Yatra Capital : Audited financial statements March 2021

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Performance Summary

• Yatra Capital Limited (in liquidation) ("Yatra" or "the Company") through its former investment in K2 Property Limited ("K2") has completely exited all investment projects.
• The Company was placed in liquidation by its shareholders at a general meeting held on 17th September 2018.
• As a result of the decision to liquidate the Company, the Company has prepared its Financial statements on a basis other than going concern. The directors have taken account of all known and anticipated liquidation costs to close the Company, having made a reasonable assessment of the length of time that it will take to deal with the conversion of assets into cash, the settlement of liabilities and the completion of closure formalities, including audit and tax filing matters. On this basis, the directors have assessed an estimated outcome range of EUR 3.0- 3.2 per share (31 March 2020 - EUR 4.2-4.4 per share). This assessment remains subject to the timeline to wind up the remaining unliquidated subsidiary domiciled in Cyprus and to complete regulatory formalities.
• Net Asset Value ("NAV") per share* decreased by EUR 1.06 from EUR 4.30 as at 31 March 2020 to EUR 3.24 as at 31 March 2021. The net loss for the year ended 31 March 2021 derived from the investment activities of the Company was EUR 76,413. This is as compared to a net loss of EUR 261,641 for the year ended 31 March 2020. Basic and diluted (loss) per share for the year ended 31 March 2021 was EUR (0.11) as compared to basic and diluted (loss) per share of EUR (0.13) for the year ended 31 March 2020.

*NAV per share is based on Yatra's net assets derived from the Statement of Financial Position as at 31 March 2021 divided by the number of shares then outstanding and in issue.

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Chairman's Statement

Dear Shareholders,

I am pleased to report to you on progress in relation to the liquidation of the Company for the year ended 31 March 2021.

The board has been frustrated by the length of time that it has taken for the Company's former subsidiaries to complete their liquidation formalities. This process has been outside the board's control, due to liquidator independence requirements in Mauritius, and has been protracted in part because of the Covid 19 pandemic and its impact on governmental agencies in that jurisdiction. Nevertheless, that process has now been completed for K2, subject to the Mauritian Registrar of Companies publishing their formal notice and there remains only one entity still to be formally wound up, based in Cyprus. Since the subsidiary liquidation process has extended over the Company's financial year end, its status as a listed public Company has required the completion of a statutory audit. The extended timeline has served to reduce the net asset value per share significantly compared to the prior period, although of course due to the very small number of shares remaining in issue, the net asset value per share metric is extremely sensitive to even modest delays.

As always, I would like to thank my board colleagues, and our advisors, for their support as we proceed towards the closure of the Company.

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Directors' Report

The Directors present their annual report and the audited financial statements of Yatra Capital Limited (in liquidation) ("the Company") for the year ended 31 March 2021.

The Company

The Company was established in Jersey on 26 May 2006. The Company's ordinary shares were admitted to listing on the Euronext Market on 6 December 2006. The Company was established to invest in Foreign Direct Investment (FDI) compliant Indian real estate development opportunities. As of the date of publication of this report, the Company has divested all of its holdings and continues its focus on returning capital to shareholders and liquidating the Company and its subsidiaries ("Group").

The Company was placed in liquidation by its shareholders on 17th September 2018.

Going Concern

The financial statements of the Company have not been prepared on a going concern basis for the year ended 31 March 2021.

Business Review

A review of the Company's activities during the year is set out in the Chairman's Statement on page 3.

Results and Dividend

The Company's results for the year ended 31 March 2021 are shown in the Statement of Profit or Loss and Other Comprehensive Income (page 13) and related notes (pages 16 to 31). The Directors do not propose to declare a dividend for the year under review (31 March 2020 - Nil). During the period, EUR8,000,000 was distributed to shareholders by way of compulsory redemption.

Directors

All the directors of the Company are independent. The membership of the Board of Directors ("Board") is set out below.

Richard Boleat, David Hunter and George Baird served office throughout the period under review.

Directors' Interests

No director had any interest in the shares of the Company as at 31 March 2021.

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