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The Workspace Advantage

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The Workspace Advantage WORKSPACE GROUP PLC The Workspace Annual Report and Accounts 2017 Advantage Annual Report and Accounts 2017 2017 performance highlights +16% 88% Trading profit after interest.* Customer advocacy. +3% 1 ,060 EPRA NAV per share.* Enquiries per month. +40% +14% Dividend per share. Like-for-like rent roll. Overview Our Governance Financial Statements Additional Information IFC 2017 performance 48 Our governance 121 Independent Auditors’ 164 Five-year performance highlights 49 Chairman’s governance Report to the Members 164 Performance metrics IFC Workspace at a glance statement of Workspace Group PLC 165 Property portfolio 2017 51 The Board 126 Consolidated income 167 Glossary of terms Strategic Report 56 Executive Committee statement 168 Investor information 2 Chairman’s statement 57 Corporate governance 126 Consolidated statement IBC Workspace Group online 3 Investor proposition in action of comprehensive income 4 Our market 70 Corporate governance 127 Consolidated balance 7 How we differentiate report sheet ourselves in the market 80 Investment 128 Consolidated statement 14 Our business model Committee of changes in equity 16 Chief Executive’s 81 Risk Committee 129 Consolidated statement strategic review 82 Nomination of cash flows 24 Key performance Committee Report 130 Notes to the financial indicators 86 Audit Committee statements 26 Resources and Report 158 Independent Auditors’ relationships 94 Directors’ Report to the Members 32 Principal risks and Remuneration of Workspace Group PLC uncertainties Report (Parent Company) 40 Going Concern and 116 Report of the Directors 159 Parent Company Viability Statement 120 Statement of Directors’ balance sheet 41 Business review responsibilities 160 Parent Company 47 Key property statistics statement of changes in equity 161 Notes to the Parent * See page 42 of the Business Company financial review, notes 8 and 9 on page 138 statements and the Glossary for definitions. Workspace at a glance Our business has two distinct parts that come together to create superior value for shareholders. Our portfolio 1. 4. Our assets 1. Like-for-like properties 35 We have a high-quality 2. Completed projects 3 portfolio of well-located 3. Projects underway/pipeline 25 4. Acquisitions 5 business centre assets in London. We actively manage For a full list of our properties, the assets to drive income see page 165. 68 growth and capital value. properties in London The chart on the right shows the portfolio split into four categories of activity, while our project pipeline is 3. outlined below. 2. Project pipeline (000 sq. ft.) 120 3. 100 2. 3. 80 2. 7. 2. 5. 1. 1. 4. 1. 3. 60 1. 1. 2. 3. 3. 2. 2. 8. 40 4. 4. 7. 1. 5. 6. 6. 20 3. 0 2016 2017 2018 2019 2020 2021+ 1. Grand Union Studios 1. The Record Hall 1. Southbank House 1. Brickfields 1. Marshgate 1. The Chocolate Factory 2. Vox Studios (phase 1) 2. Barley Mow Centre 2. The Biscuit Factory 2. Pall Mall Deposit 2. The Shaftesbury Centre (part) 3. The Print Rooms 3. The Leather Market 3. The Frames 3. The Light Bulb 3. Fitzroy Street 2. Havelock Terrace 4. The Fuel Tank 4. Edinburgh House (phase 2) 3. Poplar Business Park 5. Vox Studios (phase 2) 4. Mare Street Studios (phase 2/3) 6. Easton Street 5. Leroy House 7. The Light Box 6. Greville Street 7. Rainbow Industrial Estate 8. Bow Enterprise Park (phase 3) Completed projects Projects underway Projects with planning Pipeline design 1. Search for space 6. 2. Renewal Enquiry From search to moving in 5. 3. Moving day Viewings 4. Lease negotiation The Workspace Advantage With the customer every step of the way Our customer offer The Workspace Advantage is open to all Workspace is unique in that every businesses and has three key pillars: touch point with its customers, Workspace has a customer- from their initial enquiry to the lease first culture and builds negotiation, is handled by a member direct relationships with the of the in-house team. companies and individuals 1. Search for space in our business centres. 1. Connectivity The majority of customers find Workspace invests in business grade Workspace online thanks to our in-house technology infrastructure to ensure Marketing team and digital marketing The data and insight this customers can work how and where strategy, while we also have a strong they want. recommendation rate from existing provides allow us to remain customers and their clients. ahead of the industry in constantly enhancing our 2. Personalisation 2. Enquiry There are no constraints placed on The Enquiries team speaks to the offer and facilities. our customers, with flexible lease terms, customer about their requirements a range of spaces and secure, unlimited and outlines available options. data downloads and uploads. This is the Workspace 3. Viewings Advantage and it sits at Centre Managers show the customer around multiple sites and units, enabling the centre of our strategy. 3. Communities them to make the right decision. Workspace customers are connected to each other via a range of networking 4. Lease negotiation and business insight events managed by The Lettings team draws up an offer our Centre Managers. letter for the chosen office space and Right negotiates the lease with the customer. market 5. Moving day The customer moves in with support Right Right brand properties from their dedicated Centre Manager The and immediately becomes a member Workspace Advantage of the Workspace community. 6. Renewal Right Right If a customer wants to stay, the Renewals people customers team draws up a new lease and, in many cases, supports an expansion or move to another Workspace centre. To read more about our strategy, To see how we manage and maintain To find out how the Workspace Advantage see pages 18 to 23. our relationships with our customers, works, who it is for and the opportunity see page 30. it provides, see pages 7 to 13. The Workspace Overview Advantage is our unique customer offer. ADVERT TO GO HERE Alongside the intensive management of our Strategic Report properties, it helps us to drive income growth and long-term value for shareholders. Our Governance Financial Statements Additional Information Additional 1 Workspace Group PLC Annual Report and Accounts 2017 Chairman’s statement In a year characterised by This success was delivered Looking forward, with a strong significant political events and through the hard work and pipeline of refurbishments and the market uncertainty that commitment of everyone at redevelopments, ongoing inevitably comes with that, I am Workspace. We genuinely think demand for our space from a pleased to say that Workspace differently in this business, with growing customer market and a has performed strongly. The each individual adopting a strong balance sheet to take resilience of the business, customer-first mentality, advantage of further acquisition underpinned by the right innovative thinking and bringing opportunities, I feel confident in strategy and a clear customer deep market knowledge to their Workspace’s ability to deliver focus resulting in ongoing various roles, whether on the value to shareholders over the demand for our offer, reinforces ground in our centres or in our long term. our conviction around our marketing, systems development business model. or finance teams at head office. The Board and I thank all our As Jamie, our Chief Executive, colleagues, as well as our outlines in his statement, we suppliers and partners, for their have seen the market move part in delivering the Workspace Daniel Kitchen more and more towards our Advantage. Non-Executive Chairman proven strategy. Over the year, it has become clear that the We work hard to deliver that Workspace Advantage, our high advantage to our customers but quality, connected space and also to all the stakeholders we tailored customer offer, is have relationships with. I am attractive to businesses from particularly proud of the work many different sectors at any the business has done this year stage in their life cycle. in inspiring London’s young people through providing work We have continued to deliver experience placements with our strong results with a 6.9% customers, helping to place increase in net rental income, to apprentices with our suppliers £79.2m, and a 3.3% increase in and holding CV workshops in EPRA NAV per share, to £9.53. our centres. We regularly consider the positive role we can Our focus is on driving income play in London and the duty of across our portfolio, efforts care we have to the wider which have been enhanced community in which we operate. during the year by the successful letting up of our completed London continues to be the right projects. Thanks to this focus, market for Workspace and it and the strong trading profit holds significant growth growth we delivered as a result, opportunities for us. Clearly, this the Board is recommending a is not without risk, and share 40% increase in the interim and prices across the real estate final dividend for the period. This sector were impacted following is in line with our progressive the EU Referendum last June dividend policy and, of course, amid concerns that London our distribution requirements as would lose its unique attraction a Real Estate Investment Trust as a centre for business. (“REIT”). It also demonstrates Operationally, we saw no such the Board’s confidence in the impact on demand but we future success of the business. remain alert to the risks that further political and economic uncertainty could bring to the business. 2 Workspace Group PLC Annual Report and Accounts 2017 Investor proposition 1. Strong and Overview Five consistent property reasons and financial returns. 2. Completed projects to invest. driving rental growth Report Strategic and strong pipeline of projects to come. 3. Diversified customer base Our Governance ensuring consistent demand.
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