20111111 storm real_estate_asa_q3_2011_presentation_english 17-16-02


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20111111 storm real_estate_asa_q3_2011_presentation_english 17-16-02

  1. 1. 3rd Quarter 2011FINANCIAL RESULTS PRESENTATIONOslo, 11 November 2011
  2. 2. STORM CAPITAL MANAGEMENT DISCLAIMERThis document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation security, product.of an offer to purchase any security future or other financial instrument or product It is not intended to form the basis of aninvestment decision and has not been verified. Storm Real Estate ASA (“Storm”) makes no recommendation orrepresentation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information containedherein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed.Such information is presented as of the date and if applicable time indicated and Storm does not accept any responsibility and, applicable,for updating any such information.Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipientin the evaluation of the matters described herein; such simulations projections valuations and analyses may be based on simulations, projections,subjective assessments and assumptions and may utilise one among alternative methodologies that produce differingresults; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts andshould not be relied upon as an accurate representation of future events. No representation or warranty is given as to anyof the simulations or analyses or as to the achievement or reasonableness of any future projections or estimates analyses, estimates,contained in this document.This document has been prepared by Storm Capital Management Ltd. and should not be considered impartial researchunder FSA Rules The views expressed may not be supported by independent analysis The author of this document may Rules. analysis.be remunerated as a result of transactions generated by this information.Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Services Authority. Itsregistered office is at 100 New Bond Street, London W1S 1SP, United Kingdom. eg ste ed o ce s 00 e o d St eet, o do S S , U ted gdo 2
  4. 4. STORM CAPITAL MANAGEMENTKEY TAKE AWAYS  Revenues for Q3 2011 of US$ 2.9 million, compared to US$ 2.7 million for Q3 2010 1. Revenue growth of 9.0% compared to the same period last year  NAV per share per on 30 September, 2011 of NOK 24.51 2. Up 1.6% since 30 June 2011 Significant improvement in revenues during Q3 2011 4
  6. 6. STORM CAPITAL MANAGEMENT Q3 AND 1st 9 MONTHS IN SUMMARY  Asset value of real estate portfolio increased by US$0.9 million in the 3nd quarter and US$ 17.6Real Estate Portfolio million for the first 9 months of 2011 Increase of 0.7% compared to previous quarter and an increase of 20.5% compared to year end  Rental income of US$ 2.9million in the 3rd quarter and US$ 8.9 million for the 1st 9 months of 2011Rental Income Increase of 9.0% and 9.5% over the same quarter and 1st 9 months last year, respectively  During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding theInvestment Program potential acquisition of a commercial property in Moscow as reported in the last quarter Transaction subject to acceptable financing terms and board approval  Comprehensive loss for the 3rd quarter of US$ 5.8 million compared to comprehensive income of US$ 2.6 million in the same period in 2010.Comprehensive Income  Comprehensive income for 9m 2011 amounted to US$ 13.6 million, compared to US$ 2.6 million for 9m 2010  Negative adjustment of the investment in Eastern Property Holdings of USD 2.1 million during Q3Liquidity management  Liquidity management during the 1st 9 months of 2011 increased the value of cash and liquid investments by USD 1.7 million, representing an annualised return of 5% for the periodNAV Per Share  NAV per share of NOK 24.51 at the end of the quarterIn 2009 we focused on consolidating our position and on positioning the company for 2010 – Storm Real Estate is g p p g p y Positive quarter and first 9 months performance with continued increase in NAV now in a strong position to exploit the many acquisition opportunities in the Russian office market 6
  7. 7. STORM CAPITAL MANAGEMENTQUARTERLY OPERATIONAL UPDATE -HIGHLIGHTS1) Signed lease extension with Gazprom Tsentrremont in Gasfield2) New tenants in Gasfield − Concluded lease agreement for the vacant premises with a total area of 237 sq.m. at attractive market rates − Concluded lease agreements for the gym and the beauty spa (the area of the premises is 600 sq.m.). These premises are now divided and let to two different tenants3) Constructed 8 additional parking slots in Gasfield, all which is now rented out4) Conducted tender process for the technical maintenance of both Grifon House and Gasfield − Tender T d process conducted i accordance with approved rules d t d in d ith d l − Process took 1.5 months − Result of tender will result in a c. 20% cost reduction for Gasfield − T h i l procedures of th t d are over, and we are now selecting th most attractive bidd Technical d f the tender d l ti the t tt ti bidder5) Currently no outstanding rents and fully in line with the approved budget for both Gasfield and Grifon House Both Gasfield and Grifon House are fully let, and lease extension with Gazprom has been concluded let 7
  8. 8. STORM CAPITAL MANAGEMENTFinancial Overview
  9. 9. STORM CAPITAL MANAGEMENT FINANCIAL HIGHLIGHTS 2009 Full Year First 9 Months 3rd Quarter 2011 000) (USD ‘000) 31/12/10 30/09/10(1) 30/09/11(1) 30/09/10(1) 30/09/11(1) Total Income $11.317 $8.106 $8.876 $2.704 $2.947 Property Related Expenses (2.761) (2.008) (2.319) (616) (669) Personnel Expenses (536) (335) (639) (128) (120) Other Operating Expenses (3.335) (2.617) (2.291) (859) (658) Operating Profit (Loss) Before Fair Value Adjustments $4.685 $3.126 $3.627 $1,102 $1.501 Gain / Loss from Fair Value Adjustments on Investment Property 4,720 4.446 23.653 (209) 14,439 Total Operating Profit (Loss) $9.405 $7.573 $27.281 $893 $15.940 Net Financial Gains (Losses) (1.253) (2.639) (2.114) 555 (5.003) Earnings Before Tax (EBT) $8.152 $4.934 $25.165 $1.449 $10.937 Income Tax Expense ( ) (2.244) (1.724) (5.837) (706) (3.296) Profit (Loss) for the Period $5.908 $3.210 $19.328 $742 $7.549 Other Comprehensive Income (Net of Tax)(2) (348) (579) (5.755) 1.906 (13.481) Total Comprehensive Income (Net of Tax)(2) $5.559 $2.632 $13.573 $2.648 ($5.840)(1) Unaudited.(2) Net income includes the currency affect of asset revaluations. Storm Real Estate ASA’s buildings are revalued by an external valuer. The local functional currency is RUB, the effect of value change in roubles is presented over the income statement. The remaining effect in USD is allocated to equity and presented over the statement of comprehensive income. 9
  10. 10. STORM CAPITAL MANAGEMENTINCOME STATEMENT STATEMENT,FINANCIAL HIGHLIGHTS 2009ALTERNATIVE PRESENTATION Q3 YTD(USD ‘000)Rental income 2.947 8.876Property related costs (669) (2.319)NOI from properties 2.278 6.556OtherOth operating costs ti t (777) (2 929) (2.929)EBIT before fair value adjustment on properties 1.501 3.627Fair value adjustment on properties in USD 880 17.600Net cash management (2.624) 1.711Interest expenses (831) (2.043)Interest and contract derivatives (1.914) (1.908)Net of FX gains/loses and FX derivatives 447 261Other finance expenses (80) (137)Net finance (5.003) 2.115Tax expense (3.296) (3 296) (5.837) (5 837)Net of other intra-group translation differences excl property 77 297Total Comprehensive Income (5.840) (5 840) 13.573 13 573 10
  11. 11. STORM CAPITAL MANAGEMENT BALANCE SHEET (USD ‘000) 31/12/10 31/03/07 30/09/11(1) Pro Forma 31/12/10 31/03/07 30/09/11(1) Pro Forma Investment Property $85,860 $103,460 Bank loans $38,824 $49.618 Total non-current assets $86,529 $104,960 Other liabilities $10,325 $14.534 Total liabilities $49,149 $64.152 Cash & liquid investments(2) $38,325 $42,805 Total current assets $41,942 $41 942 $44,672 $44 672 Shareholder s Shareholder’s equity $79,324 $79 324 $85.482 $85 482 Total assets $ , $128,471 $ , $149,633 q y Total equity and liabilities $ , $128,471 $ $149.633 Solid balance sheet and significant cash position ready to be deployed(1) Unaudited.(2) Includes cash invested in liquid securities for cash management purposes. 11
  12. 12. STORM CAPITAL MANAGEMENTCASH & LIQUID INVESTMENTS• The majority of liquid investments were per 30 September 2011 invested in financial securities and funds• R d ti i cash and li id i Reduction in h d liquid investments primarily d t t t i il due to: − Decrease in value of financial investments; − Buy-back of own shares; and − Reduction in short term debt (USD million) ( ) 31/12/10 31/03/11 30/06/11 30/09/11 Pro Forma Cash & cash equivalents $29.7 $25.2 $13.9 $18.8 Financial investments 8.6 34.5 33.3 24.0 Cash & liquid investments $38.3 $59.7 $47.2 $42.8 Cash management transactions with settlement post period end 1.4 (15.5) 1.0 0.1 Cash & liquid investments comparative balance $39.7 $44.2 $48.2 $42.9 12
  13. 13. STORM CAPITAL MANAGEMENTBREAK DOWNBREAK-DOWN OF CASH & LIQUIDINVESTMENTS• 44% of total Cash & Liquid Investments were cash as per 30 September 2011 0% 17%• Other key items included 38% invested in Storm Bond Fund and 17% invested in shares of Russian real estate companies 1% 44% 38% Cash Storm Bond Fund Bonds (other) Shares Other 13
  14. 14. STORM CAPITAL MANAGEMENTOVERVIEW STORM BOND FUNDWeighted Yield of Portfolio Sector Exposure of Portfolio15.0% 60% 14.6% 51%14.5% 50% 39%14.0% 40%13.5% 30% 13.0%13.0% 20%12.5% 10% 7% 3% 0%12.0%12 0% 0% Weighted yield to maturity Weighted yield to call Transportation Real Estate Other Energy Oil ServicePortfolio Credit Rating Duration of Portfolio 9% 60% 16% 48% 50% 40% 10% 28% 30% 22% 21% 20% 17% 17% 12% 11% 10% 2% 6% 6% 10% 0% 0% 0% 0% 65% 0% 2011 2012 2013 2014 2015 2016 2017 2018 BBB- BB B CCC and lower Maturity (%) Call (%) 14
  15. 15. STORM CAPITAL MANAGEMENT SHARE PRICE PERFORMANCE NOK • The Storm Real Estate ASA share is 18,00 18 00 traded t d d on O l St k Exchange Oslo Stock E h 16,00 Listed on the Oslo main exchange on 6 July 2010 14,00 94% (1) 72% • Currently more than 500 shareholders 12,00 • Storm Nordic Fund and related parties 10,00 where principals of St h i i l f Storm N di F d Nordic Fund 8,00 have a controlling interest, are currently the largest shareholders in the Company 6,00 with a combined stake of c 16 0%(1) c. 16.0% 4,00 • Current share price of NOK 13.90 per 2,00 share (10 November 2011) 0,00 0 00 • Net Asset Value 30 September 2011 was 30 des 08 30 jun 09 31 des 09 30 jun 10 31 des 10 30 jun 11 24.51 NOK per share Storm Real Estate ASA OSEBX(1) As per 30 September 2011(2) Return on the Storm Real Estate ASA share for the period has been adjusted for the NOK 1.5 dividend per share paid out in Q2 2011.Source: Bloomberg, Netfonds, Oslo Stock Exchange. 15
  16. 16. STORM CAPITAL MANAGEMENTMarket Overview
  17. 17. STORM CAPITAL MANAGEMENT MACRO OVERVIEW - RUSSIA • Key news for the quarter was Mr. Putin’s decision to Macro Economic Indicators – Q1 2005 to Q3 2011 stand for the 2012 presidential elections with Mr. Medvedev as prime minister 30% While the decision has attracted certain international 20% criticism, it does effectively remove much uncertainty regarding Russia’s leadership over the next 6 y g g p years 10% • Russia’s economy performed relatively well compared 0% to the poor growth in the Euro area Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 05 05 06 06 07 07 08 08 09 09 10 10 11 11 Russian gross domestic product expanded 5.2% in -10% August compared to a year earlier -20% Relatively low inflation at 4.7% for the first 9 months -30% Retail sales in August grew by 7.8% compared to a year earlier li -40% • The rubel depreciated 15% against the US dollar during Consumer Conf idence Index (%) Industrial Optimism Index (%) the quarter from 27.95 to 32.10 Partly due to political factors and increased capital Source: Rosstat, IET, Cushman & Wakefield outflows from RussiaRussia is experiencing relatively solid economic growth compared to the Euro area but with relatively low inflation area, 17
  18. 18. STORM CAPITAL MANAGEMENT COMMERCIAL REAL ESTATE INVESTMENTS - RUSSIA • During the first 9 months of 2011 the volume of commercial real estate investment transactions was Domestic versus Foreign Investment estimated at USD 6.5 billion 100% c. 60% more than the c. USD 4 billion for the same 80% period in 2010 60% Investments in St. Petersburg has picked up I t t i St P t b h i k d 40% significantly compared to previous years 20% 0% • Cushman & Wakefield expect 2011 to see the highest 2004 2005 2006 2007 2008 2009 2010 2011 level of real estate investments ever of USD 7.5 billion YTD Partly fuelled by increased inflow of foreign investors Domestic Investors Foreign Investors Transactions Split by Sector Transactions Split by Regions USD million illi USD million illi 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3 000 3,000 3 000 2,000 2,000 1,000 1,000 0 0 2004 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011 Hospitality Retail Warehouse Of f ice Forecast Moscow Regions St. Petersburg ForecastSource: Cushman & Wakefield 18
  19. 19. STORM CAPITAL MANAGEMENTOFFICE REAL ESTATE INVESTMENTS -RUSSIA• Investment activity in Russian commercial real estate continued to grow during the first 9 months of 2011 European Office Clock Q3 2011 The Office segment received c. 30% of total investments, amounting to c. USD 2 billion Investments in the segment increased by c. 16% compared to the same period last year• All these transactions were done in Moscow, of which 90% was in class A office space The remaining 10% was in class B+ office space• Prime office yields have stabilised at 9% with a slight downward trend• The investment market continue to be dominated by y domestic capital, but foreign capital has returned Source: Jones Lang LaSalle, July 2011 Continued growth in office real estate investments in Q3 2011 19
  20. 20. STORM CAPITAL MANAGEMENT MOSCOW – OFFICE MARKET • The Moscow office market continued to improve during Q3 2011 Take-up, Completions and Vacancy Rate Million Sq. Meters Vacancy Rate Take-up of c. 261,000 sq. meters during the quarter, 2.0 25% a slight fall vs. previous quarters however influenced 1.6 20% by seasonal factors 1.2 15% • S Supply growth continued t b l l th ti d to be low d i Q3 2011 and during d 0.8 10% is expected to continue to be low in 2011 0.4 5% 0.0 0% c. 121,200 sq. meters were delivered in Q3, compared to 97,233 sq. meters delivered in Q2 Vacancy Rate Supply Take-Up New supply coming to the market still on historically relatively low levels, c. 600,000 sq. meters expected to come to market in 2011 Average Base Rental Rates USD per Sq. Meter per Year p q p • V Vacancy rates continued its downward t d i Q3 t ti d it d d trend in 2,000 Research 2011 after a brief uptick in Q2 2011 Estimates 1,500 Average vacancy rate in Q3 stood at c. 13% 1,000 Limited new supply is expected to reduce the 500 vacancy rate further towards the end of the year 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2013E 2014E 2015E • Class A rental rates continued to increase by c. 9.5% in Q3 2011 while Class B renal rates remained stable Class A Class BSource: Jones Lang LaSalle, Cushman & Wakefield, CBRE 20
  21. 21. STORM CAPITAL MANAGEMENT ST. PETERSBURG – OFFICE MARKET • Class A and Class B modern office space stock reached almost 1.96 million sq. meters in Q3 2011 Net Absorption Rate of New Buildings Sq. Meters Six new office projects totalling 67,200 sq.meters 140,000 delivered in Q3 vs. two new projects in Q2 120,000 100,000  Four Class B office buildings, one Class A office 80,000 60,000 60 000 building l the large scale Cl b ildi plus th l l Class A project St j t St. 40,000 Petersburg Plaza 20,000 0 Pipeline of office projects under construction is -20,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 currently limited 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 Completions Net Absorption • Jones Lang LaSalle reported a slight uptick in vacancy rates from 12.6% in Q2 2011 to 13.1% in Q3, largely due to a seasonal slowing down of market activity Base Rents and Vacancy Rates USD per Sq. Meter per Year Vacancy Class A vacancy was 23 4% and Cl Cl 23.4% d Class B vacancy 800 30% was 9.5% at the end of Q3 2011 700 25% 600 500 20% • Due to large amount of new buildings quarterly net 400 15% absorbtion continued to show a negative trend 300 10% 200 5% • Tenant base continue to be price sensitive – limiting 100 0 0% rental growth 2004 2005 2006 2007 2008 2009 2010 Q3 2011 Rental rates continued to be stable during the quarter Vacancy Rate Base Rent Class A Base Rent Class BSource: Jones Lang LaSalle, Cushman & Wakefield, CBRE 21
  22. 22. STORM CAPITAL MANAGEMENTOpportunity Pipeline
  23. 23. STORM CAPITAL MANAGEMENT OPPORTUNITY PIPELINE • During the 3rd Quarter Storm Real Estate ASA continued to progress negotiations regarding the acquisition opportunity reported in the previous quarter − Due diligence close to be completed − Purchase price agreed − Transaction subject to acceptable financing terms and board approval Key Highlights of Potential Acquisition Opportunity • Transaction value of below USD 50 millionDeal Size • Acquisition to be financed partly with existing cash and partly with new debt financingCounter PC Party /Developer • Reputable, large international corporation listed on a recognised stock exchange • Commercial property built in 2009Building • Building of high international standard • Centrally located – in the historical, administrative and business centre of Moscow with excellentLocation communications by both public transport and car An eventual transactions is dependant on accetable financing in a difficult credit market 23
  25. 25. STORM CAPITAL MANAGEMENT FOCUSED BUSINESS STRATEGY  Acquisition and management of commercial real estate in Russia, and investment in real estate stocks and bonds with Russia exposureFocus on Russia  Focus on class A and class B buildings centrally located in larger cities  Main focus currently on Moscow and St. Petersburg High quality  Provides a secure income stream with gearing potential to increase propertyFocus on yielding return on equ ty etu o equity p portfolio andproperties  Properties with solid and diverse tenant base operations  Ensures flexibility and security for investors 100% occupancyFavourable legal , ratio with solid,  Optimises flexibility in making new acquisitions to property portfolio or instructure t t divesting existing assets long-term tenantsOwn local  Buildings managed by a team of six locally based professionalsmanagement in g  Maintenance outsourced to experienced operators Market segment gRussia  Close relationship with tenants with considerable  Maintain high standards of quality, safety and reliability upside potentialCapitalise on strong  Aim to be a preferred landlord in the Russian marketreputation  Effectively utilise Storm Real Estate ASA’s strong reputation in the ff S S Well positioned market and established relationships with key stakeholders for growth  Create value for the shareholders through combining solid operationsOptimise shareholder with creating a liquid market for the sharevalue  Active investment strategy to maximise exposure to Russian real estate 25
  26. 26. STORM CAPITAL MANAGEMENTAppendix 1: Storm Real Estate ASA Overview
  27. 27. STORM CAPITAL MANAGEMENTWHY STORM REAL ESTATE ASA Solid t S lid track record k d on existing portfolio Only listed Strong company offering a ff i management team tt pure-play exposure and local to the Russian real administration in estate market Russia Ideally positioned Strong balance to capitalise on a sheet market up turn up-turn Strong pipeline of acquisition q opportunitiesStorm Real Estate ASA is ideally positioned to capitalise on a potential up turn in the Russian real estate market up-turn 27
  28. 28. STORM CAPITAL MANAGEMENT OVERVIEW OF STORM REAL ESTATE ASA  To build a leading real estate company through the acquisition and management ofVision commercial real estate in Russia, including investments in shares and bonds  Class A and class B buildings centrally located in larger citiesFocus  Main focus on Moscow and St. Petersburg  Gasfield Building in Moscow and Grifon House in St. PetersburgCurrent property portfolio  Total gross area of c. 20,000 square meters, with both buildings fully let  Blue chip tenants within oil, gas and pharmaceuticals  Established in 2007 by Pareto Securities and Colliers InternationalHistory  On 1 November 2008 Storm Capital Management Ltd. took charge of the management  Acquired Grifon House in April 2009 for USD 17 million on a debt free basis  Traded on the Oslo main exchangeShareholders  Currently more than 550 shareholders 28
  29. 29. STORM CAPITAL MANAGEMENTHIGH QUALITY PROPERTY PORTFOLIO Gasfield Building Grifon House• Class B building located centrally in Moscow / “Gazprom land” • Fully renovated class B building located centrally in St. Petersburg• 15,000 square meters of which 11,516 square meters are lettable • 6,970 square meters of lettable office space• Built 2006 • Includes air conditioning and secure parking• p y Occupancy ratio of 100% • y y Easy to access area with two metro stations nearby• Currently 15 tenants of which Gazprom is currently the largest • Occupancy ratio of 100%• Storm Real Estate ASA completed the largest lease deal in Russia • Building fully let to an affiliate of Swiss PSI Cro AG during H1 2009 with Gazprom for the lease of office space in Gasfield PSI Cro AG is a leading Contract Research Corporation specialising• Annual property related net operating income of c. USD 6.3 million p p y p g in conducting clinical trials in Eastern Europe g p • Annual property related net operating income of c. USD 2.1 million 29
  30. 30. STORM CAPITAL MANAGEMENTSTORM REAL ESTATE ASA –OPERATIONAL STRUCTURE  Team of 11 people based in London Responsibilities  Overall responsibility and strategic direction of the company London  Acquisitions and disposals, as well as active investment management  Finance  Management, administration and relationship building  Investor relations The London and Russia teams work closely together on a day-to-day basis  Team of 6 people based in Russia – 5 in Moscow and 1 in St. Petersburg Responsibilities  Day-to-day management of the buildings Moscow and  Tenant management / relationship building St. Petersburg  New tenant sourcing  Up-keep Up eep  Local due-diligence Strong team of 17 professionals split between London Moscow and St. Petersburg London, St 30
  31. 31. STORM CAPITAL MANAGEMENTAppendix 2: Storm Capital Management Overview
  32. 32. STORM CAPITAL MANAGEMENT Fund portfolioOVERVIEW OF STORM CAPITAL STORM CAPITAL MANAGEMENT LTD. CONTACTMANAGEMENT LTD.Storm Capital Management Ltd. is an independent investmentmanagement firm focusing on energy, transport and real estate in the energyNordic markets and Russia. Storm Nordic Fund was launched in November 2006, under SEB Fund Services Luxembourgs umbrella. The Fund had previouslyThrough our funds, we offer a range of strategies and employ been traded as the Norwegian domiciled fund called Ørn Norden AS,fundamental research combined with active portfolio management to with a track record dating back to 2002. The objective was to provideachieve the greatest risk-adjusted returns risk adjusted returns. investors with th opportunity t i i t ith the t it to invest i th Nordic markets b t ki t in the N di k t by taking advantage of the expertise of the portfolio managers.The client base consists of a combination of family offices, high networth individuals and institutional investors.The Company is based in London and has 11 employees of whom 3are investment professionals. Storm Real Estate ASA employs an Storm Bond Fund was launched in September 2008, as a responseadditional 6 people in Russia. to demand from investors and the opportunity seen by the managers in the credit market. Storm Bond Fund exclusively invests in bonds inStorm Capital’s edge lies in its deep industry knowledge and network the same markets as Storm Nordic Fund and is also administrated byin its core sectors Storm Capital has direct access to and regular sectors. SEB Fund Services i L F dS i in Luxembourg. bmeetings with management of targeted companies. The portfoliomanagers together have more than 40 years experience from assetmanagement and corporate finance.Storm Capital Management Ltd. is authorised and regulated by the Ltd Storm Real Estate ASA was launched in November 2008 whenFSA in the UK. Storm Capital Management Ltd. took over the management of Norwegian company E-Star Property AS, by taking an activist approach to one of its investments on behalf of Storm Nordic Fund. The Company has invested in two yielding properties in Moscow and St. Petersburg. 32
  33. 33. STORM CAPITAL MANAGEMENTCONTACT100 New Bond StreetLondon, W1S 1SPUnited KingdomEinar Pedersen – CFOE mail: einar@stormcapital.co.ukE-mail: einar@stormcapital co ukTel: +44 (0)207 409 33 69Fax: +44 (0)207 4913464Web: www.stormcapital.co.uk 33