REG - Dolphin Capital Inv - Final Results <Origin Href="QuoteRef">DOLC.L</Origin> - Part 5
30/06/2016 07:06
- Part 5: For the preceding part double click ID:nRSd7515Cd
approach (Market and Income) Market approach - 60% weight (2014: 50% / 60%) The estimated fair value would increase/(decrease) if:
Premiums/(discounts) on the following: Premiums were higher/(lower);
Location: 2015: 0% to +10% Discounts were lower/(higher);
(2014: -20% to +50%) Weights on comparables with premiums were higher/(lower);
Site size: 2015: -30% to 0% Weights on comparables with discounts were lower/(higher);
(2014: -40% to 0%) Room occupancy rate was higher/(lower);
Asking vs transaction: 2015: -30% to 0% Average daily rate per occupied room was higher/(lower);
(2014: -25% to 0%) Gross operating margin was higher/(lower);
Frontage sea view: 2015: 0% to +20% Terminal capitalisation rate was (lower)/higher;
(2014: 0% to +40%) Quantity of villas was higher/(lower);
Maturity/development potential: 2015: +10% to +30% Selling price per m2 was higher/(lower);
(2014: -10% to +90%) Expected annual growth in selling price was higher/(lower);
Uniqueness 2015: Nil (2014: +20% ) Cash flow velocity was shorter/(longer);
Weight allocation: 2015: +5% to +30% Risk-adjusted discount rate was lower/(higher).
(2014: +5% to +25%)
Buildings value per m2 2015: Nil (2014: E903 )
Income approach 40% weight (2014: 50% / 40%)
Room occupancy rate (annual): 2015: Nil
(2014: 29% to 46%)
(weighted average: 39%)
Average daily rate per occupied room: 2015: Nil
(2014: E880 to E1,720)
(weighted average: E1,460)
Gross operating margin rate: 2015: Nil
(2014: 27% to 34%)
(weighted average: 32%)
Terminal capitalisation rate: 2015: 0% (2014: 10% )
Quantity of villas: 2015: 447 (2014: 35-446)
Selling price per m2: 2015: E3.000
(2014: E2,600 to E6,000)
Expected annual growth in selling price: 2015: 0% to 3% (2014: 0% to 5%)
Cash flow velocity (years): 2015: 11 (2014: 8 to 9)
Risk-adjusted discount rate: 2015:15% (2014: 13% to 16%)
Discount on combined approach value:
Legal status 2015: -10% (2014:Nil)
Property location Valuation technique (see note 3) Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement
Property in Greece Market approach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2015: -50% to +40% Premiums were higher/(lower);
(2014: -50% to +40%) Discounts were lower/(higher);
Site size: 2015: -50% to +10% Weights on comparables with premiums were higher/(lower);
(2014: -40% to +10%) Weights on comparables with discounts were lower/(higher).
Asking vs transaction: 2015: -30% to 0%
(2014: -30% to 0%)
Frontage sea view: 2015: -20% to +40%
(2014: -20% to +40%)
Maturity/development potential: 2015: -30% to +35%
(2014: -40% to +50%)
Zoning uniqueness: 2015: -30% to 40%
(2014: -38% to +40%)
Other: 2015: -10% to 0% (2014: -10% to 0%)
Strategic investment approval: 2015: 0% to +25%
(2014: 0% to +15%)
Weight allocation: 2015: +5% to +40%
(2014: 0% to +60%)
Property in Cyprus Market approach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2015: -10% to +20% Premiums were higher/(lower);
(2014: -10% to +20%) Discounts were lower/(higher);
Site size: 2015: -30% to -20% Weights on comparables with premiums were higher/(lower);
(2014: -30% to -20%) Weights on comparables with discounts were lower/(higher).
Asking vs transaction: 2015: -20% to 0%
(2014: -20% to 0%)
Frontage sea view: 2015: 0% to +30%
(2014: 0% to +30%)
Maturity/development potential: 2015: -30% (2014: -30% to -20%)
Weight allocation: 2015: +5% to +25%
(2014: +10% to +25%)
Property in Croatia Market approach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Asking vs transaction: 2014: -5% to 0% Premiums were higher/(lower);
Development potential: 2014: -10% to -5% Discounts were lower/(higher);
Location/visibility: 2014: -25% to 0% Weights on comparables with premiums were higher/(lower);
Zoning status: 2014: -20% to +10% Weights on comparables with discounts were lower/(higher).
Weight allocation: 2014: +10% to +50%
Property in Americas Income approach The estimated fair value would increase/(decrease) if:
Quantity of villas/ condominiums/ lots : 2015: 30 to 42 Quantities of villas and/or condominiums and/or lots was higher/(lower);
Selling price per buildable sq. ft: 2015: $600 to $775 Selling price per buildable sq. ft was higher/(lower);
Average selling price per lot sq. ft: 2015: $19 Average selling price per sq. ft was higher/(lower);
Expected annual growth in selling price : 2015: 0% Expected annual growth in selling price was higher/ (lower);
Cash flow velocity (years): 2015: 5 to 8 Cash-flow velocities were shorter/(longer) ;
Risk-adjusted discount rate: 2015: 15% to 25% Risk-adjusted discount rate was lower/(higher).
Property location Valuation technique (see note 3) Significant unobservable inputs Inter-relationship between key unobservable inputs and fair value measurement
Property in Americas Market approach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2015: 0% to +20% Premiums were higher/(lower);
(2014: -35% to +45%) Discounts were lower/(higher);
Site size: 2015: -50% to +25% Weights on comparables with premiums were higher/(lower);
(2014: -60% to +60%) Weights on comparables with discounts were lower/(higher).
Asking vs transaction: 2015: -35%
(2014: -75% to +10%)
Frontage sea view: 2015: -25% to +15%
(2014: -35% to +55%)
Development potential: 2015: Nil
(2014: -95% to +65%)
Condition quality: 2015: -10% to +15%
(2014: -20% to +45%)
Weight allocation: (2014: +5% to +90%)
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% Room 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% Quantity of villas was higher/ (lower);
(weighted average: 52%) Selling price per m2 was higher/(lower);
Average daily rate per occupied room: 2014: US$1,200 to US$1,890 Expected annual growth in selling price was higher/(lower);
(weighted average: US$1,570) Cash flow velocity was shorter/(longer);
Gross operating margin rate: 2014: 36% to 52% Risk-adjusted discount rate was lower/(higher).
(weighted average: 49%)
Terminal capitalisation rate: 2014: 9%
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%
16. DISPOSAL GROUPS HELD FOR SALE
In 2015, management committed to a plan to sell four properties and associated liabilities, through the sale of their
holding companies. Accordingly, the assets and liabilities of each of these holding companies are presented as separate
disposal groups held for sale. The disposal groups are: Iktinos (owner of "Sitia Bay") and Porto Heli (owner of "Nikki
Beach") in Greece, Azurna (owner of "Livka Bay") in Croatia and Kalkan (owner of "La Vanta") in Turkey. All of the
disposal groups are included in the geographical segment of 'South-East Europe' and in the operating segments of 'Hotel &
Leisure operations' (Porto Heli), 'Construction & Development' (Kalkan) and 'Other' (Iktinos and Azurna). Efforts to sell
the disposal groups have commenced and their sale is expected within the following year.
Impairment losses relating to the disposal group
Impairment losses of E763 thousand for write-downs of the disposal groups to the lower of their carrying amount and their
fair value less costs to sell have been recognised. The impairment losses have been applied to reduce the carrying amount
of property, plant and equipment and equity accounted investee.
Assets and liabilities of disposal groups held for sale
As at 31 December 2015, the disposal groups comprised the following assets and liabilities:
Iktinos disposal group Azurnadisposal group Kalkan disposal group Porto Heli Total
disposal group
E'000 E'000 E'000 E'000 E'000
Property, plant and equipment 4,439 - 23 - 4,462
Investment property (see note 15) 17,901 34,606 - - 52,507
Equity-accounted investee - - - 1,450 1,450
Deferred tax assets - - 1,628 - 1,628
Trading properties (see note 17) - - 7,960 - 7,960
Trade and other receivables - 9 1,459 - 1,468
Cash and cash equivalents 86 282 397 - 765
Assets held for sale 22,426 34,897 11,467 1,450 70,240
Loans and borrowings - 8,162 538 - 8,700
Deferred tax liabilities 3,380 4,405 25 - 7,810
Trade and other payables 252 970 393 - 1,615
Liabilities held for sale 3,632 13,537 956 - 18,125
Cumulative income or expenses included in other comprehensive income
An amount of E182 thousand relating to the disposal groups, is included in other comprehensive income.
Measurement of fair values
i. Fair value hierarchy
The fair value measurement for the disposal groups before costs to sell has been categorised as a Level 3 fair value based
on the inputs to the valuation techniques used (see note 3).
ii. Valuation techniques and significant unobservable inputs
The fair value of each disposal group is significantly based on the valuation of the immovable property in each group. The
following table shows the valuation techniques and significant unobservable inputs used in measuring the fair values of
these properties.
Property Valuation technique (see note 3) Significant unobservable inputs
Iktinos, Greece Combined approach (Market and Income) Market approach (50% weight)
Premiums/(discounts) on the following:
Location: -30% to +30%
Site size: -20% to 0%
Asking vs transaction: -30% to -15%
Frontage sea view: 0% to +15%
Maturity/development potential: +20% to +90%
Weight allocation: +20% to +30%
Income approach (50% weight)
Quantity of villas: 102
Selling price per m2: E2,600
Expected annual growth in selling price: 0% to 6%
Cash flow velocity (years): 9
Risk-adjusted discount rate: 13%
Income approach Room occupancy rate (annual): 32% to 46% (weighted average: 43%)
Average daily rate per occupied room: E372 to E496 (weighted average: E452)
Gross operating margin rate: 5% to 40% (weighted average: 34%)
Terminal capitalisation rate: 9%
Risk-adjusted discount rate: 13%
Market approach Premiums/(discounts) on the following:
Location: -30% to +30%
Site size: -20% to 0%
Asking vs transaction: -30% to -15%
Frontage sea view: 0% to +15%
Maturity/development potential: -20% to +50%
Weight allocation: +15% to +30%
17. Trading properties
Property Valuation technique (see note 3) Significant unobservable inputs
Azurna, Croatia Market approach Premiums/(discounts) on the following:
Asking vs transaction: -10% to 0%
Weight allocation: +15% to +50%
Kalkan, Turkey Income approach Quantity of residential units: 1 to 54
Selling price per m2: E1,050 to E2,050
Expected annual growth in selling price: 0% to 5%
Cash flow velocity (years): 1 to 3
Risk-adjusted discount rate: 5% to 40%
Porto Heli, Greece Income approach Room occupancy rate (annual): 30% to 40% (weighted average: 38%)
Average daily rate per occupied room: E232 to E403 (weighted average: E339)
Gross operating margin rate: 18% to 43% (weighted average: 37%)
Terminal capitalisation rate: 10%
Risk-adjusted discount rate: 12%
31 December 2015 31 December 2014
E'000 E'000
At beginning of year 52,323 64,524
Net direct disposals (16,189) (4,510)
Net transfers from investment property (see note 15) 14,290 5,568
Net transfers from property, plant and equipment (see note 14) 94 -
Disposals through disposal of subsidiary company (see note 31) (1,952) (7,252)
Impairment loss (3,431) (6,216)
Reclassification to assets held for sale (see note 16) (7,960) -
Exchange difference 212 209
At end of year 37,387 52,323
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).
18. AVAILABLE-FOR-SALE FINANCIAL ASSETS
On 15 July 2013, the Company acquired 9.6 million shares, equivalent to 10% of Itacare's share capital, for the amount of
E1.9 million. Itacare is a real estate investment company that was listed on AIM until 16 May 2014, when the admission of
its ordinary shares to trading on AIM was cancelled following a decision of its shareholders at the Extraordinary General
Meeting that took place on 6 May 2014.
31 December 2015 31 December 2014
E'000 E'000
At beginning of year 2,201 2,265
Net change in fair value - (64)
At end of year 2,201 2,201
Fair value hierarchy
The fair value of available-for-sale financial assets, on Itacare's de-listing date, was transferred from Level 1 to Level
3 at the fair value hierarchy.
19. equity-accounted investees
DCI Holdings Two Limited ('DCI H2') Single Purpose Vehicle Five Limited ProgressiveBusinessAdvisors S.A. PortoHeli Total
('SPV 5')
E'000 E'000 E'000 E'000 E'000
Balance as at 1 January 2015 231,972 - 24 2,227 234,223
Reclassification to assets held for sale - - - (1,526) (1,526)
Additions - - - 310 310
Disposals - - (24) - (24)
Share of translation reserve 180 - - - 180
Share of loss, net of tax (43,542) - - (1,011) (44,553)
Share of revaluation reserve 27 - - - 27
Balance as at 31 December 2015 188,637 - - - 188,637
Balance as at 1 January 2014 179,420 1,418 24 - 180,862
Initial cost of investment (see note 31) - - - 1,972 1,972
Additions - 1,116 - - 1,116
Profit on dilution - - - 149 149
Share of profit/(loss), net of tax 52,574 (2,534) - 106 50,146
Share of revaluation deficit (22) - - - (22)
Balance as at 31 December 2014 231,972 - 24 2,227 234,223
The details of the above investments are as follows:
Principal place of business/Country Shareholding interest
Name of incorporation Principal activities 2015 2014
DCI H2 BVIs Acquisition and holding of investments in Cyprus 50% 50%
Porto Heli BVIs Acquisition and holding of investments in Greece 25% 25%
SPV 5 Cyprus Acquisition and holding of investments in Greece - 25%
Progressive Business Advisors S.A. Greece Provision of professional services to Group companies - 20%
The above shareholding interest percentages are rounded to the nearest integer.
During the year, the Company's investment in its equity accounted investee, DCI H2, decreased by E43,335 thousand, compared
to the increase of E52,552 thousand during the year 2014 and the decrease of E76,730 thousand during the year 2013. DCI H2
is the owner of Aristo and its equity fluctuations for these periods mainly relate to revaluation gains and losses on the
latter's property land bank. The decrease recognised in 2013 was principally driven by the reduction in the value of its
largest project, Venus Rock, whose fair value has been adjusted to reflect the purchase price agreed with China Glory
Investment Group ('CGIG'). In 2014, following the termination of the agreement with CGIG, the property of Venus Rock was
revalued based on a valuation by independent professional valuers. In 2015, the property value was based on a new
valuation by independent professional valuers carried out on the same basis as that of 2014.
During the year, the Company disposed of its participation in Progressive Business Advisors S.A. Also, on 24 April 2015,
DCI Holdings Fifty Ltd ('DCI H50') acquired a 100% participation in SPV 5, through the enforcement of the pledge over the
whole issued share capital of SPV 5 that existed in relation to a loan facility provided by DCI H50 to SPV 5 on 11 February
2014. As the Company has a 25% participation in DCI H50, its indirect holding in SPV 5 remains 25% at 31 December 2015. On
30 October 2015, there was a restructuring in the Nikki Beach corporate holding structure ('Porto Heli'), with Heli Bay
replacing DCI H50 as the common holding company of the asset and Heli Bay Properties Ltd acting as the intermediate holding
company in Cyprus. The Company retains its 25% indirect shareholding participation in the Porto Heli project which has not
been affected by the above transactions.
As of 31 December 2015, Aristo, had a total of E1.8 million (2014: E2.4 million) contractual capital commitments on
property, plant and equipment and a total of E39 million (2014: E44 million) bank guarantees arising in the ordinary course
of its business. Aristo's management does not anticipate any material liability to arise from these contingent liabilities.
In addition, 1,500 shares out of 4,975 shares that the Company holds in DCI H2 are pledged as a security against the
Group's bank loans (see note 23).
SPV 5 had nil (2014: E778 thousand) contractual capital commitments on property, plant and equipment. As at 31 December
2014, all 2,500 shares held by the Company in SPV 5 were pledged as security against a loan to SPV 5 (see above and note
23).
The valuation techniques and significant unobservable inputs used in Venus Rock property valuation in years 2015 and 2014
are shown below:
Property Valuation Inter-relationship between key unobservable inputs and fair
description technique Significant unobservable inputs value measurement
Golf courses and development land, Paphos, Cyprus Income approach Selling price per m2: 2015: E2,800 to E3,500 The estimated fair value would increase/(decrease) if:
(2014: E2,800 to E3,500) Selling price per m2 was higher/(lower);
Expected annual growth in selling price: 2015: 0% to 1.5% Expected annual growth in selling price was higher/(lower);
(2014: 1% to 3%) Cash flow velocity was shorter/(longer);
Cash flow velocity (years): 2015: 18 (2014: 13 and 14) Risk-adjusted discount rate was lower/(higher).
Risk-adjusted discount rate: 2015: 11% (2014: 13%)
Beachfront land, Paphos, Cyprus MarketApproach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2015: -30% to 0% Premiums were higher/(lower);
(2014: -30% to 0%) Discounts were lower/(higher);
Site size: 2015: -20% to 0% Weights on comparables with premiums were higher/(lower);
(2014: -20% to 0%) Weights on comparables with discounts were lower/(higher).
Asking vs transaction: 2015: -20% to 0%
(2014: -15% to 0%)
Frontage sea view: 2015: -30% to +30%
(2014: -30% to +30%)
Maturity/development potential: 2015: 0% to +30%
(2014: 0% to +30%)
Building permit: 2015: 0% to +30%
(2014: 0% to +30%)
Weight allocation: 2015:+10% to +40%
(2014: +20% to +30%)
Agricultural land, Paphos, Cyprus MarketApproach Premiums/(discounts) on the following: The estimated fair value would increase/(decrease) if:
Location: 2015: 0% to +20% Premiums were higher/(lower);
(2014: 0% to +20%) Discounts were lower/(higher);
Site size: 2015: -50% Weights on comparables with premiums were higher/(lower);
(2014: -50%) Weights on comparables with discounts were lower/(higher).
Asking vs transaction: 2015: -30% to -10%
(2014: -25% to -10%)
Frontage sea view: 2015: 0% to +20%
(2014: 0% to +20%)
Maturity/development potential: 2015: -20% to 0%
(2014: -20% to 0%)
Weight allocation: 2015: +25% to +40%
(2014: +25% to +40%)
Residential land, Paphos, Cyprus Combinedapproach(Market and Income) Market approach -20% weight (2014: 50% weight) The estimated fair value would increase/(decrease) if:
Premiums/(discounts) on the following: Discounts were lower/(higher);
Long availability in the market: 2015: -5% (2014: -5%) Selling price per m2 was higher/(lower);
Income approach -80% weight (2014: 50% weight) Expected annual growth in selling price was higher/(lower);
Selling price per m2: 2015: E3,000 (2014: E3,000) Cash flow velocity was shorter/(longer);
Expected annual growth in selling price: 2015: 0% to 1.5% Risk-adjusted discount rate was lower/(higher).
(2014: 0% and 3%)
Cash flow velocity (years): 2015: 10 (2014: 8)
Risk-adjusted discount rate: 2015: 11% (2014: 12%)
Premiums/(discounts) on combined approach value:
Location, maturity, size: 2015: -50% to -10%
(2014: -50% to -10%)
Other Venus Rock land, Paphos, Cyprus Combined approach (Market and Income) Market approach -20% weight (2014: 50% weight) The estimated fair value would increase/(decrease) if:
Premiums/(discounts) on the following: Discounts were lower/(higher);
Long availability in the market: 2015: -5% (2014: -5%) Selling price per m2 was higher/(lower);
Income approach -80% weight (2014: 50% weight) Expected annual growth in selling price was higher/(lower);
Selling price per m2: 2015: E3,000 (2014: E3,000) Cash flow velocity was shorter/(longer);
Expected annual growth in selling price: 2015: 0% to 1.5% Risk-adjusted discount rate was lower/(higher).
(2014: 0% to 3%)
Cash flow velocity (years): 2015: 10 (2014: 8)
Risk-adjusted discount rate: 2015: 11% (2014: 12%)
Summary of financial information for equity-accounted investees as at and for the years ended 31 December 2015 and 31
December 2014, not adjusted for the percentage ownership held by the Group:
DCI H2 PortoHeli Progressive Business Advisors S.A. SPV 5 Total
E'000 E'000 E'000 E'000 E'000
2015
Current assets 227,368 5,630 - - 232,998
Non-current assets 680,085 11,380 - - 691,465
Total assets 907,453 17,010 - - 924,463
Current liabilities 345,847 6,355 - - 352,202
Non-current liabilities 181,734 4,551 - - 186,285
Total liabilities 527,581 10,906 - - 538,487
Net assets 379,872 6,104 - - 385,976
Carrying amount of interest in associate 188,637 - - - 188,637
Revenues 21,860 2,170 - - 24,030
Loss (109,382) (6,212) - - (115,594)
Other comprehensive income 417 - - - 417
Total comprehensive income (87,105) (4,042) - - (91,147)
Group's share of loss and total comprehensive income (43,335) (1,011) - - (44,346)
2014
Current assets 235,352 7,340 212 6 242,910
Non-current assets 747,722 12,090 2 8,900 768,714
Total assets 983,074 19,430 214 8,906 1,011,624
Current liabilities 210,121 8,467 96 - 218,684
Non-current liabilities 306,678 13,023 - - 319,701
Total liabilities 516,799 21,490 96 - 538,385
Net assets/(liabilities) 466,275 (2,060) 118 8,906 473,239
Carrying amount of interest in associate 231,972 - 24 2,227 234,223
Revenues 175,137 810 - 500 176,447
Profit/(loss) 105,676 (12,194) - 500 93,982
Other comprehensive income (44) - - - (44)
Total comprehensive income 105,632 (12,194) - 500 93,938
Group's share of profit/(loss) and total comprehensive income 52,552 (2,534) - 106 50,124
DCI H2, the parent company of the Aristo Developers group, has recently completed certain bank loan restructurings to
reschedule its loan repayments over a longer period, proceeding with a debt-to-asset swap to retire a part of its debt and
reduce its debt service obligations for 2015 and 2016. It remains in negotiation with two more banks (including its major
bank lender) to proceed with a restructuring of the related bank liabilities, in a manner that could involve substantial
debt-to-asset swaps and the issue of convertible instruments into shares. DCI H2's bank loans are fully secured, primarily
with mortgages against immovable property of its subsidiaries. There are no floating charges relating to these bank loans.
If DCI H2 does not secure funds from its subsidiaries or other sources to service its banking debt, the lending
institutions would be entitled to exercise the securities they hold against the relevant properties. In such a situation,
the timing of these disposals and the eventual disposal proceeds cannot be forecasted and could have a significant impact
on the Company's investment in DCI H2.
20. trade and other RECEIVABLES
31 December 2015 31 December 2014
E'000 E'000
Trade receivables 7,482 283
Amount receivable from Archimedia Holdings Corp. ('Archimedia') (see note 29.3) - 415
VAT receivables 3,560 6,206
Other receivables 4,154 13,391
Total trade and other receivables (see note 33) 15,196 20,295
Prepayments and other assets 984 3,427
Total 16,180 23,722
31 December 2015 31 December 2014
E'000 E'000
Non-current 1,178 2,584
Current 15,002 21,138
16,180 23,722
21. Cash and cash equivalents
31 December 2015 31 December 2014
E'000 E'000
Bank balances (see note 33) 41,948 30,952
Cash in hand 42 26
Total 41,990 30,978
During the year, the Group had no fixed deposits.
As at 31 December 2015, an amount of E4.1 million (2014: E5 million) received through the Colony Luxembourg S.a.r.l. loan
facility is restricted for use only towards the development of Amanzoe project. As at 31 December 2014, the amount of
E18.9 million (US$22.9 million) received through Melody Business Finance LLC loan facility was restricted for use only
towards the development of Playa Grande project. In addition, funds in bank accounts of certain Group companies are pledged
as a security for loans (see note 23).
22. capital and reserves
Capital
Authorised share capital
31 December 2015 31 December 2014
'000 of shares E'000 '000 of shares E'000
Common shares of E0.01 each 2,000,000 20,000 2,000,000 20,000
Movement in share capital and premium
Shares in Share capital Share premium
'000 E'000 E'000
Capital at 1 January 2014 and 31 December 2014 642,440 6,424 498,933
Capital at 1 January 2015 642,440 6,424 498,933
Shares issued on 9 June 2015 219,257 2,193 60,527
Placement costs - - (1,464)
Bond conversion shares on 11 June 2015 42,930 429 11,851
Capital at 31 December 2015 904,627 9,046 569,847
On 9 June 2015 and 11 June 2015, the Company issued 219,256,609 new common shares and 42,930,080 bond
- More to follow, for following part double click ID:nRSd7515CfRecent news on DCI Advisors
See all newsREG - DCI Advisors Ltd - Annual Financial Report
AnnouncementREG - DCI Advisors Ltd - Correction to Directorate Change announcement
AnnouncementREG - DCI Advisors Ltd - Directorate Change
AnnouncementREG - DCI Advisors Ltd - Result of EGM and Directorate Changes
AnnouncementREG - DCI Advisors Ltd - TR-1 Standard form- notification of major holdings
Announcement