Kimberly Enterprises N.V. Third Quarter Trading Update (8711X)
November 29 2017 - 7:04AM
UK Regulatory
TIDMKBE
RNS Number : 8711X
Kimberly Enterprises N.V.
29 November 2017
Kimberly Enterprises N.V.
("Kimberly" or the "Company")
Third quarter trading update
Kimberly Enterprises N.V., the AIM-listed Central and Eastern
European property developer (KBE: L), is today issuing its third
quarter trading update in respect of the period ending 30 September
2017.
The Company has continued to sell residential units from its
Veleslavin project in the Czech Republic. During the 9 month period
to 30 September 2017, the Company sold 1 residential unit and 2
commercial units.
During the 9 month period to 30 September 2017, the Company has
repaid EUR500,000 of its debt to Engel Resources and Development
Ltd. ("ERD"). As of 30 September 2017, the outstanding debt to ERD
stood at EUR25.7m and is due by 31 January 2018. The Company is
reliant on the continued support of ERD to extend the repayment
date of its loans to Kimberly beyond this date.
The bank account of Palace Engel Velaslavin a.s. ("PEV"), a
subsidiary company registered in the Czech Republic, remains frozen
in respect of balances up to EUR1 million. The Company and PEV are
taking legal action to rectify the situation.
The Company has made good progress in its negotiations with the
Municipality of Belgrade (the "Municipality") regarding the receipt
of cash restitution for the termination of the lease agreement
between Marina Dorcol d.o.o. (a 95% owned subsidiary of the
Company) and the Municipality. A further announcement will be made
in due course.
For the nine month period to 30 September 2017, the Group had
post tax profits of EUR449,000. As at 30 September 2017, the Group
had total liabilities amounting to EUR27.0m, which exceeded its
total assets which amounted to EUR3.7m, and had negative equity of
EUR23.3m.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Kimberly Enterprises N.V.
Efrat Braun +31 20 778 4141
Cairn Financial Advisers LLP
(Nomad)
Sandy Jamieson, James Caithie +44 207 213 0880
This information is provided by RNS
The company news service from the London Stock Exchange
END
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