Kimberly Enterprises still negotiating with Belgrade over Marina Dorcol

27th Jul 2016 13:40

(ShareCast News) - 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.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.