Dolphin NAV down 1.1% in Q1 2012
Dolphin, a global investor in the residential resort sector, has announced total Group NAV as at 31 March 2012 of EUR1,088 million and EUR984 million before and after deferred income tax liabilities (“DITL”), respectively.
This represents a decrease of EUR11.8 million (1.1%) and EUR11.7 million (1.2%) respectively, from 31 December 2011.The decrease is mainly due to the value reduction of the Americas properties in Euro terms due to the devaluation of the US dollar against the Euro, which has now been reversed, and to regular project and corporate expenses.
Sterling NAV per share as at 31 March 2012 was 136p before DITL and 123p after DITL. This represents a decrease of 1.5% and 1.6% versus 139p and 125p respectively, as at 31 December 2011, mainly due to the above reasons and the small appreciation of Sterling versus Euro over the period.
The pro forma Company balance sheet, assuming the completion of the Aristo Exchange and the deconsolidation of the Aristo balance sheet, is significantly less leveraged:
Gross Assets of EUR954 million.
Total debt of EUR130 million (down from EUR457 million before the Aristo Exchange) and Group total debt to asset value ratio of only 14% (down from 27% before the Aristo Exchange).
Group cash balance of approximately EUR10 million, as at 11 June 2012.
No bank debt at the Company level. The Company has provided corporate guarantees on the Playa Grande Convertible Bonds, the construction loan for the Aman at Porto Heli and the servicing of Banco Leon loan interest at Playa Grande.
The Board has decided to appoint Charles Stanley Securities as joint broker to the Company, together with Dolphin’s existing broker Panmure Gordon. Charles Stanley Securities’ appointment is subject to completion of the necessary process.
Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited, says: “While the macroeconomic conditions remain challenging, Dolphin continues to make development progress across its entire project portfolio. Our focus for this summer is to execute the sale of a stake in Nikki Beach, complete the divestment of Port Kundu, and dispose of a number of units at the Porto Heli Collection, to generate additional liquidity for the Company.
“We are excited that Amanzoe will be welcoming its first guests soon and we believe that this project will set the standard for the remaining portfolio and its unexploited potential.”
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