Raven Property : 2021 Interim Report

RAVEN PROPERTY GROUP LIMITED

2021 Interim Report

1

RAVEN PROPERTY GROUP LIMITED

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021

CONTENTS

	PAGE
Highlights	2
Chairman's Message	4
Chief Executive's Review	5
Corporate Governance	9
Independent Review Report	12
Condensed Unaudited Group Income Statement	13
Condensed Unaudited Group Statement of Comprehensive Income	14
Condensed Unaudited Group Balance Sheet	15
Condensed Unaudited Group Statement of Changes in Equity	16
Condensed Unaudited Group Cash Flow Statement	17
Notes to the Condensed Unaudited Group Financial Statements	18

RAVEN PROPERTY GROUP LIMITED 2021 INTERIM REPORT

2

HIGHLIGHTS

• Portfolio occupancy stands at 96% today, up from 93% at 30 June 2021 (31 December 2020: 94%);
• Underlying earnings of £17.3 million in the six months to 30 June 2021 (30 June 2020: loss of £10.4 million) and IFRS
  profit of £41.2 million (30 June 2020: loss of £31.7 million);
• Investment property revaluation surplus of £29.5 million (30 June 2020: revaluation loss £12.5 million) increases
  investment property carrying values to £1.15 billion (31 December 2020: £1.12 billion);
• Net assets increase to £264.5 million at 30 June 2021 from £233.7 million at 31 December 2020 and diluted net asset value per share increases by 25% to 50p at 30 June 2021 (31 December 2020: 40p);
• Cash at bank remains stable at £53.1 million (31 December 2020: £53.1 million): and
• A successful conclusion to the purchase of Invesco Asset Management's holdings in the Company's instruments, 9.85 million ordinary shares purchased and cancelled by the Company, 100 million ordinary shares and 32.5 million preference shares purchased by way of a joint venture between the Company and its senior management and the remaining 46.8 million ordinary shares and 31.1 million preference shares placed in the market, all at a price of 21.6 pence per ordinary share and 90.8 pence per preference share.

Glyn Hirsch CEO said, "Rouble rents are rising strongly and property valuations are following in a very tight market. It's pleasing to see net asset value per share rebounding to 50 pence, especially following the placing of Invesco Asset Management's ordinary share holdings at 21.6 pence in May."

Financial Summary

Income Statement for the 6 months ended:	30 June 2021	30 June 2020
Net rental and related income (£m)	51.9	59.6
Underlying earnings/(loss) (£m)	17.3	(10.4)
Revaluation surplus/(deficit) (£m)	29.5	(12.5)
IFRS profit/(loss) (£m)	41.2	(31.7)

Balance Sheet at:	30 June	2021	31 December 2020
Investment property market value (£m)	1,161	1,129
Diluted NAV per share (pence)	50		40

RAVEN PROPERTY GROUP LIMITED 2021 INTERIM REPORT

HIGHLIGHTS

3

Warehouse Portfolio

				451
		246
	158	148	185 188
130		127
91
31
2021	2022	2023	2024	2025-2032

Office Portfolio

		17
					14
				8
		3			3
1	1		1
2021	2022	2023	2024	2025-2032

('000 sqm)
Lease expiries	Lease breaks

Lease currency mix (sqm)

Secured debt currency profile

7%

3%

38%

62%

90%

RUB

USD

Vacant

RUB

EUR

RAVEN PROPERTY GROUP LIMITED 2021 INTERIM REPORT