Q3 AND FIRST 9M OF 2016 RESULTS KARDAN N.V.
Ariel Hasson, CEO of Kardan NV: “Kardan achieved a number of important milestones in the 3rd quarter of 2016
and the period thereafter.
First of all, we have completed the sale of our 100% subsidiary TBIF, which included our banking and retail
lending activities. The total consideration from the sale amounted to €82 million and the sale contributed a gain of
€15.2 million.
The backlog of our Water Infrastructure activities more than doubled since Tahal, together with its joint venture
partner, won a 7 year large scale agricultural project in Angola. This project is an important milestone for Tahal as
it adds $ 370 million to its current backlog and allows Tahal to continue and strengthen its future profitability.
In our Real Estate activities, we saw a rather stable development both in sale and delivery of apartments and in
our shopping mall Galleria Dalian. Unfortunately, high financing expense at the holding level and at our real estate
operation dragged the quarterly result to a net loss of € 3.4 million.
We have used the released funds from the sale of TBIF, to complete our 2017 principle repayment obligations,
ahead of schedule, until the next repayment in February 2018. This has put us in the position to continue to
strengthen our assets and divest assets in a manner that will allow us to maximize their value.”