businessman1 schreef op 12 augustus 2013 19:06:
Amsterdam, August 12, 2013 - Kardan N.V. (“Kardan” or “the Company”), active in Real Estate, Water Infrastructure and Financial Services in emerging markets, announces that Maalot, the Israeli subsidiary of Standard & Poor’s (“S&P”), has today reported that it has adjusted the rating of Kardan downwards to ilB Negative for the Company and ilB for its Debentures Series A and Series B (from ilBB Watch Negative as per end of June 2013).
S&P has taken the Company off the CreditWatch, but will review the rating of the Company again in the coming weeks or months.
In June 2013, S&P had retained the rating of Kardan for both the Company and its Debentures Series A and Series B ilBB Watch Negative and had announced to keep the Company and the Debentures on CreditWatch with negative implications for approximately six weeks, when it would again review the ratings.
The Release of S&P is attached as an annex to this Press Release.
DISCLAIMER
This press release contains forward-looking statements and information, for example concerning the financial condition, results of operations, businesses and potential exposure to market risks of Kardan N.V. and its group companies (jointly “Kardan Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements (including “forward looking statements” as defined in the Israeli Securities Law). Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. These forward-looking statements are identified by the use of terms and phrases such as ‘‘anticipate’’, ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and phrases. A variety of factors, many of which are beyond Kardan Group’s control, affect our operations, performance, business strategy and results and could cause the actual results, performance or achievements of Kardan Group to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. For Kardan Group, particular uncertainties arise, amongst others but not limited to and not in any order of importance, (i) from dependence on external financing with the risk that insufficient access to capital threatens its capacity to grow, execute its business model, and generate future financial returns (ii) from concentration of its business in Central Eastern Europe and China as a result of which Kardan Group is strongly exposed to these particular markets (iii) from risks related to the financial markets as a result of Kardan N.V.’s listings on NYSE Euronext Amsterdam and the Tel Aviv Stock Exchange and (iv) from it being a decentralized organization with a large number of separate entities spread over different geographic areas in emerging markets, so that Kardan Group is exposed to the risk of fraudulent activities or illegal acts perpetrated by managers, employees, customers, suppliers or third parties which expose the organization to fines, sanctions and loss of customers, profits and reputation etc. and may adversely impact Kardan Group’s ability to achieve its objectives and (v) from any of the risk factors specified in Kardan N.V.’s Annual Report and in the related “Periodic Report” (published by Kardan N.V. in Israel) published in April, and which is also available at the Kardan website. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the relevant forward-looking statement as expected, anticipated, intended, planned, believed, sought, estimated or projected. Kardan N.V. does not intend or assume any obligation to update or revise these forward-looking statements in light of developments which differ from those anticipated.
About Kardan
Kardan identifies and develops assets in promising emerging markets, mainly in the CEE, CIS and China. Its activities are mainly focused on three sectors that benefit from the rising middle class: Real Estate, Water Infrastructure and Retail Lending. Company headquarters are in the Netherlands. Kardan aims at holding controlling interests in its investments and, through the development of local business platforms, is actively involved in the definition and implementation of their strategy. Total assets as of March 31, 2013 amounted to EUR 1.1 billion; revenues totaled EUR 41 million in the first quarter of 2013. Kardan is listed on NYSE Euronext Amsterdam and the Tel Aviv Stock Exchange.
For further information please contact:
Caroline Vogelzang
Director Investor Relations
Vogelzang@kardan.nl
+31 (0)20 305 0010
“This press release contains regulated information (gereglementeerde informatie) as defined in the Dutch Act on Financial Supervision (Wet op het financieel toezicht)”
Annex: Rating Report Maalot
www.maalot.co.il August 12, 2013 ? 1
Kardan N.V.
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August 12, 2013
Rating Update
Rating downgraded to ‘ilB’; Divestments To Meet Significant Debt Repayment in February 2014 Remain Unexecuted
Primary Credit Analyst:
Yuval Torbati, Tel Aviv,
yuval_torbati@standardandpoors.comSecondary Credit Analyst:
Zvi Boimer, Tel Aviv,
zvi_boimer@standardandpoors.comTable of Contents
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Overview
Rating Action
Rationale
Outlook
Ratings List
Please note that this translation was made for the company's use only and under no circumstances obligates Standard & Poor's Maalot. In the case of any discrepancy with the official Hebrew version published on June 27, 2013, the Hebrew version shall apply.
Kardan N.V.
www.maalot.co.il August 12, 2013 | 2
Ratings Update
Rating downgraded to ‘ilB’; Divestments To Meet Significant Debt Repayment in February 2014 Remain Unexecuted
Overview ? In our opinion, Kardan N.V. faces the need to sell significant assets in order to meet debt repayments of about €112 million in 2014, most of which are related to bond repayment due in February 2014. ? While we believe that company management is making a concentrated effort to secure the needed sources for debt amortization, such