Financial Highlights
NOI up 49% from $91.7 million to $136.5 million
Underlying operating profit up 63% from $68.9 million to $112.1 million
Underlying earnings before tax increases from $8.1 million to $34.7 million
IFRS operating profit before revaluation of properties up from $57.8 million to $84.4 million
Operating cash flows increase from $81.6 million to $120.7 million
Today's annualised NOI (including PLAs and LOIs on current developments) $179.7 million
Year end gearing (post acquisitions) 44.1% (2011: 38.1%)
Year end cash $191.7 million (2011: $181.8 million)
Underlying basic EPS 5.30 cents per share (2011: 0.18 cents)
Final distribution up 29% to 2.25p per share
Total distribution up 25% to 3.75p per share (represents a yield of 5.7% at current price)
Tender offer buy back of 1 in 33 ordinary shares at 75p
Adjusted diluted NAV per share 125 cents (2011:119 cents)
Business Highlights
Acquisition of Pushkino, a grade A fully let Moscow warehouse comprising 214,000 sqm with annualised NOI of $25.8 million for a consideration of $218 million, an initial yield of 11.8%
Acquisition of Sholokhovo, a grade A fully let Moscow warehouse comprising 45,000 sqm with annualised NOI of $6.1 million for a consideration of $50.5 million, an initial yield of 12.1%
Acquisition of 38 hectares of permitted land at Padikova, Moscow for a consideration of $23 million where we can build 197,000 sqm of space over time
Issue of 48.4 million new preference shares to institutional investors at a price of 134p (representing a yield of 9%) to assist with the funding of these acquisitions
Chairman Richard Jewson said "The Group is making very good progress. Lettings have continued in an undersupplied market, finance facility maturities have been extended and important earnings enhancing acquisitions made. It has been a busy and fulfilling year."
