REG - Dolphin Capital Inv - Half Yearly Report <Origin Href="QuoteRef">DOLC.L</Origin> - Part 2
29/10/2014 13:40
- Part 2: For the preceding part double click ID:nRSW3187Sa
33,797 23,536
Non-current liabilities 248,854 241,208
Loans and borrowings 17 17,510 15,760
Finance lease obligations 18 426 423
Trade and other payables 20 60,949 53,115
Current tax liabilities 135 108
Current liabilities 79,020 69,406
Total liabilities 327,874 310,614
Total equity and liabilities 904,897 858,790
Net asset value ('NAV') per share (E) 21 0.86 0.82
Condensed consolidated interim statement of changes in equity
For the six-month period ended 30 June 2014
Attributable to owners of the Company
Share Share Translation Revaluation Retained Non-controlling Total
capital premium reserve reserve earnings Total interests equity
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Balance at 1 January 2013 6,424 498,933 1,483 8,533 120,108 635,481 32,293 667,774
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Loss for the period - - - - (103,450) (103,450) 113 (103,337)
Other comprehensive income for the period
Foreign currency translation differences - - 1,550 - - 1,550 191 1,741
Revaluation of property, plant and equipment, net of tax - - - 1,934 - 1,934 (176) 1,758
Share of revaluation on equity accounted investees - - - (112) - (112) - (112)
Total other comprehensive income for the period - - 1,550 1,822 - 3,372 15 3,387
Total comprehensive income for the period - - 1,550 1,822 (103,450) (100,078) 128 (99,950)
Balance at 30 June 2013 6,424 498,933 3,033 10,355 16,658 535,403 32,421 567,824
Balance at 1 January 2014 6,424 498,933 1,491 6,768 10,056 523,672 24,504 548,176
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
Profit for the period - - - - 30,359 30,359 1,558 31,917
Other comprehensive income for the period
Foreign currency translation differences - - 507 - - 507 179 686
Translation differences to profit or loss due to disposal of subsidiary - - (2,709) - - (2,709) - (2,709)
Share of revaluation on equity accounted investees - - - 17 - 17 - 17
Fair value adjustment on available-for-sale financial asset - - - (64) - (64) - (64)
Total other comprehensive income for the period - - (2,202) (47) - (2,249) 179 (2,070)
Total comprehensive income for the period - - (2,202) (47) 30,359 28,110 1,737 29,847
TRANSACTIONS WITH OWNERS OF THE COMPANY
Changes in ownership interests
Acquisition of non-controlling interests without a change in control - - - - 535 535 (1,535) (1,000)
Total changes in ownership interests - - - - 535 535 (1,535) (1,000)
Total transactions with owners of the Company - - - - 535 535 (1,535) (1,000)
Balance at 30 June 2014 6,424 498,933 (711) 6,721 40,950 552,317 24,706 577,023
Condensed consolidated interim statement of cash flows
For the six-month period ended 30 June 2014
From 1 January 2014to 30 June 2014 From 1 January 2013to 30 June 2013
E'000 E'000
Cash flows from operating activities
Profit/(loss) for the period 31,917 (103,337)
Unrealised (gain)/loss on property (47,404) 72,358
Other adjustments 3,788 15,950
(11,699) (15,029)
Changes in:
Receivables (1,250) 2,982
Payables 18,147 3,883
Cash from /(used in) operating activities 5,198 (8,164)
Tax paid (17) (76)
Net cash from/(used in) operating activities 5,181 (8,240)
Cash flows from investing activities
Proceeds from disposal of subsidiaries, net of cash disposed of 8,288 -
Net acquisitions of investment property 151 (691)
Net acquisitions of property, plant and equipment (10,751) (8,590)
Net change in equity accounted investees (1,116) -
Net change in trading properties 4,773 (2,746)
Interest received 265 521
Net cash from/(used in) investing activities 1,610 (11,506)
Cash flows from financing activities
Acquisition of non-controlling interests without a change in control (1,000) -
Change in loans and borrowings 186 46,299
Change in finance lease obligations (209) (226)
Interest paid (4,782) (5,717)
Net cash (used in)/from financing activities (5,805) 40,356
Net increase in cash and cash equivalents 986 20,610
Cash and cash equivalents at the beginning of the period 4,861 19,993
Effect of exchange rate fluctuations on cash held (2) (138)
Cash and cash equivalents at the end of the period 5,845 40,465
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 15) 8,145 42,709
Bank overdrafts (see note 17) (2,300) (2,244)
Cash and cash equivalents at the end of the period 5,845 40,465
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 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 2014 comprise the financial
statements of the Company and its subsidiaries (together referred to as the
'Group') and the Group's interests in associates.
The consolidated financial statements of the Group as at and for the year
ended 31 December 2013 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 2013. They are presented in
euro (E), rounded to the nearest thousand.
These condensed consolidated interim financial statements were approved by the
Board of Directors on 22 September 2014.
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
2013.
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 2013.
5. Significant SUBSIDIARIES
As at 30 June 2014, the Group's most significant subsidiaries were the
following:
Country of Shareholding
Name incorporation interest
Scorpio Bay Holdings Limited Cyprus 100%
Scorpio Bay Resorts S.A. Greece 100%
Latirus Enterprises Limited Cyprus 80%
Iktinos Techniki Touristiki S.A. ('Iktinos') Greece 78%
Xscape Limited Cyprus 100%
Golfing Developments S.A. Greece 100%
MindCompass Overseas Limited Cyprus 100%
MindCompass Overseas S.A. Greece 100%
MindCompass Overseas Two S.A. Greece 100%
MindCompass Parks S.A. Greece 100%
Ergotex Services Co. Limited Cyprus 100%
D.C. Apollo Heights Polo and Country Resort Limited Cyprus 100%
Symboula Estates Limited Cyprus 100%
DolphinCI Fourteen Limited ('DCI 14') Cyprus 86%
Eidikou Skopou Dekatessera S.A. Greece 86%
Eidikou Skopou Dekaokto S.A. Greece 86%
Eidikou Skopou Eikosi Ena S.A. Greece 80%
Portoheli Hotel and Marina S.A. Greece 25%
DCI Holdings Two Limited ('DCI H2') BVIs 50%
Dolphin Capital Atlantis Limited Cyprus 50%
Aristo Developers Limited ('Aristo') Cyprus 50%
Single Purpose Vehicle Twelve Limited Cyprus 50%
Azurna Uvala D.o.o. ('Azurna') Croatia 100%
Eastern Crete Development Company S.A. Greece 100%
DolphinLux 2 S.a.r.l. Luxembourg 100%
Kalkan Yapi ve Turizm A.S. Turkey 100%
Dolphin Capital Americas Limited BVIs 100%
DCI Holdings Seven Limited ('DCI H7') BVIs 100%
Playa Grande Holdings Inc. ('PGH') Dominican Republic 100%
Single Purpose Vehicle Eight Limited Cyprus 100%
Eidikou Skopou Dekapente S.A. Greece 100%
Single Purpose Vehicle Ten Limited ('SPV 10') Cyprus 67%
Eidikou Skopou Eikosi Tessera S.A. Greece 67%
Pearl Island Limited S.A. Panama Republic 60%
Zoniro (Panama) S.A. Panama Republic 60%
The above shareholding interest percentages are rounded to the nearest
integer.
6. Segment reporting
The Group has one operation, investing in real estate, and three reportable
segments as shown below, which represent the geographical regions in which the
Group operates.
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 2014 - -
Investment property 91,604 339,293 - 430,897 - 430,897
Property, plant and equipment 56,788 99,023 - 155,811 - 155,811
Trading properties 1,629 46,631 - 48,260 - 48,260
Equity accounted investees - 224,882 - 224,882 - 224,882
Available-for-sale financial assets 2,201 - - 2,201 - 2,201
Cash and cash equivalents 3,566 3,983 596 8,145 - 8,145
Intra-group debit balances 11,790 291,273 511,069 814,132 (814,132) -
Other assets 3,062 24,472 7,167 34,701 - 34,701
Total assets 170,640 1,029,557 518,832 1,719,029 (814,132) 904,897
Loans and borrowings 13,119 76,157 79,477 168,753 - 168,753
Finance lease obligations 129 8,103 - 8,232 - 8,232
Deferred tax liabilities 1,758 54,250 - 56,008 - 56,008
Intra-group credit balances 108,302 408,328 297,502 814,132 (814,132) -
Other liabilities 9,581 80,244 5,056 94,881 - 94,881
Total liabilities 132,889 627,082 382,035 1,142,006 (814,132) 327,874
Valuation gain on investment property - 8,766 - 8,766 - 8,766
Impairment losses - (4,249) - (4,249) - (4,249)
Share of losses on equity accounted investees, net of tax - 42,887 - 42,887 - 42,887
Gain on disposal of investment in subsidiaries - 2,709 - 2,709 - 2,709
Other operating profits 2,660 5,909 - 8,569 - 8,569
Investment Manager fees - - (6,858) (6,858) - (6,858)
Net finance costs (16) (4,031) (1,579) (5,626) - (5,626)
Other expenses (4,129) (9,146) (966) (14,241) - (14,241)
(Loss)/profit before taxation (1,485) 42,845 (9,403) 31,957 - 31,957
Taxation (25) (15) - (40) - (40)
(Loss)/profit for the period (1,510) 42,830 (9,403) 31,917 - 31,917
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 2013
Investment property 93,120 330,671 - 423,791 - 423,791
Property, plant and equipment 44,728 98,876 - 143,604 - 143,604
Trading properties 1,576 62,948 - 64,524 - 64,524
Equity accounted investees - 180,862 - 180,862 - 180,862
Available-for-sale financial assets 2,265 - - 2,265 - 2,265
Cash and cash equivalents 3,953 1,835 1,312 7,100 - 7,100
Intra-group debit balances 14,205 281,246 510,417 805,868 (805,868) -
Other assets 4,625 22,054 9,965 36,644 - 36,644
Total assets 164,472 978,492 521,694 1,664,658 (805,868) 858,790
Loans and borrowings 10,982 78,629 79,193 168,804 - 168,804
Finance lease obligations 157 8,284 - 8,441 - 8,441
Deferred tax liabilities 1,742 54,868 - 56,610 - 56,610
Intra-group credit balances 103,774 411,823 290,271 805,868 (805,868) -
Other liabilities 8,000 62,911 5,848 76,759 - 76,759
Total liabilities 124,655 616,515 375,312 1,116,482 (805,868) 310,614
30 June 2013
Valuation gain on investment property 5,933 1,789 - 7,722 - 7,722
Impairment losses - (790) - (790) - (790)
Share of losses on equity accounted investees, net of tax - (79,290) - (79,290) - (79,290)
Other operating profits 1,917 2,448 - 4,365 - 4,365
Investment Manager fees - - (6,890) (6,890) - (6,890)
Net finance costs (291) (6,406) (201) (6,898) - (6,898)
Other expenses (3,055) (8,216) (2,376) (13,647) - (13,647)
Profit/(loss) before taxation 4,504 (90,465) (9,467) (95,428) - (95,428)
Taxation (148) (7,761) - (7,909) - (7,909)
Profit/(loss) for the period 4,356 (98,226) (9,467) (103,337) - (103,337)
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 12).
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 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 2014, with both
international tourism and wealth continuing to grow, even though economic
activity in two of Group's primary markets, Greece and Cyprus, continued to
face significant challenges, with the most notable effect on the Group's
businesses being the scarcity of senior bank debt to finance the construction
of the development portfolio. However, the business climate is slowly, but
steadily improving in both regions, assisted by the legislative reforms
implemented during the past year by both the Greek and the Cypriot
governments.
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 have
significantly stabilised. Greek tourism has witnessed impressive growth during
the first eight months of 2014. Tourist arrivals in Greece from January to
August 2014 increased by almost 16% compared to the same period of 2013, based
on preliminary results issued by the country's main airports. This remarkable
performance has led to the upward revision of the estimated international
arrivals for 2014 from an initial 19 million to an all-time record of 19.5
million (despite the loss of additional tourist arrivals from Russia and
Ukraine due to the political instability).The debt crisis has also been a
catalyst in adopting a faster entitlement process for development projects in
Greece. In particular, the introduction of the Strategic Investment incentive
legislation in Greece, which should be applicable to most of the Group's local
projects due to their quality, size and potential impact on the local economy,
speeds up and improves zoning entitlements and building permits for Group
residential resort projects in the country.
The crisis of sovereign debt affected the Cypriot economy with a time lag,
causing negative effects not only on public finances but also in the banking
system. Despite the fact that the Government tried to react promptly and
effectively by preparing a fiscal consolidation programme, the country
captured the world' s attention in 2013 as it fought hard to bounce back from
the brink of bankruptcy through intense negotiations with international
lenders. The so called 'bail in' decision of the Eurozone included imposing
losses on depositors with amounts extending E100,000, a closed banking system
for two weeks and extensive capital controls. 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 and increase the value and
saleability of its larger projects. Significant value will also be unlocked
through the expected zoning of the Apollo Heights Resort, following the
agreement reached by the Cypriot and UK governments to permit for development
such projects falling within the Sovereign British Areas.Tourist arrivals in
Cyprus for the period January-August 2014 totalled approximately 1.7 million,
representing a 6% increase from the corresponding period in 2013.
7. Taxation
From 1 January 2014 From 1 January 2013
to 30 June 2014 to 30 June 2013
E'000 E'000
Corporate income tax 44 13
Deferred tax (4) 7,896
Total 40 7,909
8. EARNINGS/(LOSS) per share
Basic earnings/(loss) per share
Basic earnings/(loss) per share is calculated by dividing the profit/(loss)
attributable to owners of the Company by the weighted average number of common
shares outstanding during the period.
From 1 January 2014 From 1 January 2013
to 30 June 2014 to 30 June 2013
'000 '000
Profit/(loss) attributable to owners of the Company (E) 30,359 (103,450)
Number of weighted average common shares outstanding 642,440 642,440
Basic earnings/(loss) per share (E) 0.05 (0.16)
Weighted average number of common shares outstanding
From 1 January 2014 to 30 June 2014 From 1 January 2013 to 30 June 2013
'000 '000
Outstanding common shares at beginning and end of period 642,440 642,440
Weighted average number of common shares outstanding 642,440 642,440
Diluted earnings/(loss) per share
Diluted earnings/(loss) per share is calculated by adjusting the profit/(loss)
attributable to owners and the number of common shares outstanding to assume
conversion of all dilutive potential shares. During the period, the Company
has 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 2014 From 1 January 2013
to 30 June 2014 to 30 June 2013
'000 '000
Profit/(loss) attributable to owners of the Company (E) 30,359 (103,450)
Weighted average number of common shares outstanding 642,440 642,440
Effect of potential conversion of warrants 5,585 5,585
Weighted average number of common shares outstanding for diluted earnings/(loss) per share 648,025 648,025
Diluted earnings/(loss) per share (E) 0.05 (0.16)
The convertible bonds issued by the Company, are excluded from the calculation
of diluted earnings/(loss) per share for the periods ended 30 June 2014 and
2013 because of their anti-dilutive effect.
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.
9. Investment property
30 June 2014 31 December 2013
E'000 E'000
At beginning of period/year 423,791 422,204
Direct acquisitions 736 351
Transfers toproperty, plant and equipment (see note 10) (2,423) (7,232)
Transfers to trading properties (see note 11) - (9,115)
Direct disposals (887) (8)
Exchange difference 914 (5,014)
422,131 401,186
Fair value adjustment 8,766 22,605
At end of period/year 430,897 423,791
10. Property, plant and equipment
Under construction Land, buildings and other Total
30 June 2014 E'000 E'000 E'000
Cost or revalued amount
At beginning of period 8,180 156,114 164,294
Direct acquisitions of property, plant and equipment 8,892 1,901 10,793
Transfers from investment property (see note 9) - 2,423 2,423
Capitalised depreciation - 95 95
Direct disposal of property, plant and equipment - (67) (67)
Exchange difference 123 342 465
At end of period 17,195 160,808 178,003
Depreciation and impairment losses
At beginning of period - 20,690 20,690
Depreciation charge for the period - 1,405 1,405
Capitalised depreciation - 95 95
Direct disposal of property, plant and equipment - (25) (25)
Exchange difference - 27 27
At end of period - 22,192 22,192
Carrying amounts 17,195 138,616 155,811
Under constructionE'000 Land, buildings and other E'000 TotalE'000
31 December 2013
Cost or revalued cost
At beginning of year 389 138,794 139,183
Direct acquisitions of property, plant and equipment 7,808 17,797 25,605
Transfers from investment property (see note 9) - 7,232 7,232
Capitalised depreciation - 258 258
Direct disposal of property, plant and equipment - (7) (7)
Revaluation adjustment - (6,911) (6,911)
Exchange difference (17) (1,049) (1,066)
At end of year 8,180 156,114 164,294
Depreciation and impairment losses
At beginning of year - 20,511 20,511
Revaluation adjustment - (2,628) (2,628)
Depreciation charge for the year - 2,447 2,447
Capitalised depreciation - 258 258
Impairment loss - 342 342
Reversal of impairment loss - (117) (117)
Exchange difference - (123) (123)
At end of year - 20,690 20,690
Carrying amounts 8,180 135,424 143,604
11. Trading properties
30 June 2014 31 December 2013
E'000 E'000
At beginning of period/year 64,524 38,732
Net direct (disposals)/additions (4,773) 16,869
Net transfers from investment property (see note 9) - 9,115
Disposals through disposal of subsidiary companies (see note 23) (7,252) -
Impairment loss (4,249) (970)
Reversal of impairment loss - 778
Exchange difference 10 -
At end of period/year 48,260 64,524
12. 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.
30 June 2014 31 December 2013
E'000 E'000
At beginning of year 2,265 -
Additions - 1,944
Net change in fair value (64) 321
At end of period/year 2,201 2,265
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 of the fair value hierarchy.
13. equity accounted investees
Single Purpose Progressive
Vehicle Five Business
DCI H2 Limited ('SPV 5') Advisors S.A. Total
E'000 E'000 E'000 E'000
Balance at 1 January 2014 179,420 1,418 24 180,862
Additions - 1,116 - 1,116
Share of profits/(losses) 43,234 (347) - 42,887
Share of revaluation surplus 17 - - 17
Balance as at 30 June 2014 222,671 2,187 24 224,882
Balance at 1 January 2013 256,150 1,722 24 257,896
Share of losses (76,935) (304) - (77,239)
Share of revaluation surplus 205 - - 205
Balance as at 31 December 2013 179,420 1,418 24 180,862
The details of the above investments are as follows:
Country of Shareholding interest
Name incorporation Principal activities 30 June 2014 31 December 2013
DCI H2 BVIs Acquisition and holding of investments 50% 50%
SPV 5 Cyprus Construction and management of resort 25% 25%
Progressive Business Advisors S.A. Greece Provision of professional services 20% 20%
The above shareholding interest percentages are rounded to the nearest
integer.
During the period, the Company's investment in its equity accounted investee,
DCI H2, increased by E43,251 thousand, compared to the decrease of E76,730
thousand during the year 2013. DCI H2's equity fluctuations for both periods
relate to revaluation gains and losses on its property land bank. The
decrease recognized in 2013 was principally driven by the reduction in value
of the Venus Rock project, whose fair value has been adjusted to reflect the
purchase price agreed with China Glory Investment Group ('CGIG'). Considering
the fact that the agreement with CGIG was eventually terminated on 10 June
2014, the property of Venus Rock was revalued during the current period based
on a valuation of independent professional valuers carried out with an
effective date 31 March 2014.
The extended recession in Cyprus and the CGIC agreement terms not allowing the
company to market its Venus Rock property, have rendered DCI H2 unable to
service its bank loans. The company, however, has recently completed most
bank loan restructurings, rescheduling its loan repayments over a longer
period and significantly reducing its debt service obligations for 2015 and
2016. The company is also in final stage discussions aiming to reach an
agreement to restructure its respective loan facilities with its major bank
lender. DCI H2's bank loans are fully secured primarily with mortgages
against immovable property of its subsidiaries. There are no floating charges
or pledges of shares relating to these bank loans.
If the plans of divestiture of the Venus Rock project do not materialize, and
DCI H2 does not secure funds from its subsidiaries and 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
situation, the timing of these disposals and the eventual disposal proceeds
cannot be forecasted and could have an impact on the Company's investment in
DCI H2.
As of 30 June 2014, Aristo, DCI H2's largest subsidiary, had a total of E2.4
million (31 December 2013: E2.4 million) contractual capital commitments on
property, plant and equipment and a total of E46 million (31 December 2013:
E45 million) bank guarantees arising in the ordinary course of 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 Group's
bank loans.
SPV 5 had a total of E3 million (31 December 2013: E5.1 million) contractual
capital commitments on property, plant and equipment.
Summary of financial information for equity accounted investees as at 30 June
2014 and 31 December 2013, not adjusted for the percentage of ownership held
by the Group:
DCI H2 SPV 5 Progressive BusinessAdvisors S.A. Total
E'000 E'000 E'000 E'000
30 June 2014
Current assets 221,821 8,812 192 230,825
Non-current assets 734,897 18,873 2 753,772
Total assets 956,718 27,685 194 984,597
Current liabilities 197,558 9,855 96 207,509
Non-current liabilities 310,878 9,084 - 319,962
Total liabilities 508,436 18,939 96 527,471
Revenues 123,164 - - 123,164
Expenses (36,261) (1,387) - (37,648)
Profit/(loss) 86,903 (1,387) - 85,516
31 December 2013
Current assets 222,170 10,099 192 232,461
Non-current assets 630,273 11,400 2 641,675
Total assets 852,443 21,499 194 874,136
Current liabilities 186,022 10,571 96 196,689
Non-current liabilities 305,076 1,007 - 306,083
Total liabilities 491,098 11,578 96 502,772
Revenues 29,786 - 455 30,241
Expenses (184,429) (1,217) (454) (186,100)
(Loss)/profit (154,643) (1,217) 1 (155,859)
14. RECEIVABLES AND OTHER ASSETS
30 June 2014 31 December 2013
E'000 E'000
Trade receivables 237 339
Amount receivable from Archimedia Holdings Corp. ('Archimedia')(see note 22.4) 1,516 1,509
VAT receivables 7,105 7,676
Other receivables 15,372 11,032
Total trade and other receivables 24,230 20,556
Prepayments and other assets 5,352 8,400
Total 29,582 28,956
15. Cash and cash equivalents
30 June 2014 31 December 2013
E'000 E'000
Bank balances 8,119 7,075
Cash in hand 26 25
Total 8,145 7,100
The Group during the period had no fixed deposits. The average interest rate
on the fixed deposit balances for the year ended 31 December 2013 was 0.495%.
16. CAPITAL AND RESERVES
Capital
Authorised share capital
30 June 2014 31 December 2013
'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 2013 and 30 June 2014 642,440 6,424 498,933
Warrants
In December 2011, the Company raised E8,500,000 through the issue of new
shares at GBP 0.27 per share (with warrants attached to subscribe for
additional Company shares equal to 25% of the aggregate value of the new
shares at the price of GBP 0.317 per share, subject to anti-dilution
adjustments pursuant to the warrant's terms and conditions-initial price of
GBP0.35 per share). The warrant holders can exercise their subscription rights
within five years from the admission date. The number of shares to be issued
on exercise of their rights will be determined based on the subscription price
on the exercise date.
Reserves
Translation reserve
Translation reserve comprises all foreign currency differences arising from
the translation of the interim financial statements of foreign operations.
Fair value reserve
Fair value reserve comprises the cumulative net change in fair value of
available-for-sale financial assets until the assets are derecognized or
impaired and the revaluation of property, plant and equipment from both
subsidiaries and equity accounted investees, net of any deferred tax.
17. LOANS AND BORROWINGS
Total Within one year Within two to five years More than five years
30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December
2014 2013 2014 2013 2014 2013 2014 2013
E'000 E'000 E'000 E'000 E'000 E'000 E'000 E'000
Loans in euro 73,919 76,390 12,816 11,619 33,257 32,550 27,846 32,221
Loans in United States dollars 13,057 10,982 2,394 1,902 9,036 7,760 1,627 1,320
Bank overdrafts in euro 2,239 2,239 2,239 2,239 - - - -
Bank overdrafts in United States dollars 61 - 61 - - - - -
Convertible bonds payable in euro 50,000 50,000 - - 50,000 50,000 - -
Convertible bonds payable in United States dollars 29,477 29,193 - - 29,477 29,193 - -
Total 168,753 168,804 17,510 15,760 121,770 119,503 29,473 33,541
1 January 2014 New issues Capital repayments Interest paid Other movements 30 June 2014
E'000 E'000 E'000 E'000 E'000 E'000
Loans in euro 76,390 - (2,974) (2,087) 2,590 73,919
Loans in United States dollars 10,982
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