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Kimberly Enterprises N.V.  -  KBE   

Further Update re Marina Dorcol

Released 09:54 07-Jun-2016

RNS Number : 4310A
Kimberly Enterprises N.V.
07 June 2016
 

 

Kimberly Enterprises N.V.

("Kimberly" or the "Company")

 

Further update re Marina Dorcol

 

Further to the announcement released on 6 June 2016 and the subsequent share price movement, the Board of Kimberly wishes to provide the following additional information.

For illustrative purposes only, in the event that termination had taken place in the first quarter of 2016, the Company estimates that the impact on the Company's balance sheet as at 31 March 2016 would have been as follows:

1.    Decrease of the non-current assets by €25.6 million to €3.4 million.

2.    Decrease of the current liabilities by €36.2 million to €33.2 million.

3.    Decrease of the non-current liabilities by €7.8 million to €0.3 million.

4.    Increase of the Company's equity by €18.4 million to €(23.4) million.

In the event that termination of the lease is completed, the actual impact on the Company's financial statements will be reflected in the next relevant set of financial results.

The net cash flow and the timing to conclude the settlement with the Municipality of Belgrade cannot be predicted at this stage with any certainty.

The Company has pledged the shares of Marina Dorcol D.o.o (the entity which holds the lease agreement with the Municipality of Belgrade) to Engel Resources and Development Ltd ("ERD").  The outstanding debts of the Company to ERD stood at €25 million as at 31 March 2016.  If the termination of the lease is concluded, the Company will continue to have a substantial net asset deficit.

 

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

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Further Update re Marina Dorcol - RNS