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ANNUAL REPORT 20 18 Table of Contents ANNUAL REPORT 20 18 Table of contents 1. That‘s Us 3 2. Financial Highlights 7 3. Key Projects 8 4. Business Highlights 19 5. Group Overview 23 6. Countries Overview 26 7. From Our Leaders 42 8. Board of Directors 46 9. Our People 48 10. Setting an Example 51 11. A Positive Force in Our Communities 63 12. An Ambition to Set New Industry Trends 66 13. Business Review 68 14. How We Manage Our Assets 73 15. Financial Review 75 16. Consolidated Financial Statements 84 That‘s Us 3 01 That‘s Us Too often, ‘making people happy’ seems to be more of a marketing pitch than a realistic corporate mission. At HB Reavis though, we deliver this and more – by following a well-being led approach and tirelessly focusing on people’s experiences within our developements. 2018 was a great example of this strategy in action. We delivered a number of workspaces with features well beyond the norm. We pushed other landmark developments closer to completion and announced new plans that will give us even greater opportunities to show how effective our solutions can be. Put together, these investments combine to create an innovative portfolio that’s setting new benchmarks on the international stage. 33 Central That‘s Us 4 WELLcome to better The WELL Building Standard (WELL) certification framework assesses the way buildings and workspaces enhance well- being and productivity. As we believe that quality spaces improve health and satisfaction, we’re thrilled to work so closely with the Standard: it confirms the potential and success of our projects. • Varso Tower was CEE’s first WELL pre-certified building. • The whole Varso Place vision is on track to receive WELL Gold certification once the buildings are completed. For us, well-being comes from striking, long-term experiences. On one hand, these experiences are built around meeting the needs people consciously know about. And on the other, they fulfil desires they don’t even realise will positively influence their stress levels and overall health, performance and satisfaction. In practice, these experiences are the result of a variety of workstreams. There’s our investment in extensive research, the consultancy we provide through Origameo and the communities of startups and other businesses that call our HubHub co-working venues home. There are also our large- scale European campuses with their flexible leases and array of state-of-the-art, smart and symbiotic building solutions. Together, they create a synergy that allows us to approach our projects holistically. This has led us to evolve from simply Varso Place being a traditional developer into an international workspace provider, one that believes every company has the right to be a part of a thriving business community that helps them nurture their growth. Productivity & health 33 Central The happier and more effective people are, the more productive they’re likely to be. It’s a simple premise. But one we can prove. We developed and tested an application that measured the productivity of employees in our Bratislava and London offices. It looked at the relationships between productivity, different spaces and types of activities. The project was perfectly timed, as all the teams were moving from traditional, closed offices to new, activity-based spaces. By measuring people’s experiences as and when they happened, we were able to collect more compelling data compared to a one-off retrospective survey. We saw variables that correlated with productivity and business metrics, including absenteeism, presenteeism, health issues, downtime, mood, sleepiness, satisfaction, engagement, intention to quit and turnover. Ultimately, the data has given us new evidence-based insights that now underpin our discussions with workspace clients. We can consult with confidence and create people- centric designs that aid productivity and increase performance. That‘s Us 5 About us We’re an international workspace provider with a mission to create remarkable experiences through real estate solutions. In practice, we design, build and manage our buildings – from bespoke headquarters and retail malls to co- working spaces. But there’s more to this than real estate. We put users and local communities at the heart of our every decision and create cutting-edge workspaces. Around 66,500 people use our projects as their place of work. Each day, over 100,000 people visit a retail or entertainment building that bears our hallmark. And as an asset manager, we continuously develop a portfolio of services that exceed the expectations of almost 475 clients, their employees and the countless visitors who use these spaces. As well as our HB Reavis-led solutions, we have a number of brands that play a vital role in enhancing the productivity and well- being of businesses and their people. More Symbiosy Origameo Qubes HubHub Our events and Our technology and Our strategic Our flexible leases Our co-working space services brand sensorics platform workspace consultancy and full-service is more than an office. delivers more value analyses businesses’ uses extensive data office products It’s an educational to companies and spaces, how their collection to develop offer the flexibility platform and their employees – networks collaborate tailored offices to design and equip inspirational enhancing talent and the overall and working workspaces that suit community where attraction and quality of their environments. businesses perfectly, like-minded people retention, improving indoor environments. and then evolve with meet, ideas happen absenteeism, We then use these them over time. and both talent and and strengthening insights to calibrate businesses grow. employee new designs around engagement. users’ needs. That‘s Us 6 Basic business highlights Building excellence 1.1m €3.3bn We’re one of Europe’s sq m GLA delivered to date gross development biggest workspace providers. value delivered A privately held business, we operate in the United Kingdom, Germany, Poland, Czechia, Slovakia and Hungary. 1.30m €6.2bn sq m GLA in the pipeline There are approximately of gross development 770 of us; talented experts value in pipeline with a passion for bringing remarkable experiences to people through our real estate solutions. 487,500 €2.5bn sq m expected leasable area expected gross under construction development value 11 361,000 projects under construction sq m managed assets Note: Figures based on Internal Management Report Construction of Varso Place At HB Reavis, we do things a little differently. We provide infrastructure and design spaces that are completely people-centric. Places that help everyone who experiences them to enjoy what they do, while also developing their skills. Health, well-being, productivity and happiness – these are the priorities that drive our development processes. Whether our team of experts are scoping potential investments, designing concepts or reviewing plans: the people who’ll experience our buildings are always at the forefront of our thoughts. Not only has our approach succeeded in our home country, Slovakia, but we’re inspiring people in Poland, the Czechia, Hungary and the United Kingdom too. Plus, we’ve just secured our first two German projects that will be managed by our new and growing Berlin office. Financial Highlights 7 Financial 02 Highlights Comprehensive Income (€m) How we performed In 2018, our financial performance slightly improved. 96.5 102.1 However, it’s still lagging behind our long-term target due to permit delays. The Group generated a total comprehensive income 2017 2018 of €102.1m (€96.5m in 2017). This translates into a 8.5% return on shareholders’ equity (7.6% in 2017). Our balance Revaluation Gain (€m) sheet grew to €2.35bn and adjusted net asset value reached around €1.344bn at the end of 2018. At 30.5%, the Group’s net debt leverage returned closer to our target. In addition, the business performed well: we signed leasing contracts worth over 140,000 sq m 95.2 194.8 of GLA with almost 100 clients, 90% of which was new business. A look back at our performance 2017 2018 Europe’s demand for offices continues to grow – Net Debt Leverage Ratio (%) beyond developers’ abilities to provide them. However, we’re working hard to meet that need. According to Property EU, our pipeline makes us CEE’s second largest office developer (and one of the largest 26.8 30.5 on the continent). Net Asset Value (adjusted, €m) 2017 2018 Return to Shareholders (%) 1,274.4 1,344.1 7.6 8.5 2017 2018 2017 2018 Key Projects 8 03 Key Projects 7th floor Offering – 1,000 sq m of flexible workspace at 33 Central. Space available from 300 – 1,000 sq m. Simply plug and play. 7th Floor at 33 Central is designed to help you be instantly productive. There’s more to it than the convenience of helping users enjoy a seamless business-as-usual move. This is business-that’s-better: enhancing companies’ capabilities and improving their employees’ well-being. With a warm greeting in the welcome hall and at the coffee bar, everyone also has access to a comfortable self-contained kitchen and open, semi-private and private meeting areas. Key Projects 9 20 Farringdon Street 20 Farringdon Street offers around 7,880 sq m of Grade A office space arranged over 11 storeys and is designed to maximise flexibility. There’s also a cyclist entrance off the Cycle Superhighway; plus 142 cycle spaces, excellent storage and changing facilities. It’s within easy walking distance of Farringdon Station too. 20 Farringdon Street incorporates a state-of-the-art facial recognition system into the double-height reception which enables seamless and secure journeys throughout the building without the need for a pass. The building’s six terraces not only provide refreshing outdoor space, but views towards the Houses of Parliament and Battersea Power Station to the west and St Paul’s Cathedral and the City to the east.
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