Business
Q1 2009 NAV Announcement and
Q1 2009 NAV Announcement and.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n RNS Number : 6417T Dolphin Capital Investors Limited 10 June 2009 \n \n10 June 2009\n\nDOLPHIN CAPITAL INVESTORS LIMITED \n('Dolphin' or the 'Company' \nand together with its subsidiaries the 'Group')\n\nQ1 2009 NAV Announcement and Trading Update\n\n\nDolphin Capital Investors Limited, the leading investor in the residential resort sector in south-east Europe and the largest real estate investment company listed on AIM, announces its NAV as at 31 March 2009 and provides an update on operations.\n\nFinancial Highlights: \n\n\n\nNAV per share at 31 March 2009 before and after deferred income tax liabilities ('DITL') reported at 280p and 252p respectively, representing a decrease of 5% compared to 294p and 265p as at 31 December 2008 due to the appreciation of Sterling versus the Euro in the first quarter of the year. \n\n\nPro-forma NAV per share figures, following the Aristo Developers put option arrangement (the 'Aristo Put Option') in April 2009, as at 31 March 2009 at 232p and 210p before and after DITL respectively. \n\n\nBalance sheet remains robust:\n\n\nGroup NAV at 31 March 2009 before DITL was €1.5 billion, with a pro-forma Group NAV following the Aristo Put Option of €1.6 billion. \n\n\nGroup cash at banks of c. €100 million as at 31 May 2009. \n\n\nNo bank debt at Company level.\n\n\nNo or very limited bank debt on 12 out of 15 major projects.\n\n\nGroup loan to value ratio stands at only 19%.\n\n\n\n\n\nOperational Highlights since last trading update of 17 March 2009:\n· On 17 March, Sitia Bay Golf Resort, Greece received final approval from the Greek National Tourism Organisation for the hotel component while the relevant Construction Permit application is being reviewed.\n· On 2 April, Livka Bay Resort, Croatia received its road location permit, an important step towards receiving the final construction permit for the leisure component of the project.\n·&nbs...