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2020 Interim Results
Raven Property Group Limited
Incorporated in Guernsey
Company number 43371
LSE share code: RAV; JSE share code: RAV
ISIN:GB00B0D5V538
(“Raven” or the “Company”)
2020 Interim Results
Raven today announces its unaudited results for the six months ended 30 June 2020
Highlights
• Occupancy at 30 June 2020 increased to 93% (31 December 2019: 90%) with 142,000sqm of new
lettings and 176,000sqm of maturity extensions in the period;
• Underlying earnings of £13.4 million (30 June 2019: £13.4 million) before unrealised foreign exchange
movements;
• Unrealised foreign exchange losses of £23.8 million (30 June 2019: profit £18.9 million) on weaker
Rouble;
• IFRS loss of £31.7 million (30 June 2019: profit £26.2 million) after these unrealised foreign exchange
movements and loss on revaluation of £12.5 million (30 June 2019: profit £18.2 million);
• Cash balance of £85.0 million (31 December 2019: £68.1 million);
• Rouble value of investment property portfolio down by only 0.3% since 31 December 2019;
• Diluted net asset value per share of 58p (31 December 2019: 75p) on the weaker Rouble;
• Re-designation of convertible preference shares to complete on 30 September 2020; and
• Payment of final distribution for 2019 of 2.25p by way of tender offer buy back of 1 in 16 ordinary
shares at 36p per share confirmed.
Glyn Hirsch CEO said “It looks like global interest rates will stay low for some time and with reliable
investment yields likely to become an increasingly scarce commodity, it is reasonable to expect high quality
yielding assets to increase in value. We own a high quality portfolio of assets in the best real estate class in
the world, with a fifteen year track record of reliable cash flows. These assets are currently valued on a
yield of 11% with underlying income in Roubles and annual indexation of around 5%. Russia is not for
everyone but on an objective financial analysis, it is one of the strongest and least leveraged economies in
the world today. We look forward to the future with confidence.“
INFORMATION REQUIRED TO BE DISCLOSED UNDER THE JSE LISTING RULES
Income Statement for the 6 months ended: 30 June 2020 30 June 2019 Change
Net rental and related income £59.6m £64.3m -£4.7m
Operating profit £12.4 £88.9m -£76.5m
Headline EPS basic (4.45)p 1.35p -5.8p
Headline EPS diluted (4.45)p 1.35p -5.8p
EPS basic (6.59)p 4.30p -10.89p
EPS diluted (6.59)p 3.89p -10.48p
Distribution per share 0 1.25p -1.25p
Balance Sheet at: 30 June 2020 31 December Change
2019
Net asset value £279.3m £365.8m -£86.5m
Extract from unaudited 2020 Interim Results
This short-form announcement is the responsibility of the Directors of Raven. The information disclosed is
only a summary of the information contained in the full announcement and does not contain full or
complete details. The full unaudited 2020 Interim Results announcement should be considered for any
investment decision and is available for viewing on the JSE’s website at
https://senspdf.jse.co.za/documents/2020/jse/isse/rave/ravhy2020.pdf and on the Company’s website at
https://www.theravenpropertygroup.com/investors/results-reporting/2020. The full unaudited 2020 Interim
Results announcement is also available for inspection at the Company’s registered office and the offices
of our JSE sponsor during normal business hours, at no charge. Alternatively, copies of the full
announcement may be requested from the Company via email at investorrelations@ravenrussia.com.
1 September 2020
JSE Sponsor: Rencap Securities (Pty) Limited
About Raven Property Group
Raven Property Group Limited was founded in 2005 to invest in class A warehouse complexes in Russia
and lease to Russian and International tenants. Its Ordinary Shares and Preference Shares are listed on
the Main Market of the London Stock Exchange and admitted to the Official List of the UK Listing
Authority and the Official List of The International Stock Exchange ("TISE"). Its Ordinary Shares also have
a secondary listing on the main board of the Johannesburg Stock Exchange and the Moscow Stock
Exchange. Its Convertible Preference Shares are admitted to the Official List of TISE and to trading on
the SETSqx market of the London Stock Exchange. The Group operates out of offices in Guernsey,
Moscow and Cyprus and has an investment portfolio of circa 1.9 million square metres of Grade "A"
warehouses in Moscow, St Petersburg, Rostov-on-Don, Novosibirsk and Nizhny Novgorod and 49,000
square metres of commercial office space in St Petersburg. For further information visit the Company's
website: www.theravenpropertygroup.com
Date: 01-09-2020 08:00:00
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