Raven Russia saw net income and related income increase by 49 per cent from USD91.7m to USD136.5m in the year ended 31 December 2012.
Underlying operating profit increased by 63 per cent from USD68.9m to USD112.1m and underlying earnings before taxation increased significantly from USD8.1m to USD34.7m.
Operating cashflow increased 47.9 per cent from USD81.6m to USD120.7m.
Significant acquisitions during the year added two fully let properties in Moscow to the portfolio, with 259,000 square metres (sq m) of space, increasing NOI in the period by USD15.1m. They add USD31.9m to the annualised NOI. The acquisitions were partly financed by an issue of 48.4 m preference shares at 134p.
After a revaluation surplus of USD69.3m (2011: USD153m), IFRS operating profit was USD148.8m (2011: USD200.3m). Underlying basic earnings per share increased from 0.18 cents to 5.30 cents. Adjusted, fully diluted net asset value per share increased from 119 cents to 125 cents.
Annualised NOI is USD170.1m today. With pre let agreements and letters of intent, including those on additional phases of construction at the Noginsk and Klimovsk projects, this increases to USD179.7m. Fully let, annualised NOI will be USD190.4m.
Chairman Richard Jewson (pictured) says: “The group is making very good progress. Lettings have continued in an undersupplied market, finance facility maturities have been extended and important earnings enhancing acquisitions made. It has been a busy and fulfilling year.”