Exhibit
15.2



ELBIT
IMAGING LTD.



CONDENSED
FINANCIAL STATEMENTS



AS
OF DECEMBER 31, 2015



Contents



|                                                            | Page
|----------------------------------------------------------- | ----
|                                                            |     
|Report
    of independent registered public accounting firm | 2   
|                                                            |     
|Condensed
    Financial Statements:                         |     
|                                                            |     
|Balance
    sheets                                          | 3-4 
|                                                            |     
|Statements
    of income                                    | 5   
|                                                            |     
|Statements
    of cash flows                                | 6-7 
|                                                            |     
|Notes
    to the condensed financial statements             | 8-11















REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Directors and Shareholders of

Elbit
Imaging Ltd.



We
have audited the consolidated financial statements of Elbit Imaging Ltd. and subsidiaries (the "Company") as of December
31, 2015 and 2014, and for each of the three years in the period ended December 31, 2015, and have issued our report thereon dated
March 31, 2016; such financial statements and report are included in 8-K dated March 31, 2016 and are incorporated herein by reference.
Our audit also included the financial statement schedule No. 15.2 of the company listed in item 18. This financial statement schedule
is the responsibility of the Company's management. Our responsibility is to express an opinion based on our audits. In our opinion,
such financial statement schedule, when considered in relation to the basic financial statements taken as a whole, present fairly,
in all material respects, the information set forth therein.



Without
qualifying our opinion, we draw attention to:



| | 1. | Note
                                         1 C to the consolidated financial statements, which describes the company's financial
                                         position. The Company has prepared a projected cash flow based on its plans for the repayment
                                         of the liabilities as described in note 1C. Based on the projected cash flow and the
                                         related assumptions, the Company's board of directors is of the opinion that the Company
                                         can execute its plans and that it would be able to serve its indebtedness in the foreseeable
                                         future.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Note
                                         5 C Casa radio (5-6) and note 14 C (13) to the consolidated financial statements which
                                         disclose, among other things, potential irregularities concerning the Casaradio Project
                                         in Romania and their potential consequences, including Foreign Corrupt Practices Act
                                         potential implications.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | Note
                                         14 to the consolidated financial statements, with respect to claims that have been filed
                                         against Group companies, one of which was certifies as a class action.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Brightman
Almagor Zohar & Co.

Certified
Public Accountants

A
Member Firm of Deloitte Touche Tohmatsu



Tel
Aviv, Israel

March
31, 2016







2








ELBIT IMAGING
LTD.

CONDENSED BALANCE SHEETS



|                                                                    |  |      |   |  | December 31       | 
|------------------------------------------------------------------- |  | ---- | - |  | ----------------- | 
|                                                                    |  |      |   |  | 2 0 1 5           | 
|                                                                    |  |      |   |  |                   | 
|                                                                    |  | Note |   |  | (in thousand NIS) | 
|                                                                    |  |      |   |  |                   | 
|Current Assets                                                      |  |      |   |  |                   | 
|Cash and cash equivalents                                           |  |      |   |  |                   | 
|Short-term deposits and investments                                 |  |      |   |  |                   | 
|Other receivables                                                   |  |      |   |  |                   | 
|Assets related to discontinued operations                           |  |      |   |  |                   | 
|                                                                    |  |      |   |  |                   | 
|                                                                    |  |      |   |  |                   | 
|Non-Current Assets                                                  |  |      |   |  |                   | 
|Deposits, loans and other long-term balances                        |  |      |   |  |                   | 
|Loans and investments in subsidiaries, associates and joint venture |  |      | 3 |  |                   | 
|Property, plant and equipment                                       |  |      |   |  |                   | 
|                                                                    |  |      |   |  |                   | 
|                                                                    |  |      |   |  |                   | 
|                                                                    |  |      |   |  |                   | 





3






ELBIT IMAGING
LTD.



CONDENSED BALANCE SHEETS



|                                                  |  |      |  |  | December 31       | 
|------------------------------------------------- |  | ---- |  |  | ----------------- | 
|                                                  |  |      |  |  | 2 0 1 5           | 
|                                                  |  |      |  |  |                   | 
|                                                  |  | Note |  |  | (in thousand NIS) | 
|                                                  |  |      |  |  |                   | 
|Current Liabilities                               |  |      |  |  |                   | 
|Short-term credits                                |  |      |  |  |                   | 
|Payables and other credit balances                |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|Non-Current Liabilities                           |  |      |  |  |                   | 
|Borrowings                                        |  |      |  |  |                   | 
|Other liabilities                                 |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|Commitments, Contingencies, Liens and Collaterals |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|Shareholders' Equity                              |  |      |  |  |                   | 
|Share capital and share premium                   |  |      |  |  |                   | 
|Reserves                                          |  |      |  |  |                   | 
|Retained losses                                   |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 
|                                                  |  |      |  |  |                   | 





|                                                                                       |  |                                                   |  |                                                       
|-------------------------------------------------------------------------------------- |  | ------------------------------------------------- |  | ------------------------------------------------------
|Doron Moshe
        Chief Financial Officer and
        Acting Chief Executive Officer |  | Zvi Tropp
        Chairman of the audit committee |  | Ron Hadassi
        Chairman of the Board of Directors



Approved
by the Board of Directors on: March 31, 2016





4








ELBIT IMAGING LTD.



CONDENSED STATEMENTS
OF INCOME



|                                                 |  |      |  | Year ended December 31 |         
|------------------------------------------------ |  | ---- |  | ---------------------- | --------
|                                                 |  |      |  | 2 0 1 5                |         
|                                                 |  |      |  |                        |         
|                                                 |  | Note |  | (in thousand NIS)      |         
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        |         
|Revenues from providing management services      |  |      |  |                        | 1,472   
|                                                 |  |      |  |                        |         
|General and administrative expenses              |  |      |  |                        | (11,868 
|                                                 |  |      |  |                        |         
|Financial expenses, net                          |  |      |  |                        | (67,888 
|                                                 |  |      |  |                        |         
|Financial gain from debt restructuring           |  |      |  |                        | -       
|                                                 |  |      |  |                        |         
|Initiation expenses                              |  |      |  |                        | -       
|Other income (expense)                           |  |      |  |                        | (73,741 
|                                                 |  |      |  |                        |         
|Profit (loss) before income taxes                |  |      |  |                        | (152,025
|                                                 |  |      |  |                        |         
|Income tax expenses                              |  |      |  |                        | -       
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        | (152,025
|Company's share in results of investee companies |  |      |  |                        | (40,755 
|                                                 |  |      |  |                        |         
|Profit (loss) from continuing operations         |  |      |  |                        | (192,780
|                                                 |  |      |  |                        |         
|Profit (loss) from discontinuedoperations, net   |  |      |  |                        | 6,630   
|                                                 |  |      |  |                        |         
|Profit (loss) for the year                       |  |      |  |                        | (186,150





5








ELBIT IMAGING LTD.



CONDENSED STATEMENTS OF CASHFLOWS



|                                                                                                                      |  | Year
    ended December 31 |         
|--------------------------------------------------------------------------------------------------------------------- |  | -------------------------- | --------
|                                                                                                                      |  | 2
    0 1 5                |         
|                                                                                                                      |  |                            |         
|                                                                                                                      |  | (in
    thousand NIS)      |         
|                                                                                                                      |  |                            |         
|CASH
    FLOWS FROM OPERATING ACTIVITIES                                                                              |  |                            |         
|Profit
    (loss) for the year from continued operations                                                              |  |                            | (192,780
|Income
    tax expenses (tax benefit) recognized in profit and loss                                                   |  |                            | -       
|Finance
    expenses recognized in profit and loss                                                                    |  |                            | 67,888  
|Financial
    gain from debt restructuring                                                                            |  |                            | -       
|Income
    tax paid in cash                                                                                           |  |                            | -       
|Depreciation
    and amortization                                                                                     |  |                            | 640     
|Share
    in losses of associates, net                                                                                |  |                            | 40,755  
|Stock
    based compensation expenses                                                                                 |  |                            | 845     
|Other                                                                                                                 |  |                            | (488    
|Receivables
    and other debit balances                                                                              |  |                            | 3,101   
|Payables
    and other credit balances                                                                                |  |                            | (6,180  
|Net
                                         cash provided by (used in) operating activities of continuing operations |  |                            | (86,219 
|                                                                                                                      |  |                            |         
|Net
    cash used in discontinued operating activities                                                                |  |                            | (2,700  
|                                                                                                                      |  |                            |         
|Net
    cash provided by (used in) operating activities                                                               |  |                            | (88,919 





6








ELBIT IMAGING LTD.



CONDENSED STATEMENTS OF CASHFLOWS



|                                                                                   |  | Year ended December 31 |         
|---------------------------------------------------------------------------------- |  | ---------------------- | --------
|                                                                                   |  | 2 0 1 5                |         
|                                                                                   |  |                        |         
|                                                                                   |  | (in thousand NIS)      |         
|CASH FLOWS FROM INVESTING ACTIVITIES                                               |  |                        |         
|Purchase of property plant and equipment, investment property and other assets     |  |                        | (103    
|Proceeds from realization of investments in subsidiaries and associates            |  |                        | 1,925   
|Investments and loans to subsidiaries and associates                               |  |                        | 180,330 
|Proceeds from realization of investments in associates and joint venture           |  |                        | 76      
|Proceed from realization of (investment in) long-term deposits and long-term loans |  |                        | (1,184  
|                                                                                   |  |                        |         
|Short-term deposits and marketable securities, net                                 |  |                        | (481    
|Net cash provided by  investing activities                                         |  |                        | 180,563 
|                                                                                   |  |                        |         
|CASH FLOWS FROM FINANCING ACTIVITIES                                               |  |                        |         
|Interest paid in cash                                                              |  |                        | (37,902 
|Interest received in cash                                                          |  |                        | 32      
|Repayment of long-term borrowings                                                  |  |                        | (75,577 
|Repayment of short-term credit                                                     |  |                        | -       
|Net cash used in financing activities                                              |  |                        | -113,447
|                                                                                   |  |                        |         
|Increase (decrease) in cash and cash equivalents                                   |  |                        | (21,803 
|Cash and cash equivalents at the beginning of the year                             |  |                        | 95,086  
|Net effect on cash due to currency exchange rate changes                           |  |                        | (1,996  
|                                                                                   |  |                        |         
|Cash and cash equivalents at the end of the year                                   |  |                        | 71,287  





7






ELBIT IMAGING LTD.



NOTES TO THE CONDENSED FINANCIAL
STATMENTS



|NOTE
    1 - | GENERAL
|------------ | -------



| | A. | Elbit
                                         Imaging Ltd. ("the Company") was incorporated in Israel. The Company's registered
                                         office is at 7 Mota Gur Street Petach-Tikva, Israel. The Company's shares are registered
                                         for trade on the Tel Aviv Stock Exchange and in the United States on the NASDAQ Global
                                         Select Market.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | B. | The
                                         Group engages, directly and through its investee companies, in Israel and abroad, mainly
                                         in the following areas:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | 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.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Hotels- hotels operation and management of the Radisson hotel Complex in Bucharest Romania.
                                         For the selling of the Belgium hotels in June 2015 see note 9 G of the annual consolidated
                                         financial statements.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | 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.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Residential
                                         projects - initiation, construction and sale of residential units or plots designated
                                         for residential located primarily in India.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Plots
                                         in India- plots designated for sale which were initially designated to residential
                                         projects.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | With
                                         regards to the sale of the operation and business of "Mango" retail stores
                                         in Israel to Fox-Wisel Ltd. ("Fox") on January, 5 2015, see note 20 of the
                                         annual consolidated financial statements. Accordingly, this operation is presented in
                                         these financial statements as discontinued operation.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





8








ELBIT IMAGING LTD.



NOTES TO THE CONDENSED FINANCIAL
STATMENTS



|NOTE
    1 - | GENERAL (CONT.)
|------------ | ---------------



| | C. | Financial
                                         position:
| | -- | ------------------------------------------------------------



With
respect to the Company's financial position, including the consummation of the Plan of Arrangement, see note 1C of the annual
consolidated financial statements.



| | D. | Definitions:
| | -- | ------------





| | The
    Company     | - | Elbit
    Imaging LTD.                                                                                                                                                                                                                                                                                    
| | ------------------- | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                     |   |                                                                                                                                                                                                                                                                                                           
| | Group               | - | The
    Company and its Investees                                                                                                                                                                                                                                                                         
| |                     |   |                                                                                                                                                                                                                                                                                                           
| | Investees           | - | Subsidiaries,
    joint ventures and associates                                                                                                                                                                                                                                                           
| |                     |   |                                                                                                                                                                                                                                                                                                           
| | PC                  | - | Plaza
    Centers N.V. Group, a subsidiary of the Company, operating mainly in the field of commercial centers and is traded in the
    Main Board of the London Stock Exchange, the Warsaw stock Exchange (“WSE”) and Tel Aviv Stock Exchange. As of
    December 31, 2015 the Company holds 44.9% in PC.
| |                     |   |                                                                                                                                                                                                                                                                                                           
| | Elbit
    Medical   | - | Elbit
    Medical Technologies Ltd., a public Israeli company traded on the Tel Aviv Stock Exchange. As for December 31, 2015, the Company
    holds 89.9% of Elbit Medical share capital (86.2%  on a fully diluted basis).                                                                              
| |                     |   |                                                                                                                                                                                                                                                                                                           
| | Related
    parties | - | As
    defined in International Accounting Standard ("IAS") no. 24. For details see note 18 of the annual consolidated
    financial statements                                                                                                                                                           





9






ELBIT IMAGING LTD.



NOTES TO THE CONDENSED FINANCIAL
STATMENTS



|NOTE
    2 - | SIGNIFICANT ACCOUNTING
    POLICIES
|------------ | -----------------------------------



| | A. | Statement
                                         of compliance:
| | -- | -----------------------------------------------------------------



The
condensed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs")
as issued by the International Accounting Standards Board ("IASB").



| | B. | Basis
                                         for preparation:
| | -- | ---------------------------------------------------------------



The
condensed financial statements have been prepared on the historical cost basis except for (i) financial instruments measured at
fair value; (ii) certain trading property measured at net realizable value(see note 2W.(1)a of the annual consolidated financial
statements.); and (iii) certain property, plant and equipment (hotels) presented at the revaluation model (based on fair value
(see note 2W.(1)e. of the annual consolidated financial statements). The principal accounting policies are set out below.



| | C. | Presentation
                                         of the income statements:
| | -- | -------------------------------------------------------------------------------



The
Groups operations are characterized by diverse activities. Accordingly, management believes that its income statements should
be presented in the “Single - step form”. According to this form, all costs and expenses (including general and administrative
and financial expenses) should be considered as continuously contributing to the generation of the overall revenues and gains.
Management also believes that its operating expenses should be classified by function to: (i) those directly related to each revenue
(including general and administrative expenses and selling and marketing expenses relating directly to each operation); and (ii)
overhead expenses which serve the business as a whole and are to be determined as general and administrative expenses.



| | D. | Convenience
                                         translation:
| | -- | -----------------------------------------------------------------



The
balance sheet as of December 31, 2015 and statement of income, statement of other comprehensive income and statement of cash flows
for the year then ended have been translated into U.S. Dollar using the representative exchange rate as of that date ($1= NIS
3.902). Such translation was made solely for the convenience of the U.S. readers. The dollar amounts so presented in these financial
statements should not be construed as representing amounts receivable or payable in dollars or convertible into dollars but only
a convenience translation of reported NIS amounts into U.S. Dollar, unless otherwise indicated. The convenience translation supplementary
financial data is unaudited and is not presented in accordance with IFRSs.





10








ELBIT IMAGING LTD.



NOTES TO THE CONDENSED FINANCIAL
STATMENTS



|NOTE
    3 - | LOANS AND INVESTMENTS
    IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE
|------------ | -----------------------------------------------------------------------



| | A. | As
                                         part of Indian JV Agreement between the Company and PC regarding the Kochi project (as
                                         described in note 7B of the annual consolidated financial statements) PC has provided
                                         the Company with an advance on account of the Kochi project in the amount of Euro 4.5
                                         million. In order to secure the advance granted by PC the Company provided PC with a
                                         guarantee, which shall be exercised in the event the Company fails to transfer all its
                                         rights in the Kochi Island to EPI (or alternatively to transfer 50% of the said rights
                                         to PC). The guarantee expired in August 2013.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



In
June 2015 the Company reached an agreement with PC, following the Company was obliged to repay the Reimbursement amount in few
instalments until mid-2018. PC liabilities towards the Company in the amount of EUR 0.8 million) were offset from this balance,
with partial repayment of EUR 1 million performed in late September 2015, thus balance as of December 31, 2015 is EUR 2.8 million
(including accrued interest on remaining balance).



|NOTE
    4 - | COMMITMENTS,
    CONTINGENCIES, LIENS AND COLLATERALS
|------------ | -----------------------------------------------------



| | A. | With
                                         respect to the Company's claims, see note 14 B of the annual consolidated financial statements.                                                               
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                             
| | B. | With
                                         respect to the Company's other contingent liabilities, see note 14 C of the annual consolidated
                                         financial statements.





11