financials
4.1 Financials
appraisal
Development & Disposition Cashflow
All figures in $ millions
| Line item | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Residence sales | $3.5M | $15.5M | $46.6M | $29.4M | - |
| Resort operations | - | - | - | $2.9M | $5.4M |
| Resort disposition | - | - | - | - | $85.0M |
| Land | ($22.0M) | - | - | - | - |
| Construction & soft | ($12.9M) | ($67.5M) | ($21.0M) | ($0.1M) | - |
| Finance cost | - | ($0.4M) | ($3.8M) | ($0.0M) | - |
| Total cost | ($34.9M) | ($67.9M) | ($24.8M) | ($0.1M) | ($0.0M) |
| Net cashflow | ($31.4M) | ($52.4M) | $21.7M | $32.1M | $90.4M |
| Cumulative cashflow | ($31.4M) | ($83.8M) | ($62.1M) | ($29.9M) | $60.4M |
| Profit on cost | - | - | - | - | 40.8% |
| Profit on GDV | - | - | - | - | 29.0% |
F 01 / 03
appraisal
Sources & Uses
All figures in $ millions
| Line item | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Equity drawn | ($31.4M) | ($27.8M) | - | - | - |
| Senior loan drawn | - | ($24.2M) | ($18.4M) | - | - |
| Development spend | ($34.9M) | ($67.9M) | ($24.8M) | ($0.1M) | ($0.0M) |
| Sales & disposition | $3.5M | $15.5M | $46.6M | $29.4M | $85.0M |
| Senior loan repaid | - | - | $43.9M | $2.9M | - |
| Net cash to equity | ($31.4M) | ($27.8M) | $0.0M | $29.3M | $90.4M |
| Forward deposits held | $19.0M | $19.0M | $19.0M | - | - |
F 02 / 03
appraisal
Cumulative Position
All figures in $ millions
| Line item | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Cumulative sales & value | $3.5M | $19.0M | $65.6M | $97.9M | $188.2M |
| Cumulative cost | ($34.9M) | ($102.8M) | ($127.7M) | ($127.8M) | ($127.8M) |
| Development profit | - | - | - | - | $52.1M |
| Senior outstanding | $0.0M | $24.2M | $-1.3M | $-4.2M | $-4.2M |
| GDV secured | $19.0M | $95.0M | $95.0M | $137.0M | $180.0M |
| Profit on cost | - | - | - | - | 40.8% |
| Profit on GDV | - | - | - | - | 29.0% |
| Blended IRR | - | - | - | - | ~21% |
F 03 / 03