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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kimberly Ent. | LSE:KBE | London | Ordinary Share | NL0000051043 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0155 | 0.001 | 0.03 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMKBE
RNS Number : 6771N
Kimberly Enterprises N.V.
10 August 2017
Kimberly Enterprises N.V.
('Kimberly' or 'the Company')
Results for the six month period ended 30 June 2017
Kimberly Enterprises N.V., the AIM-listed Central and Eastern European property developer (AIM: KBE), announces its unaudited results for the six month period ended 30 June 2017.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Financial Summary
Hot Features
Premium
For the For the
six months year ended
ended 30 31 December
June 2017 2016
------------ -------------
EUR'000 EUR'000
------------ -------------
Net liabilities (24,104) (23,165)
NAV/share (EUR) (0.27) (0.26)
Revenue 360 5,605
Write-down of inventory - (430)
Gross loss (190) (357)
Other income from lease
termination - 23,510
Other income 891 3,834
Operating profit 394 26,028
Net financing costs (957) (5,444)
Share of profit (loss)
of equity-accounted investments,
net of tax (1) 310
Profit (loss) before
tax (564) 20,894
Profit (loss) for the
year (539) 21,173
Profit (loss) per share
(EUR) (0.006) 0.232
Enquiries:
Kimberly Enterprises N.V. Sagee Kadosh Tel: +31 (0) 20 778 4141 Cairn Financial Advisers LLP (Nomad) Sandy Jamieson, James Caithie Tel: +44 (0) 207 213 0880
Financial Position - going concern
In order to manage its financial situation, in previous periods, the Company approached Engel Resources and Development Ltd. ("ERD"), the parent company of the Company's immediate parent company, Engel General Developers Ltd. ("EGD"), to provide financial assistance to fund the Company's immediate liabilities.
As of 30 June 2017, the outstanding debt toward ERD is EUR 26,541 thousands and is due by 31 October 2017. During the reporting period, ERD did not provide any additional bridge loans to the Company.
In order to finance the Company's immediate liabilities and to stabilize its financial position, management has acted to realize several assets during the previous reporting periods.
ERD support is still required to extend the repayment date of its loans beyond 31 October 2017.
At 30 June 2017, the Group has current liabilities totalling EUR 27,899 thousands, which exceeds its current assets amounting to EUR 3,145 thousands and a negative equity which amounts to EUR 24,104 thousands.
The financial statements are prepared based on a going concern basis. However, management believes that the above mentioned condition (i.e. the need to extend the repayment date of the loans granted by ERD) indicates the existence of material uncertainty which cast significant doubt on the Group's ability to continue as a going concern.
Should the going concern assumption not be appropriate, adjustments would have to be made to reflect a situation where the assets may need to be realized other than in the normal course of business and at amounts which could differ significantly from the amounts stated in the consolidated financial statements
Trading Performance
During the period the Company sold 3 units of the Velaslavin project in Czech republic.
In addition, on March 29, 2017, the Company sold its investment in wholly owned subsidiary, ENMAN B.V. for an amount of 1 EUR and as a consequence recognized income of EUR 891 thousands (see note 9).
Condensed consolidated interim statement of financial position
30 June 31 December
2017 2016
Thousands Euro
-----------------------
ASSETS
Cash and cash equivalents 686 510
Trade receivables - 554
Prepayments and other assets 1,099 1,331
Inventories of housing units
and land 1,275 1,776
Current tax assets 85 35
--------- ------------
Current assets 3,145 4,206
--------- ------------
Inventories of land 696 698
Property and equipment - 1
Loans and amounts to equity-accounted
investment 37 43
Non-current assets 733 742
--------- ------------
Total assets 3,878 4,948
========= ============
LIABILITIES
Loans and amounts due to related
parties, joint venture and other 27,086 26,265
Trade payables 243 211
Other payables 421 1,355
Provisions 149 146
Current liabilities 27,899 27,977
--------- ------------
Deferred tax liabilities 83 136
--------- ------------
Non-current liabilities 83 136
--------- ------------
Total liabilities 27,982 28,113
--------- ------------
EQUITY
Share capital 878 878
Share premium 39,298 39,298
Accumulated losses (63,490) (62,933)
Reserves (48) 330
--------- ------------
Equity attributable to owners
of the Company (23,362) (22,427)
Non-controlling interests (742) (738)
--------- ------------
Total equity (24,104) (23,165)
Total liabilities and equity 3,878 4,948
========= ============
Condensed consolidated interim statement of profit or loss
For the six months
ended 30 June
2017 2016
------------------- --------
Thousands Euro
Revenue 360 2,932
Write down of inventory - (51)
Cost of sales excluding
write down of inventory (550) (3,013)
------------------- --------
Gross loss (190) (132)
Selling, general and administrative
expenses (307) (565)
Other income (see note 9) 891 115
------------------- --------
Operating income (loss) 394 (582)
Net foreign exchange income
(loss) (11) (87)
Finance income - 576
Finance costs (946) (2,870)
------------------- --------
Net finance income (costs) (957) (2,381)
------------------- --------
Share of profit (loss) of
equity-accounted investments,
net of tax (1) 315
------------------- --------
Income (Loss) before tax (564) (2,648)
Income tax benefit 25 67
------------------- --------
Income (Loss) for the period (539) (2,581)
=================== ========
Income (Loss) attributable
to:
Owners of the Company (557) (2,467)
Non-controlling interests 18 (114)
Income (Loss) for the period (539) (2,581)
=================== ========
Income (Loss) per share:
Basic Income (loss) per
share (Euro) (0.006) (0.028)
------------------- --------
Diluted (Income) loss per
share (Euro) (0.006) (0.028)
------------------- --------
Condensed consolidated interim statement of comprehensive income
For the six months
ended 30 June
---------------------------
2017 2016
----------- --------------
Thousands Euro
-----------------------------
Income (Loss) for the period (539) (2,581)
Other comprehensive income
(loss):
Items that may be reclassified
subsequently to profit or
loss
Foreign operations - foreign
currency translation differences (400) 620
----------- --------------
Other comprehensive income
(loss) (400) 620
----------- --------------
Total comprehensive loss
(939) (1,961)
=========== ==============
Total comprehensive income
(loss) attributable to:
Owners of the Company (935) (1,873)
Non-controlling interests (4) (88)
----------- --------------
Total comprehensive loss (939) (1,961)
=========== ==============
Condensed consolidated interim statement of changes in equity
Attributable to owners of
the Company
-----------------------------------------------------------
Translation
and
Share Share capital Accumulated Non-controlling Total
capital premium reserve losses Total interests equity
---------
Thousands Euro
----------------------------------------------------------------------------------------
Balance at 1 January
2016 878 39,298 2,688 (83,258) (40,394) (1,385) (41,779)
Loss for the period - - - (2,467) (2,467) (114) (2,581)
Other comprehensive
income for the
period - - 594 - 594 26 620
Balance at 30
June 2016 878 39,298 3,282 (85,725) (42,267) (1,473) (43,740)
========= ========= ============ ============ ========= ================ =========
Balance at 1 January
2017 878 39,298 330 (62,933) (22,427) (738) (23,165)
Income (Loss)
for the period - - - (557) (557) 18 (539)
Other comprehensive
loss for the period - - (378) - (378) (22) (400)
Balance at 30
June 2017 878 39,298 (48) (63,490) (23,362) (742) (24,104)
========= ========= ============ ============ ========= ================ =========
Condensed consolidated interim statement of cash flows
For the six months
ended 30 June
---------------------
2017 2016
--------- ----------
Thousands Euro
---------------------
Cash flows from operating activities
Loss for the period (539) (2,581)
Adjustments for:
- Net finance costs 957 2,381
- Income tax benefit (25) (67)
- Share of loss (profit) of
equity-accounted investments,
net of tax 1 (315)
- Other income (see note 9) (891) (115)
- Write down of inventories - 51
(497) (646)
Change in:
- Inventories of housing units 530 3,020
- Trade receivables 554 67
- Provisions - (29)
- Prepayments and other assets 179 3
- Trade payables 27 (15)
- Other payables (31) (906)
--------- ----------
Cash from operating activities 762 1,494
Interest paid - (70)
Income taxes paid (76) (142)
--------- ----------
Net cash from operating activities 686 1,282
--------- ----------
Cash flows from investing activities
Proceeds from sale of investment - 812
Short term loans and amounts
repaid by related parties - 1,242
Change in restricted bank deposit - 728
--------- ----------
Net cash from investing activities - 2,782
--------- ----------
Cash flows from financing activities
Repayment of interest-bearing
bank loans - (2,960)
Loans and amounts received
from related parties and other - 2,164
Loans and amounts repaid to
related parties and other (503) (2,164)
Payment of finance lease liability - (90)
Net cash used in financing
activities (503) (3,050)
--------- ----------
Net increase in cash and cash
equivalents 183 1,014
Cash and cash equivalents at
1 January 510 652
Effect of exchange rate fluctuations
on cash held (7) (2)
--------- ----------
Cash and cash equivalents at
30 June 686 1,664
========= ==========
Notes to the condensed consolidated interim financial statements
NOTE 1 - REPORTING ENTITY
Kimberly Enterprises N.V. (the "Company") is a company domiciled in The Netherlands. These condensed consolidated interim financial statements ("interim financial statements") as at and for the six months ended 30 June 2017 comprise the Company, its subsidiaries (together referred to as the "Group") and the Group's interests in an associate and a joint venture.
The Group is primarily involved in holding, developing and selling real-estate assets in Eastern Europe.
The Company has been listed on the Alternative Investment Market ("AIM") of the London Stock Exchange, United Kingdom since 15 December 2005.
NOTE 2 - BASIS OF ACCOUNTING
These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2016 ("last annual financial statements"). They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.
These interim financial statements were authorised for issue by the Company's Board of Directors on 10 August 2017.
NOTE 3 - USE OF JUDGEMENTS AND ESTIMATES
In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2016.
NOTE 4 - GOING CONCERN
In order to manage its financial situation, in previous periods, the Company approached Engel Resources and Development Ltd. ("ERD"), the parent company of the Company's immediate parent company, Engel General Developers Ltd. ("EGD"), to provide financial assistance to fund the Company's immediate liabilities.
As of 30 June 2017, the outstanding debt toward ERD is EUR 26,541 thousands and is due by 31 October 2017. During the reporting period, ERD did not provide any additional bridge loans to the Company.
In order to finance the Company's immediate liabilities and to stabilize its financial position, management has acted to realize several assets during the previous reporting periods.
ERD support is still required to extend the repayment date of its loans beyond 31 October 2017.
At 30 June 2017, the Group has current liabilities totalling EUR 27,899 thousands, which exceeds its current assets amounting to EUR 3,145 thousands and a negative equity which amounts to EUR 24,104 thousands.
The financial statements are prepared based on a going concern basis. However, management believes that the above mentioned condition (i.e. the need to extend the repayment date of the loans granted by ERD) indicates the existence of material uncertainty which cast significant doubt on the Group's ability to continue as a going concern.
Should the going concern assumption not be appropriate, adjustments would have to be made to reflect a situation where the assets may need to be realized other than in the normal course of business and at amounts which could differ significantly from the amounts stated in the consolidated financial statements.
NOTE 5 - FINANCIAL RISK MANAGEMENT
All the aspects of the Group's financial risk management objectives and policies are consistent with that disclosed in the consolidated financial statements as at and for the year ended 31 December 2016.
a. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.
In order to handle the liquidity risk of the Company, the management realised several assets during the previous reporting periods in Czech Republic and Canada. In addition the Company is acting to minimise its operational costs.
See note 4 which includes the Group's going concern analysis and describes the financial difficulties and liquidity risks.
b. Carrying amounts and fair values
The carrying amounts of certain short term financial assets and liabilities expected to be settled within 12 months, including cash and cash equivalents, trade payables and other payables were deemed to be equal to their fair values.
The fair values of other financial assets and financial liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:
31 December
30 June 2017 2016
------------------------------------------------------------ ------------ -------
Carrying Fair Carrying Fair
Amount value amount value
--------- ------- ------------ -------
Thousands Euro
-----------------------------------------
Total financial assets
Loans and amounts to
related parties 545 546 573 574
--------- ------- ------------ -------
545 546 573 574
========= ======= ============ =======
Total financial liabilities
Loans and amounts due
to related parties and
joint ventures 27,086 26,931 26,265 25,978
27,086 26,931 26,265 25,978
========= ======= ============ =======
Reconciliation of the financial assets carrying amounts:
30 June 31 December
2017 2016
-------- ------------
Thousands Euro
----------------------
Loans and amounts to related
parties 545 573
Impairment: Accumulated share
of loss of equity-accounted
investees allocated to loans
granted by the Company that
is considered as a part of the
net investment (508) (530)
Loans and amounts to related
parties 37 43
======== ============
The fair value of loans and amounts to related parties has been calculated using market interest rate of 0.5% (31 December 2016: 0.5%) taking into consideration specific conditions (securities provided, currency, etc.).
The fair value of loans and amounts due to related parties and joint ventures has been calculated using market interest rate of 4.95% (31 December 2016: 4.95%) taking into consideration specific conditions (securities provided, currency, etc.).
NOTE 6 - RELATED PARTIES
a. Related party transactions 1. Support due to the Company's financial situation
At 30 June 2017, the outstanding debt due to Engel Resources and Development Ltd. ("ERD") is EUR 26,541 thousands and is due by 31 October 2017. During the reporting period, ERD did not provide any additional bridge loans to the Company.
During the reporting period the Company repaid part of the loan granted by ERD to the amount of EUR 503 thousands.
In order to secure this debt, the Company has pledged the shares of Marina Dorcol D.o.o to ERD.
2. Trading transactions
The Group recognised interest and adjustment in relation to the Israeli CPI expense relating to the loans granted by ERD in the total amount of EUR 936 thousands.
The Group recognised a loss of EUR 382 thousands in net foreign exchange loss (in relation to loans received which are denominated in ILS) due to the weakening of the EUR against the ILS (1.4%) during the reporting period.
b. Directors
During the first quarter of 2017 a new executive director was appointed (Mr. Sagee Kadosh).
At 30 June 2017, the Company has 3 directors (31 December 2016: 2 directors).
NOTE 7 - OPERATING SEGMENTS
Basis of segmentation
The Group's CODM (the chief operating decision maker) considers the whole operation as one operating segment while trying to ensure sufficient liquidity to meet the liabilities when due. The liquidity issues the Group is currently facing require a general decision making process which is different from a company or group of companies operating in a liquid position.
The basis of segmentation is the same as that presented in the annual consolidated financial statements for the year ended 31 December 2016.
NOTE 8 - LOANS AND AMOUNTS TO EQUITY-ACCOUNTED INVESTMENT
At 30 June 2017, the Company holds interest in one joint venture, Montreal Residential Holdings Master Limited Partnership ("MLP").
MLP is not a publicly listed entity and consequently does not have published price quotation.
Details as per the investment and loan in MLP
Montreal Residential Holdings Master Limited Partnership ("MLP") is a holding partnership domiciled in Canada.
The Company owns ECG Trust Canada Holding Trust ("ECG") (95% interest) which holds 20% interest in future distributions of MLP (The Company owns 50% of the voting rights in MLP).
The remaining 80% in future distributions is owned by Lehman Brothers Real Estate Partners II ("Lehman Brothers") represented by Silverpeak Real Estate Partners ("Silverpeak").
The following table summarises the financial statement of MLP as included in its own consolidated financial statements (figures in the table represent 100% of the joint venture's financial statements). The table also reconciles the summarised financial statement to the carrying amount of the Group's interest in MLP.
30 June 31 December
2017 2016
------------------- ---------------------
Thousands Euro
------------------------------------------
Percentage ownership interest 20% 20%
-------------------------------------- ------------------- ---------------------
Current assets
(MLP does not have cash and
cash equivalent at 30 June
2017 and at 31 December 2016) 1,253 1,376
-------------------------------------- ------------------- ---------------------
Non-current assets -
-------------------------------------- ------------------- ---------------------
Current liabilities
(including loans and amounts
due to related parties in
the amount of EUR 2,877 thousands
at 30 June 2017 and EUR 3,007
thousands at 31 December 2016) (3,794) (4,027)
-------------------------------------- ------------------- ---------------------
Non-current liabilities -
-------------------------------------- ------------------- ---------------------
Net liabilities (100%) (2,541) (2,651)
Group's share of the net liabilities
(ii) - -
Net investment (i) 37 43
-------------------------------------- ------------------- ---------------------
Loans granted by the Company,
net of impairment (i,ii) 37 43
-------------------------------------- ------------------- ---------------------
Revenue - 13,095
Cost of sales - (10,257)
Selling, general and administrative
expenses (6) (78)
Net foreign exchange income - 4
Income tax expense - (848)
Profit (loss) for the period
(100%) (6) 1,916
Other comprehensive income
(loss):
Foreign operations - foreign
currency translation differences 115 (95)
------------------- ---------------------
Total comprehensive income
for the period (100%) 109 1,821
Profit (loss) allocated to
loans granted by the Company
and being part of the net
investment (i) (1) 383
Impairment loss on loans given - (73)
The Group's share of profit
(loss) of equity-accounted
investment, net of tax (1) 310
=================== =====================
Group's share of other comprehensive
income (loss) 23 (19)
Comments in respect to the investment in MLP:
i. In previous periods the joint venture continued to accumulated losses and thus the Company recognised a loss related to the loan given to MLP that was part of the net investment and presented the loss as share of profit (loss) of equity-accounted investment in the consolidated statement of profit or loss.
ii. The Company did not provide any guarantees for the joint venture and has not incurred legal and constructive obligation on behalf of the joint venture; therefore losses are accounted for to the extent that the Company's interest is reduced to zero.
iii. Loans granted by the Company to joint venture -
-- Are denominated in CAD currency. -- Bear no interest.
-- Have not set repayment date. Repayment is expected from the proceeds of the sale of the related projects financed by the loans.
NOTE 9 - SIGNIFICANT EVENTS DURING THE REPORTING PERIOD
On March 29 2017, the Company sold its investment in the wholly owned subsidiary, ENMAN B.V. ("ENMAN") to a third party for an amount of 1 EUR ("Sale of ENMAN").
As a consequence of the sale of ENMAN, the Company no longer controls ENMAN, therefore ceased consolidating ENMAN in its consolidated financial statements. The Company recognized income of EUR 891 thousands under "other income" in profit or loss on the sale of its investment in ENMAN.
The income was mainly due to liability recorded in previous years under Enman's statement of financial position for a finance exposure with respect to interest-bearing bank loans that financed the Ingatlan project in Budapest, Hungary. ENMAN provided guarantees to the lender bank for interest payments and cost overruns; however, no official legal claim has been filed by any of the parties.
The Company did not provide any guarantees for ENMAN's and its subsidiaries' liabilities.
The following table summarises the derecognised amounts of assets and liabilities disposed at the date of the sale.
Thousands
Euro
----------------------
Other payables (908)
Total identifiable net liabilities disposed (908)
Selling expenses 17
----------------------
Income on de-recognition, net (891)
Cash and cash equivalents disposed of -
Net cash outflow -
======================
***
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BDGDIIDBBGRG
(END) Dow Jones Newswires
August 10, 2017 08:31 ET (12:31 GMT)
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