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Annual Report 2018 Servcorp.Com.Au Contents & Servcorp’S Aim A servcorp.com.au Servcorp The Revolution of Workspace Annual Report 2018 servcorp.com.au Contents & Servcorp’s Aim Servcorp’s aim To be the world’s finest Workspace Solutions provider; providing IT and commercial services second to none; giving our clients a commercial advantage; paying our people reasonable wages; and giving our shareholders an acceptable return on the funds they invest. ServcorpGlobal Limited ABN& 97 Unified089 222 506 The Product Offices For those who want to win! The Servcorp Revolution 1 2018Contents in review 2 Global locations 4 Chairman’s message 6 CEO’s message 8 The revolution of workspace 10 Servcorp’s community 12 Information & communication technology 14 Global communications network 16 Our environmental commitment 18 Community service 20 The Servcorp team 23 Corporate governance 24 Directors’ report 36 Remuneration report 46 Financial report 59 Auditor’s report 96 Shareholder information 100 Corporate information 102 For those who want to win! 2 servcorp.com.au 2018 In Review 2018 in review Net profit before tax Servcorp geographic spread (m i l l i o n s) (f l o o r s) Australia 27 Japan 24 USA 22 China 10 Saudi Arabia 9 UAE 8 Singapore 6 Thailand 5 Belgium 4 NZ 4 Qatar 4 UK 4 Iran 3 Malaysia 3 Hong Kong 3 Turkey 3 Bahrain 3 France 2 India 2 Lebanon 2 Indonesia 1 Philippines 1 Kuwait 1 The Servcorp Revolution 3 12 months ended 30 June 2014 2015 2016 2017 2018 $’000 $’000 $’000 $’000 $’000 Revenue & other income 242,247 277,378 328,601 329,565 314,403 Net profit before tax - statutory 34,257 41,211 48,840 48,193 32,051 Net profit before tax - underlying 37,851 Net profit after tax - statutory 26,336 33,141 39,722 40,711 10,062 Net profit after tax - underlying 28,862 Net operating cash flows 40,214 59,928 60,575 54,354 50,077 Cash & investments 108,788 114,451 114,586 118,754 104,836 Net assets 217,101 241,898 261,020 267,175 250,165 Earnings per share $0.268 $0.337 $0.404 $0.414 $0.102 Dividends per share $0.200 $0.220 $0.220 $0.260 $0.260 Revenue (m i l l i o n s) Floors & Locations (as at 30 June) Offices (as at 30 June) 4 servcorp.com.au Our Battlefield Our batt lefield United States of America Turkey China Atlanta Istanbul Beijing – Level 20, Terminus 200 – Levels 5 & 6, Louis Vuitton – Level 24, Tower 3, China Central Place – Level 36, 1075 Peachtree, Midtown Orjin Building – Level 19, Tower E2, Oriental Plaza Boston – Level 8, Tekfen Tower – Level 26, Fortune Financial Center – Level 14, One International Place Chengdu Chicago – Level 18, Shangri-La Office Tower – Level 42, 155 North Wacker Drive Kingdom of – Level 28, Chengdu One Aerospace Center – Level 49, 300 North LaSalle Bahrain Guangzhou – Level 17, River Point, West Loop Manama – Level 54, Guangzhou IFC – Levels 22 & 41, West Tower Dallas Bahrain Financial Harbour Hangzhou – Level 6, JP Morgan International – Level 13, Diplomatic Commercial – Level 3, Jiahua International Plaza III Office Tower(DCO) Business Center – Level 10, Rosewood Court Shanghai Houston – Level 23, Citigroup Tower – Level 39, Bank of America Center Iran – Level 29, Tower One, Jing An Kerry Center – Level 41, Williams Tower Tehran – Level 5, Somekh Building Irvine – Levels 7, 8 and 9, Park Building – Level 8, Irvine Towers – Level 15 Kian Tower Hong Kong Los Angeles – Level 40, Figueroa at Wilshire Central Kuwait – Level 19, Two International Miami Kuwait City Finance Centre – Level 27, Southeast Financial Center – Level 18, Sahab Tower – Level 9, The Hong Kong New York City Club Building – Level 23, 1330 Avenue of the Americas Lebanon Kowloon – Level 26, The Seagram Building – Level 12, One Peking Road – Level 40, 17 State Street Beirut – Level 85, One World Trade Center – Levels 2 & 3, Louis Vuitton Building Philadelphia Japan – Level 37, BNY Mellon Center Qatar Fukuoka – Level 15, Fukuoka Tenjin Fukoku San Francisco Doha – Level 27, 101 California Street Seimei Building – Levels 14 & 15, Commercialbank Plaza – Level 2, NOF Hakata Ekimae Building – Level 49, 555 California Street – Level 22, Tornado Tower Washington D.C. – Level 21, Doha Tower Nagoya – Level 10, 1717 Pennsylvania Avenue – Level 40, Nagoya Lucent Tower – Level 10, 1155 F Street – Level 4, Nagoya Nikko Shoken Building Kingdom of Osaka Saudi Arabia – Level 9, Edobori Center Building United Kingdom Al Khobar – Levels 18 & 19, Hilton Plaza West London – Level 22, Al Hugayet Tower Office Tower – Level 17, Dashwood House – Level 21, Al Khobar Gate Tower – Level 4, Shinsaibashi Plaza Building – Level 18, 40 Bank Street, Canary Wharf – Level 7, Honmachi Minami Garden City – Level 30, The Leadenhall Building Jeddah – Level 9, Jameel Square Tokyo – Level 1, Devonshire House, – Level 26, King’s Road Tower – Level 11, Aoyama Palacio Tower One Mayfair Place – Level 7, Al Murjanah Tower – Level 14, Hibiya Central Building – Level 20, Marunouchi Trust Riyadh Tower – Main Belgium – Level 6, Gate D, Al Akaria Plaza – Level 1, Yusen Building Brussels – Level 18, Al Faisaliah Center – Level 7, Wakamatsu Building – Levels 20 & 21, Bastion Tower – Level 1, BuiIding No. 7, – Level 8, Nittochi Nishi-Shinjuku Building – Levels 5 & 6 and Ground Floor, Schuman 3, The Business Gate – Level 9, Ariake Frontier Building, Tower B European Quarter – Level 29, Olaya Towers, Tower B – Level 28, Shinagawa Intercity Tower A – Level 32, Shinjuku Nomura Building United Arab Emirates – Level 21, Shiodome Shibarikyu Building France – Level 27, Shiroyama Trust Tower Paris Dubai – Level 45, Sunshine 60 – Ground Floor, 23 Edouard VII Square, – Level 23, Boulevard Plaza 2 – Level 27, Tokyo Sankei Building Edouard VII - Opéra Madeleine – Levels 41 & 42, Emirates Towers – Level 18, Yebisu Garden Place Tower – Level 2, 21 Boulevard Haussmann – Level 21, Al Habtoor Business Tower – Level 8, Tri-Seven Roppongi – Level 54, Almas Tower Yokohama Abu Dhabi – Level 10, Hulic Minato Mirai – Level 4, Al Mamoura Building B – Level 36, Etihad Towers – Level 17, World Trade Center The Servcorp Revolution 5 India Australia Hyderabad Adelaide – Level 7, Maximus Towers – Levels 24 & 30, Westpac House Coming soon Mumbai Brisbane – Level 8, Vibgyor Towers – Level 36, Riparian Plaza – Level 19, 10 Eagle Street – Level 27, Santos Place Germany Indonesia Canberra Berlin Jakarta – Level 1, The Realm – Level 8, Linkstrasse 2 – Level 33, International Financial – Level 9, Nishi Building Centre Tower 2 Hobart – Level 6, Reserve Bank Building Malaysia Melbourne – Levels 18 & 27, 101 Collins Street Kuala Lumpur – Level 36, Menara Citibank – Level 40, 140 William Street – Level 23, NU Tower 2 – Level 2, Riverside Quay, Southbank – Level 33, ILHAM Tower Perth – Level 28, AMP Tower – Level 11, Brookfield Place Philippines Sydney Manila – Level 29, Chifley Tower – Level 17, 6750 Ayala Avenue – Level 36, Gateway – Level 57, MLC Centre – Level 26, 44 Market Street – Level 32, 101 Miller Street, North Sydney Singapore – Level 22, Tower Two Westfield, Singapore Bondi Junction – Penthouse Level & Level 42, – Level 1, The Octagon, Parramatta Suntec Tower Three – Level 15, Deloitte Building, Parramatta – Level 30, Six Battery Road – Level 9, Avaya House, Macquarie Park – Level 39, Marina Bay Financial – Level 5, Nexus Norwest, Baulkham Hills Centre Tower 2 – Level 35, Tower One, Barangaroo – Level 8, The Metropolis Tower 2 – Level 24, CapitaGreen New Zealand Auckland Thailand – Levels 26 & 27, PWC Tower – Level 31, Vero Centre Bangkok – Levels 8 & 9, 1 Silom Road Wellington – Level 29, The Offices at Centralworld – Level 16, Dimension Data House – Level 18, Park Ventures Ecoplex – Level 11, Mercury Tower 6 servcorp.com.au Chairman’s Message Chairman’s message The Servcorp Revolution 7 Since 2017, the flexible workspace industry has seen unprecedented change, as commercial real estate experiences significant disruption. This disruption has impacted our short term acquiring approximately 1.6 million shares. financial year will be 26.0 cents per share performance in some markets but we believe (13.0 cents in each half). Future franking Directors have declared a final dividend Servcorp’s investment in strategic initiatives levels are uncertain. These forecasts are of 13.0 cents per share, 25% franked. This will position us to capitalise on significant subject to currencies remaining constant, final dividend brings total dividends for the long term opportunities. Whilst this global financial markets remaining stable 2018 financial year to 26.0 cents per share, industry disruption brings new competition and no unforeseen circumstances. resulting in a payout to shareholders of and certain challenges, Servcorp believes approximately $25.38 million. On behalf of the Board I want to it brings immense opportunity; our acknowledge the outstanding efforts of our opportunity is to transition from being the In response to the impact seen in our global CEO, Alf Moufarrige; our leadership group; premium provider of this space in a niche market from the growing emergence of and all the Servcorp team members, for market to the premium provider of this new and well-funded disruptive players their dedication and commitment during space in a more mainstream market. in flexible office workspace, we undertook the past year of continued disruption in the several major review and restructuring Revenue for the year was $314.4 million, a commercial office marketplace. initiatives in the 2018 financial year. These decrease of 5% on 2017. Net profit before tax initiatives included a comprehensive The change in our industry presents an was $32.1 million, a decrease of 33%, and industry review that identified the opportunity for Servcorp to capitalise on the within our amended guidance. Net profit new trends, and considered the future rapidly evolving workplace industry. While after tax was $10.1 million, with earnings implications for both service providers like the flexible workspace sector continues to be per share of 10.2 cents.
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