SECOND QUARTER AND FIRST HALF 2016 RESULTS KARDAN N.V.

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25/08/2016 09:09
Ariel Hasson, CEO of Kardan NV: “In the past months we have successfully sold a number of assets. We have completed the sale of the remaining 25% of KWIG for a net consideration of approximately $ 27.7 million. Recently we announced the completion of the sale of TBIF, the subsidiary holding the banking and retail lending activities, realizing a consideration of approximately € 69 million plus an additional payment based on the reviewed result of TBIF. With these transactions we generated a substantial cash flow enabling us to early repay the next repayment of debentures and thus to secure the payment obligations to our debenture holders until February 2018. This has put us in the position to continue and strengthen our assets and divest assets in a manner that will allow us to maximize their value.

If we look at the results, we recognized a consolidated net loss of € 7.8 million for the second quarter 2016 mainly following lower results in Real Estate Asia which were impacted by an impairment of an investment and corporate financing costs. In Real Estate Asia we also see positive developments, both in our shopping mall Galleria Dalian, with a signing rate of 74% and a planned food market of additional 6% and a significant increase in footfall and tenants turnover. In our joint venture residential projects we see an improvement in sale of apartments.

The Water Infrastructure activities showed a continuous reduction in overhead costs on the back of efficiency measures. Lower revenues resulted mainly due to the near completion of two large projects, however backlog of orders was supplemented by newly commissioned projects. During the first half we still enjoyed the contribution of the operations of TBIF as its sale was concluded in mid-August 2016.

Our equity is expected to be positively impacted in the third quarter by the sale of TBIF.”

tijd 17.22
Kardan EUR 0,147 - 3,8ct vol. 2,5 milj.



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