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RUS Raven Russia

45.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Raven Russia LSE:RUS London Ordinary Share GB00B0D5V538 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 45.50 45.60 46.80 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Raven Russia Limited Half-year Report (3639I)

30/08/2016 7:01am

UK Regulatory


Raven Russia (LSE:RUS)
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TIDMRUS

RNS Number : 3639I

Raven Russia Limited

30 August 2016

30 August 2016

Raven Russia Limited ("Raven Russia" or the "Company")

2016 Interim Results

Raven Russia today announces its unaudited results for the six months ended 30 June 2016.

Highlights

   --      IFRS earnings after tax $8.8 million (30 June 2015: loss of $20.6 million); 
   --      Underlying earnings after tax $31.5 million (30 June 2015: $34.5 million); 
   --      Basic underlying earnings per share 4.8 cents (30 June 2015: 5.0 cents); 
   --      Adjusted diluted net asset value per share 70 cents (31 December 2015: 70 cents); 
   --      Investment portfolio stable at 82% let; 
   --      Issue of new convertible preference shares completed on 7 July 2016 raising GBP109 million; 
   --      Cash balance today of $331 million; and 
   --      Proposed distribution of 0.5p by way of tender offer buy back of 1 in 80 shares at 40p. 

Glyn Hirsch CEO said, "We are getting used to the new business conditions and the market is adapting and stabilising too. With our considerably strengthened balance sheet we feel well placed for the next phase for the Group."

Enquiries

Raven Russia Limited Tel: + 44 (0) 1481 712955

Anton Bilton

Glyn Hirsch

Novella Communications Tel: +44 (0) 203 151 7008

Tim Robertson

Toby Andrews

N+1 Singer Tel: +44 (0) 20 7496 3000

Corporate Finance - James Maxwell / Liz Yong

Sales - Alan Geeves / James Waterlow

Barclays Bank Plc Tel: +44 (0) 20 7623 2323

Tom Boardman / Tom Macdonald

Ravenscroft Tel: +44 (0) 1481 729100

David McGall

This announcement contains forward-looking statements that involve risk and uncertainties. The Group's actual results could differ materially from those estimated or anticipated in the forward-looking statements as a result of many factors. Information contained in this announcement relating to the Company should not be relied upon as a guide to future performance.

About Raven Russia

Raven Russia was founded in 2005 to invest in class A warehouse complexes in Russia and lease to Russian and International tenants. Its Ordinary Shares, Preference Shares and Warrants are listed on the Main Market of the London Stock Exchange and admitted to the official list of the Channel Islands Securities Exchange Authority Limited ("CISEA"). Its Convertible Preference Shares are admitted to the CISEA Official List and trading on the SETSqx market of the London Stock Exchange. The Company operates out of offices in Guernsey, Moscow and Cyprus and has to date completed a portfolio of circa 1.5 million square metres of Grade "A" warehouses in Moscow, St Petersburg, Rostov-on-Don and Novosibirsk. For further information visit the Company's website: www.ravenrussia.com

Financial Summary

 
 Income Statement for the 6 months ended:    30 June   30 June 2015 
                                               2016 
------------------------------------------  --------  ------------- 
 Net Rental and Related Income ($m)             77.0           95.5 
------------------------------------------  --------  ------------- 
 Revaluation deficit ($m)                      (8.5)         (50.8) 
------------------------------------------  --------  ------------- 
 IFRS Earnings/ (Loss) after tax ($m)            8.8         (20.6) 
------------------------------------------  --------  ------------- 
 Underlying Earnings after tax ($m)             31.5           34.5 
------------------------------------------  --------  ------------- 
 IFRS Basic EPS (cents)                          1.4          (3.0) 
------------------------------------------  --------  ------------- 
 Underlying Basic EPS (cents)                    4.8            5.0 
------------------------------------------  --------  ------------- 
 Distribution per share (pence)                  0.5            1.0 
------------------------------------------  --------  ------------- 
 
 Balance Sheet at:                           30 June   31 December 
                                               2016        2015 
------------------------------------------  --------  ------------- 
 Investment property Market Value ($m)         1,352          1,357 
------------------------------------------  --------  ------------- 
 Adjusted diluted NAV per share (cents)           70             70 
------------------------------------------  --------  ------------- 
 IFRS diluted NAV per share (cents)               72             70 
------------------------------------------  --------  ------------- 
 

Letting Summary

The completed logistics portfolio of 1.5 million sqm is 82% let. The table below shows the maturity profile at the period end and how that has changed in the six months to 30 June 2016.

 
  Maturities, '000           2016   2017   2018   2019   2020-2027   Total 
   sqm 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 Maturity profile 
  at 1 January 2016           228    210    131    225         429   1,223 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 Renegotiated and 
  extended                   (82)   (25)      0   (12)           0   (119) 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 Effect of renegotiations       0     45     33     11          30     119 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 Vacated/terminated          (78)    (6)    (3)      0           0    (87) 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 New lettings                   7      3     34     12          29      85 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 Maturity profile 
  at 30 June 2016              75    227    195    236         488   1,221 
--------------------------  -----  -----  -----  -----  ----------  ------ 
 

In addition, 25,000sqm of pre let agreements ("PLAs") and letters of intent ("LOIs") had been signed at 30 June 2016.

Chairman's Message

I am pleased to say that since my last message in March this year there has been a period of relative stability in the Russian market and we have been busy taking some positive steps to recover lost ground.

Business models have adapted to the new market fundamentals following the various macro economic events of the past two years and investment decisions are coming back onto the agenda. Our occupancy levels have stabilised at 82% and we have active discussions on vacant space on most of our projects. Similarly, property valuations have remained relatively flat over the six months with a small deficit of $8.5 million at 30 June 2016 (deficit of $257 million in 12 months to 31 December 2015).

New leases are Rouble denominated and as a result we will continue to have a drop off in US Dollar denominated income as existing US Dollar pegged leases mature. But we now have greater clarity on where that may lead us. The underlying tenant base is strong with the weaker covenants having now vacated and the integrity of our leases, where tested in various court and arbitration procedures, has proved robust.

Following the release of our 2015 Annual Report and with the spectre of a continuing reduction in our net operating income as leases re-align with current market rental levels it became obvious that we should restructure our balance sheet to counter the effects. In a very short window and thanks to the foresight of Anton, our Deputy Chairman, Glyn, our CEO and a supportive shareholder base, we raised GBP109 million through the issue of new convertible preference shares in early July. This has allowed us to start the process of changing the weighting of our secured, amortising debt, reducing it to levels that meet ongoing covenant requirements, extending the maturity periods and significantly reducing the annual amortisation exposure. The effect of this should begin to be seen in 2017, when our cash break even point will fall to a level commensurate with our reduced net operating income.

We still have significant cash resources over and above the new fund raising and following this strengthening of our balance sheet we will look to start rebuilding our top line as acquisition or development opportunities arise.

Although it is our intention to distribute the equivalent of 0.5p per ordinary share (30 June 2015: 1p per ordinary share) by way of a tender offer buy back of 1 in 80 shares at 40p per share, we remain cognisant of how quickly external events can impact on our market and will continue with caution, albeit with a stronger balance sheet.

Richard Jewson

Chairman

29 August 2016

Chief Executive's Review

Results

Results for the first six months of the year have met our expectations. Our net operating and related income continues to reduce to a level commensurate with current market rents, $77 million for the half year compared to $95.5 million in the six months to 30 June 2015.

Underlying earnings after tax for the period remain healthy, given the reduced income, at $31.5 million (30 June 2015: $34.5 million). This is driven mainly by foreign exchange profits through the income statement and reduced administrative expenses.

Administrative expenses benefitted from a recovery in the bad debt charge (a credit of $0.7million in the period compared to a charge of $2.5 million in 2015) and reduced discretionary employee bonuses. The latter is offset by an increased charge for share based payments and other long term incentives following the approval of the new incentive scheme at the AGM on 15 June 2016.

Basic underlying earnings per share are 4.8 cents (30 June 2015: 5.0 cents).

IFRS earnings after tax recovered to $8.8 million (30 June 2015: loss of $20.6 million) with property values remaining relatively stable, generating an unrealised loss on revaluation of $8.5 million in the half year (30 June 2015: loss of $50.8 million).

Fully diluted adjusted net asset value per share remained at 70 cents (31 December 2015: 70 cents). Cash balances at 30 June 2016 were $183 million (31 December 2015: $202 million) increasing to $331 million today following the issue of new convertible preference shares in July.

Occupancy levels have remained at 82% over the period (31 December 2015: 82%). At 30 June 2016, 73% of our let warehouse space had US Dollar denominated leases with an average warehouse rental level of $124 per sqm and a weighted average term to maturity of 3.4 years. Rouble denominated or capped leases account for 27% of our let space with an average warehouse rent of Roubles 5,000 per sqm and a weighted average term to maturity of 2 years. Rouble leases have an average minimum annual indexation of 7%.

The majority of 2016 lease maturities have now been dealt with. This has resulted in 78,000sqm of vacancies in the first six months with a further 62,000sqm of space expected to be vacated in the second half of the year. Letting interest has picked up significantly since the year end and 85,000sqm of vacant space had been re let by 30 June 2016 with a further 25,000sqm of pre let agreements and letters of intent signed.

Financing

On 7 July 2016 the Company completed the placing of new convertible preference shares, raising GBP109 million at a subscription price of GBP1 per share. The convertible preference shares have a 10 year term, a cumulative preference dividend of 6.5p per annum and are redeemable on maturity at GBP1.35. The holders have the right to convert to ordinary shares at the equivalent to approximately 55p per ordinary share (subject to certain adjustments) prior to maturity. The shares were listed on the Channel Islands Securities Exchange and trade on the SETSqx platform of the London Stock Exchange.

This fund raising allows us to restructure our balance sheet by reducing secured, amortising debt facilities, extend the terms of that debt and reduce our annual amortisation. We have agreed terms on 7 of our facilities and expect to pre pay $100 million of debt on these facilities by the end of the current quarter. The two largest near term maturities of $232 million will be extended to 2021 as part of this exercise.

We have commenced discussion on the majority of the remaining facilities to extend terms and reduce amortisation and these are progressing positively. We hope to have all formal arrangements in place on these by the end of the year.

As explained in note 9 to the interim financial statements, a cash sweep mechanism continues on the facility secured on the office block in St Petersburg.

Foreign exchange

Foreign exchange movements in the period have been positive, profit in the income statement of $10.3 million being a factor of the Sterling functional currency of the holding company and its US Dollar cash reserves. Weak Sterling also gave a boost to reserves, reducing the US Dollar value of our Sterling preference shares.

Cash flow

Cash flows in the period show the effect of reduced operating income, dropping $19.9 million to $49.9 million compared to the previous year. Debt amortisation, interest and preference share coupon totalled $76.2 million (30 June 2015: $71.9 million). Distributions to ordinary shareholders for the period were $5.8 million (30 June 2015: $32 million). We did benefit by the sale of ordinary shares held by an Employee Benefit Trust ("EBT"), raising $14.7 million but this is simply a timing difference as the majority of those funds were then used by the EBT in subscribing for new convertible preference shares in early July. Cash outflows for the period before foreign exchange movements were $21.2 million.

Tender offer

The investment world is desperately short of income and despite the issues we have faced our portfolio still generated a healthy operating profit.

Although far from the 6p we have achieved historically, we propose a distribution of the equivalent of 0.5p per ordinary share by way of tender offer buy back of 1 in 80 shares at 40p (30 June 2015: 1p by way of an offer of 1 in 47 shares at 47p).

The distribution demonstrates the resilience of our business and our commitment to providing income for our shareholders.

Outlook

It may not be the bottom of the market but it certainly feels as though things have stopped deteriorating.

We are getting used to the new business conditions and the market is adapting and stabilising too. With our considerably strengthened balance sheet we feel well placed for the next phase for the Group. Significant progress has been made in restructuring our bank loans and we are actively engaged in finding attractive income producing acquisitions which will further enhance cash flow and returns.

In the short to medium term, the stabilising Russian economy may have a positive impact. Inflation is generally forecast to fall to around 5% and interest rates below 7% in the next few years.

What price a warehouse currently yielding 12% in Roubles with annual indexed increases in that scenario? Something to look forward to I hope, as well as the upside potential of any future strengthening of the Rouble against the Dollar.

Glyn Hirsch

Chief Executive Officer

29 August 2016

Corporate Governance

Principal risks and uncertainties

Internal controls and an effective risk management regime are integral to the Group's continued operation. The assessment of risks faced by the Group is set out in the Risk Report on pages 35 to 38 of the Group's 2015 Annual Report. The principal risks and uncertainties to which the Group is subject have remained consistent with those at the 2015 year end.

A summary of the principal risks and uncertainties are as follows:

Financial Risks

Oil Price and Foreign Exchange

The current oil price and Rouble/US Dollar exchange rate levels remain or deteriorate further in the long term, reducing the Group's US Dollar denominated earnings.

Bank Financing and Costs

Reduced access to funding and potential increases in funding costs hinders the Group's ability to refinance maturing facilities. Reduced income and asset values driven by a weak Rouble increases the risk of covenant breaches.

Russian Domestic Risk

Legal and Taxation Frameworks

The Russian legal and taxation frameworks are still developing with large volumes of new legislation being open to interpretation and abuse.

Personnel Risks

Key personnel

The risk of failing to retain key personnel has increased with the downturn in the Russian market. A new incentive scheme was presented to shareholders and approved at the AGM on 15 June 2016.

Political Risk

Ukraine

The situation in Ukraine escalates resulting in increased isolation of Russia from international markets and increased sanctions which exacerbate the slow down in the Russian economy.

Going concern

The financial position of the Group, its cash flows, liquidity and borrowings are described in the Chief Executive's Review and the accompanying financial statements and related notes. During the period the Group had, and continues to hold, substantial cash and short term deposits and is generating underlying profits. Since the half year, additional funds have been raised through the issue of new convertible preference shares. As a consequence, the Directors believe the Group is well placed to manage its business risks.

After making enquiries and examining major areas that could give rise to significant financial exposure, the Board has a reasonable expectation that the Company and the Group have adequate resources to continue its operations for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in the preparation of the accompanying interim financial statements.

Directors' Responsibility Statement

The Board confirms to the best of its knowledge:

The condensed financial statements have been prepared in accordance with IAS 34 as adopted by the European Union, and that the half year report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.

The names and functions of the Directors of Raven Russia Limited are disclosed in the 2015 Annual Report of the Group.

This responsibility statement was approved by the Board of Directors on the 29 August 2016 and is signed on its behalf by

   Mark Sinclair                                                             Colin Smith 
   Chief Financial Officer                                             Chief Operating Officer 

Independent review report to Raven Russia Limited

We have been engaged by the Company to review the condensed set of financial statements in the Interim Results financial report for the six months ended 30 June 2016 which comprises the Condensed Unaudited Group Income Statement, the Condensed Unaudited Group Statement of Comprehensive Income, the Condensed Unaudited Group Statement of Changes in Equity, the Condensed Unaudited Group Balance Sheet, the Condensed Unaudited Group Cash Flow Statement and the related notes 1 to 18. We have read the other information contained in the Interim Results report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

Directors' Responsibilities

The Interim Results financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the Interim Results financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Interim Results report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK and Ireland) 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom.

A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the Interim Results report for the six months ended 30 June 2016 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

Ernst & Young LLP

London

29 August 2016

 
 Condensed Unaudited Group 
  Income Statement 
 For the six months 
  ended 30 June 2016 
                                        Six months ended 30                  Six months ended 30 
                                              June 2016                            June 2015 
                                 Underlying    Capital                Underlying    Capital 
                         Notes    earnings     and other    Total      earnings     and other    Total 
                                      $'000        $'000      $'000        $'000        $'000      $'000 
---------------------   ------  -----------  -----------  ---------  -----------  -----------  --------- 
 
 
 Gross revenue             2         97,705            -     97,705      118,289            -    118,289 
 Property operating 
  expenditure 
  and cost of 
  sales                            (20,701)            -   (20,701)     (22,838)            -   (22,838) 
                                             -----------  ---------  -----------  -----------  --------- 
 Net rental and 
  related income           2         77,004            -     77,004       95,451            -     95,451 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 
 Administrative 
  expenses                 3       (10,471)        (544)   (11,015)     (17,567)         (17)   (17,584) 
 Share-based 
  payments and 
  other long term 
  incentives              15e       (2,231)      (4,669)    (6,900)            -      (3,280)    (3,280) 
 Foreign currency 
  profits                            10,283            -     10,283        1,974            -      1,974 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 Operating expenditure              (2,419)      (5,213)    (7,632)     (15,593)      (3,297)   (18,890) 
 Share of profits 
  of joint ventures                     697            -        697          717            -        717 
 
 Operating profit / 
  (loss) before profits 
  and losses on investment 
  property                           75,282      (5,213)     70,069       80,575      (3,297)     77,278 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 
 Unrealised loss 
  on revaluation 
  of investment 
  property                 6              -      (6,534)    (6,534)            -     (51,901)   (51,901) 
 Unrealised (loss) 
  / profit on 
  revaluation 
  of investment 
  property under 
  construction             7              -      (1,931)    (1,931)            -        1,128      1,128 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 Operating profit 
  / (loss)                 2         75,282     (13,678)     61,604       80,575     (54,070)     26,505 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 
 Finance income            4          1,405        1,776      3,181        1,636        1,965      3,601 
 Finance expense           4       (41,944)      (6,326)   (48,270)     (42,280)      (5,904)   (48,184) 
 
 Profit / (loss) 
  before tax                         34,743     (18,228)     16,515       39,931     (58,009)   (18,078) 
                                -----------  -----------  ---------  -----------  -----------  --------- 
 
 Tax                                (3,252)      (4,495)    (7,747)      (5,448)        2,919    (2,529) 
                                                                                  ----------- 
 Profit / (loss) 
  for the period                     31,491     (22,723)      8,768       34,483     (55,090)   (20,607) 
                                ===========  ===========  =========  ===========  ===========  ========= 
 
 Earnings per 
  share:                   5 
 Basic (cents)                                                 1.35                               (3.01) 
 Diluted (cents)                                               1.34                               (3.01) 
 
 Underlying earnings 
  per share:               5 
 Basic (cents)                         4.84                                 5.04 
 Diluted (cents)                       4.76                                 4.90 
                                ===========                          =========== 
 
 The total column of this statement represents the Group's 
  Income Statement, prepared in accordance with IFRS as adopted 
  by the EU. The "underlying earnings" and "capital and other" 
  columns are both supplied as supplementary information permitted 
  by IFRS as adopted by the EU. Further details of the allocation 
  of items between the supplementary columns are given in note 
  5. 
 
 All items in the above statement 
  derive from continuing operations. 
 
 All income is attributable to the equity holders of 
  the parent company. There are no non-controlling interests. 
 
 The accompanying notes are an integral 
  part of this statement. 
 
 
 Condensed Unaudited Group Statement Of Comprehensive 
  Income 
 For the six months ended 
  30 June 2016 
                                             Six months     Six months 
                                                ended          ended 
                                                             30 June 
                                            30 June 2016       2015 
                                                $'000         $'000 
 
 Profit / (loss) for the 
  period                                            8,768     (20,607) 
 
 Items to be reclassified to profit 
  or loss in subsequent periods: 
 Foreign currency translation 
  on consolidation                                  4,499        (953) 
 
 Total comprehensive income for 
  the period, net of tax                           13,267     (21,560) 
                                           ==============  =========== 
 
 All income is attributable to the equity holders of the 
  parent company. There are no non-controlling interests. 
 
 The accompanying notes are an integral part 
  of this statement. 
 
 
 Condensed Unaudited Group Balance 
  Sheet 
 As at 30 June 2016 
                                                    30 June    31 December 
                                                     2016         2015 
                                           Notes     $'000        $'000 
 Non-current assets 
 Investment property                         6     1,330,441     1,333,987 
 Investment property under construction      7        39,775        39,129 
 Plant and equipment                                   3,176         3,141 
 Goodwill                                              2,036         2,245 
 Investment in joint ventures                         13,579        14,968 
 Other receivables                                     7,354         6,145 
 Derivative financial instruments                      1,402         5,585 
 Deferred tax assets                                  26,630        25,523 
                                                   1,424,393     1,430,723 
                                                  ==========  ============ 
 
 Current assets 
 Inventory                                             1,258         1,381 
 Trade and other receivables                          54,457        50,264 
 Derivative financial instruments                         82           233 
 Cash and short term deposits                        182,995       202,291 
                                                     238,792       254,169 
                                                  ==========  ============ 
 
 Total assets                                      1,663,185     1,684,892 
                                                  ==========  ============ 
 
 Current liabilities 
 Trade and other payables                             54,112        53,384 
 Derivative financial instruments                      1,451         2,097 
 Interest bearing loans and borrowings       9       201,702       104,724 
                                                     257,265       160,205 
                                                  ==========  ============ 
 
 Non-current liabilities 
 Interest bearing loans and borrowings       9       684,164       814,021 
 Preference shares                          10       141,897       156,558 
 Other payables                                       29,095        31,653 
 Derivative financial instruments                        618         1,794 
 Deferred tax liabilities                             61,527        55,619 
                                                     917,301     1,059,645 
                                                  ==========  ============ 
 
 Total liabilities                                 1,174,566     1,219,850 
                                                  ==========  ============ 
 
 Net assets                                          488,619       465,042 
                                                  ==========  ============ 
 
 Equity 
 Share capital                              11        12,631        12,776 
 Share premium                                       219,049       224,735 
 Warrants                                   12         1,166         1,167 
 Own shares held                            13       (7,947)      (52,101) 
 Capital reserve                                   (218,362)     (210,176) 
 Translation reserve                               (183,642)     (188,141) 
 Retained earnings                                   665,724       676,782 
 Total equity                                        488,619       465,042 
                                                  ==========  ============ 
 Net asset value per share (cents):         14 
 Basic                                                    73            72 
 Diluted                                                  72            70 
 Adjusted net asset value per 
  share (cents):                            14 
 Basic                                                    72            72 
 Diluted                                                  70            70 
                                                  ==========  ============ 
 The accompanying notes are an integral part 
  of this statement. 
 
 
 Condensed Unaudited Group Statement 
  Of Changes In Equity 
 For the six months ended 
  30 June 2016 
 
                                                                Own 
                               Share     Share                 Shares     Capital    Translation   Retained 
                              Capital   Premium    Warrants     Held      Reserve      Reserve     Earnings    Total 
                      Notes    $'000     $'000      $'000      $'000       $'000        $'000       $'000      $'000 
 
 At 1 January 
  2015                         13,623    267,992      1,195   (63,649)      16,597     (186,388)    647,919    697,289 
 
 Loss for the 
  period                            -          -          -          -           -             -   (20,607)   (20,607) 
 Other comprehensive 
  income                            -          -          -          -           -         (953)          -      (953) 
 Total comprehensive 
  income for the 
  period                            -          -          -          -           -         (953)   (20,607)   (21,560) 
                             --------  ---------  ---------  ---------  ----------  ------------  ---------  --------- 
 
 Warrants exercised                 1         15        (2)          -           -             -          -         14 
 Own shares 
  acquired                          -          -          -       (76)           -             -          -       (76) 
 Ordinary shares 
  cancelled                     (626)   (32,660)          -      2,746           -             -          -   (30,540) 
 Own shares 
  allocated                         -          -          -      7,056           -             -    (8,424)    (1,368) 
 Share-based 
  payments                          -          -          -          -           -             -      3,280      3,280 
 Transfer in respect 
  of capital losses                 -          -          -          -    (44,852)             -     44,852          - 
 
 At 30 June 
  2015                         12,998    235,347      1,193   (53,923)    (28,255)     (187,341)    667,020    647,039 
                             ========  =========  =========  =========  ==========  ============  =========  ========= 
 
 At 1 January 
  2016                         12,776    224,735      1,167   (52,101)   (210,176)     (188,141)    676,782    465,042 
 
 Profit for 
  the period                        -          -          -          -           -             -      8,768      8,768 
 Other comprehensive 
  income                            -          -          -          -           -         4,499          -      4,499 
 Total comprehensive 
  income for the 
  period                            -          -          -          -           -         4,499      8,768     13,267 
                             --------  ---------  ---------  ---------  ----------  ------------  ---------  --------- 
 
                       11 
                        / 
 Warrants exercised     12          -          5        (1)          -           -             -          -          4 
                       11 
 Ordinary shares        / 
  cancelled             13      (145)    (5,691)          -         48           -             -          -    (5,788) 
 Own shares 
  disposed             13           -          -          -     43,161           -             -   (28,505)     14,656 
 Own shares 
  allocated            13           -          -          -        945           -             -    (1,003)       (58) 
 Share-based 
  payments             15e          -          -          -          -           -             -      1,496      1,496 
 Transfer in respect 
  of capital losses                 -          -          -          -     (8,186)             -      8,186          - 
 
 At 30 June 
  2016                         12,631    219,049      1,166    (7,947)   (218,362)     (183,642)    665,724    488,619 
                             ========  =========  =========  =========  ==========  ============  =========  ========= 
 
 The accompanying notes are an 
  integral part of this statement. 
 
 
 Condensed Unaudited Group 
  Cash Flow Statement 
 For the six months ended 
  30 June 2016 
                                                          Six months   Six months 
                                                             ended        ended 
                                                           30 June      30 June 
                                                             2016         2015 
                                                  Notes     $'000        $'000 
 
 
 Cash flows from operating 
  activities 
 Profit / (loss) before tax                                   16,515     (18,078) 
 
 Adjustments for: 
  Depreciation                                      3            544          946 
  Provision for bad debts                           3          (712)        2,486 
  Share of profits of joint 
   ventures                                                    (697)        (717) 
  Finance income                                    4        (3,181)      (3,601) 
  Finance expense                                   4         48,270       48,184 
  Loss on revaluation of investment 
   property                                         6          6,534       51,901 
  Loss / (profit) on revaluation 
   of investment property under construction        7          1,931      (1,128) 
  Foreign exchange profits                                  (10,283)      (1,974) 
  Share-based payments and 
   other long term incentives                      15e         4,669        3,280 
                                                         -----------  ----------- 
                                                              63,590       81,299 
 Increase in operating receivables                           (2,571)        (436) 
 Increase in other operating 
  current assets                                                 (2)         (16) 
 Decrease in operating payables                              (8,644)      (9,269) 
                                                         -----------  ----------- 
                                                              52,373       71,578 
 Receipts from joint ventures                                    694        1,349 
 Tax paid                                                    (3,186)      (3,194) 
 Net cash generated from operating 
  activities                                                  49,881       69,733 
                                                         ===========  =========== 
 
 Cash flows from investing 
  activities 
 Payment for investment property 
  and investment property under construction                 (4,369)     (12,260) 
 Refunds of VAT on construction                                  172        5,058 
 Release of restricted cash                                        -       25,392 
 Purchase of plant and equipment                               (294)        (531) 
 Loans repaid                                                    227          290 
 Interest received                                             1,405        1,636 
 Net cash (used in) / generated 
  from investing activities                                  (2,859)       19,585 
                                                         ===========  =========== 
 
 Cash flows from financing 
  activities 
 Proceeds from long term borrowings                                -       65,944 
 Repayment of long term borrowings                          (33,698)     (28,006) 
 Bank borrowing costs paid                                  (34,639)     (34,934) 
 Exercise of warrants                                              4           14 
 Ordinary shares purchased                                   (5,846)     (31,984) 
 Ordinary shares disposed                                     14,656            - 
 Dividends paid on preference 
  shares                                                     (7,906)      (8,938) 
 Purchase of preference shares                                 (780)            - 
 Settlement of derivative 
  financial instruments                                            -      (3,999) 
 Premium paid for derivative 
  financial instruments                                            -        (855) 
 Net cash used in financing 
  activities                                                (68,209)     (42,758) 
                                                         ===========  =========== 
 
 
 Net (decrease) / increase in cash 
  and cash equivalents                                      (21,187)       46,560 
                                                         ===========  =========== 
 
 Opening cash and cash equivalents                           202,291      171,383 
 
 Effect of foreign exchange 
  rate changes                                                 1,891        2,969 
 
 Closing cash and cash equivalents                           182,995      220,912 
                                                         ===========  =========== 
 
 The accompanying notes are an integral 
  part of this statement. 
 
 
 Notes to the Condensed Unaudited Group Financial 
  Statements 
 For the six months ended 
  30 June 2016 
 
 
 1. Basis of accounting 
 
  Basis of preparation 
  The condensed unaudited financial statements have been prepared 
  using accounting policies consistent with International Financial 
  Reporting Standards adopted for use in the European Union 
  ("IFRS") and have been prepared in accordance with International 
  Accounting Standard 34 "Interim Financial Reporting". 
 
  The condensed financial statements do not include all the 
  information and disclosures required in annual financial 
  statements and should be read in conjunction with the Group's 
  financial statements for the year ended 31 December 2015. 
 
  Significant accounting policies 
  The accounting policies adopted in the preparation of the 
  condensed financial statements are consistent with those 
  followed in the preparation of the Group's financial statements 
  for the year ended 31 December 2015. 
 
  The Group has adopted new and amended IFRS and IFRIC interpretations 
  as of 1 January 2016, which did not have any effect on the 
  financial performance, financial position or disclosures 
  in the financial statements of the Group. 
 
  The Group has not adopted early any standard, interpretation 
  or amendment that has been issued but is not yet effective. 
 
  Going concern 
  The financial position of the Group, its cash flows, liquidity 
  position and borrowings are described in the Chief Executive's 
  Review and the notes to these interim financial statements. 
  After making appropriate enquiries and examining sensitivities 
  that could give rise to financial exposure, the Board has 
  a reasonable expectation that the Group has adequate resources 
  to continue operations for the foreseeable future. Accordingly, 
  the Group continues to adopt the going concern basis in the 
  preparation of these interim financial statements. 
 2. Segmental information 
 
  The Group has three operating segments, which are managed 
  and report independently to the Board of Directors. These 
  comprise: 
 
  Property investment - acquire, develop and lease commercial 
  property in Russia; 
  Roslogistics - provision of warehousing, transport, customs 
  brokerage and related services in Russia; and 
  Raven Mount - sale of residential property in the UK. 
 
 (a) Segmental information for the six 
  months ended and as at 30 June 2016 
 
 For the six 
 months 
 ended 30 June 
 2016                 Property                     Raven        Segment        Central 
                     Investment   Roslogistics     Mount         Total        Overhead        Total 
                       $'000         $'000         $'000         $'000          $'000         $'000 
 
 Gross revenue           89,614          7,910          181         97,705             -        97,705 
 Operating costs 
  / cost of sales      (17,306)        (3,398)            3       (20,701)             -      (20,701) 
 Net operating 
  income                 72,308          4,512          184         77,004             -        77,004 
                    -----------  -------------  -----------  -------------  ------------  ------------ 
 
 Administrative 
  expenses 
 Running general 
  & administration 
  expenses              (5,763)          (660)        (620)        (7,043)       (3,428)      (10,471) 
 Depreciation             (424)          (120)            -          (544)             -         (544) 
 Share-based 
  payments 
  and other long 
  term incentives       (2,447)              -            -        (2,447)       (4,453)       (6,900) 
 Foreign currency 
  profits                10,276              7            -         10,283             -        10,283 
                    -----------  -------------  -----------  -------------  ------------  ------------ 
                         73,950          3,739        (436)         77,253       (7,881)        69,372 
 Unrealised loss 
  on revaluation 
  of investment 
  property              (6,534)              -            -        (6,534)             -       (6,534) 
 Unrealised loss 
  on revaluation 
  of investment 
  property 
  under 
  construction          (1,931)              -            -        (1,931)             -       (1,931) 
 Share of profits 
  of joint 
  ventures                    -              -          697            697             -           697 
                    -----------  -------------  -----------  -------------  ------------  ------------ 
 Segment profit 
  / (loss)               65,485          3,739          261         69,485       (7,881)        61,604 
                    ===========  =============  ===========  =============  ============  ============ 
 
 Finance income                                                                                  3,181 
 Finance expense                                                                              (48,270) 
 Profit before 
  tax                                                                                           16,515 
                                                                                          ============ 
 
 As at 30 
  June 2016                                       Property                      Raven 
                                                 Investment   Roslogistics      Mount         Total 
                                                   $'000         $'000          $'000         $'000 
 Assets 
 Investment 
  property                                        1,330,441              -             -     1,330,441 
 Investment property under 
  construction                                       39,775              -             -        39,775 
 Investment in 
  joint 
  ventures                                                -              -        13,579        13,579 
 Inventory                                                -              -         1,258         1,258 
 Cash and short 
  term deposits                                     177,947          1,378         3,670       182,995 
                                                -----------  -------------  ------------ 
 Segment assets                                   1,548,163          1,378        18,507     1,568,048 
                                                ===========  =============  ============  ============ 
 
 Other non-current 
  assets                                                                                        40,598 
 Other current 
  assets                                                                                        54,539 
 Total assets                                                                                1,663,185 
                                                                                          ============ 
 
 Segment 
 liabilities 
 Interest bearing loans 
  and borrowings                                    885,866              -             -       885,866 
                                                ===========  =============  ============  ============ 
 Capital 
 expenditure 
 Payments for investment property 
  and investment property under 
  construction                                        4,369              -             -         4,369 
                                                ===========  =============  ============  ============ 
 
 (b) Segmental information for the six months 
  ended 30 June 2015 
 
                      Property                     Raven        Segment        Central 
                     Investment   Roslogistics     Mount         Total        Overhead        Total 
                       $'000         $'000         $'000         $'000          $'000         $'000 
 
 Gross revenue          109,905          7,699          685        118,289             -       118,289 
 Operating costs 
  / cost of sales      (19,876)        (2,928)         (34)       (22,838)             -      (22,838) 
 Net operating 
  income                 90,029          4,771          651         95,451             -        95,451 
                    -----------  -------------  -----------  -------------  ------------  ------------ 
 
 Administrative 
  expenses 
 Running general 
  & administration 
  expenses             (13,781)          (699)        (601)       (15,081)       (2,486)      (17,567) 
 Other acquisition 
  / abortive 
  project 
  costs                     929              -            -            929             -           929 
 Depreciation             (812)          (132)          (2)          (946)             -         (946) 
 Share-based 
  payments 
  and other long 
  term incentives       (1,979)              -            -        (1,979)       (1,301)       (3,280) 
 Foreign currency 
  profits                 1,797            177            -          1,974             -         1,974 
                    -----------  -------------  -----------  -------------  ------------ 
                         76,183          4,117           48         80,348       (3,787)        76,561 
 Unrealised loss 
  on revaluation 
  of investment 
  property             (51,901)              -            -       (51,901)             -      (51,901) 
 Unrealised profit 
  on revaluation 
  of investment 
  property 
  under 
  construction            1,128              -            -          1,128             -         1,128 
 Share of profits 
  of joint 
  ventures                    -              -          717            717             -           717 
 Segment profit 
  / (loss)               25,410          4,117          765         30,292       (3,787)        26,505 
                    ===========  =============  ===========  =============  ============  ============ 
 
 Finance income                                                                                  3,601 
 Finance expense                                                                              (48,184) 
 Loss before 
  tax                                                                                         (18,078) 
                                                                                          ============ 
 
 (c) Segmental information as 
  at 31 December 2015 
                                                  Property                      Raven 
                                                 Investment   Roslogistics      Mount         Total 
                                                   $'000         $'000          $'000         $'000 
 Assets 
 Investment 
  property                                        1,333,987              -             -     1,333,987 
 Investment property under 
  construction                                       39,129              -             -        39,129 
 Investment in 
  joint 
  ventures                                                -              -        14,968        14,968 
 Inventory                                                -              -         1,381         1,381 
 Cash and short 
  term deposits                                     196,861            691         4,739       202,291 
 Segment assets                                   1,569,977            691        21,088     1,591,756 
                                                ===========  =============  ============  ============ 
 
 Other non-current 
  assets                                                                                        42,639 
 Other current 
  assets                                                                                        50,497 
 Total assets                                                                                1,684,892 
                                                                                          ============ 
 
 Segment 
 liabilities 
 Interest bearing loans 
  and borrowings                                    918,745              -             -       918,745 
                                                ===========  =============  ============  ============ 
 Capital 
 expenditure 
 Payments for investment property 
  under construction                                 20,028              -             -        20,028 
                                                ===========  =============  ============  ============ 
 
 
 3. Administrative expenses 
                                                                                               Six 
                                                                             Six months       months 
                                                                                ended         ended 
                                                                               30 June       30 June 
                                                                                2016          2015 
                                                                                $'000         $'000 
 
 Employment 
  costs                                                                            5,521         9,154 
 Directors' 
  remuneration                                                                     1,788         1,760 
 Bad 
  debts                                                                            (712)         2,486 
 Office running 
  costs and 
  insurance                                                                        1,691         2,139 
 Travel costs                                                                        799           901 
 Auditors' 
  remuneration                                                                       335           343 
 Abortive project 
  costs                                                                                -         (929) 
 Legal and 
  professional                                                                       754           560 
 Depreciation                                                                        544           946 
 Registrar costs and other 
  administrative expenses                                                            295           224 
                                                                                  11,015        17,584 
                                                                            ============  ============ 
 
 
 4. Finance income and 
  expense 
                                                                                               Six 
                                                                             Six months       months 
                                                                                ended         ended 
                                                                               30 June       30 June 
                                                                                2016          2015 
 Finance income                                                                 $'000         $'000 
 Total interest income on financial assets 
  not at fair value through profit or loss 
 Income from cash and short term 
  deposits                                                                         1,405         1,636 
 Other finance 
  income 
 Change in fair value of open interest 
  rate derivative financial instruments                                              177           557 
 Change in fair value of foreign 
  currency embedded derivatives                                                    1,599         1,408 
 Finance income                                                                    3,181         3,601 
                                                                            ============  ============ 
 
 Finance expense 
 Interest expense on loans and borrowings 
  measured at amortised cost                                                      35,378        35,085 
 Interest expense on preference 
  shares                                                                           8,759         9,278 
                                                                            ------------  ------------ 
 Total interest expense on financial liabilities 
  not at fair value through profit or loss                                        44,137        44,363 
 
 Change in fair value of open forward 
  currency derivative financial instruments                                        1,676           848 
 Change in fair value of open interest 
  rate derivative financial instruments                                            2,457         2,973 
 Finance expense                                                                  48,270        48,184 
                                                                            ============  ============ 
 
 
 5. Earnings 
 measures 
 
 In addition to reporting IFRS earnings the Group adopts the 
  European Public Real Estate Association ("EPRA") earnings 
  measure, as set out in their Best Practice Policy Recommendations 
  document issued in December 2014 and also reports its own 
  underlying earnings measure. 
 
  EPRA earnings 
 
  The EPRA earnings measure excludes investment property revaluations 
  and gains or losses on disposal of investment property, intangible 
  asset movements, gains and losses on derivative financial 
  instruments and related taxation. 
 
  Underlying earnings 
 
  Underlying earnings consist of the EPRA earnings measure, 
  with additional group adjustments. Adjustments include share-based 
  payments and other long term incentives, the accretion of 
  premiums payable on redemption of preference shares, material 
  non-recurring items, depreciation and amortisation of loan 
  origination costs. 
                                                                                               Six 
                                                                             Six months       months 
                                                                                ended         ended 
                                                                               30 June       30 June 
 The calculation of basic and diluted 
  earnings per share is based on the following 
  data:                                                                         2016          2015 
                                                                                $'000         $'000 
 Earnings 
 Earnings for the purposes of basic and diluted 
  earnings per share being the 
 profit / (loss) for the period prepared 
  under IFRS                                                                       8,768      (20,607) 
 
 Adjustments to arrive at EPRA earnings: 
 
 Unrealised loss on revaluation of investment 
  property                                                                         6,534        51,901 
 Unrealised loss / (profit) on revaluation of 
  investment property under construction                                           1,931       (1,128) 
 Change in fair value of open forward currency 
  derivative financial instruments                                                 1,676           848 
 Change in fair value of open interest rate derivative 
  financial instruments                                                            2,280         2,416 
 Change in fair value of foreign currency 
  embedded derivatives                                                           (1,599)       (1,408) 
 Movement on deferred tax thereon                                                  2,033       (3,054) 
 
 EPRA earnings                                                                    21,623        28,968 
 
 Abortive project 
  costs                                                                                -         (929) 
 Share-based payments and other 
  long term incentives                                                             4,669         3,280 
 Premium on redemption of preference shares 
  and amortisation of issue costs                                                    278           317 
 Depreciation                                                                        544           946 
 Amortisation of loan origination 
  costs                                                                            1,915         1,766 
 Tax charge on unrealised foreign exchange 
  movements in loans                                                               2,462           135 
 
 Underlying 
  earnings                                                                        31,491        34,483 
                                                                            ============  ============ 
 
                                                                               30 June       30 June 
                                                                                2016          2015 
                                                                               Number        Number 
 Number of shares                                                               '000          '000 
 
 Weighted average number of ordinary shares for 
  the purpose of basic EPS (excluding own shares 
  held)                                                                          650,946       683,750 
 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants                                                                          6,351        12,310 
 ERS                                                                                  43           298 
 LTIP                                                                              1,111         2,566 
 CBLTIS 2012                                                                           -         3,885 
 CBLTIS 2015                                                                       2,231             - 
 
 Weighted average number of ordinary shares for 
  the purposes of diluted EPS (excluding own shares 
  held)                                                                          660,682       702,809 
                                                                            ============  ============ 
 
                                                                                               Six 
                                                                             Six months       months 
                                                                                ended         ended 
                                                                               30 June       30 June 
                                                                                2016          2015 
                                                                                Cents         Cents 
 
 EPS 
  basic                                                                             1.35        (3.01) 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants                                                                         (0.01)             - 
 ERS                                                                                   -             - 
 LTIP                                                                                  -             - 
 CBLTIS 2012                                                                           -             - 
 CBLTIS 2015                                                                           -             - 
 Diluted EPS                                                                        1.34        (3.01) 
                                                                            ------------  ------------ 
 
 EPRA EPS basic                                                                     3.32          4.24 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants                                                                         (0.03)        (0.08) 
 ERS                                                                                   -             - 
 LTIP                                                                             (0.01)        (0.02) 
 CBLTIS 2012                                                                           -        (0.02) 
 CBLTIS 2015                                                                      (0.01)             - 
 EPRA diluted EPS                                                                   3.27          4.12 
                                                                            ------------  ------------ 
 
 Underlying EPS 
  basic                                                                             4.84          5.04 
 Effect of dilutive potential 
  ordinary shares: 
 Warrants                                                                         (0.05)        (0.09) 
 ERS                                                                                   -             - 
 LTIP                                                                             (0.01)        (0.02) 
 CBLTIS 2012                                                                           -        (0.03) 
 CBLTIS 2015                                                                      (0.02)             - 
 Underlying 
  diluted 
  EPS                                                                               4.76          4.90 
                                                                            ------------  ------------ 
 
 6. Investment 
 property 
 
 Asset 
  class                            Logistics     Logistics     Logistics       Office        30 June 
                                                     St                          St 
 Location                            Moscow      Petersburg     Regions      Petersburg       2016 
 Fair value 
 hierarchy                           Level         Level         Level          Level 
 *                                      3             3             3             3           Total 
                                     $'000         $'000         $'000          $'000         $'000 
 
 Market value at 
  1 January 2016                     1,043,952      139,106        148,649        25,140     1,356,847 
 Property improvements 
  and movement in completion 
  provisions                             3,174          203             54          (85)         3,346 
 Unrealised (loss) / profit 
  on revaluation                       (1,943)      (2,279)        (3,882)           151       (7,953) 
                                 -------------  -----------  -------------  ------------  ------------ 
 Market value at 
  30 June 2016                       1,045,183      137,030        144,821        25,206     1,352,240 
 
 Tenant incentives and 
  contracted rent uplift 
  balances                            (16,305)      (5,320)        (1,176)         (371)      (23,172) 
 Head lease 
  obligations                            1,373            -              -             -         1,373 
                                 ------------- 
 Carrying value at 30 June 
  2016                               1,030,251      131,710        143,645        24,835     1,330,441 
                                 -------------  -----------  -------------  ------------  ------------ 
 
 Revaluation movement in the period 
  ended 30 June 2016 
 
 Gross revaluation                     (1,943)      (2,279)        (3,882)           151       (7,953) 
 Effect of tenant incentives 
  and contracted rent uplift 
  balances                                 242           12            142         1,023         1,419 
 Revaluation reported in 
  the Income Statement                 (1,701)      (2,267)        (3,740)         1,174       (6,534) 
                                 -------------  -----------  -------------  ------------  ------------ 
 
 Asset 
  class                            Logistics     Logistics     Logistics       Office      31 December 
                                                     St                          St 
 Location                            Moscow      Petersburg     Regions      Petersburg       2015 
 Fair value 
  hierarchy                          Level         Level         Level          Level 
  *                                     3             3             3             3           Total 
                                     $'000         $'000         $'000          $'000         $'000 
 
 Market value at 1 January 
  2015                               1,222,101      170,074        191,576        28,852     1,612,603 
 Property improvements 
  and movement in completion 
  provisions                           (2,768)      (1,194)            114         (266)       (4,114) 
 Unrealised loss on revaluation      (175,381)     (29,774)       (43,041)       (3,446)     (251,642) 
                                 -------------  -----------  -------------  ------------  ------------ 
 Market value at 31 December 
  2015                               1,043,952      139,106        148,649        25,140     1,356,847 
 
 Tenant incentives and 
  contracted rent uplift 
  balances                            (16,547)      (5,332)        (1,318)       (1,394)      (24,591) 
 Head lease 
  obligations                            1,731            -              -             -         1,731 
 Carrying value at 31 December 
  2015                               1,029,136      133,774        147,331        23,746     1,333,987 
                                 -------------  -----------  -------------  ------------  ------------ 
 
 *Classified in accordance with the fair value hierarchy. 
  There were no transfers between fair value hierarchy in 2015 
  or 2016. 
 
 
 At 30 June 2016 the Group has pledged investment property 
  with a value of $1,340 million (31 December 2015: $1,348 
  million) to secure banking facilities granted to the Group 
  (note 9). 
 
 
 
 
 7. Investment property under 
  construction 
 
                                Assets under 
 Asset class                     construction                            Land Bank                       30 June 
 Location               Moscow    Regions               Moscow   St Petersburg   Regions                  2016 
 Fair value hierarchy    Level     Level                Level        Level        Level 
  *                        3         3      Sub-total      3           3            3      Sub-total      Total 
                         $'000     $'000      $'000     $'000        $'000        $'000      $'000        $'000 
 Market value at 
  1 January 2016         27,700     7,300      35,000        -             413     2,714       3,127        38,127 
 Costs incurred             124        12         136        -             474       160         634           770 
 Effect of foreign 
  exchange rate 
  changes                 1,181       714       1,895        -              54       395         449         2,344 
 Unrealised loss 
  on revaluation        (1,305)     (626)     (1,931)        -               -         -           -       (1,931) 
                       --------  --------  ----------  -------  --------------  --------  ----------  ------------ 
 Market value at 
  30 June 2016           27,700     7,400      35,100        -             941     3,269       4,210        39,310 
 Head lease 
  obligations               465         -         465        -               -         -           -           465 
                                 --------  ----------  -------  --------------  --------  ---------- 
 Carrying value 
  at 30 June 2016        28,165     7,400      35,565        -             941     3,269       4,210        39,775 
                       --------  --------  ----------  -------  --------------  --------  ----------  ------------ 
 
                                Assets under 
 Asset class                     construction                            Land Bank                     31 December 
 Location               Moscow    Regions               Moscow   St Petersburg   Regions                  2015 
 Fair value hierarchy    Level     Level                Level        Level        Level 
  *                        3         3      Sub-total      3           3            3      Sub-total      Total 
                         $'000     $'000      $'000     $'000        $'000        $'000      $'000        $'000 
 
 Market value at 
  1 January 2015         34,000     9,500      43,500        -               -     3,216       3,216        46,716 
 Costs incurred             789         -         789        -             413       283         696         1,485 
 Effect of foreign 
  exchange rate 
  changes               (2,369)   (1,570)     (3,939)        -               -     (785)       (785)       (4,724) 
 Unrealised loss 
  on revaluation        (4,720)     (630)     (5,350)        -               -         -           -       (5,350) 
                       --------  --------  ----------  -------                  --------  ----------  ------------ 
 Market value at 
  31 December 2015       27,700     7,300      35,000        -             413     2,714       3,127        38,127 
 Head lease 
  obligations             1,002         -       1,002        -               -         -           -         1,002 
                       --------  --------  ----------  -------  --------------  --------  ----------  ------------ 
 Carrying value 
  at 31 December 
  2015                   28,702     7,300      36,002        -             413     2,714       3,127        39,129 
                       --------  --------  ----------  -------  --------------  --------  ----------  ------------ 
 
  *Classified in accordance with the fair value hierarchy 
                                                                                   Six 
                                                                                  months         Six months 
                                                                                  ended             ended 
                                                                                 30 June           30 June 
                                                                                  2016              2015 
                                                                                  $'000             $'000 
 Revaluation movement 
  in the period 
 Unrealised (loss) / profit on revaluation 
  of assets carried at external valuations                                       (1,931)                     1,128 
 Unrealised loss on revaluation 
  of assets carried at directors' 
  valuation                                                                            -                         - 
                                                                                --------  ------------------------ 
                                                                                 (1,931)                     1,128 
                                                                                --------  ------------------------ 
 
 No borrowing costs were capitalised in the period (31 December 
  2015: $nil). 
 
  At 30 June 2016 the Group has pledged investment property 
  under construction with a value of $35.1 million (31 December 
  2015: $35.0 million) to secure banking facilities granted 
  to the Group (note 9). 
 
 
 
 8. Valuation assumptions 
  and key inputs 
 
    Class of 
    property           Carrying amount                                                        Range 
                      30 
                      June     31 December                                           30 June      31 December 
                                               Valuation 
                     2016         2015          technique       Input                  2016           2015 
                     $'000        $'000 
 Completed investment 
  property 
 
                                                              Long term 
 Moscow -                                                      ERV per sqm 
  Logistics        1,030,251     1,029,136   Income            for 
                                                                                         $90 to         $90 to 
                                             capitalisation   existing tenants             $110           $110 
                                                              Short term 
                                                               ERV per sqm 
                                                               for vacant 
                                                               space                   Rub4,300       Rub4,500 
                                                              Initial                     2.18%          11.2% 
                                                               yield                   to 15.1%       to 14.9% 
                                                              Equivalent                  10.9%          10.8% 
                                                               yield                   to 12.5%       to 12.7% 
                                                              Vacancy                     6% to          13.9% 
                                                               rate                         77%      to 100.0% 
                                                              Passing rent               $70 to         $62 to 
                                                               per sqm                     $158           $158 
                                                              Passing rent             Rub3,500       Rub4,500 
                                                               per sqm              to Rub6,744    to Rub6,300 
 
                                                              Long term 
 St Petersburg                                                 ERV per sqm 
  - Logistics        131,710       133,774   Income            for 
                                             capitalisation   existing tenants              $75            $75 
                                                              Short term 
                                                               ERV per sqm 
                                                               for vacant 
                                                               space                   Rub3,800       Rub4,000 
                                                              Initial                     12.3%          13.3% 
                                                               yield                   to 13.5%       to 14.1% 
                                                              Equivalent                  12.3%          12.7% 
                                                               yield                   to 12.6%       to 13.3% 
                                                              Vacancy                     2% to          11.7% 
                                                               rate                         19%       to 40.0% 
                                                              Passing rent                 $105         $80 to 
                                                               per sqm                  to $136           $133 
                                                              Passing rent             Rub3,500       Rub3,060 
                                                               per sqm              to Rub4,968    to Rub4,600 
 
                                                              Long term 
 Regional                                                      ERV per sqm 
  - Logistics        143,645       147,331   Income            for 
                                             capitalisation   existing tenants              $74            $75 
                                                              Short term 
                                                               ERV per sqm 
                                                               for vacant 
                                                               space                   Rub3,800       Rub4,000 
 
                                                              Initial                     12.9%          12.2% 
                                                               yield                   to 13.9%       to 13.1% 
                                                              Equivalent 
                                                               yield                      12.5%          12.7% 
                                                              Vacancy                    17% to          13.0% 
                                                               rate                         21%       to 21.0% 
                                                              Passing rent                 $101        $101 to 
                                                               per sqm                  to $129           $128 
                                                              Passing rent             Rub3,900       Rub3,060 
                                                               per sqm              to Rub6,547    to Rub4,600 
 
 St Petersburg                                                ERV per 
  - Office            24,835        23,746   Income            sqm                         $235           $235 
                                                              Initial 
                                             capitalisation    yield                      17.9%          15.8% 
                                                              Equivalent 
                                                               yield                      13.0%          13.0% 
                                                              Vacancy 
                                                               rate                          0%             0% 
                                                              Passing rent 
                                                               per sqm                     $293           $294 
 
                                                                                              Range 
 Other key information                       Description                             30 June       31 December 
                                                                                       2016           2015 
 
 Moscow -                                                                                 34% -          31% - 
  Logistics                                  Land plot ratio                                65%            65% 
                                                                                           1 to        1 to 11 
                                             Age of building                           12 years          years 
                                             Outstanding costs 
                                              (US$'000)                                   5,873          6,931 
 
 St Petersburg                                                                            51% -          51% - 
  - Logistics                                Land plot ratio                                57%            57% 
                                                                                           2 to         1 to 7 
                                             Age of building                            8 years          years 
                                             Outstanding costs 
                                              (US$'000)                                   1,092            743 
 
 Regional                                                                                 48% -          48% - 
  - Logistics                                Land plot ratio                                61%            61% 
                                             Age of building                            7 years        6 years 
                                             Outstanding costs 
                                              (US$'000)                                     487             81 
 
 St Petersburg 
  - Office                                   Land plot ratio                               320%           320% 
                                             Age of building                           10 years        9 years 
                                             Outstanding costs 
                                              (US$'000)                                       -             53 
 
                                     Carrying amount                                          Range 
                                 30 June      31 December                            30 June      31 December 
 Investment property                                          Valuation 
  under construction              2016            2015         technique   Input       2016           2015 
                                  $'000          $'000 
 
                                                                           Value 
                                                                            per 
 Moscow -                                                                    ha           $0.30          $0.29 
  Logistics                         28,165           28,702   Comparable    ($m)        - $0.62        - $0.61 
 
                                                                           Value 
                                                                            per 
 Regional                                                                    ha 
  - Logistics                        7,400            7,300   Comparable    ($m)          $0.29          $0.29 
 
 In preparing their valuations at 30 June 2016, JLL have 
  again made reference to the uncertainty caused in the market 
  by the low oil price, weak rouble and continuing sanctions. 
  This was the case at 31 December 2015 and the impact of 
  this on the valuation process is set out more fully in note 
  13 of the 2015 Annual Report. 
 
 
 9. Interest bearing loans and 
  borrowings                                                        30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 
 Loans due for settlement within 
  12 months                                                            201,702        104,724 
 Loans due for settlement after 
  12 months                                                            684,164        814,021 
                                                                 -------------  ------------- 
                                                                       885,866        918,745 
                                                                 =============  ============= 
 
 The Group's borrowings have the 
  following maturity profile: 
 On demand or within one 
  year                                                                 201,702        104,724 
 In the second 
  year                                                                 158,597        162,222 
 In the third to fifth 
  years                                                                411,371        527,861 
 After five 
  years                                                                114,196        123,938 
                                                                                ------------- 
                                                                       885,866        918,745 
                                                                 =============  ============= 
 
 The amounts above include unamortised loan origination costs 
  of $9.7 million (31 December 2015: $11.3 million) and interest 
  accruals of $1.6 million (31 December 2015: $2.3 million). 
 
 The principal terms of the Group's interest bearing loans 
  and borrowings on a weighted average basis are summarised 
  below: 
 
 As at 30 
  June 2016                                            Interest     Maturity 
                                                         Rate       (years)         $'000 
 
 Secured on investment property and 
  investment property under construction                   7.1%            3.5        864,616 
 Unsecured facility of 
  the Company                                              8.6%            4.2         21,250 
                                                                                      885,866 
                                                                                ------------- 
 As at 31 December 2015 
 
 Secured on investment property and 
  investment property under construction                   7.2%            4.0        894,995 
 Unsecured facility of 
  the Company                                              8.5%            4.7         23,750 
                                                                                      918,745 
                                                                                ------------- 
 
 The interest rates shown above are the weighted 
  average cost, including US LIBOR, as at the Balance 
  Sheet dates. 
 
 As previously disclosed, the facility secured on the office 
  block in St Petersburg continued to be in technical breach 
  of its debt service covenant ratio and thus the cash sweep 
  has also continued. In accordance with accounting standards, 
  the amount outstanding of $32 million has been included 
  in loans due for settlement within 12 months. 
 
 10. Preference 
  shares                                                            30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 Authorised share capital: 
 
 400,000,000 preference 
  shares of 1p each                                                      5,981          5,981 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
 Issued share 
  capital:                                                           Number         Number 
 
 At 1 January                                                       98,328,017     98,012,427 
 Purchased in the period 
  / year                                                             (450,000)              - 
 Scrip dividends                                                       202,877        315,590 
 At 30 June / 31 December                                           98,080,894     98,328,017 
                                                                 =============  ============= 
 
 Shares in 
  issue                                                             98,567,943     98,365,066 
 Held by the Company's 
  Employee Benefit Trusts                                            (487,049)       (37,049) 
 At 30 June / 31 December                                           98,080,894     98,328,017 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
 Issued share 
  capital                                                            $'000          $'000 
 
 At 1 January                                                          156,558        164,300 
 Purchased in the period 
  / year                                                                 (780)              - 
 Premium on redemption of preference 
  shares and amortisation of issue costs                                   278            614 
 Scrip dividends                                                           335            643 
 Effect of foreign exchange 
  rate changes                                                        (14,494)        (8,999) 
 At 30 June / 31 December                                              141,897        156,558 
                                                                 =============  ============= 
 
 
 11. Share 
  capital                                                           30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 Authorised share 
  capital: 
 
 1,500,000,000 ordinary 
  shares of 1p each                                                     27,469         27,469 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
 Issued share 
  capital:                                                           $'000          $'000 
 
 At 1 January                                                           12,776         13,623 
 Issued in the period / year 
  for cash on warrant exercises                                              -              7 
 Repurchased and cancelled 
  in the period / year                                                   (145)          (854) 
 At 30 June / 31 December                                               12,631         12,776 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
 Issued share 
  capital:                                                           Number         Number 
 
 At 1 January                                                      682,560,376    737,598,353 
 Issued in the period / year 
  for cash on warrant exercises                                         12,165        457,589 
 Repurchased and cancelled 
  in the period / year                                            (10,236,175)   (55,495,566) 
 At 30 June / 31 December                                          672,336,366    682,560,376 
                                                                 =============  ============= 
 
 Of the authorised ordinary share capital at 30 June 2016, 
  25.0 million (31 December 2015: 25.0 million) ordinary shares 
  are reserved for warrants. 
 
 Details of own shares held 
  are given in note 13. 
 
 12. Warrants                                                       30 June      31 December 
                                                                      2016           2015 
                                                                     Number         Number 
 
 At 1 January                                                       25,008,823     25,466,412 
 Exercised in the period 
  / year                                                              (12,165)      (457,589) 
 At 30 June / 
  31 December                                                       24,996,658     25,008,823 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 
 At 1 January                                                            1,167          1,195 
 Exercised in the period 
  / year                                                                   (1)           (28) 
 At 30 June / 
  31 December                                                            1,166          1,167 
                                                                 =============  ============= 
 
 
 13. Own shares 
  held                                                              30 June      31 December 
                                                                      2016           2015 
                                                                     Number         Number 
 
 At 1 January                                                       38,456,594     49,048,873 
 Acquisition                                                                 -         98,040 
 Disposal                                                         (30,937,631)              - 
 Cancelled                                                            (40,047)    (3,395,130) 
 Allocation to satisfy 
  ERS options exercised 
  (note 15a)                                                          (62,755)      (237,146) 
 Allocation to satisfy 
  LTIP options exercised 
  (note 15a)                                                                 -      (828,515) 
 Allocation to satisfy CBLTIS 
  2012 awards vesting (note 15b)                                             -    (6,229,528) 
 Allocation to satisfy CBLTIS 
  2015 awards vesting (note 15c)                                     (729,608)              - 
 At 30 June / 31 December                                            6,686,553     38,456,594 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 
 At 1 January                                                         (52,101)       (63,649) 
 Acquisition                                                                 -           (76) 
 Disposal                                                               43,161              - 
 Cancelled                                                                  48          3,692 
 Allocation to satisfy 
  ERS options exercised 
  (note 15a)                                                                68            258 
 Allocation to satisfy LTIP 
  options exercised (note 15a)                                               -            901 
 Allocation to satisfy CBLTIS 
  2012 awards vesting (note 15b)                                             -          6,773 
 Allocation to satisfy CBLTIS 
  2015 awards vesting (note 15c)                                           877              - 
 At 30 June / 31 December                                              (7,947)       (52,101) 
                                                                 =============  ============= 
 
 Allocations are transfers by the Company's Employee Benefit 
  Trusts to satisfy ERS and LTIP options exercised in the 
  period and the vesting of CBLTIS 2012 and CBLTIS 2015 awards. 
  The amounts shown for share movements are net of the Trustees' 
  participation in tender offers during the period from grant 
  to exercise. Details of outstanding ERS and LTIP options, 
  which are vested but unexercised, are given in note 15a. 
 
 14. Net asset value per 
  share                                                             30 June      31 December 
                                                                      2016           2015 
                                                                     $'000          $'000 
 
 Net asset 
  value                                                                488,619        465,042 
 Goodwill                                                              (2,036)        (2,245) 
 Goodwill in 
  joint venture                                                        (4,656)        (5,134) 
 Unrealised foreign exchange 
  (profits) / losses on preference 
  shares                                                               (9,538)          4,956 
 Excess liabilities over assets 
  on non-recourse secured debt                                           7,050              - 
 Fair value of interest rate 
  derivative financial instruments                                        (10)        (2,289) 
 Fair value of embedded 
  derivatives                                                            1,633          3,231 
 Fair value of foreign exchange 
  derivative financial instruments                                     (1,038)        (2,869) 
 Adjusted net 
  asset value                                                          480,024        460,692 
 
 Assuming exercise of all potential 
  ordinary shares 
 - Warrants 
  (note 12)                                                              8,354          9,215 
 - ERS (note 
  15)                                                                        -              - 
 - LTIP (note 
  15)                                                                    1,461          1,611 
 - CBLTIS 2015 (note 15)                                                     -              - 
 Adjusted fully diluted 
  net asset value                                                      489,839        471,518 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
                                                                     Number         Number 
 
 Number of ordinary shares 
  (note 11)                                                        672,336,366    682,560,376 
 Less own shares held (note 
  13)                                                              (6,686,553)   (38,456,594) 
                                                                   665,649,813    644,103,782 
 
 Assuming exercise of all potential 
  ordinary shares 
 - Warrants 
  (note 12)                                                         24,996,658     25,008,823 
 - ERS (note 
  15)                                                                        -         75,000 
 - LTIP (note 
  15)                                                                4,372,973      4,372,973 
 - CBLTIS 2015 
  (note 15)                                                                  -      2,993,670 
 Number of ordinary shares assuming 
  exercise of all potential ordinary 
  shares                                                           695,019,444    676,554,248 
                                                                 =============  ============= 
 
                                                                    30 June      31 December 
                                                                      2016           2015 
                                                                     Cents          Cents 
 
 Net asset value 
  per share                                                                 73             72 
 Diluted net asset value 
  per share                                                                 72             70 
 Adjusted net asset value 
  per share                                                                 72             72 
 Adjusted diluted net asset 
  value per share                                                           70             70 
                                                                 =============  ============= 
 
 Where the quantum of non-recourse secured debt exceeds the 
  value of the relevant assets upon which it is secured, the 
  excess will be added back to arrive at the Group's adjusted 
  net asset value. This is to reflect that the Group does 
  not have an obligation to make good this shortfall to the 
  relevant lender. 
 
                                                Six months 
 15. Share-based payments and other                ended               Six months ended 
  long term incentives                         30 June 2016               30 June 2015 
                                                       Weighted                    Weighted 
 (a) Movements in Executive Share 
  Option Schemes                                       average       No of         average 
                                                       exercise     options        exercise 
                                             No of 
                                            options     price                       price 
 
 Outstanding at the beginning 
  of the period                            4,447,973        25p      5,708,784            24p 
 Exercised during 
  the period 
 - ERS                                      (75,000)         0p       (75,000)             0p 
 - LTIP                                            -        25p      (200,000)            25p 
 Outstanding at the end 
  of the period                            4,372,973        25p      5,433,784            24p 
                                          ==========  =========  =============  ============= 
 
 Represented 
  by: 
 - ERS                                             -                   250,000 
 - LTIP                                    4,372,973                 5,183,784 
                                           4,372,973                 5,433,784 
                                          ==========             ============= 
 
 Exercisable at the end 
  of the period                            4,372,973        25p      5,433,784            24p 
                                          ==========  =========  =============  ============= 
 
 (b) Movements in Combined Bonus and Long Term Incentive 
  Scheme 2012 Awards ("CBLTIS 2012") 
                                                                   Six months     Six months 
                                                                     ended          ended 
                                                                    30 June        30 June 
                                                                      2016           2015 
                                                                     No. of         No. of 
                                                                      award          award 
                                                                     shares         shares 
 Awards of Ordinary shares: 
 Outstanding at the beginning 
  of the period                                                              -      7,401,158 
 - Vested during the period                                                  -    (7,401,158) 
 Outstanding at the end 
  of the period                                                              -              - 
                                                                 =============  ============= 
 
 
 (c) Movements in Combined Bonus and Long Term Incentive 
  Scheme 2015 Awards ("CBLTIS 2015") 
                                                                   Six months     Six months 
                                                                     ended          ended 
                                                                    30 June        30 June 
                                                                      2016           2015 
                                                                     No of          No of 
                                                                      award          award 
                                                                     shares         shares 
 Awards of Ordinary shares: 
 Outstanding at the beginning 
  of the period                                                     34,800,000              - 
 - Granted during the period                                                 -     34,800,000 
 - Waived during the period                                       (20,900,625)              - 
 - Vested during the period                                          (791,435)              - 
 - Lapsed during the period                                        (6,207,940)              - 
 - Cancelled during the 
  period                                                           (6,900,000)              - 
 Outstanding at the end 
  of the period                                                              -     34,800,000 
                                                                 =============  ============= 
 
 
 (d) 2016 Retention Scheme 
  Awards 
 
 During the period the Group terminated the CBLTIS 2015 and 
  the Company's shareholders approved the introduction of 
  the 2016 Retention Scheme. Awards under the scheme have 
  been made to the executive directors of the Company and 
  two senior managers of the Group. The awards entitle the 
  participants to three equal payments each equivalent to 
  150% of their basic salary. The first instalment was payable 
  upon approval of the scheme and the second and third instalments 
  will be payable on 31 December 2017 and 31 March 2019. The 
  sole condition for each instalment being paid is the continuing 
  employment of the participant at the relevant payment date. 
 
  Participants will receive payment of an instalment in a 
  combination of the Company's listed securities and cash. 
  The number of listed securities to be issued to satisfy 
  such payments will be calculated with reference to the average 
  price of the relevant security prior to the payment date. 
  On 13 July 2016 an employment benefit trust of the Company 
  transferred 2,148,375 convertible preference shares (see 
  note 18) to participants of the scheme in satisfaction of 
  the first instalment. It is intended that convertible preference 
  shares held by an employment benefit trust will also be 
  used to satisfy the proportion of the second and third instalments 
  that are to be settled in listed securities. 
 
                                                                   Six months     Six months 
                                                                      ended          ended 
 (e) Income statement charge                                        30 June        30 June 
  for the period                                                      2016           2015 
                                                                     $'000          $'000 
 
 CBLTIS 2015                                                             1,496          3,320 
 CBLTIS 2012                                                                 -           (40) 
 2016 Retention 
  Scheme                                                                 5,404              - 
                                                                         6,900          3,280 
                                                                 =============  ============= 
 To be satisfied by allocation 
  of: 
 Ordinary shares (IFRS 
  2 expense)                                                             1,496          3,280 
 Convertible preference 
  shares (IFRS 2 expense)                                                3,173              - 
 Cash                                                                    2,231              - 
                                                                         6,900          3,280 
                                                                 =============  ============= 
 
 16. Ordinary dividends 
 
  The Company did not declare a final dividend for the year 
  ended 31 December 2015 (2014: none) and instead implemented 
  a tender offer buy back for ordinary shares on the basis 
  of 1 in every 40 shares held and a tender price of 40 pence 
  per share, the equivalent of a final dividend of 1 pence 
  per share. (2014: 1 in every 15 shares at 52p per share 
  the equivalent of 3.5p per share). 
 
                                  17. Financial instruments 
 
                   Set out below is a comparison of the carrying amounts and 
                   fair value of the Group's financial instruments as at the 
                                      balance sheet date: 
 
                                               30 June 2016            31 December 2015 
                                           Carrying      Fair       Carrying         Fair 
                                             Value      Value        Value          Value 
                                             $'000      $'000        $'000          $'000 
 Non-current 
  assets 
 Loans receivable                                349        296            606            567 
 Security 
  deposits                                     4,000      4,000          2,391          2,391 
 Derivative financial instruments              1,402      1,402          5,585          5,585 
 
 Current assets 
 Trade receivables                            41,471     41,471         38,683         38,683 
 Security 
  deposits                                     2,393      2,393          2,041          2,041 
 Other current receivables                       264        264            202            202 
 Derivative financial instruments                 82         82            233            233 
 Cash and short term deposits                182,995    182,995        202,291        202,291 
 
 Non-current liabilities 
 Interest bearing loans 
  and borrowings                             684,164    549,314        814,021        623,340 
 Preference 
  shares                                     141,897    166,024        156,558        184,705 
 Derivative financial instruments                618        618          1,794          1,794 
 Rent deposits                                27,264     20,775         28,932         21,999 
 Other payables                                1,831      1,831          2,721          2,721 
 
 Current liabilities 
 Interest bearing loans 
  and borrowings                             201,702    201,702        104,724        104,724 
 Derivative financial instruments              1,451      1,451          2,097          2,097 
 Rent deposits                                 8,324      8,324          6,827          6,827 
 Other payables                                8,029      8,029          6,090          6,090 
 
 Fair value 
  hierarchy 
 
 The following table shows an analysis of the fair values 
  of financial instruments recognised in the balance sheet 
  by level of the fair value hierarchy*: 
 
                                                                                    Total 
                                                                                     Fair 
                                             Level      Level        Level          Value 
                                               1           2            3 
 As at 30 
  June 2016                                  $'000      $'000        $'000          $'000 
 Assets measured at fair 
  value 
 Investment 
  property                                         -          -      1,330,441      1,330,441 
 Investment property under 
  construction                                     -          -         39,775         39,775 
 Derivative financial instruments                  -      1,484              -          1,484 
 
 Liabilities measured at 
  fair value 
 Derivative financial instruments                  -      2,069              -          2,069 
 
 As at 31 December 2015 
 Assets measured at fair 
  value 
 Investment 
  property                                         -          -      1,333,987      1,333,987 
 Investment property under 
  construction                                     -          -         39,129         39,129 
 Derivative financial instruments                  -      5,818              -          5,818 
 
 Liabilities measured at 
  fair value 
 Derivative financial instruments                  -      3,891              -          3,891 
 
 *Explanation of fair value 
  hierarchy 
 Level 1 - Quoted prices in active markets for identical 
  assets or liabilities that can be accessed at the balance 
  sheet date. 
 
  Level 2 - Use of a model with inputs that are directly or 
  indirectly observable market data. 
 
  Level 3 - Use of a model with inputs that are not based 
  on observable market data. 
 
  The Group's foreign currency derivative financial instruments 
  are call options and are measured based on spot exchange 
  rates, the yield curves of the respective currencies as 
  well as the currency basis spreads between the respective 
  currencies. The Group's interest rate derivative financial 
  instruments comprise swap contracts and interest rate caps. 
  These contracts are valued using a discounted cash flow 
  model and where not cash collateralised consideration is 
  given to the Group's own credit risk. 
 
 18. Placing of Convertible Preference Shares 
 On 7 July 2016 the Company created and issued 108,689,501 
  convertible preference shares at a subscription price of 
  GBP1 per share. The convertible preference shares entitle 
  the holders to a cumulative annual dividend of 6.5 pence 
  per share and are redeemable by the Company on 6 July 2026 
  at GBP1.35 per share. The convertible preference shares 
  are convertible to ordinary shares at the holder's request 
  at any time prior to redemption at a rate of 1.818 ordinary 
  shares for each convertible preference share. 
 
  One of the Company's employee benefit trusts subscribed 
  for 8,000,000 convertible preference shares and has subsequently 
  transferred 2,148,375 to participants of the 2016 Retention 
  Scheme (see note 15d). 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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