REG - Dolphin Capital Inv - Final Results <Origin Href="QuoteRef">DOLC.L</Origin> - Part 4
30/06/2016 07:06
- Part 4: For the preceding part double click ID:nRSd7515Cc
- (13,671)
Net finance costs (1,414) (9,409) (4,811) (15,634) - (15,634)
Other expenses (7,537) (43,865) (3,583) (54,985) - (54,985)
Profit/(loss) before taxation 8,975 35,771 (22,022) 22,724 - 22,724
Taxation (172) 1,760 - 1,588 - 1,588
Profit/(loss) 8,803 37,531 (22,022) 24,312 - 24,312
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 18).
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. Concepts such as inflation, unemployment, and development of the gross domestic product are directly linked to
the economic course of every country and variation in these and the economic environment in general might affect the Group
to a certain extent.
The global fundamentals of the sector remained strong during 2015 and 2014, 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 the international media speculation involving
scenarios of default and/or Greece's exit from the Eurozone, the country's economic conditions significantly stabilized
until the end of 2014, when a general election was called in Greece for January 2015. In 2014 international tourist
arrivals, according to Tourism Research Institute, set a new historical record by reaching 21.5 million, a 20% increase
compared to 2013.
In late June 2015 capital controls were imposed and the banking system was closed for more than two weeks. On 12 July
2015, the Greek Prime Minister agreed with the European Union leaders a list of reforms that the Greek Government needed to
implement in order to unlock a fresh E82 billion to E86 billion bail-out. On 15 July 2015, the Greek parliament passed this
law and in the context of this agreement the Government has put forward a plan of reforms, spending cuts and tax rises. The
conclusion of this agreement is expected, if the respective measures are implemented, to restore the sustainability of the
Greek economy on a long term basis. Since the announcement of the referendum on 5 July 2015, tourism was negatively
affected by the cancelation of reservations and the slowdown of new ones. Since the announcement of the provisional
agreement for the 3rd bail out, reservations picked up up again and official data released by the Bank of Greece confirmed
that 2015 was an all-time record year for Greek tourism.
The number of tourism arrivals in Greece expanded 7.1% in 2015 compared to 2014, reaching an all-time high of 23.6 million.
The president of the Association of Hellenic Tourism Enterprises expects a slight contraction in arrivals this season
compared to 2015, due to the sector's overtaxation and the delay in the completion of the evaluation of the program, which
will help Greece remain in the euro currency. The management of the refugee flows is also an important factor, mainly for
the islands of the North Aegean that were in the frontlines of the refugee and migrant crisis.
Cyprus
The economic adjustment programme remained on track in 2015, with progress made in all key objectives set out by the
country's international lenders. The banking sector is also on a steady path to stabilization with all domestic capital
controls lifted in early April 2015. Cyprus successfully concluded its three-year 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. Tourist arrivals during 2014
amounted to 2.4 million and stayed at the same level when compared to 2013, as reported by the Statistical Service of the
Republic of Cyprus. The number of tourists visiting Cyprus in 2015 reached almost 2.7 million bringing in the highest
number of tourist arrivals in over a decade. The Cyprus Tourism Organisation (CTO) aims to boost tourist arrival numbers to
2.9 million in 2016. For the period from January to February 2016 arrivals of tourists totalled 114.596 compared to 92.508
in the corresponding period of 2015, recording an increase of 23.9%.
Consequently, it is encouraging to note that, despite the banking crisis that occurred in early 2013, the tourism industry
remained unharmed and expectations for 2016 are positive. The decision by the Ministerial Council to reduce the investment
amount requirements and accelerate Cypriot citizenship awards to buyers of real estate is expected to significantly
increase sales momentum and margins at Aristo Developers Limited ('Aristo'), a Group associate, and increase the value and
saleability of its larger projects. Significant value is also estimated to be unlocked through the expected zoning of the
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.
9. PROFESSIONAL FEES
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
Legal fees 792 646
Auditors' remuneration (see below) 810 808
Accounting expenses 294 235
Appraisers' fees 140 237
Project design and development fees 4,371 3,169
Consultancy fees 194 146
Administrator fees 308 308
Arrangement fees - 1,124
Other professional fees 1,255 755
Total 8,164 7,428
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
Auditors' remuneration comprises the following fees:
Audit and other audit related services 757 764
Tax and advisory 53 44
Total 810 808
10. ADMINISTRATIVE AND OTHER EXPENSES
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
Travelling 444 362
Insurance 267 183
Repairs and maintenance 123 140
Marketing and advertising expenses 803 716
Litigation liability provisions 2,039 269
Immovable property and other taxes 645 736
Rents 385 278
Other 1,394 2,868
Total 6,100 5,552
11. NET Finance costS
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
Recognised in profit or loss
Interest income 106 325
Finance income 106 325
Interest expense (19,700) (15,228)
Bank charges (493) (401)
Exchange difference (662) (330)
Finance costs (20,855) (15,959)
Net finance costs recognised in profit or loss (20,749) (15,634)
Recognised in other comprehensive income
Foreign currency translation differences 17,221 15,330
Finance costs recognised in other comprehensive income 17,221 15,330
12. Taxation
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
RECOGNISED IN PROFIT OR LOSS
Income tax 72 120
Net deferred tax (see note 24) (15,368) (1,708)
Taxation recognised in profit or loss (15,296) (1,588)
RECOGNISED IN OTHER COMPREHENSIVE INCOME
Revaluation of property, plant and equipment (see note 24) (1,791) 555
Taxation recognised in other comprehensive income (1,791) 555
Reconciliation of taxation based on taxable (loss)/profit and taxation based on accounting (loss)/profit:
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
E'000 E'000
(Loss)/profit before taxation (163,291) 22,724
Taxation using domestic tax rates (1,360) (2,018)
Non-deductible expenses and tax-exempt income 1,383 1,861
Effect of tax losses utilised 72 313
Effect of tax rate changes (4,066) -
Other (11,325) (1,744)
Total (15,296) (1,588)
As a company incorporated under the BVI International Business Companies Act (Cap. 291), the Company is exempt from taxes
on profits, income or dividends. Each company incorporated in BVI is required to pay an annual government fee, which is
determined by reference to the amount of the company's authorised share capital.
The profits of the Cypriot companies of the Group are subject to a corporation tax rate of 12.50% on their total taxable
profits. Tax losses of Cypriot companies are carried forward to reduce future profits for a period of five years. In
addition, the Cypriot companies of the Group are subject to a 3% special contribution on rental income. Under certain
conditions, interest income may be subject to a special contribution at the rate of 30%. In such cases, this interest is
exempt from corporation tax.
In Greece, the corporation tax rate applicable to profits is 29% (2014: 26%). Tax losses of Greek companies are carried
forward to reduce future profits for a period of five years. In Turkey, the corporation tax rate is 20%. Tax losses of
Turkish companies are carried forward to reduce future profits for a period of five years. In Croatia, the corporation tax
rate is 20%. Tax losses of Croatian companies are carried forward to reduce future profits for a period of five years.
The Group's subsidiary in the Dominican Republic has been granted a 100% exemption on local and municipal taxes by the
Dominican Republic's Confotur (Tourism Promotion Council), as at 31 December 2015, for a period of fifteen years, effective
from the finalisation of the construction of the project. In the Republic of Panama, the corporation tax rate is 25% and
the capital gains tax rate is 10%. The Panamanian tax legislation further contemplates a method of taxation which involves
a 3% advance on the tax, which is not calculated on the actual gain, but on the total value of the transfer or on the
registered value of the property (whichever may be higher). In some instances, this 3% may be considered by the taxpayer as
the final tax payable. Tax losses of companies in the Republic of Panama are carried forward to reduce future profits for a
period of five years.
13. (LOSS)/EARNINGS per share
Basic (loss)/earnings per share
Basic (loss)/earnings per share is calculated by dividing the (loss)/profit attributable to owners of the Company by the
weighted average number of common shares outstanding during the year.
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
'000 '000
(Loss)/profit attributable to owners of the Company (E) (145,360) 21,639
Number of weighted average common shares outstanding 788,860 642,440
Basic (loss)/earnings per share (E) (0.18) 0.03
Weighted average number of common shares outstanding
From 1 January 2015 to 31 December 2015 From 1 January 2014 to 31 December 2014
'000 '000
Outstanding common shares at the beginning of the year 642,440 642,440
Effect of shares issued during the year 122,544 -
Effect of Bond Conversion shares 23,876 -
Weighted average number of common shares outstanding 788,860 642,440
Diluted (loss)/earnings per share
Diluted (loss)/earnings per share is calculated by adjusting the (loss)/profit attributable to owners and the number of
common shares outstanding to assume conversion of all dilutive potential shares. As of 31 December 2015, the diluted loss
per share is the same as the basic loss per share, due to the fact that no dilutive potential ordinary shares were
outstanding during this year. As of 31 December 2014, the Company had one category of dilutive potential common shares:
warrants. The number of shares calculated above is compared with the number of shares that would have been issued assuming
the exercise of the warrants.
From 1 January 2015 to 31 December 2015'000 From 1 January 2014to 31 December 2014'000
(Loss)/profit attributable to owners of the Company (E) (145,360) 21,639
Weighted average number of common shares outstanding 788,860 642,440
Effect of potential conversion of warrants - 5,585
Weighted average number of common shares outstanding for diluted (loss)/earnings per share 788,860 648,025
Diluted (loss)/earnings per share (E) (0.18) 0.03
The average market value of the Company's shares for the purpose of calculating the dilutive effect of warrants and
convertible loans was based on quoted market prices.
14. Property, plant and equipment
UnderconstructionE'000 Land &buildingsE'000 Machinery & equipmentE'000 OtherE'000 TotalE'000
2015
Cost or revalued amount
At beginning of year 31,273 146,826 13,687 2,506 194,292
Direct acquisitions 35,483 2,156 4,856 78 42,573
Direct disposals - (35) (367) (661) (1,063)
Disposals through disposal of subsidiary company (see note 31) - (1,578) (3) - (1,581)
Reclassification to assets held for sale - (5,343) (162) - (5,505)
Transfers to trading property (see note 17) - - (198) - (198)
Transfer (to)/from other assets (58,131) 48,492 9,639 - -
Revaluation adjustment - (15,181) - - (15,181)
Write offs - (1,513) - - (1,513)
Exchange difference 3,602 2,602 969 165 7,338
At end of year 12,227 176,426 28,421 2,088 219,162
Depreciation and impairment losses
At beginning of year - 12,102 4,041 1,384 17,527
Direct disposals - - (338) (412) (750)
Disposals through disposal of subsidiary company (see note 31) - (156) (3) - (159)
Reclassification to assets held for sale - (10) (65) - (75)
Transfer to trading property (see note 17) - - (104) - (104)
Depreciation charge for the year - 1,932 704 283 2,919
Impairment loss - 14,150 17 - 14,167
Write offs - (433) - - (433)
Exchange difference - (1,459) 368 146 (945)
At end of year - 26,126 4,620 1,401 32,147
Carrying amounts 12,227 150,300 23,801 687 187,015
UnderconstructionE'000 Land &buildingsE'000 Machinery &equipmentE'000 OtherE'000 TotalE'000
2014
Cost or revalued amount
At beginning of year 8,180 147,340 6,626 2,148 164,294
Direct acquisitions 19,232 3,458 673 99 23,462
Capitalised depreciation 133 - - - 133
Direct disposals - - (8) (105) (113)
Transfer from/(to) other assets 2,303 (14,140) 5,404 191 (6,242)
Revaluation adjustment - 6,322 - - 6,322
Exchange difference 1,425 3,846 992 173 6,436
At end of year 31,273 146,826 13,687 2,506 194,292
Depreciation and impairment losses
At beginning of year - 17,221 2,452 1,017 20,690
Direct disposals - - (9) (54) (63)
Transfer (to)/from other assets - (6,676) 438 (4) (6,242)
Depreciation charge for the year - 2,084 904 251 3,239
Capitalised depreciation - 56 - 77 133
Impairment loss - 13 - - 13
Reversal of impairment loss - (670) - - (670)
Exchange difference - 74 256 97 427
At end of year - 12,102 4,041 1,384 17,527
Carrying amounts 31,273 134,724 9,646 1,122 176,765
The carrying amount at year end of land and buildings, if the cost model was used, would have been E132 million (2014: E108
million).
As at 31 December 2015 and 31 December 2014, part of the Group's immovable property is held as security for bank loans (see
note 23).
Fair value hierarchy
The fair value of land and buildings, amounting to E150,300 thousand (2014: E134,724 thousand), has been categorised as a
Level 3 fair value based on the inputs to the valuation techniques used.
The following table shows a reconciliation from opening to closing balances of Level 3 fair value.
31 December 2015 31 December 2014
E'000 E'000
At beginning of year 134,724 130,119
Acquisitions, including capitalised depreciation 2,156 3,402
Disposals (1,457) -
Transfers from/(to) other assets 48,492 (7,464)
Reclassification to assets held for sale (5,333) -
Losses recognised in profit or loss
Impairment loss and write offs in 'Impairment loss and write offs of property, plant and equipment' (15,230) (13)
Reversal of impairment loss in 'Reversal of impairment loss on property, plant and equipment' - 670
Depreciation in 'Depreciation charge' (1,932) (2,084)
Losses recognised in comprehensive income
Revaluation adjustment in 'Revaluation on property, plant and equipment' (15,181) 6,322
Unrealised exchange difference in 'Foreign currency translation differences' 4,061 3,772
At end of year 150,300 134,724
The following table shows the valuation techniques used in measuring land and buildings, as well as the significant
unobservable inputs used.
During the year, the valuation technique used in measuring the fair value of properties in Greece and the Americas changed
to Income approach or an approach combining Income approach, in cases where the property construction was fully completed
or nearly completed in the current year and hence more reliance could have been placed on cash flow data. Also, components
of Greek properties were classified as assets held for sale (see note 16).
Property location Valuation technique (see note 3) Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement
Property in Greece - Commercial Buildings Income approach Expected market rental growth: 2014: 1.5% The estimated fair value would increase/(decrease) if:
Risk-adjusted discount rate: 2014: 8% Expected market rental growth was higher/(lower);
(Disposed of in 2015) Risk-adjusted discount rate was lower/(higher).
Property in Greece - Resorts Income approach Room occupancy rate (annual): 2015: 20% to 57% The estimated fair value would increase/(decrease) if:
(weighted average: 26%-56%)
(2014: 26% to 57%) Room occupancy rate was higher/(lower);
(weighted average: 38%-54%) Average daily rate per occupied room was higher/(lower);
Average daily rate per occupied room: 2015: E528 to E1,742 Gross operating margin was higher/(lower);
(weighted average: E600-E1,470) Terminal capitalisation rate was lower/(higher);
(2014: E397 to E1,750) Risk-adjusted discount rate was lower/(higher).
(weighted average: E470-E1,500)
Gross operating margin rate: 2015: 23% to 47%
(weighted average: 36%-44%)
(2014: 25% to 47%)
(weighted average: 35%-44%)
Terminal capitalisation rate: 2015: 8% (2014: 8% to 9%)
Risk-adjusted discount rate: 2015: 11% to 13%
(2014: 11% to 13%)
Property in Greece - Hotel complexes Combined approach (Market and Cost) Market approach (for land components) The estimated fair value would increase/(decrease) if:
Premiums/(discounts) on the following: Premiums were higher/(lower);
Location: 2015: -20% to 0% (2014: -20% to +30%) Discounts were lower/(higher);
Site size: 2015: 0% (2014: -20% to +20%) Weights on comparables with premiums were higher/(lower);
Asking vs transaction: 2015: -25% to -15% (2014: -20% to 0%) Weights on comparables with discounts were lower/(higher);
Frontage sea view: 2015: 0% to +20% (2014: -20% to +20%) Replacement cost (new) per m2 was higher/(lower);
Maturity/development potential: 2015: 0% to +10% (2014: -40% to +25%) Enterpreneurial profit rate was higher/(lower);
Strategic investment approval: 2015: 0% (2014:15%) Depreciation rate was lower/(higher).
Weight allocation: 2015: +10% to +20%
(2014: +10% to +25%)
Cost approach (for building components)
Replacement cost (new) per m2: 2015: E500 - E1,100
(2014: E500 - E1,710)
Enterpreneurial profit rate: 2015: 20% (2014: 20%)
Depreciation rate: 2015: 30% (2014: 3%-28%)
Useful life (years): 2015: 60 (2014: 40-60)
Combined approach (Market and Income) Market approach The estimated fair value would increase/(decrease) if:
Premiums/(discounts) on the following: Premiums were higher/(lower);
Location: 2015: -20% to +30% Discounts were lower/(higher);
Site size: 2015: -20% to +10% Weights on comparables with premiums were higher/(lower);
Asking vs transaction: 2015: -20% + 0% Weights on comparables with discounts were lower/(higher);
Maturity/development potential: 2015: -50% to 0% Room occupancy rate was higher/(lower);
Premium due to being part of strategic investment: 2015: 15% Average daily rate per occupied room was higher/(lower);
Weight allocation: 2015: +10% to +60% Gross operating margin was higher/(lower);
Cost approach Terminal capitalization rate was lower/(higher);
Room occupancy rate (annual): 2015: 18% to 33% Risk-adjusted discount rate was lower/(higher).
(weighted average: 30%)
Average daily rate per occupied room: 2015: E1,305 to E1,700
(weighted average: E1.538)
Gross operating margin rate: 2015: 9% to 37%
(weighted average: 33%)
Terminal capitalisation rate: 2015: 8%
Risk-adjusted discount rate: 2015: 11%
Property location Valuation technique (see note 3) Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement
Property in Americas - Resort and golf course Income approach Room occupancy rate (annual): 2015: 36% to 48% (weighted average: 39%) The estimated fair value would increase/(decrease) if:
Average daily rate per occupied room: 2015: $1,314 to $2,463 (weighted average: $2,062) Occupancy rate was higher/(lower);
Gross operating margin rate: 2015: 3% to 46% (weighted average: 38%) Average daily rate per occupied room was higher/(lower);
Terminal capitalisation rate: 2015: 9% Gross operating margin was higher/(lower);
Risk-adjusted discount rate: 2015: 11% Terminal capitalisation rate was lower/(higher);
Risk-adjusted discount rate was lower/(higher).
Annual membership dues per member: 2015: $8,400 to $10,960 (weighted average: $9,600) The estimated fair value would increase/(decrease) if:
Membership initiation fees per member: 2015: $60,000 Membership fees per member were higher/(lower);
Gross operating margin rate: 2015: 30% to 53% (weighted average: 43%) Gross operating margin was higher/(lower);
Terminal capitalisation rate: 2015: 11% Terminal capitalization rate was lower/(higher);
Risk-adjusted discount rate: 2015: 13% Risk-adjusted discount rate was lower/(higher).
Market approach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2014: -35% to +10% Premiums were higher/(lower);
Site size: 2014: -30% to +60% Discounts were lower/(higher);
Asking vs transaction: 2014: -65% to -10% Weights on comparables with premiums were higher/(lower);
Frontage sea view: 2014: -30% to +55% Weights on comparables with discounts were lower/(higher).
Development potential: 2014: -70% to +35%
Condition quality: 2014: 0% to +10%
Weight allocation: 2014: +15% to +65%
Combined approach (Market and Income) Market approach (50% weight) Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2014: -35% to +10% Premiums were higher/(lower);
Site size: 2014: -30% to -10% Discounts were lower/(higher);
Asking vs transaction: 2014: -65% to -10% Weights on comparables with premiums were higher/(lower);
Frontage sea view: 2014: -30% to +35% Weights on comparables with discounts were lower/(higher);
Development potential: 2014:+25% to +45% Occupancy rate was higher/(lower);
Condition quality: 2014: 0% to +5% Average daily rate per occupied room was higher/(lower);
Weight allocation: 2014: +40% to +60% Gross operating margin was higher/(lower);
Income approach (50% weight) Terminal capitalisation rate was lower/(higher);
Room occupancy rate (annual): 2014: 40% to 55% (weighted average: 52%) Quantity of villas was higher/ (lower);
Average daily rate per occupied room: 2014: US$1,200 to US$1,890 Selling price per m2 was higher/(lower);
(weighted average US$1,570) Expected annual growth in selling price was higher/(lower);
Gross operating margin rate: 2014: 36% to 52% (weighted average 49%) Cash flow velocity was shorter/(longer);
Terminal capitalisation rate: 2014: 9% Risk-adjusted discount rate was lower/(higher).
Quantity of villas: 2014: 36
Selling price per m2: 2014: US$5,000 to US$9,000
Expected annual growth in selling price: 2014: 0%
Cash flow velocity (years): 2014: 7
Risk-adjusted discount rate: 2014: 15%
15. Investment property
31 December 2015 31 December 2014
E'000 E'000
At beginning of year 451,880 423,791
Direct acquisitions 1,064 3,515
Concession/write off of land (see note 7) (2,607) -
Reclassification to assets held for sale (see note 16) (52,507) -
Transfers to trading properties (see note 17) (14,290) (5,568)
Disposals through disposal of subsidiary company (see note 31) (10,979) -
Direct disposals (756) (2,109)
Exchange difference 14,095 13,675
385,900 433,304
Fair value adjustment (45,047) 18,576
At end of year 340,853 451,880
As at 31 December 2015 and 31 December 2014, part of the Group's immovable property is held as security for bank loans (see
note 23).
Fair value hierarchy
The fair value of investment property, amounted to E340,853 thousand (2014: E451,880 thousand), has been categorised as a
Level 3 fair value based on the inputs to the valuation techniques used.
The following table shows a reconciliation from opening to closing balances of Level 3 fair value.
31 December 2015 31 December 2014
E'000 E'000
At beginning of year 451,880 423,791
Acquisitions 1,064 3,515
Disposals (11,735) (2,109)
Transfers to other assets (14,290) (5,568)
Reclassification to assets held for sale (52,507) -
Gains/losses recognised in profit or loss
Unrealised fair value adjustment in 'Net change in fair value of investment property' (45,047) 18,576
Concession/write off of land in 'Operating expenses' (2,607) -
Gains/losses recognised in comprehensive income
Unrealised exchange difference in 'Foreign currency translation differences' 14,095 13,675
At end of year 340,853 451,880
Valuation techniques and significant unobservable inputs
The following table shows the valuation techniques used in measuring the fair value of investment property, as well as the
significant unobservable inputs used.
During the year, the valuation technique used in measuring the fair value of properties in Greece and the Americas changed
to Income approach, in cases where there was significant improvement in the level of completion of the relevant projects.
Also, the property in Croatia and components of property in Greece were classified as assets held for sale (see note 16).
Property location Valuation technique (see note 3) Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement
Property in Greece - Commercial Buildings Income approach Expected market rental growth: 2014: 1.5% The estimated fair value would increase/(decrease) if:
Void period (months): 2014: 3 Expected market rental growth was higher/(lower);
Occupancy rate: 2014: 95% Void period was shorter/(longer);
Risk-adjusted discount rate: 2014: 8% Occupancy rate was higher/(lower);
(Disposed of in 2015) Risk-adjusted discount rate was lower/(higher).
Property in Greece Income approach Room occupancy rate (annual): 2015: 29% to 42% Room occupancy rate was higher/(lower);
(weighted average: 38%) Average daily rate per occupied room was higher/(lower);
Average daily rate per occupied room: 2015: E818 to E1,723 Gross operating margin was higher/(lower);
(weighted average E1,432) Terminal capitalisation rate was (lower)/higher;
Gross operating margin rate: 2015: 16% to 33% Quantity of villas was higher/(lower);
(weighted average 29%) Selling price per m2 was higher/(lower);
Terminal capitalisation rate: 2015: 10% Expected annual growth in selling price was higher/(lower);
Quantity of villas: 2015: 35 Cash flow velocity was shorter/(longer);
Selling price per m2: 2015: E5,500 to E6,000 Risk-adjusted discount rate was lower/(higher).
Expected annual growth in selling price: 2015: 0% to 5%
Cash flow velocity (years): 2015: 9
Risk-adjusted discount rate: 2015: 13%
Combined
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