--------------------------------------------------------

2008 2007 2008 2007 2007 2008

--------------------------------------------------------

Convenience

translation

-----------

(in thousand NIS) US$'000

--------------------------------------------------------

Revenues and gains

Commercial

centers (1) 426,374 552,887 352,666 114,741 2,917,616 127,201

Hotels operations

and management 190,220 189,249 98,332 98,935 395,227 56,748

Gain from sale of

real estate assets - 63,464 - 63,464 62,621 -

Sale of medical

systems 28,914 27,039 17,524 6,517 49,648 8,626

Decrease in

shareholding of

subsidiaries - - - - 5,310 -

Sale of fashion

merchandise 45,969 28,214 27,796 15,106 68,139 13,714

-------- -------- -------- -------- --------- --------

691,477 860,853 496,318 298,763 3,498,561 206,289

-------- -------- -------- -------- --------- --------

Costs and expenses

Commercial

centers (1) 319,206 473,004 278,400 49,450 1,714,253 95,229

Hotels operations

and management 166,687 164,215 85,061 82,633 330,063 49,728

Cost and expenses

of medical systems

operation 29,257 33,069 14,274 15,306 69,953 8,728

Cost of fashion

merchandise 53,660 35,055 30,963 17,642 80,308 16,008

Research and

development

expenses, net 33,779 33,562 17,613 17,420 69,559 10,077

General and

administrative

expenses 27,344 34,532 18,793 18,116 116,992 8,157

Share in losses of

associates, net 7,820 8,112 5,502 3,616 12,667 2,333

Financial expenses,

net 5,460 26,433 (6,653) 3,779 140,926 1,629

Other expenses, net (933) 2,028 922 5,502 38,233 (278)

-------- -------- -------- -------- --------- --------

642,280 810,010 444,874 213,464 2,572,954 191,611

-------- -------- -------- -------- --------- --------

Profit before

income taxes 49,197 50,843 51,444 85,299 925,607 14,678

Income taxes

(tax benefits) (271) 2,854 (3,326) 3,133 16,288 (81)

-------- -------- -------- -------- --------- --------

Profit from

continuing

operations 49,468 47,989 54,770 82,166 909,319 14,759

Profit from

discontinued

operation, net 2,992 1,579 1,238 1,409 10,289 893

-------- -------- -------- -------- --------- --------

Profit for the

period 52,460 49,568 56,008 83,575 919,608 15,652

======== ======== ======== ======== ========= ========

Attributable to:

Equity holders of

the Company (11,593) 17,049 15,755 57,742 539,749 (3,458)

Minority interest 64,053 32,519 40,253 25,833 379,859 19,110

-------- -------- -------- -------- --------- --------

52,460 49,568 56,008 83,575 919,608 15,652

======== ======== ======== ======== ========= ========

(1) Sale of trading property and investment property operations

Elbit Imaging Ltd

Cumulative

foreign Stock

currency base

Share Capital translation Hedging compen- Retained

Capital reserves adjustments Reserves sation earnings

(In thousand NIS)

----------------------------------------------------------

Balance -

January 1,

2007 38,032 815,112 47,966 20,080 13,482 852,416

Gain for the

period - - - - - 539,749

Differences from

translation of

foreign entities'

financial

statements - - (2,094) - - -

Dividend paid - - - - - (159,766)

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 -

Initially

consolidation of

a subsidiary - - - - - -

Employee share

premium - 163 - - - -

----------------------------------------------------------

December 31,

2007 38,032 815,275 45,872 12,848 32,909 1,232,399

Gain for the

period - - - - - (11,593)

Differences from

translation of

foreign entities'

financial

statements - - (312,891) - - -

Dividend paid - - - - - (168,064)

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 - - - 15,338 - -

Stock based

compensation

expenses
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SOURCE Elbit Imaging Ltd.
Copyright©2008 PR Newswire.
All rights reserved

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