Elbit Imaging Ltd. operates primarily in the principal fields of business that include Commercial Centers, Hotels, Medical Industries, and Plots in India. The company’s subsidiaries and companies in which it has a significant interest include Plaza Centers N.V. (PC); Elscint Holdings & Investment N.V.; Elbit Medical Technologies Ltd.; Elbit Plaza India Real Estate Holdings Limited; and Elbit Ultrasound (Luxemburg) B.V./S.a r.l. Commercial Centers segment This segment includes operational commercial centers, plots designated for the construction and/or development of commercial centers in CEE, as well as plots not designated for development in the foreseeable future or designated for sale these plots without further development. Certain projects designated for development are mixed-use real estate projects, which include predominantly commercial centers combined with other elements of operations, including offices, residential units, conference centers and leisure facilities. Construction or development of each such project is generally conducted through a special purpose project corporation, owned by PC. In certain cases, such special purpose corporation is held as a joint venture with project partners. As of December 31, 2015, the company's commercial segment of operations included a total of four operating projects and four projects. The company’s projects are located in Romania, Poland, Serbia, Latvia, Bulgaria, Greece, and Hungary. In this field of operations, the company's focus is the development and construction of new commercial centers and redeveloping existing centers, where there is significant redevelopment potential, in both capital cities and regional centers and the subsequent sale of such centers. The company’s commercial centers vary in size and might range between 6,000 square meters and 66,000 square meters gross lettable area (GLA). It develops commercial centers whose size, tenant mix and design are dictated by market demand, and that take into account particular factors, such as the size of the population in the area (generally a minimum of 50,000 people), the socio-economic status of the population, any competing commercial centers in the locality, local retail demand (whether for fashion, grocery, local convenience stores or entertainment) and the location of the site (whether city center or suburban). The company’s commercial centers includes large retail anchor tenants (Tesco, Match, Peek&Cloppenburg, New Yorker, H&M, TKMaxx, Toys ‘R Us, Zara, C&A). These anchor tenants form the basis of the shopping areas around which smaller boutiques, international brands (Hugo Boss, Mango, Aldo, Sephora, Reserved, House, Esprit) and local retailers create a balanced tenant mix to meet local demand. Leases with anchor tenants generally run for a term of 10 to 15 years, with an option to extend. The company’s commercial centers also include a multiplex cinema complex of between four and 12 theater screens, depending on the size of the center, and, where appropriate, an IMAX auditorium. The entertainment areas also include a gaming area comprising a video games arcade, bowling alley, electronic gaming machines, billiards, discotheque, bar and a children’s playground. Each entertainment area also includes a food court offering a range of food outlets, coffee shops and restaurants. Operational Commercial Centers PC operates and manages four active commercial centers, attempting to stabilize them prior to selling them. Hotels segment This segment includes operation and management of its Radisson Complex in Bucharest, Romania. The company holds 98% of the Radisson Blu complex in Bucharest, while the rest is owned by various unrelated third parties. Rezidor Hotel Group (Rezidor) manages the company's hotel complex in Romania, includes its Radisson Blue and Park Inn hotels, and other apartments. Under the management agreement signed with Rezidor, the company undertook to pay Rezidor certain agreed upon fees, which are calculated as a percentage of the hotel’s revenue, as well as a certain agreed upon percentage from the gross operating profit of the hotel. The company also undert
elbit imaging ltd (EMIT:Tel Aviv)
Olympia C Tower
7 Mota Gur
Petach Tikva, 4952801
Phone: 972 3 608 6000
Fax: 972 3 608 6050www.elbitimaging.com
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