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Trinity Capital Annual Report Trinity Capital PLC | 2007 Annual Report Period ended 31 march 2007 Managed By Trikona Capital TrinityTrinity CapitalCapital PLCPLC 20072007 ‘We have made excellent progress, built up a strong portfolio, and are well positioned to take advantage of the partnerships we have established.’ Michael Cassidy, Chairman of Trinity Capital PLC, said: “We have made excellent progress with the fund being fully invested well ahead of our original timetable. We have built up a strong portfolio of diversified investments, across a range of key growth sectors and geographies, and are well positioned to take advantage of the partnerships we have established. Our focus has now switched from the successful deployment of the investment capital to management of the development projects as well as selective partial realization and redeployment of capital to investments with higher expected returns.” Highlights } Admitted to AIM on 21 April 2006, raising gross proceeds of £250m (net £238m) % } 56% of net funds utilised at 31 March 2007 92 valuation uplift on development projects – a further 33% of net funds committed since period end } Currently, the Company’s portfolio consists of 12 investments, comprising a total development potential of 72 p nav/share 161excluding impact of performance fees and uninvested cash million square feet } As of 31 March 2007, the investment portfolio was valued at £216 million, an increase of 74% against capital committed of £124 million million sq ft in development 72 as of 2 september 2007 . } Net Asset Value (“NAV”) per share increased by 31% to 124p from 94p at Admission } Fair value gain of £92.4 million on total investment portfolio } Fair value gain of £44.3 million recognised in financial statements (excluding wholly owned subsidiaries) under IFRS } Interest income of £9.1 million } Profit before tax of £34.0 million } EPS for the period of 13.6 pence Trinity Capital PLC 2007 Contents Financial Highlights 3 Milestones 6 Chairman’s Statement 8 Investment Manager’s Report 10 Directors’ Report 32 Statement of Directors’ Responsibilities 32 Board of Directors 33 Corporate Governance Statement 34 Independent Auditors’ Report 35 Consolidated Income Statement 36 Consolidated and Company Balance Sheets 37 Consolidated Statement of Changes in Equity 38 Consolidated Cash Flow Statement 39 Notes to the Financial Statements 40 Valuation Letter 48 Notice of Annual General Meeting 50 Company Information 52 Trinity Capital PLC 2007 15th Dec 2006, New York Times october 2006 6 October 2006 | Trinity Capital acquires 18 October 2006 | £215 million IT Park in lauds Trikona’s slum resettlement strategic stake in ITNL Greater Noida The first of the IL&FS Trinity acquires a stake in an program in Mumbai. partnerships, IL&FS Trikona Information Technology Park in Capital, announces an Greater Noida. The Company investment allocation of £4.8 commits £28.3 million to the 27th Aug 2007 Real Estate million in IL&FS Transportation & Project which envisages Milestones Networks Limited (“ITNL”), a development of 7.2 million Finance & Investment vehicle that invests in square feet of premier self april 2006 (a publication of Institutional transportation infrastructure contained IT destination. 18 April 2006 | Trinity Capital begins trading development. on the London Stock Exchange Investor Inc.) places Trikona on 23 October 2006 | Trinity announces a | £250 million raised from 12 October 2006 Trinity announces partnership with Kapstone institutional investors. page one and its “Big Plans for partnership with Lokhandwala Constructions Builders Company commits to providing India” story contains the quote This leading Mumbai based real £10.75 million for a stake of 16% of the week. estate developer partners with in the development of a large Trinity to build a condominium integrated township called in central Mumbai with Rustomjee’s Township in Thane, august 2006 projected 1.37 million square feet Mumbai. 19th March 2007 BusinessWeek of residential space. Trinity pays 4 August 2006 | Trinity and IL&FS to develop £11.6 million to acquire 49% of Indian Infrastructure declares “Trikona is in the vanguard” the ownership in this venture. Trinity signs two new partnership agreements with Infrastructure Leasing & november 2006 Finance Services (“IL&FS”), one of | the largest and highly-regarded 3 November 2006 Interim results announced The fund reaches the 50% financial institutions in India. committed level. Trinity Capital invests £55.45 million in Indian may 2006 june 2006 july 2006 september 2006 real estate developments, representing 23% of the net capital to be invested. Company has committed to additional £70.2 million to JV investments with its partner, IL&FS. december 2006 2006 2007 may 2007 february 2007 january 2007 15 January 2007 | Trinity takes a strategic july 2007 equity stake in Fortis Healthcare Limited 30 july 2007 | Trinity achieves 74% gain on its The partnership with one of the march 2007 april 2007 committed capital in its largest healthcare companies in june 2007 inaugural year 19 March 2007 | Trinity partners with India provides Trinity with 24 April 2007 | Trinity makes its third 22 June 2007 | Trinity enhances portfolio by Dynamix-Balwas Group 12 June 2007 |Trinity makes its largest access to opportunities related investment under the JV with investing in India’s rapidly The partnership focuses around investment to date to healthcare facilities. Company IL&FS expanding retail sector 4th June 2007 Forbes developing commercial office The Company pays £37.9 million pays £3.37 million for 2 million Acquires 5.92% stake in D. B. Trinity buys 0.37 million shares space in one of Mumbai’s for a 49.4% stake in Luxor Cyber acknowledges that “Trikona shares of Fortis. Realty Ltd. (“DBR”), a unit of of Phoenix Mills, an experienced Secondary Business Districts City, an 8.2 million sq. ft. Dynamix-Balwas Group, for development project in the mall developer and operator 23 January 2007 | Trinity to fund developer of (“SBD”). Trinity commits to Capital was one of the first £25.72 million. DBR, a £500 Special Economic Zone (SEZ) in that trades on Bombay Stock India’s largest shipbuilding yard investing £11.68 million plus £5.8 million SPV, has 12 real estate Gurgaon, the National Capital Exchange. Trinity paid £7.38 overseas investors snooping IL&FS Trikona Capital makes its million in mezzanine finance for projects under development in Region of Delhi. million or £19.95 per share, a second investment, paying £13.1 a 29% stake in the project. The the Mumbai area. discount of over 15% from the around for deals in India… Their for a strategic stake in Pipavav partners commit to providing an market price of £23.69. Phoenix Shipyard Limited (“PSL”). PSL, additional £17.4 million of 24 April 2007 | Trinity successfully reaches reward for navigating a Mills pioneered the “market city” owned by one of India’s leading mezzanine debt to the project. full investment, six months concept, retail-led large-scale three-year labyrinth? infrastructure developers, SKIL ahead of the schedule set at IPO. developments that are typically Infrastructure Limited, will build 20 March 2007 | Trinity increases its equity 27th Aug 2007 Crain’s NY in city centres. Eye-popping returns.” the largest Indian integrated stake in Fortis shipbuilding yard near the Buys an additional 6 million 14th May 2007 Financial Times Business discusses Trikona’s Urban Pipavav port in the state of Gujarat shares for £10.3 million in a recognizes the “One fund that Rejuvenation projects, putting it pre-IPO placement. 25 January 2007 | Trinity partners with has forged ahead with in the same league as Blackstone, Manjeera Construction The Company pays £9.1 million significant investments in Warburg Pincus, Morgan Stanley for 49% of equity in the project to develop a mixed use project [Indian] property and and Goldman Sachs. in Hyderabad. infrastructure is Trikona Capital” 15th Dec 2006, New York Times october 2006 6 October 2006 | Trinity Capital acquires 18 October 2006 | £215 million IT Park in lauds Trikona’s slum resettlement strategic stake in ITNL 7 Greater Noida The first of the IL&FS Trinity acquires a stake in an program in Mumbai. partnerships, IL&FS Trikona Information Technology Park in Capital, announces an Greater Noida. The Company investment allocation of £4.8 commits £28.3 million to the 27th Aug 2007 Real Estate million in IL&FS Transportation & Project which envisages Networks Limited (“ITNL”), a development of 7.2 million Finance & Investment vehicle that invests in square feet of premier self april 2006 (a publication of Institutional transportation infrastructure contained IT destination. 18 April 2006 | Trinity Capital begins trading development. on the London Stock Exchange Investor Inc.) places Trikona on 23 October 2006 | Trinity announces a | £250 million raised from 12 October 2006 Trinity announces partnership with Kapstone institutional investors. page one and its “Big Plans for partnership with Lokhandwala Constructions Builders Company commits to providing India” story contains the quote This leading Mumbai based real £10.75 million for a stake of 16% of the week. estate developer partners with in the development of a large Trinity to build a condominium integrated township called in central Mumbai with Rustomjee’s Township in Thane, august 2006 projected 1.37 million square feet Mumbai. 19th March 2007 BusinessWeek of residential space. Trinity pays 4 August 2006 | Trinity and IL&FS to develop £11.6 million to acquire 49% of Indian Infrastructure declares “Trikona is in the vanguard” the ownership in this venture. Trinity signs two new partnership agreements with Infrastructure Leasing & november 2006 Finance Services (“IL&FS”), one of | the largest and highly-regarded 3 November 2006 Interim results announced The fund reaches the 50% financial institutions in India. committed level. Trinity Capital invests £55.45 million in Indian may 2006 june 2006 july 2006 september 2006 real estate developments, representing 23% of the net capital to be invested.
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