6 Jun 2016 13:11
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Update re Marina Dorcol
Kimberly Enterprises N.V., the AIM-listed Central and Eastern European property developer (KBE:L), announces that it has received a notice requesting the termination of the lease agreement the Company has in respect of the Marina Dorcol Project from the Mayor of Belgrade.
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 such land for the period of duration of the lease 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 €25.6 million.
2. Decrease of the current liabilities by €36.2 million.
3. Decrease of the non-current liabilities by €7.8 million.
4. Increase of the Company's equity by €18.4 million.
The Company is taking legal advice as to its options and a further announcement will be made in due course.
For further information, please contact:
Kimberly Enterprises N.V. | |
Assaf Vardimon | +31 20 778 4141 |
Cairn Financial Advisers LLP (Nomad) | |
Sandy Jamieson, James Caithie | +44 207 148 7900 |