REG - Dolphin Capital Inv - Half-year Report <Origin Href="QuoteRef">DOLC.L</Origin> - Part 2
30/09/2016 07:08
- Part 2: For the preceding part double click ID:nRSd2781La
13 (1,401) (1,506)
Professional fees 9 (4,054) (3,728)
Administrative and other expenses 10 (1,965) (3,481)
Total operating and other expenses (27,124) (28,840)
Results from operating activities (11,258) (20,863)
Finance income 22 240
Finance costs (9,412) (9,724)
Net finance costs (9,390) (9,484)
Gain on disposal of investment in subsidiaries 29 1,197 -
Share of loss on equity accounted investees, net of tax 18 (34,389) (7,077)
Impairment loss on equity accounted investees 18 (109,265) -
Impairment loss on remeasurement of disposal groups 15 (205) -
Total non-operating losses (142,662) (7,077)
Loss before taxation (163,310) (37,424)
Taxation 11 319 (17)
Loss for the period (162,991) (37,441)
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss
Share of revaluation on equity accounted investees 18 17 17
17 17
Items that are or may be reclassified to profit or loss
Foreign currency translation differences (2,769) 12,137
(2,769) 12,137
Other comprehensive income for the period, net of tax (2,752) 12,154
Total comprehensive income for the period (165,743) (25,287)
Loss attributable to:
Owners of the Company (162,417) (36,057)
Non-controlling interests (574) (1,384)
Loss for the period (162,991) (37,441)
Total comprehensive income attributable to:
Owners of the Company (164,589) (26,218)
Non-controlling interests (1,154) 931
Total comprehensive income for the period (165,743) (25,287)
Loss per share
Basic and diluted loss per share (E) 12 (0.18) (0.05)
Condensed consolidated interim statement of financial position
As at 30 June 2016
30 June 2016 31 December 2015
Note E'000 E'000
Assets
Property, plant and equipment 13 183,198 187,015
Investment property 14 338,105 340,853
Equity accounted investees 18 45,000 188,637
Available-for-sale financial assets 17 2,201 2,201
Deferred tax assets 24 996 997
Trade and other receivables 19 910 1,178
Non-current assets 570,410 720,881
Trading properties 16 35,070 37,387
Trade and other receivables 19 13,736 15,002
Cash and cash equivalents 20 11,238 41,990
Assets held for sale 15 69,379 70,240
Current assets 129,423 164,619
Total assets 699,833 885,500
Equity
Share capital 21 9,046 9,046
Share premium 21 569,847 569,847
Retained deficit (283,813) (121,706)
Other reserves 22,230 24,402
Equity attributable to owners of the Company 317,310 481,589
Non-controlling interests 33,931 34,939
Total equity 351,241 516,528
Liabilities
Loans and borrowings 22 190,567 191,152
Finance lease liabilities 23 2,945 2,956
Deferred tax liabilities 24 29,834 30,129
Trade and other payables 26 6,861 6,698
Deferred revenue 25 17,538 17,846
Non-current liabilities 247,745 248,781
Loans and borrowings 22 15,909 32,528
Finance lease liabilities 23 78 77
Trade and other payables 26 53,698 58,241
Deferred revenue 25 13,710 11,220
Liabilities held for sale 15 17,452 18,125
Current liabilities 100,847 120,191
Total liabilities 348,592 368,972
Total equity and liabilities 699,833 885,500
Net asset value ('NAV') per share (E) 27 0.35 0.53
Condensed consolidated interim statement of changes in equity
For the six-month period ended 30 June 2016
Attributable to owners of the Company
Share Share Translation Revaluation Retained Non-controlling Total
capital premium reserve reserve deficit Total interests equity
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Balance at 1 January 2015 6,424 498,933 10,695 12,575 28,821 557,448 30,364 587,812
TOTAL COMPREHENSIVE INCOME
Loss - - - - (36,057) (36,057) (1,384) (37,441)
Other comprehensive income
Foreign currency translation differences - - 9,822 - - 9,822 2,315 12,137
Share of revaluation on equity accounted investees - - - 17 - 17 - 17
Total other comprehensive income - - 9,822 17 - 9,839 2,315 12,154
Total comprehensive income - - 9,822 17 (36,057) (26,218) 931 (25,287)
TRANSACTIONS WITH OWNERS OF THE COMPANY
Contributions by and distributions
Issue of ordinary shares 2,193 60,527 - - - 62,720 - 62,720
Placement costs - (1,390) - - - (1,390) - (1,390)
Bond conversions 429 11,851 - - - 12,280 - 12,280
Non-controlling interests on capital increases of subsidiaries - - - - (545) (545) 545 -
Total contributions by and distributions 2,622 70,988 - - (545) 73,065 545 73,610
Total transactions with owners of the Company 2,622 70,988 - - (545) 73,065 545 73,610
Balance at 30 June 2015 9,046 569,921 20,517 12,592 (7,781) 604,295 31,840 636,135
Balance at 1 January 2016 9,046 569,847 23,939 463 (121,706) 481,589 34,939 516,528
TOTAL COMPREHENSIVE INCOME
Loss - - - - (162,417) (162,417) (574) (162,991)
Other comprehensive income
Foreign currency translation differences - - (2,189) - - (2,189) (580) (2,769)
Share of revaluation on equity accounted investees - - - 17 - 17 - 17
Total other comprehensive income - - (2,189) 17 - (2,172) (580) (2,752)
Total comprehensive income - - (2,189) 17 (162,417) (164,589) (1,154) (165,743)
TRANSACTIONS WITH OWNERS OF THE COMPANY
Contributions and distributions
Equity-settled share-based payment arrangements - - - - 310 310 - 310
Total contributions and distributions - - - - 310 310 - 310
Changes in ownership interests
Movement in non-controlling interests - - - - - - 146 146
Total changes in ownership interests - - - - - - 146 146
Total transactions with owners of the Company - - - - 310 310 146 456
Balance at 30 June 2016 9,046 569,847 21,750 480 (283,813) 317,310 33,931 351,241
Condensed consolidated interim statement of cash flows
For the six-month period ended 30 June 2016
From 1 January 2016to 30 June 2016 From 1 January 2015to 30 June 2015
E'000 E'000
Cash flows from operating activities
Loss (162,991) (37,441)
Share of loss on equity accounted investees, net of tax 34,389 7,077
Impairment loss on equity accounted investees 109,265 -
Net change in fair value of investment property 11 96
Impairment loss on remeasurement of disposal groups 205 -
Gain on disposal of investment in subsidiaries (1,197) -
Other adjustments 11,390 12,634
(8,928) (17,634)
Changes in:
Receivables 1,533 1,571
Payables (30) 20,942
Cash (used in)/from operating activities (7,425) 4,879
Tax received 66 77
Net cash (used in)/from operating activities (7,359) 4,956
Cash flows from investing activities
Net (acquisitions)/disposals of investment property (11) 2,621
Net acquisitions of property, plant and equipment (1,684) (13,900)
Change in trading properties 2,707 (6,704)
Change in net assets held for sale 29 -
Change in equity accounted investees - (376)
Interest received 22 242
Net cash from/(used in) investing activities 1,063 (18,117)
Cash flows from financing activities
Proceeds from issue of share capital, net of placement costs - 61,330
Change in loans and borrowings (18,273) 2,460
Change in finance lease liabilities (10) (256)
Interest paid (5,693) (5,960)
Net cash (used in)/from financing activities (23,976) 57,574
Net (decrease)/increase in cash and cash equivalents (30,272) 44,413
Cash and cash equivalents at the beginning of the period 41,990 28,739
Effect of exchange rate fluctuations on cash held (480) (619)
Cash and cash equivalents at the end of the period 11,238 72,533
For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents consist of the following:
Cash in hand and at bank (see note 20) 11,238 74,820
Bank overdrafts - (2,287)
Cash and cash equivalents at the end of the period 11,238 72,533
Notes to the condensed consolidated interim financial statements
1. REPORTING ENTITY
Dolphin Capital Investors Limited (the 'Company') was incorporated and registered in the British Virgin Islands ('BVIs') on
7 June 2005. The Company is a real estate investment company focused on the early-stage, large-scale leisure-integrated
residential resorts in south-east Europe and the Americas, and managed by Dolphin Capital Partners Limited (the 'Investment
Manager'), an independent private equity management firm that specialises in real estate investments, primarily in
south-east Europe. The shares of the Company were admitted to trading on the AIM market of the London Stock Exchange
('AIM') on 8 December 2005.
The condensed consolidated interim financial statements of the Company as at and for the six-month period ended 30 June
2016 comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group') and the
Group's interests in associates.
The condensed consolidated interim financial statements of the Group as at and for the six-month period ended 30 June 2016
are available at www.dolphinci.com.
2. STATEMENT OF COMPLIANCE
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial
Reporting'. They do not include all of the information required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2015. They are
presented in euro (E), rounded to the nearest thousand.
These condensed consolidated interim financial statements were authorised for issue by the Board of Directors on 29
September 2016.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as
those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2015.
4. ESTIMATES
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those applied
to the consolidated financial statements as at and for the year ended 31 December 2015.
5. PRINCIPAL SUBSIDIARIES
As at 30 June 2016, the Group's most significant subsidiaries were the following:
Country of Shareholding
Name Project incorporation interest
Scorpio Bay Holdings Limited Scorpio Bay Resort Cyprus 100%
Scorpio Bay Resorts S.A. Scorpio Bay Resort Greece 100%
Latirus Enterprises Limited Sitia Bay Golf Resort Cyprus 80%
Iktinos Techniki Touristiki S.A. ('Iktinos') Sitia Bay Golf Resort Greece 78%
Xscape Limited Lavender Bay Resort Cyprus 100%
Golfing Developments S.A. Lavender Bay Resort Greece 100%
MindCompass Overseas Limited Kilada Hills Golf Resort Cyprus 100%
MindCompass Overseas S.A. Kilada Hills Golf Resort Greece 100%
MindCompass Overseas Two S.A. Kilada Hills Golf Resort Greece 100%
MindCompass Parks S.A. Kilada Hills Golf Resort Greece 100%
Dolphin Capital Greek Collection Limited Kilada Hills Golf Resort Cyprus 100%
DCI Holdings One Limited ('DCI H1') Aristo Developers BVIs 100%
D.C. Apollo Heights Polo and Country Resort Limited Apollo Heights Resort Cyprus 100%
Symboula Estates Limited Apollo Heights Resort Cyprus 100%
DolphinCI Fourteen Limited ('DCI 14') Amanzoe Cyprus 100%
Eidikou Skopou Dekatessera S.A. ('ES 14') Amanzoe Greece 100%
Eidikou Skopou Dekaokto S.A. ('ES 18') Amanzoe Greece 100%
Single Purpose Vehicle Two Limited ('SPV 2') Amanzoe Cyprus 64%
Eidikou Skopou Eikosi Ena S.A. Amanzoe Greece 64%
Azurna Uvala D.o.o. ('Azurna') Livka Bay Resort Croatia 100%
Eastern Crete Development Company S.A. Plaka Bay Resort Greece 100%
DolphinLux 2 S.a.r.l. La Vanta- Mediterra Resorts Luxembourg 100%
Kalkan Yapi ve Turizm A.S. ('Kalkan') La Vanta- Mediterra Resorts Turkey 100%
Dolphin Capital Americas Limited Pearl Island and Playa Grande Club & Reserve BVIs 100%
DCA Pearl Holdings Limited Pearl Island BVIs 100%
DCA Holdings Six Limited Playa Grande Club & Reserve BVIs 100%
DCA Holdings Seven Limited Playa Grande Club & Reserve BVIs 100%
Playa Grande Holdings Inc. ('PGH') Playa Grande Club & Reserve BVIs 100%
Single Purpose Vehicle Eight Limited Triopetra Cyprus 100%
Eidikou Skopou Dekapente S.A. Triopetra Greece 100%
Single Purpose Vehicle Ten Limited ('SPV 10') Kea Resort Cyprus 67%
Eidikou Skopou Eikosi Tessera S.A. Kea Resort Greece 67%
Pearl Island Limited S.A. Pearl Island Panama Republic 60%
Zoniro (Panama) S.A. Pearl Island Panama Republic 60%
The above shareholding interest percentages are rounded to the nearest integer.
As at 30 June 2016 and 31 December 2015, all or part of the shares held by the Company in some of its subsidiaries are
pledged as a security for loans.
6. revenue
From 1 January 2016 to 30 June 2016 From 1 January 2015 to 30 June 2015
E'000 E'000
Income from hotel operations 7,901 3,187
Income from operation of golf courses 125 12
Income from construction contracts - 2,273
Sale of trading and investment properties 6,095 427
Rental income 52 247
Other income 1,704 1,927
Total 15,877 8,073
7. OPERATING EXPENSES
From 1 January 2016 to 30 June 2016 From 1 January 2015 to 30 June 2015
E'000 E'000
Cost of sales related to:
Hotel operations 3,743 1,402
Golf course operations 143 179
Construction contracts - 2,851
Sales of trading and investment properties 3,755 217
Commission to agents and other 57 64
Concession/write off of land - 2,066
Personnel expenses (see below) 4,738 3,660
Hotel operator fees 181 162
Branding management fees 1,189 2,108
Other operating expenses 316 298
Total 14,122 13,007
Personnel expenses
From 1 January 2016 to 30 June 2016
Hotel & leisure operations Project maintenance & development Total Construction in progress
E'000 E'000 E'000 E'000
Wages and salaries 2,243 1,312 3,555 -
Compulsory social security contributions 436 216 652 -
Contributions to defined contribution plans - 24 24 -
Other personnel costs 437 70 507 -
Total 3,116 1,622 4,738 -
The average number of employees employed by the Group during the period was 397 140 537 -
From 1 January 2015 to 30 June 2015
Hotel & leisure operations Project maintenance & development Total Construction in progress
E'000 E'000 E'000 E'000
Wages and salaries 1,430 1,376 2,806 74
Compulsory social security contributions 339 258 597 3
Contributions to defined contribution plans - 20 20 -
Other personnel costs 127 110 237 -
Total 1,896 1,764 3,660 77
The average number of employees employed by the Group during the period was 204 161 365 2
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. 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
E'000 E'000 E'000 E'000
30 June 2016
Revenue 8,027 6,102 1,748 15,877
Net change in fair value of investment property - - (11) (11)
Operating expenses (8,433) (5,298) (391) (14,122)
Investment Manager remuneration - - (4,511) (4,511)
Directors' remuneration - - (1,071) (1,071)
Depreciation charge (1,218) (183) - (1,401)
Professional fees - (1,236) (2,818) (4,054)
Administrative and other expenses - (285) (1,680) (1,965)
Results from operating activities (1,624) (900) (8,734) (11,258)
Finance income - - 22 22
Finance costs (3,673) (246) (5,493) (9,412)
Net finance costs (3,673) (246) (5,471) (9,390)
Share of loss on equity-accounted investees, net of tax - (34,389) - (34,389)
Gain on disposal of investment in subsidiaries - 1,197 - 1,197
Impairment loss on equity accounted investees - (109,265) - (109,265)
Impairment loss on remeasurement of disposal groups - (205) - (205)
Loss before tax (5,297) (143,808) (14,205) (163,310)
Taxation - 46 273 319
Loss (5,297) (143,762) (13,932) (162,991)
Hotel & leisure operations Construction & development Other Reportable segments' totals
E'000 E'000 E'000 E'000
30 June 2015
Revenue 3,199 2,928 1,946 8,073
Net change in fair value of investment property - - (96) (96)
Operating expenses (3,724) (7,507) (1,776) (13,007)
Investment Manager remuneration - - (6,814) (6,814)
Directors' remuneration - - (304) (304)
Depreciation charge (1,173) (239) (94) (1,506)
Professional fees - (1,970) (1,758) (3,728)
Administrative and other expenses - (2,911) (570) (3,481)
Results from operating activities (1,698) (9,699) (9,466) (20,863)
Finance income - 238 2 240
Finance costs (1,822) (1,790) (6,112) (9,724)
Net finance costs (1,822) (1,552) (6,110) (9,484)
Share of loss on equity-accounted investees, net of tax (1,007) (6,070) - (7,077)
Loss before tax (4,527) (17,321) (15,576) (37,424)
Taxation - (111) 94 (17)
Loss (4,527) (17,432) (15,482) (37,441)
Geographical segments
Information in relation to the geographical regions in which the Group operates, is set below:
Americas1 South-East Europe2 Other3 Reportable segment totals Adjustments4 Consolidated totals
E'000 E'000 E'000 E'000 E'000 E'000
30 June 2016
Property, plant and equipment 100,195 83,003 - 183,198 - 183,198
Investment property 139,158 198,947 - 338,105 - 338,105
Trading properties 3,086 31,984 - 35,070 - 35,070
Equity accounted investees - 45,000 - 45,000 - 45,000
Available-for-sale financial assets 2,201 - - 2,201 - 2,201
Cash and cash equivalents 2,305 6,792 2,141 11,238 - 11,238
Assets held for sale - 69,379 - 69,379 - 69,379
Intra-group debit balances 14,513 51,888 578,810 645,211 (645,211) -
Other assets 5,068 10,382 192 15,642 - 15,642
Total assets 266,526 497,375 581,143 1,345,044 (645,211) 699,833
Loans and borrowings 54,926 93,290 58,260 206,476 - 206,476
Finance lease liabilities 5 3,018 - 3,023 - 3,023
Deferred tax liabilities 2,385 27,449 - 29,834 - 29,834
Liabilities held for sale - 17,452 - 17,452 - 17,452
Intra-group credit balances 163,996 421,339 59,876 645,211 (645,211) -
Other liabilities 26,901 64,122 784 91,807 - 91,807
Total liabilities 248,213 626,670 118,920 993,803 (645,211) 348,592
Revenue 9,554 6,323 - 15,877 - 15,877
Net change in fair value of investment property (11) - - (11) - (11)
Share of loss on equity accounted investees, net of tax - (34,389) - (34,389) - (34,389)
Impairment loss on equity accounted investees - (109,265) (109,265) (109,265)
Other non-operating profits - 992 - 992 - 992
Investment Manager remuneration - (640) (3,871) (4,511) - (4,511)
Net finance costs (2,397) (5,006) (1,987) (9,390) - (9,390)
Other expenses (9,479) (10,113) (3,021) (22,613) - (22,613)
Loss before taxation (2,333) (152,098) (8,879) (163,310) - (163,310)
Taxation - 319 - 319 - 319
Loss (2,333) (151,779) (8,879) (162,991) - (162,991)
Americas1 South-East Europe2 Other3 Reportable segment totals Adjustments4 Consolidated totals
E'000 E'000 E'000 E'000 E'000 E'000
31 December 2015
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
30 June 2015
Revenue 1,622 6,367 84 8,073 8,073
Net change in fair value of investment property (80) (16) - (96) - (96)
Share of loss on equity accounted investees, net of tax - (6,070) (1,007) (7,077) - (7,077)
Investment Manager remuneration - - (6,814) (6,814) - (6,814)
Net finance costs (1,494) (5,109) (2,881) (9,484) - (9,484)
Other expenses (4,562) (16,727) (737) (22,026) - (22,026)
Loss before taxation (4,514) (21,555) (11,355) (37,424) - (37,424)
Taxation 14 (31) - (17) - (17)
Loss (4,500) (21,586) (11,355) (37,441) - (37,441)
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 17).
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 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 2015 and the first half 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 late 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
passed a law including a list of reforms that the Greek Government needed to implement in order to unlock a fresh E82
billion to E86 billion bail-out. 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. Since the announcement of the provisional
agreement for the third bail out, reservations picked 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.
In 2016, for the period between January and July, international arrivals rose by 6.4% against the same period last year.
The Greek Tourism Confederation noted that the surge in last-minute bookings means that there is a strong likelihood that
the target which the Confederation set at the start of the year, for an increase of 6% in arrivals over the course of the
whole year, can be achieved.
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.
In 2016, for the period January - July 2016, arrivals of tourists totalled 1.74 million compared to 1.45 million in the
corresponding period of 2015, recording an increase of 20% as reported by the country's Statistical Service. The last
estimate for the 2016 tourist arrivals is 3.1 million compared with 2.65 million in 2015 and 2.7 million in 2001 which was
the last record 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.
9. PROFESSIONAL FEES
From 1 January 2016 to 30 June 2016 From 1 January 2015 to 30 June 2015
E'000 E'000
Legal fees 496 360
Auditors' remuneration (see below) 212 226
Accounting expenses 142 136
Project design and development fees 2,270 1,962
Consultancy fees 400 284
Administrator fees 120 157
Other professional fees 414 603
Total 4,054 3,728
From 1 January 2016 to 30 June 2016 From 1 January 2015 to 30 June 2015
E'000 E'000
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