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CONTENTS
1
ABOUT US
2
Niche strategy
Dolphin Capital
Investors Limited
Vanterpool Plaza,
2nd Floor, Wickhams Cay 1,
Road Town, Tortola,
British Virgin Islands
5
Portfolio breakdown
Interim Review
8
Financial highlights
Period ended 30 June 2014
www.dolphinci.com
4
Residential portfolio
Leading investors
in luxury residential
resorts
6
Our journey so far
9
Chairman’s statement
10
INVESTMENT
MANAGER’S REPORT
10
Overview
11
Asset sales, divestments, investments
& other updates
12
Cash generation potential
14
Market dynamics
15
Strategic objectives
16
PORTFOLIO REVIEW
17
Project investment
and exit summary
18
Advanced Projects
46
Major Projects
53
Permitting status update
54
Aristo
56
Corporate social responsibility
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Dolphin Capital Investors Interim Review Period ended 30 June 2014
Dolphin Capital
Investors Limited
Vanterpool Plaza,
Road Town, Tortola,
www.dolphinci.com
CONTENTS
1
ABOUT US
2
Niche strategy
4
Leading investors
resorts
5
Portfolio breakdown
Interim Review
8
6
Our journey so far
9
10
INVESTMENT
MANAGER’S REPORT
10
Overview
11
Divestments, investments
& other updates
12
14
Market dynamics
15
Strategic focus
16
PORTFOLIO REVIEW
17
Project investment
and exit summary
18
Advanced Projects
46
Major Projects
53
54
Aristo
55
DOL18 | IR 2014 | 2110/2014 | ARTWORK
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DOL18 | IR 2014 | 21/10/2014 | ARTWORK
1
5
6
7
OUR PORTFOLIO
14 major projects
8
LARGE-SCALE LEISURE-INTEGRATED RESIDENTIAL RESORTS
OUR PORTFOLIO AT A GLANCE
60 + residential projects
2
ARISTO PROJECTS
13
63 million m
ADVANCED PROJECTS
1 The Porto Heli Collection • Amanzoe
• The Nikki Beach Resort & Spa • The Chedi and Jack Nicklaus
2
LAND UNDER DEVELOPMENT
8
7
1
M
Signature Golf Course 6
14
5 9
10
E D
I T
E R
R A N
E A N
2 11 12
S E A
59 kilometres
DCI’s
stake
343
9686%
1
25%
246
100%
9
2 Venus Rock
1,000
49.8%
950
100%
3 Playa Grande Club & Reserve
1,440
60%
4 Pearl Island
SUB TOTAL 3,733
DIRECT COASTLINE
10,000 +
3
RESIDENTIAL CAPACITY
3
22 hotels
(11 PERMITTED, 3 CURRENTLY OPERATING )
5 marinas
Land site
(hectares)
B B
R I
A
C
E
A
N
S
E
A
(3 PERMITTED)
4
8 golf courses
Our portfolio currently comprises 14 large-scale
development projects in Cyprus, Greece, Croatia, Turkey,
the Dominican Republic and Panama, and more than
60 smaller residential holiday home projects in Cyprus
and Greece through Aristo, our largest subsidiary.
DOL18 | IR 2014 | 21/10/2014 | ARTWORK
DOLPHIN INTERIM REVIEW - INNER
DO NOT PRINT
4
MAJOR PROJECTS
5 Sitia Bay Golf Resort
6 AmanKea 7 Scorpio Bay Resort
8 Lavender Bay Resort
9 Plaka Bay Resort
10 Triopetra 11 Eagle Pine Golf Resort
12 Apollo Heights Polo Resort
13 Livka Bay Resort
14 La Vanta – Mediterra Resorts
Zoniro Greece
SUB TOTAL 280
65
172
310
440
11
319
461
63
8
27
2,156
78%
67%
100%
100%
100%
100%
50%
100%
100%
100%
100%
10
11
Aristo Cyprus*
392
TOTAL6,281
*Excluding Eagle Pine and Venus Rock
14
13
DOL18 | IR 2014 | 21/10/2014 | ARTWORK
12
1
5
6
7
OUR PORTFOLIO
14 major projects
8
LARGE-SCALE LEISURE-INTEGRATED RESIDENTIAL RESORTS
OUR PORTFOLIO AT A GLANCE
60 + residential projects
2
ARISTO PROJECTS
13
63 million m
ADVANCED PROJECTS
1 The Porto Heli Collection • Amanzoe
• The Nikki Beach Resort & Spa • The Chedi and Jack Nicklaus
2
LAND UNDER DEVELOPMENT
8
7
1
M
Signature Golf Course 6
14
5 9
10
E D
I T
E R
R A N
E A N
2 11 12
S E A
59 kilometres
DCI’s
stake
343
9686%
1
25%
246
100%
9
2 Venus Rock
1,000
49.8%
950
100%
1,440
60%
4 Pearl Island
SUB TOTAL 3,733
DIRECT COASTLINE
10,000 +
3
RESIDENTIAL CAPACITY
3
22 hotels
5 marinas
Land site
(hectares)
B B
R I
A
C
E
A
N
S
E
A
(3 PERMITTED)
4
8 golf courses
Our portfolio currently comprises 14 large-scale
development projects in Cyprus, Greece, Croatia, Turkey,
the Dominican Republic and Panama, and more than
60 smaller residential holiday home projects in Cyprus
and Greece through Aristo, our largest subsidiary.
DOL18 | IR 2014 | 2210/2014 | ARTWORK
DOLPHIN INTERIM REVIEW - INNER
DO NOT PRINT
4
MAJOR PROJECTS
6 The Aman at Kea 7 Scorpio Bay Resort
9 Plaka Bay Resort
10 Triopetra 11 Eagle Pine Golf Resort
13 Livka Bay Resort
Zoniro Greece
SUB TOTAL 280
65
172
310
440
11
319
461
63
8
27
2,156
78%
67%
100%
100%
100%
100%
50%
100%
100%
100%
100%
10
11
Aristo Cyprus*
392
TOTAL6,281
*Excluding Eagle Pine and Venus Rock
14
13
DOL18 | IR 2014 | 22/10/2014 | ARTWORK
12
1
A LEADING GLOBAL INVESTOR
We are a leading global investor in the residential resort
sector in emerging markets, seeking to generate strong
capital growth and cash returns for our shareholders.
We acquire large seafront sites of striking natural beauty
in the eastern Mediterranean, Caribbean and Latin
America and develop them into sophisticated leisureintegrated residential resorts, in partnership with some
of the world’s most recognised architects, golf course
designers and hotel operators.
Since its inception in 2005, Dolphin has become one of the largest private
seafront landowners in Greece and Cyprus. Dolphin’s portfolio is currently
spread over 63 million m² of prime coastal developable land and comprises
14 large-scale, leisure-integrated residential resorts under development in
Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and
a 49.8% strategic participation in Aristo Developers Ltd, the largest developer
and private land owner in Cyprus. Dolphin is managed by Dolphin Capital
Partners, ‘DCP’ or the ‘Investment Manager’, an independent real estate
private equity firm.
Dolphin Capital Investors Limited Interim Review Period ended 30 June 2014
2
NICHE STRATEGY
Dolphin acquires attractively
priced seafront sites of exceptional
natural beauty and develops them
into high-end, premium-branded
residential resorts, capitalising on
its in-house expertise.
Amanzoe
3
INVESTMENT PRINCIPLES
Country selection criteria
• Emerging economies with significant
tourist inflow
• High barriers to entry for foreign
investors without local network
• Beautiful coastlines, unspoilt
landscapes, pleasant climate
• Wealth of outdoor activities, safety,
rich history and culture
• Limited supply of serviced residential
resorts managed by luxury international
operators
• Commitment and legislative initiatives
from local governments to nurture
sustainable luxury tourism and
second-home industry
• Significant capital appreciation potential
as they converge with mature
economies
Investment parameters
• Large coastal land sites of striking
natural beauty or completed/semicompleted luxury resorts with
residential development potential
acquired at attractive prices
• Located near the sea and within driving
distance of an airport
• Development capacity for residential
units (villas, townhouses and
apartments) and leisure components
(such as a hotel, golf course, country
club, spa facility, marina or other
sporting facilities)
• Potential for comprehensive residential
services (such as food and beverage,
concierge services, health services,
security, maintenance and property
management) and leisure experiences
(such as sports, adventure travel,
excursions, spa, arts, culture and
nature-oriented activities)
• Attractive locations for affluent holiday
and retirement home buyers, primarily
from Europe, Russia, the Middle East
and North America
Risk mitigation
• Land acquisition prices which are at a
big discount to south-west Europe and
North America
• Conservative phasing of the projects
• No speculative building of homes
• Financing of the residential construction
through pre-sales
• Financing of the leisure components
mainly with ring-fenced non-recourse
bank debt on a project-by-project basis
• Limited borrowings at the corporate
level
VALUE CREATION
STRATEGY
Acquisitions
• Acquire large, exquisite,
developable sites with strong
capital appreciation potential,
or completed / semi-completed
luxury residential resorts below
replacement cost and with
significant residential sales
capacity and an attractive
potential operating cashflow
profile
• Use tax-efficient holding
structures to minimise tax on
development and divestments
• Secure land zoning, if not
in place
Design and branding
• Appoint internationally
acclaimed master planners,
architects and designers to
create world-class products
• Partner with luxury operators
and marketing experts to
create highest quality branding
Construction
• Obtain construction permits
through a well-planned process
• Appoint the most reputable
construction firms on a
turn-key basis
• Efficiently manage construction
leveraging Dolphin’s internal
expert team
Operations
• Handle the pre-opening process
• Organise the marketing and
PR operations
• Monitor and optimise operations
to maximise profitability
Profit realisation
• Sell entire projects or strategic
stakes at any stage of
development, particularly
upon permits being obtained
• Sell the residential components,
land parcels and ultimately the
residual leisure components
• Leverage Dolphin’s internal
teams and local development
partners to create portfolio
synergies through economies
of scale and expertise transfer
in design, management,
operations, marketing and
financing
4
Amanzoe Villa
www.amanvillasph.com
Residential inventory for sale: We partner with the most
experienced architects, golf designers and hotel operators to
create the ultimate combination of hospitality and residential
accommodation in exquisite seafront locations.
THE PORTO HELI COLLECTION, PELOPONNESE, GREECE
Seafront Villa
www.theseafrontvillas.com
Amanzoe Villas The only Aman Villas currently available for sale in Europe. Part of
Amanzoe Resort, probably the best resort in the Mediterranean today, synonymous
with the highest level of service while offering an unforgettable retreat. Each villa,
although having the same architectural language, is designed individually by the
quintessential Amanresorts architect Mr. Ed Tuttle, to the owner’s specifications.
13 villas sold or reserved to date.
The Nikki Beach Resort & Spa Opened summer of 2014, the resort comprises
17 hotel suites and 49 apartments & lofts for sale, alongside restaurants, bars, beach
club, spa, outdoor swimming pool and two piers.
Playa Grande Aman Villa
www.amanvillaspg.com
The Seafront Villas The exceptional 11 Seafront Villas make up an exclusive gated
community that sits right on one of Greece's most spectacular shorelines. Serviced
and deeded, these four to seven bedroom homes offer bespoke design and are crafted
from prized native materials.
AMAN VILLAS AT PLAYA GRANDE, DOMINICAN REPUBLIC
On a sublime cliff-side location, overlooking crescent-shaped Playa Grande beach,
lies the Aman at Playa Grande, a private resort – currently under construction and
planned to open in Q3 2015. An exclusive group of 14 Aman Founders’ Villas
ranging from two to six bedrooms are currently available for sale with stunning
golf and sea views – three have already been sold.
PEARL ISLAND, ARCHIPELAGO DE LAS PERLAS, PANAMA
Pearl Island Villa
www.pearlisland.com
Over 70 homes already sold in the initial Founders’ Phase of the development:
La Peninsula. The second phase of the island involves the construction of a Ritz
Carlton Reserve Hotel starting Q1 2015, and offers for sale only eight Founder Ritz
Carlton Reserve villas of three to four bedrooms, representing one of the best
residential offerings in Central America.
MEDITERRA RESORTS, LA VANTA, TURKEY
La Vanta is a development of over eight hectares comprising over 195 villas, townhouses and apartments. Phase 1 was completed in 2010, with 44 out of 49 units
sold/delivered. Phase 2a is currently under construction including 10 additional units,
of which two are sold.
La Vanta House
www.mediterraresorts.com
Aristo Cyprus Villa
www.venusrock.com
ARISTO, CYPRUS
Aristo sells residential units from a wide range of projects, of which the most high
profile are:
Venus Rock Golf Resort residential units
Thalassea Residences, Polis Chrysochous
Aristo Plots Villas
Mersinia Hills, Ayia Napa
Pissouri Panorama Residences, Limassol
Rosemary Residences, Nicosia Town, Lakatamia
Sea Caves Residences, Paphos
5
PORTFOLIO BREAKDOWN
BY GEOGRAPHY AS AT 31 AUGUST 2014
TOTAL
REAL ESTATE VALUE
BREAKDOWN BY REAL ESTATE VALUE
Greece Cyprus Croatia and Turkey
Americas Total €397m 45.8%
€265m 30.7%
€47m 5.4%
€157m 18.1%
€866m 100.0%
€866
million
BREAKDOWN BY LAND SIZE (hectares)
Greece 1,648 26.2%
Cyprus 2,172 34.6%
Croatia and Turkey 71 1.2%
Americas 2,390
38.0%
Total 6,281100.0%
TOTAL NET ASSET
VALUE BEFORE DITL
TOTAL
LAND SIZE
€643
6,281
BREAKDOWN BY NET ASSET VALUE
Greece €258m 40.1%
Cyprus €246m 38.3%
Croatia and Turkey €34m 5.2%
Americas €105m 16.4%
Total €643m100.0%
million
hectares
TOTAL
NET INVESTMENT
EXPOSURE BY NET INVESTMENT*
Greece €222m 38.3%
Cyprus €203m 35.0%
Total €580m 100.0%
€580
million
BREAKDOWN BY DEBT **
Greece €85m 65.2%
Cyprus €21m 15.9%
Total €130m100.0%
* Residual investment cost, including amounts paid in shares. **Excluding DCI corporate bonds.
6
Our journey so far
2005
2006
2007
2008
2009
JULY
MARCH
JANUARY
JANUARY
APRIL
JUNE
APRIL
MARCH
Dolphin founded with
€5 million of seed capital.
DECEMBER
Dolphin admitted to
trading on AIM, raising
€104 million.
Dolphin executes first
investment in Greece –
Kilada Hills Golf Resort.
Dolphin follows on with
first investment in Cyprus
– Apollo Heights Polo
Resort, and an additional
acquisition in Greece –
Scorpio Bay Resort.
AUGUST
Continued investment
activity in Greece –
Amanmila and Lavender
Bay Resort.
NOVEMBER
Second AIM fundraise
of an additional
€300 million.
NOVEMBER
Dolphin completes first
acquisition in Crete –
Sitia Bay Golf Resort, and
partners for a second
time in Greece with Aman
for Amanzoe at The
Porto Heli Collection.
Dolphin makes first
investment in Croatia –
Livka Bay Resort.
Dolphin purchases
85% stake in Aristo.
JUNE
Third AIM fundraise
of an additional
€450 million.
JULY
Dolphin invests for the
second time in Crete –
Plaka Bay Resort.
OCTOBER
Minority buy-outs in Livka
Bay Resort, and Mediterra
Resorts.
€62.7 million invested in
the acquisition of prime
land in strategic locations
in Cyprus, funded 100% by
Aristo’s operational cash
flow and credit lines.
JULY
Dolphin makes first
investment in Central
America – Pearl Island
in Panama.
Dolphin acquires Kea
Resort, and executes the
first investment in Turkey
– Mediterra Resorts.
DECEMBER
Dolphin makes first
investment outside
eastern Mediterranean
– Playa Grande Club
& Reserve in the
Dominican Republic.
Sale of Amanmila, Milos,
Greece and launch of
Shares-For-Assets
Programme.
JUNE
Acquired remaining
15% of Aristo.
AUGUST
Commencement of
construction of Amanzoe
at Porto Heli, Greece.
SEPTEMBER
Commencement of
construction of the first
golf villa at Playa Grande
Club & Reserve.
OCTOBER
Final construction permit
for the hotel at Sitia Bay
Golf Resort.
DECEMBER
Sale of 33% of Kea Resort
and signing of
management agreement
with Aman Resorts.
7
2010
2011
2012
2013
2014
MAY
FEBRUARY
JANUARY
MARCH
MARCH
MARCH
MAY
MARCH
Venus Rock Golf Resort
obtains permits for two
golf courses and related
residential reaching
450,000 buildable m2
of real estate.
MAY
€50 million asset-backed
loan facility arranged for
Venus Rock Golf Resort.
JUNE
Management agreement
signed with Nikki Beach to
operate the hotel at The
Porto Heli Collection.
Commencement of
construction of the first
Aman Villa at Amanzoe.
US$40 million issue of
Playa Grande Convertible
Bonds.
APRIL
Works for the
construction of the
36-hole golf course
commenced at Venus
Rock Golf Resort.
AUGUST
Commencement of
construction of the Aman
Beach Club at Amanzoe.
Construction of Pearl
Island airport runway
begins.
Aristo Exchange takes
place.
JUNE
Construction of first golf
villa completed at Playa
Grande Club & Reserve.
AUGUST
Issue of €50 million
Bonds and US$9 million
Bonds.
Aman Golf Resort
groundbreaking
ceremony at Playa
Grande.
MAY
Agreement for the sale
of Venus Rock is signed.
Amanzoe welcomes its
first guests. At opening,
five Aman Villas were
already sold.
JULY
SEPTEMBER
OCTOBER
Dolphin sells a 60%
shareholding in Pearl
Island’s Founders’ Phase,
after having sold over
20 Founder lots.
The construction of the
first Aman Villas at
Amanzoe is completed.
Ritz Carlton announces
2016 resort opening at
Pearl Island.
OCTOBER
€50 million issue of new
Dolphin shares.
Agreement for the sale
of Port Kundu is signed.
JULY
Nikki Beach Resort & Spa
at Porto Heli welcomes
its first guests.
AUGUST
Dolphin establishes a
strategic relationship
with Colony Capital
Acquisitions LLC by way
of €40.4 million second
priority loan facility into
Amanzoe.
8
FINANCIAL HIGHLIGHTS
TOTAL GROUP NAV AS AT 30 JUNE 2014
€638
€552
million
and
million
BEFORE AND AFTER DEFERRED INCOME TAX
LIABILITIES ('DITL') RESPECTIVELY.
THIS REPRESENTS A DECREASE OF
€9.73
€8.19
million (1.5%)
and
million (1.5%)
RESPECTIVELY, FROM 31 MARCH 2014.
The decrease is mainly due to a small
valuation loss in the Aristo portfolio,
as well as to regular operating expenses,
offset by revaluation gains in Amankea.
THE COMPANY CONTINUES TO
HAVE A STRONG ASSET BASE
COUPLED WITH LOW LEVERAGE
GROSS ASSETS
€906
million
TOTAL DEBT
€169
million
WITH A GROUP TOTAL DEBT TO TOTAL
ASSETS VALUE RATIO OF ONLY
19 %
€50 million and US$9.17 million of convertible
bonds are held at the Company level.
STERLING NAV PER SHARE AS AT 30 JUNE 2014
GBP
0.80
0.69
before DITL
and GBP
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.
after DITL
THIS REPRESENTS A DECREASE OF
4.6 %
4.5 %
and
COMPARED TO THE 31 MARCH 2014 FIGURES
This is due to the reasons stated above
and to the 3.1% appreciation of Sterling
versus Euro over the period.
9
CHAIRMAN’S
STATEMENT
DAVID B. HELLER
I am pleased to report Dolphin’s results for the first half of 2014.
During the period, we made continued progress towards achieving our
strategic priorities within a challenging, but constantly improving market.
The opening of The Nikki Beach Resort & Spa at Porto Heli on 28 July 2014
demonstrated once again the Company’s ability to create high-end luxury
resorts on time and on budget, even within demanding economic conditions.
The resort further enhanced The Porto Heli Collection offering, and we have
received extremely positive feedback from our guests.
The operations of Amanzoe, the first villa-integrated Aman resort in Europe and one of the most
exclusive destinations in the Mediterranean, continue their excellent performance, with occupancy
again reaching almost 100% on many days during the peak holiday season. Amanzoe is increasingly
regarded as one of the top leisure-integrated residential resorts in the world, with consistently
outstanding reviews in the top-tier international press. It is also encouraging to note that one more
Aman Villa has been reserved since the Company’s last Trading Update, while there are several Aman
Villa sales at advanced discussions, with completion expected soon.
The completion of Colony’s €40.4 million investment into Amanzoe established Dolphin’s strategic
relationship with one of the world’s leading real estate investors, and we are looking into other areas
of cooperation.
I am particularly pleased that we have made significant progress with regard to both the bank
financing and the receipt of final permits at Kilada Hills Golf Resort and Amankea. Kilada Hills Golf
Resort is the third phase of The Porto Heli Collection and it will enhance the existing offering with a
prestigious Jack Nicklaus Signature 18-hole golf course. Amankea will be the second Aman branded
resort in Greece and the first one developed on a European island.
The Company has initiated a competitive sale process for Venus Rock Golf Resort, with a view to
achieving the (whole or partial) sale of the asset, and which should help offset the sales performance
of Aristo, which continues to fall below management’s expectations. In parallel, the Dolphin team is
looking at opportunities for small or large scale exits of non-core assets such as Porto Kundu, sold
earlier this year.
The Greek and other governments remain committed to attracting and facilitating inward
investment, and we welcome the recent legislative reforms, which are expected to benefit tourism
development and large scale projects.
The Company’s NAV, before and after DITL, as at 30 June 2014 is reported at €638 million and
€552 million, respectively, and the NAV per share before and after DITL in Euro terms was €0.99 and
€0.86 respectively, representing a 5.7% and 5.5% increase from 31 December 2013.
David B. Heller, Chairman
Dolphin Capital Investors Limited
10
INVESTMENT
MANAGER’S REPORT
The main focus of our team for
2014 continues to be securing solid
progress and funding in all stages
of development of our portfolio
(ranging from securing permitting
to construction and sales) and
realising exits that further validate
the value of the portfolio and
crystallise value for shareholders.
Pierre Charalambides, Founding Partner,
and Miltos Kambourides, Managing Partner
The opening of The Nikki Beach Resort & Spa in the
summer of 2014 was, as expected, a very gratifying and
important milestone in the Company’s development,
representing the second of our luxury resorts to come
to market and the completion of the second phase of
The Porto Heli Collection.
Amanzoe’s second year of operations is further
improved, while the resort continues to serve as a
showcase of Dolphin’s development capabilities, profit
potential and vision.
Sales activity has continued to gain momentum in
recent months, with a number of potential transactions
under negotiation. Positive signs are seen in the senior
debt local financing environment as well as in the
availability for mezzanine facilities. We feel that the
timing is right for completing the construction of
infrastructure and leisure facilities of some additional
key projects, such as Kilada Hills, Pearl Island and
Amankea, in order to produce more luxury residential
supply to satisfy the increasing demand and realise
value for the Company.
11
INVESTMENT MANAGER’S REPORT
Divestments, investments
& other updates
SYROS, GREECE
On 19 September 2014, Zoniro entered into a binding pre-agreement with a foreign investor group for
the sale of 10 land plots on the island of Syros. The land was part of the Aristo Greek portfolio, which
was 100% retained by DCI following the divestment of 50.2% of Aristo in 2012.
The transaction net consideration payable to Zoniro amounts to €1.94 million, of which the Company
has already received a non-refundable advance of €0.22 million. The transaction consideration will be
received in staged payments over the next 10 months and €1.15 million from the proceeds will be used
for the repayment of debt which was secured against the plots.
The transaction represents a 26% premium to the asset’s book value.
DOLPHIN CAPITAL AMERICAS (‘DCA’)
Following the Letter of Intent signed by DCA to acquire one of the largest privately owned islands in the
Bahamas through a corporate merger transaction on 24 March 2014, the Company conducted extensive
due diligence and decided not to proceed at this point, as it was not comfortable with the project’s
expected rate of return versus Dolphin’s existing projects.
€40.4 MILLION INVESTMENT BY COLONY CAPITAL INTO AMANZOE
As announced on 8 August 2014, Colony Capital Acquisitions LLC (‘Colony’) entered into final
agreements with DolphinCI Fourteen Ltd (the Company’s Cyprus subsidiary which holds the Group’s
shareholding in Amanzoe) for a €40.4 million second priority loan facility (the ‘Facility’) into Amanzoe.
The full loan facility proceeds have been drawn down as follows:
a. an amount of €10 million was used to refund a deposit that Archimedia Holdings Corp. (‘Archimedia’)
had advanced to the Company in the context of the corresponding Profit Sharing Agreement as
reported by the Company on 26 March 2014, thus terminating the agreement in question;
b. an amount of €21 million was returned to DCI; while
c. an amount of €9 million was retained by Amanzoe for future expansion and development costs.
The transaction establishes a strategic relationship with Colony, one of the world’s leading and most
respected real estate investors with significant experience in large scale luxury integrated resorts,
and accelerates the return on capital to DCI in the Amanzoe investment.
AMANKEA GREECE
On 28 July 2014, Amankea officially qualified to receive state subsidies, amounting to c. €4.9 million,
for the construction of the project’s leisure components.
Amankea is also in the final stage of negotiations with a major regional bank for a €22 million long term
senior construction loan facility, a c. €7 million VAT bridge facility for the construction cost input
VAT and a €5.4 million Letter of Guarantee for the pre-financing of the above mentioned state
subsidies. The completion of this loan facility is expected within Q4 2014 and depends on the finalisation
of the bank’s due diligence on the project, the conclusion of definitive documentation and final bank
approval.
The Amankea construction can begin as soon as the construction drawings are completed and the
final construction permit is received, but remains subject to finalising the funding package which, in
addition to the bank financing, would require an equity contribution or third party investment of
approximately €16 million.
12
Cash Generation Potential
of the Dolphin portfolio
The Advanced Projects are spread over 3,733 hectares of land, of which 1,508 hectares
represent the current phases of these developments. The total unsold residential
capacity of these projects is approximately 470,000 buildable m2, of which circa
240,000 m2 are planned for their current phases.
1
The Porto Heli Collection: page 18
2
Plans for the current phases of the Advanced Projects include the development of
four luxury hotels, comprising the first Aman residential resort in Europe (Amanzoe
– operating), the first Aman golf-integrated resort worldwide (Playa Grande – planned
to open in Q3 2015), the first Nikki Beach resort in the Mediterranean (operating), and
the first Ritz Carlton Reserve resort in Central America (Pearl Island – expected to
start construction in Q1 2015 subject to the conclusion of debt financing and the
availability of equity funds); as well as the recently renovated golf course in Playa
Grande designed by Robert Trent Jones Snr. and renovated by his son Rees Jones, the
two 18-hole golf courses in Venus Rock Golf Resort (the first of which is currently
operating) and the Jack Nicklaus Signature Golf Course at Kilada.
Dolphin’s remaining portfolio includes:
• Two additional fully permitted leisure-integrated residential resort projects, Amankea
and Sitia Bay Resort, which are ready to assume Advanced Project status and are
spread over 345 hectares of land with a potential capacity of c. 140,000 residential
buildable m2.
• Eight major leisure-integrated residential resort projects spread over 1,811 hectares
of land, on seven of which we conservatively expect to build and sell c. 430,000
residential buildable m2, representing a very low c. 3% building coefficient, while one
is expected to be exited on a wholesale basis. These projects are expected to further
increase in value as they complete their permitting and design phase and reach
Advanced Project status.
Venus Rock Golf Course: page 28
3
• Residual developable land or coefficient since, under the current plans, not all the
land or building capacity of the Major Projects will be utilised.
Playa Grande Club & Reserve: page 34
4
•Aristo Developers, the largest developer and private land owner in Cyprus, which
currently has c. 60,000 buildable m2 of residential product in stock or under
construction and c. 314,000 land m2 in the form of readily available land plots
with a total listed sales potential of over €124 million. In addition, Aristo holds an
additional vast portfolio of land assets with the potential to sell over 900,000
residential buildable m2 once fully developed. Dolphin retains a strategic 49.8%
shareholding in Aristo.
Based on the above, the Investment Manager estimates Dolphin’s total project
portfolio cash return potential to be approximately €3.9 billion, or c. 477p per share.
This includes only c. €30 million of dividends expected from the sale of Venus Rock
and excludes any dividends or other divestment revenues from Aristo – a development
company with ongoing operations and a diverse portfolio of real estate projects.
The gross cash return potential of each project is summarised in the following table:
Pearl Island: page 40
13
Cash Generation Potential of the Dolphin portfolio continued
(€ million)
ADVANCED PROJECTS The Porto Heli Collection
Residential
Leisure
Land
Total cash
DCIbuildablebuildable
plots
generation
stake
(m2)(m2)(m2)potential
51,601
1
100%
208,752
–
768
3 Playa Grande 100%
66,805
27,647 1,210,013
540
4
Pearl Island 60%
190,680
48,119 1,838,466
613
TOTAL 466,237 127,3673,048,479
1,921
PERMITTED PROJECTS 5
Sitia Bay Resort
78%
120,435
6
The Aman at Kea
67%
19,328
TOTAL 139,763
21,516 1,346,431
231
10,177
113
–
31,6931,346,431
344
MAJOR PROJECTS & ARISTO GREECE
241,58793,006
560
14,600
–
160
7
Scorpio Bay Resort
100%
8
Lavender Bay Resort
100%
96,280
24,526
–
196
9
Plaka Bay Resort
100%
70,087
32,000
–
157
10 Triopetra
Douneika
50,800
–
100% 8,87010,430
–
21
100%
15,550
–
27
CYPRUS
248
11 Eagle Pine Golf Resort
141,996
7,9244,610,000
50%
141,996
7,924
100%
–
Livka
Mediterra
48
– 4,610,000
200
–
48
100%32,94429,287
–
48
TURKEY
14 –
32,94429,287
CROATIA
13 11,450
10,734––
11
100%
10,734––
11
TOTAL 431,261 130,2174,610,000
2
Venus Rock Golf Resort 50%
867
30
Residual Land/Coefficient––
13,100,000
734
PORTFOLIO GRAND TOTAL 1,033,261
289,27722,104,910
3,896
• The cash generation potential
assumes the full development of
each project and its exit through
retail sales of the residential
portfolio and land plots, as
well as the sale of its leisure
components at a multiple to their
expected terminal NOI and does
not include inflation assumptions
or interim project exits, with
the exception of the Company’s
Apollo project which is assumed
to be exited on a wholesale basis
at the time when it receives
final zoning and permitting.
Cost assumptions cover future
development costs including
construction costs, marketing,
sales, branding and agency
expenses. Costs do not include
already incurred expenses
for land acquisition and
development, or financing costs,
management, performance fees
and corporate income taxes.
• Venus Rock is expected to be
sold, following completion of the
competitive process initiated
by the Company, and generate
dividends amounting to
c. €30 million to the Company.
Although the deleveraging of
Aristo is expected to allow
more dividends for Dolphin
going forward, these were not
included in the projections.
• All statements are based on future
expectations rather than on
historical facts and are forward
looking statements that involve
a number of assumptions, risks
and uncertainties. The Company
and the Investment Manager
cannot give any assurance that
such statements will prove to be
correct. Any forward looking
statements made by or on behalf
of the Company are made only
on a best estimate basis as at the
date they are made and they do
not constitute future earnings,
revenues or profits forecasts or
guidance. Neither the Company
nor the Investment Manager
undertake to update forward
looking statements to reflect any
changes in expectations, events,
conditions or circumstances upon
which such statements are made.
14
Market dynamics
Growth in tourist arrivals in 2014
GRE ECE
+16%
CYP R U S
+6%
C R OATIA
+5%
TU R K EY
+2.8%
D O M I N I CAN
R E P U B LI C
International tourist arrivals grew by 4.6% in the first half of 2014 according to the
latest UNWTO World Tourism Barometer. Destinations worldwide received some 517
million international tourists between January and June 2014, 22 million more than
in the same period of 2013.
Growth was strong across the board, with the Americas recording a 6% increase,
followed by Asia and the Pacific and Europe (both at +5%). By sub-region, South Asia
and Northern Europe (both +8%) were the best performers, together with North-East
Asia and Southern Mediterranean Europe (both +7%).
In general, the most important observations, for the countries we are invested in, are
as follows:
•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).
• Tourist arrivals in Cyprus for the period January to August 2014 totalled approximately
1.7 million, representing a 6% increase from the corresponding period in 2013.
• For the same eight-month period, Croatia experienced a 5% rise in tourist arrivals
compared to 2013, as around 10.6 million arrivals were registered according to
statistics collected by local tourism boards.
•The number of visitors arriving in Turkey from January to June 2014 increased by
2.8% compared to the same period in the previous year according to provisional
data acquired from the General Directorate of Security and the Turkish Statistical
Institute, reaching approximately 17.5 million.
•The number of tourists visiting the Dominican Republic for the period January to
June 2014 totalled 3.16 million and was up by c. 8.3% relative to the same period of
2013.
•Tourist arrivals in Panama for the period January to June 2014 totalled over
1.8 million, an increase of approximately 5.5% relative to the same period of 2013.
In addition, and relevant to DCI’s focus on HNWIs, the Wealth-X and UBS Billionaire
Census 2014 demonstrated that the wealthy population continues to grow significantly.
+8.3%
PA NAMA
+5.5%
15
STRATEGIC FOCUS
The strategic priorities of the Company are to:
1
#
COMPLETE AGREED SALES OF RESIDENTIAL UNITS AND
ENHANCE THE OPERATIONAL PERFORMANCE OF THE RESORTS
#
2
COMPLETE THE DEVELOPMENT OF THE AMAN GOLF RESORT AND
SELL ALL THE REMAINING FOUNDER AMAN VILLAS AT PLAYA GRANDE
3
#
PROCEED WITH SECURING SENIOR BANK LOANS,
EQUITY FINANCING AND FINAL PERMITS
for the commencement of Amankea, Pearl Island’s second phase and
Jack Nicklaus Signature Golf Resort projects during 2015, which will result
in Dolphin having five completed, operational and cashflow producing projects.
#
4
ASSIST ARISTO’S MANAGEMENT IN INCREASING RETAIL SALES
during the current challenging period and conclude the Venus Rock Golf Resort
sale through the competitive process now underway, using the sales proceeds
to reduce Aristo’s leverage and distribute dividends to Dolphin.
#
5
ADVANCE THE ZONING AND PERMITTING OF DOLPHIN’S OTHER MAJOR PROJECTS
enabling the Company to sell these assets – either partially or wholly –
at a profit, or develop them and realise their full cash return potential.
16
PORTFOLIO REVIEW
Dolphin’s portfolio is currently spread over 63 million m² of
prime coastal developable land and comprises 14 large-scale,
leisure-integrated residential resorts under development
in Greece, Cyprus, Croatia, Turkey, Panama and the
Dominican Republic and a 49.8% strategic participation
in Aristo Developers Ltd, the largest developer and private
land owner in Cyprus.
picturesque resorts...olive groves...decidedly stylish...
groundbreaking...exclusive destinations...private beaches...
fine-dining...cutting-edge technology...incredible swimming
pools...dramatic and magical landscapes...exquisitely
designed guest pavilions...retreats as an antidote to
high stress...sublime experiences...designed masterpieces...
soft golden stone...gentle flowing pools...contemporary...
tailor-made...floor-to-ceiling glass doors...generous...idyllic
terraces...elegant...tranquil peninsulas...secluded coves...
breathtaking panoramic views...tempting dining options...
sought after destinations...dramatic cliffs...sun-drenched
coastlines...secluded pebbled beaches...heavenly islands...
crystal waters... natural beauty...warm weather...great food...
heaven on earth...for the discerning global traveler...
17
PROJECT INVESTMENT AND EXIT SUMMARY
A summary of Dolphin’s current investments is presented below.
As at 31 August 2014, the net invested amount is €580* million.
PROJECT
Land site
(hectares) DCI’s
stake
Investment cost*
(€m) Debt
(€m) Real estate value
(€m)
ADVANCED PROJECTS
1 The Porto Heli Collection
• Amanzoe
• The Nikki Beach Resort & Spa
• The Chedi and Jack Nicklaus
Signature Golf Course
2 Venus Rock
4 Pearl Island
TOTAL
343
96
86%
1
25%
138
41
5
74
74
–
246
100%
1,000
50%
950
100%
1,440
60%
3,733
92
83
85
27
333
–
–
13
–
87
478
MAJOR PROJECTS
6 The Aman at Kea
7 Scorpio Bay Resort
9 Plaka Bay Resort
10 Triopetra
11 Eagle Pine Golf Resort – Aristo
13 Livka Bay Resort
Zoniro Greece
17
9
14
24
12
4
18
17
26
15
3
–
–
–
–
–
–
–
21
10
1
11
TOTAL
ARISTO CYPRUS*
Itacaré Investment
DCI Corporate Bonds
GRAND TOTAL
280
65
172
310
440
11
319
461
63
8
27
78%
67%
100%
100%
100%
100%
50%
100%
100%
100%
100%
Loan to real estate
asset value (%)
18%
2,156
159
43
271
16%
392
50%86
–110
n/a
10%2–7
n/a
n/a
n/a
79
–
6,281
580
209
866
24%
*Residual investment cost, including amounts paid in shares.
BY COUNTRY
A Greece
B Cyprus
C Croatia and Turkey
D Americas
GRAND TOTAL
Land site
(hectares) Investment cost*
(€m) Debt**
(€m) 1,648
2,172
71
2,390
222
203
41
114
85
21
11
13
Land site (hectares)
11
210
65
3.6
4
1,351
1
106
4
6,281
Loan to real estate value (%)
Net asset
value
397
265
47
157
21%
8%
24%
8%
40%
38%
5%
17%
Dolphin
stake sold
Dolphin original investment (€m)
Dolphin exit
proceeds (€m)
100%
100%
33%
100%
100%
50%
75%
100%
100%
2
2.8
4
9
11
208
4
6
16
580
Real estate value
(€m)
130
866
15%
100%
*Including amounts paid in shares **Excluding DCI corporate bonds.
EXITS
Tsilivi – Aristo
Amanmila Kea Resort
Seafront Villas
Kings’ Avenue Mall
Aristo Developers Ltd The Nikki Beach Resort & Spa Pearl Island Founders’ Phase Pt Kundu TOTAL
1,756
262
7
5.4
4.1
14
15
375.5
6.9
10.6
10
488
Dolphin return on
investment (times)
3.50x
1.90x
1.00x
1.52x
1.36x
1.80x
1.83x
1.73x
0.63x
1.71x
18
PORTFOLIO REVIEW: ADVANCED PROJECTS
1
THE PORTO HELI
COLLECTION
PELOPONNESE, GREECE
1
olive groves...gentle flowing pools..
19
.elegant dining...decidedly stylish...
Nikki Beach Resort & Spa pool
20
1
THE PORTO HELI
COLLECTION
AT A GLANCE
DOLPHIN STAKE
100%
AREA SIZE
343
3
hectares
5-star hotels
www.portohelicollection.com
ATH E N S
I NTE R NATI O NAL
AI R P O RT
COR I NTH
CA NA L
MYC E NA E
E P I DAV R O S
NA F P L I O N
POROS
I S LAN D
1
H YD RA
I S LAN D
S PETS E S
I S LAN D
GOLF
BEACH ACTIVITIES
BEACH CLUB
SKIING
MARINA
ARCHAEOLOGICAL SITE
PORT
Nikki Beach Resort & Spa lobby
21
Probably the most exclusive
development in Greece to
host a range of high-end,
masterplanned, leisureintegrated residential resorts,
in a serene environment,
with panoramic sea views.
In the region of Argolida,
near Porto Heli (one of the
most upmarket, secondhome residential areas in
Greece), within 2-hours’
driving distance from Athens
International Airport and
two hours by ferry from
Piraeus Port.
COMPOSITION
First Phase
• Amanzoe, a 42-pavilion hotel
and spa designed by Ed Tuttle,
opened in August 2012
• The Aman Beach Club,
opened in August 2012
• The Aman Villas,
serviced by Amanzoe
• The Nikki Beach Resort &
Spa at Porto Heli includes
hotel suites as well as apartments
for sale, opened in July 2014
• The Seafront Villas
Other Phases
• Jack Nicklaus Signature
Golf Course
• Golf clubhouse, c. 260 golf
residences and 100 hillside
residences
• The Chedi, with 100 hotel rooms,
spa and 88 club suites and villas
• The Chedi Beach Club and
13 cabanas
COMPLETED
CONSTRUCTION TO DATE
The Porto Heli Collection is home
to Amanzoe and Nikki Beach Resort
& Spa, and offers a range of luxury
residential units, catering to a diverse
range of travellers and buyers. It is
engulfed by azure waters and protected
coves, and in close proximity to ancient
sites of cultural and archaeological
interest and picturesque islands.
• Amanzoe 42-pavilion resort
• Amanzoe beach club, spa and
other leisure infrastructure
completed and four seafront
pavilions under construction
• All infrastructure
• 13 villas sold, four delivered
and three currently under
construction
• The Nikki Beach Resort and Spa
DESIGN
• Aman facilities masterplanned
and designed by Ed Tuttle
• Chedi Hotel and residences,
golf clubhouse and golf villas
masterplanned and designed
by Jean Michel Gathy
(Denniston International)
• Golf course designed by Jack
Nicklaus Signature Design
22
1
THE PORTO HELI
COLLECTION
SHOWCASING OUR POTENTIAL
PARTNERS
Progress within 2014
AMANZOE
www.amanresorts.com
• The operational performance of Amanzoe Hotel in the year to date has been in line with our budget,
with occupancy reaching 100% on many days during the peak season and average daily room rates
in excess of €1,400.
• Four new hotel beach pavilions adjacent to the Amanzoe Beach Club, and with direct beach access,
were added to Amanzoe’s offering, further enhancing its luxury credentials.
www.nikkibeachhotels.com
www.ghmhotels.com
•During the period one more Villa sale reservation has been signed, bringing the total number of
Aman Villas already sold or reserved to date to 13. Moreover, there are ongoing advanced discussions
for the sale of additional villas at Amanzoe, which are expected to complete soon.
•A further two Amanzoe Villas were added to Amanzoe’s rental programme in July 2014, bringing
the total to four. Construction is progressing well on three further villas, which are due to complete
within 2015. Construction for one additional villa is expected to begin in Q4 2014.
THE JACK NICKLAUS GOLF COURSE AND VILLAS AT KILADA HILLS
www.denniston.com.my
www.nicklaus.com
www.zoniro.com
•The Company is in negotiations with a major regional bank for a €16 million long term senior
construction loan facility and a c. €6.5 million VAT bridge facility for the construction cost input VAT,
and for the development of the Jack Nicklaus Signature Golf Course and Club House, and the
project’s Beach Club. Through the development of these leisure components, the Company expects to
be able to sell over 110,000 m2 of golf residences and c. 20,000 m2 of hilltop villas in this first phase.
•As reported in the Company’s annual report released on 26 March 2014, the improved Strategic
Investment permit for the entire project including the hotel component is advancing. The approval of
the Strategic Environmental Impact Study from the regional council received on 10 June 2014 and
the approval by the Ministry of Culture received on 30 July 2014 pave the way for the dispatch of the
draft Presidential Decree, for review by the Greek Council of State, the completion of which will
effectively seal the Strategic Incentive permitting process.
• In parallel, the existing building permits for the golf course remain in force and construction can start
imminently, subject to finalising the funding package, which, in addition to the bank finance, would
require an equity contribution or third party investment of approximately €14 million.
THE NIKKI BEACH RESORT & SPA AT PORTO HELI
• Nikki Beach welcomed its first guests on 28 July 2014 with notable coverage across the international
and regional press.
• In August, the hotel enjoyed consistently high occupancy, which reached 100% on a number of days.
The feedback received so far confirms that Nikki Beach complements the Amanzoe offering, further
enhancing The Porto Heli Collection experience.
•PR and marketing activities are underway and a PR agency has been appointed to promote the
hotel operations and launch the project’s residential offering internationally, with 49 units being put
forward for sale.
23
adored by press...
A MAN FOR
ALL SEASONS
A MAN FOR
ALL SEASONS
TAKING THE
PLUNGE
THE WORLD’S
TOP 100 RESORTS
HELLENIC
HEAVEN
GQ,
September 2013
House & Garden,
September 2013
Luxury Homes,
April 2014
Robb Report,
May 2014
The Scotsman,
May 2014
GREECE OPENING
FOR NIKKI BEACH
HEAVENLY
RETREATS IN THE
LAND OF THE GODS
NIKKI BEACH
OPENS IN GREECE
LATE SUMMER
SUN
NEW OPENING:
NIKKI BEACH
HOTEL & SPA
The Travel Daily,
August 2014
Evening Standard,
May 2014
World Spa & Wellness,
August 2014
The Saturday Times,
August 2014
Hotel designs,
September 2014
THE BEST SPAS IN
THE WORLD 2014
RELAXATION
RECUPERATION
RECREATION
GREECE
LIGHTENING
WORLD CLASS
WORLD CLASS
Abode 2,
September 2014
Tatler,
October 2014
Vogue,
October 2014
Conde Nast Traveller,
June 2014
OPP, August 2014
24
1
AMANZOE
EXCELLENCE
CONDÉ NAST TRAVELLER
JUNE 2014 ( UK)
The Best Spas in the World
ROBB REPORT MAY 2014
The World’s Top 100 Resorts
ANDREW HARPER’S
HIDEAWAY REPORT
Grand Awards 2014
1
#
Special Recognition Award: Best Pool
THE GALLIVANTER’S GUIDE
Awards for Excellence,
January 2014
1
#
Best Hotel Spa Worldwide
Best European Resort
Best Small Hotel/Resort Under 100 Rooms
#
2
Best Leisure Resort Worldwide
25
…our first completed luxury resort, drawing its name from the Sanskritderived word for ‘peace’, ‘aman’, and ‘zoe’, the Greek word for ‘life’.
In the realm of Greek luxury resorts lies a contemporary retreat embracing
Greece’s rich history and culture. Amanzoe offers travellers an ideal base
from which to explore the natural beauty, coastal pleasures and ancient
heritage of the Peloponnese region.
26
1
NIKKI BEACH
RESORT & SPA
FACTS AND FIGURES
OPENED ITS DOORS
28 July 2014
66
LUXURIOUS ROOMS
& SUITES
THE ONLY SEAFRONT HOTEL
IN CENTRAL PORTO HELI
EXCLUSIVE STATE OF THE ART
BEACHFRONT VENUE
OFFERING DIRECT VIEWS
OF THE AEGEAN SEA
Contemporary, refined and elegant,
this lifestyle urban resort is where
those ‘in the know’ aspire to be.
The resort’s ideal beachfront
location allows guests to enjoy the
crystal clear cobalt blue waters and
dramatic panoramic views from
almost every corner of the property.
TIMELESS ELEGANCE
AND GLAMOROUS DESIGN
INTEGRATED WITH HIGH-END
LIFESTYLE HOTEL SERVICES
27
28
2
VENUS ROCK
GOLF RESORT
CYPRUS
2
breathtaking views...luxurious
29
villas...challenging golf courses...
Venus Rock golf course
30
2
VENUS ROCK
GOLF RESORT
AT A GLANCE
DOLPHIN STAKE
50%
AREA SIZE
1,000
850
hectares
m of beachfront
www.venusrock.com
PA P H O S
APH RODITE H I LLS
2
LI MAS SOL
GOLF
BEACH ACTIVITIES
BEACH CLUB
SPA
MARINA
ARCHAEOLOGICAL SITE
PORT
Venus Rock golf course
31
Europe’s largest residential
beachfront resort
development and Cyprus’
most significant golf resort
area, set between the towns
of Limassol and Paphos,
next to Aphrodite Hills.
Located 10 minutes from
Paphos International
Airport and 1-hour from
Larnaca International
Airport.
COMPOSITION
First Phase
• Two 18-hole golf courses
designed by Tony Jacklin,
the first operating since
summer 2013
• Two golf clubhouses
• A Nikki Beach Club
• Commercial beachfront
facilities
• Approximately 1,500 apartments
and villas and 250 plots
Other Phases
• c. 1,000 residential units
• Retail and leisure facilities
• A 5-star hotel with spa and
branded villas operated
by Nikki Beach
• Marina and other sports
facilities
DESIGN
A truly integrated residential
resort, masterplanned by EDSA.
The golf clubhouse and commercial
facilities have been designed
by Robert AM Stern, who also
designed the first phase of
multi-family residential units and
established the architectural
guidelines for custom-built units
Venus Rock is one of Europe’s
largest luxury beachfront
residential developments, and
home eventually to more than
3,000 properties, aiming to create
the most vibrant and exclusive
residential community in the
country, with a multitude of
leisure facilities and directly
accessible from the country’s
two major international airports.
PROJECT STATUS
• A live and very advanced project
with most infrastructure and
utilities in place
• An operating golf course and
club house with c. 220 residential
units already sold
• The new golf course is well
under construction
32
2
VENUS ROCK
GOLF RESORT
GENERATING DIVIDENDS
PARTNERS
nikkibeachhotels.com
www.edsaplan.com
Following the termination of the Venus Rock Sale
Agreement with China Glory Investment Group
(‘CGIG‘) as reported in the Company’s June trading
update, DCI Holdings Two Ltd (the parent company
of Aristo) has decided to run a competitive process
for the divestment of the Venus Rock project.
Alongside this activity, Aristo has been developing
new sales collateral for the re-launch of the Venus
Rock plots and home sales, a major component of
Aristo’s sales inventory, which had been on hold
for the past year due to the transaction with CGIG.
www.ramsa.com
www.tonyjacklin.com
www.venusrock.com
33
34
3
PLAYA GRANDE
CLUB & RESERVE
DOMINICAN REPUBLIC
3
sun-drenched coastlines...sublime
35
panoramic views...dramatic cliffs...
Aman Villa at Playa Grande Club & Reserve
36
3
PLAYA GRANDE
CLUB & RESERVE
AT A GLANCE
DOLPHIN STAKE
100%
AREA SIZE
circa
950
hectares
11
approximately
km of seafront
www.playagrande.com
P U E RTO
P L ATA
3
CA BAR ETE
R I O SAN J UAN
CAB R E RA
SA N T IAG O
NAG UA
SAMANA P E N I N S U LA
GOLF
BEACH ACTIVITIES
BEACH CLUB
SPA
POLO/HORSERIDING
37
Spanning over 11 km of direct
coastline with stunning beaches,
dramatic 20m cliffs overlooking
the Atlantic Ocean, a legendary
Robert Trent Jones Snr. designed
golf course and an unspoiled
nature reserve, Playa Grande Club
& Reserve is situated only 1-hour’s
drive from two international
airports. The project has the
capacity for three luxury hotels,
including the first Aman resort
of the Dominican Republic and
over 400 luxury residential units.
Playa Grande beach is one
of the most spectacular
beaches in the Caribbean,
on the northern coast of the
Dominican Republic. It is
situated between the towns
of Cabrera and Rio San Juan,
each approximately 8 km
away from the site. It is
approximately 1-hour’s
drive from Puerto Plata
International Airport and
Nagua Airport, and two
hours to Santo Domingo.
It boasts the first Aman
Resort in the Dominican
Republic and the only
golf-integrated Aman Resort
in the world. Often referred
to as the ‘Pebble Beach of the
Caribbean’, it has the only
golf course in the western
hemisphere with 10 holes
running alongside
20m-high cliffs bordering
the Atlantic Ocean.
COMPOSITION
First Phase
• A 30-room Aman hotel
designed by John Heah
• The Playa Grande Aman
Beach Club
• A new golf clubhouse, fitness,
spa and tennis facilities
• 37 Aman Villas serviced by
the Aman Hotel
• The renovation of the existing,
legendary Robert Trent Jones
Snr. golf course based on new
designs by his son Rees Jones
Other Phases
• Approximately 400 additional
residential units (beachfront,
hilltop and cliff villas)
• Tennis, spa, beach and
equestrian clubs
COMPLETED
CONSTRUCTION TO DATE
• Main site infrastructure
and utilities
• 18 hole golf course with renovation
of back nine holes complete
• One golf villa
• Aman Resort infrastructure
DESIGN
Playa Grande Club & Reserve golf course
Project masterplanned by
Hart Howerton. Golf course
renovation design undertaken
by Rees Jones, son of Robert
Trent Jones Snr. Aman resort
designed by Heah & Co, led by
John Heah
38
3
PLAYA GRANDE
CLUB & RESERVE
CAPITALISING ON
OUR EXPERTISE
PARTNERS
www.amanresorts.com
www.harthowerton.com
www.reesjonesinc.com
www.zoniro.com
Construction of the Aman Hotel is on schedule, with all 30 pavilions
and the main lodge currently being built. The mock up pavilion of
the Aman Hotel was completed, reviewed and approved by Aman
Resorts in June 2014. Completion and opening is expected in the
third quarter of 2015.
The renovation of the front nine holes of the Robert Trent
Jones Snr. golf course is scheduled to commence shortly, following
the recent completion of the full renovation of the back nine holes
by Rees Jones. We anticipate that the completion of the entire golf
course will coincide with the commencement of operations at the
Aman Hotel.
On 21 August 2014, Dolphin signed a non-binding term sheet
with a US institutional investor for a proposed investment in Playa
Grande through the issue of a six-year $30 million mezzanine debt
facility to DCA Holdings 7 Ltd, the holding company of the Playa
Grande project. Since the signing of this term sheet, the investor
has been undertaking legal, financial and technical due diligence,
and the parties are working towards the closing of the transaction,
which is expected in October 2014, at which time further details
will be announced.
This funding will enable Dolphin to accelerate the completion
of all complementary leisure facilities to the Aman Hotel (including
the Aman beach club, golf clubhouse, spa, gym, tennis, kids’ club,
hiking and equestrian trails), to cover all general project overhead
costs and debt service until the project becomes cashflow positive
without relying on further pre-sales, and to complete the design of
the project’s Playa Navio phase (second phase).
39
40
4
PEARL ISLAND
ARCHIPELAGO DE LAS
PERLAS, PANAMA
4
secluded private beaches...crystal
41
waters...heavenly natural beauty...
Ritz Carlton pavilion
42
4
PEARL ISLAND
AT A GLANCE
DOLPHIN STAKE
60%
AREA SIZE
1,440
14
hectares
private sandy beaches
www.pearlisland.com
UT
4 0 NA
I L E S F R O M PA N A M A C I T Y
I CA L M
I S L A V IV E R O S
4
I S LA
DE L R EY
BEACH ACTIVITIES
BEACH CLUB
I S LA
SA N
JOSÉ
SPA
POLO/HORSERIDING
HISTORICAL PLACE
43
A private island, approximating
the size of St. Barths or Capri,
with almost 30 km of coastline
and 14 private beaches in the
heart of an untouched
archipelago of unique biodiversity,
approximately 40 nautical miles
from the skyscrapers of Panama
City. With at least three luxury
5-star hotels, a marina, more
than 1,000 luxury residential
units and a private natural
reserve comprising more than
half of the island, Pearl Island
is set to become one of the first
exclusive integrated ecological
island resorts in the region.
Set in the Archipelago de las Perlas,
this private island is set to become
one of the first exclusive integrated
ecological island residential resorts
in the region.
70% of the island is retained as a
natural reserve park, with a unique
ecosystem, marine and bird
sanctuary. It has a natural harbour,
which is set to become one of the
largest marinas in Central America.
Pearl Island is accessible by boat
in 1 hour and by air in 20 minutes,
and is approximately 40 nautical
miles south of Panama City. The
Project has a completed airstrip,
with potential to expand to an
international airport.
COMPOSITION
Founders’ Phase (7% of the island) – sold
• Beach club, spa and other leisure facilities
• A 40-berth and 30 dry-dock marina
• Approximately 200 residential units
(villas and plots)
• Private landing strip
First Phase – Ritz Carlton Reserve (3% of the island)
• 80-key Ritz Carlton Reserve hotel with
beach club and related amenities
• Approximately 120 branded residential units
Other Phases (90% of the island)
• Development potential for over 425,000 m2
of buildable residential space or
approximately 945 residential units and lots
for sale
• Up to four additional luxury 5-star hotels
• Marina with up to 500 berths and retail
facilities
• Recreational and sports facilities, including
scuba diving, whale watching, fishing,
equestrian centre and over 40 km of
natural biking and hiking trails
• International airport
COMPLETED CONSTRUCTION TO DATE
• Basic infrastructure works including
26 km of roads
• Irrigation/drainage/erosion control
systems, nursery and agro-farm
• One golf villa and mock up pavilion
• Modular utilities (water and electricity) and
workers’ housing that can accommodate
up to 300 workers
• Airstrip runway of 1 km, now being
expanded to 1.5 km to enable business
jet access
• Beach club, marina with 40 berths
and service pier in advanced stages
of construction
DESIGN
Masterplan and design by Hart Howerton
Beach at Pearl Island
44
4
PEARL ISLAND
LARGEST PRIVATE ISLAND
DEVELOPMENT IN
CENTRAL AMERICA
PARTNERS
www.ritzcarlton.com
www.zoniro.com
The team is value-engineering the designs for the planned Ritz
Carlton Reserve hotel and construction is expected to begin in the
first quarter of 2015, subject to the successful conclusion of ongoing
discussions with regional banks to increase the approved debt
facility of $21 million to $33 million, and sourcing the $30 million of
additional equity required.
The regional investor group that acquired the Founders’ Phase
is advancing construction works and the first group of turn-key
villas and condos is scheduled to be delivered by the end of 2014/
early 2015. Infrastructure works are progressing on schedule and
various components of the Founders’ Phase peninsula such as the
airport, beach club, service pier, marina and breakwater have been
completed.
The sale of lots and turn-key properties in the Founders’
Phase is progressing, with values reflecting the strong demand and
limited supply of luxury residential opportunities in Panama.
Dolphin remains in discussions with various strategic groups
that have indicated an interest in investing and participating in one
of the many development phases of the island, including the Ritz
Carlton Reserve, the Marina Village and another luxury branded
resort phase.
45
46
5
6
SITIA BAY
GOLF RESORT
THE AMAN
AT KEA
CRETE, GREECE
CYCLADES, GREECE
DOLPHIN STAKE
DOLPHIN STAKE
78%
67%
AREA SIZE
AREA SIZE
PORTFOLIO REVIEW: MAJOR PROJECTS
GREECE
Greece offers to the discerning
traveller not only luxury and stunning
landscapes, but also adventure,
serenity, culinary experiences, a
bustling nightlife and a number of
outdoor activities. Tourism accounts
for 18% of GDP, and is poised for
growth as a number of high-end
international brands are developing
properties in the market.
280
2.5
65
hectares
km of seafront
hectares
Private beach
GRE ECE
8
7
6
5
10
9
CRETE
LOCATION
LOCATION
The island of Crete
The island of Tzia (Kea)
ACCESS
ACCESS
A 10-minute drive from Sitia International
Airport, a 1.5-hour drive east from
Heraklion International Airport and a
15-minute drive from Sitia Harbour
A 1-hour ferry ride from Lavrio Harbour
and a 15-minute drive from Athens
International Airport. Regular ferry
services from Lavrio all year round
SPECIAL FEATURES
SPECIAL FEATURES
A secluded peninsula of unspoilt natural
beauty on the largest of the Greek islands
and the most popular Greek tourist
destination with 3 million visitors in 2011
Dramatic sea views and a spectacular
sandy beach offering a natural harbour
and a safe shelter from the Aegean winds
COMPOSITION
•
Over 120,000m2 of buildable residential
units
• A 200-room Waldorf Astoria resort
• A convention centre
• An 18-hole championship golf course
• A golf clubhouse
• A 32-berth marina
• A beach and country club and other
leisure facilities
COMPOSITION
• Aman hotel and residences
• Beach club
DESIGN
Designed by Heah & Co, led by John Heah
DESIGN
Masterplan and hotel design by WATG.
Nicklaus Design has been appointed
as the golf course architect
47
7
8
SCORPIO BAY
RESORT
LAVENDER BAY
RESORT
VIOTIA, GREECE
MAGNESIA, GREECE
DOLPHIN STAKE
DOLPHIN STAKE
100%
100%
AREA SIZE
AREA SIZE
PARTNERS
www.waldorfastoria.com
www.watg.com
172
2
310
hectares
Approximately
2
km of seafront
hectares
www.nicklaus.com
km of seafront
www.amanresorts.com
www.oberoihotels.com
www.zoniro.com
LOCATION
LOCATION
Skorponeri, Viotia region, making this
probably the closest luxury seaside
residential resort to Athens
Near the town of Volos, in the region of
Thessalia, at the mouth of Pagasitikos Gulf
ACCESS
Approximately 2.5-hours’ drive from both
Athens and Thessaloniki International
Airports, also 20-minute drive from new
Aghialos International Airport
ACCESS
A 1-hour drive from Athens International
Airport
SPECIAL FEATURES
A mountainous peninsula of unspoilt natural
beauty overlooking a secluded bay and the
island of Evoia, and within a 1-hour drive
from the ski resort of Mount Parnassus
COMPOSITION
Luxury Oberoi operated hotel and full
service spa, integrated with a residential
development and sea-related leisure
facilities
DESIGN
Hotel and villa designed by Heah & Co,
led by John Heah
SPECIAL FEATURES
Unspoilt, undulating hills fronted by
a 2 km beach and surrounded by forest
COMPOSITION
• A 180-room Kempinski operated hotel
More than 220 branded residential units
• More than 390 non-branded residential
units
• An 18-hole Gary Player Signature golf
course
• Beach club and other leisure facilities
www.edsaplan.com
www.garyplayer.com
www.oppenoffice.com
•
DESIGN
Masterplan by EDSA, golf design by
Gary Player and hotel and residences
design by Chad Oppenheim (Oppenoffice)
GOLF
BEACH ACTIVITIES
BEACH CLUB
SPA
SKIING
MARINA
HOTEL
ARCHAEOLOGICAL SITE
DRAMATIC LOCATION
48
9
10
PLAKA BAY
RESORT
TRIOPETRA
PORTFOLIO REVIEW:
MAJOR PROJECTS
GREECE
CONTINUED
CRETE, GREECE
CRETE, GREECE
DOLPHIN STAKE
PARTNERS
100%
DOLPHIN STAKE
100%
AREA SIZE
11
280
AREA SIZE
440
7
www.zoniro.com
hectares
hectares
km of seafront
m façade
along a scenic beach
GRE ECE
8
7
6
5
10
9
CRETE
LOCATION
LOCATION
The island of Crete
On the southern side of Rethymno
Prefecture, Crete
ACCESS
A 40-minute drive east from Sitia
International Airport, a 2-hour drive east
from Heraklion International Airport
and in close proximity to Sitia Harbour
Easternmost point of Crete
Approximately 54 km from Rethymno,
the Prefecture’s capital and main port.
The International Airports of Heraklion
and Chania fall within a distance of
approximately 104 km and 124 km,
respectively
COMPOSITION
SPECIAL FEATURES
SPECIAL FEATURES
•
A residential development of over 70,000m2
• One or more 5-star hotels
• Other supporting recreational facilities
and potentially an 18-hole golf course
DESIGN
GOLF
BEACH ACTIVITIES
BEACH CLUB
SPA
SKIING
MARINA
HOTEL
ACCESS
Masterplan prepared by Hart Howerton
Dramatic sea views and a spectacular
sandy beach
COMPOSITION
• A 60-room luxury 5-star hotel with
restaurant, retail, spa and fitness,
watersports, outdoor activities and
nature treks
• Approximately 8,870m2 of residential
buildable non-branded villas
DESIGN
Permit design prepared by Aristo
Developers’ Architectural team
ARCHAEOLOGICAL SITE
DRAMATIC LOCATION
49
Triopetra
50
11
12
EAGLE PINE
GOLF RESORT
APOLLO HEIGHTS
POLO RESORT
CYPRUS
CYPRUS
DOLPHIN STAKE
DOLPHIN STAKE
49.8%
100%
AREA SIZE
AREA SIZE
CYPRUS
Cyprus is a deeply enjoyable holiday
island that boasts myriad charms year
round. The rich history of the island
can be traced back 10,000 years and,
as a destination, Cyprus is not only
about attractive and impressively clean
beaches, but offers skiing, hiking and
several other outdoor activities, always
combined with a unique culinary
experience.
319
461
hectares
hectares
CYPRUS
11 12
LOCATION
LOCATION
Inland, with stunning sea views,
overlooking the Episkopi and Akrotiri
regions near Limassol
Near the town of Limassol
ACCESS
Less than 1-hour’s drive from both
of the island’s international airports
ACCESS
Less than 1-hour’s drive from both
of the island’s international airports
SPECIAL FEATURES
With excellent views of the sea, the
mountains and neighbouring villages, the
site also lies adjacent to a number of polo
fields and an 18-hole golf course, and is
500m away from the beach
SPECIAL FEATURES
A few kilometres from Apollo Heights
Polo Resort and a 15-minute drive
from Venus Rock Golf Resort
COMPOSITION
Golf facilities and a residential
development component of up to
150,000m2 of residential units
DESIGN
Masterplanning by EDSA, golf design
by Graham Marsh in association with
Hans-Georg Erhardt, resort design
by Porphyrios & Associates
COMPOSITION
•
Hotel facilities
• Residential units
• Polo fields
• 18-hole golf course
DESIGN
Masterplan by EDSA and golf course
design by Tony Jacklin Design
51
13
LIVKA BAY
RESORT
CROATIA
PARTNERS
SOLTA, CROATIA
www.edsaplan.com
DOLPHIN STAKE
With a spectacular coastline that
stretches across the Adriatic, more
than 1,000 offshore islands, dozens of
medieval towns and villages, Croatia’s
appeal is obvious. A haven for yachters
and sun worshippers alike, Croatia is
quickly emerging as an adventure and
gastronomy destination to boot.
100%
www.gmgd.com.au
AREA SIZE
63
PORPHYRIOS
hectares
A
S
S
O
C
I
A T
E
S
www.porphyrios.co.uk
3
km of seafront
www.tonyjacklin.com
CROATIA
www.zoniro.com
13
www.watg.com
LOCATION
The bay of Livka on the south end of the
island of Solta, off the Dalmatian Coast
ACCESS
20 km boat ride from Split International
Airport
SPECIAL FEATURES
One of the first luxury residential resorts
on the Dalmatian coast
COMPOSITION
•
Luxury hotel with 130 rooms and suites
Approximately 200 private, serviced
residences
• 120-berth marina
• Other supporting recreational,sports
and retail facilities
•
DESIGN
WATG
www.livkabay.com
GOLF
BEACH ACTIVITIES
BEACH CLUB
SPA
MARINA
POLO/HORSERIDING
HOTEL
HISTORICAL PLACE
ARCHAEOLOGICAL SITE
DRAMATIC LOCATION
52
14
TURKEY
MEDITERRA
RESORTS
PARTNERS
ANTALYA, TURKEY
www.watg.com
DOLPHIN STAKE
Turkey’s archaeological and cultural
wonders, and its lush and twirling
Mediterranean coastline, are a Mecca
for tourists, attracting millions of
European holidaymakers each year.
From hikers and adventurers, to
yachters and history enthusiasts,
Turkey can cater to anyone.
100%
cm
M İ M A R L I K
www.cemalmutlu.com
www.cemalmutlu.com
AREA SIZE
8
hectares
www.xavierbohl.com
TURKEY
14
LOCATION
The Antalya region of southern Turkey
ACCESS
A 1.5-hour drive from Dalaman
International Airport to La Vanta
DESIGN
Cemal Mutlu & Xavier Bohl
SPECIAL FEATURES
• La Vanta development is very close
to the well-known beaches of Kaputas
and Patara and within walking distance
from Kalkan beach
• 5-minute drive to the beach
COMPOSITION
• La Vanta is a development of over 25,000m2 ,
comprising over 120 villas and townhouses.
Phase 1 was completed in 2009 with 41 units
already delivered. Phase 2 is currently
under construction
www.mediterraresorts.com
BEACH ACTIVITIES
BEACH CLUB
SPA
MARINA
HOTEL
HISTORICAL PLACE
ARCHAEOLOGICAL SITE
DRAMATIC LOCATION
53
PERMITTING STATUS UPDATE
GREECE
1 The Porto Heli Collection
Amanzoe
Hotel
Residential development
The Nikki Beach Resort &Spa The Seafront Villas
The Chedi and Jack Nicklaus
Signature Golf Course
Hotel
Residential
Golf
Hotel
Golf Marina
Residential
6 The Aman at Kea
7 Scorpio Bay Resort
Hotel
Golf Residential
9 Plaka Bay Resort
10 Triopetra
LC
A
MP
PEIS
GNTO S
EIS
AD
GNTO A
CP
UC
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
KEY
●
●
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
N/A
l
l
l
l
l
N/A
l
l
l
l
l
N/A
l
l
l
l
l
N/A
l
l
l
l
l
N/A
N/A
l
l
l
N/A
l
l
l
l
l
l
l
N/A
N/A
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
N/A
l
l
l
l
l
l
l
N/A
GREECE
LC Land characterisation
A
Archaeology
MP Masterplan
PEIS Preliminary
environmental impact
study
GNTO S Greek National Tourism
Organisation suitability
EIS Environmental impact
study
AD Architectural designs
GNTO A Greek National Tourism
Organisation approval
CP Construction permit
UC Under construction
CYPRUS
IMP
MPA
EIS
AD
BP
CP
UC
4 Venus Rock Golf Resort
Golf coursel
Golf residential developments
l
Residential developmentl
Retaill
Hotell
11 Eagle Pine Golf Resortl
12 Apollo Heights Polo Resortl
l
l
l
N/A
l
l
l
N/A
N/A
l
N/A
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
l
CROATIA
IMPEA TZ UPEIS LP CPUC
13 Livka Bay Resort
Phase 1
Phase 2
l
l
l
l
l
l
l
l
l
l
l
l
TURKEYLCMP Z CPUC
14 Mediterra Resorts
La Vanta
Phase 1l
Phase 2l
Future phasesl
l
l
l
l
l
l
l
l
l
l
DOMINICAN REPUBLIC
EAMPAPBPUC
Golf course (renovation)l
Aman Hotell
Aman residentiall
l
l
l
l
l
l
l
l
l
l
PANAMA
EAMPAPBPUC
3 Pearl Island
Founders’ Phasel
Ritz Carlton Reservel
Remaining projectl
l
l
l
l
l
l
N/A
Completed
In progress
To be initiated
Not applicable
l
CYPRUS
IMP Initial masterplan
MPA Masterplan approved
EIS Environmental impact
study
AD Architectural design
BP Building permit
CROATIA
IMP Initial masterplan
EA Environmental
assessment
TZ Tourist zoning
UP Urbanistic plan
EIS Environmental
impact study
LP Location permit
TURKEY
LC Land characterisation
MP Masterplan
Z
Zoning
DOMINICAN REPUBLIC
EA Environmental
assessment
MP Masterplan
AP Architectural plans
BP Building permit
PANAMA
EA Environmental
assessment
MP Masterplan
AP Architectural plans
BP Building permit
54
Aristo
(a 49% subsidiary of DCI)
www.aristodevelopers.com
52 homes and plots were sold by Aristo in the eight-month period
ending 31 August 2014, representing sales of €16 million. Both
figures are in line with the performance over the corresponding
period in 2013. 51% of the clientele originated from Russia and
40% from China.
As indicated by the level of sales over the period, Aristo’s sales performance
remains poor, putting a strain on the company’s cashflows. As a result, Aristo has
prioritised its payments so as to ensure that its development programme continues
on course, while it is making good progress in restructuring its bank obligations in a
long term and sustainable way, which will benefit both the company’s shareholders
and its lenders – since such obligations are fully secured against land mortgages
exceeding the respective loan values. To that regard, Aristo has already agreed the
restructuring of its loan obligations with all of its lenders, except one – its major
lender – with whom the company is in advanced discussions to agree a significant
deleveraging of the Aristo group through a project level debt-to-preferred-equity
conversion, together with the re-profiling of the Aristo Group’s loan maturities and
reductions in the interest rates incurred.
In parallel, the company is taking action, both at the wholesale level (for example,
by selling Venus Rock Golf Resort) as well as at the retail level by launching new
projects to enhance the diversification of product offering and support its sales
potential.
In addition to the ongoing challenging market conditions, recent sales
performance has been adversely affected by negative publicity relating to an
investigation carried out by the authorities with regard to the subdivision of 177 land
plots in a 160,000 m2 site owned by Aristo in the Paphos area. Mr. Aristodemou and
his wife were detained for questioning in the context of this investigation. The size
of the disputed green area is 2,730 m2 which, although not material, has drawn
disproportional attention by the local investigators and media, due to the previous
appointment of Mr. Aristodemou as the Chairman of Board of the Bank of Cyprus.
The Aristo management is fully cooperating with the local authorities on all
aspects of the investigation, and remains confident that its result will demonstrate
that there has been no inappropriate action or intended omission by Aristo.
55
CORPORATE SOCIAL RESPONSIBILITY
SUPPORTING
COMMUNITIES
(‘CSR’) is embedded in Dolphin’s
culture. As such, Dolphin and its
Investment Manager consider it
their responsibility to mindfully
coexist with, and support, the
societies and environments
where we invest.
DOLPHIN CAPITAL FOUNDATION
Dolphin Capital Foundation
(‘DCF’) is a non-profit charitable
entity set up on 12 December
2007, dedicated to helping
the surrounding regional
communities and the natural
environments where Dolphin
invests, by donating to various
charitable endeavours.
The pre-school programme of the
Playa Grande Foundation in Abreu
56
CORPORATE SOCIAL RESPONSIBILITY
Supporting communities continued
PEARL ISLAND
The Pearl Island Foundation continues to invest in programmes designed to strengthen the local
economic and social development of the Pearl Island community, in order to make a significant
difference in the lives of the local population. The first half of 2014 was marked by several milestones:
1.Continued
efforts to improve the standard of local education. Since the inception of the programme
six years ago, the youth of the island have benefitted from a new curriculum and improved facilities.
In 2014, the programme instituted a new Bachelor Degree in Tourism (grades 10th to 12th) and
developed new pavilions for this new group of students. The programme has been designed and
developed with the approval and oversight of Panama’s Ministry of Education.
2. Teaming
up with INADEH (National Institute for Vocational Training and Human Development) to
provide the community with basic training and marketable skills in vocations, like retailing skills and
dress making, that will prepare the community for tourism and hospitality employment and provide
a measure of independence and economic empowerment.
3. Enhancing
the summer programme ‘Sunrise in Pedro Gonzalez’, which this year was planned and
organised by a special committee integrated with people of the community under the supervision and
direction of trained external counsellors retained by the Pearl Island Foundation. The summer
experience is an opportunity for children to learn new skills and cultivate their sense of independence
and self-reliance. Programme activities include adventure and scouting, arts and crafts, music
development, and sports.
4. Improving
access to basic services such as health, sanitation and clean water, which is a constant
challenge with local population often unable to travel to hospitals for medical care. The Pearl Island
Foundation continued to support a mobile healthcare programme in co-ordination with the Ministry
of Health. The programme aims provide the population with access to healthcare and sanitation.
5. Completing
significant investments in the infrastructure of the island to improve the sanitation and
living standards of the community, such as 150 metres of pavements and a new water treatment
plant to deliver potable water to the community.
THE PLAYA GRANDE PROJECT
The Playa Grande project, through the Playa Grande Foundation, continues developing programmes
aimed at the sustainable development of the surrounding communities in its area of influence in the
north coast of the Dominican Republic. Focus has been placed on the areas of education, sports, and
culture, with the pursuit of the following key initiatives:
1. Funding
a pre-school for over 30 local children in the town of Abreu. The Playa Grande Foundation
continues to finance the pre-school programme and run it in partnership with the Dream Project
Foundation.
2. Establishing a library, together with enhancing reading programmes, in the elementary public school
of the town of Abreu.
3. Sponsoring
community sports development programmes and local inter-school competitions in
basketball and volleyball.
4. Sponsoring surfing competitions and an annual 10-k run for regional athletes.
5. Sponsoring
and organising as a key committee member the Rio San Juan carnival, the main annual
cultural event in the region, with its artisanal mask, costume and carnival troupe competitions. The
Rio San Juan carnival has developed into a unique cultural event, with all participants integrating a
marine theme to their costumes.
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ECF (Elemental
These
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www.boonedesign.com
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DOL18 | IR 2014 | 08/10/2014 | PROOF 2
CONTENTS
1
ABOUT US
2
Niche strategy
Dolphin Capital
Investors Limited
Vanterpool Plaza,
Road Town, Tortola,
5
Portfolio breakdown
Interim Review
8
www.dolphinci.com
4
Leading investors
resorts
6
Our journey so far
9
10
INVESTMENT
MANAGER’S REPORT
10
Overview
11
Asset sales, divestments, investments
& other updates
12
14
Market dynamics
15
Strategic objectives
16
PORTFOLIO REVIEW
17
Project investment
and exit summary
18
Advanced Projects
46
Major Projects
53
54
Aristo
56
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DO NOT PRINT

View PDF - Dolphin Capital Investors

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