Yatra Capital Ltd Annual Results 2008-2009

YATRA CAPITALPerformanceHighlights“For the immediate future it is expected that the difficult market conditionsencountered in the last 12 months will continue for a few more quarters tocome. But I believe that Yatra has shown its resilience and the strength ofits team which is determined to deliver value to our shareholders throughthis downturn and into the next cycle of the market”Content- Sir Nigel BroomfieldChairman of Yatra Capital28.71%Yatra’s portfolio decreased in value by 28.71% ascompared to 31 March 2008€ 11.55Adjusted Net Asset Value* (“Adjusted NAV”) pershare decreased by 21.37% to EUR 11.55 fromEUR 14.69.€ 56.42 millionNet loss for the year ended 31 March 200927 million sq. ft.Under development as at 31 March 2009.€ 10.86Net Asset Value** (“NAV”) per share has fallen by19.13% from EUR 13.43 at 31 March 2008 toEUR 10.86 at 31 March 2009.€ 2.57Loss Per Share for the year ended 31 March2009 was EUR 2.57.€ 220 millionYatra raised EUR 220 million by October 2007and has committed 81.41% of net funds raisedas at 31 March 2009.16Total number of Investments.Performance HighlightsChairman’s StatementInvestment Manager’s ReportInvestment PortfolioBoard of DirectorsDirectors’ ReportCorporate GovernanceFinancial StatementsIndependent Auditors’ ReportConsolidated and Company Balance SheetsConsolidated Income StatementConsolidated Statement of Changes in EquityConsolidated Cash Flow StatementNotes to the Financial StatementsOther InformationKnight Frank RICS Valuation LetterCB Richard Ellis RICS Valuation LetterCorporate InformationContact Information1259384044485051525354757780819Number of Cities in which Yatra has Invested.• Yatra Capital Limited (“Yatra”) listed onEuronext, Amsterdam on 6 December,2006.• The global slowdown has affected theIndian economy and Indian real estateasset pricing. A conservative WeightedAverage Cost of Capital (“WACC”) is19.76% represents a small increase overthe last year WACC of 19.4%.7Number of Investments where construction hascommenced. The first project, City Centre Mall,Nashik became operational in Q1, 2009-10.• Yatra has entered into 16 investments(14 projects and 2 entity level) spreadacross nine cities resulting in over 27million square feet under developmentas of 31 March 2009.• Construction on seven of Yatra’sinvestments has commenced and thefirst project, City Centre Mall, Nashikbecame operational in Q1, 2009-10.*Adjusted Net Asset Value (“Adjusted NAV”) excludes provisioning for taxation of India based portfolio companies underthe Group**Net Asset Value (“NAV”) is based on Yatra’s (including all subsidiaries) net assets divided by number of shares outstandingas at 31 March 2009. This incorporates adjustments for taxation, exchange rate movements and carried interest.1