Kimberly Enterprises still negotiating with Belgrade over Marina Dorcol
Kimberly Enterprises announced on Wednesday that it has received a unilateral termination of the lease agreement over the Marina Dorcol Project in Belgrade, Serbia, from the Municipality of Belgrade.
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It follows a notice requesting the termination of the lease agreement, which Kimberly announced on 6 June.
The AIM-traded company said it is still in negotiations with the municipality in order to determine the level and timing of the compensation as a result of the above termination.
As previously announced, the net cash flow and the timing to conclude the settlement with the Municipality cannot be predicted with any certainty.
In the announcement on 6 June, Kimberly said it expected a positive net cash flow as a result of restitution of the amounts it has paid in respect of the marina project.
At the time, it estimated a decrease of the non-current assets by €25.6m, a decrease of the current liabilities by €36.2m, a decrease of the non-current liabilities by €7.8m, and an increase of the company's equity by €18.4m.