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Results for the Six Months Ended 30 June

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Results for the Six Months Ended 30 June RAVEN PROPERTY GROUP LIMITED Results for the 6 months ending 30 June 2019 Moscow International Business Centre 1 RESULTS HIGHLIGHTS NET OPERATING UNDERLYING EARNINGS BASIC DILUTED NAV INTERIM DISTRIBUTION INCOME AFTER TAX UNDERLYING EPS PER SHARE PER ORDINARY SHARE £64.3 MILLION £32.4 MILLION 5.31 PENCE 67 PENCE 1.25 PENCE INVESTMENT INVESTMENT REVALUATION AVERAGE PORTFOLIO PROPERTY (SQM) PROPERTY VALUE SURPLUS WAREHOUSE RENT OCCUPANCY TODAY 1.9 MILLION £1.3 BILLION £18.2 MILLION RUB 5,118 90% PER ANNUM PER SQM RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 2 KEY FINANCIALS Income Statement for the 6 months ended: 30 June 2019 30 June 2018 Net rental and related income (£m) 64.3 57.6 Underlying earnings after tax (£m) 32.4 4.4 Underlying basic EPS (pence) 5.31 0.67 Revaluation surplus / (deficit) (£m) 18.2 (26.1) IFRS profit / (loss) after tax (£m) 26.2 (28.8) Distribution per share (pence) 1.25 1.25 Balance Sheet at: 30 June 2019 31 December 2018 Investment property market value (£ bln) 1,337 1,194 IFRS fully diluted NAV per share (pence) 67 48 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 3 PORTFOLIO SUMMARY AT 30 JUNE 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 6.3 232.9 92 Moscow Lobnya 6 Pushkino 35 213.7 6.4 207.2 97 Noginsk 26 Istra 33 205.8 8.6 191.2 93 Nova Riga 25 Noginsk 44 203.5 8.6 173.3 85 Regions Rostov on Don 27 Klimovsk 26 157.6 6.1 151.2 96 N. Novgorod 22 Krekshino 22 117.9 6.2 40.2 34 106 Nova Riga 13 68.5 0.7 36.1 53 Land Bank Lobnya 10 52.1 0.3* 51.5 99 Regions Omsk 19 Sholokhovo 7 45.4 0.5 41.7 92 Omsk II 9 Southern 2 14.0 0.3 11.2 80 N. Novgorod 44 241 1,332.8 44.0 1,136.5 85 72 St Petersburg Shushary 26 148.0 2.3* 147.9 100 Total 178 Gorigo 19 87.3 1.2 85.1 97 Pulkovo 5 36.8 0.9 32.4 88 50 272.1 4.4 265.4 98 Regions Novosibirsk 18 120.8 3.1* 117.0 97 Rostov on Don 19 101.4 2.3* 95.9 95 N. Novgorod 11 64.5 2.1 64.5 100 48 286.7 7.5 277.4 97 Sub-Total Warehouse 339 1,891.6 55.9 1,679.3 89 Offices St Petersburg Kellerman 2 22.1 1.7 20.6 93 Constanta 1 15.8 1.0 15.8 100 Primium 0 11.4 1.6 9.8 85 Sub-Total Office 3 49.3 4.3 46.2 94 Total Let 342 1,940.9 60.2* 1,725.5 89 *Excluding space let to Roslogistics RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 4 WAREHOUSE MARKET SHARE, RUSSIA Prime warehouse market players in Russia ‘000 sqm 2000 1,890 1500 1000 500 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 0 Source: JLL Research June 2019 Raven Property Group BIN AT Real Estate Atlant Park PLT Radius Group BTA Bank MallTech PNK Group VS Real Estate Sberbank VVV Company Hines Russia 5 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 14% 3,675 14.5% 3800 10% 3,600 1200 11.8% 3,600 3600 RUB 3,500 11.5% 11.5% 8.3% 12.5% 12.0% 12.2% 1000 7.9% 8% 3,200 11.8% 11.5%* 11.5%* 2,875 11.0% RUB 3,000 11.0% 10% 800 6% RUB 2,500 600 3.8% 4% 4.5% 3.9% 400 2.5% RUB 2,000 6% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 2% 200 1.3% 1.4% 0.7% Average Rent (Triple net) Yield 0 0% *Average of JLL’s yield range of 10.75%-12.25% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 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 RUB 4,000 3900 3900 14% 3700 400 16.2% 13.5% 13.5% 13.3% 3750 13.0% 13.0% 13.3% 13.0% RUB 3,500 3400 13.5% 3400 15% 3200 3400 12.0%* 12.0%* 300 RUB 3,000 10% 2650 9.8% 10% 200 RUB 2,500 6.9% 7.4% 5.5% 5.2% 4.5% 5% RUB 2,000 6% 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 4.4% 4.8% 2.2% Average Rent (Triple net) Yield 1.0% 1.7% 0 0% *Average of JLL’s yield range of 11.25-13.25% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Take-up New completion Vacancy rate Source: JLL Research 1H 2019 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 6 OFFICE MARKET UPDATE, ST PETERSBURG Class А Class В Total Modern office stock, sqm 1,102,340 2,313,820 3,416,160 Completions, sqm – 36,900 36,900 Net absorption, sqm 6,120 57,620 63,740 Vacancy rate, % 3.0% 6.0% 5.0% Average rent, RUB/sq m/month (All in) 1,878 1,299 Prime yields 9.25-11.25% 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% 1,000 20% 180 800 15% 600 120 10% 10% 5.0% 400 5% 60 200 0 0% 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H12019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Average rent, Class AAverage rent, Class B Completions Net absorption Vacancy rate (R axis) Vacancy rent, Class A Vacancy rent, Class B Source: JLL – St Petersburg Office Market 1H 2019 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 7 EUROPEAN COMPARISON Warehouse yields 12% 10% 8% 6% 4% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Moscow Paris Frankfurt Warsaw Office yields 12% 10% 8% 6% 4% 2% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Moscow Paris Frankfurt Warsaw Source: JLL Research 1H 2019 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 8 RUSSIAN ECONOMY UPDATE Russian CPI and Policy Rate 17% 12% 7% 2% Jan-15 Apr-15 Jul-15 USD/RUB and Brent Oct-15 100 Jan-16 Apr-16 Jul-16 80 Oct-16 Jan-17 Inflation, 60 Apr-17 Yo Jul-17 Y 40 Oct-17 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 Jan-18 © 2019 RAVEN PROPERTY GROUP LTD. 20 CBR key rate Apr-18 Jan-15 Jul-18 Oct-18 7.25% 4.59% Source: Bloomberg, RosStatJun-15 Jan-19 Apr-19 Nov-15 Jul-19 Apr-16 Brent oil pric Sep-16 Feb-17 e, USD/bbl Jul-17 40 Dec-17 60 USD/RUB May-18 , R axis Oct-18 80 Mar-19 Aug-19 100 9 LEASING HIGHLIGHTS Portfolio occupancy of 89% at 30 June 2019, rising to 90% today with a further 2% of LOIs Weighted average terms of RUB leases of 4.2 years Average RUB rent of RUB 5,118 per sqm 19% of warehouse gross lettable area USD denominated leases Weighted average term of USD leases of 2.2 years RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD. 10 LEASING UPDATE: MATURITIES Warehouses ‘000 sqm 2019 2020 2021 2022 2023-2032 Total Maturity profile at 1 January 2019 244 258 358 221 602 1,683 Renegotiated and extended (38) (3) (18) 0 (33) (92) Maturity profile of renegotiations 21 12 0 11 48 92 Vacated/terminated (117) 0 (3) 0 0 (120) New Lettings 30 1 4 4 77 116 Maturity profile at 30 June 2019 140 268 341 236 694 1,679 Maturity profile with breaks 211 438 463 136 431 1,679 Offices ‘000 sqm 2019 2020 2021 2022 2023-2032 Total Maturity profile at 1 January 2019 11 7 1 16 14 49 Breaks exercised 4 (4) 0 0 0 0 Vacated/terminated (10) 0 0 0 0 (10) New Lettings 0 1 0 0 6 7 Maturity profile at 30 June 2019 5 4 1 16 20 46 Maturity profile with breaks 7 1 2 21 15 46 RESULTS FOR THE 6 MONTHS ENDING 30 JUNE 2019 © 2019 RAVEN PROPERTY GROUP LTD.
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