Yatra Capital Ltd Annual Results 2008-2009

ValuationsChairman’sStatementThe valuation of the portfolio undertaken by both CB Richard Ellis South Asia Private Limitedand Knight Frank (India) Private Limited in accordance with The Royal Institution of CharteredSurveyors (RICS) guidelines and considered as part of the audit, gives some reassurance thatwhile values are marked down in a thin market our assets are based on strong fundamentalswhich should reassert themselves when the market cycle turns again. However, we do remainkeenly aware of the challenges facing valuers in the current market caused by the muchreduced level of occupational and investment trading and continue to evaluate valuationmethodologies to mitigate such concerns.• • • • • The portfolio was valued at EUR 207.80 million which is a decrease of 28.71% against thevalue of the portfolio as on 31 March 2008.• The Net Asset Value (NAV) per share is EUR 10.86, a decrease of 19.13% from31 March 2008.• The Adjusted Net Asset Value (Adjusted NAV) per share decreased by 21.37% during theyear to EUR 11.55.Stock price and stock value(Loss)/Earnings per share for the year have been EUR (2.57) (2008- EUR 5.13).Our share price during the year has varied between EUR 9.80 to EUR 1.70. While wewould wish the stock price to reflect as closely as possible the real underlyinglong-term value of the company we have to accept that short term factors will affectthe current price. The share price of our stock was EUR 3.94 on 27 July 2009.Corporate GovernanceAt times of stress in the market it is incumbent on the Board to be able to reassure investorsthat it maintains the highest standards of corporate governance. To this end the Boardreviews its own procedures and mix of skills and where there are improvements to be made,makes them. The Board is independent and experienced and is advised by an Audit and aRemuneration Committee and other committees as required. Advice on the investments isgiven by an Independent Investment Committee composed of experts in real estate.External advice is given by our Investment Manager who is well established and connectedin the market and by leading international audit firm PricewaterhouseCoopers, our legaladvisers are Carey Olsen in Jersey, Mukund Gujadhur in Mauritius and Mishcon de Reyain London.23