nice7 Jun 2016 10:37
http://shares.telegraph.co.uk/news/article.php?id=5355042&epic=KBE
Kimberly's Marina Dorcol lease termination
Source: SMW
Kimberly Enterprises is taking legal advice over its options after receiving a notice from the Mayor of Belgrade requesting the termination of the lease on the Marina Dorcol project.
In the event of the termination, the final result would be the restitution of the amounts paid by the company in respect of Marina Dorcol based on the agreements with the municipality, decreased by the amount of compensation to the municipality for usage of the land and for compensation for damages which have occurred, if any.
The company estimates that it will have a positive net cash flow from the above restitution.
Based on the results of the first quarter of 2016, in the event of termination, the company estimates that the effect on the financial statements of the company would be as follows:
1. Decrease of the non-current assets by EUR25.6 million.
2. Decrease of the current liabilities by EUR36.2 million.
3. Decrease of the non-current liabilities by EUR7.8 million.
4. Increase of the company's equity by EUR18.4 million.
The company says it is taking legal advice over its options and a further announcement will be made in due course.
At 1:23pm: (LON:KBE) Kimberly Enterprises N.V. share price was -0.03p at 0.5p