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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November 29, 2017 07:04 ET (12:04 GMT)

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