EIH.L Regulatory News (EIH)

28 Sep 2007 07:47

Evolvence India Holdings PLC28 September 2007 Evolvence India Holdings Plc ("EIH" or the "Company") Interim Results for the period ended June 30, 2007 Chairman's Statement Since its admission to AIM on March 23, 2007, the Company has been successfullyinvesting in a diversified Indian private equity portfolio in line with thestrategy outlined in the Admission Document. The Company has invested in best ofbreed managers and companies and the portfolio reflects the true potential ofits investments. As at June 30, 2007, the company's net assets are valued at $ 68.5 million andthe net asset value ("NAV") per share is $ 1.053, based on 65 million ordinaryshares of $ 1 each issued during an initial public offering of common stock onAIM. The Company has committed $ 45.1 million of the net proceeds into EvolvenceIndia Fund ("EIF"), an established private equity fund of funds with aco-investment pool focusing on growth capital in India. It has also committed $6.0 million to the Evolvence India Life Sciences Fund, ("EILSF") a privateequity fund for investments in life sciences businesses in India. Both EIF andEILSF are funds based on a drawdown structure which leads to a lag betweencommitment and drawdown of funds. The Company has also committed $ 17.7 millionin direct investments, including an investment of $ 7.2 million in RSB Group(co-investment with EIF) and two structured deals. The investment pipelineincludes potential investments in pharmaceutical and construction sectors. India's economic growth accelerated last quarter, according to a recentBloomberg report, with stocks and the Indian rupee extending gains. South Asia'slargest economy expanded 9.3 percent in the three months to June 30, 2007 from ayear earlier, after gaining 9.1 percent in the previous quarter. Growth in Indiain the third quarter of this year compares with a gain of 1.8 percent in theU.S., 2.5 percent in countries sharing the Euro, and 2.3 percent in Japan.China's economy grew 11.9 percent. The Board believes that India's robust economic growth and attractive privateequity market offers several investment opportunities. We look forward todelivering on the strategy we set out at flotation to create sustainable valuefor our shareholders. Khaled Al-Muhairy EVOLVENCE INDIA HOLDINGS Plc STATEMENT OF ASSETS AND LIABILITIES AS AT 30th JUNE 2007 ( Unaudited ) US Dollars - MillionASSETSNon- Current AssetsInvestments 36.97 Current AssetsReceivables & Prepayments 0.02Cash and Cash equivalents 31.53 31.55TOTAL ASSETS 68.52 EQUITY AND LIABILITIESCapital and ReservesShare Capital 65.00Accumulated Profits / (Losses) 3.49 68.49 Current liabilitiesPayables 0.03 0.03 TOTAL EQUITY & LIABILITIES 68.52 EVOLVENCE INDIA HOLDINGS Plc INCOME STATEMENT ( Unaudited )PERIOD FROM 10th NOVEMBER 2006 (DATE OF INCORPORATION) TO 30th JUNE 2007 US Dollars - MillionINCOMEInterest 0.59 TOTAL (A) 0.59 EXPENSESAdministrative Expenses 0.17Preliminary Expenses 4.87Legal & Professional Expenses 0.05 TOTAL (B) 5.09 Unrealised Profit /(Loss) on Investments (C) 7.99 Operating Profit /(Loss) (A-B+C) 3.49 Balance brought forward - Net Profit/(Loss) carried over to Statement ofAssets & Liabilities 3.49 EVOLVENCE INDIA HOLDINGS Plc CASH FLOW STATEMENT ( Unaudited )PERIOD FROM 10th NOVEMBER 2006 (DATE OF INCORPORATION) TO 30th JUNE 2007 US Dollars - MillionCash flow from operating activitiesOperating profit/ (loss) 3.49Adjustments for: (Increase)/Decrease Receivables & Prepayments (0.02) Increase/(Decrease) in Payables 0.03 Unrealised Profit on Investments (7.99) Cash flow from operating activities (A) (4.49) Cash flow from investing activitiesAcquisition of investments (28.98) Net cash flow from investing activities (B) (28.98) Cash flow from financing activitiesIssue of Shares 65.00 Net cash flow from financing activities (C) 65.00 Net increase/(decrease) in cash and cash equivalents (A+B+C) 31.53Cash and cash equivalents at beginning of the year - Cash and cash equivalents at end of the year 31.53 NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2007 ( Unaudited ) 1. LEGAL STATUS AND BUSINESS ACTIVITY Evolvence India Holdings Plc was incorporated on 10 November 2006 and registeredin the Isle of Man under Companies Acts 1931 - 2004 as a public company withlimited liability and has its registered office at 15 -19 Athol Street, Douglas,Isle of Man IMI 1LB. The principal investment objective of the Company is to make investments inIndian private equity funds and Direct Investments in a wide range of industrysectors in India. 2. PRINCIPAL accounting policies The following is a summary of significant accounting policies. (a) Basis of preparation The financial statements are prepared under the historical cost convention. Thefinancial statements are prepared in accordance with and comply withInternational Financial Reporting Standards ("IFRS"). (b) Convention The Financials statements have been prepared on going concern basis under thehistorical cost convention except for the measurement of investments at fairvalue. (c) Investments Investments are accounted at fair value as per IAS 39. The investments areclassified at fair value through profit or loss. (d) Revenue recognition Interest income is recognized on an accrual basis. (e) Expenses Recognition All expenses are recognized in the income statement on an accrual basis. (f) Preliminary Expenses Preliminary expenses relate to incorporation of Company and other expensespertain to listing at AIM. All preliminary expenses are recognized in the incomestatement. (h) Trade and other receivables Trade and other receivables are stated at cost less impairment losses. (i) Trade and other payables Trade and other payables are stated at cost. (j) Cash and cash equivalents Cash comprises cash at bank. This information is provided by RNS The company news service from the London Stock Exchange