Kimberly Enterprises N.V. Further Update re Marina Dorcol (4310A)
07 Junio 2016 - 3:54AM
UK Regulatory
TIDMKBE
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 EUR25.6 million to EUR3.4 million.
2. Decrease of the current liabilities by EUR36.2 million to EUR33.2 million.
3. Decrease of the non-current liabilities by EUR7.8 million to EUR0.3 million.
4. Increase of the Company's equity by EUR18.4 million to EUR(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 EUR25 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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