Business
Q1 2014 NAV and trading update
Q1 2014 NAV and trading update.
About this update from Dci Advisors Limited
[{"type":"text","content":"\n \nRNS Number : 3158J Dolphin Capital Investors Limited 11 June 2014 \n \n\n11 June 2014\n \nDOLPHIN CAPITAL INVESTORS LIMITED \n(\"DCI\" or \"Dolphin\" or the \"Company\" \nand together with its subsidiaries the \"Group\")\n \nQ1 2014 NAV Announcement and Trading Update\n \n \nDolphin, a leading global investor in the residential resort sector in emerging markets and one of the largest real estate companies on AIM in terms of net assets, is pleased to provide an update on operational progress and announce its unaudited Net Asset Value (\"NAV\") as at 31 March 2014.\n \nA. Financial highlights: \n· Total Group NAV as at 31 March 2014 was €648 million and €561 million before and after Deferred Income Tax Liabilities (\"DITL\") respectively. This represents an increase of €44 million (7.3%) and €36 million (7%), respectively, from 31 December 2013. \n· This NAV uplift is mainly attributable to DCI's share of the increase in the Venus Rock valuation, in accordance with the latest independent valuation, following the termination of the sale contract with China Glory Investment Group (\"CGIG\") in order to facilitate other current sale discussions, as outlined in more detail below (section B.2.). \n· Sterling NAV per share as at 31 March 2014 was 83p before DITL and 72p after DITL. This represents an increase of 6.2% and 5.9% compared to the 31 December 2013 figures. \n· The Company continues to have a strong asset base coupled with low leverage:\n- Gross Assets of €913 million.\n- Total Debt of €172 million with a Group total debt to total assets value ratio of only 19%. \n- €50 million and US$9.17 million of convertible bonds are held at the Company level. The Company has provided corporate guarantees for the US$31 million outstanding Playa Grande Convertible Bonds, and the US$19 million Playa Grande construction loan.\nB. Transaction Highlights since last Trading Update of 26 March 2014:\nB.1. Update on the preferred equity investment by Colony Capital \n· As announced on 25 March 2014, Dolphin signed a non-binding agreement with Colony Capital, acting on behalf of managed and advised funds (\"Colony\"), for the proposed issue of two tranches of €50 million preferred equ...