Dolphin Capital Investors’ net asset value before deferred income tax liabilities was EUR1.343bn at 31 December 2009, representing a decrease of EUR67m or 4.7 per cent from 30 September 2009.

The NAV after deferred income tax liabilities was EUR1.215m, a decrease of EUR60m (4.7 per cent) from 30 September 2009.

The decrease was driven mainly by a two per cent decrease in the overall portfolio valuation and 2.7 per cent from operating losses and provisions.

The NAV per share as at 31 December 2009 before and after deferred income tax liabilities was 193p and 174p respectively. This represents a decrease of 6.5 per cent versus 206p and 186p respectively as at 30 September 2009, driven, in addition to the reasons mentioned above, by the 1.8 per cent appreciation of Sterling versus the Euro.

Dolphin had gross assets of EUR1.87bn at 31 December 2009 and net assets before deferred income tax liabilities of EUR1.343bn.

As announced on 26 February 2010, the board of directors of a major regional bank approved a 13-year asset-backed loan facility of EUR100m that will be equally divided between The Porto Heli Collection and Venus Rock Golf Resort. Legal completion of the loan facility remains conditional on the completion of the customary due diligence. Once this debt facility is finalised, the development of the first phases of PHC and Venus Rock are not expected to require any further equity contribution from Dolphin.

The company has also made rapid progress at Aman at Porto Heli. On 1 March 2010, following the completion of the first guest pavilion structure, site installations, tree relocations and earthworks and the conclusion of a competitive tender process, the main turn-key construction contract was signed with Domotechniki which was selected from six competitive bids and mobilised on site to proceed with the remaining construction activities. The total construction and fit-out costs are now set at EUR40m.

A letter of understanding was signed on 5 March 2010 with Waldorf Astoria, the high-end brand of Hilton Worldwide, for the management and operation of a 150-room hotel at Sitia Bay Golf Resort (beach pictured) and the company is now proceeding with the negotiations of the definitive agreements.

The company has further deferred the remaining payment for part of the land relating to Lavender Bay Resort. Specifically, the amount of EUR16.3m (bearing interest at five per cent p.a.) that could be deferred up to 2 November 2011 can now be deferred up to 31 December 2013.