REG - Dolphin Capital Inv - Final Results <Origin Href="QuoteRef">DOLC.L</Origin> - Part 3
04/05/2017 07:06
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impairment. If any such indication exists, the assets' recoverable amount is estimated. The
recoverable amount is the greater of the net selling price and value in use of an asset. In assessing value in use of an
asset, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its
recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of
cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generating units
and then, to reduce the carrying amount of the other assets in the unit on a pro rata basis.
5.23 Discontinued operation
A discontinued operation is a component of the Group's business, the operations and cash flows of which can be clearly
distinguished from the rest of the Group. A discontinued operation has either been disposed of, or is classified as held
for sale, and:
(a) represents a separate major line of business or geographical area of operations;
(b) is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of
operation; or
(c) is a subsidiary acquired exclusively with a view to resale.
When an operation is classified as a discontinued operation, the comparative statement of profit or loss and other
comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.
5.24 Revenue recognition
Revenue comprises the invoiced amount for the sale of goods and services net of value added tax, rebates and discounts.
Revenues earned by the Group are recognised on the following bases:
Income from land and buildings under development
The Group applies IAS 18 'Revenue' for income from land and buildings under development, according to which revenue and the
related costs are recognised in profit or loss when the building has been completed and delivered and all associated risks
have been transferred to the buyer.
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to
the stage of completion of the contract activity at the statement of financial position date, as measured by the proportion
that contract costs incurred for work performed to date compared to the estimated total contract costs, except where this
would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are
included to the extent that they have been agreed with the customer.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of
contract costs incurred that it is probable they will be recoverable. Contract costs are recognised as expenses in the
period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the
expected loss is recognised as an expense immediately.
5.25 Equity-settled share-based payment arrangements
The grant-date fair value of equity-settled share-based arrangements is generally recognised as an expense, with a
corresponding increase in equity, over the vesting period of the awards. The grant-date fair value is measured to reflect
market performance conditions and there is no true-up for differences between expected and actual outcomes. The amount
recognised as an expense, is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards
that meet the related service and non-market performance conditions at the vesting date. For share-based payment awards
with non-vesting conditions, the grant-date fair value is measured to reflect such conditions and there is no true-up for
differences between expected and actual outcomes.
5.26Finance income and costs
Finance income comprises interest income on funds invested, dividend income and gains on the disposal of and increase in
the fair value of financial assets at fair value through profit or loss. Interest income is recognised as it accrues in
profit or loss, using the effective interest method.
Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and losses on the disposal
of and reduction in the fair value of financial assets at fair value through profit or loss.
The interest expense component of finance lease payments is recognised in profit or loss using the effective interest
method.
5.27Foreign currency translation
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange
rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting
date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on
monetary items is the difference between amortised cost in the functional currency at the beginning of the period, adjusted
for effective interest and payments during the period, and the amortised cost in foreign currency translated at the
exchange rate at the end of the period. Non-monetary assets and liabilities denominated in foreign currencies that are
measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was
determined. Foreign currency differences arising on retranslation are recognised in profit or loss.
5.28 Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated to Euro at exchange rates at the reporting date. The income and expenses of foreign operations, excluding
foreign operations in hyperinflationary economies, are translated to Euro at exchange rates at the dates of the
transactions.
The income and expenses of foreign operations in hyperinflationary economies are translated to Euro at the exchange rate at
the reporting date. Prior to translating the financial statements of foreign operations in hyperinflationary economies,
their financial statements for the current period are restated to account for changes in the general purchasing power of
the local currency. The restatement is based on relevant price indices at the reporting date.
Foreign currency differences are recognised directly in equity in the foreign currency translation reserve. When a foreign
operation is disposed of, in part or in full, the relevant amount in the foreign currency translation reserve is
transferred to profit or loss.
5.29 Segment reporting
A segment is a distinguishable component of the Group that is engaged either in providing products or services (operating
segment), or in providing products or services within a particular economic environment (geographical segment), which is
subject to risks and rewards that are different from those of other segments. Segment results that are reported to the
Group's chief operating decision maker include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis.
5.30 Earnings per share
The Group presents basic and diluted (if applicable) earnings per share ('EPS') data for its shares. Basic EPS is
calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of
shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to
shareholders and the weighted average number of shares outstanding for the effects of all dilutive potential shares.
5.31 NAV per share
The Group presents NAV per share by dividing the total equity attributable to owners of the Company by the number of shares
outstanding as at the statement of financial position date.
5.32 Taxation
Taxation comprises current and deferred tax. Taxation is recognised in profit or loss, except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
enacted at the statement of financial position date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the statement of financial position method, providing for temporary differences between
the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the initial recognition of assets or liabilities in
a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences
relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will
not reverse in the foreseeable future. In addition, deferred tax is not recognised for taxable temporary differences
arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied
to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the
reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current
tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or
on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets
and liabilities will be realised simultaneously.
A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent
that it is probable that future taxable profits will be available against which the temporary difference can be utilised.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that
the related tax benefit will be realised.
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions
and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve
a series of judgements about future events. New information may become available that causes the Group to change its
judgement regarding the adequacy of existing tax liabilities; such changes to the tax liabilities will impact tax expense
in the period that such a determination is made.
5.33 Government grants
Government grants are recognised when there is reasonable assurance that the Group will comply with the conditions
attaching to them and that the grants will be received. Government grants related to non-current assets are recognised as
deferred income that is recognised in profit or loss on a systematic basis over the useful life of the asset. Government
grants that relate to expenses are recognised in profit or loss as revenue.
5.34 Comparatives
Where necessary, comparative figures have been adjusted to conform to changes in presentation in the current year.
6. revenue
From 1 January 2016to 31 December 2016 From 1 January 2015to 31 December 2015
Continuing operations Discontinued operation Total Continuing operations Discontinued operation Total
(Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000 E'000 E'000
Income from hotel operations 11,498 4,354 15,852 10,291 524 10,815
Income from operation of golf courses - 126 126 - 155 155
Income from construction contracts - 1,032 1,032 2,273 3,427 5,700
Sale of trading and investment properties 6,223 3,614 9,837 34,629 - 34,629
Rental income 56 - 56 329 - 329
Other income 371 1,478 1,849 158 120 278
Total 18,148 10,604 28,752 47,680 4,226 51,906
7. COST OF SALES
From 1 January 2016to 31 December 2016 From 1 January 2015to 31 December 2015
Continuing operations Discontinued operation Total Continuing operations Discontinued operation Total
(Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000 E'000 E'000
Cost of sales related to:
Hotel operations 4,046 2,145 6,191 3,513 484 3,997
Golf course operations - 144 144 - 470 470
Construction contracts - - - 2,486 661 3,147
Sales of trading and investment properties 5,257 1,735 6,992 29,926 - 29,926
Commission to agents and other 384 - 384 358 - 358
Electricity and fuel 97 10 107 80 227 307
Personnel expenses (see below) 5,592 3,500 9,092 5,508 3,467 8,975
Branding management fees 1,585 661 2,246 3,552 - 3,552
Other operating expenses 396 25 421 1,356 320 1,676
Total 17,357 8,220 25,577 46,779 5,629 52,408
Personnel expenses
Continuing operations
From 1 January 2016to 31 December 2016
Hotel & leisure operations Project maintenance & development Total
E'000 E'000 E'000
Wages and salaries 3,858 493 4,351
Compulsory social security contributions 948 103 1,051
Other personnel costs 167 23 190
Total 4,973 619 5,592
The average number of employees employed by the Group during the year was 172 25 197
Discontinued operation
From 1 January 2016to 31 December 2016
Hotel & leisure operations Project maintenance & development Total
E'000 E'000 E'000
Wages and salaries 842 1,514 2,356
Compulsory social security contributions 95 559 654
Other personnel costs 367 123 490
Total 1,304 2,196 3,500
The average number of employees employed by the Group during the year was 134 104 238
Continuing operations
From 1 January 2015to 31 December 2015
Hotel & leisure operations Project maintenance & development Total Construction in progress
(Restated) (Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000
Wages and salaries 3,369 772 4,141 74
Compulsory social security contributions 832 160 992 3
Contributions to defined contribution plans - 29 29 -
Other personnel costs 155 191 346 -
Total 4,356 1,152 5,508 77
The average number of employees employed by the Group during the year was 140 37 177 2
Discontinued operation
From 1 January 2015to 31 December 2015
Hotel & leisure operations Project maintenance & development Total Construction in progress
(Restated) (Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000
Wages and salaries 541 1,710 2,251 -
Compulsory social security contributions 59 640 699 -
Contributions to defined contribution plans - - - -
Other personnel costs 267 250 517 -
Total 867 2,600 3,467 -
The average number of employees employed by the Group during the year was 89 120 209 -
Personnel expenses in relation to operating expenses are expensed as incurred in profit or loss. Personnel expenses in
relation to construction in progress are capitalised on the specific projects and transferred to profit or loss through
cost of sales when the specific property is disposed of.
8. INCOME AND EXPENSES
A. DISPOSAL OF INVESTMENTS
From 1 January 2016to 31 December 2016 From 1 January 2015to 31 December 2015
Note Continuing operations Discontinued operation Total Continuing operations Discontinued operation Total
(Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000 E'000 E'000
Gain/(loss) on disposal of investment in subsidiaries 33 634 (24,566) (23,932) 823 - 823
Gain on disposal of investment in equity-accounted investees 21 151 - 151 - - -
Total 785 (24,566) (23,781) 823 - 823
B. CHANGE IN VALUATIONS
From 1 January 2016to 31 December 2016 From 1 January 2015to 31 December 2015
Note Continuing operations Discontinued operation Total Continuing operations Discontinued operation Total
(Restated) (Restated) (Restated)
E'000 E'000 E'000 E'000 E'000 E'000
Net change in fair value of investment property 17 (22,126) (42,458) (64,584) (53,163) 8,116 (45,047)
Impairment loss on trading properties 19 (724) - (724) (3,431) - (3,431)
Impairment loss on re-measurement of disposal groups 18 (4,197) - (4,197) (763) - (763)
Impairment loss on equity-accounted investees 21 (109,265) - (109,265) - - -
Impairment loss on available-for-sale financial assets 20 - (995) (995) - - -
Reversal of (impairment loss) and write offs of property, plant and equipment 16 92 - 92 (1,898) (13,349) (15,247)
Concession/write off of land (292) - (292) (2,607) - (2,607)
Total (136,512) (43,453) (179,965) (61,862) (5,233) (67,095)
9. SEGMENT REPORTING
Operating segments
The Group has two reportable operating segments, the 'Hotel & leisure operations' and 'Construction & development'
segments. Information related to each operational reportable segment is set out below. Segment profit/(loss) before tax is
used to measure performance as management believes such information is the most relevant in evaluating the results of the
respective segments relative to other entities that operate in the same industries.
Hotel & leisure operations Construction & development Other Reportable segments' totals
Continuing operations Discontinued operation Continuing operations Discontinued operation Continuing operations Discontinued operation Continuing operations Discontinued operation
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
31 December 2016
Revenue 11,498 4,480 6,237 6,038 413 86 18,148 10,604
Cost of sales (10,458) (4,254) (6,273) (3,933) (626) (33) (17,357) (8,220)
Investment Manager remuneration - - - - (11,406) - (11,406) -
Directors' remuneration - - - - (1,509) - (1,509) -
Depreciation charge (2,269) (117) (15) (379) - - (2,284) (496)
Professional fees - - (210) (1,920) (5,270) (118) (5,480) (2,038)
Administrative and other expenses - - (234) (1,003) (1,998) (504) (2,232) (1,507)
Gain/(loss) on disposal of investments in subsidiaries - (24,566) (563) - 1,197 - 634 (24,566)
Gain on disposal of investments in equity-accounted investees - - 151 - - - 151 -
Net change in fair value of investment property - - - - (22,126) (42,458) (22,126) (42,458)
Ιmpairment loss on trading properties - - (724) - - - (724) -
Impairment loss on re-measurement of disposal groups (666) - (1,496) - (2,035) - (4,197) -
Ιmpairment loss on equity accounted investees - - (109,265) - - - (109,265) -
Ιmpairment loss on available-for-sale financial assets - - - - - (995) (995)
Reversal of (impairment loss) and write offs of property, plant and equipment 238 - - - (146) - 92 -
Concession/write off of land - - - - (292) - (292) -
Results from operating activities (1,657) (24,457) (112,392) (1,197) (43,798) (44,022) (157,847) (69,676)
Finance income - - - - 29 13,557 29 13,557
Finance costs (2,903) - (3,007) (2,399) (9,189) (23) (15,099) (2,422)
Net finance (costs)/income (2,903) - (3,007) (2,399) (9,160) 13,534 (15,070) 11,135
Share of losses on equity-accounted investees, net of tax - - (34,389) - - - (34,389) -
Loss before taxation (4,560) (24,457) (149,788) (3,596) (52,958) (30,488) (207,306) (58,541)
Taxation - - (1,546) 1,273 5,130 - 3,584 1,273
Loss (4,560) (24,457) (151,334) (2,323) (47,828) (30,488) (203,722) (57,268)
Hotel & leisure operations Construction & development Other Reportable segments' totals
Continuing operations Discontinued operation Continuing operations Discontinued operation Continuing operations Discontinued operation Continuing operations Discontinued operation
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
31 December 2015 (Restated)
Revenue 10,291 679 37,223 3,427 166 120 47,680 4,226
Cost of sales (8,959) (1,821) (35,971) (3,339) (1,849) (469) (46,779) (5,629)
Investment Manager remuneration - - - - (13,128) - (13,128) -
Directors' remuneration - - - - (904) - (904) -
Depreciation charge (2,227) (238) (14) - - (440) (2,241) (678)
Professional fees - - (981) (1,772) (3,892) (1,519) (4,873) (3,291)
Administrative and other expenses - - (2,258) - (2,874) (968) (5,132) (968)
Gain on disposal of investments in subsidiaries - - 823 - - - 823 -
Net change in fair value of investment property - - - - (53,163) 8,116 (53,163) 8,116
Impairment loss on trading properties - - (3,431) - - - (3,431) -
Impairment loss on measurement of disposal groups (76) - - - (687) - (763) -
Impairment loss and write offs of property, plant and equipment (1,113) (13,349) - - (785) - (1,898) (13,349)
Concession/write off of land - - (2,607) - - - (2,607) -
Results from operating activities (2,084) (14,729) (7,216) (1,684) (77,116) 4,840 (86,416) (11,573)
Finance income 1 - - 1 86 18 87 19
Finance costs (2,682) - (1,750) (2,868) (13,299) (256) (17,731) (3,124)
Net finance costs (2,681) - (1,750) (2,867) (13,213) (238) (17,644) (3,105)
Share of profit on equity-accounted investees, net of tax (1,011) - (43,542) - - - (44,553) -
Loss before taxation (5,776) (14,729) (52,508) (4,551) (90,329) 4,602 (148,613) (14,678)
Taxation - - 633 - 14,726 (63) 15,359 (63)
Loss (5,776) (14,729) (51,875) (4,551) (75,603) 4,539 (133,254) (14,741)
Geographical segments
Information in relation to the geographical regions in which the Group operates, is set below:
Americas1(Discontinued)E'000 South-East Europe2 Other3E'000 Reportable segment totalsE'000 Adjustments4 E'000 ConsolidatedtotalsE'000
E'000
31 December 2016
Property, plant and equipment - 87,647 - 87,647 - 87,647
Investment property - 176,548 - 176,548 - 176,548
Trading properties - 29,763 - 29,763 - 29,763
Cash and cash equivalents - 3,415 1,283 4,698 - 4,698
Assets held for sale 55,909 106,526 - 162,435 - 162,435
Intra-group debit balances 15,277 51,899 589,489 656,665 (656,665) -
Other assets - 4,681 316 4,997 - 4,997
Total assets 71,186 460,479 591,088 1,122,753 (656,665) 466,088
Loans and borrowings - 92,270 - 92,270 - 92,270
Finance lease liabilities - 2,982 - 2,982 - 2,982
Deferred tax liabilities - 24,255 - 24,255 - 24,255
Liabilities held for sale 10,800 16,397 - 27,197 - 27,197
Intra-group credit balances 170,031 425,771 60,863 656,665 (656,665) -
Other liabilities - 64,678 2,826 67,504 - 67,504
Total liabilities 180,831 626,353 63,689 870,873 (656,665) 214,208
Revenue - 18,148 - 18,148 - 18,148
Cost of sales - (17,357) - (17,357) - (17,357)
Disposal of investments - 785 - 785 - 785
Change in valuations - (136,512) - (136,512) - (136,512)
Share of losses on equity-accounted investees, net of tax - (34,389) - (34,389) - (34,389)
Investment Manager remuneration - (1,390) (10,016) (11,406) - (11,406)
Other operating expenses - (6,172) (5,333) (11,505) - (11,505)
Net finance cost - (11,466) (3,604) (15,070) - (15,070)
Loss before taxation - (188,353) (18,953) (207,306) - (207,306)
Taxation - 3,584 - 3,584 - 3,584
Loss from continuing operations - (184,769) (18,953) (203,722) - (203,722)
Loss from discontinued operation, net of tax (57,268) - - (57,268) - (57,268)
Loss (57,268) (184,769) (18,953) (260,990) - (260,990)
Americas1(Discontinued)E'000 South-East Europe2 Other3E'000 Reportable segment totalsE'000 Adjustments4 E'000 ConsolidatedtotalsE'000
E'000
31 December 2015 (Restated)
Property, plant and equipment 102,920 84,095 - 187,015 - 187,015
Investment property 141,906 198,947 - 340,853 - 340,853
Trading properties 2,052 35,335 - 37,387 - 37,387
Equity-accounted investees - 188,637 - 188,637 - 188,637
Available-for-sale financial assets 2,201 - - 2,201 - 2,201
Cash and cash equivalents 2,117 6,218 33,655 41,990 - 41,990
Assets held for sale - 70,240 - 70,240 - 70,240
Intra-group debit balances 14,195 291,448 555,516 861,159 (861,159) -
Other assets 3,141 13,195 841 17,177 - 17,177
Total assets 268,532 888,115 590,012 1,746,659 (861,159) 885,500
Loans and borrowings 57,550 92,395 73,735 223,680 - 223,680
Finance lease liabilities 28 3,005 - 3,033 - 3,033
Deferred tax liabilities 2,432 27,697 - 30,129 - 30,129
Liabilities held for sale - 18,125 - 18,125 - 18,125
Intra-group credit balances 144,154 417,371 299,634 861,159 (861,159) -
Other liabilities 27,865 65,260 880 94,005 - 94,005
Total liabilities 232,029 623,853 374,249 1,230,131 (861,159) 368,972
Revenue - 47,680 - 47,680 - 47,680
Cost of sales - (46,779) - (46,779) - (46,779)
Disposal of investments - 823 - 823 - 823
Change in valuations - (61,862) - (61,862) - (61,862)
Share of losses on equity-accounted investees, net of tax - (44,553) - (44,553) - (44,553)
Investment Manager remuneration - (2,032) (11,096) (13,128) - (13,128)
Other operating expenses - (8,888) (4,262) (13,150) - (13,150)
Net finance costs - (12,826) (4,818) (17,644) - (17,644)
Loss before taxation - (128,437) (20,176) (148,613) - (148,613)
Taxation - 15,359 - 15,359 - 15,359
Loss from continuing operations - (113,078) (20,176) (133,254) - (133,254)
Loss from discontinued operation, net of tax (14,741) - - (14,741) - (14,741)
Loss (14,741) (113,078) (20,176) (147,995) - (147,995)
1 Americas comprises the Group's activities in the Dominican Republic and the Republic of Panama. Also, includes the
investment in Itacare Capital Investments Ltd ('Itacare') (see note 20).
2 South-East Europe comprises the Group's activities in Cyprus, Greece, Croatia and Turkey.
3 Other comprises the parent company, Dolphin Capital Investors Limited.
4 Adjustments consist of intra-group eliminations.
Country risk developments
The general economic environment prevailing in the south-east Europe area and internationally may affect the Group's
operations. Factors such as inflation, unemployment, public health crises, international trade and development of the gross
domestic product directly impact to the economy of each country and variation in these and the economic environment in
general affect the Group's performance to a certain extent.
The global fundamentals of the sector remained strong during 2016, with both international tourism and wealth continuing to
grow, even though economic activity in two of the Group's primary markets, Greece and Cyprus, continued to face significant
challenges. The business climate is steadily improving in Cyprus, assisted by the legislative reforms implemented during
the last two years by the Cypriot Government.
Greece
After the escalation of the sovereign debt crisis in Greece in mid-2012 and further in mid-June 2015, when capital controls
were imposed and the banking system was closed for more than two weeks, on 15 July 2015, the Greek parliament ratified
legislation of reforms that the Greek Government needed to implement in order to unlock a fresh E82 billion to E86 billion
bail-out package. The conclusion of this agreement and its implementation by the Greek Government so far is expected to
restore the sustainability of the Greek economy on a long term basis. Throughout 2016 the Greek economic growth has been
essentially flat. However, the tourism sector has continued to outperform with official data released by the Greek Tourism
Confederation confirming that 2016 was an all-time record year for Greek tourism as the number of tourism arrivals in
Greece increased 9% compared to 2015.
The outlook to 2017 remains positive and 2017 tourism revenues are expected to reach E14.5 billion (US$15.36 billion)
compared to E13.2 billion (US$13.99 billion) in 2016.
Cyprus
Cyprus successfully concluded its three-year European Stability Mechanism ('ESM') financial assistance programme on 31
March 2016. The ESM disbursed E6.3 billion, in addition to around E1 billion in loans from the IMF, out of a loan package
of up to E10 billion. The Cypriot authorities did not need the remaining E2.7 billion.
The latest available data for the tourism industry highlighted, once again, that tourism was amongst one of the key
catalysts to the country's 2016 economic performance, as revenues reached E2.4 billion at the end of the year surpassing
the total tourism revenues recorded throughout 2015 (E2.1 million) by 11.9%. Total arrivals amounted to 3.2 million in 2016
versus 2.7 million in the previous year. Cyprus expects to hit another record number of tourists during 2017, with visits
to the east Mediterranean island expected to increase 5% over last year.
Significant value is also estimated to be unlocked through the expected zoning of DCI's Apollo Heights Resort, following
the agreement reached by the Cypriot and UK governments to permit development of such projects falling within the Sovereign
British Areas.
10. DISCONTINUED OPERATION
In 2016, the Group sold Playa Grande (owner of 'Amanera, Dominican Republic'), and Group's management committed to a plan
to sell Pearl (owner of 'Pearl Island, Republic of Panama'). Playa and Pearl constitute the operations of the Group in the
geographical area of Americas which are presented as a discontinued operation. Pearl group is also classified as a
disposal group held for sale.
Americas segment was not previously classified as held for sale or as a discontinued operation. The comparative
consolidated statement of profit or loss and other comprehensive income has been restated to
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