Last checked at 15 Jun 2015 07:00
15 June 2015
Infrastructure India plc
("IIP" or the "Company")
Notice of Results
Infrastructure India plc, the infrastructure fund investing directly into assets in India, announces that it expects its final results for the year ended 31 March 2015, to be released in the first half of July 2015. Ahead of the announcement, the Company is pleased to provide the following overview.
Financial overview
The board of IIP (the "Board") currently expects to announce a net asset value per ordinary share of approximately £0.55 as at 31 March 2015 (30 September 2014: £0.43; 31 March 2014: £0.62).
The expected increase in net asset value is driven principally by appreciation of the Indian Rupee (INR) against Sterling (GBP), a decrease in the yield of the Indian 10 year bond (which serves as the risk-free rate used in asset valuations), and the effects of an additional six months of project operation or development.
Operational overview
During the year, Distribution Logistics Infrastructure Limited ("DLI") restructured its debt and commissioned two of four large terminal facilities following a successful placing of new IIP shares in August 2014. DLI's remaining two terminals are on course for completion by the end of the current fiscal year and DLI's operational ramp up is well underway - with steady customer gains in its key markets. Despite the substantial increase in haulage charges, imposed in 2014 by the Indian Railways, the prospects for DLI's transportation and terminal segments remain strong. Indian Energy Limited ("IEL") negotiated interest rate reductions on debt and upwardly revised credit ratings during the period. IIP's road and small hydropower assets performed largely in-line with expectations. The circumstances surrounding IIP's large hydropower asset, Shree Maheshwar Hydel Power Corporation Limited ("SMH"), continue as before with no clarity on the terms or timing of completion of the project; IIP continues with its efforts to reach a fair outcome for its shareholders.
The Board looks forward to updating shareholders next month with the release of IIP's final results for the year ended 31 March 2015.
- Ends -
Enquiries:
Infrastructure India plc Sonny Lulla
| www.iiplc.com Via Cubitt Consulting |
Smith & Williamson Corporate Finance Limited Nominated Adviser & Joint Broker Azhic Basirov / Ben Jeynes
| +44 (0) 20 7131 4000 |
Nplus1 Singer Advisory LLP Joint Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales
| +44 (0) 20 7496 3000 |
Cubitt Consulting Limited Financial Public Relations Simon Brocklebank-Fowler
| +44 (0) 20 7367 5100 |