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Leading Investors in Luxury Residential Resorts

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Leading Investors in Luxury Residential Resorts Leading investors in luxury residential resorts ANNUal REPOrt Year ended 31 December 2012 DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB Our portfolio 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. 13 8 7 6 1 14 5 9 M 11 E 10 2 12 D I T E R R A N E A N S E A 3 A E S N E A B B R I C A 4 Front cover: Amanzoe Beach Club DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB Our portfolio at a glance Land site DCI’s ADVANCED PROJECTS (hectares) stake 1 2 1 The Porto Heli Collection 343 Amanzoe 96 86% The Nikki Beach Resort & Spa at Porto Heli 1 25% The Chedi and Jack Nicklaus The Porto Heli Collection page 18 Venus Rock Golf Resort page 26 Signature golf course 246 100% 2 3 4 Venus Rock Golf Resort 1,000 49.8% 3 Playa Grande Club & Reserve 950 100% 4 Pearl Island 1,440 60% Sub total 3,733 Playa Grande Club & Reserve page 30 Pearl Island page 34 MAJOR PROJECTS 5 6 5 Sitia Bay Golf Resort 280 78% 6 Kea Resort 65 67% 7 Scorpio Bay Resort 172 100% 8 Lavender Bay Resort 310 100% Sitia Bay Golf Resort page 40 Kea Resort page 40 9 Plaka Bay Resort 440 60% 7 8 10 Triopetra 11 100% 11 Eagle Pine Golf Resort 319 49.8% 12 Apollo Heights Polo Resort 461 100% 13 Livka Bay Resort 63 100% Scorpio Bay Resort page 40 Lavender Bay Resort page 41 14 Mediterra Resorts 12 100% Port Kundu 4 100% 9 10 La Vanta 8 100% Aristo Hellas 27 100% Sub total 2,160 Plaka Bay Resort page 41 Triopetra page 41 Aristo Cyprus* 392 Total 6,285 11 12 *Excluding Venus Rock and Eagle Pine Eagle Pine Golf Resort page 42 Apollo Heights Polo Resort page 43 13 14 Livka Bay Resort page 43 Mediterra Resorts page 44 DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB 14 major projects larGE-scalE LEisURE-INTEGratED REsidENtial RESOrts 60+ residential projects ARISTO prOJEcts 63 million m2 laND UNDER DEVELOpmENT 59 kilometres dirEct COastliNE 10,000+ units REsidENtial capacity 22 hotels (12 PErmittED, 2 CUrrENtly OPEratiNG) 5 marinas (2 PErmittED) 8 golf courses (5 PErmittED, 2 CUrrENtly OPEratiNG) Amanzoe DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB 1 About us We are the leading global investor in the CONTENTS residential resort sector in emerging markets, 1 ABOUT US 2 Niche strategy acquiring large seafront sites of striking 3 Portfolio breakdown natural beauty in the eastern Mediterranean, 5 Our journey so far Caribbean and Latin America. 6 Financial highlights 6 Chairman’s statement We develop sophisticated leisure-integrated 8 INVESTMENT residential resorts, and partner with some MANAGER’S REPORT 9 Investments and divestments of the world’s most recognised architects, 10 Capital and other golf course designers and hotel operators. Corporate Events 12 Portfolio characteristics and cash generation potential 14 Market dynamics Dolphin is one of the largest real estate investment companies 15 Strategic objectives quoted on AIM in terms of net assets, and seeks to generate strong capital growth and cash returns for its shareholders. 16 PORTFOLIO REVIEW 17 Project investment Since its inception in 2005, Dolphin has raised €948 million, and exit summary and has become one of the largest private seafront landowners 18 Advanced Projects in Greece and Cyprus. 40 Major Projects Dolphin’s portfolio is currently spread over 63 million m² of 45 Permitting status update prime coastal developable land and comprises 14 large-scale, 46 Aristo leisure-integrated residential resorts under development in 47 Corporate social responsibility Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic and a 49.8% strategic participation in Aristo 48 CONSOLIDATED Developers Ltd, the largest developer and private land owner FINANciaL STATEMENTS in Cyprus. 49 Finance Director’s report 51 Board of Directors Dolphin is managed by Dolphin Capital Partners, (‘DCP’) or 52 Independent Auditors’ report the ‘Investment Manager’, an independent real estate private 53 Consolidated statement equity firm. of comprehensive income 54 Consolidated statement of financial position 55 Consolidated statement of changes in equity 57 Consolidated statement of cash flows 58 Notes to the consolidated financial statements 85 Valuation certificate 87 Management and administration DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB 2 Dolphin Capital Investors Limited Annual Report Year ended 31 December 2012 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. INVESTMENT PRINciPLES VALUE CREATION TRACK RECORD SINCE STRATEGY IPO IN DECEMBER 2005 Country selection criteria Acquisitions › Raised a total of €948 million in equity as › Emerging economies with significant tourist inflow › Acquire large exquisite well as €88 million of convertible debt. The latest Convertible Bond placement › High barriers to entry for foreign investors without developable sites with strong capital appreciation potential comprised 50 million of Euro Bonds, local network issued to establish and seed the Dolphin › Use tax efficient holding › Beautiful coastlines, unspoilt landscapes, Capital Americas investment platform structures to minimise tax on pleasant climate and to provide the Company with further development and divestments › Wealth of outdoor activities, safety, rich history funds to make accretive investments, and culture Design and branding and 9 million of US$ Bonds, issued to › Limited supply of serviced residential resorts › Appoint internationally partly refinance the Company’s existing managed by luxury international operators acclaimed masterplanners, US$40 million Playa Grande Bonds › Commitment and legislative initiatives from local architects and designers to › Invested approximately €836 million governments to nurture sustainable luxury tourism create world-class products to acquire one of the largest seafront and second-home industry › Partner with luxury operators developable land portfolios in eastern and marketing experts to Mediterranean, Caribbean and › Significant capital appreciation potential as they Central America converge with mature economies create highest quality branding › Acquired 100% ownership of Aristo, Investment parameters the largest development company and Development capability › Large coastal land sites of striking natural beauty private real estate owner in Cyprus, with residential development potential › Leverage on the expertise which was listed on the Cyprus Stock of Dolphin, Aristo, Zoniro Exchange, in a pioneering Public-to- › Located near the sea and within driving distance and development partners Private transaction from an airport › Obtain construction permits › Achieved preliminary or final zoning › Development capacity for residential units (villas, through a well-planned for 12 out of 14 Major Projects and for townhouses and apartments) and leisure components process almost the entire Aristo land portfolio (such as a hotel, golf course, country club, spa facility, with current plans for 22 hotels, eight marina or other sporting facilities) › Appoint the most creditable construction firms on a golf courses, five marinas and over › Potential for comprehensive residential services turn-key basis 10,000 residential units (such as food and beverage, concierge services, › Partnered with some of the world’s health services, security, maintenance and property › Create portfolio synergies most acclaimed masterplanners, management) and leisure experiences (such as sports, through economies of scale architects, designers, luxury operators adventure travel, excursions, spa, arts, culture and and expertise transfer and marketing experts to create nature-oriented activities) in design, management, operations, marketing world-class resorts › Attractive locations for affluent holiday and retirement and financing › Created Amanzoe, operative since home buyers, primarily from Europe, Russia, the August 2012, and already recognised Middle East and North America Profit realisation as probably the best resort in the Risk mitigation › Sell entire projects or Mediterranean and among the top strategic stakes at any stage › Land acquisition prices which are at a big discount resorts in the world of development, particularly to south-west Europe and North America › Executed the Aristo Exchange, a upon permits being obtained › Conservative phasing of the projects €375 million transaction concluded › Develop and sell the at net asset value (‘NAV’), whereby › No speculative building of homes residential components, land Dolphin exchanged 50.25% of its › Financing of the residential construction through parcels and ultimately the shareholding in Aristo against a pre-sales residual leisure components 34.14% stake in Dolphin which was › Financing of the leisure components mainly with held by the Aristo CEO ring-fenced non-recourse bank debt on a › Generated over €490 million of project-by-project basis sales, which have been executed › No or limited borrowings at the corporate level at a premium to NAV DOL12 | AR 2012 | 26/04/2013 | FINAL 4 WEB Niche strategy/Portfolio breakdown 3 Portfolio breakdown By location as at 31 December 2012 BREAKDOWN BY EXPOSUre BY breakdown BY debT reaL ESTATE VALUE neT INVESTMenT Greece €363m 43.3% Greece €238m 43.0% Greece €51m 38.5% Cyprus €294m 35.1% Cyprus €199m 35.9% Cyprus €21m 16.2% Croatia and Turkey €59m 7.0% Croatia and Turkey €54m 9.8% Croatia
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