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Results for the year ended 31 December 2020
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 Annual Results
Raven today announces its audited results for the year ended 31 December 2020
Highlights
- Occupancy at 31 December 2020 increased to 94% (31 December 2019: 90%) with 289,000sqm of new
lettings and 310,000sqm of maturity extensions in the period;
- Underlying earnings of £19.0 million (2019: £15.8 million) before unrealised foreign exchange
movements;
- Unrealised foreign exchange losses of £53.7 million (31 December 2019: profit £27.5 million) on weaker
Rouble;
- IFRS loss of £14.2 million (2019: profit £46.0 million) after these unrealised foreign exchange movements
and a profit on the re-designation of convertible preference shares of £45.7 million;
- Cash balance of £53.1 million (31 December 2019: £68.1 million);
- Rent collections in excess of 99% in 2020;
- Rouble value of investment property portfolio of R112.7 billion (31 December 2019:R112.4 billion);
- IFRS diluted net asset value per share of 40p (31 December 2019: 75p) on the weaker Rouble; and
- Final distribution for 2020 of 1.25p by way of a tender offer buy back of 1 in 32 ordinary shares at 40p per
share.
CEO Glyn Hirsch said "Our strong underlying financial performance reflects the now widely acknowledged quality
of logistics warehousing as a global real estate asset class and the resilience of Russia and its economy."
INFORMATION REQUIRED TO BE DISCLOSED UNDER THE JSE LISTINGS REQUIREMENTS
Income Statement for the year ended: 31 December 2020 31 December 2019 Change
Net Rental and Related Income £113.09m £126.50m -£13.41m
Operating profit £27.82m £172.62m -£144.8m
Headline EPS basic (1.95p) 0p -1.95p
Headline EPS diluted (1.95p) 0p -1.95p
EPS Basic (2.8p) 8.16p -10.96p
EPS Diluted (2.8p) 7.5p -10.30p
Distribution per share 1.25p 2.25p -1p
Balance Sheet at: 31 December 2020 31 December 2019 Change
Net Asset Value £233.69m £365.80m -£132.11m
Extract from audited 2020 Annual 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 audited 2020 Annual 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/2021/jse/isse/rave/fy2020.pdf and on the Company’s website at
https://www.theravenpropertygroup.com/investors/results-reporting/2020. The full audited 2020 Annual
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.
15 March 2021
JSE Sponsor: Java Capital
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. 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: 15-03-2021 09:00:00
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