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KARDAN -NOV 2017

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  1. [verwijderd] 30 november 2017 08:36

    • [verwijderd]

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    ? Q3 2017: € 4.1 million net profit to equity holders (Q3 2016: loss of € 3.3 million), including a significant positive impact of € 14.0 million as a result of foreign exchange translation differences of the EUR versus the NIS and changes in Israeli CPI on the Company’s debentures.
  6. forum rang 10 DeZwarteRidder 30 november 2017 08:45

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    Kardan N.V. – Director’s Report Q3 2017– Page 4

    3. In regards to sale of the Company’s holdings in TGI – due to the fact that as of the date of this report the Company does not have accurate information regarding the exact net consideration to be received from the transaction which would be used for repayment to the Debenture Holders, in order to prepare this cash flow forecast, it was assumed that the consideration would equal the amount to be paid to the Debenture Holders in February 2018 (€ 113.0 million), net of the Company’s cash balances (€ 7.0 million) and amounts made available to the Company by its subsidiaries (€ 16.0 million), subject to the assumptions and explanations detailed below. As aforesaid, as of the date of this report, the negotiations regarding the sale of TGI were not yet completed, and accordingly, it is not certain that a sale agreement will be signed, that the expected consideration will equal the consideration included in the cash flow forecast or the date in which the consideration be received by the Company.

    4. It is noted, that according to the negotiations for the sale of TGI, the Company expects to receive the majority of the consideration upon completion of the sale transaction and that it could be used to make payment to the Debenture Holders (assuming that there will be no other restrictions from making such payments).The remaining part of the consideration is expected to be deposited in escrow for a certain period to secure certain representations given by the Company.

    5. As of the date of approval of this report, the Company does not have information regarding the exact amount that would be deposited in escrow (‘Escrow Deposit’) and regarding the date on which the Escrow Deposit will be transferred to the Company. It is noted that there is a possibility that part of the Escrow Deposit will only be received in 2019. Since that as of the date of this report, the Company does not have information regarding the amounts and dates on which the Escrow Deposit will be transferred to the Company, it was assumed that most of it will be transferred to the Company during 2018, and that € 5 million will be transferred to the Company only in 2019. It was also assumed that all the amounts above could be used by the Company for repayment to the Debenture Holders, however, as stated above, this is an assumption and there is no certainty that it would materialize.

    6. As detailed in the press release issued by the Company on November 23, 2017, the Company approached the trustees of the Debenture Holders (‘the Trustees’) requesting them to conduct negotiations in relation to rescheduling the payments to the Debenture Holders (series A and B) (‘the Debenture Holders’) due to reasonable possibility of delays in the sale process of TGI which may prevent the Company from meeting the coming payment due in February 2018.

    7. The cash flow for the years 2018 and 2019 therefore, includes the receipt of consideration from the sale of the Company’s holdings in TGI according to a scenario which is considered by the Company to be reasonable, however, readers of this cash flow forecast must take into account, as stated above, that there is a reasonable possibility that the consideration will not be received before February 2018, and therefore that the payments to the Debenture Holders included in this cash flow, will not be made on time.

    8. The cash flow forecast does not include additional interest in arrears with respect to delay in making payments to the Debenture Holders, in light of the Company’s request from the Trustees, as mentioned above. As of the date of approval of this report, the Company does not have information regarding the date of payment to the Debenture Holders. Readers of the cash flow forecast should take these facts into consideration, with all that it might entail or imply.

    9. Loan repayment and dividends include the repayment of an inter-company loan in the amount of
    € 5.0 million, as well as estimated dividend amounts (in total € 18 million) that the Company could receive from KFS and GTC RE, taking into account the distributable reserves and limitations applicable to these companies, as detailed in section 13 below.

    10. Generally, in the forecast of sales of assets lies uncertainty, mainly due to dependence on third parties, inter alia, due to the need to find potential buyers and to reach agreements with them regarding the terms of the transaction, due to the Company's need to obtain the approval of the debenture holders to some of the transactions, and due to the need of the potential buyers to finalize agreements with financing parties in order to obtain funding for such acquisitions.
  8. Freakertje 30 november 2017 08:47

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    As aforesaid, as of the date of this report, the negotiations regarding the sale of TGI were not yet completed, and accordingly, it is not certain that a sale agreement will be signed, that the expected consideration will equal the consideration included in the cash flow forecast or the date in which the consideration be received by the Company.

    Alsik dit zo lees, weten ze zelf al dat ze rechtstreeks op een wanbetaling afstevenen.
  10. forum rang 10 DeZwarteRidder 30 november 2017 08:48

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    Real Estate

    On October 24, 2017 Kardan Land Dalian Ltd. (the project company) which is indirectly wholly owned by the company (through GTC Real Estate Holding B.V., Kardan Land China Ltd. ("KLC") and Kardan Land Dalian (HK) Ltd (the direct parent of the project company - "KLD")) KLD (as a pledgee) and KLC (as a guarantor) have entered into the agreement with two subsidiaries of the investment fund China Hua Rong International Holding Ltd.: Hua Rong (China) Investment Management Ltd (‘HR Beijing’) and Hua Rong Holdings (Shenzhen) Equity Investment Fund Management Ltd. (‘HR Shenzhen’) in China regarding a credit facility of RMB 900 million (€ 115 million). The credit facility will primarily be used to refinance the outstanding debt of the current loan received from Shenzhen Ping An Da Hua Huitong Wealth Management Co., amounting to RMB 800 million as at September 30, 2017, and remaining RMB 100 million, will be used to finance the additional funding requirement of Europark Dalian project. As of November 15, 2017 KLC received the entire facility amount. For additional information, refer to the announcements issued by the Company on October 24, 2017 and November 15, 2017.

    Water Infrastructure (discontinued operation)
    On June 7, 2017, Water Planning for Israel Ltd. (‘WPI’), an indirectly owned subsidiary of the Company, signed an agreement for the sale of its entire holdings (40.5%) in Star Pumped Storage Ltd. to Noy Fund, for a total consideration of NIS 81 million (approximately € 19.5 million) in a two-part transaction.
    For additional information, refer to Note 6 to the Interim Financial Statements and to the announcements made by the Company on June 7, 2017, July 13, 2017 and August 9, 2017.

    As detailed in the water infrastructure’s result analysis, during the reporting period, Tahal Group B.V. (‘Tahal’), an indirectly owned subsidiary of the Company, signed several contracts: (1) For a multipurpose agriculture and water project in Zambia for a total amount of USD 176 million for the completion of the entire project (Tahal’s share – 50%). For additional details, refer to the press release issued by the Company on August 20, 2017; (2) For the design and development of three large scale agriculture projects located in three different areas in Angola – Cabinda, Huambo and Lunda Sul totaling $ 291 million (Tahal’s share – 50%). For additional information, refer to the announcement issued by the Company on August 23, 2017; (3) Two turn-key water infrastructure design-build projects in India, for a total amount of approximately USD 76 million. For additional information, refer to the announcement issued by the Company on September 13, 2017; (4) For the construction of water supply and treatment systems, in India, for a total amount of approximately USD 29 million (€25 million). For additional information, refer to the announcement issued by the Company on November 19, 2017; (5) For the construction of sewerage systems in Poti, Georgia for a total amount of approximately USD 26.3 million (€22.2 million). For additional information, refer to the announcement issued by the Company on November 29, 2017.
  11. Freakertje 30 november 2017 08:52

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    quote:

    w.m schreef op 30 november 2017 08:47:

    veel beter dan verwacht

    Hey Cor S!
    Leg eens uit hoe jij het veel beter vind, als ze slechts 4 miljoen winst maken, terwijl daarin al de meevaller in de wisselkoersen van slechts 14 miljoen inzit, terwijl de NIS alweer flink is weggezakt in de tussentijd?

    Ik heb er lang in gezeten, maar ik heb mijn geld eruit getrokken en met deze signalen ga ik er ook niet meer in zitten. De mooiste bloemen groeien langs de rand van het ravijn, maar ik heb geen behoefte dat ravijn in te flikkeren.
  12. forum rang 7 lucas D 30 november 2017 08:52

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    Meer verlies voor Kardan:

    TEL AVIV (AFN) - De Israëlische investeerder Kardan heeft in de eerste negen maanden een verlies geleden van 15,8 miljoen euro. Dat komt vooral door financieringskosten voor de obligaties en de vastgoedactiviteiten. In het derde kwartaal was er wel een winst, maar die werd vooral veroorzaakt door wisselkoersverschillen tussen de euro en de Israëlische shekel.
    Topman Ariel Hasson stelt dat zowel de vastgoed- als de waterinfrastructuuractiviteiten meer omzet noteren. Hij geeft verder aan dat de verkoop van dochter Tahal Group mogelijk vertraging oploopt. Daardoor zullen ook de obligatiehouders langer op hun geld moeten wachten.
    De schuldeisers voerden vorige week de druk op Kardan op omdat het bedrijf volgens hen niet aan de betalingsverplichtingen voldoet. Ze stelden het zelfs in gebreke. Kardan stelt dat Tahal Group meer waard is dan geraamd en wil die prijs via een ,,verstandig en professioneel'' verkoopproces bereiken.

    (ANP Redactie AFN/Economie, email economie(at)anp.nl, +31 20 560 6070)
  13. forum rang 10 DeZwarteRidder 30 november 2017 08:53

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    Fair Value Disclosure
    Galleria Dalian shopping mall – China, Dalian

    The fair value of the property as at September 30, 2017 is based on the model which was used in the valuation report which was attached to financial statements as of December 31, 2016 (for details regarding this valuation, see section 7.12.13 to the 2016 Israeli Annual Report). As of September 30, 2017 there were no material changes to the significant assumptions that were used in the valuation of investment property, apart from adjustments required to reflect current changes in certain parameters. The adjustments resulted in a decrease in the value of the investment property of € 0.8 million in the second quarter of 2017.
    In addition, the value of the investment property as at September 30, 2017 decreased in approximately € 15.9 million compared to December 31, 2016, due to the change in exchange rate of the EUR vs. RMB, since its value is denominated and evaluated in the local currency, while the financial statements of the Company are drawn in EUR. For additional information also refer to section 1 of the chapter “Significant Events and Developments” below.
  15. forum rang 4 hangklok 30 november 2017 08:54

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    quote:

    w.m schreef op 30 november 2017 08:47:

    veel beter dan verwacht

    En dat alleen maar door de goede koersschommelingen niet echt best allemaal. Er uit zou ik zeggen nu het nog kan.
  16. [verwijderd] 30 november 2017 08:55

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    quote:

    lucas D schreef op 30 november 2017 08:52:

    Meer verlies voor Kardan:

    TEL AVIV (AFN) - De Israëlische investeerder Kardan heeft in de eerste negen maanden een verlies geleden van 15,8 miljoen euro. Dat komt vooral door financieringskosten voor de obligaties en de vastgoedactiviteiten. In het derde kwartaal was er wel een winst, maar die werd vooral veroorzaakt door wisselkoersverschillen tussen de euro en de Israëlische shekel.
    Topman Ariel Hasson stelt dat zowel de vastgoed- als de waterinfrastructuuractiviteiten meer omzet noteren. Hij geeft verder aan dat de verkoop van dochter Tahal Group mogelijk vertraging oploopt. Daardoor zullen ook de obligatiehouders langer op hun geld moeten wachten.
    De schuldeisers voerden vorige week de druk op Kardan op omdat het bedrijf volgens hen niet aan de betalingsverplichtingen voldoet. Ze stelden het zelfs in gebreke. Kardan stelt dat Tahal Group meer waard is dan geraamd en wil die prijs via een ,,verstandig en professioneel'' verkoopproces bereiken.

    (ANP Redactie AFN/Economie, email economie(at)anp.nl, +31 20 560 6070)
    De verliezen worden ook vooral veroorzaakt door wisselkoersverschillen jammer dat ze het een beetje omdraaien in het negatieve
  18. VolvoR 30 november 2017 08:57

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    Ik kan nou niet zeggen dat ik hier heel blij van ga worden.Eens kijken wat de opening gaat doen.
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