Residential resort sector investor Dolphin has reported total group net asset value (NAV) as at 31 March 2014 of EUR648 million and EUR561 million before and after deferred income tax liabilities (DITL) respectively.
This represents an increase of EUR44 million (7.3 per cent) and EUR36 million (7.0 per cent), respectively, from 31 December 2013.
This NAV uplift is mainly attributable to DCI’s share of the increase in the Venus Rock valuation, in accordance with the latest independent valuation, following the termination of the sale contract with China Glory Investment Group (CGIG) in order to facilitate other current sale discussions.
Sterling NAV per share as at 31 March 2014 was 83p before DITL and 72p after DITL. This represents an increase of 6.2 per cent and 5.9 per cent compared to the 31 December 2013 figures.
The company continues to have a strong asset base coupled with low leverage. Gross assets total EUR913 million, while total stands at EUR172 million with a group total debt to total assets value ratio of only 19 per cent.
Some EUR50 million and USD9.17 million of convertible bonds are held at the company level. The company has provided corporate guarantees for the USD31 million outstanding Playa Grande Convertible Bonds, and the USD19 million Playa Grande construction loan.
Miltos Kambourides, managing partner of Dolphin Capital Partners Limited, says: “The team is focused on improving current project sale and financing transactions, while capitalising on the improving market conditions to execute more retail sales and new funding arrangements for accelerating the development of its existing projects.”