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KIVOTOS LUXURY HOSPITALITY GROUP

Overview
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Kivotos Group Mykonos - Santorini Autumn 2013  1

NEW SYMBOL HOTEL INVESTMENTS LTD

63 Vassilisis Sofias ave, Athens 115 21, Greece info@newsymbol.gr
tel. +30 210 72 36 350 fax. +30 210 72 36 355 www.newsymbol.gr
-4-

KIVOTOS LUXURY HOSPITALITY GROUP

Just as the Aegean Sea subtly changes colour, from moment to moment in the Cycladic light, Kivotos
welcomes you to an exquisite elegance, which continually enhances your senses.
A captivating, boutique escape, with flat-roofed whitewashed buildings clustered together on a slope
overlooking the bay, the hotel’s privileged setting right on the water with direct access to a private golden
beach, offers the beauty of a serene landscape, within minutes of Mykonos town.
Five star amenities, combined with all the supreme comforts of a luxurious villa, meet your every expectation
of an award-winning property.
“Kivotos” – which stands for “Noah’s Ark” – is your shelter in Mykonos, your own place of privacy, your second
home… here in Greece.
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HISTORY
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KIVOTOS HISTORY

Kivotos is a family owned Luxury Hospitality Group. It was back in 1993 when the aesthetically
intriguing image of a French antique mirror against a dazzling white wall flickered the owner’s
imagination to create a blissful holiday retreat that would combine original fine art, first-class
luxury amenities and personalized hospitality. The unique identity of this 5 star hotel in Mykonos -
that was initially meant to be a family villa - created a distinctive legacy and became a holiday
sanctuary for art connoisseurs and modern travel aficionados who desire the finest, most
exclusive experiences imaginable.
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KIVOTOS HISTORY

The Michopoulos family has a deep interest in culture, fine arts and history, something clearly
reflected in the hotel’s character, ambiance and aesthetics. Well-travelled throughout the world, all
its members –each one from a different perspective- contributed to the creation of this incredibly,
and daringly elegant resort in Mykonos, where everything is masterfully designed and crafted to
impress the sharpened perspective of luxury-loving world travelers.
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1981

ACQUISITIONS
1981 - 84 purchases of the Kivotos land in
Mykonos, a shop in Mykonos, land and asset
in Santorini.

1986

CONSTRUCTION
Construction Commences in Kivotos Hotel,
Mykonos
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1993

COMMENCEMENT
First Year of Operation of Kivotos Hotel,
Mykonos

1994

THE YACHT
Purchase of the yacht, Prince de Neufchatel

2007

SANTORINI ACQUISITION
Purchase of land and second asset in
Santorini.
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2008

3 Elements
Addition of 3 key elements: 1st. The Yacht,
2nd. Noah's Watefront Villa and 3rd. The
SPA

2010

SANTORINI
Construction begins in Santorini

2013

ART
Kivotos launches the Kivotos Art Projects, an
art platform that promotes and sells art, both
local and contemporary.
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2014

RENOVATION
Phase 1 of Kivotos renovation in rooms and
public areas

2015

RENOVATION
Phase 2 of Kivotos renovation in rooms and
public areas

2016

RENOVATION
Phase 3 of Kivotos renovation in rooms and
public areas
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PHILOSOPHY
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KIVOTOS PHILOSOPHY

Kivotos is the ark for the discerning traveler and experiences seeker in one of the globe`s most cosmopolitan
locations.
The derived value of living at Kivotos increases manifold as it resonates with individual tastes, choices, ideas and needs
rather than popular trends or accepted standards. Kivotos for nearly a quarter of a century stands as the
benchmarking of family boutique luxury seafront hotels not only in Mykonos but the Mediterranean.
Each and every room and suite at Kivotos is unique with individual requirements for art objects, design,
materials and colors. Each and every experience crafted for its guests complements the 360o, all senses
approach of the hotel.
It is Kivotos` ability to respond to such individual requests, that sets it apart from all other luxury boutique
hotels and place it to the ivy league of its category worldwide.
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THE BRAND
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KIVOTOS VISION

To become one of the best independent family boutique luxury Hospitality Groups in the Mediterranean and
serve as an ark for discerning travelers, art aficionados and well living connoisseurs while providing impeccable
service and stimulating experiences for the soul, mind and body and preserving the unique character that
made Mykonos & Santorini top tier cosmopolitan destinations worldwide.
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KIVOTOS MISSION

To provide our guests an impeccable service by creating engaging experiences for their soul, mind and body while
preserving a comfortable living feeling, coupled with mood enhancing luxury. To showcase the best that
Mykonos, Santorini and Kivotos has to offer in terms of art, activities and island life and draw excitement from
even the most seasoned traveler. To elevate each stay into cherished memory and mafie every single one
of our guests an ambassador of Kivotos Philosophy.
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CLASSIC
MEETS
MODERN

CHIC
SARTORIAL
ROCKSTAR

NAVY BLUE
+ ART
GOLD

ELEGANCE PERSONALITY
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CORE VALUES

IMPECCABLE SERVICE

BENCHMARKING HOTEL

FAMILY RUN

DISCRETE

INNOVATIVE

SARTORIAL

BESPOKE

PIONEER

ARTFRIENDLY
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PARTICULAIRE

BESPOKELY
DIVERSE
AUTHENTIC

HERITAGE ART

UNIQUE
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FIVE COMMUNICATION PILLARS

1. UNIQUE ARCHITECTURE & DESIGN
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FIVE COMMUNICATION PILLARS

2. LOCATION OF ASSETS
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FIVE COMMUNICATION PILLARS

3. ART EMBODIED IN KIVOTOS` DNA
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FIVE COMMUNICATION PILLARS

4. HERITAGE
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FIVE COMMUNICATION PILLARS

5. SOCIALLY RESPONSIBLE HOTEL
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THE GROUP
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ORGANIGRAM
Kivotos Group

Sp.
S. Michopoulos F. Michopoulos
Michopoulos
SA & Co. LLC
NEPA

Prince De
Kivotos Hotel, Mavro Suites &
Neufchatel
Ornos Mykonos Villas, Santorini
Yacht

Kivotos Villas,
Ornos, Mykonos

Kivotos Paraga,
Paraga Beach,
Mykonos
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GROUP MANAGEMENT

Father of the Michopoulos family. Age 65. Creator of Kivotos and Prince. All architecture
Spyridon and interior design in the Kivotos is solely his creation. Background includes a diploma
in architecture and design from the most famous art school in Greece. Antiques
Michopoulos collector. Avid traveller. Art aficionado. Currently in charge of the renovations in Kivotos.

Ilektra Mother of the Michopoulos family. Age 60. Diploma in Economics from a Greek university.
Currently in charge of the day to day financial operations of all businesses and personal
Michopoulou assets.

Oldest son of the Michopoulos family. Age 34. BA in Communication from The American
Philip S. College of Greece and MBA from ESSEC Business School of France.
Sales/Marketing/Finance of all businesses. Creator of Mavro Suites & Villas.
Michopoulos Responsible for the family business expansion.

Jason Younger son of the Michopoulos family. Age 31. Diploma in Hospitality from a Swiss
Hospitality School. Currently in charge of the Kivotos operations and also Prince de
Michopoulos Neufchatel.
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THE GROUP
ASSETS
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THE LOCATIONS
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Mykonos

Santorini
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Kivotos Hotel
Kivotos Villas
Kivotos Paraga
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Mavro Suites & Villas

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01
KIVOTOS HOTEL
Luxury Boutique Hotel consisting of 40 rooms and
Suites including 2 Villas and located right on the
water with a private beach access

Since 1993

40 2
SUITES VILLAS
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02
M/S PRINCE DE
NEUFCHATEL
82 ft. (25 meters) long motor sailer, docked in
front of the Kivotos in Mykonos, for private cruises
and events of the Kivotos Group guests
Since 2008

1
Luxury & Historical
Yacht
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03
MAVRO SUITES &
VILLAS SANTORINI
2 buildings featuring an interior surface of 642 m2
opening in 2017. 5 Suites/2 Villas will open for the
1st time to the public. Currently at 40% of
completion.

Opening in 2017

5/2 40%
SUITES/VILLAS COMPLETION
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04
KIVOTOS VILLAS
3 Villas, located 100 meters away from Kivotos in
Ornos, of 2-3 bedrooms each with a private pools.
Total surface of land: 2,4 acres

Opening in 2018

3 40%
VILLAS COMPLETION
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05
KIVOTOS PARAGA
4 acres of land facing the sea and Paraga beach.
Preliminary planning has been completed, to build
an 18 Suite Hotel.

Opening in 2019

18 10%
SUITES COMPLETION
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THE FUTURE
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FUTURE DEVELOPMENT PLAN

INCREASE EARNINGS KIVOTOS PARAGA LAUNCH

20 Continuing the successful course Kivotos has set by
20 Construction completes for Kivotos Paraga, an 18 Suite

16 increasing earnings and further optimizing operations.

Construction of Mavro Suites and Villas in Santorini
19 Hotel in Paraga Beach, Mykonos, further increasing the
Group, to 4 Hotel/Villa operations in Greece.
continues.

MAVRO SUITES & VILLAS LAUCH OPTIMIZATION

20 Kivotos becomes a multi-destination Luxury Hospitality
20 After a 4 year Development Plan, optimization of Operation

17 Group by launching Mavro Suites & Villas. The Development

of the Kivotos Villa Department increases by continuing the
20 continues and Kivotos continues to be the first Boutique
Luxury Hospitality Group in Greece.
construction of the 3 Kivotos Villas.

FURTHER EXPANSION, KIVOTOS VILLAS

20 Kivotos completes the 3 Villas overlooking Kivotos in Ornos
Area, increasing the revenue and unit capacity of the
18 Group’s offerings in Mykonos. Planning and Development of
Kivotos Paraga concludes and construction begins.
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THE MODEL AND

BENCHMARK
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KIVOTOS HOTEL
ORNOS, MYKONOS
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Kivotos Group Mykonos - Santorini Autumn 2013  3

NEW SYMBOL HOTEL INVESTMENTS LTD

63 Vassilisis Sofias ave, Athens 115 21, Greece info@newsymbol.gr
tel. +30 210 72 36 350 fax. +30 210 72 36 355 www.newsymbol.gr
- 43 -

ARCHITECTURE

Kivotos was built respecting the environment and the architectural traditions of Mykonos. The
property highlights 17th and 18th century pieces, each a rare jewel and all carefully selected
one at a time from different parts around the world.

The public areas are decorated with mosaics, frescoes and marble artifacts from the historical
Island of Delos. The exterior grounds mostly consist of Greek marble from the world famous,
ancient quarry of mount Penteli.

The hotel’s guestrooms and Suites are nestled in a breathtaking landscape, with paths that wind
their way down through leafy lush grounds and flower gardens to the freshwater pool and
private beach.

4
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ARCHITECTURE

Kivotos was built respecting the environment and the architectural traditions of Mykonos. The
property highlights 17th and 18th century pieces, each a rare jewel and all carefully selected
one at a time from different parts around the world.

The public areas are decorated with mosaics, frescoes and marble artifacts from the historical
Island of Delos. The exterior grounds mostly consist of Greek marble from the world famous,
ancient quarry of mount Penteli.

The hotel’s guestrooms and Suites are nestled in a breathtaking landscape, with paths that wind
their way down through leafy lush grounds and flower gardens to the freshwater pool and
private beach.

4
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Kivotos Group Mykonos - Santorini Autumn 2013  5
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ROOMS & SUITES

Each one of the 40 rooms and Suites is individually designed and decorated, being an artistic creation
of genuine antiques and contemporary fragments.

Many have taken as long as a year to complete, as a new piece is selected and woven into the
creative theme.

The hotel’s philosophy of comfortable living is felt in every room amenity and mood enhancing luxuries.

8
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NOAH’S VILLA

A stunning refuge of unparalleled beauty and luxury.

Built from wood fragments, the ruins of an old, traditional Greek fishing boat and Cycladic stones, the
architecture of this 3-storey villa captures the romance of a lost paradise.

Sunbathing in a private corner of the beach furthers the dream-like atmosphere of your own exotic
escape.

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RESTAURANTS & BARS

Dining & Wining is always a unique experience at the two restaurants and two bars of Kivotos.

In a most charming and elegant atmosphere, “La Meduse” gourmet dinner restaurant, provides the
most authentic and delicious creative dishes, accompanied by a splendid wine list. “Le Pirate” poolside
restaurant with its swim up cocktail bar “Del Mar’, specializes in Mediterranean Art cuisine, featuring
outstanding flavors enhanced by fresh local ingredients. Last but not least, “K” cigar and caviar bar is
the perfect place to enjoy a nice cocktail after a long walk in Mykonos town.

10
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HIGHLIGHTS
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1982
THE START
Acquisition of the land, where the
foundations of Kivotos Luxury Boutique Hotel
would be laid.
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1986
BRANDING
The original owners come up with the name
“Kivotos”, which refers to Noah’s Ark.

1993
OPENING
The hotel opens its doors to guests. Fashion
designer Jean Paul Gaultier stays at the
hotel, and makes it his favorite holiday spot
for year
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1994
GAULTIER
The world renowned Jean Paul Gaultier
spends his holidays in Mykonos at the
Kivotos Luxury Boutique Hotel.

2007
ZEGNA
Ermenegildo Zegna - of the homonymous
textile giant - chooses the hotel for his
holidays.
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2008
THE YACHT
A major renovation takes place, with the
addition of the SPA, Noah’s Waterfront Villa
and the acquisition of the private yacht
“Prince de Neufchatel”.

2008
THE ANGEL
The Czech fashion model and former
Victoria’s Secret Angel, Karolina Kurkova,
spends her holidays at the hotel.
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2009
KLEIN
Calvin Klein chooses Kivotos Luxury
Boutique Hotel for his summer holidays, and
so does Darren Star, writer of Sex and the
City and creator of Melrose Place and
Beverly Hills 90210.

2011
MICHAEL
Shakira and her husband Gerard Piqué, as
well as George Michael stay at the hotel.
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2012
CANDLELIGHT
The first candlelight dinner is held on the
hotel’s private beach.

2013
KIVOTOS ART PROJECTS
Launch of the Kivotos Art Projects -a
platform for Greek contemporary art,
displayed at the hotel’s public areas, suites
and art gallery.
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2014
PRINCE ALBERT
Prince Albert II of Monaco spent his holidays
at Kivotos Luxury Boutique Hotel.

2014
JOHN LEGEND
John Legend, the famous singer and Oscar
winner stays at the hotel.
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2014
PARTY
Our big annual bash with DJs and
happenings takes place on July 27th and is
attended by 600 people.

2015
RENOVATION
Renovation in rooms and public areas.
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2015
AWARD
Kivotos receives the Gold Award in the 2015
Greek Tourism Awards.
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PRINCE DE
NEUFCHATEL
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LUXURY YACHT OF HERITAGE

“Prince de Neufchatel”, the hotel’s privately owned 25m luxury motor-sailer, anchored right in front of
the hotel, awaits the hotels’ guests to explore the Aegean sea and the nearby Greek islands.

Built originally in 1967 in Holland and fully rebuilt in 2007 in Greek shipyards with a high attention to
details, Prince combines the brilliance of her kind with the comforts of a modern yacht.

Prince has two staterooms with queen size beds and one twin cabin with berths all with en-suite mar-
ble bathrooms, a comfortable galley, a sunlit interior salon and lots of space for lounging and sunbath-
ing on the exterior deck.

12
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FUTURE
DEVELOPMENTS
- 65 -

FUTURE DEVELOPMENTS

40% 40% 10%

MAVRO SUITES & VILLAS,

KIVOTOS VILLAS, MYKONOS KIVOTOS PARAGA, MYKONOS
SANTORINI
Completion Completion Completion

Future Developments Timeline Details 2016 2017 2018 2019 2020 2021

Construction
Mavro Suites & Villas, Santorini Completion

Construction
Kivotos Villas Completion

Kivotos Paraga Development Construction

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03
MAVRO SUITES &
VILLAS SANTORINI
2 buildings featuring an interior surface of 642 m2
opening in 2017. 5 Suites/2 Villas will open for the
1st time to the public. Currently at 40% of
completion.

5/2 40%
SUITES/VILLAS COMPLETION

Opening in 2017
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MAVRO PHILOSOPHY

MAVRO is the newest property of Kivotos Group, on the island of Santorini. The property is comprised of 5
luxury Suites which can also be combined into 2 separate Luxury Villas. Handcrafted, design furniture,
audiovisual “smart” equipment & features of the highest and latest standards as well as 24 hrs butler service,
will be among the strongest components of MAVRO’s success in the ultra five star hospitality market of
Santorini.
The goal is to cross-sell the two properties/destinations to the large client database of the Kivotos Group. The
caldera of Santorini, where MAVRO is located on, was created by a volcanic eruption in 1500 BC which made
most of the island disappear in the water. "MAVRO", which stands for “Black" in Greek, was named after the
land’s current form from the volcanic lava.
MAVRO defines extraordinary luxury tourism living and will complete the equation which makes Kivotos Group
one of the few Boutique Luxury Hotel Groups in the Mediterannean
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THE VIEW
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THE VIEW
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DESIGN DIRECTION
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DESIGN DIRECTION
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THE SUITES
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THE SUITES
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04
KIVOTOS VILLAS
3 Villas, located 100 meters away from Kivotos in
Ornos, of 2-3 bedrooms and each with a private
pool. Total surface of land: 2,4 acres

3 40%
VILLAS COMPLETION

Opening in 2018
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DESIGN DIRECTION
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05
KIVOTOS PARAGA
4 acres of land facing the sea and Paraga beach.
Preliminary planning has been completed, to build
an 18 Suite Hotel.

18 10%
SUITES COMPLETION

Opening in 2019
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THE LAND
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DESIGN DIRECTION
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DESIGN DIRECTION
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DESIGN DIRECTION
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FINANCIALS &
PROJECTIONS
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GROUP FINANCIALS

The consolidated financial headlines for the group are shown below, evidencing significant growth and
profitability. Audited accounts for 2011, 2012, 2013 2014, 2015 and provisional accounts for 2016 can be made
available

2011 2012 2013 2014 2015

Revenues
Revenue € 2.111.215,03 € 1.685.985,97 € 1.998.050,05 € 2.602.672,52 € 2.665.645,00
Other Income € 24.424,97 € 21.000,00 € 1.222,75 € 3.689,88 € 4.415,00
Total Revenues € 2.135.640,00 € 1.706.985,97 € 1.999.272,80 € 2.606.362,40 € 2.670.060,00
Expenses
Cost of Sales € 178.568,47 € 148.615,00 € 138.678,26 € 170.917,68 € 152.310,07
Administrative Expenses € 378.083,15 € 953.550,79 € 360.106,19 € 450.126,32 € 590.107,10
Operational Expenses € 1.134.249,46 € 317.850,26 € 999.526,02 € 1.243.041,03 € 1.406.298,47
Total Expenses € 1.690.901,08 € 1.420.016,05 € 1.498.310,47 € 1.864.085,03 € 2.148.715,64
EBITDA € 444.738,92 € 286.969,92 € 500.962,33 € 742.277,37 € 521.344,36
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Kivotos Hotel P&L 5 Year Projection
Description 2016 2017 2018 2019 2020
Total Rooms 40 40 40 40 40
Days Open 150 150 150 150 150
Total Available Rooms 6.000 6.000 6.000 6.000 6.000
Occupancy 77% 78% 79% 82% 82%
Total Occupied Rooms 4.620 4.666 4.740 4.920 4.920
ADR (€) €505 €530 €557 €585 €614
RevPAR (€) €389 €412 €440 €479 €503

Revenues
Room Revenues €2.333.100,00 77,5% €2.474.252,55 77,5% €2.639.054,25 77,5% €2.876.235,08 77,5% €3.020.046,83 77,5%
Food & Beverage €456.000,00 15,2% €483.588,00 15,2% €515.798,18 15,2% €562.154,73 15,2% €590.262,46 15,2%
Conference & Events €90.000,00 3,0% €95.445,00 3,0% €101.802,27 3,0% €110.951,59 3,0% €116.499,17 3,0%
Health Club & Spa €100.000,00 3,3% €106.050,00 3,3% €113.113,64 3,3% €123.279,55 3,3% €129.443,52 3,3%
Other Income €30.000,00 1,0% €31.815,00 1,0% €33.934,09 1,0% €36.983,86 1,0% €38.833,06 1,0%
Total €3.009.100,00 €3.191.150,55 €3.403.702,43 €3.709.604,80 €3.895.085,04

Departmental Expenses
Room expenses €933.240,00 40,0% €989.701,02 40,0% €1.055.621,70 40,0% €1.150.494,03 40,0% €1.208.018,73 40,0%
Food & Beverage expenses €273.600,00 60,0% €290.152,80 60,0% €309.478,91 60,0% €337.292,84 60,0% €354.157,48 60,0%
Other Income expenses €99.000,00 45,0% €104.989,50 45,0% €111.982,50 45,0% €122.046,75 45,0% €128.149,09 45,0%
Total Departmental Expenses €1.305.840,00 43,4% €1.384.843,32 43,4% €1.477.083,11 43,4% €1.609.833,62 43,4% €1.690.325,30 43,4%

Undistributed Expenses
Marketing & Sales Expenses €90.273,00 3,0% €95.734,52 3,0% €102.111,07 3,0% €111.288,14 3,0% €116.852,55 3,0%
Commisions €150.455,00 5,0% €159.557,53 5,0% €170.185,12 5,0% €185.480,24 5,0% €194.754,25 5,0%
Property Operation & Maintenance
€60.182,00 2,0% €63.823,01 2,0% €68.074,05 2,0% €74.192,10 2,0% €77.901,70 2,0%
Expenses
Utility Expenses €90.273,00 3,0% €95.734,52 3,0% €102.111,07 3,0% €111.288,14 3,0% €116.852,55 3,0%
Communication Expenses €30.091,00 1,0% €31.911,51 1,0% €34.037,02 1,0% €37.096,05 1,0% €38.950,85 1,0%
Total Undistributed Expenses €421.274,00 14,0% €446.761,08 14,0% €476.518,34 14,0% €519.344,67 14,0% €545.311,91 14,0%

Gross Operating Profit (GOP) €1.281.986,00 42,6% €1.359.546,15 42,6% €1.450.100,98 42,6% €1.580.426,51 42,6% €1.659.447,84 42,6%
Management Fee €180.546,00 6,0% €191.469,03 6,0% €204.222,15 6,0% €222.576,29 6,0% €116.852,55 3,0%
Reserve for Replacement for FF&E €30.091,00 1,0% €31.911,51 1,0% €34.037,02 1,0% €37.096,05 1,0% €38.950,85 1,0%
Property Tax €30.091,00 1,0% €31.911,51 1,0% €34.037,02 1,0% €37.096,05 1,0% €38.950,85 1,0%
Property and Civil Liability Insurance €30.091,00 1,0% €31.911,51 1,0% €34.037,02 1,0% €37.096,05 1,0% €38.950,85 1,0%
EBITDA €1.011.167,00 33,6% €1.072.342,60 33,6% €1.143.767,76 33,6% €1.246.562,08 33,6% €1.425.742,74 36,6%
 - 84 -
Mavro Suites & Villas P&L 5 Year Projection
Description 2017 2018 2019 2020 2021
Total Rooms 5 5 5 5 5
Days Open 213 213 213 213 213
Total Available Rooms 1.065 1.065 1.065 1.065 1.065
Occupancy 78% 82% 86% 86% 86%
Total Occupied Rooms 806 822 844 852 852
ADR (€) €1.094,00 €1.148,70 €1.206,14 €1.266,44 €1.329,76
RevPAR (€) €853,32 €940,79 €1.037,22 €1.089,14 €1.143,60

Revenues
Room Revenues €908.785,80 81,7% €943.739,10 81,7% €1.018.451,78 81,7% €1.079.008,37 81,7% €1.132.958,79 81,7%
Food & Beverage €112.892,65 10,2% €117.234,67 10,2% €126.515,75 10,2% €134.038,31 10,2% €140.740,22 10,2%
Conference & Events €33.867,79 3,0% €35.170,40 3,0% €37.954,72 3,0% €40.211,49 3,0% €42.222,07 3,0%
Health Club & Spa €16.933,90 1,5% €17.585,20 1,5% €18.977,36 1,5% €20.105,75 1,5% €21.111,03 1,5%
Other Income €39.512,43 3,6% €41.032,13 3,6% €44.280,51 3,6% €46.913,41 3,6% €49.259,08 3,6%
Total €1.111.992,56 €1.154.761,51 €1.246.180,13 €1.320.277,32 €1.386.291,19

Departmental Expenses
Room expenses €227.196,45 25,0% €235.934,78 25,0% €254.612,94 25,0% €269.752,09 25,0% €283.239,70 25,0%
Food & Beverage expenses €56.446,32 50,0% €58.617,34 50,0% €63.257,87 50,0% €67.019,15 50,0% €70.370,11 50,0%
Other Income expenses €27.094,24 30,0% €28.136,32 30,0% €30.363,78 30,0% €32.169,19 30,0% €33.777,65 30,0%
Total Departmental Expenses €310.737,01 27,9% €322.688,43 27,9% €348.234,60 27,9% €368.940,44 27,9% €387.387,46 27,9%

Undistributed Expenses
Marketing & Sales Expenses €100.079,33 9,0% €34.642,85 3,0% €37.385,40 3,0% €39.608,32 3,0% €41.588,74 3,0%
Commisions €55.599,63 5,0% €57.738,08 5,0% €62.309,01 5,0% €66.013,87 5,0% €69.314,56 5,0%
Property Operation & Maintenance Expenses €22.239,85 2,0% €23.095,23 2,0% €24.923,60 2,0% €26.405,55 2,0% €27.725,82 2,0%
Utility Expenses €33.359,78 3,0% €34.642,85 3,0% €37.385,40 3,0% €39.608,32 3,0% €41.588,74 3,0%
Communication Expenses €11.119,93 1,0% €11.547,62 1,0% €12.461,80 1,0% €13.202,77 1,0% €13.862,91 1,0%
Total Undistributed Expenses €222.398,51 20,0% €161.666,61 14,0% €174.465,22 14,0% €184.838,83 14,0% €194.080,77 14,0%

Gross Operating Profit (GOP) €578.857,04 52,1% €670.406,47 58,1% €723.480,31 58,1% €766.498,06 58,1% €804.822,96 58,1%
Management Fee €33.359,78 3,0% €34.642,85 3,0% €37.385,40 3,0% €39.608,32 3,0% €41.588,74 3,0%
Reserve for Replacement for FF&E €11.119,93 1,0% €11.547,62 1,0% €12.461,80 1,0% €13.202,77 1,0% €13.862,91 1,0%
Property Tax €11.119,93 1,0% €11.547,62 1,0% €12.461,80 1,0% €13.202,77 1,0% €13.862,91 1,0%
Property and Civil Liability Insurance €11.119,93 1,0% €11.547,62 1,0% €12.461,80 1,0% €13.202,77 1,0% €13.862,91 1,0%
EBITDA €512.137,49 46,1% €601.120,77 52,1% €648.709,50 52,1% €687.281,42 52,1% €721.645,49 52,1%
 - 85 -
Kivotos Villas P&L 5 Year Projection
Description 2018 2019 2020 2021 2022
Total Rooms 3 3 3 3 3
Days Open 150 150 150 150 150
Total Available Rooms 450 450 450 450 450
Occupancy 65% 66% 68% 69% 70%
Total Occupied Rooms 293 298 304 310 317
ADR (€) €1.100,00 €1.155,00 €1.212,75 €1.273,39 €1.337,06
RevPAR (€) €715,00 €765,77 €820,13 €878,36 €940,73

Revenues
Room Revenues €321.750,00 75,0% €344.594,25 75,0% €369.060,44 75,0% €395.263,73 75,0% €423.327,46 75,0%
Food & Beverage €42900,00 10,0% €45.945,90 10,0% €49.208,06 10,0% €52.701,83 10,0% €56.443,66 10,0%
Conference & Events €42900,00 10,0% €45.945,90 10,0% €49.208,06 10,0% €52.701,83 10,0% €56.443,66 10,0%
Health Club & Spa €6.435,00 1,5% €6.891,89 1,5% €7.381,21 1,5% €7.905,27 1,5% €8.466,55 1,5%
Other Income €15.015,00 3,5% €16.081,07 3,5% €17.222,82 3,5% €18.445,64 3,5% €19.755,28 3,5%
Total €429.000,00 €459.459,00 €492.080,59 €527.018,31 €564.436,61

Departmental Expenses
Room expenses €96.525,00 30,0% €103.378,28 30,0% €110.718,13 30,0% €118.579,12 30,0% €126.998,24 30,0%
Food & Beverage expenses €21.450,00 50,0% €22.972,95 50,0% €24.604,03 50,0% €26.350,92 50,0% €28.221,83 50,0%
Other Income expenses €28.957,50 45,0% €31.013,48 45,0% €33.215,44 45,0% €35.573,74 45,0% €38.099,47 45,0%
Total Departmental Expenses €146.932,50 34,3% €157.364,71 34,3% €168.537,60 34,3% €180.503,77 34,3% €193.319,54 34,3%

Undistributed Expenses
Marketing & Sales Expenses €21.450,00 5,0% €13.783,77 3,0% €14.762,42 3,0% €15.810,55 3,0% €16.933,10 3,0%
Commisions €21.450,00 5,0% €22.972,95 5,0% €24.604,03 5,0% €26.350,92 5,0% €28.221,83 5,0%
Property Operation & Maintenance Expenses €8.580,00 2,0% €9.189,18 2,0% €9.841,61 2,0% €10.540,37 2,0% €11.288,73 2,0%
Utility Expenses €12.870,00 3,0% €13.783,77 3,0% €14.762,42 3,0% €15.810,55 3,0% €16.933,10 3,0%
Communication Expenses €4.290,00 1,0% €4.594,59 1,0% €4.920,81 1,0% €5.270,18 1,0% €5.644,37 1,0%
Total Undistributed Expenses €68.640,00 16,0% €64.324,26 14,0% €68.891,28 14,0% €73.782,56 14,0% €79.021,13 14,0%

Gross Operating Profit (GOP) €213.427,50 49,8% €237.770,03 51,8% €254.651,70 51,8% €272.731,98 51,8% €292.095,95 51,8%
Management Fee €12.870,00 3,0% €13.783,77 3,0% €14.762,42 3,0% €15.810,55 3,0% €16.933,10 3,0%
Reserve for Replacement for FF&E €4.290,00 1,0% €4.594,59 1,0% €4.920,81 1,0% €5.270,18 1,0% €5.644,37 1,0%
Property Tax €4.290,00 1,0% €4.594,59 1,0% €4.920,81 1,0% €5.270,18 1,0% €5.644,37 1,0%
Property and Civil Liability Insurance €4.290,00 1,0% €4.594,59 1,0% €4.920,81 1,0% €5.270,18 1,0% €5.644,37 1,0%
EBITDA €187.687,50 43,8% €210.202,49 45,8% €225.126,87 45,8% €241.110,88 45,8% €258.229,75 45,8%
 - 86 -
Kivotos Paraga P&L 5 Year Projection
Description 2019 2020 2021 2022 2023
Total Rooms 18 18 18 18 18
Days Open 150 150 150 150 150
Total Available Rooms 2.160 2.214 2.269 2.268 2.268
Occupancy 80% 82% 84% 84% 84%
Total Occupied Rooms 1.728 1.815 1.907 1.905 1.905
ADR (€) €350,00 €367,50 €385,88 €405,17 €425,43
RevPAR (€) €280,00 €301,35 €324,33 €340,34 €357,36

Revenues
Room Revenues €483.840,00 79,6% €667.188,90 79,6% €736.013,60 79,6% €771.895,09 79,6% €810.489,84 79,6%
Food & Beverage €75.130,43 12,4% €103.600,76 12,4% €114.287,83 12,4% €119.859,49 12,4% €125.852,46 12,4%
Conference & Events €22.539,13 3,7% €31.080,23 3,7% €34.286,35 3,7% €35.957,85 3,7% €37.755,74 3,7%
Other Income €26.295,65 4,3% €36.260,27 4,3% €40.000,74 4,3% €41.950,82 4,3% €44.048,36 4,3%
Total €607.805,22 €838.130,16 €924.588,52 €969.663,24 €1.018.146,40

Departmental Expenses
Room expenses €169.344,00 35,0% €233.516,12 35,0% €257.604,76 35,0% €270.163,28 35,0% €283.671,45 35,0%
Food & Beverage expenses €45.078,26 60,0% €62.160,46 60,0% €68.572,70 60,0% €71.915,69 60,0% €75.511,48 60,0%
Other Income expenses €21.975,65 45,0% €30.303,22 45,0% €33.429,19 45,0% €35.058,90 45,0% €36.811,84 45,0%
Total Departmental Expenses €236.397,91 38,9% €325.979,79 38,9% €359.606,65 38,9% €377.137,87 38,9% €395.994,77 38,9%

Undistributed Expenses
Marketing & Sales Expenses €60.780,52 10,0% €41.906,51 5,0% €46.229,43 5,0% €48.483,16 5,0% €50.907,32 5,0%
Commisions €30.390,26 5,0% €41.906,51 5,0% €46.229,43 5,0% €48.483,16 5,0% €50.907,32 5,0%
Property Operation & Maintenance Expenses €12.156,10 2,0% €16.762,60 2,0% €18.491,77 2,0% €19.393,26 2,0% €20.362,93 2,0%
Utility Expenses €18.234,16 3,0% €25.143,90 3,0% €27.737,66 3,0% €29.089,90 3,0% €30.544,39 3,0%
Communication Expenses €6.078,05 1,0% €8.381,30 1,0% €9.245,89 1,0% €9.696,63 1,0% €10.181,46 1,0%
Total Undistributed Expenses €127.639,10 21,0% €134.100,82 16,0% €147.934,16 16,0% €155.146,12 16,0% €162.903,42 16,0%

Gross Operating Profit (GOP) €243.768,21 40,1% €378.049,54 45,1% €417.047,71 45,1% €437.379,25 45,1% €459.248,21 45,1%
Management Fee €36.468,31 6,0% €50.287,81 6,0% €55.475,31 6,0% €58.179,79 6,0% €30.544,39 3,0%
Reserve for Replacement for FF&E €6.078,05 1,0% €8.381,30 1,0% €9.245,89 1,0% €9.696,63 1,0% €10.181,46 1,0%
Property Tax €6.078,05 1,0% €8.381,30 1,0% €9.245,89 1,0% €9.696,63 1,0% €10.181,46 1,0%
Property and Civil Liability Insurance €6.078,05 1,0% €8.381,30 1,0% €9.245,89 1,0% €9.696,63 1,0% €10.181,46 1,0%
EBITDA €189.065,74 31,1% €302.617,82 36,1% €333.834,74 36,1% €350.109,56 36,1% €398.159,43 39,1%
 - 87 -
Kivotos Group P&L 5 Year Projection
Description 2016 2017 2018 2019 2020
Total Rooms 40 45 50 68 68
Days Open 150 363 576 726 726
Total Available Rooms 6000 7065 8130 10290 10344
Occupancy 77% 78% 80% 82% 84%
Total Occupied Rooms 4620 5473 6368 8314 8432
ADR (€) 505 541 700 658 691
RevPAR (€) 389 422 558 547 586

Revenues
Room Revenues €2.333.100,00 77,5% €3.417.991,65 78,6% €3.904.543,35 78,3% €4.723.121,10 78,4% €5.135.304,54 78,5%
Food & Beverage €456.000,00 15,2% €600.822,67 13,8% €675.932,85 13,6% €809.746,81 13,4% €877.109,59 13,4%
Conference & Events €90.000,00 3,0% €130.615,40 3,0% €179.872,67 3,6% €217.391,35 3,6% €236.998,95 3,6%
Health Club & Spa €100.000,00 3,3% €123.635,20 2,8% €137.133,84 2,7% €149.148,79 2,5% €156.930,48 2,4%
Other Income €30.000,00 1,0% €72.847,13 1,7% €89.981,23 1,8% €123.641,09 2,1% €139.229,55 2,1%
Total €3.009.100,00 €4.345.912,06 €4.987.463,94 €6.023.049,15 €6.545.573,11

Departmental Expenses
Room expenses €933.240,00 40,0% €1.225.635,80 71,8% €1.388.081,48 71,3% €1.677.829,25 71,3% €1.822.005,07 71,3%
Food & Beverage expenses €273.600,00 60,0% €348.770,14 20,4% €389.546,24 20,0% €468.601,92 19,9% €507.941,12 19,9%
Other Income expenses €99.000,00 45% €133.125,82 7,8% €169.076,32 8,7% €205.399,66 8,7% €223.836,94 8,8%
Total Departmental Expenses €1.305.840,00 43,4% €1.707.531,75 39,3% €1.946.704,04 39,0% €2.351.830,84 39,0% €2.553.783,13 39,0%

Undistributed Expenses
Marketing & Sales Expenses €90.273,00 21,4% €130.377,36 21,4% €158.203,92 22,4% €223.237,84 25,2% €213.129,80 22,8%
Commisions €150.455,00 35,7% €217.295,60 35,7% €249.373,20 35,3% €301.152,46 34,0% €327.278,66 35,1%
Property Operation & Maintenance
€60.182,00 14,3% €86.918,24 14,3% €99.749,28 14,1% €120.460,98 13,6% €130.911,46 14,0%
Expenses
Utility Expenses €90.273,00 21,4% €130.377,36 21,4% €149.623,92 21,2% €180.691,47 20,4% €196.367,19 21,0%
Communication Expenses €30.091,00 7,1% €43.459,12 7,1% €49.874,64 7,1% €60.230,49 6,8% €65.455,73 7,0%
Total Undistributed Expenses €421.274,00 14,0% €608.427,69 14,0% €706.824,95 14,2% €885.773,25 14,7% €933.142,84 14,3%

Gross Operating Profit (GOP) €1.281.986,00 42,6% €2.029.952,62 46,7% €2.333.934,95 46,8% €2.785.445,06 46,2% €3.058.647,14 46,7%
Management Fee €180.546,00 6,0% €226.111,88 5,2% €251.734,99 5,0% €310.213,77 5,2% €221.511,10 3,4%
Reserve for Replacement for FF&E €30.091,00 1,0% €43.459,12 1,0% €49.874,64 1,0% €60.230,49 1,0% €65.455,73 1,0%
Property Tax €30.091,00 1,0% €43.459,12 1,0% €49.874,64 1,0% €60.230,49 1,0% €65.455,73 1,0%
Property and Civil Liability Insurance €30.091,00 1,0% €43.459,12 1,0% €49.874,64 1,0% €60.230,49 1,0% €65.455,73 1,0%
EBITDA €1.011.167,00 33,6% €1.673.463,38 38,5% €1.932.576,04 38,7% €2.294.539,82 38,1% €2.640.768,85 40,3%
- 88 -

Revenue Breakdown
€7,000,000.00

€6,000,000.00

€5,000,000.00
€2,640,768.85
€2,294,539.82
€4,000,000.00

€1,932,576.04
€1,673,463.38
€3,000,000.00 €933,142.84
€885,773.25

€1,011,167.00 €608,427.69
€2,000,000.00 €608,427.69

€421,274.00
€2,351,830.84 €2,553,783.13
€1,000,000.00 €1,946,704.04
€1,707,531.75
€1,305,840.00

€-
2016 2017 2018 2019 2020
Overheads Undistributed Expenses EBITDA
- 89 -

Kivotos Group Valuation

€45,000,000

€40,000,000
€38,470,763.87
€35,000,000
€33,623,557.42
€30,000,000
€28,556,064.53
€25,000,000
€24,928,487.29

€20,000,000

€15,000,000
€15,656,338.00

€10,000,000

€5,000,000

€-
2016 2017 2018 2019 2020
- 90 -

Group Capacity
80

70
66 66

60

50 48
Kivotos Group
45
Kivotos Mykonos
40 40 40 40 40 40
40 Mavro Suites & Villas
Kivotos Villas
Kivotos Paranga
30
Expon. (Kivotos Group)

20 18 18

10
5 5 5 5
3 3 3

0
2016 2017 2018 2019 2020
- 91 -

Group Growth in EBITDA

€3,000,000.00

€2,640,768.85

€2,500,000.00
€2,294,539.82

€2,000,000.00 €1,932,576.04

€1,673,463.38

€1,500,000.00

€1,011,167.00
€1,000,000.00

€500,000.00

8% 65% 15% 19% 15%

€-
2016 2017 2018 2019 2020
- 92 -

Group Occupancy
86%

84% 84%

82% 82%

80% 80%

78% 78%

77%

76%

74%

72%
2016 2017 2018 2019 2020
- 93 -

THANK YOU

Contacts
Levitate Consulting Kivotos Group

Chancery Station House 31-33, High Domus Centre, 180 Kifisias Av., 15231
Holborn, WC1V 6AX, London, United Athens, Greece
Kingdom

Contact Contact
Yiannis Chryssanthakopoulos Philip S. Michopoulos
Cel1:. + 30 694 487 8892 Cel1:. + 30 694 434 0372

yiannis@levitateconsulting.com pmichopoulos@kivotosmykonos.com