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Overig advies 28/03/2019 11:09
Following is a summary of net profit (loss) by activity. Management evaluates performance of main segments by their operational result. Further information that includes detailed segment analysis can be found further in this report.

Kardan N.V.
Q4 2018: € 12.8 million net loss to equity holders (Q4 2017: net loss of € 2.8 million), including € 5.5 million positive impact as a result of foreign exchange translation differences of the EUR versus the NIS and change in Israeli CPI on the Company’s debentures (Q4 2017 € 0.6 negative impact).

12M 2018: € 36.8 million net loss to equity holders (12M 2017: net loss of € 17.1 million), mainly due to high interest expenses on the Company’s debentures and the results of the subsidiaries.

Real Estate
Q4 2018: net loss to equity holders of € 5.9 million, similar to Q4 2017 net loss of € 5.1 million.
12M 2018: net loss to equity holders of € 17.4 million (12M 2017: net loss of € 14.6 million), mainly as a result of high interest expenses on the Europark Dalian project construction loan, adjustment to fair value of investment properties and low equity earnings from joint venture residential projects.

Water Infrastructure
Q4 2018: €1.7 million net loss to equity holder (Q4 2017: net profit of € 9.2 million, including the gain from the sale Star Pumped Storage project of € 7.1 million).
12M 2018: € 0.1 million net profit (12M 2017: net profit of € 13.1 million) impacted by a higher provision for doubtful debts and several one-off expenses.

Avis Ukraine continued to show good results during 2018. In January 2019, the Company signed an agreement to sell its 66% stake in Avis Ukraine for a consideration of US$ 14.2 million (€ 12.4 million). As a result the Company recognized an impairment in the amount of € 3.3 million in Q4 2018 which was partially offset by equity earnings of € 0.9 million in H1 2018. On March 14, 2019 the transaction was completed, in Q1 2019 a gain from release of capital reserve of € 1.3 million will be recognized.

The Company did not repay the February 2018 scheduled payment of principal and interest to the Company’s debenture holders (series A and B), amounting to approximately € 110 million. As a result, starting February 2018 the Company is in default.

In October 2018, the Company has published the main principles of a debt settlement as negotiated and agreed with debenture holders series B. At present, the negotiations with the trustee to Debenture Holders series B is continuing, and management was informed that the discussions between debenture holders series A and series B are in advanced stage to reach a final agreement between all parties.

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