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Results for the Twelve Months Ended 31 RAVEN PROPERTY GROUP LIMITED Results for the 12 months ending 31 December 2019 Moscow International Business Centre 1 CORPORATE HISTORY 2005 2005 2006 2008 2009 2009 2010 2011 2012 153M ORDINARY FURTHER 269.5M RR COMPLETES RR ISSUES 76M RR COMPLETES THE RUS AND RUSW RUSP ARE ADMITTED RR PLACES FURTHER RAVEN SHARES (“RUS”) RUS PLACED AND INTERNALISATION PREFERENCE TAKEOVER OF RAVEN ARE ADMITTED TO TRADING ON THE 48.4M RUSP AND ADMITTED TO ADMITTED TO OF ITS PROPERTY SHARES (“RUSP”) MOUNT PLC TO TRADING ON MAIN MARKET OF COMPLETES THE RUSSIA TRADING ON AIM TRADING ON AIM ADVISER AND WARRANTS THE MAIN MARKET THE LSE ACQUISITION OF (“RR”) (“RUSW”) TRADING OF THE LSE PUSHKINO LOGISTICS INCORPORATED ON AIM PARK, A CLASS 1 TRANSACTION 2013 2016 2017 2017 2017 2018 2018 2018 50% OF RUSP IN RR ISSUES 108.7M RR ACQUIRES RR ISSUES FURTHER RR ACQUIRES SEVER RAVEN RUSSIA RPG ACQUIRES RPG ACQUIRES ISSUE CONVERTED CONVERTIBLE GORIGO LOGISTICS 89.8M CONVERTIBLE LOGISTICS PARK OF (“RR”) CHANGES SEVER2 LOGISTICS VOLGA LOGISTICS INTO RUS PREFERENCE SHARES PARK AND TWO PREFERENCE SHARES 195,000 SQM NAME TO RAVEN PARK OF 58,851SQM WAREHOUSE OF (1 RUSP FOR 2 RUS) (RUSC) ADMITTED OFFICE CENTRES IN (RUSC) ADMITTED PROPERTY GROUP 64,375 SQM IN TO TRADING ON TISE ST PETERSBURG TO TRADING ON TISE (“RPG”) NIZHNIY NOVGOROD RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 2 RESULTS HIGHLIGHTS NET OPERATING UNDERLYING EARNINGS BASIC DILUTED NAV DISTRIBUTION PER INCOME AFTER TAX UNDERLYING EPS PER SHARE ORDINARY SHARE FOR THE YEAR £126.5 MILLION £43.2 MILLION 7.67 PENCE 75 PENCE 3.5 PENCE INVESTMENT INVESTMENT REVALUATION AVERAGE PORTFOLIO PROPERTY (SQM) PROPERTY VALUE SURPLUS WAREHOUSE RENT OCCUPANCY TODAY 1.9 MILLION £1.4 BILLION £48.3 MILLION RUB 4,922 92% PER ANNUM PER SQM RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 3 KEY FINANCIALS Income Statement for the 6 months ended: 31 December 2019 31 December 2018 Net Rental and Related Income (£m) 126.5 118.3 Underlying Earnings after tax (£m) 43.2 20.0 Underlying basic EPS (pence) 7.67 3.12 Revaluation surplus / (deficit) (£m) 48.3 (121.0) IFRS profit / (loss) after tax (£m) 46.0 (120.7) Distribution per share (pence) 3.5 3.0 Balance Sheet at: 31 December 2019 31 December 2018 Investment property Market Value (£bln) 1.338 1.175 IFRS fully diluted NAV per share (pence) 0.75 0.48 RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 4 PORTFOLIO SUMMARY AT 31 DECEMBER 2019 Operating properties Land Bank Area let Land GLA NOI Occupancy Land Location (excluding LOI) Location Ha '000 sqm £m '000 sqm % Ha Grade A warehouses Additional Phases Moscow Sever 49 254.3 13.0 233.6 92% Moscow Lobnya 6 Pushkino 35 213.7 13.2 204.9 96% Noginsk 26 Istra 33 205.8 17.9 202.7 98% Nova Riga 25 Noginsk 44 203.8 17.5 174.4 86% Regions Rostov on Don 27 Klimovsk 26 157.7 12.2 146.2 93% N. Novgorod 22 Krekshino 22 118.3 7.3 48.0 41% 106 Nova Riga 13 68.2 1.5 48.0 70% Land Bank Lobnya 10 52.1 0.7* 45.7 88% Regions Omsk 19 Sholokhovo 7 45.4 1.4 45.4 100% Omsk II 9 Southern 2 14.1 0.5 11.3 80% N. Novgorod 44 241 1,333.4 85.2 1,160.2 87% 72 St Petersburg Shushary 26 148.0 4.6* 147.8 100% Total 178 Gorigo 19 87.7 3.0 83.3 95% Pulkovo 5 36.8 1.8 31.2 85% 50 272.5 9.4 262.3 96% Regions Novosibirsk 18 120.8 6.2* 117.1 97% Rostov on Don 19 101.5 5.0* 94.1 93% N. Novgorod 11 64.5 4.3 64.5 100% 48 286.8 15.5 275.7 96% Sub-Total Warehouse 339 1,892.7 110.1 1,698.2 90% Offices St Petersburg Kellerman 2 22.1 3.3 19.2 87% Constanta 1 15.8 2.1 15.8 100% Primium 0 11.4 2.3 11.0 96% Sub-Total Office 3 49.3 7.7 46.0 93% Total Let 342 1,942.0 117.8* 1,744.2 90% *Excluding space let to Roslogistics RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 5 PRIME WAREHOUSE MARKET SHARE, RUSSIA Prime warehouse market players in Russia ‘000 sqm 2000 1,890 1500 1000 500 RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 0 Source: JLL Research Q4 2019 Raven Russia BIN AT Real Estate Atlant Park PLT PNK Group Radius Group BTA Bank Accent MallTech VS Real Estate Sberbank VVV Company Hines Russia 6 PRIME WAREHOUSE MARKET UPDATE Moscow Rents and Yields Supply vs Demand and Vacancy dynamics RUB 5,000 18% 1800 '000 sqm 14% 4,500 1600 RUB 4,500 11.6% 12.2% 12% 4,185 4,300 3,950 4,000 1400 10.5% RUB 4,000 Rub 3900 14% 3,675 14.5% 10% 1200 3,600 3,600 3600 RUB 3,500 11.8% 11.5% 11.5% 7.9% 8.3% 8% 12.5% 3,200 12.0% 12.2% 1000 11.8% 11.5%* 2,875 11.3%* RUB 3,000 11.0% 11.0% 10% 800 6% RUB 2,500 600 3.8% 4% 400 2.5% 4.5% RUB 2,000 6% 3.3% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2% 200 1.3% 1.4% 0.7% Average Rent (Triple net) Yield 0 0% *Average of JLL’s yield range of 10.5%-12.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Take-up New completion Vacancy rate St Petersburg Rents and Yields Supply vs Demand and Vacancy dynamics RUB 5,000 18% 600 '000 sqm 25% 22.3% 4500 RUB 4,500 15.5% 4400 500 19.7% 20% 13.5% 4000 14% RUB 4,000 RUB 3800 16.2% 13.3% 13.5% 400 13.5% 13.0% 13.0% 13.3% 13.5% 3900 3900 13.0% 15% 3750 3400 12.0%* RUB 3,500 3400 11.5%* 300 3200 10% 9.8% 3400 10% RUB 3,000 200 6.9% 7.4% 2650 5.5% 5.2% RUB 2,500 5% 6% 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 4.4% 4.8% 4.6% 2.2% Average Rent (Triple net) Yield 1.0% 1.7% 0 0% *Average of JLL’s yield range of 10.75%-12.25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Take-up New completion Vacancy rate Source: JLL Research Q4 2019 RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 7 OFFICE MARKET UPDATE, ST PETERSBURG Class А Class В Total Modern office stock, sqm 1,139,000 2,405,000 3,544,000 Completions, sqm 29,312 77,114 106,426 Net absorption, sqm 22,366 34,657 57,023 Vacancy rate, % 3.5% 7.4% 6.2% Average rent, RUB/sq m/month (All in) 1,904 1,310 Prime yields 9.0-11.0% Supply vs Demand and Vacancy dynamics Rental Growth `000 sqm RUB/sqm/month 360 30% 2,000 40% 1,800 35% 300 1,600 30% 1,400 240 20% 1,200 25% 180 1,000 20% 800 15% 120 10% 600 6.2% 10% 400 60 5% 200 0 0% 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Completions Net absorption Vacancy rate (R axis) Average rent, Class AAverage rent, Class B Vacancy rent, Class A Vacancy rent, Class B Source: JLL – St Petersburg Office Market, Q4 2019 RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 8 EUROPEAN COMPARISON Warehouse yields Office yields 12% 12% 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017 Q1 2018Q2 2018Q3 2018Q4 2018 Q1 2019Q2 2019Q3 2019Q4 2019 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 Q4 2018 Q2 2019 Q4 2019 Moscow Paris Frankfurt Warsaw Moscow Paris Frankfurt Warsaw Warehouse Rents* Office Rents* London London Paris Helsinki Stockholm Amsterdam Moscow Hamburg Dublin Frankfurt Munich Rome Berlin Amsterdam Moscow Madrid St. Petersburg Berlin Budapest St. Petersburg Brussels Prague Budapest Brussels Warsaw Warsaw Lisbon 050 100 150 200 250 0 200 400 600 800 1000 1200 1400 £/sqm/year £/sqm/year * $ rents converted to £ at 31 Dec 2019 rate of 1.31 Source: JLL Research Q4 2019; $ rents converted to £ at 31 Dec 2019 FX rate of 1.31 RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD. 9 RUSSIAN ECONOMY UPDATE Russian CPI and Policy Rate 17% 12% 7% 6.0% 2.3% 2% Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Inflation, YoY CBR key rate USD/RUB and Brent* 100 40 80 60 60 74 80 40 35 20 100 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Brent oil price, USD/bbl USD/RUB, R axis * As at 12 March 2020 Source: Bloomberg, RosStat RESULTS FOR THE 12 MONTHS ENDING 31 DECEMBER 2019 © 2020 RAVEN PROPERTY GROUP LTD.
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