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Elbit Imaging Ltd. Announces First Quarter Results for 2010
Date:5/31/2010

TEL AVIV, Israel, May 31, 2010 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. ("EI") (TASE, NASDAQ: EMITF) announced today its results for the first quarter of 2010.

Loss for the first quarter of 2010 attributable to the equity holders of the company amounted to NIS 136 million (loss including minority interest totaled to NIS 170 million), as compared to gain attributable to the equity holders of the Company in the amount of NIS 21 million (gain including the minority interest totaled to NIS 9 million) in the corresponding quarter of 2009.

Company's shareholder's equity, as of March 31, 2010 amounted NIS 1.8 billion, compared with NIS 2.1 billion as of December 31, 2009.

Our presentation to the consolidated financial statements for the first quarter of 2010 is available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (03/2010)."

Dudi Machluf, Chief Executive Officer (Co-CEO), commented:

During the past quarter we executed our first significant transaction in the field of commercial centers in the United States. We invested in the Australian MDT publicly traded trust, with the right to appoint at least one half of our representatives on its board of directors and a purchase of 50% stake of its management company. MDT holds and manages 78 commercial centers across the United States, particularly open-air community centers - with a total area of 1.2 million square meters. This is indeed a complex transaction which has not yet been completed. Only after the completion of the right offering by MDT, which we committed to underwrite, will the actual scope of the transaction determined. MDT will constitute a yielding arm and will serve as a platform for additional transactions in the field of commercial centers in the United States.

Approximately one week ago, our subsidiary, Plaza Centers, opened an additional commercial center in Poland. It is the 30th shopping mall built by Plaza Centers of which 26 commercial centers have already been sold. Plaza Centers is currently negotiating financing lines for two additional commercial centers, one in Serbia and the other in Poland, and expects to commence construction and development once the financing loans are secured.

Our wholly owned Subsidiary, Elbit Medical Ltd recently filed a Prospectus for the proposed initial public offering ("IPO") of its shares to the public in Israel. Elbit Medical consists of our group's bio-tech and medical holdings. We are presently waiting for stable market conditions in order to move forward with the IPO.

The quarter's results were mainly affected by the lack of realized trading property, as we continue to manage and operate our real estate assets in anticipation of the prevailing market conditions, which will allow us to realize them at an appropriate price. The results were further influenced by the increase of non-cash financial expenses, mainly due to the revaluation of Plaza Centers notes and by the revaluation of the New Israeli Shekel vis-a-vis the Euro, which also affected Company's balance due to Plaza Centers' activity in Euros.

                              ELBIT IMAGING LTD.
                          CONSOLIDATED BALANCE SHEETS

                                         March 31,  December 31,   March 31,
                                           2010         2009         2010
                                                                  Convenience
                                                                  translation
                                           (in thousand NIS)        US$'000

    Current Assets
    Cash and cash equivalents            1,672,590    1,508,301      450,467
    Short-term deposits and investments    552,331      563,719      148,756
    Trade accounts receivable               51,666       45,049       13,915
    Other receivable                        89,794      119,890       24,184
    Prepayments and other assets           308,275      335,206       83,026
    Inventories                             51,510       45,494       13,873
    Trading property                     4,064,367    4,157,610    1,094,632
                                         6,790,533    6,775,269    1,828,853
    Assets related to
    discontinued operation                   2,244        2,250          605

                                         6,792,777    6,777,519    1,829,458

    Non-Current Assets
    Deposits, loans and other
    long-term balances                     566,193      625,695      152,489
    Investments in associates               40,152       41,597       10,814
    Property, plant and equipment        1,666,102 (*)1,787,720      448,721
    Investment property                     76,593       80,487       20,628
    Other assets and
    deferred expenses                       24,820    (*)22,291        6,685
    Intangible assets                       51,834       53,486       13,961
                                         2,425,694    2,611,276      653,298

                                         9,218,471    9,388,795    2,482,756

    Current Liabilities
    Short-term credits                   2,038,520    2,218,964      549,022
    Suppliers and service providers        223,954      199,566       60,316
    Payables and other
    credit balances                        266,894      201,450       71,881
    Other liabilities                      113,749      117,965       30,635
                                         2,643,117    2,737,945      711,854
    Liabilities related to
    discontinued operation                  18,337       18,630        4,939

                                         2,661,454    2,756,575      716,793

    Non-Current liabilities
    Borrowings                           4,682,819 (*)4,347,333    1,261,196
    Other financial liabilities             29,032       96,686        7,819
    Other liabilities                       17,669       17,450        4,759
    Deferred taxes                          20,866       39,264        5,620
                                         4,750,386    4,500,733    1,279,394

    Shareholders' Equity
    Attributable to equity
    holders of the Company                 685,981   (*)936,667      184,752
    Minority Interest                    1,120,650    1,194,820      301,817
                                         1,806,631    2,131,487      486,569

                                         9,218,471    9,388,795    2,482,756


    (*) Retrospective application of accounting policy for classification of
        leases of land



                                ELBIT IMAGING LTD.
                          CONSOLIDATED INCOME STATEMENTS

                                Three months ended       Year       Three
                                     March 31            ended     months
                                                       December  ended March
                                                          31         31
                                 2010        2009        2009       2010
                                                                 Convenience
                                                                 translation
                                (in thousand NIS)                  US$'000

    Revenues and gains
    Commercial centers           20,041     20,103      85,466       5,398
    Hotels operations and
    management                   92,480     87,017     396,736      24,907
    Sale of medical systems       8,238      8,561      61,683       2,219
    Gain from changes of
    shareholding in
    subsidiaries                      -     78,258      31,106           -
    Sale of fashion
    merchandise and others       41,540     21,908     118,386      11,188
                                162,299    215,847     693,377      43,712

    Expenses and losses
    Commercial centers           40,269     39,696     169,253      10,846
    Hotels operations and
    management                   81,091     83,468     353,229      21,840
    Cost and expenses of
    medical systems operation    15,915     17,145      67,403       4,286
    Cost of fashion
    merchandise and others       49,649     28,228     134,142      13,372
    Research and development
    expenses                     15,329     16,642      73,959       4,128
    General and
    administrative expenses      18,460     17,593      66,153       4,972
    Share in losses of
    associates, net               2,825      4,243      14,039         761
    Financial expenses
    (income) , net              101,223    (22,618)    261,524      27,262
    Impairments, charges and
    other expenses, net           7,738      7,172     260,225       2,084
                                332,499    191,569   1,399,927      89,551

    Income (loss) before
    income taxes               (170,200)    24,278    (706,550)    (45,839)
    Income taxes (tax
    benefits)                       104     13,841     (35,571)         29

    Income (loss) from
    continuing operations      (170,305)    10,437    (670,979)    (45,868)
    Profit from discontinued
    operation, net                    -     (1,780)     16,550           -

    Income (loss) for the
    period                     (170,305)     8,657    (654,428)    (45,868)

    Attributable to:
    Equity holders of the
    Company                    (135,618)    20,994    (533,269)    (36,526)
    Minority interest           (34,686)   (12,337)   (121,159)     (9,342)
                               (170,304)     8,657    (654,428)    (45,868)



                                 ELBIT IMAGING LTD.
                   CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS

                               Three months ended     Year      Three months
                                    March 31          ended    ended March 31
                                                    December
                                                       31
                                2010       2009       2009          2010
                                                                Convenience
                                                                translation
                                     (in thousand NIS)            US$'000

    Income (loss) for the
    period                   (170,304)     8,657    (654,428)     (45,868)

    Exchange differences
    arising from translation
    of foreign operations    (167,227)   179,811      89,638      (45,038)
    Loss from cash flow hedge  (5,176)    (9,869)     (2,099)      (1,394)
    Gain (loss) from
    available for sale
    investments                 2,927     (7,550)      9,383          788
                             (169,476)   162,392      96,922      (45,644)

    Comprehensive income
    (loss)                   (339,780)   171,049    (557,506)     (91,512)

    Attributable to:
    Equity holders of the
    Company                  (238,983)   130,772    (466,459)     (64,365)
    Minority interest        (100,797)    40,277     (91,047)     (27,147)
                             (339,780)   171,049    (557,506)     (91,512)



                               ELBIT IMAGING LTD.
                  STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                    Foreign
                                   currency            Available  Stock base
                  Share   Share   translation Hedging  for sale  compensation
                 Capital premium  adjustments reserves  reserve    reserve

                                      (In thousand NIS)
    Balance -
    January 1,
    2009          38,032  815,291   (304,370) (37,122)   (4,081)      43,840
    Effect of
    change in
    accounting
    policy for
    classification
    of leases
    of land
    As restated   38,032  815,291   (304,370) (37,122)   (4,081)      43,840

    Comprehensive
    income
    (loss)             -        -     62,066   (2,099)    6,844            -
    Stock based
    compensation
    expenses           -        -          -        -         -       13,957
    Initialy
    consolidated
    subsidiary         -        -          -        -         -            -
    Issuance of
    shares to the
    minority by a
    subsidiary         -        -          -        -         -            -
    Exercise of
    shares by
    employees          6      701          -        -         -         (707)
    Equity
    componenet of
    convertiable
    debentures         -   19,277          -        -         -            -
    Purchase of
    the minority
    interest           -        -          -        -         -            -
    December 31,
    2009          38,038  835,269   (242,304) (39,221)    2,763       57,090

    Comprehensive
    income
    (loss)             -        -   (100,139)  (5,176)    1,950            -
    Stock based
    compensation
    expenses           -        -          -        -         -        3,218
    issuance of
    shares to the
    minority by a
    subsidiary         -  (14,921)         -        -         -            -
    Exercise of
    shares by
    employees         13    1,998          -        -         -       (2,011)
    March 31,
    2010          38,051  822,346   (342,443) (44,397)    4,713       58,297


                                  ELBIT IMAGING LTD.
                  STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY cont'd

                                             Total amount
                                             Attributable            Total
                                              to equity              share-
                 Retained    Gross  Treasury  holders of  Minority  holders'
                 earnings    Amount   stock  the Company  Interest   equity

                               (In thousand NIS)
    Balance -
    January 1,
    2009          960,621  1,512,211 (138,519) 1,373,692 1,064,091 2,437,783
    Effect of
    change in
    accounting
    policy for
    classification
    of leases
    of land        (3,800)    (3,800)             (3,800)             (3,800)
    As restated   956,821  1,508,411 (138,519) 1,369,892 1,064,091 2,433,983

    Comprehensive
    income
    (loss)       (533,270)  (466,459)       -   (466,459)  (91,047) (557,506)
    Stock based
    compensation
    expenses            -     13,957        -     13,957    36,622    50,579
    Initialy
    consolidated
    subsidiary          -          -        -          -     5,993     5,993
    Issuance of
    shares to the
    minority by a
    subsidiary          -          -        -          -    71,940    71,940
    Exercise of
    shares by
    employees           -          -        -          -         -         -
    Equity
    componenet of
    convertiable
    debentures          -     19,277        -     19,277         -    19,277
    Purchase of
    the minority
    interest            -          -        -          -   107,221   107,221
    December 31,
    2009          423,551  1,075,186 (138,519)   936,667 1,194,820 2,131,487

    Comprehensive
    income
    (loss)       (135,618)  (238,983)       -   (238,983) (100,797) (339,780)
    Stock based
    compensation
    expenses            -      3,218        -      3,218     5,032     8,250
    issuance of
    shares to the
    minority by a
    subsidiary          -    (14,921)       -    (14,921)   21,595     6,674
    Exercise of
    shares by
    employees           -          -        -          -         -         -
    March 31,
    2010          287,933    824,500 (138,519)   685,981 1,120,650 1,806,631



                               ELBIT IMAGING LTD.
                  STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                  Cumulative
                                    Foreign
                                   currency            Available  Stock base
                   Share   Share  translation Hedging  for sale  compensation
                  Capital premium adjustments reserves  reserve    reserve

                                Convenience translation US$'000


    December 31,
    2009           10,245 224,958    (65,258) (10,563)      744       15,376

    Comprehensive
    income
    (loss)              -       -    (26,970)  (1,394)      525            -
    Stock based
    compensation
    expenses            -       -          -        -         -          867
    issuance of
    shares to
    the minority
    by a
    subsidiary          -  (4,019)         -        -         -            -
    Exercise of
    shares by
    employees           3     539          -        -         -         (542)
    March 31,
    2010           10,248 221,478    (92,228) (11,957)     1,269      15,701


                                  ELBIT IMAGING LTD.
                  STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY cont'd.

                                             Total amount
                                             Attributable             Total
                                              to equity               share-
                  Retained  Gross   Treasury  holders of  Minority   holders'
                  earnings  Amount   stock   the Company  Interest    equity

                              Convenience translation US$'000

    December 31,
    2009          114,073  289,575  (37,306)    252,269    321,793   574,062

    Comprehensive
    income (loss) (36,526) (64,365)       -     (64,365)   (27,147)  (91,512)
    Stock based
    compensation
    expenses            -      867        -         867      1,355     2,222
    issuance of
    shares to
    the minority
    by a subsidiary     -   (4,019)       -      (4,019)     5,816     1,797
    Exercise of
    shares by
    employees           -        -        -           -          -         -
    March 31,
    2010           77,547  222,058  (37,306)    184,752    301,817   486,569

About Elbit Imaging Ltd.

Elbit Imaging Ltd. operates in the following principal fields of business: (i) Commercial and Entertainment Centers - Initiation, construction, and sale of commercial and entertainment centers and other mixed-use real property projects, predominantly in the retail sector, located in Central and Eastern Europe and in India. In certain circumstances and depending on market conditions, Elbit may operate and manage a commercial and entertainment center prior to its sale; (ii) Hotels - Hotels operation and management, primarily in major European cities; (iii) Image Guided Treatment - Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment; (iv) Residential Projects - Initiation, construction and sale of residential projects and other mixed-use real property projects, predominately residential, located primarily in India and in Eastern Europe; (v) Fashion Apparel - distribution and marketing of fashion apparel and accessories in Israel; and (vi) Other Activities - (a) venture capital investments; (b) investments in hospitals and farm and dairy plants in India, which are in preliminary stages; and (c) wholesale trade of home applications in India.

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, 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, 2009, 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 our releases will prove to be accurate. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements 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, 2009, under the caption "Risk Factors."

    For Further Information:

    Company Contact:                    Investor Contact:
    Dudi Machluf                        Mor Dagan
    Chief Executive Officer (Co-CEO)    Investor Relations
    Tel: +972-3-608-6024                Tel: +972-3-516-7620
    dudim@elbitimaging.com              mor@km-ir.co.il


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SOURCE Elbit Imaging Ltd.
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