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ANNUAL REPORT and ACCOUNTS 2020 ANNUAL REPORT of Work of the Future The ANNUAL REPORT AND ACCOUNTS 2020 of work The future IWG plc | Annual Report and Accounts 2020 2020 HIGHLIGHTS Revenue development (£m) Adjusted EBITDA development (£m) Net growth capital investment (£m) £2,480.2m £133.8m £250.9 m 2020 2,480.2 2020 133.8 2020 250.9 2019 2,648.9 2019 428.3 2019 389.0 2018 2,398.2 2018 389.9 2018 332.0 2017 2,237.8 2017 376.2 2017 272.5 Number of locations Cash to shareholders (£m) Total shareholder return(1) 3,313 £43.7m (0.5)% Value (£) (rebased) 2020 3,313 2020 43.7 140 2019 3,388 2019 107.7 120 (0.5)% 2018 3,306 2018 93.9 100 2017 3,125 2017 99.6 80 (11.6)% 0 Jan 20 Mar 20 May 20 Jul 20 Sept 20 Nov 20 IWG plc FTSE 350 Index (excl. investment trusts) 1. Source: FactSet, Value of £100 invested in IWG plc compared with £100 invested in the FTSE 350 (excl. Investment Trusts) Index. STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS Introduction 1 Board of Directors 66 Independent auditor’s report to the 100 The future of work 2 Corporate governance 68 members of IWG plc Our purpose 8 Nomination Committee report 76 Consolidated income statement 105 At a glance 10 Audit Committee report 79 Consolidated statement 106 How we work 12 Directors’ Remuneration report 84 of comprehensive income Our brands 14 Directors’ report 97 Consolidated statement 107 of changes in equity Chairman’s statement 22 Directors’ statements 99 Consolidated balance sheet 108 Chief Executive Officer’s review 24 Consolidated statement 109 Our response to COVID-19 28 of cash flows Market review 30 Notes to the accounts 110 Our business model 32 Parent company accounts 153 Our stakeholders 34 IFRS 16 pro forma statements 154 Franchisees and property owners 36 Segmental analysis 158 Strategic objectives and key 38 Post-tax cash return on 160 performance indicators net investment Chief Financial Officer’s review 40 Five-year summary 162 Risk management 48 Glossary 163 and principal risks Shareholder information 164 Introduction to ESG 56 Environment 57 Social 60 Corporate governance 62 Corporate social responsibility 63 Visit our website iwgplc.com A glossary is included on page 163 which defines various alternative measures used to provide useful and relevant information. † The comparative information has been restated to reflect the impact of discontinued operations. ¨ Results presented on a pre-IFRS 16 basis (as defined in the glossary on page 163). STRATEGIC REPORT Welcome to the new world of work The pandemic of 2020 has dramatically accelerated the shift to a new way of working that’s been underway since the dawn of the digital era. Increasingly, the workplace is anywhere workers and businesses want it to be: at home, in a local office, or at a corporate HQ. This is hybrid, ‘hub-and-spoke’ working in action – and it’s fundamentally and permanently changing the way companies work and how people want to work for them. At IWG, we are both the leading enabler and beneficiary of this trend, which is driving productivity, saving companies money and improving the lives of workers everywhere. This report tells the story of how we’re central to the new world of work. iwgplc.com 1 THE FUTURE OF WORK The new world of work If you can give a worker two hours of their time back every day, that’s worth more than money.” MARK DIXON, CEO, IWG PLC. 2 IWG plc Annual Report and Accounts 2020 Hybrid working – when employees split their time between home, a local office and a corporate STRATEGIC REPORT HQ – is increasingly what employees are requesting. At IWG, we are doing more than anybody else to bring people across the world the opportunity to work in this balanced way. By 2022, close to 1.9 billion people worldwide will be working flexibly(1). And by 2030, some 30% of global office space will be flexible, up from just 2% today(2). By 2022, close to It’s not hard to find the reasons for this 52% shift. Even without the immense impact 1.9 billion of U.S. workers would people worldwide will of COVID-19, people want it because: prefer a hybrid work be working flexibly(1) – It’s better for businesses: lower model(6) property costs reduce exposure to financial risk and release capital to invest in generating shareholder value. They also empower companies to invest in their people and hire better, more diverse teams attracted by the opportunity to work flexibly, close to home. Companies expect – It’s better for employees: not having to By 2030, some approximately travel far for work releases time, energy and money for workers, improving work-life balance to build loyalty and 30% 40% reduce stress. Research shows that the of global office space of employees to utilise a shift to remote working has boosted will be flexible(2) remote working model productivity for individuals and in the future(7) corporations(3). – It’s better for communities and the environment: reduced commuting and increased employment opportunities closer to where people live are improving local economies and cutting carbon emissions across the world. More than By 2030, flexible working will support the creation of 30 million new jobs across the world’s leading economies(4). The great 80% 65% majority of these will involve hybrid said that they anticipate of companies are working. Partially from home, supported increasing their accelerating automation by ever-improving enabling technologies. investments in digital in response to (8) Partially from local offices, for that transformation COVID-19(5) all-important human interaction that inspires innovation and creativity. And occasionally from HQ, for corporate identity, learning and cohesion. Nobody worldwide is doing more to enable this way of working than IWG – providing services to support home-workers and Sources: expanding our network, mostly by 1. IWG, The Future of Work, 2019 opening franchised locations, with the 2. JLL, Flexible Space, Jan 2019 3. Airtasker, The Benefits of Working From Home, 31 March 2020 vision of providing a flexible workspace 4. Development Economics (Workplace Survey 2019) in every community across the globe. 5. Bain & Company, The “New Normal” Is a Myth. The Future Won’t Be Normal at All, 5 June 2020 6. Gensler, U.S Workplace Survey Summer / Fall 2020, Executive Summary: The Hybrid Future of Work 7. BCG, Remote Work Works – Where Do We Go from Here?, 30 June 2020 8. BCG, The Digital Path to Business Resilience, 6 July 2020 iwgplc.com 3 THE FUTURE OF WORK CONTINUED A future with less commuting 2.5% IF 52% OF U.S. EMPLOYEES WORKED JUST 1 DAY FROM HOME, ANNUAL CO2 REDUCTIONS COULD BE 20MT ANNUALLY, A 2.5% DECREASE AND THE EQUIVALENT OF TAKING 4.3 MILLION CARS OFF THE ROAD ANNUALLY(1). Nobody likes commuting. Many studies, including from the UK’s Office for National Statistics and Princeton University in the US, have shown that it’s among the least enjoyable activities for workers(2). IWG research shows that just 8% of UK workers are prepared to travel for more than an hour to get to work, while 77% say a conveniently located office is a must-have for their next job. And 42% of employees in the US would take a salary cut in exchange for more flexible job options(3). These are some of the reasons why US companies that offer flexible working report they’ve improved their employee retention rates by 46%(4). Reducing the need for commuting is also the greatest contribution companies can make to meeting their environmental targets(5). At IWG, we’re doing everything we can to help cut the commute and boost productivity. As well as providing local centres, we’ve recently launched our new ‘HomeToWork ’ network, which delivers everything anyone needs to stay connected, to be productive and enjoy working from home. And, where people still need to go to the office, we’re providing extensive bike-parking facilities in many centres – from Spaces Williamsburg to our new building in Oslo. Sources: 1. Oxford Martin School/University of Oxford, New report shows that COVID-19 has accelerated the shift to remote working, 22 June 2020 2. Regional Science and Urban Economics, The relationship between well-being and commuting revisited: Does the choice of methodology matter?, November 2014 3. Cision PR Newswire, Survey of Working Adults Shows U.S. Employees Willing to Take Pay Cut for Workplace Flexibility, 1 September 2011 4. Radware, Survey: C-Suite Executives Expect Changes Made in Response To Covid-19 to Become Permanent, 15 September 2020 5. Forbes, The Future Of Work: The Hybrid Workforce, 11 November 2020 4 IWG plc Annual Report and Accounts 2020 72% WANT A HYBRID OFFICE MOVING FORWARD(1). The benefits of a distributed workforce extend far beyond protecting employees against COVID-19. Greater productivity, improved wellness, lower workforce turnover, better access to talent, STRATEGIC REPORT increased diversity and reduced expenditure are all widely reported by companies that have extended hybrid and flexible working in response to the pandemic. Technology is a powerful enabler of successful hybrid working. For example, 45% of employees have reported attending more meetings during the pandemic than when in the office(2). However, remote communication is not always beneficial. A full week of virtual meetings leaves 38% of employees feeling exhausted(3), and the ‘always-on’ culture means some people are working more than ever: 86% feel the need to prove they are working hard, and people working from home are doing an extra 28 hours in monthly overtime(4).
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