최종 결과
월 26 2024
인프라 인도 PLC
("IIP" 또는 "회사" 및 그 자회사와 함께 "그룹")
Annual results for the twelve months ended 31 March 2023
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces its audited annual results for the twelve months ended 31 March 2023.
The Company will be announcing its interim results for the six months ended 30 September 2023, together with information on the Annual General Meeting, later this week.
The Annual Report is being sent to shareholders shortly and will be available to view on the Company's website www.iiplc.com.
요약
· Value of the Company's investments were £99.1 million as at 31 March 2023 (£194.1 million as at 30 September 2022; £168.7 million as at 31 March 2022).
· Net liabilities were £184.9 million as at 31 March 2023 (against net liabilities of £85.7 million as at 30 September 2022; £46.8 million as at 31 March 2022).
· The net liability position is based on preliminary terms with a third party and the ascribed consideration for the disposal of IIP's largest holding, Distribution Logistics Infrastructure Limited ("DLI") and the increase in Group net debt.
· As at 31 March 2023, the Group had gross cash resources of £0.3 million. The sale of Indian Energy Limited is expected to complete imminently for total cash consideration of approximately US$4.37 million (approximately £3.39 million). IIP is also discussing preliminary terms for the sale of DLI and further announcements with regard to this will be made as and when appropriate.
· The Board has been active in securing sources of financing to ensure the Group has adequate funding to continue to meet liabilities as they fall due and, as announced, this includes asset sales. As a result of this process, the Group has prepared the accounts on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period.
문의 :
인프라 인도 PLC 소니 룰라
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www.iiplc.com 비아 노벨라 |
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스트랜드 핸슨 리미티드 추천 어드바이저 제임스 댄스 / 리차드 존슨
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+ 44 (0) 20 7409 3494 |
가수 자본 시장 Broker 제임스 맥스웰 - 기업 금융 James Waterlow - 투자 펀드 판매
| + 44 (0) 20 7496 3000 |
노벨 라 재무 홍보 팀 로버트슨 / 사피아 콜브룩 | + 44 (0) 20 3151 7008 |
회장과 최고 경영자의 공동 성명
We would like to report Infrastructure India plc's ("IIP" or the "Company" and, together with its subsidiaries, the "Group") audited annual results for the year ended 31 March 2023.
The Group has prepared the accounts on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period.
Net liabilities were £184.9 million as at 31 March 2023, (net liabilities of £85.7 million as at 30 September 2022; net liabilities of £46.7 million as at 31 March 2022). The net liability position was based on preliminary terms with a third party and the ascribed consideration for the disposal of IIP's largest holding, Distribution Logistics Infrastructure Limited ("DLI"). The increase in Group net debt was also a contributor to the net liability position.
The reporting period was dominated by discussions and due diligence around the sale of both DLI and Indian Energy Limited ("IEL").
교통편
DLI is a supply chain transportation and container infrastructure company and one of the largest private operators in its sector in India with a nationwide network of terminals and a quality road and rail transportation fleet. Basic operations remained steady at Nagpur, while construction, other than immediate requirements, was put on hold due to funding constraints. DLI has focused on servicing and maintaining existing customers.
Subsequent to the fiscal year end, on 6 September 2023, IIP announced that it, along with The DLI Group and Distribution and Logistics Infrastructure India, Mauritius, IIP's wholly-owned subsidiary ("DLI Mauritius"), had entered into a share purchase and shareholders' agreement (the "Agreement") for the conditional sale of DLI to Pristine Malwa Logistics Park Private Limited ("Pristine Malwa") (the "거래"). The Transaction comprised a share swap of up to 33% of Pristine Malwa's issued share capital and an upfront cash consideration of approximately US $10 million. The final equity and cash consideration payable was subject to customary adjustments based on the net current assets and indebtedness of DLI on the closing date. On 15 February 2024, IIP announced that it would not be proceeding with the Transaction. Some key areas of the Agreement were subject to final agreement, which could not be reached in a manner satisfactory to the IIP Board, in the best interests of IIP shareholders, and potentially materially undervalued DLI in the Board's view. Consequently, DLI Mauritius issued a termination notice to Pristine Malwa. Neither Pristine Malwa nor DLI had fulfilled all conditions precedent and the long stop date had expired without a mutually agreed extension.
Further to the announcement on 15 February 2024, the Company is in early discussions with a third party with regard to the proposed sale of DLI and is evaluating the potential transaction and related timelines, with due diligence underway, although there can be no guarantee that discussions will lead to definitive agreements for the sale of DLI. Further announcements will be made in due course.
에너지
Indian Energy Limited ("IEL") is an independent power producer that owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu, with 41.3 MW of installed capacity.
Subsequent to the period end, on 4 April 2023 IIP entered into a conditional agreement for the sale of IEL to FA Power Renewables Private Limited. The sale of IEL is expected to complete imminently. The total cash consideration for IEL is approximately US $4.37 million.
IIP also retains its 50% interest in India Hydropower Development Company's ("IHDC"), details of which are set out in the Review of Investments further below.
그룹 유동성
As at 31 March 2023, the Group had gross cash resources of £0.3 million.
On 31 August 2022, IIP announced that the term loan provided by IIP Bridge Facility was being increased by US$6 million to meet urgent operational overheads at DLI as well as Group working capital needs.
The sale of IEL is expected to complete imminently. The total cash consideration for IEL is approximately US$4.37 million. IIP is also discussing preliminary terms for the sale of DLI and further announcements with regard to this will be made as and when appropriate.
할부
IIP has three fully drawn facilities: a secured term loan provided by IIP Bridge Facility LLC (the "Term Loan"), an unsecured working capital loan provided by GGIC, Ltd (the "Working Capital Loan") and an unsecured bridging loan provided by Cedar Valley Financial (the "Bridging Loan").
The Term Loan was originally provided to IIP's wholly owned Mauritian subsidiary, Infrastructure India Holdco, in April 2019, in multiple tranches totalling US$105 million on a four-year termwith an interest rate of 15% per annum and maturing on 1 April 2023. On 31 August 2022, the Term Loan was increased by US$6 million, taking the principal to US$111 million, with all other terms and conditions remaining the same. On 17 April 2023, the Term Loan was increased by US$8 million, taking the principal to US$119 million, with all other terms and conditions remaining the same. The current amount of interest accrued is approximately US$95 million.
In April 2019, the Group extended the maturity of the Working Capital Loan and extended and enlarged the Bridging Loan.
The Working Capital Loan was originally provided to the Group in April 2013 by GGIC in an amount of US$17 million and increased to US$21.5 million in September 2017. The Working Capital Loan carried an interest rate of 7.5% per annum on its principal amount. The Group and GGIC agreed to increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately US$31 million.
The Bridging Loan was originally provided to the Group in June 2017 by Cedar Valley Financial and was subsequently increased in multiple tranches to US$64.1 million in March 2019. The Bridging Loan carried an interest rate of 12.0% per annum on its principal. The Group and Cedar Valley Financial agreed increase its interest rate to 15% per annum from 1 April 2019. The current amount of interest accrued is approximately US$71 million.
Post-period, the maturity for the three facilities has been extended until 15 May 2024.
톰 트라이본 & 소니 룰라
2024월 XNUMX
REVIEW OF INVESTMENTS
Distribution Logistics Infrastructure Private Limited ("DLI")
상품 설명 | Supply chain transportation and container infrastructure company with a large operational road and rail fleet; developing four large container terminals across India. | |||
발기인 |
A subsidiary of IIP |
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투자일 | 월 2011 | 10월 2011 | Jan 12- Sep 2021 |
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투자금액 | 원 34.8 만 | 원 58.4 만 | 원 181.1 만 |
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Aggregate percentage interest | 37.4% | 99.9% | 99.9% |
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Investment during the period | 무 |
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31년 2023월 XNUMX일 기준 평가액 | 원 78.8 만 |
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Project debt outstanding | 원 66.7 만 |
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31년 2023월 XNUMX일 현재 |
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주요 개발 | · Liquidity constraints at DLI throughout the period necessitated a strong focus on cost control along with maintaining efficiencies of existing operations, with the scheduled completion of work at under-construction terminals on hold. · The reporting period was dominated by due diligence. · The Group has received preliminary terms for the sale of DLI from a third party.
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투자 내용
DLI is a supply chain transportation and container infrastructure company headquartered in Bangalore and Gurgaon with a material presence in central, northern and southern India. DLI provides a broad range of logistics services including rail freight, trucking, handling, customs clearing and bonded warehousing with terminals located in the strategic locations of Nagpur, Bangalore, Palwal (in the National Capital Region) and Chennai.
Developments during the reporting period
Nagpur remained operational with increased export volumes but limited traction in domestic volumes due to funding constraints. Overall, liquidity constraints resulting from DLI's lenders restricting working capital disbursements, impacted DLI's ability to maintain and grow its business during the period. Construction activities at Palwal remain on hold due to financing.
The Eastern and Western portions of the Dedicated Freight Corridor (DFC) are expected to be completed by the end of calendar year 2024. In addition to increased freight throughput, the DFC is expected to reduce charges by Indian Railways by up to 50%.
평가
The reported DLI valuation of £78.8 million as at 31 March 2023 is based on preliminary terms received from a third party for the disposal of DLI, and the ascribed consideration for DLI.
India Hydropower Development Company LLC ("IHDC")
상품 설명 | IHDC develops, owns and operates small hydropower projects with seven fully operational plants (74 MW of installed capacity), and a further 13 MW of capacity under development or construction. | ||
발기인 | Dodson-Lindblom International Inc. ("DLZ") | ||
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투자일 | 월 2011 | 월 2012 | 2012년 XNUMX월 |
투자금액 | 원 25.7 만 | 원 0.3 만 | 원 1.1 만 |
Aggregate % interest | 50% | 50% | 50% |
Investment during the period | 무 | ||
31년 2023월 XNUMX일 기준 평가액 | 원 17.3 만 | ||
Project debt outstanding 31년 2023월 XNUMX일 현재 | 원 5.3 만
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주요 개발 | · Overall generation from IHDC's projects was higher than the corresponding period the previous year, largely as a result of higher generation at Sechi in Himachal Pradesh, Birsinghpur in Madhya Pradesh and Darna in Maharashtra.
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투자 내용
The IHDC portfolio has installed capacity of approximately 74 MW across seven projects - Bhandardara Power House I ("BH-I"), Bhandardara Power House II ("BH-II"), Darna in Maharashtra; Birsinghpur in Madhya Pradesh; and Sechi, Panwi and Raura in Himachal Pradesh. IHDC has an additional 13 MW of capacity under development and construction.
프로젝트 업데이트
Overall generation from IHDC's projects was 46.7 GWh in the second half of the fiscal year ending 31 March 2023 against 55.4 GWh during the same period last year.
IHDC is working on securing a long term PPA with higher tariff on Raura. Trading of Renewable Energy Certificates ("REC") continued. The price of REC's as at 31 March 2023 was INR 1,000 per REC.
At Melan, the management team has maintained the necessary permits with regulatory authorities to keep the project viable while construction of the Melan project is expected to be further delayed.
평가
The IHDC portfolio was valued in accordance with the Group's stated valuation methodology by using a composite risk premium of 2.67% over the risk free rate of 7.29%. The composite risk premium is computed using a MW-based weighted average of risk premia of individual assets related to their stage of operations.
The value for IHDC investments as at 31 March 2023 is £17.3 million (30 September 2022 £18.5 million; 31 March 2022 £18.5 million). The factors which impacted the valuation were movement in the risk-free rate, changes in currency and changes in management assumptions such as the delay in projected completion for the Melan project.
이사 보고서
The Directors have pleasure in presenting their report and financial statements of the Group for the year ended 31 March 2023.
주요 활동 및 법인 설립
The Company is a closed-ended investment company, incorporated on 18 March 2008 in the Isle of Man as a public limited company under the 2006 Companies Act. It was admitted to the Official List of the London Stock Exchange on 30 June 2008, and subsequently moved to a listing on AIM, a market operated by the London Stock Exchange on 16 November 2010.
The Group's investment objective is to provide shareholders with both capital growth and income by investing in assets in the Indian infrastructure sector, with particular focus on assets and projects related to energy and transport.
결과 및 배당금
The Group's results for the year ended 31 March 2023 are set out in the Consolidated Statement of Comprehensive Income.
A review of the Group's activities is set out in the Joint Statement from the Chairman and the Chief Executive report.
이사들은 배당(2022년: 없음) 지급을 권고하지 않습니다.
이사
The Directors of the Company during the year and up to the date of this report were as follows:
Tom Tribone | 의장 |
Rahul Sonny Lulla | 최고 경영자 |
Robert Venerus | 비상임 이사 |
마드라스 세샤마니 라마찬드란 | 비상임 이사 |
그레이엄 스미스 | 비상임 이사 |
Directors' interests in the shares of the Company are detailed in note 17.
회사 비서
The secretary of the Company during the year and to the date of this report was Grainne Devlin.
By Order of The Board
소니 룰라
책임자
월 25 2024
이사의 책임 성명서
In Respect of the Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations and have elected to prepare the financial statements in accordance with International Financial Reporting Standards ("IFRSs"), as adopted by the European Union ("EU").
The financial statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that year.
이 재무제표를 준비할 때 이사는 다음을 수행해야 합니다.
· 적절한 회계 정책을 선택한 다음 일관되게 적용합니다.
· 합리적이고 신중한 판단 및 회계 추정
· 재무제표에 공개되고 설명된 중대한 일탈에 따라 적용 가능한 회계 표준을 준수했는지 여부를 명시합니다. 그리고
· prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time its financial position. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
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The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website; the work carried out by the auditors does not involve the consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred in the accounts since they were initially presented on the website. Legislation governing the preparation and dissemination of financial statements may differ from one jurisdiction to another.
각 이사는 자신이 아는 한 다음 사항을 확인합니다.
· the financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; |
· the director's report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that they face.
이사회 순서
소니 룰라
책임자
월 25 2024
기업지배구조 선언문
회장 소개
The Board of Infrastructure India plc fully endorses the importance of good corporate governance and applies the QCA Corporate Governance Code, published in April 2018 by the Quoted Companies Alliance (the "QCA Code"), which the Board believes to be the most appropriate recognised governance code for a company of the Company's size with shares admitted to trading on the AIM market of the London Stock Exchange. This is a practical, outcome-oriented approach to corporate governance that is tailored for small and mid-size quoted companies in the UK and which provides the Company with the framework to help ensure that a strong level of governance is maintained.
As Chairman, I am responsible for leading an effective board, fostering a good corporate governance culture, maintaining open communications with the major shareholders and ensuring appropriate strategic focus and direction for the Company.
Notwithstanding the Board's commitment to applying the QCA Code, we will not seek to comply with the QCA Code where strict compliance in the future would be contrary to the primary objective of delivering long-term value for IIP's shareholders and stakeholders. However, we do consider that following the QCA Code, and a framework of sound corporate governance and an ethical culture, is conducive to long-term value creation for IIP shareholders.
All members of the Board believe strongly in the importance of good corporate governance to assist in achieving objectives and in accountability to IIP's stakeholders. In the statements that follow, the Company explains its approach to governance in more detail.
QCA Code - Governance Principles
The QCA code is constructed around 10 broad principles of corporate governance. These principles are as follows:
Deliver Growth
1. Establish a strategy and business model which promote long term value for shareholders.
2. 주주의 요구와 기대를 이해하고 충족시키기 위해 노력합니다.
3. Take into account wider stakeholder and social responsibilities and their implications for long- term success
4. 조직 전체에 기회와 위협을 모두 고려한 효과적인 위험 관리 포함
Maintain a dynamic management framework
5. 의장이 이끄는 잘 기능하고 균형 잡힌 팀으로 이사회를 유지
6. 이사들 사이에 필요한 최신 경험, 기술 및 능력이 있는지 확인하십시오.
7. 명확하고 관련성 있는 목표를 기반으로 이사회 성과를 평가하고 지속적인 개선을 추구합니다.
8.
윤리적 가치와 행동을 기반으로 하는 기업문화 조성
9. 목적에 맞는 거버넌스 구조와 프로세스를 유지하고 이사회의 올바른 의사 결정을 지원합니다.
신뢰를 쌓다
10. 주주 및 기타 관련 이해 관계자와의 대화를 유지하여 회사가 어떻게 관리되고 수행되고 있는지 소통합니다.
원칙 1 주주의 장기적 가치를 증진하는 전략 및 비즈니스 모델 수립
IIP is an AIM quoted closed end investment company investing in core economic infrastructure.
The Company's Investment Strategy is as follows:
The Company will invest at the asset level or through specific holding companies (not by investing in other funds or in the equity of non-specific parent companies) in infrastructure projects in India. Such investments are to be focused on the broader sectors of:
· Energy - including assets involved in electricity generation, transmission and distribution; infrastructure assets related to oil and gas, service provision and transmission; renewable fuel production and renewable energy assets; and
· Transport - including investment in roads, rail, ports and airport assets, and associated transport interchanges and distribution hubs.
Additionally, the Company may make investments in other economic and social infrastructure sectors within India where opportunities arise and which the Board considers offer similar risk and return characteristics to those found within the energy and transport sectors.
In common with other investing companies in the sector, access to projects and valuable assets is competitive and challenging but the Board is confident of its ability and that of its investment manager, to continue to source attractive investment opportunities given close relationships with a number of companies and their management teams, and recognition of the Board's experience and strong network.
Status of the Company's Portfolio
Details of the Company's portfolio are contained on the Company's website at Portfolio (iiplc.com) and a full update of the investments including investment details, a description of investments, key developments and valuations are available through the Company's announcements which are also available on the Company's website at https://www.iiplc.com/regulatory-news/
원칙 2 주주의 요구와 기대를 이해하고 충족시키기 위해 노력합니다.
The Company is committed to engaging and communicating openly with its shareholders to ensure that its strategy, business model and performance are clearly understood. All Board members have responsibility for shareholder liaison but queries are primarily delegated to the Company's Advisors in the first instance or the Company's CEO. Contact details for the Company's advisors are contained on the Company's website https://www.iiplc.com/contact/.
Copies of the annual and interim reports are sent to all shareholders and copies can be downloaded from the Company website https://www.iiplc.com/investor-relations/financial-보고서 / alternatively, they are available on request by writing to the Company Secretary at 55 Athol Street, Douglas, Isle of Man IM 1 1LA. Other Company information for shareholders is also available on the website.
As detailed in the Company's Admission document, a full analysis of the Company's social responsibility and ways to address issues was undertaken. The Admission Document (dated 11 February 2011) is available on the Company's website: https://www.iiplc.com/investor-relations/downloads/
The Company is committed to continuing engagement with all stakeholders.
Principle 5 Maintain the board as a well-functioning, balanced team led by the chair.
The Board has five members, three of which are non-executive.
Board Meetings Attendance
위원회 회의 | 날짜 | R Venerus | T Tribone | S Lulla | MS Ramachandran | GSmith |
1 | 30.08.2022 (telephone call between Independent Directors) | x | x | |||
2 | 20.12.2022 (telephone call between Directors) | x | x | x | x | x |
3 | 23.03.2023 (telephone call between Independent Directors) | x | x | |||
4 | 30.03.2023 (telephone call between Directors) | - | - | x | x | x |
5 | 10.04.2023 (telephone call between Independent Directors) | x | x | |||
6 | 31.05.2023 (telephone call between Independent Directors) | x | x | |||
7 | 28.07.2023 (telephone call between Directors) | - | x | x | x | x |
The Directors and their roles and key personnel are displayed on the Company's website https://www.iiplc.com/team/board-of-directors/ and a statement of the Directors responsibilities is also included in the Statement of Directors' Responsibilities.
모든 이사는 필요한 경우 회사의 비용으로 자신의 직무를 추진하는 데 있어 독립적이고 전문적인 조언을 받을 수 있습니다.
Principle 8 Promote a corporate culture that is based on ethical values and behaviours.
이사회의 책임
· Shareholder documents / Press announcements
· Adherence to Corporate Governance and best practice procedures
Historical information is available on the website:
지난 XNUMX년간의 회사 총회 공고는 여기에서 확인하실 수 있습니다. https://www.iiplc.com/investor-relations/downloads/
감사위원회
Remuneration Committee and Nomination Committee
As stated in principle 9, there is no Remuneration Committee or Nomination Company in existence.
Independent Auditor's Report to the Members of Infrastructure India Plc
· have been properly prepared in accordance with IFRSs as adopted by the European Union;
Emphasis of matter - financial statements prepared on a basis other than going concern
Emphasis of matter - valuation of investments at fair value
사기를 포함한 부정 행위를 감지하는 감사 기능
사기 및 법률 및 규정 위반을 포함한 부정 행위와 관련하여 중요한 왜곡 표시의 위험을 식별하고 평가하기 위한 우리의 접근 방식은 다음과 같습니다.
· 우리는 이사 및 기타 경영진과의 논의를 통해 그리고 해당 부문에 대한 상업적 지식과 경험을 통해 회사에 적용되는 법률 및 규정을 확인했습니다.
· 우리는 그룹 내의 구성 감사자들에게 사기, 법률 및 규정 위반 등의 부정 행위를 탐지하는 접근 방식을 결정하도록 구체적으로 요청했으며 그들의 조사 결과를 우리 접근 방식의 일부로 고려했습니다.
· 우리는 회사법, 조세법, 뇌물방지법, 환경, 보건 및 안전법을 포함하여 재무제표나 회사 운영에 직접적으로 중대한 영향을 미칠 수 있다고 판단되는 특정 법률 및 규정에 중점을 두었습니다.
· 우리는 경영진에 대한 질의 및 법적 서신 조사를 통해 위에 명시된 법률 및 규정의 준수 정도를 평가했습니다. 그리고
· 식별된 법률 및 규정은 감사팀 내에서 정기적으로 전달되었으며 팀은 감사 전반에 걸쳐 비준수 사례에 대해 주의를 기울였습니다.
우리는 사기가 어떻게 발생할 수 있는지 이해하는 것을 포함하여 중요한 왜곡표시에 대한 회사 재무제표의 민감성을 다음을 통해 평가했습니다.
· 사기에 취약하다고 생각되는 부분과 실제 사기, 의심되는 사기, 주장되는 사기에 대한 지식에 대해 경영진에 문의합니다.
· 사기 및 법률 및 규정 위반 위험을 완화하기 위해 마련된 내부 통제를 고려합니다. 그리고
· 회사의 보상 정책 설계를 이해합니다.
경영진의 편향과 제어 무효화를 통한 사기 위험을 해결하기 위해 우리는 다음을 수행합니다.
· 비정상적이거나 예상치 못한 관계를 식별하기 위해 분석 절차를 수행했습니다.
· 비정상적인 거래를 식별하기 위해 분개 항목을 테스트했습니다.
· 회계추정을 결정할 때 내려진 판단과 가정이 잠재적 편향을 나타내는지 여부를 평가했습니다. 그리고
· 중요하거나 특이한 거래의 근거를 조사했습니다.
법률 및 규정에 대한 부정 및 비준수의 위험에 대응하여 우리는 다음을 포함하되 이에 국한되지 않는 절차를 설계했습니다.
· 기본 증빙 문서에 대한 재무제표 공개 동의
· 거버넌스를 담당하는 사람들의 회의록 읽기;
· 실제 및 잠재적 소송 및 청구에 대해 경영진에게 문의 그리고
· 세무 당국, 관련 규제 기관 및 회사의 법률 고문과의 서신을 검토합니다.
위에서 설명한 감사 절차에는 본질적인 한계가 있습니다. 법률과 규정이 금융 거래에서 제거될수록 우리가 위반 사실을 인지할 가능성은 줄어듭니다. 또한 감사 표준은 법률 및 규정 위반을 식별하는 데 필요한 감사 절차를 이사 및 기타 경영진에 대한 질의, 규정 및 법적 서신 검사(있는 경우)로 제한합니다.
사기로 인해 발생하는 중대한 왜곡 진술은 고의적인 은폐 또는 담합이 포함될 수 있으므로 오류로 인해 발생하는 것보다 감지하기가 더 어려울 수 있습니다.
기타 정보
기타 정보에 대한 책임은 이사에게 있습니다. 기타 정보는 재무제표 및 이에 대한 감사보고서 외에 연차보고서에 포함된 정보로 구성됩니다. 재무제표에 대한 우리의 의견은 다른 정보를 다루지 않으며 우리 보고서에 달리 명시적으로 명시된 경우를 제외하고는 이에 대한 어떠한 형태의 보증 결론도 나타내지 않습니다.
우리의 재무제표 감사와 관련하여 우리의 책임은 다른 정보를 읽을 때 다른 정보가 재무제표 또는 감사에서 얻은 우리의 지식과 실질적으로 일치하지 않거나 달리 중요하게 왜곡된 것으로 보이는지 여부를 고려하는 것입니다. . 그러한 중요한 불일치 또는 명백한 중요한 왜곡표시를 식별하는 경우 재무제표에 중요한 왜곡표시가 있는지 또는 기타 정보에 대한 중요한 왜곡표시가 있는지 여부를 결정해야 합니다. 우리가 수행한 작업을 기반으로 이 다른 정보에 중대한 왜곡이 있다고 결론을 내리는 경우 해당 사실을 보고해야 합니다.
이와 관련하여 보고할 사항이 없습니다.
예외적으로 보고해야 하는 사항
In the light of our knowledge and understanding of the group and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
이사의 책임
이사의 책임 진술서에서 더 자세히 설명된 바와 같이, 이사는 재무제표를 작성하고, 재무제표가 진실하고 공정한 견해를 제공하는지 확인하고, 재무제표 작성을 가능하게 하는 데 필요하다고 이사가 결정한 내부 통제에 대한 책임이 있습니다. 부정이나 오류로 인한 중요한 왜곡표시가 없는 재무제표
재무제표를 작성할 때 이사는 계속 기업으로서의 존속 능력을 평가하고 해당되는 경우 계속 기업과 관련된 사항을 공개하며 이사가 그룹을 청산하거나 운영을 중단하거나 그렇게 하는 것 외에는 현실적인 대안이 없습니다.
재무제표 감사에 대한 감사인의 책임
우리의 목적은 재무제표 전체에 사기나 오류로 인한 중요한 왜곡표시가 없는지에 대한 합리적인 확신을 얻고 우리의 의견이 포함된 감사보고서를 발행하는 것입니다. 합리적인 확신은 높은 수준의 확신을 의미하지만 ISA(영국)에 따라 수행된 감사가 중요한 왜곡표시가 존재하는 경우 항상 이를 발견한다는 보장은 아닙니다. 왜곡표시는 사기나 오류로 인해 발생할 수 있으며 이러한 왜곡표시가 개별적으로 또는 전체적으로 이러한 재무제표에 기초하여 취해진 이용자의 경제적 결정에 영향을 미칠 것으로 합리적으로 예상될 수 있는 경우 중요한 것으로 간주됩니다.
ISA(영국)에 따른 감사의 일환으로 우리는 감사 내내 전문가적 판단을 행사하고 전문가적 의구심을 유지합니다. 또한 우리:
· 사기나 오류로 인한 재무제표의 중요한 왜곡표시 위험을 식별 및 평가하고, 이러한 위험에 대응하는 감사 절차를 설계 및 수행하고, 우리 의견의 근거를 제공하기에 충분하고 적절한 감사 증거를 확보합니다. 사기에는 담합, 위조, 의도적인 누락, 허위 진술 또는 내부 통제 무시가 포함될 수 있으므로 사기로 인한 중대한 왜곡 표시를 감지하지 못할 위험은 오류로 인한 것보다 높습니다.
· 상황에 적합한 감사 절차를 설계하기 위해 감사와 관련된 내부 통제에 대한 이해를 얻습니다. 그러나 그룹 내부 통제의 효율성에 대한 의견을 표명하기 위한 것은 아닙니다.
· 사용된 회계정책의 적절성과 이사가 작성한 회계추정 및 관련 공시의 합리성을 평가합니다.
· 공시를 포함한 재무제표의 전반적인 표시, 구조 및 내용, 그리고 재무제표가 공정한 표시를 달성하는 방식으로 기본 거래 및 사건을 나타내는지 여부를 평가하십시오.
· 연결재무제표에 대한 의견을 표명할 수 있도록 기업의 재무정보 또는 그룹 내 사업활동에 관한 충분하고 적절한 감사증거를 입수합니다. 우리는 그룹 감사의 지시, 감독 및 수행에 대한 책임이 있습니다. 우리는 감사 의견에 대해 전적인 책임을 집니다.
우리는 무엇보다도 감사 중에 식별된 내부 통제의 중대한 결함을 포함하여 감사의 계획된 범위와 시기, 중요한 감사 발견 사항과 관련하여 거버넌스 책임자와 의사 소통합니다.
우리는 지배구조 담당자와 소통한 사항 중에서 당기 연결재무제표 감사에서 가장 유의적이었던 사항을 주요감사사항으로 결정합니다. 법률이나 규정이 문제에 대한 공개를 금지하지 않는 한 또는 극히 드문 상황에서 문제를 공개하면 안 된다고 결정하는 경우가 아니면 감사 보고서에 이러한 문제를 설명합니다. 그러한 커뮤니케이션의 공익적 이익을 능가합니다.
보고서 사용
이 보고서는 계약 서한의 조건에 따라 회사 구성원 전체를 대상으로만 작성됩니다. 우리의 감사 업무는 감사 보고서를 통해 회사 구성원에게 진술해야 하는 사항을 회사 구성원에게 진술할 수 있도록 하기 위해 수행되었으며 다른 목적으로는 사용되지 않습니다. 법률이 허용하는 최대 한도 내에서, 우리는 감사 업무, 본 보고서 또는 우리가 형성한 의견에 대해 회사 및 회사 구성원 이외의 누구에게도 책임을 지지 않습니다.
Baker Tilly Isle of Man LLC
공인 회계사
PO 상자 95
2a Lord Street
더글라스
아일 오브 맨
IM99 1HP
월 25 2024
연결포괄손익계산서
31년 2023월 XNUMX일 종료된 연도에 대해
지속적인 운영 | 주의 사항 | 2023 | 2022 |
|
£'000 | £'000 | |||
당기손익인식투자자산의 공정가치 변동 | 12 | (1,203) | (2,202) | |
약정수수료 수입 | 210 | - | ||
외환(손실)/이익 | (13,252) | (9,839) | ||
자산 관리 및 평가 서비스 | 7 | (5,520) | (5,520) | |
기타 관리비 및 비용 | 6 | (2,202) | (3,246) | |
운영 손실 | (21,967) | (20,807) | ||
금융 비용 | 8 | (37,277) | (27,617) | |
과세 전 손실 | (59,244) | (48,424) | ||
| ||||
과세 | 9 | - | - | |
올해의 손실 | (59,244) | (48,424) |
| |
| ||||
기타 포괄 손익 | - | - | ||
총포괄손실 - 계속영업 | (59,244) | (48,424) |
| |
Total comprehensive loss - discontinued operations | 13 | (78,909) | (91,601) | |
총 포괄 손실 | (138,153) | (140,025) | ||
기본 및 희석 주당 손실(펜스) | 10 | (20.26:XNUMX)p | (20.54:XNUMX)p |
The notes referred to above form an integral part of the ?nancial statements.
주의 사항 | 2023 | 2022 |
| |
£'000 | £'000 | |||
비유동 자산 |
|
| ||
당기손익인식투자 | 12 | 17,334 | 18,537 | |
비유동 자산 | 17,334 | 18,537 | ||
| ||||
유동 자산 |
| |||
채무자와 선불 | 40 | 229 | ||
현금 및 현금성 자산 | 322 | 347 | ||
매각 예정 자산 | 13 | 81,779 | 156,474 | |
총 유동 자산 | 82,141 | 157,050 | ||
|
| |||
총자산 | 99,475 | 175,587 | ||
| ||||
유동 부채 |
| |||
매입 채무 및 기타 채무 | 14 | (9,474) | (3,129) | |
Long term loans & borrowings | 15 | (274,926) | - | |
총 유동 부채 | (284,400) | (3,129) | ||
장기 부채 |
| |||
| 15 | - | (219,230) | |
총 장기 부채 | - | (219,230) | ||
|
| |||
총 부채 | (284,400) | (222,359) | ||
|
| |||
순부채 | (184,925) | (46,772) |
| |
| ||||
공평 |
| |||
보통주 자본 | 16 | 6,821 | 6,821 | |
프리미엄 공유 | 16 | 282,808 | 282,808 | |
이익 잉여금 | (474,554) | (336,401) | ||
총 자본 | (184,925) | (46,772) |
|
The notes referred to above form an integral part of the ?nancial statements.
These financial statements were approved by the Board on 25 March 2024 and signed on their behalf by
소니 룰라 | 그레이엄 스미스 |
최고 경영자 | 책임자 |
연결 자본 변동표
31년 2023월 XNUMX일 종료된 연도에 대해
주식 자본 | 프리미엄 공유 | 이익 잉여금 | 금액 | |
£'000 | £'000 | £'000 | £'000 | |
1년 2021월 XNUMX일 잔액 | 6,821 | 282,808 | (196,376) | 93,253 |
| ||||
해당 연도의 총 포괄 손실 | ||||
Loss for the year-continuing operations | - | - | (48,424) | (48,424) |
Loss for the year-discontinued operations | - | - | (91,601) | (91,601) |
해당 연도의 총 포괄 손실 | - | - | (140,025) | (140,025) |
| ||||
31년 2022월 XNUMX일 잔액 | 6,821 | 282,808 | (336,401) | (46,772) |
| ||||
1년 2022월 XNUMX일 잔액 | 6,821 | 282,808 | (336,401) | (46,772) |
| ||||
해당 연도의 총 포괄 손실 | ||||
Profit for the year - continuing operations | - | - | (59,244) | (59,244) |
올해의 이익 - 중단된 영업 | - | - | (78,909) | (78,909) |
해당 연도의 총 포괄 손실 | - | - | (138,153) | (138,153) |
| ||||
31년 2023월 XNUMX일 잔액 | 6,821 | 282,808 | (474,554) | (184,925) |
The notes referred to above form an integral part of the ?nancial statements.
연결 현금 흐름표
31년 2023월 XNUMX일 종료된 연도에 대해
그룹 | ||||
주의 사항 | 2023 | 2022 |
| |
£'000 | £'000 | |||
영업 활동으로 인한 현금 흐름 |
|
| ||
해당연도 이익/(손실) | (138,153) | (140,025) | ||
조정 : |
| |||
당기손익인식투자자산의 공정가치 변동 | 12 | 1,203 | 2,202 | |
금융 비용 | 8 | 37,277 | 27,617 | |
외환 손실/(이익) | 13,252 | 9,839 | ||
(86,421) | (100,367) | |||
Increase in debtors and prepayments | 189 | (76) | ||
매출채권 및 기타채무의 증가/(감소) | 6,345 | 1,416 | ||
영업활동으로 활용되는 순현금 - 계속적인 운영 | (79,887) | (99,027) | ||
영업활동으로 활용되는 순현금 - 중단된 운영 | 13 | 78,911 | 91,601 | |
영업활동으로 활용되는 순현금 | (975) | (7,426) | ||
| ||||
투자 활동으로 인한 현금 흐름 |
| |||
투자 구매 | - | - | ||
고정 자산 구매 | - | - | ||
투자 활동으로 활용되는 현금 - 계속 운영 | - | - | ||
투자 활동에 사용된 현금 - 중단된 영업 | 13 | (4,216) | (5,971) | |
투자활동으로 활용되는 현금 | (4,216) | (5,971) | ||
|
| |||
금융 활동으로 인한 현금 흐름 |
| |||
대출받은 | 5,163 | - | ||
재무활동으로 활용되는 순현금 | 5,163 | - | ||
|
| |||
현금 및 현금성 자산의 감소 | (29) | (13,397) |
| |
연초의 현금 및 현금성자산 | 347 | 13,656 | ||
보유현금에 대한 환율변동의 영향 | 4 | 88 | ||
현금 및 현금성자산 연말정산 | 322 | 347 |
|
The notes referred to above form an integral part of the ?nancial statements.
31년 2023월 XNUMX일로 종료되는 회계연도의 재무제표에 대한 주석
1. 일반 정보
회사는 18년 2008월 55일 맨 섬에서 공개 유한 회사로 설립된 폐쇄형 투자 회사입니다. 등록된 사무실의 주소는 XNUMX Athol Street, Douglas, Isle of Man입니다.
회사는 런던 증권 거래소의 AIM 시장에 상장되어 있습니다.
회사와 그 자회사(그룹으로 통칭)는 특히 에너지 및 운송과 관련된 자산 및 프로젝트에 중점을 두고 인도 인프라 부문의 자산에 투자합니다.
2. 준비의 기초
(a) 준수 선언문
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
재무제표는 25년 2024월 XNUMX일 이사회에서 발행 승인을 받았습니다.
(b) Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for financial instruments at fair value through profit or loss which are measured at fair value in the Statement of Financial Position.
(C) 기능 및 표시 통화
These financial statements are presented in Sterling, which is the Group's functional currency. All financial information presented in Sterling has been rounded to the nearest thousand, unless otherwise indicated.
(D) 관심가는
IAS 1 requires management to prepare financial statements on a going concern basis unless they conclude that preparation on a basis other than going concern is more appropriate.
At 31 March 2023, the Group has net liabilities of £184.9m which includes loan financing of £274.9m maturing in on 15 May 2024. The Group's ability to repay these loans is dependent on proceeds from the sale of its investments.
The principal investment in Distribution Logistics Infrastructure Limited ('DLI') is valued at £78.8 million. This valuation was determined through initial non-binding talks with an independent third party regarding DLI's potential sale. This valuation reflects the offer price and is amended for purchase price adjustments. The offer is subject to due diligence and further negotiation and if a sale is agreed the final value may be higher or lower than the amount presented in the financial statements. The company is assessing the potential transaction and associated timelines, but definitive agreements for DLI's sale are not assured from these discussions.
The Board has concluded that the Group cannot be considered a going concern and as a result the financial statements for the year ended 31 March 2023 have been prepared on a basis other than that of going concern. The investments holdings in DLI and IEL were moved to Assets held for sale in the prior year and are carried at the expected realisable amounts as per IFRS 5. Other than the reclassification, there is no impact to the financial information as a result of changing to this basis as investments were already being carried at realisable amounts.
The financial statements do not include any provision for the future costs except to the extent that such costs were committed at the end of the reporting period.
(e) Use of estimates and judgements
The preparation of the financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 5.
3. 중요한 회계정책 요약
3.1 연결의 기초
연결재무제표는 회사와 회사가 관리하는 법인(자회사 및 자회사)의 재무제표를 통합합니다. 회사가 피투자자에 대한 힘, 변동 수익에 대한 익스포저 또는 권리 및 이러한 수익에 영향을 미치는 힘을 행사할 수 있는 능력이 있는 경우 통제가 이루어집니다.
해당 연도에 인수 또는 처분된 자회사의 결과는 해당하는 경우 취득 발효일 또는 처분 발효일까지 연결 포괄손익계산서에 포함됩니다.
필요한 경우 그룹에서 사용하는 회계 정책과 일치하도록 자회사의 재무제표를 조정합니다. 그룹 내부의 모든 거래, 잔액, 수입 및 비용은 연결 시 제거됩니다.
The Directors consider the Group to be an investment entity as defined by IFRS 10 Consolidated Financial Statements as it meets the following criteria as determined by the accounting standard;
· 투자자에게 투자 관리 서비스를 제공할 목적으로 한 명 이상의 투자자로부터 자금을 얻습니다.
· 사업 목적이 시세차익, 투자 소득 또는 둘 다를 위한 수익만을 위해 자금을 투자하는 것임을 투자자에게 확약합니다. 그리고
· 실질적으로 모든 투자의 성과를 공정 가치 기준으로 측정하고 평가합니다.
As an investment entity under the terms of the amendments to IFRS 10 Consolidated Financial Statements, the Group is not permitted to consolidate its controlled portfolio entities.
3.2 세그먼트 보고
사업 부문은 다른 사업 부문과 다른 위험과 수익이 발생하는 제품 또는 서비스를 제공하는 데 종사하는 자산 및 운영의 그룹입니다. 지리적 부문은 특정 경제 환경 내에서 다른 경제 환경에서 운영되는 부문과 다른 위험 및 수익의 대상이 되는 제품 또는 서비스를 제공하는 데 종사합니다.
The Directors are of the opinion that the Group is engaged in a single segment of business being investment in infrastructure assets in one geographical area, being India.
3.3 Income
Dividend income from investments is recognised when the right to receive payment has been established, normally the ex-dividend date.
Interest income is recognised on an accruals basis using the effective interest method.
3.4 경비
All expenses are recognised on an accruals basis and are presented as revenue items except for expenses that are incidental to the disposal of an investment which are deducted from the disposal proceeds.
3.5 과세
Income tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
당기세는 보고일에 제정되었거나 실질적으로 제정된 세율을 사용하여 해당 연도의 과세 소득 또는 손실에 대해 지불하거나 받을 것으로 예상되는 세금과 이전 연도에 대해 지불해야 할 세금에 대한 모든 조정입니다. 당기 납부세액에는 배당금 신고로 인해 발생하는 납세 의무도 포함됩니다.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for;
· 사업결합이 아니고 회계나 과세손익에 영향을 주지 않는 거래에서 자산이나 부채의 최초 인식에 대한 일시적 차이
· 가까운 미래에 반전되지 않을 가능성이 높은 종속기업 및 공동지배기업에 대한 투자와 관련된 일시적 차이 그리고
· 영업권의 최초 인식 시 발생하는 가산할 일시적 차이.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously.
이연법인세자산은 미래 과세소득이 활용될 가능성이 높은 한도 내에서 미사용 세무결손금, 세액공제 및 공제할 일시적차이에 대해 인식됩니다. 이연법인세자산은 매 보고일마다 검토되며 관련 세금혜택이 더 이상 실현될 가능성이 없는 정도까지 감소됩니다.
3.6 Foreign currency transactions
거래 및 잔액
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined.
Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity investments, a financial liability designated as a hedge of the net investment in a foreign operation that is effective, or qualifying cash flow hedges, which are recognised in other comprehensive income.
해외 사업
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to Sterling at exchange rates at the reporting date. The income and expenses of foreign operations, excluding foreign operations in hyperinflationary economies, are translated to Sterling at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.
해외사업장으로부터 받거나 지급할 화폐항목의 결제가 예측가능한 미래에 계획되지도 가능성도 없을 경우, 해당 화폐항목에서 발생한 외환손익은 해외사업장에 대한 순투자의 일부를 구성하는 것으로 간주됩니다. 기타포괄손익으로 인식하고 자본환산적립금으로 표시합니다.
3.7 금융상품
i. Initial recognition and measurement
The Group initially recognises financial assets and financial liabilities on the date in which it becomes a party to the contractual provisions of the instrument. Financial assets or financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
ii. Classification and subsequent measurement
금융자산의 분류
On initial recognition, the Group classifies financial assets as measured at amortised cost or fair value if it meets both the following conditions;
- 자산을 보유하여 계약상 현금 흐름을 수집하는 것이 목적인 비즈니스 모델 내에서 보유됩니다. 그리고
- its contractual terms give rise on specified dates to cash flows that are solely payment of principal and interest.
A financial asset that meets the following conditions are measured subsequently at fair value through other comprehensive income ("FVTOCI");
- it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and
- 계약 조건은 지정된 날짜에 미지급 원금에 대한 원금과 이자의 지급만으로 현금 흐름을 발생시킵니다.
By default, all other financial assets are measured subsequently at fair value through profit or loss ("FVTPL").
Subsequent measurement of 상각후원가로 측정하는 금융자산
Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.
Subsequent measurement of FVTPL의 금융 자산
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including foreign exchange gains and losses, are recognised in the Consolidated Statement of Comprehensive Income.
금융부채 - 분류, 후속 측정 및 손익
Financial liabilities are classified as at FVTPL when the financial liability is (i) contingent consideration of an acquirer in a business combination, (ii) held for trading or (iii) it is designated as at FVTPL. Financial liabilities at FVTPL are measured at fair value, and net gains and losses, including any interest expense, are recognised in profit or loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense is recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.
iii. Fair value measurement
When available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as 'active' if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
Where there is no quoted price in an active market, then the Group uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in a pricing transaction.
iv. Amortised cost measurement
The 'amortised cost' of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.
v. Impairment
ECL 측정
The Group recognises loss allowances for Expected Credit Losses ("ECLs") on financial assets measured at amortised cost. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months). The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.
ECLs are a probability-weighted estimate of credit losses. Credit losses are the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Fund expects to receive). ECLs are discounted at the effective interest rate of the financial asset.
신용이 손상된 금융자산
At each reporting date, Financial assets that are carried at amortised cost are reviewed to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the profit or loss as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the financial asset's original effective interest rate.
vi. Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset that is derecognised) and the consideration received (including any new asset obtained less any new liability assumed) is recognised in profit or loss. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
3.8개 투자
Investments of the Group are categorised as at fair value through profit or loss and are measured at fair value. Unrealised gains and losses arising from revaluation are taken to the profit or loss.
The Group has taken advantage of an exemption in IAS 28, Investments in Associates, which permits investments in associates held by venture capital organisations, investment funds and similar entities to account for such investments at fair value through profit or loss.
The fair value of unquoted securities is estimated by the Directors using the most appropriate valuation techniques for each investment.
3.9 Assets held for sale
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at fair value less costs to sell.
자산(또는 처분자산집단)을 최초 또는 후속적으로 감액하여 순공정가치로 감액하는 경우 손상차손을 인식합니다. 자산(또는 처분자산집단)의 순공정가치의 후속 증가에 대해 이익을 인식하지만, 이전에 인식한 누적 손상차손을 초과하지 않습니다. 비유동자산(또는 처분자산집단) 매각일까지 이전에 인식되지 않은 손익은 제거일에 인식됩니다.
비유동자산(처분자산집단에 포함된 자산 포함)은 매각예정으로 분류되는 동안 감가상각 또는 상각하지 않습니다. 매각예정으로 분류된 처분자산집단의 부채와 관련된 이자 및 기타 비용은 계속 인식합니다.
매각예정으로 분류된 비유동자산과 매각예정으로 분류된 처분자산집단의 자산은 다른 자산과 구분하여 대차대조표에 표시하고 있습니다. 매각예정으로 분류된 처분자산집단의 부채는 다른 부채와 구분하여 대차대조표에 표시하고 있습니다.
3.10 금융부채와 자본
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Equity instruments are recorded at proceeds received net issue costs.
3.11조
A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation, and the obligation can be reliably measured. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.
3.12 Share issue costs
The share issue costs of the Company directly attributable to the placing that would otherwise have been avoided have been taken to the share premium account.
3.13 배당금 분배
Dividend distribution to the Company's shareholders is recognised as a liability in the financial statements in the period in which the dividends are approved.
3.14 현금 및 현금성 자산
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.
3.15 Interest expense
Interest expenses for borrowings are recognised within finance costs in the profit or loss using the effective interest rate method.
3.16 Changes in accounting policies
Adoption of new and revised standards and interpretations
As from 1 April 2022, the Group adopted all changes to IFRS which are relevant to its operations. This adoption did not have a material effect on the consolidated financial statements of the Group.
The following standards, amendments to standards and interpretations have been issued but are not yet effective for annual periods beginning on 1 April 2022 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these consolidated financial statements.
다음의 개정된 기준과 해석이 연결재무제표에 미치는 유의적인 영향은 없을 것으로 예상됩니다.
· Disclosure of accounting policies (Amendments to IAS 1 and IFRS Practice Statement 2) - effective for annual period beginning on or after 1 January 2023
· Definition of Accounting Estimate (Amendments to IAS 8) - effective for annual period beginning on or after 1 January 2023
· Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction - Amendments to IAS 12 Income Taxes - effective for annual period beginning on or after 1 January 2023
· Initial Application IFRS 17 and IFRS 9 - Comparative Information (Amendments to IFRS 17) - effective for annual period beginning on or after 1 January 2023
· Classification of liabilities as current or non-current (Amendments to IAS 1) - effective for annual period beginning on or after 1 January 2024
· Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) - effective for annual period beginning on or after 1 January 2024
· Non-current Liabilities with Covenants (Amendments to IAS 1) - effective for annual period beginning on or after 1 January 2024
· Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) - effective for annual period beginning on or after January 2024
4. 자본 및 재무 위험 관리
자본 관리
자본을 관리할 때 그룹의 목표는 계속기업으로서 주주에게 이익을 제공하고 다른 이해관계자에게 이익을 제공할 수 있는 그룹의 능력을 보호하고 자본 비용을 줄이기 위해 최적의 자본 구조를 유지하는 것입니다.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings and other long term loans as shown in the consolidated statement of financial position, less cash and cash equivalents.
The following table summarises the capital of the Group:
2023 | 2022 | |
£'000 | £'000 | |
Long and short term loans and borrowings | 274,926 | 219,230 |
이하 : 현금 및 현금 등가물 | (322) | (347) |
순 부채 | 274,604 | 218,883 |
총 자본 | (184,925) | (46,772) |
총 자본 | 89,679 | 172,111 |
기어비 | 306.21% | 127.18% |
재무 위험 관리
The Group's activities expose it to a variety of financial risks: market risk (including currency risk and price risk), credit risk, liquidity risk and cash flow interest rate risk.
Risk management is carried out by the Board of Directors. The Board identifies and evaluates financial risks in close co-operation with the Asset Manager.
(a) Market risk
(i) Foreign exchange risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Indian Rupee ("INR"). Foreign exchange risk arises from future commercial transactions, recognised monetary assets and liabilities and net investments in foreign operations.
Net assets denominated in Indian Rupee at the year-end amounted to £99.1 million (2022: £161.9 million), representing the Group's investments in Indian Companies. At 31 March 2023, had the exchange rate between the Indian Rupee and Sterling increased or decreased by 10% with all other variables held constant, the increase or decrease respectively in net assets would amount to approximately £9.9 million (2022: £16.19 million). This exposure is unhedged.
Total liabilities denominated in US$ at the year-end amounted to £274.9 million (2022: £218.9 million), principally comprising loans and borrowings less cash and cash equivalents. At 31 March 2023, had the exchange rate between the US$ and Sterling increased or decreased by 10% with all other variables held constant, the increase or decrease respectively in total liabilities would amount to approximately £27.5 million (2022: £21.9 million). This exposure is unhedged.
(ii) Market price risk
The Group is exposed to market risk arising from its investment in unlisted Indian infrastructure companies due to factors that affect the overall performance of the financial markets. These investments present a risk of capital loss. The Board is responsible for the selection of investments and monitoring exposure to market price risk. All investments are in Indian infrastructure projects.
If the value of the Group's investment portfolio had increased by 10%, the Group's net assets would have increased by £7.9 million (2022: £16.2 million). A decrease of 10% would have resulted in an equal and opposite decrease in net assets.
(iii) Cash flow and fair value interest rate risk and sensitivity
The Group's cash and cash equivalents are invested at short term market interest rates. Loans and borrowings attract fixed interest rates as detailed in note 15.
The table below summarises the Group's exposure to interest rate risks. It includes the Groups' financial assets and liabilities at the earlier of contractual re-pricing or maturity date, measured by the carrying values of assets and liabilities.
1에서 | 1 월 1년까지 | 1 ~ 5 | 5 이상 | 무이자 |
|
| |||||
월 | 년 | 년 | 베어링 | 금액 |
| ||||||
월 31 2023 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| ||||
|
|
|
| ||||||||
금융 자산 |
| ||||||||||
당기손익인식투자 | - | - | - | - | 17,334 | 17,334 |
| ||||
매출채권 및 선급금 | - | - | - | - | 40 | 40 |
| ||||
현금 및 현금성 자산 | 322 | - | - | - | - | 322 |
| ||||
매각 예정 자산 | - | - | - | - | 81,779 | 81,779 |
| ||||
총 금융 자산 | 322 | - | - | - | 99,153 | 99,475 |
| ||||
| |||||||||||
금융 부채 |
| ||||||||||
매입 채무 및 기타 채무 | - | - | - | - | (9,474) | (9,474) |
| ||||
대출 및 차입 | - | - | (274,926) | - | - | (274,926) |
| ||||
총금융부채 | - | - | (274,926) | - | (9,474) | (284,400) |
| ||||
| |||||||||||
1에서 | 1 월 1년까지 | 1 ~ 5 | 5 이상 | 무이자 |
|
| |||||
월 | 년 | 년 | 베어링 | 금액 |
| ||||||
월 31 2022 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| ||||
|
|
|
| ||||||||
금융 자산 |
| ||||||||||
당기손익인식투자 | - | - | - | - | 18,537 | 18,537 |
| ||||
매출채권 및 선급금 | - | - | - | - | 229 | 229 |
| ||||
현금 및 현금성 자산 | 347 | - | - | - | - | 347 |
| ||||
매각 예정 자산 | - | - | - | - | 143,351 | 143,351 |
| ||||
총 금융 자산 | 347 | - | - | - | 162,117 | 162,464 |
| ||||
| |||||||||||
금융 부채 |
| ||||||||||
매입 채무 및 기타 채무 | - | - | - | - | (3,146) | (3,146) |
| ||||
대출 및 차입 | - | - | (219,230) | - | - | (219,230) |
| ||||
총금융부채 | - | - | (219,230) | - | (3,146) | (222,376) |
| ||||
| |||||||||||
(b) Credit risk
Credit risk may arise from a borrower failing to make required payments on investments, cash balances and debtor balances. The amount of credit risk is equal to the amounts stated in the statement of financial position for each of these assets. All the cash balances are held with various Barclays bank accounts. The Standard & Poor's credit rating of Barclays Bank plc is A-1.
(c) Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet short term financial demands. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. The Group aims to maintain flexibility in funding.
Residual undiscounted contractual maturities of financial liabilities:
월 31 2023 | 미만 1 월 | 1 ~ 3 개월 | 3 개월 1년까지 | 1 ~ 5 년 | 5 이상 년 | 명시된 만기 없음 |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
금융 부채 | ||||||
매입 채무 및 기타 채무 |
- |
- | 9,474 |
- |
- |
- |
대출 및 차입 | - | - | - | 274,926 | - | - |
금액 | - | - | 9,474 | 274,926 | - | - |
|
|
|
|
|
| |
월 31 2022 | 미만 1 월 | 1 ~ 3 개월 | 3 개월 1년까지 | 1 ~ 5 년 | 5 이상 년 | 명시된 만기 없음 |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
금융 부채 | ||||||
매입 채무 및 기타 채무 |
- |
- | 3,129 |
- |
- |
- |
대출 및 차입 | - | - | - | 219,230 | - | - |
금액 | - | - | 3,129 | 219,230 | - | - |
5. 중요한 회계 추정 및 가정
These disclosures supplement the commentary on financial risk management (see note 4).
추정 불확실성의 주요 원인
공정가치 결정
The determination of fair values for financial assets for which there is no observable market prices requires the use of valuation techniques as described in accounting policy 3.8. For financial instruments that trade infrequently and have little price transparency, fair value is less objective, and requires varying degrees of judgement depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument. See also "Valuation of financial instruments" below.
그룹 회계정책 적용에 대한 중요한 판단
금융 상품의 평가
The Group's accounting policy on fair value measurements is discussed in accounting policy 3.8. The Group measures fair value using the following hierarchy that reflects the significance of inputs used in making the measurements:
· 수준 1: 동일한 상품에 대한 활성 시장의 공시 시장 가격(조정되지 않음).
· Level 2: Valuation techniques based on observable inputs, either directly (i.e., as prices) or indirectly (i.e., derived from prices). This category included instruments valued using: quoted market prices in active markets for similar instruments: quoted market prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.
· Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.
Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. For all other financial instruments, the Group determines fair values using valuation techniques.The Group holds investments in several unquoted Indian infrastructure companies. The Directors' valuations of these investments, as shown in note 12, are based on a discounted cash flow methodology or recent transaction prices, prepared by the Group's Asset Manager (Franklin Park Management). The valuations are inherently uncertain and realisable values may be significantly different from the carrying values in the financial statements.
이 방법론은 주로 회사에서 생성한 현금 흐름 예측과 이자율 및 주식 수익률에 대한 관찰 가능한 시장 데이터를 기반으로 합니다. 할인율은 시장에서 관찰할 수 있는 무위험율에 해당 프로젝트의 단계를 기반으로 하는 위험 프리미엄을 더한 값으로 결정됩니다.
The tables below analyses financial instruments measured at fair value at the end of the reporting period, by the level in the fair value hierarchy into which the fair value measurements are categorised:
월 31 2023 | 레벨 1 | 레벨 2 | 레벨 3 |
| £'000 | £'000 | £'000 |
Financial assets at fair value through profit or loss (note 12) |
|
|
|
India Hydropower Development Company, LLC | - | - | 17,334 |
매각예정자산(주석13) |
|
| |
Distribution Logistics Infrastructure Private Limited | - | - | 78,579 |
Indian Energy Limited | - | - | 3,200 |
연말의 공정가치 | - | - | 99,113 |
|
|
|
|
|
|
|
|
월 31 2022 | 레벨 1 | 레벨 2 | 레벨 3 |
| £'000 | £'000 | £'000 |
Financial assets at fair value through profit or loss (note 12) |
|
|
|
India Hydropower Development Company, LLC | - | - | 18,537 |
매각예정자산(주석13) |
|
| |
Distribution Logistics Infrastructure Private Limited | - | - | 144,619 |
Indian Energy Limited | - | - | 5,500 |
연말의 공정가치 | - | - | 168,656 |
The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurements in level 3 of the fair value hierarchy:
£'000 | |
공정 가치 제시 | 168,656 |
Additional capital injected | 4,216 |
공정 가치의 움직임 | (73,759) |
연말의 공정가치 | 99,113 |
If the determined discount rates were increased by 1% per annum, the value of unlisted equity securities would fall by £1 million (2022: £2 million).
6. 기타 관리비 및 비용
| 2023 | 2022 |
|
| £'000 | £'000 |
|
감사 수수료 | 29 | 82 | |
법적 수수료 | 955 | 310 | |
기업 자문료 | 152 | 147 | |
기타 전문 비용 | 400 | 2,323 | |
관리비 | 165 | 216 | |
이사 수수료(주17) | 168 | 119 | |
보험 비용 | 9 | 5 | |
공유 기반 지불 | (9) | - | |
기타 비용 | 333 | 44 | |
2,202 | 3,246 |
|
7. Investment management, advisory and valuation fees
On 14 September 2016, the Group entered into a revised and restated management and valuation and portfolio services agreement (the "New Management Agreement") with Franklin Park Management, LLC ("Franklin Park" or the "Asset Manager"), the Group's existing asset manager, to effect a reduction in annual cash fees payable by IIP to the Asset Manager. The other terms of the New Management Agreement were unchanged from those of the prior agreement between the parties. A further revision was made in June 2019.
Under the New Management Agreement, the Asset Manager is entitled to a fixed annual management fee of £5,520,000 per annum (the "Annual Management Fee"), payable quarterly in arrears. The Fee Shares will be issued free of charge, on 1 July of each calendar year for the duration of the New Management Agreement.
Fees for the year ended 31 March 2023 were £5,520,000 (31 March 2022: £5,520,000). The amount of outstanding as at 31 March 2023 amounted to £8,280,000 (2022: £2,760,000).
8. 금융 비용
| 2023 | 2022 |
|
| £'000 | £'000 |
|
Loan interest expense (note 15) | 37,277 | 27,617 | |
37,277 | 27,617 |
|
9. 과세
There is no liability for income tax in the Isle of Man. The Company is subject to tax at a rate of 0%.
The Group is subject to income tax in Mauritius at the rate of 15% on the chargeable income of Mauritian subsidiaries. They are, however, entitled to a tax credit equivalent to the higher of the foreign tax paid and a deemed credit of 80% of the Mauritian tax on their foreign source income. No provision has been made in the accounts due to the availability of tax losses.
10. 기본 및 희석 주당 이익/(손실)
기본주당이익/(손실)은 주주 귀속손실을 당해연도 가중평균유통보통주식수로 나누어 계산합니다.
2023 | 2022 | |
Loss attributable to shareholders (£ thousands) | (138,153) | (140,025) |
가중평균 발행보통주식수(천주) | 681,882 | 681,882 |
주당 기본 손실 | (20.26:XNUMX)p | (20.54:XNUMX)p |
기본주당이익/(손실)의 차이는 없습니다.
11. 자회사 투자
Since incorporation, for efficient portfolio management purposes, the Group has established or acquired the following subsidiary companies, with certain companies being consolidated and others held at fair value through profit or loss in line with the Amendments to IFRS 10년 연결재무제표 (see note 3.1):
연결 자회사 | 통합의 국가 | 소유권 지분 | |
인프라 인도 HoldCo | 모리셔스 | 100% | |
전력 인프라 인도 | 모리셔스 | 100% | |
전력 인프라 인도(XNUMX개) | 모리셔스 | 100% | |
유통 및 물류 인프라 인도 | 모리셔스 | 100% | |
수력 보유 인도 | 모리셔스 | 100% | |
인도 하이드로 투자 | 모리셔스 | 100% | |
인도 에너지 모리셔스 | 모리셔스 | 100% | |
당기손익-공정가치 측정 비연결 종속기업 |
| ||
| |||
유통 및 물류 인프라 하위 그룹: |
| ||
유통 및 물류 인프라 Private Limited | 인도 | 100.00% | |
Freightstar 인도 개인 제한 | 인도 | 100.00% | |
Freightstar 프라이빗 리미티드 | 인도 | 99.79% | |
Deshpal Realtors 개인 제한 | 인도 | 99.76% | |
Bhim Singh Yadav 부동산 프라이빗 | 인도 | 99.86% | |
인도 에너지 제한 하위 그룹(IEL): | |||
Belgaum Wind Farms Private Limited(벨가움 풍력 발전 단지) | 인도 | 99.99% | |
iEnergy 풍력 발전소(Theni) Private Limited | 인도 | 73.99% | |
iEnergy Renewables Private Limited | 인도 | 99.99% | |
인도 수력 발전 회사 하위 그룹(IHDC): | |||
프랭클린 파크 인디아 LLC | 델라웨어 | 100.00% | |
인도 수력 발전 회사 LLC | 델라웨어 | 50.00% |
12. Investments - designated at fair value through profit or loss
At 31 March 2023, the Group held two investments in unlisted equity securities through its wholly owned subsidiaries in Mauritius.
The investments are recorded at fair value as follows:
SMH | IHDC | 금액 | |
| £'000 | £'000 | £'000 |
1년 2022월 XNUMX일 잔액 | - | 18,537 | 18,537 |
추가 | - | - | - |
공정가치 조정 | - | (1,203) | (1,203) |
31년 2023월 XNUMX일 기준 잔액 | - | 17,334 | 17,334 |
(i) Shree Maheshwar Hydel Power Corporation Ltd("SMH")
(ii) 인도 수력 발전 회사 LLC("IHDC")
As noted in the Joint Statement from the Chairman and the Chief Executive, the promoter of SMH has not secured the required funding and SMH received a termination order with regard to the historically entered Power Purchase Agreement ("PPA") and Resettlement & Rehabilitation Agreement ("R&R Agreement") from M.P. Power Management Company Limited, a company owned by the Government of Madya Pradesh. The PPA was signed in 1994 and amended in 1996 and the R&R Agreement was signed in 1997. Without a valid PPA and visibility into availability of completion financing, it is impossible to prepare reasonable forecasts. Although IIP retains legal options to extract value for its investment, until further clarity emerges, it is assumed that SMH has no contribution to IIP's valuation.
The investment in IHDC has been fair valued by the Directors as at 31 March 2023 using discounted cash flow techniques, as described in note 5. The discount rate adopted for the investment is the risk free rate (based on the Indian government 10-year bond yields) plus a risk premium of 2.67% for IHDC (2022: 2.67%).
There is no assurance that the estimates resulting from the valuation process will reflect the actual sales price even where such sales occur shortly after the valuation date.
The following table shows the sensitivities of the valuation to discount rates and exchange rates:
IHDC | 할인율 | |||||
9.1% | 9.6% | 10.0% | 10.6% | 11.1% | ||
INR/£ Exchange Rate | 105.7 | 18.1 | 17.3 | 16.7 | 15.7 | 15.0 |
103.7 | 18.5 | 17.6 | 17.0 | 16.0 | 15.3 | |
101.7 | 18.9 | 17.9 | 17.3 | 16.3 | 15.6 | |
99.7 | 19.2 | 18.3 | 17.7 | 16.6 | 15.9 | |
97.7 | 19.6 | 18.7 | 18.0 | 17.0 | 16.2 |
13. 매각 예정 자산
| |||||
DLI | IEL 확장 | 금액 |
| ||
| £'000 | £'000 | £'000 |
| |
1년 2022월 XNUMX일 잔액 | 150,974 | 5,500 | 156,474 |
| |
추가 | 4,216 | - | 4,216 |
| |
공정가치 조정 | (76,611) | (2,300) | (78,911) |
| |
31년 2023월 XNUMX일 기준 잔액 | 78,579 | 3,200 | 81,779 |
| |
(i) Distribution Logistics Infrastructure ("DLI")
(ii) Indian Energy Limited ("IEL")
As at 31 March 2023, the Group had pledged 51% of the shares in DLI, totalling 66,677,000 shares of INR 10 each, as part of the terms of a term loan within the underlying investment entity. In addition, the Group had provided a non-disposal undertaking of 51% of the shares in IEL, totalling 25,508,980 shares of 1 penny each, as part of the terms of a loan agreement within the underlying investment entity. As a result these investments have been reclassified as assets held for sale.
The principal investment in Distribution Logistics Infrastructure Limited ('DLI') is valued at £78.6 million (before adjustments to arrive at equity value). This valuation was determined through initial non-binding talks with an independent third party regarding DLI's potential sale. This valuation reflects the offer price and the value of non-core assets which are not included within the offer. The offer is subject to due diligence and further negotiation and if a sale is agreed the final value including the valuation of the non-core assets which are not included in the offer may be higher or lower than the amount presented in the financial statements. The company is assessing the potential transaction and associated timelines, but definitive agreements for DLI's sale are not assured from these discussions.
The Group has committed to the sale of two of the investments, DLI and IEL. Accordingly the investment holding value has been reclassified as Assets held for sale.
The financial performance and cashflow information presented in respect of the year relating to discontinued operations are set out below.
2023 | 2022 | |
£'000 | £'000 | |
Movement in fair value on investments at fair value through 이익 또는 손실 | (78,909) | (91,601) |
Total comprehensive loss - discontinued operations | (78,909) | (91,601) |
|
|
|
| 2023 | 2022 |
| £'000 | £'000 |
투자 구매 | (4,216) | (3,223) |
고정 자산 구매 | - | (2,748) |
투자 활동에 사용된 현금 - 중단된 영업 | (4,216) | (5,971) |
14. 매입 채무 및 기타 채무
|
| ||
2023 | 2022 |
| |
£'000 | £'000 |
| |
매입 채무 | 9,373 | 1,674 | |
미지급금 및 기타 미지급금 | 101 | 1,455 | |
9,474 | 3,129 |
|
15. 대출 및 차입
자본 | 관심 | 금액 | |
| £'000 | £'000 | £'000 |
1년 2022월 XNUMX일 기준 잔액 | 176,732 | 42,498 | 219,230 |
해당 연도의 이자 비용 | - | 37,277 | 37,277 |
자본화된 대출 이자 | 15,637 | (15,637) | - |
Additional Capital | 5,162 | - | 5,162 |
외화효과 | 11,677 | 1,580 | 13,257 |
31년 2023월 XNUMX일 기준 잔액 | 209,208 | 65,718 | 274,926 |
On 8 April 2013, the Group entered into a working capital loan facility agreement with GGIC Ltd ("GGIC") for up to US$17.0 million. The loans increased to US$21.5 million in September 2017. The working capital loan has an interest rate of 7.5% per annum, payable semi-annually during the facility period. The Group's ultimate controlling party during the year was GGIC and affiliated parties.
In addition, and on 30 June 2017, the Group entered into an US$8.0 million unsecured bridging loan facility with Cedar Valley Financial ("Cedar Valley"), an affiliate of GGIC and the loan was subsequently increased in multiple tranches to US$64.1 million. The bridging loan has an interest rate of 12% per annum, payable semi-annually during the facility period. Cedar Valley's ultimate controlling party during the year was GGIC and affiliated parties.
From 2 April 2019 both the GGIC and the Cedar Valley loans carried an interest rate of 15% per annum
The Group arranged further debt facility of up to US$105 million (approximately £87.5 million) with IIP Bridge Facility LLC (the "Lender"), an affiliate of GGIC originally on 2 April 2019. A further £6 million was drawn down in August 2022. At 31 March 2023, the US$111 million loan facility had been fully drawn down. The Loan is a secured term loan provided to the Group's wholly owned Mauritian subsidiary, Infrastructure India Holdco. The loan accrues interest daily in a manner that yields a 15% IRR to the Lender (increasing to 18% IRR in the event of default) and payable at maturity, and is secured on all assets of Infrastructure India Holdco, including 100% of the issued share capital of Distribution Logistics Infrastructure India ("DLII"), DLI's Mauritian parent company.
As at 31 March 2023 both the GGIC and Cedar Valley loans had a maturity date of 30 June 2023. While the IIP Bridge Facility LLC loan had a maturity date of 1 April 2023. Although, the loan maturity has been extended until 15 May 2024 post year end (see note 20) it was considered that these be reclassified as Current Liabilities.
16. 주식 자본
| 주식수 | 주식 자본 | 프리미엄 공유 | |
| 보통주 | |||
| 각각 £0.01 | £'000 | £'000 | |
31년 2023월 XNUMX일 잔액 |
| 682,084,189 | 6,821 | 282,808 |
17. Directors' fees and Directors' interests
The Directors had the following interests in the shares of the Company at 31 March 2023:
소니 룰라 | 1,500,000 | 보통주 |
Details of the Directors' remuneration in the year are as follows:
2023 | 2022 | |
| £'000 | £'000 |
마드라스 세샤마니 라마찬드란 | 90 | 90 |
그레이엄 스미스 | 60 | 15 |
150 | 105 | |
Subsidiary board members | 18 | 14 |
168 | 119 |
18. 관련 당사자 거래
관리 서비스 및 이사 수수료
Franklin Park Management LLC("FPM")는 Messrs Tribone, Lulla 및 Venerus와 같은 회사의 특정 이사가 수익적으로 소유하고 있으며 주석 7에 설명된 대로 자산 관리자 자격으로 수수료를 받습니다.
As detailed in note 7, fees payable to FPM in respect of management and consulting services for the year ending 31 March 2023 amounted to £5,520,000 (31 March 2022: £5,520,000). The amount of management and consulting fees outstanding as at 31 March 2023 amounted to £8,280,000 (2022: £2,760,000).
대출 및 차입
연도에 부과되고 연말에 발생하는 이자를 포함하여 GGIC 및 Cedar Valley Financial의 대출에 대해서는 주석 15을 참조하십시오.
관리자
FIM Capital Limited provides administration services including financial accounting services to the Group. The fees paid to the Administrator for the year amounted to £120,000 (2022: £120,000). The amount outstanding as at year end is £108,703 (2022: £54,000).
19. Net Asset Valuation (NAV) per share
The NAV per share is calculated by dividing the net assets attributable to the equity holders of the Company at the end of the period by the number of shares in issue.
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|
|
| ||
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| 2023 | 2022 | ||
순자산(£'000) | (184,925) | (46,772) | |||
발행주식수(주16) | 682,084,189 | 682,084,189 | |||
주당 NAV | 0.0p | 0.0p |
NAV per share in 2023 and 2022 is shown as nil due to net liabilities at 31 March 2023 (31 March 2022: nil) There is no difference between basic and diluted NAV per share.
20. 후속 이벤트
On 4 April 2023, IIP announced that the transaction originally executed with AVSR Constructions ("AVSR") has been cancelled due to AVSR's inability to settle the consideration due in respect of the transaction. As previously announced, IIP had commenced discussions with other interested parties for the sale of IEL.
On 17 April 2023, IIP announced that the term loan provided by IIP Bridge Facility was being increased by US$8 million to US$119 million to meet urgent operational overheads at DLI as well as Group working capital needs.
On 29 February 2024, the company announced that it was in early discussions with a third party with regard to the proposed sale of DLI following the termination of the conditional share purchase and shareholders' agreement with the Pristine Malwa Logistics Private Limited. The company is evaluating potential transaction and related timeliness, although there can be no guarantee that discussions will lead to definitive agreements for the sale of DLI.
IIP is in discussions with the Lenders with regard to a further extension to the maturity date of the Debt Facilities and the principal lender has agreed to an extension until 15 May 2024. The Company's expectation of timelines in respect of the potential DLI transaction is relevant to these discussions.
21. 궁극의 지배자
The ultimate controlling party during the year was GGIC and affiliated parties.
22. 시장 남용 규정(MAR) 공개
이 발표에 포함된 특정 정보는 이 발표가 발표될 때까지 규정(EU) No 7/596의 2014조 목적에 따라 내부 정보로 간주되었을 것입니다.
회사 정보
등록된 사무실
55 아톨 스트리트
더글라스
아일 오브 맨
IM1 1LA
Incorporated in the Isle of Man. Company No. 002457V
이사
Tom Tribone (Chairman)
Rahul Sonny Lulla
그레이엄 스미스
Robert Venerus
마드라스 세샤마니 라마찬드란
회사 비서
Grainne Devlin
Administrator and Registrar
FIM Capital Limited
55 아톨 스트리트
더글라스
아일 오브 맨
IM1 1LA
감사
Baker Tilly Isle of Man LLC
2a Lord Street
아일 오브 맨
IM99 1HP
자산 관리자
Franklin Park Management LLC
2711 센터빌 로드
Suite 400
윌 밍턴
DE 19808
미국
Nominated Adviser (NOMAD) and Financial Adviser
스트랜드 핸슨
26 마운트 로우
메이페어
런던
1천원 3SQ
영국
관절 Broker
N + 1 가수
원 바돌로매 레인
런던
EC2N 2AX
웹 사이트 www.iiplc.com
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.